AMAN-25 concludes with focus on joint efforts for maritime security
The concluding ceremony of the AMAN Dialogue, part of the five-day AMAN-25 naval exercise organised by the Pakistan Navy, was held in Karachi today.
Minister for Planning Ahsan Iqbal was the chief guest of the event, which focused on promoting maritime security.
In his address, Ahsan Iqbal praised the AMAN Dialogue as a valuable platform for sharing mutual experiences and strengthening cooperation in maritime security. "The region faces multiple challenges, including the impacts of climate change," he said, highlighting the growing need for collaboration in tackling these issues.
Iqbal stressed that the maritime sector holds significant potential for progress, particularly in enhancing maritime trade, which he believes is essential for economic prosperity.
Vice Admiral Raja Rab Nawaz, Deputy Chief of Pakistan Naval Staff Operations, also spoke at the ceremony, emphasising the importance of maritime security for future development. He called for joint efforts to address challenges such as human and arms smuggling.
Other notable speakers included Admiral Nazam Ul Hasan, Naval Chief of Bangladesh, Rear Admiral Christopher Smith, Fleet Commander of the Australian Navy, and Dr Christian Bogar, a renowned maritime expert. They all underscored the need for continued collaboration and coordination to tackle emerging maritime threats.
The AMAN-25 exercise, a significant event for regional naval cooperation, concluded with a commitment to enhancing collective efforts for ensuring maritime security in the region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Brain drain: Pakistan lost 727,381 workers to overseas employment in 2024
The Bureau of Emigration & Overseas Employment (BE&OE) and the Overseas Employment Corporation (OEC) registered 727,381 workers for overseas employment, according to The Economic Survey 2024-25 as unveiled by Finance Minister Muhammad Aurangzeb on Monday. According to BE&OE, more than 62 percent (452,562) of Pakistani workers moved to Saudi Arabia for employment, followed by Oman (11 percent), to earn a living. UAE employed 64,130 Pakistani workers (9 percent) while Qatar offered jobs to 40,818 individuals (6 percent). Bahrain and Malaysia hosted 25,198 workers (3 percent) and 5,790 workers (1 percent), respectively. In 2024, the highest number of workers who moved away from Pakistan for work originated from Punjab (404,345), followed by Khyber Pakhtunkhwa (187,103), Sindh (60,424), and Tribal areas (29,937). The Economic Survey also failed to calculate the unemployment rate for the current year. Pakistan missed its GDP growth target of 3.6% in the outgoing fiscal year, posting a figure of 2.7%, revealed the Economic Survey 2024-25. The skill composition of Pakistani emigrants in 2024 continues to be dominated by unskilled and semi-skilled labour, with relatively low representation from mid to highly-skilled professionals. According to the data, 50 percent of emigrants are categorized as unskilled (366,092), while 35 percent (255,706) are skilled workers. Although there has been a slight decline compared to 2023, unskilled labour remains in high demand globally, particularly in the areas of construction, domestic work, and agriculture. Earlier this year, Army Chief General Syed Asim Munir stated that the country's global diaspora constitutes not 'brain drain' but rather a crucial 'brain gain', according to a statement from the military's media release. While addressing a convention, the army chief said that those peddling the 'brain drain' myth should know this is actually brain gain, adding that the overseas community exemplifies this brilliantly. Brain drain in Pakistan: causes, consequences and way forward The total population of Pakistan according to Seventh Population and Housing Census (2023) has reached 241.5 million; growing at 2.55 percent annually. The population comprises 124.32 million (51.5%) males and 117.15 million (48.5) females. A significant share of Pakistan's population is young, with 26% aged 15-29 years, while 53.8% fall within the working-age group of 15-59 years. This demographic dividend presents a unique opportunity for economic expansion and development. Brain drain is a growing concern for developing countries like Pakistan, as these countries invest heavily in the education and training of their youth.
