India will lose two ranks in list of world's top rice exporters in calendar year 2008 to Pakistan. According to the latest report of the US Agriculture Department (USDA), India will lose two ranks in the list to become the fourth largest rice exporter in calendar year 2008 while Pakistan would improve its position to the third Largest. While Thailand will remain at the top with an estimated 10 million export followed by Vietnam at 4.7 million tons. In addition, Pakistan may export 3 million tons while India 2.8 million tons in 2008.

According to the WTO, Pakistan exports have touched $1.4 billion, and they have the potential to increase manifold within few years. With the government implementing policies that boost growth in the IT sector and create employment opportunities in the country, the Federal Secretary is expecting Pakistan software exports to grow by 50% by the next fiscal year.

Pakistan's foreign exchange reserves decline from $10.4877 billion a week earlier to 10.1591 billion dollars during the week ended August 2, 2008, accounted for $328.6 million lost. According to the Economist, The country has failed in portfolio investment due to political turmoil, while the current account deficit is continuously rising.

On Tuesday in Karachi, Governor Shamshad Akhtar told the reporters Pakistan’s central bank raised the discount rate by 1 percentage, the rate at which it lends to commercial banks, from 12 per cent to 13 per cent. The central bank also warned Pakistan’s government to cut down the borrowing from the central bank because it may cause further weaken the economy.

With inflation surging at over 21%, the highest its been in thirty years, the government hopes to start using a 20 billion rupee ($282 million) equity market stabilization fund. In addition to the inflation problem, the fiscal and current account deficits are unsustainable. In an effort to decrease pressure on the central bank to maintain a tight monetary stance, the government is planning to bring its net borrowing from the bank to 0%.

Dr. Shamshad Akhtar, governor of State Bank of Pakistan proposed to Development Finance Conference that all large monetary institutions be overseen by the SBP. This would allow for a reorganization of regulatory architecture, modernization of wholesale and retail markets, all the while reducing risks for both small and large depositors.

The Karachi Stock Exchange changed its stock minimums and maximums for the month, instituting a minimum fall of 1% and a maximum increase of 10%. Previously, the limits moved 5% in either direction. Shares have been experiencing losses after a crisis in confidence regarding Pakistan's economy and government.

Pakistan was advised by the World Bank (WB) to carry out economic reforms and make speedy adjustments to avoid economic crisis. The World Bank believes the government needs to take extra caution when striving towards economic stability due to concerns over Pakistan's likelihood of missing targets of fiscal deficit, current account deficit, inflation, and foreign exchange reserves. Although there is no crisis at the moment, Praful Patel, WB vice president, strongly believes economic growth will not be maintained unless the government adjusts to the global prices of oil and wheat.

Pakistan will import around 250,000 barrels special oil facility (SOF) per day from Saudi Arabia, 150,000 from Abu Dhabi, 18,000 from Qatar and 15,000 from Iran to meet its needs. Altogether, Pakistan has to import 82 percent of its yearly consumption.

Pakistan's budgetary projections increased by 15 percent in the first high level meeting on Wednesday. The revenue collection went up to PKR 2.25 trillion. The revenue collection went up to PKR 2.25 trillion.