The Ministry of Finance has claimed improvements in the economic growth rate and a reduction in inflation. According to the monthly economic update outlook report of the economy, inflation falls between 18.5% and 19.5% this month, while it is expected to further decrease to 17.5% in May. The growth rate was 2.5% and 1% in the first and second quarters, respectively. …

ISLAMABAD: The monetary policy committee of the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 22 percent, the central bank said on Monday. The committee noted that the macroeconomic stabilization measures are contributing to considerable improvement in both inflation and external position, amidst moderate economic recovery, the SBP said in a statement. However, the …

The wheat import has caused a $1 billion loss to the national kitty. According to information received by Internews from sources, it has been revealed that private sectors have been favored in wheat imports in Pakistan, and these wrong decisions have resulted in a loss of $1 billion to the national exchequer. According to sources, despite the abundance of wheat, the …

Finance Minister Muhammad Aurangzeb said on Sunday that Pakistan was considering moving towards the digital currency. Expressing his thoughts during the World Economic Forum (WEF) session in Riyadh, Aurangzeb said: “The government is providing cash to the poor women of Pakistan. Women say that the male family members take cash from them.” “The women want to get the cash through …

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Sunday that Pakistan and Egypt were still facing economic hardships. Expressing her thoughts during the World Economic Forum (WEF) session, Georgieva said: “The global economy had suffered $3 trillion in losses due to the coronavirus pandemic. The less developed countries had to face more losses due to the coronavirus pandemic.” …

The Power Division on Saturday refuted reports regarding the imposition of a fixed tax on solar power, terming them as baseless and misleading, it was learnt on Saturday. In a statement, the Power Division clarified that no such summary has been sent to the government regarding the imposition of a fixed tax on solar power. The Power Division stated that …

The affordability of cars for common consumers in Pakistan has become increasingly difficult. Reports indicate a significant decline in vehicle sales by almost 40% in the current financial year. Some reasons attributed by industry players to this decline in sales are economic conditions, including the depreciation of the Pakistani rupee against the dollar, soaring inflation rates, and the burden of …

The country has witnessed a reduction in the inflation rate for the second consecutive week, signalling a positive trend in the country’s economic landscape. According to data released by the Pakistan Bureau of Statistics, the inflation rate has decreased by 1.10% within a week. The overall annual inflation rate now stands at 26.94%, showcasing a steady decline from previous levels. …

Federal Finance Minister Muhammad Aurangzeb has expressed confidence in the government’s efforts to improve the economy, citing increased tax collection through these measures and a reduction in the current account deficit as signs of progress. Speaking at the Business Summit 2024 in Islamabad, the minister stressed that apart from the IMF, no plan B could be imagined, with the new …

Minister for Finance Muhammad Aurangzeb has said that our direction regarding revival of Pakistan’s economy is quite clear. Addressing a news conference in Washington along with Pakistan Ambassador to the United States Masood Khan, he said that the mechanism regarding tax collection is being improved through reforms. The Finance Minister said that despite difficulties and challenges, we have to move …

In its recent report on the Middle East and Central Asian countries, the International Monetary Fund (IMF) has highlighted that the Palestinian-Israeli conflict may enhance problems for the region. The report forecasts that Pakistan’s growth rate in 2024 is expected to surpass that of 2023, indicating a positive trajectory for the country’s economy. It also indicates that weak fiscal policies …

ISLAMABAD: Pakistan has earned 12.444 billion U.S. dollars through textile products exports in the first nine months of the current fiscal year starting from July 2023 to June 2024, the Pakistan Bureau of Statistics (PBS) said on Thursday. The exports of textile products, however, witnessed a nominal decline of 0.26 percent during July-March of the current fiscal year as against …

A high-powered Saudi Arabian delegation recently engaged in fruitful discussions at the Pakistan-Saudi Arabia Investment Conference. Hosted by the Special Investment Facilitation Council (SIFC), the event saw both nations explore promising investment avenues across various sectors. Led by their respective Foreign Ministers, accompanied by Federal Ministers overseeing pertinent ministries, the delegations delved into multifaceted investment opportunities. Notably, Saudi Arabia expressed …

Three major oil refineries Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery are expected to sign pivotal agreements with the Oil and Gas Regulatory Authority (OGRA). This landmark agreement, crafted under Pakistan’s Oil Refineries Policy Brownfield Refineries Upgradation 2023, signals a substantial leap towards enhancing the efficiency and capacity of the nation’s oil refineries. Endorsed by the Federal …

