The power division on Wednesday refuted the speculations regarding ending the solar net metering policy. The power division spokesperson refuted the news regarding ending net metering policy, as fake and baseless. The news channels should have contacted the ministry before airing ‘unverified’ news items, the spokesperson said. The power division further stated that it has not received instructions on the …

The presentation of the federal budget 2024-25 is likely to be rescheduled, it was learnt on Tuesday. Interestingly, it is also unusual that the budget strategy paper (BSP) for the next fiscal year has not yet been ‘shared’ with parliament, though it is more because of political uncertainties emanating from the legal status of reserved seats and because of the …

Federal Board of Revenue (FBR) took against those who did not submit tax returns and so far mobile phone SIMs of 90,000 non-filers have been blocked in a phased manner. Data of 5000 non-filers are being given to telecom operators on a daily basis. According to the FBR spokesperson, the data was provided to the telecom companies in 18 groups. …

The National Electric Power Regulatory Authority (Nepra) has issued a notification announcing an increase in electricity prices as part of the quarterly adjustment for the current financial year. The price hike is set to impact consumers over the next three months. According to the notification, electricity prices will rise by Rs1.90 per unit for the month of June. For the …

Pakistan and Korea have pledged to strengthen economic cooperation and to work collectively towards addressing mutual concerns for the benefit of both nations. The pledge was expressed at a meeting between Finance Minister Muhammad Aurangzeb with Korean Ambassador and representatives of Korean Companies working in Pakistan in Islamabad today. The Minister underscored the significant macroeconomic improvements and noted the positive …

The coalition government is all set to present its first budget for FY25 on June 10, 2024, in the parliament. This timeline also correlates with the news, whereby, it was mentioned that the Staff Level Agreement (SLA) may be announced formally by the end of June 2024 or early July 2024, after assuring satisfactory compliance with prior actions and amendments in …

The demand for government-supplied electricity has significantly decreased as consumers and industrialists increasingly switch to alternative energy sources, primarily solar power. The trend has been reported by various distribution companies (DISCOs) to the National Electric Power Regulatory Authority (Nepra). Consumers across the country are moving away from the national grid due to the high cost of government-supplied electricity. Many people …

Amid rising inflation, electricity consumers in Pakistan are facing another financial blow as the National Electric Power Regulatory Authority (NEPRA) has approved a significant increase in electricity prices. The hike ranges from Rs1.90 to Rs3.28 per unit, adding to the financial burden of households and businesses alike. NEPRA has forwarded its decision to the government, citing the need for a …

The Board of Revenue Punjab has sent a summary to the government recommending an increase in stamp duties by 2 to 10 times. As per details, the Punjab government is likely to collect Rs4.21 billion annually through increase in stamp duties, according to sources. The revenue department has proposed to increase the rate of Rs100 affidavit to Rs300, while, the …

Pakistan and Kuwait are set to sign a $25 million loan agreement for the Mohmand Dam on June 3. This was decided at the Fifth Joint Ministerial Commission Meeting held in Kuwait on Thursday, co-chaired by Pakistan’s Minister of Privatization and Investment Abdul Aleem Khan and Kuwait’s Minister of Commerce Omar Saud Al Omar. The high-level event saw participation from …

The International Monetary Fund (IMF) has recommended the Pakistani government impose a tax on stationery items including books, pens, etc. Sources in the finance department told Media that the lender has asked the government end tax exemptions on books, pen, paper, sticky note paper, card board and other stationery items. Sources say that the FBR authorities will brief the prime …

The International Monetary Fund (IMF) has forecasted a significant increase in Pakistan’s trade deficit for the coming financial year, highlighting challenges ahead for the country’s economic stability. The Fund has estimated an increase in Pakistan’s exports and imports in the new financial year. According to IMF estimates, Pakistan’s trade deficit is projected to rise by approximately $4.165 billion. Sources indicate …

The International Monetary Fund (IMF) has ‘asked’ Pakistan to deregulate red meat and milk prices. Sources said the IMF asked the Pakistan government to take back the powers of regulating milk and red meat prices from the deputy commissioners and it should be decided by the market. Following the ‘demand’ of the IMF, the federal government has begun considering deregulation …

