KARACHI: Time is running out for Pakistan to convince the IMF to release the remaining $2.2 billion out of the $6.7bn bailout programme before June 30, said Moody’s in its latest report. The rating agency has expressed fear that the country might face default in case of failure of the IMF programme. Finance Minister Ishaq Dar did hold several sessions …

ISLAMABAD: The Pakistan Retail Business Council (PRBC), which represents numerous well-known retail establishments across the country, has expressed serious concerns over the ongoing budget announcements and discussions between the Federal Government and various chambers and trade bodies regarding proposed increase in taxes and restrictions on retail timings. In a letter addressed to various authorities, the PRBC highlighted the potential negative …

ISLAMABAD: Moody’s Investors Service has warned that Pakistan is at an increased risk of a failure to restart its $6.7-billion bailout program with the International Monetary Fund (IMF), stalled since November last year, pushing the country closer to a sovereign default, reported Bloomberg. “There are increasing risks that Pakistan may be unable to complete the IMF programme that expires at …

ISLAMABAD: The World Bank’s Board of Executive Directors on Wednesday approved $200 million in financing to strengthen state capacities in the newly-merged areas of Khyber Pakhtunkhwa, including investments for post-floods rehabilitation and reconstruction. As per the statement, the funding is part of the programme agreed with the Pakistani government to respond to the devastating floods, which hit the country last …

Pak Suzuki Motor Company (PSMC) has announced to extend the shutdown of its motorcycle plant until June 16, 2023. The automaker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. It said the decision was made due to the ongoing government import restrictions that have affected the auto sector, causing a shortage of inventory. “Due …

After Bykea users received two unfortunate notifications from the bike ride-sharing and delivery startup app, the company said it apologises “for the inappropriate messaging”. “We apologise for the inappropriate messaging sent through Bykea. We can confirm that this was a third party communication tool which got compromised,” said the company. “Our team has restored it and the Bykea app is …

SINGAPORE: Pakistan has issued two tenders seeking spot liquefied natural gas (LNG) cargoes for the first time in nearly a year, said an official with a company in charge of buying LNG for the country. Pakistan LNG, a government subsidiary that procures LNG from the international market, in the first tender is seeking six cargoes on a delivered-ex-ship (DES) basis …

ISLAMABAD: State Minister for Petroleum Musadik Malik on Tuesday said the government cannot disclose its contractual terms of oil purchase from Russia, but assured that Pakistan is getting very good rates. “I do not have the liberty to disclose the commercial terms of our contract with Russia, this is part of our contract,” said Malik, while addressing media persons in …

KARACHI: The State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 21 per cent for the next two months, according to a press release issued on Monday. The announcement came after a meeting of the bank’s Monetary Policy Committee (MPC). “The MPC assessed inflation is more likely to have peaked in May 2023. Weak domestic …

ISLAMABAD: The government has withdrawn the cap of fixed duties and taxes on the import of old and used vehicles of ‘Asian Makes’ above 1,300 CC under SRO 577(I)/2005 by omitting serial number 4,5 and 6 of the said SRO. An industry official said the move will push higher the prices of imported used cars with engine size between 1,300cc …

The United States Agency for International Development (USAID) announced $16.4 million in additional development and humanitarian assistance to Sindh’s flood affectees. As per a statement released on Tuesday by USAID, the US federal government agency responsible for administering civilian foreign aid and development assistance, said the funding “will reach over 20 million flood-affected individuals to assist in their recovery, risk …

Battling one of its worst economic crises in history, Pakistani authorities are set to present the federal budget for fiscal year 2023-24 on Friday. Finance Minister Ishaq Dar will be seen juggling between keeping the International Monetary Fund (IMF) onboard for a teetering bailout programme Pakistan so desperately needs, and pacifying the public that is dealing with the repercussions of …

LAHORE: Punjab Governor Muhammad Balighur Rehman in his capacity as Chancellor of universities has accorded approval for the appointments and nominations of syndicate members in different universities of Punjab. As per details, the governor has nominated three deans of different faculties of Lahore College for Women University including Professor Dr Intesar Ahmed, Dr Muhammad Afzal and Dr Syeda Faleha Zahra …

