Pakistan has shared an electricity tariff plan for the export sector with the International Monetary Fund. As per details, the Pakistan government has proposed lowering the power tariff to 9 cents from 14 cents to the export sector. Sources familiar with the development said the plan will be enforced after approval of the international lender. It is to be noted …

The government is determined to reduce the electricity tariff for the export sector, despite facing objections from the International Monetary Fund (IMF). Sources within the Ministry of Energy have confirmed that a detailed plan has been submitted to the IMF outlining the proposed reduction from 14 cents per unit to nine cents for the industrial sector. Previous attempts to reduce …

ATHENS: Chinese vehicle manufacturer Seres Group officially launched its electric premium sport SUV, the SERES 5, in Athens on Wednesday, marking the entry of the first Chinese electric SUV into the Greek market. The launch also marks the start of cooperation between Seres and Spanos Group, one of the largest importers and dealers of vehicles in Greece, according to Seres …

Iran has extended the deadline for its gas pipeline project with Pakistan by 180 days to September 2024. Iran has warned its neighbor that it will petition the Paris-based International Arbitration and demand an $18 billion penalty from Pakistan if the case goes to arbitration. Tehran has volunteered to send its legal and technical teams to Pakistan to collaborate on …

The State Bank of Pakistan (SBP) has decided to maintain its interest rate for banks at the previous 22%. This was announced by SBP Governor Jameel Ahmad in a press conference on Monday evening. He also said that the current account deficit had narrowed to 0.7%. Governor Ahmad said the inflation rate stayed high and that the figure for fiscal year …

SHENYANG: A total of 55 deals, together worth 13.6 billion yuan (1.91 billion U.S. dollars), were concluded on Monday by Chinese companies and their Russian business partners in Shenyang, the capital of northeast China’s Liaoning Province. The deals cover such sectors as cold-chain warehousing, financial services, and imports and exports. They were signed at a China-Russia economic and trade cooperation …

The prices of petrol and high-speed diesel (HSD) are estimated to go up by Rs5-9 per litre on Jan 31 for the next fortnight owing to higher international prices and import premiums, nullifying an impact of minor exchange rate gains. Informed sources said the prices of both major petroleum products petrol and HSD had increased in the international market over …

A government document has exposed the cause of historic hike in vegetable prices in the country. According to the paper the vegetable exports registered 232 percent increase in December last year. “Over 92,000 metric tonnes of vegetables were exported to overseas in December,” the document shared. The volume of vegetable exports remained 11.46 billion rupees in month of December. “In …

The country facing persistent urea shortage crisis despite importing 2,00,000 tonnes of the fertilizer, citing sources. Urea fertilizer being sold across the country at various rates in black market. Urea selling prices showing significant variations within the country. There is 1530 rupees difference in price of urea bag between Lahore and Hyderabad. The price of urea bag has been Rs …

The Oil and Gas Regulatory Authority (OGRA) has put forth a recommendation for yet another substantial increase in gas prices, this time by a staggering 41%. Sources within the Ministry of Petroleum said that the proposal is expected to receive government approval, paving the way for the hike to take effect from next month. This move comes on the heels …

PHNOM PENH: The Cambodian economy is projected to grow by 6.4 percent in 2024, up from 5.5 percent in 2023, mainly driven by tourism and manufacturing sector, National Bank of Cambodia (NBC)’s Governor Chea Serey said on Friday. The Southeast Asian country’s economy is forecast to face both external and internal risks this year, she said in a speech during …

The Pakistan government has slashed profit rates for various national savings schemes. According to a notification issued by the finance ministry, the profit rate on Regular Income Certificates has been reduced to 15 per cent from 15.12 per cent. Likewise, the return on National Saving Certificates has been scaled down to 16 per cent from 16.40%. Similarly, the profit rate …

The International Monetary Fund (IMF) commended the Federal Board of Revenue’s (FBR) performance for expanding Pakistan’s tax net. The international lender hopes Pakistan will collect the highest-ever tax in FY2023-24 as the FBR is on the path to collect Rs9.4 trillion tax. Furthermore, the IMF has forecast tax collection of Rs11.5 trillion in the next fiscal year 2024-25. The lender …

Following Pakistan’s assurance to impose new taxes, the International Monetary Fund (IMF) on Wednesday ‘decided’ to send its review mission to Pakistan after election 2024. According to sources, IMF will continue further talks on the Standby Arrangement (SBA) programme with the newly elected government of Pakistan after highly anticipated general elections. However, the “IMF has not confirmed the schedule for …

