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According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<ul><li>The workers' <keyword id="6369957" type="General" weightage="20" keywordseo="remittances" source="Orion">remittances</keyword> recorded an inflow of $2.4 billion in September . </li><li>Workers' remittances play an important role in <keyword id="3001" type="General" weightage="20" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s economy as they are one of the major sources of foreign exchange.</li><li>The remittances decreased by 6.3 per cent as compared to the same period last year. </li></ul> Remittances sent by overseas Pakistani workers decreased 10.5 per cent in September 2022 on a month-on-month basis, the <keyword id="166005" type="General" weightage="20" keywordseo="state-bank-of-pakistan" source="Orion">State Bank of Pakistan</keyword> has said. The workers' remittances recorded an inflow of $2.4 billion in September as compared to the previous month's figure of $2.7 billion, the central bank said in its official data on Tuesday, adding that it decreased by 12.3 per cent on a year-on-year basis, <keyword id="106387" type="General" weightage="20" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword> reported. With a cumulative inflow of $7.7 billion during the July-September period in the fiscal year of 2023, the remittances decreased by 6.3 per cent as compared to the same period last year, the figures showed. In September, the remittances mainly came from <keyword id="50996" type="General" weightage="20" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> with $616.6 million, the UAE with $474.3 million, the UK with $307.8 million, and the US with $268.1 million, according to the bank. Workers' remittances play an important role in Pakistan's economy as they are one of the major sources of foreign exchange. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-is-facing-the-worst-shortage-of-nurses-in-recent-years-says-kpmg-report/articleshow/94789539.cms">India is facing the worst shortage of nurses in recent years, says KPMG report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/roger-binny-likely-to-replace-ganguly-as-bcci-president-shah-to-remain-secretary/articleshow/94788409.cms">Roger Binny likely to replace Ganguly as BCCI president, Shah to remain secretary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/karthikeya-2-hits-100-crore-viewing-minutes-in-48-hours-on-ott/articleshow/94788745.cms">'Karthikeya 2' hits 100 crore viewing minutes in 48 hours on OTT</a>

Pakistan's remittances decrease 10.5% in Sept

The <keyword id="655703" type="General" weightage="20" keywordseo="Pakistani-rupee" source="Orion">Pakistani rupee</keyword> (PKR) continues its recently achieved stability streak with a marginal increase in its value as the greenback was traded at 221.65 PKR in the interbank market, according to the <keyword id="166005" type="General" weightage="20" keywordseo="State-Bank-of-Pakistan" source="Orion">State Bank of Pakistan</keyword> (SBP). The US dollar closed at 221.66 PKR on Monday, and on the second working day of the week the local currency appreciated by 0.01 PKR, or about 0.00 per cent, against the US dollar, the SBP said on Tuesday. The PKR recorded a gain of 0.26 PKR or 0.12 per cent appreciation on Monday in the <keyword id="1129116" type="General" weightage="20" keywordseo="inter-bank-market" source="Orion">inter-bank market</keyword>. The local currency largely witnessed a stable trend over the last week, moving in between 221 and 222, despite the strengthening of the greenback against the other currencies. According to market analysts, this exchange rate's stability was a result of strict monitoring by the concerned government authorities. Additionally, the SBP and Federal Investigation Agency on Monday announced to take a concerted joint effort to apprehend and implicate illegal foreign exchange operators and speculators across the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/norways-princess-martha-louise-relinquishes-royal-duties-for-alternative-medicine-business/articleshow/95391955.cms" style="">Norway's princess Martha Louise relinquishes royal duties for alternative medicine business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/americas-largest-theatrical-exhibitor-turns-its-theaters-into-zoom-rooms/articleshow/95376520.cms" style="">America's largest theatrical exhibitor turns its theaters into Zoom rooms</a>

