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

Bangladesh wants to invest in Bengal; top biz captains repose faith in eastern state's economy

West Bengal was the first state to organise a physical business summit since COVID pandemic struck, Chief Minister Banerjee stated

Imran Khan’s last-ditch relief package complicates new Pakistani government’s IMF efforts

For Prime Minister Sharif, who is running a coalition government with partners united by the sole desire of keeping Imran Khan out, implementing necessary, but unpopular, reforms will not be an easy job. More so, when the country will go into elections in little more than a year's time, making political parties even more averse to painful measures

India to provide another $500 million to Sri Lanka for fuel; China to send humanitarian assistance

The country will need bridge financing of around $3 billion till the IMF finalizes its aid package. Talks are already underway with India and China for raising the money. Significantly, Bangladesh is expected to postpone the repayment of around the $450 million currency swap facility that it had extended to Sri Lanka

India will remain the fastest-growing major economy; Bangladesh to be the fastest-growing economy after India in South Asia

IMF’s projection for India is slightly higher than the World Bank’s 8 per cent earlier this month. The series of World Bank reports also had India as the fastest-growing major economy, with China following it at 5 per cent

Sobering lessons for the region from Sri Lanka and Pakistan

Unlike India or also Bangladesh, Pakistan has suffered economic mismanagement; excessive dependence on foreign aid, whether from the IMF or China is also a factor

Neighborhood to provide ‘greatest economic opportunities' to our industry, says Indian Foreign Secretary Shringla

“Bangladesh and Nepal are now among the top ten export destinations for India with our total exports to these two countries amounting to over $16 billion,” Shringla said, terming them as “two success stories.”

Colombo Stock Exchange closed for five days after Sri Lanka defaults on loans

Since 2020, after the pandemic began, Sri Lanka’s central bank has printed over two trillion rupees, in a move to keep interest rates low. This, however, resulted in a balance of payment crisis and also drove up inflation and stock prices (asset price inflation).

After MCC, US to provide $659 million to Nepal under USAID amid growing rivalry with China

While the US’ renewed interest in Nepal, a traditional battlefield of influence between India and China, is evident from the MCC agreement and increased bilateral engagements and assistance offers, Nepal may struggle to satisfy the security concerns of a newly assertive China

Amid depleting forex, Nepal urges non-resident Nepalese to open dollar accounts

From the $800 million in surplus in February last year, the balance of payment recorded a deficit of $2.03 billion in the first seven months of this fiscal [Between July to February].

South Asia to see slower growth: Fallout of Ukraine war, pandemic

Another challenge the region faces is the disproportionate economic impact the pandemic has had on women. The report includes in-depth analysis of gender disparities in the region and their link with deeply rooted social norms

Sri Lanka: World Bank approves $10 mn emergency grant for essential drugs; $500 mn more in line

On Sunday the Sri Lanka Medical Association (SLMA) said that all hospitals in the country no longer had access to imported medical tools and vital drugs. In a letter sent to President Gotabaya Rajapaksa, the association said, “We are made to make very difficult choices. We have to decide who gets treatment and who will not.”

India, US discuss food security, bringing more wheat and sugar to global markets

Blinken said that Modi and Biden who met before their 2+2 meeting “had a very warm and productive conversation today in their virtual summit” and covered a lot of ground, including Covid-19, climate change, strengthening the global economy, the free and open Indo-Pacific

Women entrepreneurs push for revival of women-led businesses in Afghanistan

By 2019, a total of 17,369  businesses were owned by women—most of them were less than five years old then—and created around 129,000 jobs in the country, according to a study conducted by Afghanistan’s Women Chamber of Commerce and Industry

Can wheat be a new area of US-India cooperation to safeguard global food security?

Exports from the world’s largest wheat exporter Russia and the fifth-largest exporter Ukraine have been disrupted by the invasion. The two countries account for about 30 per cent of the world’s export of wheat

India to boost gaming and visual effects sectors; expects annual growth of 25-30 per cent

“The...sector in India has the potential to become the torchbearer of ‘Create in India’ & ‘Brand India’,” the statement by the Ministry of Information and Broadcasting said