Delivery Associates, a British company, has offered to support Pakistan’s economic development. The company’s founder and chairman, Sir Michael Barber, met with Finance Minister Muhammad Aurangzeb in Islamabad to discuss enhancing cooperation under the Special Investment Facilitation Council (SIFC). Sir Michael commended Pakistan’s federal budget 2024-25 and the government’s taxation reforms. He acknowledged the challenges facing Pakistan and discussed priority …

The coalition government has informed the International Monetary Fund (IMF) about significant changes in the new budget, indicating a major financial challenge for the fiscal year 2024-25. According to officials from the Ministry of Finance, the net government income is projected to decline by Rs1,258 billion, decreasing from Rs10,377 billion to Rs9,119 billion. This decline is expected to increase the …

BEIJING: China’s inflation level, which held steady in the first half of this year, is expected to see a mild recovery in the coming months as demand continues to pick up, officials and economists have said. Supported by price rebounds in pork and services, the consumer price index (CPI) is likely to rise slightly in the second half, while the …

WASHINGTON: The International Monetary Fund (IMF) on Tuesday revised China’s 2024 economic growth up to 5 percent in an update to its World Economic Outlook (WEO), from the 4.6-percent forecast in April. The revision is primarily attributed to a rebound in private consumption and strong exports in the first quarter, according to the update. “In China, resurgent domestic consumption propelled …

Global rating agency Moody’s has released a comprehensive report on Pakistan’s economy, emphasizing the potential improvements in funding prospects with the new International Monetary Fund (IMF) program. According to Moody’s, the new IMF program will provide Pakistan with credible sources of financing, helping to secure funds from other bilateral countries and international financial institutions. However, the report also underscores several …

The supply of cement across Pakistan has been halted indefinitely, as All Pakistan Cement Manufacturers and All Pakistan Cement Distributors have united in a nationwide strike. This strike follows similar strikes by petroleum dealers and flour mills, adding to the growing unrest in the country’s commercial sectors. The decision to cease cement distribution stems from grievances related to the implementation …

BEIJING: China’s industrial production growth remained stable in June, as industrial upgrading and new quality productive forces continued to advance. The country’s value-added industrial output, an important economic indicator, expanded 5.3 percent year on year in June, data from the National Bureau of Statistics (NBS) showed Monday. On a monthly basis, the industrial output edged up 0.42 percent in June …

BEIJING: China’s gross domestic product (GDP) grew 5 percent year on year in the first half of 2024, data from the National Bureau of Statistics (NBS) showed Monday. China’s GDP reached around 61.68 trillion yuan (about 8.65 trillion U.S. dollars) in the first half, NBS data showed. In the second quarter, the country’s GDP expanded 4.7 percent year on year, …

Pakistan and the International Monetary Fund reached a three-year, $7 billion aid package deal, the Washington-based institution said on Friday. The new programme, which needs to be validated by the Fund’s Executive Board, should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” according to a statement. The agreement is subject to approval …

TIANJIN: Automated container cranes and driverless transport vehicles are busy unloading and carrying containers at Tianjin Port in Tianjin Municipality, north China. Smart port construction, which incorporates technologies such as 5G, AI, autonomous driving, and cloud computing, has completely transformed Tianjin Port. The port now stands as the world’s first intelligent zero-carbon terminal. The smart terminal increases the operating efficiency …

The International Monetary Fund (IMF) will continue to discuss policy goals and actions that could form the basis of a medium-term home-grown reform program for Pakistan that could be supported under the Extended Fund Facility (EFF) arrangement with the IMF. This was stated by Julie Kozack, Director of the Communications Department at IMF while addressing a press briefing. She further …

Pakistan and Azerbaijan decided to increase their bilateral investment level to up to US$2 billion in the sectors which will be benefiting both countries. Addressing a joint presser with Azerbaijan President Ilham Aliyev, Prime Minister (PM) Shehbaz Sharif said that they discussed an initial figure of US$2 billion of investment in areas of mutual beneficial projects. Both leaders also witnessed …

The International Monetary Fund (IMF) has intensified its demands on Pakistan to ‘do more’ and enhance transparency within government institutions as part of negotiations for a new bailout package. Despite Pakistan fulfilling its strict conditions in the new budget, the IMF still demands it to ‘do more’. The IMF’s stringent conditions include pushing for a 45% tax on agricultural income …