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested that the government should announce industrial amnesty scheme exclusively for the industry, without asking the source of income, as it would bring the undeclared hidden assets in the documented economy, besides boosting the economic activities, volume of export and creating more jobs. In its budget proposal for …

After staling for over a decade, the time has come when the threat of yet another international litigation feels inevitable. Pakistan is facing $18 billion litigation risk from Iran over the Iran Pakistan Gas Pipeline Project a project that has been in limbo for over 12 years. Ironically, Iran has already completed construction of over 900 km within its territory …

KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain said that due to the ongoing political unrest in the country, the economy is being negatively impacted, and record inflation has made life difficult for the people. In these circumstances, the present government is trying to manage the economy and provide relief to the …

ISLAMABAD: Finance Minister Ishaq Dar on Saturday “reassured” the nation that Pakistan will not default and promised that the government had planned reforms for the country’s “long-term betterment”. Speaking to a delegation of the Karachi Chamber of Commerce and Industry in Islamabad, Dar said: “Our main objective today is just to assure you that as your economic team, we are …

KARACHI: Regional land route connectivity under Transport Internationaux Routier (TIR) holds the key to diversify Pakistan’s exports and unlock markets in Central Asia, Turkiye and Europe by providing economical and quicker mode of transportation to the exporters. These views were expressed by Maj-Gen Farrukh Shahzad Rao, Director General National Logistics Cell (NLC) during meeting with Muhammad Zubair Motiwala, Chief Executive …

ISLAMABAD: Pakistan’s textile sector exports witnessed a significant decline of 20%, clocking in at $1.31 billion in May in comparison to $1.64 billion recorded in the same month of the previous year, as per provisional data released by the All Pakistan Textile Mills Association (APTMA) on Saturday. It showed that the country’s textile exports in the first eleven months of …

KARACHI: Despite record inflation that hit a fresh high of 38% in May, market experts say they believe the State Bank of Pakistan (SBP) is unlikely to revise the policy rate in the upcoming Monetary Policy Committee (MPC) meeting scheduled to be held on June 12, 2023. “Pakistan’s inflation reached a record high in May but that’s unlikely to prompt …

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Friday issued clear directions to include on priority, such projects in the upcoming development budget that help in ensuring import substitutions, expanding export volume, and bringing innovation in various sectors. The prime minister also directed to allocate special funds in the development programme for the welfare and development of the country’s youth. Agriculture …

ISLAMABAD: There was little respite for the public as the consumer price index (CPI)-based inflation reading in Pakistan rose to a record 38% on a year-on-year basis in May 2023, the highest level since data was made available beginning July 1965. According to the Pakistan Bureau of Statistics (PBS), the number stood at 36.4% in April 2023. On a month-on-month …

ISLAMABAD: Automotive repairing and maintenance startup Okayker announced on Thursday that it has secured $700,000 in seed funding from multiple institutional investors including Orbit Startups, Cur8 Capital, FRIM Ventures and Sabr Capital. In a statement, it said multiple local and international angel investors have taken interest in the company’s mission and shown unwavering support. “Okayker’s aim is to expand across …

SINGAPORE: Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. The jump in Russian supplies comes ahead of a meeting between the Organization of the Petroleum Exporting Countries and their allies including …

ISLAMABAD: Minister of State for Finance Aisha Ghaus Pasha termed IMF mission chief Nathan Porter’s statement as interference in Pakistan’s internal affairs. She said that the IMF mission chief’s statement is unusual. Aisha Ghaus Pasha said interference in the internal affairs of Pakistan is not the mandate of the international lender. She termed the IMF Mission Chief Nathan Porter’s statement as …

ISLAMABAD: Finance Minister Ishaq Dar on Tuesday claimed that all formalities for the ninth review for the tranche of the International Monetary Fund (IMF) have been completed however the issue of external funding is left. Addressing a ceremony in Islamabad, he reminisced about the performance of the PML-N government during its last tenure when Pakistan was emerging as an economic …

ISLAMABAD: It is being suggested to allocate a substantial amount of up to Rs8000 billion to cover debt, interest payments As the new fiscal year approaches, the government is making significant efforts to reach an agreement with the International Monetary Fund (IMF). In this regard, initial budget proposals have been shared with the IMF for review. The IMF will carefully …

