The National Electric Power Regulatory Authority (NEPRA) has imposed a fine of Rs10 million on Lahore Electric Supply Company (Lesco) over failure to implement safety measures, ARY News reported. According to NEPRA, LESCO had previously been instructed to complete the earthing of 100% of their poles, but they failed to implement the directions. As a result, NEPRA has not only …

Federal Board of Revenue (FBR) has announced a decisive crackdown on non-filers, beginning October 1, as part of its efforts to achieve an annual tax target of approximately Rs12,970 billion. Final tax notices will be issued to millions of non-filers as the FBR seeks to enhance compliance. According to FBR sources, restrictions may be imposed on non-filers traveling abroad, and …

FBR is expected to face a shortfall of Rs. 275 billion in the first quarter of the current fiscal year. A shortfall of Rs. 175 billion is expected this month alongside a proposal for a mini-budget of approximately Rs. 1 trillion. To meet the tax target of Rs. 12.97 billion, the target for the current month is Rs. 1.1 billion. …

The Energy Ministry has revealed a detailed plan outlining how power sector consumers will receive subsidies in the future, with a total allocation of Rs487 billion. According to the plan, these subsidies will be linked to social protection programs, with the beneficiaries determined through the Benazir Income Support Programme (BISP) data. Under this plan, a significant portion of the subsidy …

Pakistan’s economy has received a welcome boost, with the country’s current account recording a surplus of $75 million in August. This reversal of fortunes is attributed to the record increase in remittances from overseas Pakistanis. According to data released by the State Bank of Pakistan (SBP), the current account deficit in July stood at $246 million, making the August surplus …

The International Monetary Fund (IMF) has officially included Pakistan’s agenda in its Executive Board meeting scheduled for September 25. Pakistan is seeking a $7 billion loan under the Extended Fund Facility (EFF) to help stabilize its economy. The international lender has released its meeting calendar, confirming that Pakistan’s request will be up for discussion. If the loan is approved, Pakistan …

Pakistan’s increasing frequency of internet shutdowns is taking a significant toll on the nation’s economy, particularly affecting businesses that transitioned to online operations during the COVID-19 pandemic. The latest report from the Overseas Investors Chamber of Commerce and Industry (OICCI) puts these losses into perspective. These disruptions have severe economic consequences, with internet blackouts resulting in a direct 0.57% loss …

The Sindh government has raised concerns over removing the Mohenjo-Daro image from Pakistani currency notes. Sindh’s Minister for Culture and Tourism, Syed Zulfiqar Ali Shah, has sent a letter to the Governor of the State Bank of Pakistan (SBP) in response. The letter expressed reservations about the decision to replace the historic site’s image with the Khyber Pass on the …

The Asian Development Bank (ADB) on Friday approved a $320-million loan to support the rehabilitation of roads in Khyber Pakhtunkhwa, enhancing safe and all-weather connectivity in rural areas. As per a statement released by the ADB, the Khyber Pakhtunkhwa Rural Roads Development Project will upgrade around 900 kilometers of rural roads in the province that are susceptible to floods and …

MUMBAI: India’s foreign exchange reserves extended their winning run for a fourth straight week to hit a record high of $689.24 billion as of Sept. 6, data from the central bank showed on Friday. The reserves rose by $5.3 billion in the reporting week, after having risen by a total of $13.9 billion in the prior three weeks. The RBI …

After declining in the previous session, gold prices in Pakistan jumped on Friday in line with their increase in the international rates. In the local market, the price of gold per tola gained Rs2,900, clocking in at Rs265,900, which is the latest record high in Pakistan. Similarly, 10-gram gold was sold at Rs227,966 after it registered an increase of Rs2,486, …

Pakistan is likely to introduce mini budget as the Federal Board of Revenue (FBR) is facing difficulties in meeting its tax collection targets. According to sources, FBR needs to collect Rs2,654 billion in taxes for the first quarter of the fiscal year 2024-25, with Rs 1,190 billion required in September 2024 alone. If FBR fails to meet the target by …

The State Bank of Pakistan (SBP) in a meeting held today the Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024. Both headline and core inflation fell sharply over the past two months. The pace of this disinflation has somewhat exceeded the Committee’s earlier expectations, mainly due to …

