Pakistan’s Ministry of Finance has released the monthly economic outlook report, which indicates that inflation is expected to hover between 7.5% and 8.5% in the current month. The report also highlights a 10.5% increase in remittances during the first eight months of the fiscal year, with a total of $26.5 billion remitted between July and February.
According to the Ministry of Finance, there was a 5.4% decline in Pakistani imports during the same period, with a total of $20.7 billion worth of imports recorded. The report also notes that the country’s current account deficit has decreased to $700 million, with a 33% decline in direct foreign investment to $1.19 billion.
The report further states that the total foreign investment in the country was $704 million, with a 10.6% increase in tax revenues compared to the previous year. The tax collection during the period between July and February stood at 8,122 billion rupees, while non-tax revenue increased by 7.4% to 4,411 billion rupees.
Pakistan’s Ministry of Finance has also reported that the country’s fiscal deficit stands at 6,470 billion rupees, with an 8.8% increase in imports during the same period. The country’s imports have reached $41.8 billion, while the trade deficit has increased by 10.5% to $20.7 billion.
In other news, a joint naval exercise between Pakistan and China was held in Karachi, with the exercise taking place from March 25 to April 1. The exercise included a five-day visit to the Karachi Port and a two-day sea phase in the Arabian Sea.
Meanwhile, a rally was held in Karachi, with participants waving the Pakistani green crescent flag and carrying play cards with the slogan “Shukriya Pakistan.” The Islamabad High Court has also ruled in favor of a citizen who requested the early announcement of the Eid moon.
Saudi Arabia’s Ambassador to Pakistan, Nawaf Bin Saud Al-Maliki, has praised Pakistan’s responsible and diplomatic stance in the Middle East during a recent visit to the country. The police have arrested a madrasa student who allegedly committed a heinous crime against an eight-year-old girl.
The body of Yasser Khan, a Pakistani who was killed in a missile attack in Iran, is expected to be repatriated to Pakistan. The attack occurred on March 23, and Khan was working on a tugboat in the port city of Bandar Abbas.
In another incident, a fire broke out in an apartment building in Karachi, but the situation has been brought under control, according to the fire brigade. The Prime Minister of Pakistan, Shehbaz Sharif, has said that the government is working on a comprehensive strategy to tackle the economic challenges facing the country.
The Chairman of the Pakistan Ulema Council, Hafiz Tahir Mahmood Ashrafi, has condemned the Israeli decision to approve the law allowing the execution of Palestinians. The Karachi police have launched a crackdown on vehicles with fake number plates, while the Sindh government has announced that Friday will be a public holiday.
The former Ameer of Jamaat-e-Islami, Sirajul Haq, has urged the government to focus on the problems of Balochistan. The Prime Minister has said that the government is working to provide modern skills to young people, who are the future of the country.
In international news, Jordan has said that it helped Israel in taking out Iranian missiles and drones last year. However, the Israeli Minister of Foreign Affairs has denied that the war is Israel’s last conflict.
The French Navy’s head has said that the number of Chinese ships passing through the Strait of Hormuz is not sufficient to restore normal traffic. The US Special Envoy, Jake Sullivan, met with Middle East leaders, while a Democratic Senator, Chris Coons, criticized US President Donald Trump for his stance on Iran.
In other news, US and Iranian leaders have been holding talks to resolve the crisis in the Middle East.
