DEFEXPO 2022 INDIA Ministry of Defence

 

Prime Minister Shehbaz Sharif (Photo: Dawn)

Political stability must for economic recovery, says Pakistan PM; calls for ‘Charter of Economy’

The IMF’s refusal to revive the $6 billion bailout package over the government’s initial refusal to implement austerity measures made things worse for the government. In recent weeks, the Sharif government has reduced fuel subsidies drastically and increased electricity tariffs.

World Bank cuts India’s 2022-23 growth to 7.5%, but will keep top spot; South Asia growth to get affected

In South Asia as a whole, the report said, “The Russian Federation’s invasion of Ukraine has weighed on growth in the South Asia region (SAR) after a solid recovery in the second half of last year and amplified pre-existing vulnerabilities”

Pakistan plans IT park in Karachi to boost exports and create jobs

Significantly, the country’s IT exports are rising and has already crossed over $2 billion in the first eight months of the current financial year.  In 2021, the Overseas Investor Chamber of Commerce and Industry (OICCI) said in its report that the country had the potential of $10 billion in annual IT exports.

Power-surplus Nepal hopes to earn $100 million from electricity exports to India

From Thursday this week, Nepal started selling electricity, around 37 MW to Indian buyers, Nepal Electricity Corporation spokesperson Suresh Bhattarai confirmed to The Kathmandu Post. More bids are invited to sell 200 MW in India’s power exchange market on a long-term basis.

More on Economy-Business

Anticipating shortage, Nepal and Sri Lanka scramble to get fertilizers from India

Officials of both Nepal and Sri Lanka are already in talks with Indian officials about procuring fertilizers on an immediate basis. Nepal’s Agriculture Minister Mahendra Rai Yadav this week held talks with his Indian counterpart Mahendra Singh Tomar to import 60000 tons of urea and 20000 tons of DAP.

Cash-strapped Pakistan hopes for IMF deal as government announces electricity and fuel prices hike

The country’s foreign exchange reserves are declining and just enough to cover imports for two months. Last week, authorities announced a ban on over two dozen luxury and other items to save foreign exchange reserves.

Need to learn from Sri Lankan crisis: Maldives’ Nasheed asks government to slow down big projects

At a time when foreign exchange reserves are draining due to rising import bills, the country is due to pay major loans in 2023 and 2024. Going forward, if the recovery of the tourism industry gets impacted by the ongoing crisis, it will further limit the Maldives' government’s ability to fulfill its external debt obligations.

India sends another 40,000 MTs of diesel to crisis-hit Sri Lanka

With the economic crisis and the shortage of forex, the Indian credit line of USD 500 million for fuel imports has provided a lifeline to the island nation, which is currently experiencing its worst economic crisis since gaining independence in 1948. With long lines for fuel, cooking gas, essentials in short supply and long hours of power cuts, the public has been suffering for months.

Maldives' tourism-hit economy to get $24 million World Bank grant for income support

“As the economy recovers [from the Covid-19 pandemic], our assistance will increase access to economic opportunities by promoting employment in critical sectors such as tourism and renewable energy. It will also enhance social service delivery in the islands,” Faris H Hadad-Zervos, the World Bank Country Director for Maldives, Nepal, and Sri Lanka was quoted as saying by The Times of Addu.

Pakistan braces for tough economic measures to avoid Sri Lanka's fate

On Friday, when asked about the possibility of importing cheap fuel and wheat from Russia, Pakistan's Foreign Office didn’t rule out the possibility. Khan has constantly accused the Sharif government of not pursuing talks with Russia for fuel.

Sri Lanka seeks bridge financing from India, fuel assistance from Russia

Sri Lanka will require fertilizers worth over $500 million this year and the government has sought fertilizers both from India and China. New Delhi had earlier assured of all possible help. While New Delhi has extended assistance worth over $3 billion this year, China has yet to extend any significant help despite Colombo’s repeated request.

Maldives’ President Solih says re-prioritizing development projects mitigate the impact of Ukraine war

Prior to the war, Russia was the top source market for its tourism. But the number of tourists has been declining as the war progressed, Solih said. The government’s expenditure, subsidies, and import bills are also rising.

Amid rising fiscal pressure and revenue losses, Maldives drops plan to reduce land lease rent for resorts

Tourism accounts for 70 percent of the government’s total revenue. The government’s spending target on subsidies has already crossed the limit set by the budget 2022, making it extremely hard to reduce any taxes, which could result in potential revenue loss.

IMF chief 'begs' India to reconsider wheat export ban, even as India assures that wheat will be sent those 'most in need'

Indian authorities have explained that the wheat export ban has been undertaken to ensure domestic food availability and minimize food price-related inflation while supporting the legitimate requirements of India's neighbours and other nations in need.

Modi meets top Japanese biz leaders, gets affirmations of support for India's self-reliance policy

Modi also invited Uniqlo's enhanced participation in India's journey to becoming a manufacturing hub for textiles, particularly through the use of technologies in textile manufacturing. Yanai said Uniqlo is exploring investments in the production and retail industry in India. 

India faces no energy shortage, thanks to strong leadership and farsighted thinking, says Petroleum Minister Puri

“Post pandemic, India has emerged much stronger in international trade and international exchanges. I believe that the target of a $5 trillion economy by 2030 is not only achievable but we can get there before that,” Puri said.

Pakistan bans import of non-essential and luxury items; trade deficit breaches $40 billion mark for first time

The import ban, though a necessary measure, will also impact the government’s revenue as luxury items are usually taxed heavily. The move was expected, especially when the government has failed to raise funds for its foreign exchange reserves. The talks with the IMF and other bilateral lenders in Gulf have yet to produce results.

India targeting rollout of 6G network by end of decade to boost economy, create jobs, says Modi

Teledensity and internet users are fast expanding, Modi said, adding that mobile manufacturing units in India have expanded from just 2 to over 200 and the country is now the world's biggest mobile manufacturing hub.

Sri Lankan PM lays bare ‘terrifying’ facts of economy: petrol stocks for a day, powercuts to last 15 hours; says will not hide truth

“Although these facts are unpleasant and terrifying, this is the true situation,” he said, mincing no words while describing the state of the economy, which has all but collapsed

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