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

Nepal restricts imports of luxury goods to check depleting foreign exchange reserves

From the $800 million in surplus, the balance of payment recorded a deficit of $2.03 billion in the same period this year

Sri Lanka may exhaust $500 million line of credit from India for fuel purchase this month; Colombo seeks further assistance

The crisis has also rocked the country’s political leadership as they face nationwide protests seeking the resignation of President Gotabaya Rajapaksa—a demand the government has refused to entertain

India permits Nepal to export 325MW power in its energy market; major energy cooperation in the offing

Once known as a power-starved country, Nepal became a power surplus state last year during the winter months, with its production capacity touching 2000 MW after the commencement of the Upper Tamakoshi hydropower project (456MW)

Pakistan’s trade deficit surges to $35 billion, set to break all records in FY22

Fueled by record import bills due to global high fuel and commodities prices, the trade deficit is expected to touch $45 billion this year by June, surpassing the earlier record of $37.7 billion in FY18

India’s Russian oil purchases minuscule; energy payments not under sanctions, clarifies US; no preaching to India, says Germany

Given India’s pivotal role in the Biden administration’s Indo-Pacific strategy and its attempts to curtail China’s influence, Washington has generally been supportive of India despite its neutrality on the Russian invasion of Ukraine and its purchases from Russia

India, Australia sign trade pact; Modi calls it a 'watershed moment'

Terming the signing of the pact as another milestone in the growing relationship between India and Australia, Morrison said the agreement further develops on the promise of the burgeoning relationship between the two Indo-Pacific countries that are members of Quad

World Bank approves $250 million for Bangladesh to support post-pandemic growth

“Since 2020, the World Bank has provided over $3 billion to Bangladesh to support emergency response, vaccination, and other Covid-19 recovery efforts,” Mercy Tembon, World Bank country director for Bangladesh and Bhutan, was quoted as saying by Dhaka Tribune

India bags power projects in northern Sri Lanka earlier awarded to Chinese firm

India was quick to offer grants on the condition  that projects would be developed by Indian firms—an offer Colombo eventually accepted

Amid dollar crunch, Sri Lanka mulls closing down some missions abroad

In February, the country’s foreign exchange reserves dropped to $2.31 billion, with the authorities struggling to pay for the imports of essentials like fuel, food, and medicine

Indian edtech firm BYJU'S named sponsor of the 2022 Qatar World Cup

The Bengaluru-based firm, which offers online education catering to all age groups, also sponsors the Indian cricket team and said the deal was its first major foray into soccer

After India's $1 bn credit line, China considering Colombo’s request for $2.5 bn assistance in economic crisis

In the last few days, at least three people have reportedly died while standing in these long queues due to exhaustion; another man was killed after a brawl over fuel, according to a report by Daily Mirror

Bangladesh achieves 100 percent electrification, announces Prime Minister Sheikh Hasina

Bangladesh achieved the enviable target of electrifying every house in the country, Prime Minister Sheikh Hasina announced on Monday, almost 13 years after the government launched an ambitious rural electrification program

Ukraine war unlikely to impact Indian economy in a big way

Given the meager oil dependency on Russia and India’s past experience to tackle global oil price shocks, the Russia-Ukraine conflict is unlikely to cause any major impact on the economy, writes S. Majumder for South Asia Monitor

Ten million to get subsidized food in Bangladesh amid skyrocketing inflammation

Over ten million poor people in Bangladesh will receive subsidized food as the government is all set to implement an ambitious scheme aiming to provide relief to poor people being affected by skyrocketing commodities prices

Sri Lanka’s fuel crisis likely to ease as India extends $1 billion line of credit; IMF says exploring all options

Sri Lanka’s crippling energy crisis is expected to ease in the coming days as India extended a $1 billion line of credit, bringing total assistance to Colombo around $2.4 billion since January this year