COLOMBO: Sri Lanka’s inflation could rise to over 7 percent in January, the country’s central bank governor Nandalal Weerasinghe sai on Tuesday. Addressing a press conference on the first monetary policy review of 2024, he said the increase in the value added tax (VAT) and the increased price of vegetables due to supply-side issues are the main reasons for this …

The International Monetary Fund (IMF) has urged for strengthening institutions to curb corruption and money laundering. The government has assured the IMF of ending political interference in the NAB and other anti-graft institutions. “A report will be published for improvement in the anti-corruption framework with the cabinet’s approval,” according to a document. The IMF has been assured that the anti-corruption …

Banks are seeking a fixed 16.6 percent yearly interest rate for postponing payments on their Rs. 281 billion loans to Pakistan International Airlines for five years. Finance Minister Dr Shamshad Akhtar has refused this demand and instead offered approximately 10 percent on the full loan amount based on the banks’ actual borrowing costs, reported Express Tribune. Due to this, banks …

GUANGZHOU: A total of 1,078 new foreign-funded manufacturing enterprises were set up in south China’s Guangdong Province in 2023, marking a year-on-year increase of 29.9 percent, local authorities said on Tuesday. The actual utilization of foreign capital in Guangdong’s manufacturing industry reached 49.22 billion yuan (about 6.92 billion U.S. dollars) last year, up 11.7 percent year on year, said Zhang …

Pakistan needs external financing of $71.88 billion in the next three years, as per the International Monetary Fund (IMF). The global lender on Monday identified the high external financing risks facing Pakistan. It said that in the event of a shortfall or slowdown in external funding, the government will have to rely on expensive domestic borrowing. It has said that …

In a bid to navigate potential shortfalls in the annual tax target, the caretaker government has devised a contingency plan, contemplating a mini-budget with strategic tax measures. The government expects to earn over Rs 18 billion per month from these measures. The contingency plan includes imposing an additional tax of Rs 5 per kg on sugar, raising the GST rate …

TOKYO: Japan’s core consumer prices rose 3.1 pct in 2023 from the previous year, marking the fastest growth in 41 years, the government has said in a report. The core consumer price index (CPI) for the year, excluding fresh food prices because of their volatility, came in at 105.2 against the 2020 base of 100, with its pace of increase …

The International Monetary Fund (IMF) has released a report, analyzing Pakistan’s economic situation, painting a picture of mixed progress with promising improvements alongside persistent challenges. Positives: Growth on Track since July 2023: Pakistan’s economic growth rate is projected to remain steady at 2% for the current fiscal year. This stability signifies progress compared to the tumultuous economic rollercoaster the country …

BEIJING: Sales of pickup trucks in China rose 10.3 percent year on year in December last year as the country’s consumption promotion policies led to stronger demand, industry data showed. A total of 48,000 pickup trucks were sold in China last month, up 5 percent compared with that of November 2023, according to the China Passenger Car Association. The country’s …

Pakistan and Dubai have inked more than $3 billion investment pact in diverse fields including cooperation in railways, economic zones and infrastructure development. The agreement was signed at the World Economic Forum in Davos by Minister of Communication, Railways and Maritime Affairs Shahid Ashraf Tarar and Chairman of Ports, Customs and Free Zone Corporation (PCFC) Sultan Ahmed bin Sulayem. According …

NANNING: South China’s Guangxi Zhuang Autonomous Region reported robust foreign trade growth last year, local authorities said Monday. Guangxi’s total imports and exports in 2023 hit 693.65 billion yuan (about 97.51 billion U.S. dollars), up 7.3 percent year on year. Exports rose 1.5 percent year on year to 363.95 billion yuan, and imports increased 14.6 percent to 329.7 billion yuan, …

Buyers of automobiles have clearly entered what appears to be a protracted hibernation. The pie was cut in half in only one year after overall sales of passenger cars, light commercial vehicles (LCVs), and SUVs fell by 53% in the first half of the fiscal year (Jul-Dec). This also reflects the current situation of Pakistani households, where their ability to …

In a positive betterment for farmers in South Waziristan, the establishment of an agricultural park by the Pakistan Army has eased the challenges faced by pine nuts cultivators. According to reports, the cultivation of pine nuts, a special natural gift during the dry winter season, is a significant boon for South Waziristan. Pine nuts, rich in food nutrients, is a …

The prices of chicken and eggs on Saturday reached a whopping hike. The price of chicken reached Rs600 per kg. The price of eggs has reached Rs 400 per dozen. The citizens had appealed to the interim Punjab chief minister to control the chicken mafia and ensure that the basic commodities of life would be available at reasonable prices.