The use of solar in the country has increased by about 50 percent as the number of users has increased from 55,000 to 115,000 highlighting the fact the electricity per unit price surpassed the reach of a common man. People are opting for solar power energy amid the rising prices per unit rate of electricity. Alternative Energy Board said net …

In response to the recent surge in petroleum prices, the Ministry of Finance attributed on Tuesday the upward trend to fluctuations in the international oil market. According to a spokesperson from the ministry, the fortnightly increase in prices of various petroleum products is directly linked to the rise in global oil prices, which saw petrol and high-speed diesel prices climb …

The annual meetings of the International Monetary Fund (IMF) and the World Bank will commence in Washington on Monday (today). Headed by Finance Minister Muhammad Aurangzeb, a delegation from Pakistan will participate in these meetings, scheduled from April 17 to 19. Finance Minister Aurangzeb is slated to meet with key figures, including the managing director of the IMF and the …

In a bid to facilitate taxpayers, the Federal Board of Revenue (FBR) has announced a four-day extension in the deadline for the submission of tax returns. According to a notification issued by the chief commissioner of Inland Revenue, taxpayers now have until April 22 to submit their sales tax and federal excise returns, instead of the previous deadline of April …

Implementing the orders of International Monetary Fund (IMF), the Federal Board of Revenue (FBR) has decided to block the SIM cards of nearly 2 million individuals involved in tax evasion. Sources told Internews that FBR chairman has greenlighted the blocking of SIM cards of tax evaders dispatched instructions to relevant officials. The FBR has identified 1.8 million tax evaders. Sources …

Saudi Arabia is set to inject a hefty $1 billion into the Reko Diq Copper-Gold Project nestled in the scenic Chagai District of Balochistan Province, Pakistan. The investment is anticipated to take place next month, pending the clearance of any hurdles by the Special Investment Facilitation Council (SIFC). To ensure a seamless process for Saudi Arabia’s investment, the Prime Minister …

The World Bank has announced a billion-dollar loan to finance energy projects in the country. This investment is expected to drive significant improvements in Pakistan’s energy infrastructure and contribute to the country’s economic growth. The loan will specifically support the 2,160-megawatt Dasu Hydropower Project. Once completed, the Dasu project is projected to save Pakistan a staggering $1.8 billion annually in …

Food and Wheat Department will start the procurement process tomorrow (Saturday) wherein farmers will be able to apply for bardana through the Bardana App. Food Department said that bardana application will be available from April 13 to 17 on the Bardana app, said the spokesperson while bardana will be issued from April 19, 2024 and the purchase of wheat will …

Credit to China Daily Rating Agency Fitch’s sovereign credit rating methodology and indicator system have failed to effectively and prospectively reflect the positive role of China’s fiscal policies, which are properly more proactive with better efficacy in boosting economic growth and, in turn, stabilizing macro leverage ratios, a senior official from the Ministry of Finance said on Wednesday. According to …

The Asian Development Bank (ADB) on Thursday said Pakistan’s economic outlook was uncertain, with high risks on the downside, as political uncertainty would remain a key risk to the sustainability of stabilisation and reform efforts. In its April 2024 ‘Asian Development Outlook’, the Manila-based lending agency said potential supply chain disruptions from the escalation of the conflict in the Middle …

BEIJING: Chinese stocks closed higher on Thursday, with the benchmark Shanghai Composite Index up 0.23 percent to 3,034.25 points. The Shenzhen Component Index closed 0.03 percent higher at 9,300.77 points. The combined turnover of stocks covered by the two indices reached 812.8 billion yuan (about 114.5 billion U.S. dollars), down from 830 billion yuan on the previous trading day. Stocks …

The Special Investment Facilitation Council (SIFC) is actively spearheading efforts to unlock Pakistan’s vast mineral potential. It is fast-tracking the establishment of a Mines and Minerals Division at the federal level to revitalize the mining sector by harmonizing policies and regulations nationwide. By fostering coordination between federal and provincial bodies, the SIFC aims to attract both domestic and foreign investment …

