Pakistan's economic turmoil under Shehbaz Sharif's second term as Prime Minister of Pakistan

[Mockingbird]

Anybody know why global companies are leaving Pakistan enmasse? Shell, Pfizer, Total, Telenor and now surprisingly P&G are/have exited Pakistan recently.

 

[Red-Indian]

Anybody know why global companies are leaving Pakistan enmasse? Shell, Pfizer, Total, Telenor and now surprisingly P&G have exited Pakistan recently.

Bunch of different reasons
- It's increasingly tough to manufacture in Pakistan. Raw material & machinery import permissions, forex availability are unpredictable
- Companies are consolidating strategically and happy to just leave certain countries to distributors
- Growth in Pakistan has been very low

But the biggest reason by far is the unstated ban on profit repatriation. Because of the IMF loan and need for reserves, companies are sitting on years of profits that they're not being allowed to repatriate.

 

[psyoptica]

Pakistan economy in a free fall. The entire system has collapsed. Sad

 

[Kianig89]

After Shell Pfizer Parco etc now P&G also to pack up from Pakistan and close its business in the country. Well at the end we might be left with Ittefaq Steel and Ramzan Sugar Mills in the country.

 

[Bewal Express]

After Shell Pfizer Parco etc now P&G also to pack up from Pakistan and close its business in the country. Well at the end we might be left with Ittefaq Steel and Ramzan Sugar Mills in the country.

Didn't they claim how well they were doing. Maybe @Mamoon and @Major can enlighten us to the sicceses .

 

[JaDed]

Very surprising that P&G only came in 1991 to Pak? Pak economy was better before that . P&G has been slow on growth overall though, they exited Nigeria and Argentina in last 2 years as well.

In India HUL was the first choice of IItians in the 1990s lol how things have changed.. back in the day itself HUL was considered one of the most innovative companies in the world, if I'm not wrong P&G has beaten UL now

 

[Red-Indian]

Very surprising that P&G only came in 1991 to Pak? Pak economy was better before that . P&G has been slow on growth overall though, they exited Nigeria and Argentina in last 2 years as well.

In India HUL was the first choice of IItians in the 1990s lol how things have changed.. back in the day itself HUL was considered one of the most innovative companies in the world, if I'm not wrong P&G has beaten UL now

American companies were slow to globalise back then. P&G really got active in India only in the 80s. They're still a lot smaller than Unilever in India.

They're bigger than Unilever globally though and Nestle is bigger than both of them.

I'm not sure HLL was ever big for IITians. Unless you're thinking of the IIMs where they're still Day 0 but attract a more niche crowd - those who're keen on a career in Marketing.

 

[JaDed]

American companies were slow to globalise back then. P&G really got active in India only in the 80s. They're still a lot smaller than Unilever in India.

They're bigger than Unilever globally though and Nestle is bigger than both of them.

I'm not sure HLL was ever big for IITians. Unless you're thinking of the IIMs where they're still Day 0 but attract a more niche crowd - those who're keen on a career in Marketing.

It used to be back in the day for Chennai IItians, they hated going into IT, I lived closed by and an impressionable teen this is what they had as their fav back then.
But yes i don't know if they wanted to go to HLL after cracking IIM or before it.

I have despised Nestle since college due to propaganda but I know Unilever and P&G aren't that innocent either..or any such corporation.

 

[hassan918]

Very surprising that P&G only came in 1991 to Pak? Pak economy was better before that . P&G has been slow on growth overall though, they exited Nigeria and Argentina in last 2 years as well.

In India HUL was the first choice of IItians in the 1990s lol how things have changed.. back in the day itself HUL was considered one of the most innovative companies in the world, if I'm not wrong P&G has beaten UL now

It was PML(N) in power in 1991 as well.

 

[Bewal Express]

It was PML(N) in power in 1991 as well.

@Major
@Slim
@Mamoon
@emranabbas

Look at this fraud on the import data. So all the hype of CAD surplus was a total lie. Under reporting of $11bn in imports. You cant trust a single thing from these crooks on anything. Soon the real economic growth figures will come out and not the faked figures and they will show the economy hasnt grown since 2022

IMF seeks clarity on $11b trade data gap | The Express Tribune

PRAL, PSW import figures raises questions over credibility of data; ministries worry against making revisions public

tribune.com.pk

 

[Bewal Express]

Inflation drops to 3% following economic reforms: Aurangzeb​

Finance Minister Mohammad Aurangzeb has announced that inflation in Pakistan has decreased to 3% this month, attributing the decline to ongoing economic reforms.

