ISLAMABAD, March 20, 2023: The motorcyclists and the low-income segment of the soceity will be given a relief of Rs100 in per litre petrol price instead of Rs50, Minister of State for Petroleum Musadik Malik announced on Monday. Addressing a presser in the federal capital, he said the prime minister had given the ministry only six weeks to implement the …

LAHORE , March 20, 2023: The Pakistani currency got no respite in its value against the US dollar on the first working day on Monday, losing Rs2.79 in the interbank market. The local unit was being traded at Rs284.50 at 1:15pm during the intra-day trading. The greenback closed at Rs281.71 in the interbank market on Friday last, depreciating 25 per …

ISLAMABAD , March 20, 2023: The Federal Board of Revenue (FBR) seems reluctant to disclose vital information involving tax payments by rich elites, government officers and their families. The data has been sought by Lahore-based tax lawyer Waheed Shahzad Butt from FBR Chairman Asim Ahmed though a letter. The letter seeks information about tax payments made by Politically-Exposed Persons (PEPs) …

WASHINGTON , March 20, 2023: The International Monetary Fund (IMF) on Sunday denied speculations regarding imposing any conditions related to Pakistan’s nuclear assets for the staff level agreement. The representative of IMF for Pakistan, Esther Perez Ruiz, has said in a statement that there is no truth in the speculations related to Pakistan’s nuclear program and added that negotiations with …

LAHORE, March 20, 2023: Prime Minister Shehbaz Sharif has announced a big relief for low income segment of society by giving a subsidy of Rs50 per liter under petroleum relief package. While chairing a review meeting on Sunday on the relief package here, he said the petroleum relief will be given to low income consumers who have motorcycles, rickshaws, 800 …

ISLAMABAD, March 18, 2023: The government’s efforts to provide relief to the masses received a jolt when the International Monetary Fund (IMF) rejected the proposal to jack up the number of beneficiaries of the Benazir Income Support Programme (BISP). According to a The News report published Saturday, the authorities had suggested enhancing the scope of the social welfare programme for …

SHANGHAI, March 18, 2023: China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when “conditions are ripe”, local media quoted a former finance minister as saying on Saturday. Such moves would be in line with the country’s opening up of its financial industry, Lou Jiwei told …

LAHORE , March 17, 2023: The International Air Transport Association (IATA) has warned that an aviation crisis could hit Pakistan as airlines are battling to recover $290 million owing to a severe financial crisis, the Financial Times has reported. Pakistan Civil Aviation Authority (PCAA) says it’s trying to pay the airlines on time and has been in contact with relevant …

ISLAMABAD , March 16, 2023: Ministry of Finance on Wednesday notified an increase in petrol price by Rs5 per litre taking the price per litre to Rs 272. Other than that, the price of high speed diesel was also increased by Rs13 per litre, and kerosene oil by Rs2.56 per litre. However, the price of light speed diesel was kept …

ISLAMABAD, March 16, 2023: Minister for Finance and Revenue Ishaq Dar said Thursday that Pakistan would not compromise on its nuclear programme for reviving the stalled International Monetary Fund (IMF) loan facility. The finance minister’s comments came in response to Senator Raza Rabbani’s concerns that he raised during a Senate session, wherein he asked whether the IMF programme was being …

LAHORE , March 16, 2023: A Chinese bank has given assurance to Pakistan that it will provide another refinanced $500 million loan within the next few days, it is learnt on good authorities. The country has received $1.7 billion out of total committed commercial loans valuing $2bn. According to a Finance Division official, another $500 million commercial loan is coming …

Islamabad , March 15, 2023: An overoptimistic Prime Minister Shehbaz Sharif Wednesday asserted that the government’s prudent policies reversed the looming risks of Pakistan’s default on its international obligations, reported Radio Pakistan, the state broadcaster. But the prime minister’s views were contrary to more than a dozen economists, who believe that Pakistan faces the renewed risk of recession amid a …

Islamabad , March 15, 2023: Gold prices in Pakistan increased further on Wednesday after ongoing political unrest fired up the economic risks, driving investors towards the safety of precious metal that remains the best bet for some in uncertain times like these. Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) …

SINGAPORE, March 15, 2023: Asian equities rose sharply on Wednesday, tracking a relief rally on Wall Street and as U.S. inflation data delivered no nasty surprises, reinforcing hopes the Federal Reserve will likely go for a smaller rate hike when it meets next week. Investors piled back into stocks in U.S. markets overnight as fears about contagion in the banking …