Pakistani rupee continues stability against USD

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<keyword id="3001" type="General" weightage="100" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s exit from the Financial Action Task Force's (FATF) grey list has brought little cheer to the country's economic managers even as estimates suggest that the cumulative real GDP losses for the country due to the blacklisting had soared to $38 billion. The severe floods and rising political uncertainty have caused the country's economic situation to deteriorate further in the last few months. Ishaq Dar, the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister of the country, who replaced <keyword id="1741315" type="General" weightage="50" keywordseo="miftah-ismail" source="Orion">Miftah Ismail</keyword> a month ago has had little impact on the situation. Local newspaper <keyword id="59588" type="General" weightage="80" keywordseo="dawn" source="Orion">Dawn</keyword> in its report said that forex reserves held by the country's central bank were close to nil. Of the total amount, $2.3 billion has been credited by China, $3 billion was deposited by Saudi Arabia and $1.2 billion came from the International Monetary Fund (IMF). The rest is also based on borrowings from commercial banks, the newspaper said, adding that Pakistan seems to be isolated. Though the South Asian nation has managed to avert an immediate default, its foreign exchange reserves continue to remain below the $8 billion mark. While Pakistan would require about $32 billion for debt repayment in the current financial year, on October 21, the country's foreign currency reserves stood at $7,439.9 million, a fall of $157 million compared to $7,597.2 million held by the State Bank of Pakistan on October 14. After the initial recovery soon after Dar assumed charge, the Pakistani currency is once again on a slide. On Monday, however, it managed to gain more than Rs 2 a dollar. It traded at about 220.5 to a US dollar on Monday after Friday's close of Rs 222.47. An analyst dealing with South Asia said that the economic crisis will linger "until bold reforms are implemented." "But that is not going to be the case and now with general elections inching closer, policies may be more towards populism. We saw how Miftah Ismail (Pakistan's former finance minister) was removed despite being able to steer away from a default," he told India Narrative. After Moody's, rating agency <keyword id="82981" type="General" weightage="80" keywordseo="fitch" source="Orion">Fitch</keyword> too has downgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'. This will make borrowing even tougher. In its statement, Fitch said that the downgrade reflects further deterioration in Pakistan's external liquidity and funding conditions, and the decline of foreign exchange reserves. This is partly a result of widespread floods, which will undermine Pakistan's efforts to rein in twin fiscal and current account deficits. Fitch typically does not assign outlooks to sovereigns with a rating of 'CCC+' or below, it said in its statement. Earlier, Pakistan-based think tank Tabadlab said: "that FATF grey-listing, starting in 2008 and till 2019, may have resulted in cumulative real GDP losses of approximately $38 billion." The country had been put on the FATF grey list since June 2018. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/jamshed-j-irani-steel-man-of-india-who-advised-governments-and-instituted-a-cricket-trophy/slidelist/95223867.cms">Jamshed J Irani – Steel Man of India who advised governments and instituted a cricket trophy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/twitter-bosses-entitled-to-usd-122-million-in-golden-parachute-payouts/articleshow/95224235.cms">Twitter bosses entitled to USD 122 million in 'golden parachute' payouts</a>

