The Special Investment Facilitation Council (SIFC) is actively spearheading efforts to unlock Pakistan’s vast mineral potential. It is fast-tracking the establishment of a Mines and Minerals Division at the federal level to revitalize the mining sector by harmonizing policies and regulations nationwide. By fostering coordination between federal and provincial bodies, the SIFC aims to attract both domestic and foreign investment …

The Oil and Gas Development Company Limited (OGDCL) has announced the discovery of a gas reservoir during the drilling of a well in Sindh, in a significant development for the energy sector. According to OGDCL, the gas deposit, totalling 1.24 million standard cubic meters, has been found in Sajawal, marking a promising addition to the country’s tight gas reserves. The …

In a significant development, Pakistan’s Petroleum Division has announced plans to revalidate the survey for the Iran-Pakistan gas pipeline project before construction. Sources close to the development revealed that preliminary groundwork has already been set in motion by the Petroleum Division. The Petroleum Division asserted the needs for re-evaluation survey of the pipeline before starting the development. To bolster the …

The federal government is all set to fulfill another big condition of the International Monitory Fund (IMF) as the power division has sought affidavits from the distribution companies about no electricity theft. Power Division issued new orders to all electricity distribution companies (Discos) concerned officers and staff of the area to submit affidavits immediately. “Disco officials, staff can be dismissed …

With Eidul Fitr just days away, outsiders in Lahore and Karachi are once again raising concerns over the increase in transportation fares, a recurring issue that plagues travellers annually during the holiday season. The influx of outsiders returning from Lahore and Karachi to their hometowns has initiated, with many experiencing the rush at bus stands as they attempt to catch …

In the first nine months of the financial year 2023-24, Pakistan Railway has achieved a historic increase in its revenue as the earnings surged to Rs66 billion. According to CEO of Pakistan Railways Aamer Ali Baloch, Pakistan Railway witnessed an earning of Rs66 billion in the first 9 months of the financial year 2023-24. Baloch hoped that earnings likely to …

Saudi Arabia will invest one billion US dollars in Reko Diq gold and copper project. Sources at finance ministry said that the OGDCL and the PPL’s shares will be sold to Saudi Arabia. “There are preparations for Saudi investment next month,” sources said. The prime minister will constitute a committee with regard to Saudi investment in Reko Diq project, finance …

Sinotech Solar Pvt Ltd has embarked on a major investment journey in Pakistan, unveiling plans to establish a state-of-the-art 3GW solar panel manufacturing facility in Karachi. Spearheading this initiative is the Special Investment Facilitation Council (SIFC), dedicated to streamlining the project’s documentation processes. This venture marks a pivotal stride towards domestic solar panel production, also signifies Sinotech’s commitment to supporting …

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 12 pips to 7.0938 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate …

The Federal Board of Revenue (FBR) has released the notification of the Trader Friendly Special Procedure 2024 Registration of traders and shopkeepers will start from 1st April. As per the notification, dealers and shopkeepers will be liable to a trader-friendly special procedure. The registration period for traders and shopkeepers under the scheme will start from 1st April. The first monthly …

Finance Minister Muhammad Aurangzeb has said the government is targeting to win a staff-level agreement (SLA) for the next IMF loan programme by the end of June 2024, aiming to secure a three-year EFF (extended fund facility) while the size of the package is yet to be determined through deliberation and discussions. During his first visit to the Pakistan Stock …

A devastating hailstorm struck Sibi overnight, severely damaging wheat and cotton fields, and plunging farmers into despair as their hopes for a successful harvest were shattered. Thousands of acres of wheat crops in Dehpal Kalan, Kurak, Marghzani, Talli, and Khajjak have suffered extensive damage due to the hailstorm. The once-promising wheat fields now lie flattened, with the ready crop destroyed …

The first batch of premium cattle from Brazil has landed at Sialkot International Airport. The American company “National Airlines” flew them in via a Boeing 747 cargo plane, marking a major step forward for the Green Pakistan Livestock Initiative (GPLI) under the Special Investment Facilitation Council (SIFC). The cattle, boasting superior genetic traits, comprise nine breeds including. This blend aims …