Web Desk , March 14, 2023: Pakistan’s Ambassador to the United States Masood Khan held a meeting with World Bank’s Vice President for the South Asia Region Martin Raiser in Washington D.C to advance cooperation between Pakistan and the World Bank in the development and climate response sectors. The Ambassador thanked World Bank for contributing 2 billion dollars towards flood …

Web Desk, March 14, 2023: Cash-strapped Pakistan will need to pause debt repayments if it is unable to secure funding from the International Monetary Fund (IMF) quickly enough, according to the Bank of America (BofA). “Unless the payout comes through soon, a state of moratorium looks unavoidable” economists including Kathleen Oh wrote in a note the other day. “Whether and …

LAHORE , March 13, 2023: In a major step to facilitate the cotton farmers, Prime Minister Shehbaz Sharif on Monday approved Rs 8,500 as the support price of the commodity. The prime minister directed to present the matter to the Economic Coordination Committee on priority. Chairing a meeting of the Agriculture Task Force, the prime minister urged the provinces to …

KARACHI , March 13, 2023: The Pakistani rupee lost Rs2.23 against the US dollar in the interbank in early trading hours on Monday. The dollar was being traded at Rs283 at 10:30am in the intra-day trading. However the Pakistani currency gained Rs2.31 against the greenback in the previous trading week. On Friday last, the dollar closed at Rs280.77 in the …

ISLAMABAD , March 10, 2023: Amid spiraling up food prices, the weekly inflation rate in Pakistan surged to 42.27 per cent – highest weekly YoY number since September last – on an annual basis during the outgoing week as the cash-strapped country implemented conditions laid forth by the International Monetary Fund (IMF) to revive a stalled loan programme. According to …

ISLAMABAD , March 10, 2023: Finance Minis­ter Ishaq Dar on Thursday said a delay in the International Monetary Fund (IMF) programme in the tenure of previous government created a ‘trust deficit’ that is continuing to impact. He said the PTI government failed to fulfill IMF commitments. However, Dar said the incumbant government was trying its best to put the economy …

Islamabad, Mrach 9, 2023: Finance Minister Senator Ishaq Dar on Thursday admitted that it has taken Pakistan more time than expected to complete the ninth review of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF), but assured that Islamabad was “very close ” to signing the staff-level agreement (SLA). “We seem to be very close to signing the staff-level …

LAHORE , March 9, 2023: The US dollar appreciated Rs2.88 against the Pakistani rupee in the interbank market on Thursday. The greenback was being traded at Rs282 around 10am during intra-day trading. On Wednesday, the dollar closed at Rs279.12 in the interbank market. The dollar also jumped by Rs3.50 in the open market to be traded at Rs284.50.

LAHORE ,March 9, 2023: Maintaining upward trajectory, cumulative inflows under Roshan Digital Accounts (RDA) have reached all-time high of $5.8 billion since its launching, the State Bank of Pakistan (SBP) data shows. Pakistan received fresh inflows amounting to $125 million in RDA accounts in February 2023 compared to $110m in January 2023, showing an increase of 14 per cent or …

LAHORE (Internews Pakistan) – The debt owned by the federal government swelled by Rs4 trillion, or around 7.7 per cent, in January to reach close to Rs55tr, data released by the State Bank of Pakistan (SBP) shows. Debt figure was Rs42.39tr in January 2022, which implies 30 per cent increase over the past year. On the other hand, domestic debt …

LAHORE (Internews Pakistan) – Pakistan’s textile sector exports recorded a significant decline of 28 per cent, clocking in at $1.2 billion in February 2023 as compared to $1.67 billion recorded in the same month of 2022. A provisional data released by the All Pakistan Textile Mills Association (APTMA) reveals that the country’s textile exports in the first eight months of …

ISLAMABAD (Internews Pakistan) – The Shehbaz-led cabinet has approved imposition of 25 per cent sales tax on luxury items, fulfilling another condition set by the International Monetary Fund (IMF). The summary approval was taken from the circulation for the notification of 25 pc ST from the federal cabinet. Now the Federal Board of Revenue (FBR) will issue a notification and …

Islamabad (Internews Pakistan)- Gold rate slipped under Rs200,000 per tola on Monday as the Pakistan rupee continued to recover against the dollar for the third straight session, prompting investors to shift away from the yellow metal. The price of gold (24 carats) fell by Rs2,000 per tola and Rs1,715 per 10 grams to settle at Rs198,000 and Rs169,753, respectively, data …