Federal Minister for Finance and Revenue Muhammad Aurangzeb chaired the meeting of the Economic Coordination Committee today. On a proposal of the Ministry of National Food Security and Research for a loan of Rs. 656 million to the Pakistan Central Cotton Committee (PCCC) to enable the organization to pay salaries and pensions to its employees, the ECC deliberated on the …

The International Monetary Fund (IMF) has released its executive board meeting schedule through September 18, 2024, and Pakistan, which direly needs external funding to bail out its economy, is not included on the agenda. According to the Fund’s website, the IMF schedule of the executive board meeting set to be held on September 9, 13 and 18 but to take …

Oil prices fell on Sunday with Brent crude falling below $72 amid sluggish demand and reports that Libya is close to agreeing to resuming crude oil exports. Crude oil futures were down in mid-morning Asian trade on September 8 due to losses after Brent markers dropped below $75 per barrel this week on a wave of sluggish developments on the …

Pakistan’s textile hub is in crisis as Faisalabad’s power looms industry is bearing the brunt of exorbitant electricity bills. The rising raw material costs have crippled loom owners, leaving workers unemployed. The once-thriving area of Ghulam Muhammad Abad, often referred to as “the Manchester of Faisalabad,” is now marked by silent factories and idle looms, with many small and large …

In a major development for Pakistan’s energy sector, top security officials have revealed the identification of the world’s fourth-largest oil and gas reserves in the seas off the coast of Pakistan. The officials said the discovery, which has the potential to transform the country’s economy, was confirmed following the completion of an extensive geographic survey that took more than three …

The total outstanding dues of various sectors of Pakistan State Oil (PSO) have climbed to Rs 786 billion. According to sources, the import bill for RNLG (Re-gasified Liquefied Natural Gas) has surpassed Rs 506 billion, while Sui Northern Gas Pipelines Limited (SNGPL) owes PSO Rs 506 billion for LNG supply. The power sector’s dues have also crossed Rs 186 billion, …

Pakistan’s government has formally requested a $1.75 billion loan from commercial banks at higher interest rates as part of its efforts to meet the conditions set by the International Monetary Fund (IMF) for loan approval. Finance Ministry sources revealed that officials are in talks with three major banks to secure the loan, with the possibility of long-term financing at an …

The Federal Board of Revenue (FBR) is likely to raise a 1 percent rate on 31 different kinds of withholding taxes from next month if the revenue shortfall continues in September 2024. In this regard, the FBR has drafted a mini-budget proposal on WHTs. According to the details, presently 31 types of withholding taxes are applicable on various financial transactions. …

Virtual discussions between officials from the Finance Ministry and the International Monetary Fund (IMF) mission took place on Tuesday evening, focusing on critical issues of external financing and revenue generation. Despite the ongoing negotiations, no deadline has been established for the approval of the loan by the IMF’s Executive Board, according to sources familiar with the matter. During the talks, …

Finance Minister Muhammad Aurangzeb has revealed that the International Monetary Fund (IMF) has no objections to implementing targeted subsidies. These subsidies, he said, could be distributed to eligible recipients through the Benazir Income Support Programme (BISP). To ensure uniformity, the minister indicated that discussions would be held with chief ministers this week, aiming to apply a consistent policy nationwide. He …

Economist Kaiser Bengali has emphasised that the government’s primary focus should be on reducing fiscal deficits, stating that closing down certain institutions could result in savings of PKR 30 billion. During a press conference in Karachi, Bengali announced his resignation from the High-Powered Committee for Rightsizing. He expressed concerns that the entire burden of restructuring is being placed on the …

The federal government has submitted a comprehensive plan to the International Monetary Fund (IMF) aimed at reducing electricity prices by Rs6 per unit. This proposal is part of the government’s ongoing efforts to provide relief to consumers burdened by high electricity costs. According to sources within the Power Division, the plan involves the federal and provincial governments jointly arranging funding …

Pakistan’s total export growth has managed to outpace its external debt in the past five fiscal years, according to latest data from the State Bank of Pakistan (SBP). The country’s External Debt to Total Exports ratio has fallen to 253 percent in FY 2023-24, compared to its peak of 314 percent in FY20. This suggests growth in exports has remained …

More than Rs1200 billion were paid to 26 such power plants across the country from 2015 to 2024, as per the data on the capacity payments made to power plants running on imported fuel over the last decade has come to light. The payments continued uninterrupted, even during periods when the plants were shut down or experiencing breakdowns. According to …