ISLAMABAD: The weekly inflation measured by the Sensitive Price Indicator (SPI) in Pakistan witnessed an increase of 29.41 percent on a year-on-year basis, an official report said on Friday. The Pakistan Bureau of Statistics (PBS) said that the SPI was calculated to measure the price movement of important commodities and it comprised 51 essential items collected from 50 markets in …

Finance Minister Muhammad Aurangzeb will visit Washington on April 14 and 15 for meetings with officials of the World Bank and the International Monetary Fund (IMF). The finance minister, speaking at a ceremony at the Karachi Stock Exchange, said the country needs a new IMF programme that should last for at least three years. Aurangzeb stressed the importance of the …

ISLAMABAD: The foreign exchange reserves of Pakistan have increased by 4 million U.S. dollars, the State Bank of Pakistan said on Thursday. The total liquid foreign exchange reserves held by the bank stood at over 8 billion dollars as of March 22, the central bank said in a statement. Net foreign reserves held by commercial banks stand at around 5.4 …

Secretary General of the Pakistan Automotive Manufacturers Association (PAMA), Abdul Waheed Khan has urged the government to support the local auto industry amid rising concerns over a significant increase in used car imports, which are negatively impacting the struggling automobile sector. According to import data, the influx of used vehicles has soared to 25,098 units, marking a staggering 641% increase …

The govt has announced major adjustments to various National Savings Schemes. The latest changes bring good news for investors, as the rates of return on several schemes have been uplifted. According to the official statement, the rate of return on Behbood Certificates has been increased by 24 basis points, now standing at an attractive 15.60%. Similarly, investors in Special Savings …

BEIJING: China’s crude oil output posted steady growth in the first two months of this year, official data showed. The output totaled 35.11 million tonnes in the January-February period, rising 2.9 percent year on year, according to the National Bureau of Statistics (NBS). China’s crude oil imports saw rapid growth during the period, NBS data showed.

The government unveiled the compulsory tax registration scheme for retailers and wholesalers doing business in six cities of Pakistan on Friday. This move also marks the first test case of the ruling party’s political will to expand the narrow tax base. The Federal Board of Revenue (FBR) issued the statutory regulatory order to implement the new scheme from April 1, …

The federal government is considering a proposal to impose a General Sales Tax (GST) on petroleum or increase the current rate of levy further to meet IMF demand to restore 18% GST on petrol, sources familiar with the situation claimed. It is proposed to increase the levy on petroleum from Rs60 to Rs100 per liter in the budget of the …

Prime Minister Shehbaz Sharif has asked friendly countries that Pakistan needs the injection of critical investment in different projects, instead of loans that add to its debt burden, to rejuvenate the faltering economy. Addressing members of the cabinet at a meeting last week, the premier appreciated the Special Investment Facilitation Council (SIFC), observing that the forum was playing an effective …

Pakistan’s National Transmission and Dispatch Company Limited (NTDC) has secured 2553 acres of land in Muzaffargarh district for the development of a 600 MW solar power project. This initiative, facilitated by the Special Investment Facilitation Council (SIFC), marks a pivotal moment for both domestic and foreign investors eagerly awaiting investment opportunities in the renewable energy sector. With the support of …

BEIJING: China has started revising the industry catalog of sectors encouraging foreign investment, the country’s top economic planner said on Wednesday. During the revision process, the National Development and Reform Commission will engage in extensive communication with foreign chambers of commerce and enterprises through field investigations and seminars, said Hua Zhong, an official of the commission. The revision will maintain …

In the first eight months of the current financial year, rice exports in the country have recorded a growth of 85.83% on an annual basis. The country received $2.517 billion in foreign exchange from rice exports between July 2023 and February 2024, which is 85.83% more than the $1.354 billion received during the same period in the previous fiscal year, …

Pakistan’s final round of talks with the International Monetary Fund (IMF) on an economic review commenced today, following a one-day extension granted yesterday in the negotiations. Sources in the Finance Ministry said that these discussions are poised to particularly focus on a letter of intent and the finalization of the draft Memorandum of Economic and Financial Policies. According to statements …

State Bank of Pakistan (SBP) Governor Jameel Ahmed has shed light on Pakistan’s external debt situation and the government’s plans to manage its financial obligations. In a recent conversation with economic analysts, Governor Jameel Ahmed said discussions are underway to reschedule external debt amounting to $2 billion within the next two weeks. Furthermore, he revealed that the government has devised …