Pakistan's forex reserves are close to nil, says local newspaper Dawn

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s unalloyed dominance at home over the last 12 years will be put through its most unique examination till date when <keyword id="13937" type="General" weightage="20" keywordseo="rohit-sharma" source="Orion">Rohit Sharma</keyword>'s side faces a trend-defying <keyword id="19903600" type="General" weightage="20" keywordseo="england" source="keywords">England</keyword> in the first match of what promises to be a stirring five-Test series from Thursday. No team has been as invincible as India at home since their 1-2 defeat against the Three Lions led by Alastair Cook in 2012, stitching together a bull run of 16 successive series wins, including seven series sweeps. If one further breaks down the stats, India have lost just three Tests out of 44 they played in their own backyard in this phase, and this is a power walk even beyond the all-conquering West Indies in the '80s or Australia of the turn of the century. Several factors have contributed to this astonishing run over the last decade, including favourable pitches, bowlers who knew how to exploit those tracks and batters who churned out runs like popcorn from a vending machine. But two players have stood head and shoulders above the rest in these conquests -- off-spinner Ravichandran Ashwin and left-arm spinner Ravindra Jadeja. From Thursday, the Ash-Jaddu duet will be on show here at the RGI Stadium, where the pitch is expected to turn and grip as the match moves towards its conclusion. England already have a taste of what these two can do from their past visits here, and they will be worried, particularly about Ashwin. The 37-year-old still retains the burning zest of a 17-year-old to keep improving his craft and since 2012, Ashwin has grabbed 283 wickets from 46 Tests averaging a shade over 19. Jadeja might often get viewed as a supporting act to Ashwin, but in his own right, the Saurashtra man is a potent threat, and his deliveries that dart on straight could confuse the batters on a turner. Jadeja has taken 191 wickets from 39 Tests in the period where Ashwin kicked up a bedlam in opposition ranks to ensure that they don't get breathing space from both the ends. Together, they have bagged 500 wickets at an average of 21. In all likelihood, India will also include a third spinner to the combination in the form of either Axar Patel or Kuldeep Yadav, with the former having a better chance at the moment. England will be aware that no amount of preparation involving scruffing up pitches some 1600 miles away in Abu Dhabi will be enough to tackle this real menace, and in that sense, they will also need to tame the demons inside their own minds. What could work for them is that India will not have the presence and solidity of Virat Kohli at No. 4, as he has skipped the opening two Tests owing to personal reasons. He is a towering presence against England in <keyword id="9400" type="General" weightage="20" keywordseo="test-cricket" source="Orion">Test cricket</keyword>. The star batter has made 1991 runs against them from 28 matches with five hundreds, but more than the numbers, his ability to master grand occasions will be missed. Middle-order batter Rajat Patidar is expected to join the squad as a replacement for Kohli for the Hyderabad and Visakhapatnam matches, though India's No.4 and 5 will be Shreyas Iyer and KL Rahul with KS Bharat doing the wicket-keeping duties. Despite their talisman's absence, India is still a tall hurdle for the 'Bazball-ing' England to cross over. Of course, they have won a Test series in Pakistan 3-0 in late 2022 but a set of proven match-winners offer the visitors a far tougher challenge here. The whole furor over the return of young off-spinner Shoaib Bashir after the delay in processing his Indian visa too might have disturbed them ahead of an important fixture. Skipper <keyword id="6369580" type="General" weightage="20" keywordseo="ben-stokes" source="Orion">Ben Stokes</keyword> has already stated that he is "devastated" for the 20-year-old rookie. But this is not to say that England are totally incapable of pulling off a miracle. Under Stokes and coach Brendon McCullum, they have been able to dish out a really fascinating brand of cricket. Notwithstanding that, the visitors need more than one element to come together for a meaningful fight -- big runs from veteran Joe Root and Stokes, a few wickets upfront from the ever-green James Anderson and their spinners who have no significant experience in these conditions. On the periphery, it is asking for too much. But Test cricket is a strange and unpredictable beast and it has the history of producing some truly extraordinary spectacles. Will Hyderabad offer one or will it be an all too familiar Indian romp? The wait is on. Teams India: Rohit Sharma (Captain), Shubman Gill, Yashasvi Jaiswal, Shreyas Iyer, KL Rahul, KS Bharat (WK), Dhruv Jurel (WK), Ravichandran Ashwin, Ravindra Jadeja, Axar Patel, Kuldeep Yadav, Mohd. Siraj, Mukesh Kumar, Jasprit Bumrah (VC), Avesh Khan. England: Ben Stokes (Captain), Rehan Ahmed, James Anderson, Gus Atkinson, Jonny Bairstow, Dan Lawrence, Zak Crawley, Ben Duckett, Ben Foakes, Tom Hartley, Jack Leach, Ollie Pope, Ollie Robinson, Joe Root, Mark Wood. Match starts at 9.30 AM.

