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 …

ISLAMABAD: The foreign exchange reserves of Pakistan have increased by 4 million U.S. dollars, the State Bank of Pakistan said on Thursday. The total liquid foreign exchange reserves held by the bank stood at over 8 billion dollars as of March 22, the central bank said in a statement. Net foreign reserves held by commercial banks stand at around 5.4 …

Secretary General of the Pakistan Automotive Manufacturers Association (PAMA), Abdul Waheed Khan has urged the government to support the local auto industry amid rising concerns over a significant increase in used car imports, which are negatively impacting the struggling automobile sector. According to import data, the influx of used vehicles has soared to 25,098 units, marking a staggering 641% increase …

The govt has announced major adjustments to various National Savings Schemes. The latest changes bring good news for investors, as the rates of return on several schemes have been uplifted. According to the official statement, the rate of return on Behbood Certificates has been increased by 24 basis points, now standing at an attractive 15.60%. Similarly, investors in Special Savings …

BEIJING: China’s crude oil output posted steady growth in the first two months of this year, official data showed. The output totaled 35.11 million tonnes in the January-February period, rising 2.9 percent year on year, according to the National Bureau of Statistics (NBS). China’s crude oil imports saw rapid growth during the period, NBS data showed.

The government unveiled the compulsory tax registration scheme for retailers and wholesalers doing business in six cities of Pakistan on Friday. This move also marks the first test case of the ruling party’s political will to expand the narrow tax base. The Federal Board of Revenue (FBR) issued the statutory regulatory order to implement the new scheme from April 1, …

The federal government is considering a proposal to impose a General Sales Tax (GST) on petroleum or increase the current rate of levy further to meet IMF demand to restore 18% GST on petrol, sources familiar with the situation claimed. It is proposed to increase the levy on petroleum from Rs60 to Rs100 per liter in the budget of the …

Prime Minister Shehbaz Sharif has asked friendly countries that Pakistan needs the injection of critical investment in different projects, instead of loans that add to its debt burden, to rejuvenate the faltering economy. Addressing members of the cabinet at a meeting last week, the premier appreciated the Special Investment Facilitation Council (SIFC), observing that the forum was playing an effective …

Pakistan’s National Transmission and Dispatch Company Limited (NTDC) has secured 2553 acres of land in Muzaffargarh district for the development of a 600 MW solar power project. This initiative, facilitated by the Special Investment Facilitation Council (SIFC), marks a pivotal moment for both domestic and foreign investors eagerly awaiting investment opportunities in the renewable energy sector. With the support of …