European stock markets steadied at the open Tuesday before a US Federal Reserve meeting and after the Bank of Japan hiked interest rates for the first time since 2007. London’s FTSE 100 was flat at 7,725.29 points while the Paris CAC 40 was also little changed at 8,150.60 points. Frankfurt’s DAX was down less than 0.1 percent at 17,922.01 points. …

Uber opens new tab has agreed to pay A$271.8 million ($178 million) to settle a lawsuit brought by Australian taxi operators and drivers, who say they lost income when the ride-hailing company moved into the country, a law firm said on Monday. The settlement is Australia’s fifth-largest, Maurice Blackburn Lawyers said in a statement. The class action suit was filed …

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to maintain the policy rate at 22% for the next two months, in its meeting held on Monday. The committee meeting, chaired by the SBP governor, noted that despite the sharp decline in February, inflation remained at an elevated level, adding that the inflation outlook is …

BEIJING: China’s value-added industrial output, an important economic indicator, went up 7 percent during the January-February period of 2024, data from the National Bureau of Statistics (NBS) showed Monday. The growth accelerated 0.2 percentage points from December 2023, according to the NBS. On a monthly basis, industrial output edged up 0.56 percent in February from the previous month. The industrial …

On the culmination of negotiations between Pakistan and the International Monetary Fund (IMF), both parties anticipate significant progress under the $3 billion Standby arrangement (SLA). The draft of the Memorandum of Economic and Financial Policies is slated for finalization. Sources optimist about the expected staff-level agreement SLA for the $1.1 billion installment on the last day of discussions. Following the …

Industrialists view the appointment of an experienced banker like Federal Finance and Revenue Minister Muhammad Aurangzeb as a revolutionary step that could soon alleviate the country’s economic woes. They urged the country’s top leadership to allow such technocrats to work independently without interference or hurdles. In the past, technocrats in the cabinet were not given the autonomy to address challenges …

The talks between Pakistan and the International Monetary Fund (IMF) to secure the final tranche of $1.1 billion under a standby arrangement have reported some significant progress. The two sides are expected to reach a staff-level agreement early next week. Sources from the Finance Ministry have revealed that Pakistan has also committed to timely increases in electricity and gas tariffs, …

SYDNEY: Alibaba launched a two-day e-commerce event AliExpo 2024 in Sydney on Friday to help inspire reading about opportunities in China and Southeast Asia and provide attendees with relevant information. Over 100 exhibitors from China, Australia, New Zealand and other countries and regions join in the expo. More than 20 speakers from Alibaba Group’s affiliates and Australian and New Zealand …

Sending a big blow to veganism, a top nutrition expert revealed that meat is quite essential to preventing anxiety and depression. Harvard-trained nutritional and metabolic psychiatrist Dr. Georgia Ede investigates the connection between food and both physical and mental well-being. Even with the recent boost in the popularity of vegan diets, she claims that giving up meat could be harmful …

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.35% WoW during the week ended March 14, 2024, while the SPI rose 32.89% YoY compared to the corresponding period from last year. During the week, out of 51 items, prices of 18 (35.29 percent) items increased, 10 (19.61 percent) items decreased and 23 (45.10 percent) items remained …

The Pakistan Railways has unveiled the longest freight train in its history, marking a significant stride in the country’s rail transportation sector. Stretching to 2,500 feet, this freight train comprises 50 bogies, heralding a new era of efficiency and capacity in cargo transportation. Powered by the formidable GEU 40 super engine, the longest and heaviest freight train in the department’s …

The second round of talks between Pakistan and the International Monetary Fund (IMF) for the final tranche under the loan programme is set to take place today, with discussions focusing on crucial economic reforms, including the privatization of state-owned enterprises. During today’s meeting, officials of various institutions, including the Ministry of Finance and FBR, are scheduled to brief the visiting …

SHANGHAI: China’s export container shipping price index jumped 20.9 percent month on month in February, data from the Shanghai Shipping Exchange shows. The average China Containerized Freight Index (CCFI) stood at 1,440.74 last month, according to the shipping exchange. The sub-reading for the West Coast America service recorded the largest increase, with a month-on-month growth of 33.8 percent, followed by …