LAHORE (Internews Pakistan)- With burden of sinking currency and decades-high inflation, Pakistan is now looking towards Saudi Arabia and the World Bank for more assistance to revive the much-need loan progamme of the International Monetary Fund (IMF). The coalition government has recently taken drastic measures, including imposition of the additional taxes through mini-budget, to pull the worsening economy out of …

LAHORE (Internews Pakistan) – The Shehbaz-led government is likely to resume virtual talks with the International Monetary Fund (IMF) on Monday to sort out upcoming expenditures and revenues and the stalled agreement for the release of fresh tranche under the ninth review of the Extended Fund Facility (EFF). Led by its Pakistan mission chief Nathan Porter, the IMF team held …

ISLAMABAD (Internews Pakistan) – The per tola price of 24 karat gold decreased by Rs1,600 and was sold at Rs200,000 on Saturday against its sale at Rs201,600 the previous day, All Sindh Sarafa Jewellers Association reported. The price of 10 grams of 24 karat gold also decreased by Rs1,372 to Rs.171,468 from Rs172,840 whereas the price of 10 gram 22 …

Web Desk (National Times) – Home rental firm Airbnb Inc (ABNB.O) laid off 30% of its recruiting staff this week, a company spokesperson said on Friday, noting that it’s not an indication of more widespread layoffs. The decision, first reported by Bloomberg News, affected less than 0.4% of the San Francisco-based company’s total workforce of about 6,800, the spokesperson said. …

ISLAMABAD, March 3 (Internews Pakistan) – Industrial and Commercial Bank of China ((ICBC) on Friday approved a rollover of a $1.3 billion loan for cash-strapped Pakistan, which will help shore up its depleting foreign exchange reserves, Finance Minister Ishaq Dar said. The facility will be disbursed in three instalments. The first one of $500 million has been received by Pakistan’s …

ISLAMABAD (Internews Pakistan) – The weekly inflation, measured by Sensitive price Indicator (SPI), witnessed a decrease of 0.30 percent for the combined consumption group during the week ended on March 02, the Pakistan Bureau of Statistics (PBS) reported on Friday. The SPI for the week under review in the above-mentioned group was recorded at 240.57 points as compared to 241.29 …

Islamabad (Internews Pakistan)- Gold retreated in Pakistan on Friday after the rupee recovered against the US dollar in the interbank market, closing at 278.46. According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) plunged by Rs4,490 per tola and Rs4,200 per 10 grams to settle at Rs201,600 and Rs172,840, respectively. The substantial decrease in …

LAHORE (Internews Pakistan) – The State Bank of Pakistan has announced a new policy and increased the interest rate to the country’s highest ever at 20 percent. As per the statistics of SBP, the highest-ever interest rate was set on June 22, 1996, when it was maintained at 20 percent. It was changed after 362 days on June 18, 1997, …

KARACHI (Internews Pakistan) – Shares at the Pakistan Stock Exchange (PSX) surged by over 400 points on Friday after Finance Minister Ishaq Dar pinned expectations that the government and the International Monetary Fund (IMF) would reach an agreement next week. The benchmark KSE-100 index gained 443.22 points, or 1.09 per cent, to reach 41,114.10 points at 11:40am. The KSE-100 closed …

LAHORE (Internews Pakistan) – The US dollar depreciated by Rs8.34 against the Pakistani rupee in the interbank market in early trading session on Friday. The greenback is being traded at Rs276.75 during the intra-day trade. However, the local currency recorded historic plunge on Thursday as it lost Rs18.98 against the dollar that was closed at Rs285.09 yesterday. The strengthening of …

KARACHI (Internews Pakistan) – Bowing down to another demand of International Monetary Fund (IMF), the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) announced an interest rate hike of 300 basis points, taking it to 20%. This is the highest level of the key policy rate since October 1997. “At its meeting held on 2nd March 2023, …

LAHORE (Internews Pakistan) – The US dollar spiralled out of control as the Pakistani rupee depreciated Rs18.89 against the greenback during intra-day trade on Thursday amid political and economic uncertainty. The greenback was being traded at Rs285 in the interbank market around 11:30am. The historic plunge in the value of the local currency followed the monetary policy review and delay …

ISLAMABAD (National Times) – Pakistan’s negotiations with the International Monetary Fund (IMF) are about to conclude and Staff Level Agreement with the fund is expected next week, Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said here on Thursday. In a tweet, the finance minister said some Anti-Pakistan elements were spreading malicious rumours that Pakistan may default. He …