KARACHI: The Customs Collectorate Appraisement (CCP) has introduced a new mechanism for shipping lines seeking amendments in the Import General Manifest (IGM) against old and used vehicles imported under various schemes. According to the office order issued here, new mechanism for processing amendments or changes in consignee names and addresses has been introduced to enhance efficiency and transparency in the …

ISLAMABAD: Finance Minister Ishaq Dar on Monday said National Savings, a state-owned entity, would launch Shariah-compliant products that would feature savings accounts, and term-account in the coming days. “I am pleased to announce at this historic occasion, that National Savings, an attached department of the Ministry of Finance, has prepared to launch Shariah-compliant products for investors,” Dar said while addressing …

ISLAMABAD: The Ministry of Finance on Saturday strongly hit back against recent comments made by Atif Mian, a noted Pakistani-American economist, saying that he “has no idea how the practical economics operates in practice”. The remarks come after Atif Mian criticised the government’s economic policies and termed them as ‘nonsensical’. In a series of tweets on Wednesday, while comparing the …

ISLAMABAD: Federal Minister for Finance Ishaq Dar on Friday assured US Ambassador Donald Blome that the Pakistan government remains committed to completing the ongoing International Monetary Fund (IMF) programme, a development that comes amid widespread speculation on the facility’s future given it ends in June. As per a statement released by the Finance Division, Blome called on Ishaq Dar today. …

QUETTA: The World Bank’s Board of Executive Directors on Thursday approved $213 million in financing for Balochistan to improve livelihoods and essential services and enhance risk protection in communities affected by the 2022 floods. As per a statement issued, the financing is part of the programme agreed with the government to respond to the devastating floods that hit the country …

ISLAMABAD: Minister of State for Petroleum Musadik Malik on Thursday said that an investment of $10 billion in the refinery sector will come ‘very soon’ in Pakistan. “Very soon, Prime Minister Shehbaz Sharif will inaugurate a $10 billion investment, the details of which cannot be shared at the moment,” said Malik, while addressing a ceremony. The remarks come after the …

MANILA: Members of the Association of Southeast Asian Nations (ASEAN) must ramp up efforts to improve the quality of life across the region to build a resilient community and yield a faster recovery, said an Asian Development Bank (ADB) report on Thursday. The region’s path to progress must increasingly focus on achieving success in reading, math, and science, better nutrition, …

ISLAMABAD: International Monetary Fund chief Kristalina Georgieva said Wednesday that protracted domestic wrangling over the US debt ceiling was “unnecessary” for the world economy but should be settled. Georgieva also told the Qatar Economic Forum that central banks must keep interest rates high to tame inflation but there should be improvement in 2024. International markets have been unnerved by the …

ISLAMABAD: It has been proposed to collect data of the real estate sector in the upcoming budget. As per the official sources, a proposal has also been made to implement the point of sales in the real estate sector as well. It was also proposed to collect real-time data of the sale and purchase of property. It was also proposed for …

ISLAMABAD: Finance Minister Ishaq Dar on Wednesday reiterated that Pakistan will not default and the country will escape the current difficult economic circumstances. Speaking to the business community at the Federal Board of Revenue (FBR), he admitted that external financing was a huge challenge for Pakistan. “After many years, Pakistan recorded a current account surplus in March and April 2023 …

KARACHI: The State Bank of Pakistan (SBP) in its recent reports estimated that narrowing down the gap in Female Labor Force Participation (FLFP) can generate 19.3 million jobs and boost Pakistan’s GDP by almost 23 percent. The report suggested the government and private sector bring key reform areas to facilitate the female workforce including focus on the availability of safe …

ISLAMABAD: Consumer Price Inflation (CPI) in Pakistan will likely hit a new record high of 37.27 percent in May as current workings suggest another sequential increase of 1.07 percent month-on-month (MoM). According to a report by JS Global, the surge is a result of higher increase in food prices, which is 30 percent of the CPI basket. The report further …

LAHORE: The Pakistan Business Council (PBC) has opposed double taxation, claiming that the tax burden is not evenly distributed across Pakistan and that many problems exist as a result of import restrictions that include a decrease in exports, lack of investment, and heightened risk of bankruptcy. A meeting of the Senate Standing Committee on Finance was held under the chairmanship …