The Oil and Gas Development Company Limited (OGDCL) has announced the discovery of a gas reservoir during the drilling of a well in Sindh, in a significant development for the energy sector. According to OGDCL, the gas deposit, totalling 1.24 million standard cubic meters, has been found in Sajawal, marking a promising addition to the country’s tight gas reserves. The …

In a significant development, Pakistan’s Petroleum Division has announced plans to revalidate the survey for the Iran-Pakistan gas pipeline project before construction. Sources close to the development revealed that preliminary groundwork has already been set in motion by the Petroleum Division. The Petroleum Division asserted the needs for re-evaluation survey of the pipeline before starting the development. To bolster the …

The federal government is all set to fulfill another big condition of the International Monitory Fund (IMF) as the power division has sought affidavits from the distribution companies about no electricity theft. Power Division issued new orders to all electricity distribution companies (Discos) concerned officers and staff of the area to submit affidavits immediately. “Disco officials, staff can be dismissed …

With Eidul Fitr just days away, outsiders in Lahore and Karachi are once again raising concerns over the increase in transportation fares, a recurring issue that plagues travellers annually during the holiday season. The influx of outsiders returning from Lahore and Karachi to their hometowns has initiated, with many experiencing the rush at bus stands as they attempt to catch …

In the first nine months of the financial year 2023-24, Pakistan Railway has achieved a historic increase in its revenue as the earnings surged to Rs66 billion. According to CEO of Pakistan Railways Aamer Ali Baloch, Pakistan Railway witnessed an earning of Rs66 billion in the first 9 months of the financial year 2023-24. Baloch hoped that earnings likely to …

Saudi Arabia will invest one billion US dollars in Reko Diq gold and copper project. Sources at finance ministry said that the OGDCL and the PPL’s shares will be sold to Saudi Arabia. “There are preparations for Saudi investment next month,” sources said. The prime minister will constitute a committee with regard to Saudi investment in Reko Diq project, finance …

Sinotech Solar Pvt Ltd has embarked on a major investment journey in Pakistan, unveiling plans to establish a state-of-the-art 3GW solar panel manufacturing facility in Karachi. Spearheading this initiative is the Special Investment Facilitation Council (SIFC), dedicated to streamlining the project’s documentation processes. This venture marks a pivotal stride towards domestic solar panel production, also signifies Sinotech’s commitment to supporting …

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 12 pips to 7.0938 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate …

The Federal Board of Revenue (FBR) has released the notification of the Trader Friendly Special Procedure 2024 Registration of traders and shopkeepers will start from 1st April. As per the notification, dealers and shopkeepers will be liable to a trader-friendly special procedure. The registration period for traders and shopkeepers under the scheme will start from 1st April. The first monthly …

Finance Minister Muhammad Aurangzeb has said the government is targeting to win a staff-level agreement (SLA) for the next IMF loan programme by the end of June 2024, aiming to secure a three-year EFF (extended fund facility) while the size of the package is yet to be determined through deliberation and discussions. During his first visit to the Pakistan Stock …

A devastating hailstorm struck Sibi overnight, severely damaging wheat and cotton fields, and plunging farmers into despair as their hopes for a successful harvest were shattered. Thousands of acres of wheat crops in Dehpal Kalan, Kurak, Marghzani, Talli, and Khajjak have suffered extensive damage due to the hailstorm. The once-promising wheat fields now lie flattened, with the ready crop destroyed …

The first batch of premium cattle from Brazil has landed at Sialkot International Airport. The American company “National Airlines” flew them in via a Boeing 747 cargo plane, marking a major step forward for the Green Pakistan Livestock Initiative (GPLI) under the Special Investment Facilitation Council (SIFC). The cattle, boasting superior genetic traits, comprise nine breeds including. This blend aims …

ISLAMABAD: The weekly inflation measured by the Sensitive Price Indicator (SPI) in Pakistan witnessed an increase of 29.41 percent on a year-on-year basis, an official report said on Friday. The Pakistan Bureau of Statistics (PBS) said that the SPI was calculated to measure the price movement of important commodities and it comprised 51 essential items collected from 50 markets in …

Finance Minister Muhammad Aurangzeb will visit Washington on April 14 and 15 for meetings with officials of the World Bank and the International Monetary Fund (IMF). The finance minister, speaking at a ceremony at the Karachi Stock Exchange, said the country needs a new IMF programme that should last for at least three years. Aurangzeb stressed the importance of the …