India's Spinball vs England's Bazball: Rohit's men bank on turn for first strike

<ul class="summary-list"><li>The UK, Italy, and Japan are working together to develop a sixth-generation fighter jet.</li><li>Saudi Arabia reportedly wants to join the effort, but Japan is said to be wary of letting Riyadh in.</li></ul>Saudi Arabia wants to join the UK, Japan, and Italy as a partner in the Global Combat Air Programme, which aims to build the six-generation Tempest stealth fighter jet and other advanced technologies by 2035.While funding from the Arab kingdom could ease the financial burden on the consortium, other considerations have made Tokyo reluctant to assent to Riyadh's admission.As first reported <a href="https://www.ft.com/content/80e9bda9-f415-4076-9037-bd6b96e1169f" target="_blank" rel="noopener">by The Financial Times</a>, the Saudis hope to win admission into the GCAP in return for "a potentially significant financial contribution."Italy and the UK would most likely welcome Saudi participation. The latter is a major arms supplier to the kingdom. A senior British defense source told The Financial Times that the UK viewed "Saudi Arabia as a key partner in the fighter program and we are working to ensure strong progress as soon as possible."<div type="image" title="Tempest 6th-gen fighter" height="1280" width="1920" msid="103482787" hostid="261"></div>A <a href="https://www.telegraph.co.uk/business/2023/08/16/bring-saudi-arabia-onboard-the-tempest-fighter-jet/" target="_blank" rel="noopener">recent editorial</a> in Britain's Telegraph newspaper also advocated Saudi Arabia's admission, arguing, among other things, that "the sheer scale of the investment needed" for such a project "is virtually impossible to justify unless the costs are shared.""Without Saudi's milch cow, a project like Tempest may not be viable," the editorial said.Japan, on the other hand, worries adding a fourth member could slow the group's decision-making process, which requires consensus, and cause the program to miss its already ambitious 2035 deadline, Shigeto Kondo, a senior researcher with the Japanese Institute of Middle Eastern Economies, <a href="https://www.al-monitor.com/originals/2023/08/why-japan-opposed-saudi-arabia-joining-uk-italy-gcap-fighter-jet-alliance" target="_blank" rel="noopener">told Al-Monitor</a> last month.Tokyo has acquired US-made F-35s, but a delay in developing <a href="https://www.businessinsider.com/what-capabilities-a-sixth-generation-fighter-could-have-2021-7" target="_blank" rel="noopener">a sixth-generation jet</a> could put it at a disadvantage compared with China's air force, which is growing in size and capability.Japan also fears Saudi Arabia may want to export the cutting-edge jet to adversaries, such as China and Russia, or use its veto power to prevent Tokyo from exporting it to one of its allies.<h2>6th-gen in demand</h2><div type="image" title="South Korea KF-21" height="1349" width="2000" msid="103482790" hostid="261"></div>Time will tell whether Japan's concerns win out against the hefty financial contribution that Riyadh could make, but Saudi interest in Tempest demonstrates its eagerness to secure a next-generation fighter in the coming decade, which is a goal for a growing number of countries.Indonesia, for example, has joined South Korea's KF-21 Boramae project, which aims to produce a quasi-stealth fighter jet by the late 2020s. Indonesia agreed to a 20% stake in the program in exchange for at least 50 KF-21s to upgrade its air force.Jakarta's failure to pay its share on time has raised concerns about its commitment, which it recently sought to assuage by <a href="https://koreajoongangdaily.joins.com/2023/05/11/national/defense/KF21-Boramae-Indonesia/20230511094752436.html" target="_blank" rel="noopener">offering a payment timetable</a>.On the other side of Asia, Azerbaijan recently joined Turkey's TF Kaan stealth-fighter project. Like the Saudis, oil-rich Azerbaijan can provide much-needed funding to the program.Ankara also <a href="https://breakingdefense.com/2023/08/after-azerbaijan-will-pakistan-also-join-turkeys-5th-generation-fighter-program/" target="_blank" rel="noopener">hopes Pakistan will join</a> the effort. Those three countries are already close and cooperate militarily, often hosting exercises on each other's territory. Azerbaijan previously <a href="https://www.theweek.in/news/world/2021/11/02/azerbaijan-reiterates-interest-in-buying-jf-17-fighters-from-pakistan.html" target="_blank" rel="noopener">expressed interest</a> in upgrading its aging Soviet-era air force with JF-17 fourth-generation jets, <a href="https://www.businessinsider.com/china-pakistan-jf17-may-be-most-widely-operated-combat-jet-2022-11">which Pakistan developed with China</a>. Baku may now just wait for the TF Kaan to roll off the assembly line.<div type="image" title="JF-17 Thunder fighter jet" height="1157" width="1542" msid="103482794" hostid="261"></div>If Saudi Arabia wins admission to GCAP — and if Tempest is completed on time — Riyadh would be set to acquire an aircraft far more advanced than the KF-21 or TF Kaan. Tempest is even set to <a href="https://www.businessinsider.com/british-ministry-of-defense-updates-on-tempest-6th-generation-fighter-2020-12" target="_blank" rel="noopener">be a generation ahead of the American F-35 and F-22 and China's J-20</a>.The first version of the KF-21 is not expected to have the internal weapons bays that are an essential feature of fifth-generation stealth fighters.The TF Kaan is set to feature internal bays and other fifth-generation features. However, sixth-generation aircraft such as Tempest are also expected to become operational not long after the Kaan is completed and built in significant numbers.Like other Arab Gulf states, Saudi Arabia's <a href="https://www.businessinsider.com/middle-east-militaries-looking-beyond-us-for-stealth-fighter-jets-2023-6" target="_blank" rel="noopener">options for fifth-generation aircraft appear limited</a>, and it seems that Riyadh is banking on getting in on a six-generation project while making do with its existing fleet of formidable F-15s and Eurofighters for the intervening decade — and possibly <a href="https://www.businessinsider.com/reports-saudi-rafale-fighter-jet-buy-amid-tensions-with-us-2023-8" target="_blank" rel="noopener">acquiring advanced variants of France's Rafale</a> as an interim solution.Should Japan drop its objections to Riyadh's admission or reach a compromise with its other GCAP partners, the Saudi air force could be well on its way to ensuring its technological edge for decades to come.Paul Iddon is a freelance journalist and columnist who writes about Middle East developments, military affairs, politics, and history. His articles have appeared in a variety of publications focused on the region.