Express Tribune
4 hours ago
- Express Tribune
Federal Budget 2025-26 to be presented in National Assembly today
Listen to article The Federal Budget for the upcoming fiscal year will be presented in the National Assembly today (Tuesday) with discussion to begin June 13 and carry on till June 21. Finance Minister Muhammad Aurangzeb will present the budget in the Assembly, after which he will lay a copy of the Finance Bill 2025-26, including the Annual Budget Statement, before the Senate for further consideration. On Monday, Pakistan unveiled its Economic Survey 2024-25, revealing measurable improvement across key indicators, though challenges remain in the agriculture and manufacturing sectors. The survey showed that the government has managed to consolidate economic recovery by avoiding a "sugar rush" and stabilise the external sector, yet again, it could not meet the most critical targets necessary to give economic growth figures credibility and help increase investment. Economic growth rate stays at 2.7%, which is a right way to go for sustainable growth in order to avoid boom-bust cycles, said the finance minister, while referring to historical patterns of achieving higher growth rates followed by collapse the next year. However, the claimed growth rate is below the target of 3.6% and is also disputed by independent economists. Here is a look at its key highlights: Growth and investment Real GDP recorded growth of 2.68% in FY2025, underpinned by broad-based stabilization across key macroeconomic indicators. The industrial sector posted 4.77% growth driven by manufacturing recovery, while the services sector expanded 2.91%, maintaining its position as the largest GDP contributor with a 58.40% share. GDP at current market prices increased to Rs114,692 billion, reflecting a 9.1% increase from the previous year's Rs105,143 billion. The investment-to-GDP ratio reached 13.8% compared to 13.1% in FY2024, while the saving-to-GDP ratio increased to 14.1% from 12.6% last year. Fiscal performance The fiscal deficit narrowed to 6.5% of GDP from 7.4% last year. Revenue collection grew 29% to Rs10.8 trillion, with tax revenue increasing 38%. Current expenditures rose 26% due to higher interest payments. Monetary situation Inflation declined sharply to a record low of 0.3% in April 2025, down from 17.3% in April 2024. The average CPI inflation for July-April was 4.7%, marking a significant decrease from 26.0% in the same period last year. The State Bank cut policy rates by 450 basis points to 17.5% since July 2024. Broad money supply grew 13.7%. Agriculture sector The agriculture sector demonstrated resilience in FY2025, recording growth of 0.56%, primarily driven by livestock performance. The sector's share in GDP declined slightly to 23.54% from 24.03% in FY2024. Important crops declined by 13.49% due to reduced cultivation area and adverse weather conditions, significantly affecting cotton (-30.7%), wheat (-8.9%), sugarcane (-3.9%), maize (-15.4%), and rice (-1.4%). Cotton production was recorded at 7.08 million bales, sugarcane 84.24 million tonnes, wheat 28.98 million tonnes, and rice at 9.72 million tonnes. Other crops grew by 4.78%, driven by robust performances in potato (11.5%), onion (15.9%), and mash (4.7%). Cotton ginning lost momentum, declining by 19.03% compared to the growth of 47.23% in the previous year. The livestock sector, contributing 63.60% to agriculture and 14.97% to Pakistan's GDP, grew by 4.72% in FY2025, up from 4.38% the previous year. The forestry sector recorded growth of 3.03%, maintaining a steady contribution of 2.31% to agriculture and 0.54% to GDP. The fisheries sector grew by 1.42%, improving from 0.81% last year, with a sectoral share of 1.31% in agriculture and 0.31% in GDP. External sector Per capita income reached $1,824, up from $1,662 in the previous year, showing a 9.7% increase supported by improved economic activity and a stable exchange rate. The current account recorded a $1.2 billion surplus (0.3% of GDP), while remittances grew 11% to $32 billion. Foreign reserves reached $14.3 billion, covering 3.6 months of imports. Health and education Pakistan's health sector showed modest improvements in FY2024- 25, with infant mortality declining to 52 per 1,000 live births from 56 last year, though national health expenditures remained at just 1.4% of GDP. The education sector saw literacy rates rise to 62.8%, while primary school enrollment reached 28.6 million