The Rising Pakistan Group, composed of young entrepreneurs from various sectors, recently met with representatives of the Special Investment Facilitation Council (SIFC) to discuss Pakistan’s economic future. The meeting was chaired by Dr. Nasir Shah Bukhari, Chairman of KASB, and featured a detailed briefing from Dr. Jahanzeb Khan, Secretary of the SIFC Apex Committee. The Rising Pakistan Group includes leaders …

The International Monetary Fund (IMF) has called for reforms in Pakistan’s energy sector to improve the economy.  An IMF team, led by mission chief Nathan Porter, concluded discussions with the authorities on Thursday after arriving in Pakistan on May 13, the lender said in a statement. “The mission and the authorities will continue policy discussions virtually over the coming days …

Pakistan’s inflation rate is poised to fall significantly in May, with projections indicating a drop below 14% for the first time in several months. According to a Consumer Price Index (CPI) preview, the nation’s headline inflation is expected to decelerate to approximately 13.9% year-on-year (YoY) in May 2024. This notable reduction is attributed to a considerable decline in monthly prices, …

The Oil and Gas Regulatory Authority (OGRA) has banned the sale and purchase of substandard LPG cylinders across Pakistan. In a notification issued by the OGRA, the body termed refilling of substandard LPGO cylinders as dangerous, notices were issued to the 313 LPG marketing and 19 cylinder-producing companies. The OGRA has warned the LPG marketing companies of selling LPG to …

Pakistan has experienced a remarkable 172% increase in foreign direct investment (FDI) in April 2024, with figures rising from $131.9 million to $358.84 million compared to the same month last year. This surge marks the highest FDI inflow in the past 51 months, according to data released by the State Bank of Pakistan (SBP). The Special Investment Facilitation Council (SIFC), …

Negotiations between Pakistan and the International Monetary Fund (IMF) on a new loan program are expected to conclude today, with the possibility of the IMF mission departing tonight without reaching a staff-level agreement. Sources close to the negotiations revealed that the IMF has set several pre-conditions that Pakistan must fulfil before a staff-level agreement can be reached. These conditions include …

Policy-level talks between Pakistan and the International Monetary Fund (IMF) are currently underway, focusing on crucial economic reforms, particularly in the gas sector. Sources reveal that the discussions include a comprehensive review of tariff adjustments, measures to reduce revolving debt, and broader energy sector reforms. A significant increase in gas tariffs is likely to be implemented from August, impacting various …

The Federal Board of Revenue (FBR) has intensified its drive against tax evaders, blocking over 3,400 mobile SIMs of non-filers so far, with many more to follow. According to FBR officials, the list of non-filers has been shared with telecom companies, and the process of blocking SIMs will continue gradually. The FBR has identified 56,671 individuals who have not filed …

Pakistan and Russia have pledged to further deepen their mutual relations, with a emphasis on enhancing cooperation in key areas such as trade, defense, and energy. Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar on Tuesday called on Russian counterpart Foreign Minister Sergei Lavrov on the sidelines of the Shanghai Cooperation Organization (SCO) Council of Foreign Ministers (CFM). During …

Policy-level talks between Pakistan and the International Monetary Fund (IMF) have commenced, focusing on crucial economic reforms aimed at reducing unnecessary expenses and securing a new loan program. Led by Finance Minister Muhammad Aurangzeb, the Pakistani economic team presented a comprehensive plan to the IMF team, led by Nathan Porter, to curtail expenses by approximately Rs300 billion in the next …

Punjab government has issued a notification to take steps to curb smuggling of wheat to Khyber Pakhtunkhwa. Provincial secretary food has directed for establishing check posts on main highways and handing over responsibility to eligible officers to prevent smuggling. Meanwhile, the Flour Mills Association sources said that thousands of trucks have been parked outside warehouses in KP.” Khyber Pakhtunkhwa government has …

Pakistan’s debt crisis has reached alarming levels, with interest payments on loans exceeding the government’s income by a staggering Rs 205 billion in just nine months. The country’s total debt and liabilities have ballooned to over Rs80,086 billion, according to the State Bank’s statistics. As negotiations with the International Monetary Fund (IMF) for a new bailout package continue, the government …

As Pakistan and the International Monetary Fund (IMF) continue to be engaged in negotiations for a new bailout package, the discussions also focus on extending poverty alleviation and social security programs to address the needs of vulnerable segments of society. The IMF has demanded an expansion of coverage for poverty alleviation programs such as the Benazir Income Support Program (BISP), …