Saudi Arabia wants to buy its way into a major 6th-gen fighter-jet project, but not all its potential partners are welcoming

<ul class="summary-list"><li>The Pakistani rupee has become the top performer in global currency markets.</li><li>It gained 8% from a record low in early September, after a government clampdown on illicit dollar trade.</li></ul>The <a href="https://markets.businessinsider.com/currencies/usd-pkr">Pakistani rupee</a> has surged to the top of global currency markets, sharply increasing from a record low in early September.The rupee has gained 8% since then, climbing from 307 against the dollar to 275. The rebound has made the rupee September's top global performer, based on LSEG data cited by <a href="https://www.cnbc.com/2023/10/18/pakistani-rupee-jumps-from-record-lows-to-worlds-top-performing-fx.html" target="_blank" rel="noopener">CNBC</a>. According to a <a href="https://www.hdfcsec.com/hsl.docs//Monthly%20Strategy%20Report%20-%20October%202023-202310050940065264312.pdf" target="_blank" rel="noopener">presentation</a> from Indian lender HDFC Securities, the strong rebound stems from the Pakistani government's response to illicit dollar transactions. "Pakistan's rupee was the top performer globally this month as a government crackdown on the illegal dollar trade helped reverse its fortunes," it said. "The rupee surged almost 6% in September, a remarkable feat as most currencies including the Thai baht and South Korean won tumbled against the dollar on speculation US interest-rates will stay elevated for longer."Ahead of the clampdown, dollars were being bought and sold in informal markets, deteriorating the rupee exchange rate, <a href="https://www.dawn.com/news/1777784" target="_blank" rel="noopener">local media</a> reported. This prompted Pakistan's Federal Investigation Agency to launch a raid on exchange companies throughout the state, closing down shops and arresting a number of those involved. After the operation, demand for the rupee has returned, and Pakistani banks have reported growing remittances and increased inflows. But the long-term prospects of the rupee's rally are largely uncertain, as Pakistan's underlying economic situation is shaky — the country is weighed down by substantial debt loads, it's GDP is estimated to contract for fiscal year 2023, and its foreign reserves have been depleting.Meanwhile, Islamabad is grappling with <a href="https://thedocs.worldbank.org/en/doc/5d1783db09a0e09d15bbcea8ef0cec0b-0500052021/related/mpo-pak.pdf" target="_blank" rel="noopener">multi-decade high</a> in average headline inflation, which rose to 29.2% year-over-year in fiscal year 2023, the World Bank reported.The inflation rate rose to 31.4% year-on-year in September, government data showed.However, part of this was owed to currency weakness, potentially making the rupee's strength a welcome sight for the country's consumers.

