UK’s visiting professor of Economic Policy at Oxford University, Stefan Dercon, has called upon Pakistan’s elite to shun dependence on foreign loans to revive the ailing economy, saying that the privileged class of the country is losing ground and legitimacy, The News reported. “The elite will have to change to build up common grounds because there is no quick fix. …

In the ongoing massive crackdown on electricity theft across the country, more than Rs7 billion have been recovered so far. The Power Division has also disclosed details of the cases registered in various distribution companies (Discos). According to the Power Division, around Rs7.9 billion have been recovered from electricity thieves in 17 days. During the operations across the country, 2.001 …

The gold market in Pakistan, which has been shut since last week due to illegal trading activities, is likely to reopen on Monday, citing an All Pakistan Gems and Jewellers Association (APGJA) spokesperson. Moreover, market sources said that continuous negotiations are taking place over the reopening of bullion rates. The future gold prices in the local market are expected to …

The Federal Board of Revenue (FBR) has registered FIRs against two importers of solar panels involved in over-invoicing, obstruction of audit, and using illicit funds for imports in violation of the Customs Act, of 1969. According to the documents submitted by the FBR before the Senate Standing Committee on Finance, massive money laundering has been reported by some Solar Panel …

Pakistan’s Rice exports declined by 17.3 percent during the first two months of FY24 to $233 million from $283 million in FY23. While the basmati rice exports increased by 8.2 percent, other categories which have a share of 80 percent in total rice exports (IRRI-6, IRRI-9, Broken etc.) declined by 28 percent. The decline can be mainly attributed to lower …

Pakistan Petroleum Limited (PPL), a key supplier of natural gas in the county, saw its profit-after-tax (PAT) jump nearly 79%, as it clocked in at Rs97.22 billion for the year ended June 30, 2023. In the same period last year, the exploration and production company saw PAT of Rs54.35 billion. According to a notice to the Pakistan Stock Exchange (PSX) …

The State Bank of Pakistan (SBP) awarded in-principle approval (IPA) to five digital retail banks including HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited and Telenor Microfinance Bank Limited. “This is a momentous occasion,” said SBP Governor Jameel Ahmed while addressing a ceremony on Wednesday. This event was attended by sponsors of proposed …

Warning that downside risks to Pakistan’s economic outlook remain exceptionally high, the Asian Development Bank’s latest report says the country’s adherence to an economic adjustment programme through April 2024 will be critical for restoring stability and the gradual recovery of growth. Expansionary fiscal and monetary policy hit their limits while growth fell, inflation jumped, the rupee weakened, and international reserves …

Oil and Gas Development Company Limited (PSX: OGDC) has discovered gas from its exploratory efforts at Chak 214-1 exploratory well located in District Rahim Yar Khan, Punjab. According to the company’s stock filing at the Pakistan Stock Exchange (PSX), OGDC is the operator of the Mari Eas Block development cum exploratory well (100 percent). Chak 214-1 well was spudded on …

There is a fear of petrol shortage across the country as the Oil Tankers Association has gone on a strike, stopping supply from the Islamabad Sihala depot until its demands are met. In a statement issued on Monday, the Oil Tankers Association said that the supply of petrol to Azad Jammu and Kashmir, airport, Hazara Division, Attock and Gilgit-Baltistan would …

Pakistan has introduced a major facility in the visa process for foreign investors and business purposes. The federal government has approved an amendment to the visa policy for 103 countries. On the recommendation of the Special Investment Facilitation Council (SIFC), a business visa for six months will be issued immediately. Pakistani missions abroad will be obligated to issue business visas for five …

Pakistan Railways has announced an increase of 5 percent in the fares for all mail/express, intercity, saloons, and parcel trains. The increase comes after the government announced a substantial increase in the price of petroleum products. According to a notification issued by the Pakistan Railways, the increase in fare will not apply to short lead passenger trains, shuttle trains, and …

In 2023, a whopping 540,000 Pakistanis have decided to seek better job opportunities abroad. This trend has been on the rise, with more than 90,000 leaving their homeland in just August alone. People from all walks of life are joining this migration. Among them, there are 232,749 laborers, 118,172 drivers, and even 5,589 engineers, 5,216 accountants, 2,261 doctors, and 1,012 …