In an important announcement has been made by the Power Division, the news of an increase in electricity tariff is not true. Power Division has clarified that there was no talk of raising electricity prices with the International Monitory Fund (IMF). Power Division said the news in this regard was baseless and wasn’t true. The power division declared that the …

Negotiations between Pakistan and the International Monetary Fund (IMF) have intensified as the IMF has called for significant changes in the country’s tax regime. Sources reveal that the IMF has demanded an end to tax exemptions, incentives, and privileges, with a focus on increasing taxes on privileged sectors. Among the proposals put forward by the IMF are increases in taxes …

The introductory session for a new loan program between Pakistan and the International Monetary Fund (IMF) concluded on Monday, marking the beginning of negotiations aimed at securing a bailout package to support the country’s economic reforms. Following the introductory meeting, the IMF delegation departed from the Ministry of Finance, where discussions were held regarding a new loan program and the …

Finance Minister Muhammad Aurangzeb has said that the government will provide all facilities but not back down from expanding the tax net. “We are moving towards complete digitalization; it will increase revenues and also bring transparency,” he said further. Addressing a pre-budget conference in Lahore, the minister said there was a need for structural reforms, adding that a lot of …

The International Monetary Fund (IMF) has raised concerns over persistent political uncertainty in Pakistan despite the February 8 elections, emphasizing potential implications for economic reforms. Despite the formation of a new government, the IMF highlighted challenges in implementing policy reforms amidst a complex political landscape. According to the IMF, the new government has pledged to uphold policies outlined in the …

The International Monetary Fund (IMF) has demanded Pakistan further increase gas prices on a half-yearly basis starting in June. According to documents obtained, the government has assured the IMF of timely increases in electricity and gas tariffs as part of its agreement with the international financial institution. A comprehensive plan for full cost recovery from consumers has been drafted to …

The technical experts’ team of the International Monetary Fund (IMF) has landed in Pakistan for talks on a fresh loan programme and budget preparations. As per details, a few members of the IMF’s mission have reached Islamabad to assist finane ministry in finalising the FY2024-25 budget. The team will stay in Pakistan for more than 10 days, while other members …

The Federal Board of Revenue (FBR) has announced its intention to pursue legal action against the non-blocking of SIMs belonging to over 500,000 tax non-filers. Concerned about the disruption caused by the failure to enforce SIM closure, the FBR is exploring alternative measures to address the issue, including the proposal of imposing a 2.5% additional withholding tax on mobile phone …

BEIJING: China’s total goods imports and exports expanded 5.7 percent year on year in yuan terms in the first four months of this year, official data showed Thursday. The country’s exports rose 4.9 percent year on year in the January-April period, while imports climbed 6.8 percent, according to the General Administration of Customs (GAC). From January to April, the country’s …

An International Monetary Fund (IMF) mission is set to visit Pakistan this month to discuss policies and reforms. According to details, the IMF mission will visit Pakistan this month in connection with a new loan program. Policies and reforms will be discussed, while the federal budget for the new financial year will also be discussed. The visit coincides with the financial …

The prices of gas and electricity are likely to increase in the upcoming budget for FY2024-25 which would leave a significant impact on consumers. According to sources, the government is considering taxation on the real estate sector to increase revenue, as well as taking action against benami transactions in the real estate sector. Additionally, the government will also take action …

The Special Investment Facilitation Council (SIFC) has worked hard at the policy level to put Pakistan’s economy back on track, and the results are showing that the country’s economy getting better. According to the recent reports of the Asian Development Bank, State Bank of Pakistan and Bureau of Statistics Pakistan, Pakistan’s economy has been moving in the right direction in …

ISLAMABAD: In a move to enhance tax compliance, Pakistan’s Federal Board of Revenue (FBR) decided on Tuesday to block the SIM cards of over 0.5 million people involved in tax evasion. “The FBR has taken decisive action by issuing an order to disable mobile phone SIMs associated with 506,671 individuals … who are not appearing on the active taxpayer list …

The Ministry of Energy has started work on drafting a new solarization policy aimed at bolstering renewable energy adoption in the country. Among the proposed measures is a significant reduction of net metering electricity rates by 50%, alongside adjustments in buyback power rates and capital return timelines for net metering customers. Sources reveal that under the new policy, the rate …