Why Pakistan's rupee has soared the most against the US dollar among global currencies

New Delhi, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel the economy. The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014. Inaugurating the corporate office of <keyword id="172709" type="General" weightage="80" keywordseo="punjab-and-sind-bank" source="Orion">Punjab and Sind Bank</keyword> here, the minister said that banks need to "build on laurels" by following the best corporate governance principles. "Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management, and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved away from the 'twin balance sheet problem' to 'twin balance sheet advantage'. The finance minister said that there was a time when the Indian economy faced the problem of twin balance sheets -- stress on the balance sheets of banks and corporate at the same time. Before the Modi government came to power in 2014, difficulty in the Indian banking system actually started because of irrational 'Phone Banking', which happened during the tenure of the UPA government, she said. Back then, Sitharaman said, the priority in lending was given to not-so-worthy customers in an unprofessional manner. As a result, they became NPAs (non-performing assets). "As a result (of various initiatives of the government), I am glad to say the problems of twin balance sheets have gone away," she said, adding that as per the Reserve Bank of India, it is a twin balance sheet advantage that is benefiting the Indian economy. Observing that combined profits of the public sector banks tripled to Rs 1.04 lakh crore in 2022-23 against Rs 36,270 crore in FY14, Sitharaman said the banks "need to build on laurels". "At this stage, it is our duty towards the people of India to ensure that the banks can build on the strength and not lose this momentum that we have achieved," the minister noted. She said that the performance of the public sector banks has improved on account of various initiatives taken by the Modi government since 2014. There was an improvement in all critical parameters like return on asset, net interest margin and provisioning coverage ratio, she added. The 4R strategy followed by the Modi government to revitalise the state-owned banks has yielded results, she said. The 4R strategy refers to recognising the problem of non-performing assets, recapitalising the banks, resolving their problems, and reforming them. Further, Sitharaman said the banks should endeavour to adopt a proactive approach in reaching out to people to achieve optimum utilisation of financial inclusion schemes. There should be a focus on credit outreach in states where the credit offtake is lower than the national average, particularly in the northeast and eastern parts of the country, she said, adding they must aim to increase brick-and-mortar banking presence in border areas, particularly in those covered in the Vibrant Village programme. The bank should also promote the Mahila Samman Bachat Patra announced in the Budget 2023-24 through special drives and campaigns, she said. They must ensure that the entire Priority Sector Lending (PSL) target is met and not transferred to RIDF (Rural Infrastructure Development Fund), she added. She urged banks to focus on improving digital infrastructure with a focus on artificial intelligence and use this to the maximum so that efficiency increases. However, she cautioned that banks should ensure digital safety and there should be enough firewalls. The minister also recalled the story of the Punjab and Sind Bank, which had suffered due to partition in 1947. Only two of the ten branches remained in India, while the rest went to Pakistan. Starting from just two branches in 1947, the Punjab and Sind Bank has 1,553 branches, and the 1,554th at Karimganj in Assam was inaugurated remotely by the minister on Saturday. Speaking on the occasion, Minister of State for Finance Bhagwat <keyword id="12139871" type="General" weightage="80" keywordseo="kishanrao-karad" source="Orion">Kishanrao Karad</keyword> also appreciated the bank for its various initiatives to transfer the bank to a future-ready <keyword id="17873797" type="General" weightage="50" keywordseo="techno-savvy-bank" source="Orion">Techno Savvy Bank</keyword> and how the bank over the years has transformed itself gradually with the latest products and services. He also expressed satisfaction with the role played by public sector banks in making the Indian Financial System reliant and robust. Additional Secretary in the Department of Financial Services MP Tangirala also highlighted how Punjab and Sind Bank as a PSB is contributing to the overall development of the Indian Economy through its network of branches, ATMs and business correspondents.