The All Pakistan Flour Mills Association has initiated a nationwide strike and shut down mills across the country in protest against the imposition of a withholding tax, leading to disruptions in the supply of flour across major cities. Association Chairman Asim Raza told, that they had decided to continue the strike until their demands are met, highlighting concerns over the …

After flour, the government has imposed advance and withholding tax on the sale of rice to be collected from distributors or dealers. The tax will be collected from the manufacturer and the commercial importer as per Section 236-G, 236-H. As per 236-G one percent tax will be collected from distributors and dealers while tax will be collected by the manufacturer …

The process of blocking mobile SIMs of non-filers is underway and so far SIMs of 230,000 non-filers have been blocked in a phase-wise. According to FBR sources, the data of non-filers was provided to various telecom companies. 76636 submitted income tax returns upon which their mobile SIMs are restored. So far, 230,000 SIMs of non-filers have been blocked in a …

Federal Finance Minister Muhammad Aurangzeb warned that Pakistan will stay in the IMF cycle if taxes are not increased. In an interview with Financial Times, he said that the “upcoming IMF program will not be our last fund programme if we don’t bring our tax revenues up,” Aurangzeb maintained that he is hoping Pakistan will reach a staff-level agreement with …

Oil & Gas Development Company (OGDCL) Monday made the announcement to increase local oil and gas production as crude oil production increased from Kunar Well No. 11 in Hyderabad district of Sindh. “960 barrels of oil per day are being obtained from Kunar Well No. 11,” OGDCL spokesperson said. Increasing production will reduce the country’s import bill by $$3.19 million. …

Prime Minister Shehbaz Sharif has issued directives to establish Business Facilitation Centers across Pakistan, following his recent visit to China. The Special Investment Facilitation Council (SIFC) is facilitating the implementation of this initiative. These centers, modeled after China’s approach in Shenzhen, will be set up in all provinces, starting with Islamabad. They aim to provide comprehensive services to businesspeople and …

Government and military leadership’s efforts to revive the national economy and address the electricity crisis are showing results. The ongoing crackdown on electricity theft has recovered Rs103 billion and led to the arrest of over 83,000 individuals across the country. From June 23 to 30, relevant agencies collected more than Rs1.8 billion from electricity thieves in Lahore, Gujranwala, Faisalabad, Multan, …

BEIJING: China’s exports of passenger vehicles hit 378,000 units in June, marking a 28 percent increase year on year and staying flat compared to the previous month, the latest data showed. With the South American market recovering, exports of Chinese-brand cars hit 325,000 units in June, up 31 percent year on year, while the exports of luxury vehicles and cars …

Coordinator to the Prime Minister on Climate Change, Romina Khurshid Alam has unveiled Pakistan’s plans to launch Kisan TV channel to support farmers in combating the impacts of climate change. PM’s aide in a statement on Sunday said the idea of this innovative channel aims to educate farmers on climate adaptation strategies, disaster management techniques, and sustainable practices to mitigate …

BEIJING: China’s foreign exchange reserves stood at 3.2224 trillion U.S. dollars at the end of June 2024, official data showed Sunday. The amount shrank by 0.3 percent compared with the previous month, the State Administration of Foreign Exchange (SAFE) said, attributing the decrease to the combined impact of currency translation and asset price changes. Affected by various factors such as …

ISLAMABAD: Pakistan has achieved a significant milestone in agricultural sector with agro-exports reaching an unprecedented 8 billion U.S. dollars mark for the first time in previous fiscal year from July 2023 to June 2024, Pakistani Commerce Minister Jam Kamal Khan said Saturday. The achievement underscores the collective efforts of traders, farmers, the Trade Development Authority of Pakistan and the commerce …

Balochistan’s fishing industry is set for significant expansion, with several government initiatives underway. The province’s current marine fishing capacity of $500 million could potentially reach $100 billion. In 2023, 137,000 metric tons of fish were caught, valued at $105 million. The sector currently employs 600,000 people, with 82,583 registered fishermen. New projects include a marine ambulance service, the construction of …

The International Monetary Fund (IMF) on Wednesday appreciated Pakistan’s tough economic decisions and efforts regarding hike in gas prices, citing sources. According to sources, Pakistan and the International Monetary Fund held virtual talks on the efforts made in the budget to meet the conditions. The IMF was briefed on the measures taken by Pakistan to increase gas prices and other …