The Board of Directors (BoD) of Meezan Bank Limited, the largest Islamic bank in the country, has announced that it will establish an Exchange Company (EC) as a wholly-owned subsidiary. The development was shared by the bank in its notice to the Pakistan Stock Exchange (PSX) on Friday. “The BoD of Meezan Bank Limited through circular resolution No. 6 of …

The State Bank of Pakistan (SBP) has decided to maintain the status quo and keep the key policy rate unchanged at 22 per cent to keep the aggregate demand in check, according to a press release issued on Thursday. The announcement came after a meeting of the bank’s Monetary Policy Committee (MPC). “This decision takes into account the latest inflation outturn …

Interim Finance Minister Dr. Shamshad Akhtar has asked the Federal Board of Revenue (FBR) to share its plan for achieving the fixed annual revenue target of Rs. 9.4 trillion. The minister summoned the workable strategy while chairing a high-level meeting with other government and FBR officials on Tuesday. FBR has identified five areas for filling a massive Rs. 1 trillion …

Whitefly pest invasion is threatening Punjab’s cotton harvest, upsetting farmers and agricultural authorities alike. Despite initially favorable weather circumstances, the rapid increase in whiteflies has sparked concerns about a possible steep decline in crop output per acre, thereby jeopardizing the year’s lint production targets. The regions most severely affected include Bahawalpur, Rajanpur, and Dera Ghazi Khan, where reports indicate a significant …

The Board of Directors (BoD) of United Bank Limited (UBL), one of the largest commercial banks in the country, has announced that it will establish an Exchange Company (EC) as a wholly-owned subsidiary of the bank. The development was shared by UBL in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. The BoD of UBL in their meeting …

In a global financial landscape marked by economic uncertainties and challenges, Pakistan has once again turned to the International Monetary Fund (IMF) for support, sealing its 23rd lending commitment in a history spanning 76 years. However, Pakistan’s situation is not unique, as it joins the ranks of countries grappling with substantial IMF debts. Among these nations, Pakistan currently holds the …

Inflow of overseas workers’ remittances registered a marginal increase to clock in at $2.1 billion in August 2023, 3.1% higher on a month-on-month basis when compared to $2.03 billion in July 2023, showed data released by the State Bank of Pakistan (SBP) on Monday. On a yearly basis, the monthly inflow of remittances registered a decline of 24%, as they …

The Federal Board of Revenue (FBR) has launched a recovery drive against tax defaulters in all major cities of the country. Sources told ProPakistani that the decision has been taken at the highest level to recover outstanding dues against the tax defaulters under the enforcement exercise of the FBR. In this regard, the FBR has compiled a list of nearly …

Exports of Pakistan’s textile sector continued to maintain a downward trajectory, clocking in at $1.48 billion in August compared to $1.58 billion recorded in the same month of the previous year for a year-on-year decline of 6%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Saturday. Data showed the country’s textile exports in the first …

In a bid to strengthen controls amid the massive fall in rupee’s value in the open market, the State Bank of Pakistan (SBP) on Wednesday decided to introduce structural reforms in the Exchange Companies’ (ECs) sector. “As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies (EC) to cater to the legitimate …

The Pakistan Business Council (PBC), one of the country’s largest corporate advocacy platforms, on Monday slammed the caretaker-government’s “do nothing” approach, saying that it would only increase “informalisation of the economy.” Taking to social media platform X, formerly known as Twitter, it said that among the long list of fundamental reforms required in Pakistan’s economy, some such as privatization/restructuring of …

More than 1,600 textile factories shut down in the country in the last sixteen months according to Interim Commerce Minister Dr Gohar Ijaz According to a report the minister highlighted that the shutdown of industries was across the entire value chain, from ginning, weaving, spinning, and processing to garment manufacturing. He added that many industries are also operating at reduced …

Qatar continues to build on its post-FIFA World Cup tourism momentum, with July reporting a 91.4 percent year-on-year surge in visitors, reaching an estimated 288,000, as revealed by the latest official data. The Qatar Monthly Statistics bulletin, published by the Planning and Statistics Authority, also highlighted a 2.1 percent increase in July compared to the previous month, underscoring the nation’s …

Saudi Arabia has set the stage for the advances in the vertical transportation industry, with Jeddah set to host a significant event and conference on elevators and escalator technologies in the city from Sept. 4-7. According to the Saudi Press Agency, the port city will present the Lift City Expo 2023 and the Second International Exhibition and Conference for Elevators …

