A stable foreign exchange rate helps stimulate long-term fixed investment while a prolonged, abnormally fluctuating value of the national currency tends to distort the financial viability of projects with longer gestation periods.
And a stable currency, with minimal fluctuations, is necessary for the success of any long-term economic growth strategy as amply proved by China. For Pakistan, keen to launch the second phase of industrialisation under the China-Pakistan Economic Corridor umbrella, rupee stability assumes added importance. While claiming the economy is moving in the right direction, the policymakers also have expressed satisfaction that the rupee is stable.
Unlike in the past, foreign companies are reported to be largely remitting their profits to parent companies instead of ploughing back a significant part of their earnings into investment. In the 11 months of 2020-21, the outflow of profits and dividends on foreign investment increased by 23 per cent to $1.5 billion,
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Over the last few years 50-60pc of ginning units have closed down as cotton production declined. Reuters/File
ISLAMABAD: The government has called a meeting of the Economic Coordination Committee (ECC) on Monday (today) to consider allowing an intervention price of about Rs5,000 per 40kg for cotton, which has arguably been necessitated by a sharp decline in production, besides clearing a dozen supplementary grants so close to the passage of federal budget by parliament.
To be presided over by Finance Minister Shaukat Tarin, the ECC meeting is expected to approve a notification about minimum indicative prices of tobacco and revision of cess rates on the commodity for the year 2021-22.
In this file photo, Prime Minister Imran Khan waters a plant during the launch of ‘Clean and Green Pakistan’ campaign at Islamabad Model College for Girls in Islamabad. Online/File
Prime Minister Imran Khan on Sunday asked all Pakistanis, especially the youth, to prepare themselves for the biggest tree planting campaign in Pakistan s history ahead of the monsoon season this year.
The premier shared an infographic on Twitter that showed the number of trees per person in different countries. According to the chart, there are 10,163 trees per person in Canada, 699 per person in the United States, 130 per person in China, 28 per person in India and five trees per person in Pakistan.