In an interview with Nikkei Asia, the finance minister highlighted the importance of these reforms, noting that inflation was as high as 38% in May of 2023.

He expressed confidence in continuing with reforms in line with International Monetary Fund (IMF) conditions, emphasising that the 25th IMF program would be the final one.

Aurangzeb stated that Pakistan is focusing on stabilising its export growth model, attracting foreign investment, and re-engaging with global financial markets.

He added that Pakistan is prepared to access China’s financial markets, including plans for issuing yuan bonds and encouraging corporate stock listings in Hong Kong.

The finance minister also anticipates the initial issuance of Panda Bonds by the end of this fiscal year. Additionally, he expects an improved credit rating for Pakistan, with expectations of a ‘B’ rating from global agencies.

Aurangzeb further expressed interest in potential joint listings of Pakistani-Chinese ventures in Hong Kong, with further listings planned for Pakistani companies.

Highlighting the importance of China-Pakistan Economic Corridor (CPEC), he underscored that the initiative is pivotal for strengthening bilateral relations, serving as a flagship project of the Belt and Road Initiative. He stressed that CPEC remains crucial for the country’s development.

The finance minister assured that Pakistan continues to maintain high-level security for Chinese citizens and all foreigners, ensuring their safety amid ongoing projects.

Inflation drops to 3% following economic reforms: Aurangzeb | The Express Tribune

The finance minister anticipates the initial issuance of Panda Bonds by the end of this fiscal year

tribune.com.pk

Another lie from these crooks.

 

[Cover Drive Six]

It used to be back in the day for Chennai IItians, they hated going into IT, I lived closed by and an impressionable teen this is what they had as their fav back then.
But yes i don't know if they wanted to go to HLL after cracking IIM or before it.

I have despised Nestle since college due to propaganda but I know Unilever and P&G aren't that innocent either..or any such corporation.

I have worked for both P&G and HUL, my stint at P&G was relatively short. However, neither HUL nor P&G are attractive for IT professionals anymore. Unilever is notorious for frequent organizational restructure and layoffs, they do this drama for every 3–4 years, whenever they sell a product or de-merge a line or business.

 

[Cover Drive Six]

After Shell Pfizer Parco etc now P&G also to pack up from Pakistan and close its business in the country. Well at the end we might be left with Ittefaq Steel and Ramzan Sugar Mills in the country.

Looks like Tapal Danedar Tea will replace the Unilever, truly a proud moment. Made in Pakistan dream has been achieved under the current government.

 

[hassan918]

FM Dar holds talks with EU Council president on GSP Plus status​

Deputy Prime Minister and Foreign Minister Ishaq Dar discussed the Generalised Scheme of Preferences Plus (GSP+) scheme with European Union Council President Antonio Costa on Wednesday, ahead of an upcoming review this month.

The status was granted by the EU in 2014, which led to a 108 per cent hike in Pakistani textile exports to the EU due to concessional tariffs. In October 2023, the European Parliament unanimously voted to extend the GSP+ status for another four years until 2027 for developing countries, including Pakistan, to enjoy duty-free or minimum duty on European exports.

The upcoming GSP+ monitoring mission was delayed from June because of the Iran-Israel conflict and will scrutinise Pakistan’s record on 27 international conventions tied to the trade scheme, which grants duty-free access to most Pakistani exports.

The Foreign Office (FO) said that FM Dar called on Costa for a meeting in Brussels, Belgium, in which they “exchanged views on various areas of mutual interest, including GSP+, trade and economic cooperation expansion, and regional and global security developments”.

The two also reaffirmed their steadfast commitment to multilateralism.

The FO said both sides noted with satisfaction the “positive trajectory” of the Pakistan-EU relationship and agreed to further strengthen the “mutually beneficial partnership” across various domains.

FM Dar also acknowledged and appreciated the EU’s support to Pakistan, both bilaterally and on multilateral platforms.

The FO added that both sides agreed to continue working together to advance common priorities and deepen cooperation across key sectors.

FM Dar reached Belgium earlier today after attending a Shanghai Cooperation Organisation (SCO) summit in Moscow. During the three-day visit, he will attend the seventh strategic dialogue between Pakistan and the European Union (EU).

FM Dar holds talks with EU Council president on GSP Plus status

Meets Russian FM, Chinese premier on sidelines of SCO moot; also interacts with Qatari, Uzbek, Tajik, Kyrgyz leaders.

www.dawn.com