Sales of total petroleum products in Pakistan clocked in at 1.41 million tons in August 2023, a decline of 8% year-on-year, amid economic slowdown and drop in oil-based power generation. The decline in sales comes “mainly on account of 64% YoY fall in Furnace Oil (FO) sales given lower reliance on FO-based power generation due to the addition of new …

Oil prices witnessed a significant rebound, reaching their highest levels in over half a year, bringing an end to a two-week streak of losses. This surge in prices was primarily driven by mounting expectations of a supply squeeze in the global oil market. Saudi Arabia, a leading member of the Organization of the Petroleum Exporting Countries (OPEC), is widely anticipated …

The Pakistan Business Council (PBC), one of the country’s largest corporate advocacy platforms, warned that the ongoing rapid decline of rupee against the US dollar is “a perfect storm” for Pakistan. Taking to social media platform X, formerly known as Twitter, it said that the exchange rate decline is attributable to a combination of factors. This includes “premature relaxation of …

Feeling the pinch of aggravating economic conditions, Pak Suzuki Motor Company (PSMC) and parts-maker Agriauto Industries Limited separately announced plant shutdowns on Friday. In its notice to the Pakistan Stock Exchange (PSX), PSMC said: “Due to shortage of inventory level, the management of the company has decided to shut-down its motorcycle plant from September 01, 2023 to September 12, 2023.” …

The State Bank of Pakistan (SBP) on Friday dispelled rumours about holding an emergency meeting of the Monetary Policy Committee (MPC), saying that such reports were “completely baseless”. “The reports making rounds in media about holding of an emergency meeting of the MPC of SBP are completely baseless,” the central bank said on social media platform X (formerly Twitter). The …

Pakistan’s headline inflation clocked in at 27.4% on a year-on-year basis in August, the Pakistan Bureau of Statistics (PBS) said on Friday, marginally lower than the reading in July when it stood at 28.3%. On a month-on-month basis, it was up 1.7%. This takes 2MFY24’s average inflation to 27.85%, higher than 2MFY23’s average of 26.10%. The Consumer Price Index-based reading …

The Federal Board of Revenue (FBR) Thursday froze 13 bank accounts of Pakistan International Airlines (PIA) due to non-payment of Rs8 billion in Federal Excise Duty (FED). According to FBR officials, the national carrier’s bank accounts associated with the International Air Transport Association (IATA) would also be frozen. “A decision has been made to register a first information report (FIR) …

ISLAMABAD: The Pakistani rupee’s losing streak continues against the U.S. dollar, hitting a new record low as the greenback was traded at 304.45 rupees in the interbank market on Wednesday, according to the State Bank of Pakistan. The U.S. dollar closed at the then-record low of 303.05 rupees on Tuesday. On the third session of the week, the local currency …

The US dollar continues its steady flight upwards as the Pakistani rupee faces record-breaking battering in the currency exchange market. The American currency shattered records further as it opened the new trading session on Wednesday morning with a surge of 70 paisas in the interbank market. It traded at a record value of Rs303.75 against the local currency. However, a …

In a significant disruption to its manufacturing operations, Toyota Motor Corp announced on Tuesday that it has suspended operations at all 14 of its assembly plants in Japan. This shutdown has brought domestic production to a standstill at the world’s largest automaker. The production halt was attributed to a malfunction in Toyota’s production systm, which has hindered the company’s ability …

The Federal Board of Revenue (FBR) has no foolproof mechanism to ensure that a 7.5 percent withholding tax on electricity bills of over Rs. 25,000 per month isn’t charged to filers of income tax returns. There is no coordination between the FBR and the power distribution companies in this regard. The FBR has collected withholding tax (under section 235 of …

Indus Motor Company (IMC) reported on Monday a profit-after-tax (PAT) of Rs9.66 billion in fiscal year 2022-23 (FY23), a decrease of nearly 39% as compared with earnings of Rs15.8 billion in the same period last year, amid lower sales. Earnings per share (EPS) stood at Rs123 in FY23 compared with Rs201 in FY22. The board of directors of the assembler …

The Finance division has banned supplementary grants until the formation of a new government. According to the memorandum “Strategy for additional allocation and Re-Appropriation of funds during the Current Financial Year 2023-24” issued on Friday, the Finance Division will not approve any supplementary grants for additional unbudgeted spending over the parliamentary approved level in FY24 This was done to remain …