children, yet education spending stayed at 2.1% of GDP, below regional benchmarks. Technology and infrastructure The IT sector emerged as a bright spot, with exports surging 32% to $3.5 billion and digital banking transactions growing 89% to Rs12.7 trillion, as mobile broadband penetration reached 57% of the population. Transport infrastructure expanded with road networks growing to 284,772 km and aviation passenger traffic jumping 24%, though rural connectivity gaps persist. Demographics and labor Population growth slowed slightly to 2.4%, with urban residents now comprising 40.1% of Pakistan's 241.5 million people, while labor force participation remained stagnant at 37.2%, with significant gender disparities. "Our digital transformation is accelerating, but human development needs matching investment," Finance Minister Muhammad Aurangzeb told reporters during the survey's launch. Power sector Pakistan's installed electricity generation capacity rose to 46,605 MW in FY2024–25, up 1.6% from 45,888 MW last year, according to the Economic Survey. However, this increase has deepened the burden on consumers, who pay Rs 2.5–2.8 trillion annually in capacity payments to idle power plants producing no electricity. Debt and Capital Markets Pakistan's public debt stood at Rs67.8 trillion (74.1% of GDP) by March 2025, marking a 2.3 percentage point decline from last year's 76.4% debt-to-GDP ratio. Domestic debt comprised 61% of the total at Rs41.4 trillion, while external debt accounted for Rs26.4 trillion. The capital market demonstrated robust growth with market capitalization at the Pakistan Stock Exchange surging 50% to Rs10.2 trillion, while the benchmark KSE-100 index gained 78,000 points during FY2025. Corporate bond issuance increased 38% year-on-year to Rs480 billion. Manufacturing and Mining Manufacturing output showed mixed results, with the industrial sector posting 4.77% growth driven by a recovery in manufacturing. Small-scale manufacturing and slaughtering helped offset contractions in large-scale manufacturing (LSM). The auto sector rebounded strongly with 42% production growth, while cement output declined 7.2%. The mining sector grew 2.1%, with coal production increasing 12% to 10.4 million tonnes. However, mineral exports fell 9% to $682 million due to global price fluctuations. Chromite production dropped 18% while rock salt output grew 5%. The mixed results come ahead of Tuesday's budget announcement, with observers watching for increased allocations to health and education.
Express Tribune
4 hours ago
- Express Tribune
PSX achieves all-time peak ahead of 2025-26 Federal Budget
Listen to article The Pakistan Stock Exchange (PSX) hit a record high on Tuesday as investor confidence soared ahead of the federal budget announcement, as the KSE-100 index surged by 782.56 points, current index at 122,423.56, gaining 0.64% during intra-day trading. Resuming activity after the Eidul Azha holidays, the trading session began with a positive momentum, building on the market's strong performance. The investor confidence, reflected in the Pakistan Stock Exchange's record performance, follows Moday's presentation of Pakistan's Economic Survey 2024-25. The market briefly touched a high of 122,611.53 points before settling at 122,423.56 points during intraday trading. Trading volumes remained robust with 144,033,353 shares exchanged, and the total value of shares traded reached Rs 7.78 billion. The previous day's close was recorded at 121,641.00 points. At the end of the previous week, PSX continued its positive momentum, with the benchmark KSE-100 index reaching an all-time high of 121,798 points on June 4, before settling at 121,641, marking a weekly gain of 1,950 points (+1.63%). Read more: PSX makes history on macro boost The rally was driven by positive developments, including successful budget talks with the IMF, the Asian Development Bank's approval of a $800 million financing package, and the finalisation of a Rs1.275 trillion circular debt resolution deal with banks. Macroeconomic indicators also supported sentiment, with a 10% rise in petroleum sales YoY, CPI-based inflation easing to 3.5%, and a 23% MoM reduction in the trade deficit. However, the State Bank's reserves fell slightly by $7 million to $11.5 billion. Sector-wise, commercial banks, power generation, fertiliser, and food products led the gains. Foreign sales amounted to $14.7 million, an increase compared to the previous week.