International rating agency Moody’s on Saturday upgraded the ratings of five major Pakistani banks, citing improved economic conditions in the country. The long-term deposit ratings of the five banks have been upgraded from Caa3 to Caa2. The banks include Habib Bank Limited, National Bank of Pakistan, United Bank Limited, Allied Bank Limited, and MCB Bank Limited. Moody’s also changed the …

The Federal Board of Revenue (FBR) is grappling with a significant shortfall in tax collection for the month of August, falling Rs113 billion short of its monthly target. According to sources within the FBR, the tax authority managed to collect Rs785 billion in the 30 days of August, against a set target of Rs898 billion. The FBR is hopeful that …

The Khyber Pakhtunkhwa Revenue Authority (KPRA) has achieved a record tax collection of Rs7.1 billion in the first two months of the current fiscal year, marking a 44% increase compared to the same period last year. Khyber Pakhtunkhwa’s Finance Adviser Muzammil Aslam highlighted the remarkable performance of KPRA, contrasting it with the challenges faced by the Federal Board of Revenue …

Finance Ministry has presented a detailed debt repayment schedule to the National Assembly, outlining plans for the period from 2024 to 2040. As of June this year, Pakistan’s national debt stands at Rs71 trillion, with domestic debt accounting for 66% and foreign debt 34%. The breakdown reveals that Pakistan’s domestic debt exceeds Rs47 trillion, while foreign debt surpasses RS24 trillion. …

Prime Minister (PM) Shehbaz Sharif has unveiled an ambitious plan to boost remittances from overseas Pakistanis to $60 billion by 2034. According to sources within Finance Ministry, the foreign remittances currently, stands at $32 billion and the government aims to increase it by 10% annually. To achieve this target, 26 Community Welfare Attachés will be appointed in Gulf countries and …

The National Bank of Pakistan (NBP), one of the country’s largest commercial banks, failed to recover loan amounting to Rs23.35 billion from sugar mills. As per details, the report complied by Auditor General of Pakistan revealed NBP failed to recover the loan amount of Rs23.35 billion in FY2023-24. The report stated the bank, lent Rs15.28 bln to the sugar mills …

The long-delayed Pak-Iran gas pipeline project is once again under scrutiny at the highest levels, as Iran has raised concerns with the Pakistan government over further delays and issued the country a final notice. According to sources, Iran has expressed serious concerns to Pakistan over the continued postponement of the project, warning that no additional time will be granted for …

The Auditor General of Pakistan (AGP) has expressed serious concerns over the country’s deteriorating financial affairs, which have resulted in less than 4 per cent of the over Rs38.67 trillion budget being available for socio-economic services. Besides, around 93pc of supplementary grants, worth over Rs8tr, are not approved by the parliament and remain unspent, representing a loss of public resources. …

A shocking case of money laundering has been uncovered by the Federal Board of Revenue (FBR) under the guise of solar panel imports, with an extensive over-invoicing amounting to Rs69.5 billion between 2017 and 2022. The FBR’s detailed report on the matter reveals the involvement of two major companies that allegedly funnelled a staggering Rs72.83 billion out of Pakistan. According …

The Asian Development Bank (ADB) has identified remittances as a crucial potential pillar of Pakistan’s economy, highlighting their significant role in bolstering the country’s financial stability, especially during economic crises. According to a recent blog report by the ADB, remittances to Pakistan have become a vital component of the national economy, equivalent to 10% of the country’s GDP. The report …

Pakistan is seeking $4 billion from banks in Gulf countries to meet its external financing needs for IMF bailout approval. According to sources, the government is exploring alternative sources to meet its external financing needs including talks with Dubai Islamic Bank and Mashreq Bank to secure the funding. Sources revealed that Minister of Finance Muhammad Aurangzeb held an online meeting …

The recent nationwide slowdown in internet speed is creating multifaceted challenges for all sectors including commerce, health, education, financial & banking, and public sector operations. The Telecom Operators Association (TOA) has appealed to Prime Minister Shehbaz Sharif to intervene and resolve the ongoing internet slowdown crisis. They highlighted the following issues: The recent nationwide slowdown in internet speed is creating …

The International Monetary Fund (IMF) Executive Board is expected to approve a $7 billion bailout package for Pakistan in September. As per details, Finance Minister Muhammad Aurangzeb said that Pakistan is in contact with the IMF for the approval of the loan agreement. The finance minister mentioned that talks are being held with IMF to put the staff-level agreement for …