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World Bank projects Pakistan’s economic growth at just 1.8% in FY24

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An undated image of World Bank Headquarters in Washington DC. — AFP

With nearly 40% of Pakistan’s population slipped below the poverty line amid skyrocketing inflation, the World Bank (WB) on Tuesday projected cash-strapped nation’s economy to grow by only 1.8% in the current fiscal year ending June 2024.

According to World Bank’s latest “Pakistan Development Update: Fiscal Impact of Federal State-Owned Enterprises,” the modest economic recovery in recent months is attributed to stringent monetary and fiscal policies, ongoing import control measures to safeguard limited foreign reserves, and subdued economic activity amidst low confidence levels.

“A clearly articulated, ambitious, and credible economic reform agenda is required to reduce uncertainty and restore confidence. Risks remain very high, and key policy constraints to sustainable economic growth remain unaddressed. Policy buffers to manage any shocks remain depleted, with high levels of debt and tightly constrained foreign exchange reserves,” the WB report said.

The report said under the current policy settings, and unless a major structural reform programme was durably implemented, growth was expected to remain muted amid continued very low investment, persistent external imbalances (likely necessitating continued import and capital management measures), distortionary fiscal policies, and a large state presence in the economy.

The multilateral donor said Pakistan’s economy stabilised with improved economic management and new external inflows, while a sustained recovery, with improved growth prospects, and poverty reduction would remain a challenge.

“Without major reforms, no significant poverty reduction is expected over the medium term. Financial sector stress, looming policy uncertainty with potential policy slippages, climate change-induced shocks and natural disasters, and external headwinds all pose very high risks to the outlook,” the IFI’s report said.

The World Bank also warned that Pakistan would continue to face liquidity issues in the medium term, due to trade deficit and limited access to external financing, unless authorities take “major and sustained economic reforms”.

“Pakistan is expected to continue facing foreign exchange liquidity issues due to the persistent trade deficit and limited access to external financing. Even with the recent successful completion of the IMF-SBA and continued rollovers, reserves are projected to remain low. Import management measures are expected to continue disrupting domestic supply chains, while tight macroeconomic policies will mute aggregate consumption and investment,” the report said.

It said the fiscal deficit was projected to increase to 8.0% of GDP in FY24 due to higher interest payments. “It will then gradually decline over the medium term as interest payments decrease and fiscal consolidation measures take hold,” the report said.

It added that the primary deficit was expected to decline to 0.1% of GDP in FY24, reflecting the recent fiscal consolidation measures.

“It is expected to grow to 0.3 percent of GDP in FY25–26. A deeper fiscal consolidation over the medium term will be necessary to restore fiscal and debt sustainability,” the World Bank said.

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Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

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Pakistan

Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

Beware of These Illegal Housing Societies in Lahore – September 2024 Update

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Pakistan

Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

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LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

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Pakistan

Gold prices reach historic high in Pakistan – Pakistan Observer

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