Pakistan Petroleum Dealers Association has announced a nationwide strike from July 5 and Islamabad will close petrol pumps across the country, demanding government to withdraw advance tax decision immediately. Pakistan Petroleum Dealers Association Chairman Abdul Sami Khan in a press conference on the budget said that 0.5 percent advance turnover tax has been imposed in budget while advance turnover will …

The Oil and Gas Development Company Limited (OGDCL) has announced to increase local oil and gas production. As per details, the OGDCL’s spokesperson said that the Nashpa field, located in Khyber Pakhtunkhwa, has seen an increase in oil and gas reserves. As a result, an additional 330 barrels of oil and 77 million cubic feet of gas are being produced …

The government has increased regulatory duty on hundreds of imported items in the fiscal year budget 2024-25. According to the Statutory Regulatory Order (SRO), the regulatory duty has been increased on various items ranging from 5% to 55% under Finance Bill 2024, including: Milk and cream (25%), Yogurt, butter, and nuts (20%), Natural honey (30%), Dates, figs, pineapples, and oranges …

The International Monetary Fund (IMF) has expressed satisfaction with the recent measures taken by the Pakistan government, paving the way for a new loan program, on Monday, citing finance ministry sources. As per details, Pakistan hopes to secure a new IMF loan program in July as the budget 2024-25 prepared under IMF conditions has also been approved, fulfilling one of …

Federal Finance Minister Muhammad Aurangzeb addressing a press conference said the country is witnessing economic stability, with inflation rates dropping significantly from 38 percent to 12 percent. The finance minister said Rs750 billing corruption was uncovered in sales tax, urging reforms in the Federal Board of Revenue (FBR). Aurangzeb revealed that a significant corruption of Rs750 billion rupees has been …

ISLAMABAD: The repatriation of profits and dividends by foreign investors in Pakistan increased by 477 percent during the first 11 months of the outgoing fiscal year ending on June 30, 2024, according to the State Bank of Pakistan. Data available at the State Bank of Pakistan (SBP) website on Friday showed that profits and dividends rose to 1.805 billion U.S. …

The International Monetary Fund (IMF) on Saturday termed budget 2024-25 approval as not enough and demanded Pakistan to do more. The National Assembly (NA) yesterday approved the Federal Budget for the fiscal year 2024-25 with a total outlay of Rs18,870 billion. According to sources, IMF wants Pakistan to hike the electricity and gas rates from July 1 and immediately implement …

The Federal Board of Revenue (FBR) has intensified efforts to meet its annual tax target for the financial year 2023-24 by issuing a directive to ensure the collection of duties and taxes. In a letter dispatched to all concerned offices, the FBR has mandated extended working hours for the final days of June. FBR offices across the country, including large …

The government is likely to block bank accounts of non-filers and has also decided to fix the amount of sales tax on the import of mobile phones, replacing 18 percent sales tax under the amended Finance Bill 2024. Sources said that the proposal to freeze bank accounts of non-filers was part of the original Finance Bill 2024, but the same …

COLOMBO: The World Bank’s Board of Executive Directors has approved 150 million U.S. dollars in financing for Sri Lanka to improve the quality and utilization of its primary healthcare services, according to a statement on Monday. The World Bank said the project will help improve quality of care and increase the use of primary medical care institutions, which provide essential …

In a meeting chaired by Senator Salim Mandviwala, the Senate Standing Committee on Finance expressed strong opposition to the proposed tax on hybrid and electric vehicles included in the new budget. During the session, the chairman of the Federal Board of Revenue (FBR) stated that the 25% tax exemption for expensive vehicles over Rs15 million had been abolished. He clarified …

The global ratings agency Fitch on Wednesday said that the federal budget for fiscal year (FY) 2025 “strengthens prospects for an IMF deal”. The government presented the budget for the next year on June 12, which contained an ambitious tax revenue target of Rs13 trillion rupees ($47 billion) for the year starting July 1, a near-40 per cent jump from …

Punjab cattle markets witnessed an influx of more than 1.8 million animals, including over 0.6 million large animals while in Lahore cattle markets a maximum number of 0.77 million animals were sold. Punjab’s local government department issued data from nine divisions. As per the dashboard of the municipality department, the total count of animals brought to the livestock markets in …

In response to widespread public outcry and opposition from various sectors, the government of Pakistan is contemplating a partial rollback of its ambitious tax proposals, particularly concerning income tax hikes on salaried individuals. The move comes amidst escalating discontent over the proposed fiscal measures aimed at generating additional revenue amounting to Rs 1.5 trillion in the upcoming fiscal year. The …