PM unveils austerity measures; hopes to save Rs 200 Billion annually
Prime Minister Muhammad Shehbaz Sharif unveiled a massive austerity drive at the federal government level to slash expenditures while eyeing an ambitious plan to save Rs 200 billion annually. Addressing a news conference along with the members of his cabinet, the prime minister said the result of such a frugal exercise would yield far-reaching effects. The…
Adil Aziz
Chairman MOL Group, CEO Vitafort call on Foreign Minister Bilawal Bhutto
Chairman MOL Group Zsolt Hernadi called on Foreign Minister Bilawal Bhutto Zardari in Hungary. The MOL chairman briefed the foreign minister about the operation of the company in the energy sector, in Pakistan. The foreign minister while appreciating MOL performance stressed upon enhancement of MOL presence in Pakistan. Meanwhile, Chief Executive Officer Vitafort Zoltan Kulik…
Automobile prices up by 149pc during 2018-23: PBF
Pakistan Business Forum (PBF) said that automobile sector had raised the prices by 149 percent during 2018-23 linking it with dollar rate against Pak rupee and now vehicles prices reached up highest level of their history. PBF Vice President Ahmad Jawad told that three major automobile companies in Pakistan had revised the prices three times…
SECP issued diagnostic report on Islamic finance
The Securities and Exchange Commission of Pakistan (SECP) has released a diagnostic report to document key issues and challenges for Islamic finance in the Non-bank financial sector. The report also takes stock of the current state of development of Islamic finance in the country and contains specific recommendations for its promotion. The diagnostic study was…
IMF likely to announce EFF agreement by this week: Naveed Qamar
After formal announcement by the fund, Pakistan would get a $1.2 billion tranche under the Extended Fund Facility Federal Minister for Commerce, Syed Naveed Qamar said Wednesday that the International Monetary Fund (IMF) was likely to announce its staff level agreement on Extended Fund Facility (EFF) with Pakistan by this week. “Pakistan has taken all…
Mobile phone imports decreases over 67% to $414 Million in 7 months
The import of mobile phones into the country has witnessed a decrease of 67.35 percent during the seven months of the current fiscal year (2022-23) as compared to the corresponding period of last year. Pakistan imported mobile phones worth US $ 414.801 million during July-January (2022-23) as compared to the imports of US $ 1270.412…
China Development Bank has approved the facility of US$ 700 Million for Pakistan
Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said that the Board of China Development Bank (CDB) has approved a US $700 million facility for Pakistan. In a tweet, he said that the State Bank of Pakistan (SBP) was expected to receive this amount in the ongoing week which shore up the country’s…
NA committee recommends comprehensive super tax applicable to all entities, based on profits
The National Assembly Standing Committee on Finance and Revenue recommended a comprehensive super tax applicable to all entities, which would be based on the limit of profits, as proposed by the Federal Board of Revenue (FBR). The Government is optimistic about the forthcoming achievement of a staff-level agreement with the International Monetary Fund (IMF), which…
Start-ups echo system attracts $355 Million investment in 2022
Ministry of Information Technology and Telecommunication facilitated the young entrepreneurs, under its flagship project of start-up echo system, which attracted $355 million in investment during the year 2022. “To facilitate the ecosystem, the IT ministry has drafted policy recommendations for State Bank, SECP, FBR, and Intellectual property Organizations,”, said an official of the Ministry of…
Pakistan hikes tax on luxury goods and services to get IMF deal
Pakistan’s parliament gave the go-ahead Monday for the government to raise taxes on a raft of luxury imports and services in a bid to unlock the next tranche of an International Monetary Fund (IMF) loan. Faced with critically low foreign exchange reserves, the government has already halted most imports — apart from food and…