Public sector bank profits grew 3x in 9 years says Sitharaman

Amid the ongoing <keyword id="39395" type="General" weightage="20" keywordseo="financial-crunch" source="Orion">financial crunch</keyword> in <keyword id="3001" type="General" weightage="100" keywordseo="pakistan" source="Orion">Pakistan</keyword>, another car maker company <keyword id="20630" type="General" weightage="80" keywordseo="honda" source="Orion">Honda</keyword> on Wednesday announced to close its plant citing severe disruption in supply chain as major reason, reported Geo News. Honda Atlas Cars --the assembler of Honda automobiles in the country blamed current economic situation for its decision and said that the plant will remain closed from March 9 to 31. The car maker company said that it would not be able to continue with its production and will be shutting down its plant for the remainder of the month. The automaker, in a notice sent to the Pakistan Stock Exchange, said that the decision has been taken as the company's supply chain has been "severely disrupted," reported Geo News. "Considering the current economic situation of Pakistan whereby the government resorted to stringent measures including restricting the opening of LCs (letter of credits) for import of CKD (completely knocked-down) kits, raw materials and halting foreign payments, the company's supply chain has also been severely disrupted by such measures," the company said highlighting all the reasons for the plant shutdown. Consequently, it said that the company "is not in a position to continue with its production and ultimately has to shut down its plant from March 9 to March 31." Earlier, Pak Sukuzi Motor Company (PSMC) and Indus Motor Company (IMC), the assembler of Toyota-brand automobiles in Pakistan, also announced to completely shut down its production plant. Pakistan's auto industry, which is heavily dependent on imports, has been caught in the midst of an exchange-rate crisis, as the SBP, after unabated rupee depreciation, imposed restrictions on the opening of Letters of Credit (LCs), reported Geo News. Pakistan's economic growth is slowing as one of the highest inflation rates -- and higher borrowing costs -- erodes demand and a plunge in the rupee makes the import of key automobile parts more expensive. The auto sector remains engulfed in various crises, with a number of automakers announcing complete or partial shutdowns in recent months citing various reasons including reduced demand in the market and the company's inability to maintain inventory as companies struggle to secure LCs. The industry is also hit by import restrictions the coalition government had introduced to control the trade deficit, reported Geo News. Not only the production activity has affected the companies also raised the prices of their CKD models which dented people's already low purchasing power. The country remains short of much-needed dollars to meet its import and other external payment commitments. The central bank's foreign exchange reserves stand at just over USD 3.8 billion, barely enough for a month of essential imports. However, they are due to get a boost as a loan inflow from the Industrial and Commercial Bank of China (ICBC) makes its way to the State Bank of Pakistan's forex reserves, reported Geo News. Meanwhile, the government is constantly trying to woo the International Monetary Fund (IMF) to revive the stalled Extended Fund Facility (EFF) programme, which if approved by its board would release a funding tranche of over USD 1 billion.

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