International Monetary Fund (IMF) and World Bank officials are joining dozens of economic leaders for a two-day summit in Paris, aiming to tackle the interlinked challenges of poverty alleviation and climate change. The summit has also brought focus on the IMF and World Bank’s own climate change policies, amid calls for multilateral development banks (MDBs) to do more to help …

QUETTA: Balochistan Finance Minister Zamrak Khan Piralizai has said the government’s efforts to attract investment in the province could not bear fruit until free movement of foreign and local investors was ensured. Speaking at the post-budget press conference on Tuesday night, he wondered who will be interested in investing in Balochistan when the entry of investors was prohibited. “We have …

Federal Minister for Finance Ishaq Dar on Wednesday told US ambassador Donald Blome that the latest government’s budgetary measures for fiscal year 2023-24 are aimed at reducing the fiscal gap in order to meet national as well as international financial obligations. The Finance Division said Dar also informed the US diplomat about the progress on the ongoing talks with the …

The caretaker government of Khyber Pakhtunkhwa (KP) on Tuesday presented its budget for the next four months (July-October 2023), until the federal government is dissolved and general elections are called. While presenting the budget, Adviser to KP Chief Minister on Finance Himayatullah Khan said that the provincial leadership had set aside Rs462.16 billion for expenses, while Rs112 billion have been …

Pakistan LNG Limited (PLL), a government subsidiary that procures LNG from the international market, has not received offers for six cargoes on a delivered-ex-ship (DES) basis for October and December delivery to Port Qasim, reported Bloomberg, citing traders with knowledge of the matter. Last week, Pakistan issued two tenders seeking spot liquefied natural gas (LNG) cargoes. As per the PLL …

The International Monetary Fund’s (IMF) criticism of Pakistan’s latest budget suggests chances are rising that the multilateral lender will opt not to release funding under its bailout programme that is scheduled to expire on June 30, warned Bloomberg in a report on Monday. As per a note by Ankur Shukla, South Asia Economist for Bloomberg Economics, the Pakistani economy will …

PARIS: Europe’s Airbus announced the biggest plane deal in history on the opening day of the Paris Airshow on Monday, with an order for 500 narrowbody jets from Indian budget carrier IndiGo. The multibillion-dollar deal is the largest ever by number of aircraft, eclipsing Air India’s provisional purchase of 470 jets earlier this year as India’s two largest carriers plan …

30pc raise in salaries; up to 20% hike in pensions, allocates Rs1bn for Journalist Welfare Endowment fund Furthermore, to alleviate the financial burden on the people of Punjab, an allocation of Rs70 billion has been approved for a four-month period. In an effort to boost the construction industry, the rate of stamp duty has been fixed at a modest one …

PARIS: Boeing expects the number of commercial planes in service around the world to double in the next 20 years, according to estimates published on Sunday, anticipating a slightly larger increase than competitor Airbus. The American aircraft manufacturer estimates 48,575 planes will be in service in 2042, compared with 24,500 last year. This will require producing, across all manufacturers combined, …

MOSCOW: Energy minister Nikolai Shulginov also says Russia agreed payment would be made in currencies of friendly countries Russian Energy Minister Nikolai Shulginov confirmed Moscow had started exporting oil to Pakistan, clarifying, however, that there was no special discount for the country, and the rate was the same as for other buyers. In a report published by Voice of America …

KARACHI: Russia has confirmed registration of another 15 Pakistani mills for export of rice to Russia. This will help further escalate the rice exports, which have already earned $2.5 billion for the exchequer during last fiscal year. According to Rice Exporters Association of Pakistan (Reap), Federal Service for Veterinary and Phytosanitary Surveillance of Russia (Rosselkhoznadzor) has confirmed registration of 15 …

In a detailed response to the International Monetary Fund’s (IMF) concerns, the Ministry of Finance said on Friday that the budget for fiscal year 2023-24 was “never a part of the ninth review”, a complete deviation from earlier reports that Pakistan was required to take the Washington-based lender onboard for the new taxation measures announced last week. “Though the Budget …

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $107 million, clocking in at nearly $4.02 billion as of June 9, data released on Thursday showed. This is the first increase in reserves after six weeks. The overall number still stands at a critical level at around a month of import cover. Total liquid foreign reserves …

Pakistan and Russia on Thursday agreed to exchange statistical data on mutual trade and signed a memorandum of understanding (MoU) between the customs departments of both countries. The MoU ceremony was held on the sidelines of the Saint Petersburg International Economic Forum between the Pakistan Customs and the Federal Customs Service (Russian Federation), said the statement by the Embassy of …

Company is set to start production from its Wali (Bettani) Gas Field, integrating it into the national grid Oil and Gas Development Company Limited (OGDCL), announced the commencement of hydrocarbon production from its oil and gas field in the district of Lakki Marwat, Khyber Pakhtunkhwa. The company announced the development in a notice to the Pakistan Stock Exchange (PSX) on …

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 …