The Securities and Exchange Commission of Pakistan (SECP) has issued a draft of proposed amendments to the Non-Banking Finance Companies (Establishment & Regulations) Rules, 2003, to solicit public comments. Through these amendments, SECP aims to provide a more conducive regulatory framework for the non-banking finance sector. The proposed changes are based on a comprehensive review of the regulation, considering the …

The International Monetary Fund (IMF) executive board is likely to approve the first review of Pakistan’s $ 3 billion stand-by arrangement (SBA) today (Thursday). The current IMF program of $3 billion is scheduled to end in the second week of April 2024, with around $1.8 billion remaining un-disbursed. The Fund released $1.2 billion first tranche in July. With the approval …

Pakistan has begun preparations for the budget 2024-2. As per details, the Ministry of Trade and Commerce has sought proposals from the government and private sectors for the budget 2024-25. Federal Board of Revenue (FBR), Ministry of Industries and Production, National Tariff Commission, DRAP, Engineering Development Board, FPCCI, Pakistan Business Council, Pakistan Stock Exchange, and various chambers of commerce have …

The third edition of Future Fest will take place on January 26-28 at Expo Center, Lahore. As Pakistan’s largest tech event, Future Fest will host 100,000+ attendees, 300 speakers, and international guests, bridging the global perspective to the top 50 industries of Pakistan during this crucial economic period. Future Fest is supported by the world’s leading companies, including Hashoo Group, …

The caretaker government is borrowing money like crazy and creating massive debt without taking care of the existing debt burden on the country. Quoting the latest government borrowing data from the State Bank of Pakistan, CEO of Alpha Beta Core Securities, Khurram Schehzad said that the state borrowing from local banks in the last six months reached a new high. …

SHANGHAI: The balance of loans in Shanghai, including all currencies, rose 6.1 percent year on year to 11.07 trillion yuan (about 1.56 trillion U.S. dollars) at the end of November, official data showed. Of the total, the balance of loans in Chinese yuan went up 7.9 percent year on year to 10.48 trillion yuan, according to the People’s Bank of …

Pakistan’s enduring relationship with the International Monetary Fund (IMF) since 1958 has woven a tapestry of financial challenges, strategic manoeuvres, and global assistance, shaping the nation’s economic trajectory over the decades. Recent data reveals a nuanced picture of Pakistan’s ongoing IMF engagement, holding substantial implications for economic stability. Ranking fifth in outstanding debt with the IMF, standing at $7.4 billion, …

The Federal Board of Revenue (FBR) has decided to give two to four basic salaries as special bonuses to the officers of grades one to 20 as they helped in collecting taxes in excess of the target set for the second quarter of the current fiscal year 2023-24 (October to December 2023). According to a document, the FBR asked all …

The restructuring of the Federal Board of Revenue (FBR) is on the agenda of the Government, to improve its governance, efficiency, and effectiveness, said a statement. According to the statement issued by the media wing of the Ministry of Finance, certain proposals have been prepared in line with international best practices to rationalize and streamline the functions of the FBR, …

BEIJING: China’s central bank vowed to provide strong and effective support for steady economic growth and high-quality development this year at a work conference in Beijing on Thursday and Friday. Work will be done to deepen supply-side structural reform in the financial sector, expand high-level opening up in an orderly manner, and strengthen countercyclical and cross-cycle adjustments, according to a …

National Electric Power Regulation Authority (NEPRA) on Thursday jacked up the tariff by Rs 4.12 per unit for its consumers. The NEPRA issued a notification, increasing the power tariff by Rs 4.12 per unit in the account fuel adjustment charges for the month of November 2023. Meanwhile, the consumers have to pay additional charges in the month of January 2024, …

CHICAGO: General Motors Co. said Wednesday it sold 2.6 million vehicles in the United States in 2023, up 14 percent from 2022 sales and in line with industry estimates. This marked the U.S. automaker’s best annual performance since 2019, when it sold 2.9 million vehicles in the United States. GM reported sales increase in every brand in 2023. To be …