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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved a circular debt management plan for the fiscal year 2024-25 on Monday. This plan aims to reduce liabilities in the power sector and enhance financial sustainability. Meeting Highlights Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the ECC meeting. Several key agenda items …
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The recent 2.5% cut in the State Bank of Pakistan’s (SBP) policy rate has prompted a mixed response from the business leaders, calling for further reductions to drive economic growth. Industry stakeholders argue that the current rate remains high and limits the potential for business expansion, urging the SBP to aim for a single-digit interest …
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The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) met today to announce a significant policy change. The MPC decided to cut the policy rate by 250 basis points, lowering it to 15 percent. This reduction will take effect from November 5, 2024. Inflation Trends The MPC observed a notable decline in …
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The Pakistan Stock Exchange (PSX) saw another day of impressive rise, with the benchmark KSE-100 Index surging by nearly 1,250 points during intra-day trading on Monday. By 3:30 pm, the KSE-100 stood at 92,105.87, up 1,246.02 points, or 1.37%. The index hit an intra-day peak of 92,159.08 as investor sentiment remained high. Key Sectors Drive …
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The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is set to announce its key interest rate decision shortly. Many analysts are anticipating a substantial cut of 200 basis points (bps). This move follows recent reductions aimed at stimulating economic growth amid slowing inflation and declining oil prices. Background of Recent Rate …
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ISLAMABAD: Pakistan faces new financial challenges as the International Monetary Fund (IMF) has urged the government to adopt more stringent revenue-boosting measures. The IMF’s demand follows Pakistan’s revenue shortfall during the first four months of the fiscal year. IMF Rejects Request to Lower Tax Target The Federal Board of Revenue (FBR) confirmed that Pakistan had …
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The Securities and Exchange Commission of Pakistan (SECP) has revised the eligibility criteria for the appointment of Chief Financial Officers (CFOs) in insurance companies. The SECP announced this change in a new S.R.O. 1586(I)/2024, amending the Code of Corporate Governance for Insurers, 2016. This regulatory update was released on Saturday, with changes aimed at strengthening …
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The Khyber Pakhtunkhwa (KP) government has shown interest in buying Pakistan International Airlines (PIA). KP’s Board of Investment and Trade (KP-BOIT) vice chairman, Hassan Masood Kunwar, sent a letter to Federal Minister for Privatisation, Aleem Khan. In it, KP-BOIT assured the federal government that it would bid higher than the current Rs10 billion offer by …
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Warren Buffett, Berkshire Hathaway’s legendary investor, is now holding over $325 billion in cash, as the company continues trimming its Apple holdings while generating substantial profits from its diverse business portfolio. Berkshire’s deliberate move away from Apple stock, its largest investment, signals a strategic shift and bolsters cash reserves, leaving analysts speculating about Buffett’s next …
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Islamabad: The International Monetary Fund (IMF) has called on Pakistan to introduce additional revenue-raising measures after the Federal Board of Revenue (FBR) fell short of its tax collection targets for the first four months of the fiscal year. This development follows the IMF’s refusal to adjust the FBR’s tax collection goals downward, despite requests from …
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KARACHI: Amid a significant slowdown in inflation, business leaders have urged the State Bank of Pakistan (SBP) to cut policy rate by 300 to 500 basis points. They believe that such a cut is essential to revive trade and industrial activities in the country. The SBP’s Monetary Policy Committee (MPC) is set to meet on …
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Karachi: The 12th International Defence Exhibition and Seminar (IDEAS), known as IDEAS 2024, will take place at the Karachi Expo Center from November 19 to 22. This event is a major platform for the global defense industry, drawing exhibitors, officials, and visitors worldwide. IDEAS is one of the largest defense exhibitions in the region, positioning Pakistan …
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The government has proposed a new financial model to 18 independent power producers (IPPs). This plan aims to significantly reduce their capacity payments and recover “excess profits” made by these companies in the past. Senior managers from three IPPs and a government official shared these developments with Dawn. A government task force is currently renegotiating …
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Qatar has pledged a $3 billion investment in Pakistan. This move aims to support the economy and create new opportunities for citizens. Information Minister Attaullah Tarar announced the news. He said Qatar’s investment will span multiple sectors to fuel economic growth. A Qatari delegation will soon visit Pakistan to set these plans in motion. Wave …
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Pakistan’s trade deficit experienced a notable reduction of over 30% in October 2024, dropping to $1.498 billion compared to $2.174 billion in the same month last year. This substantial decrease reflects an ongoing improvement in the country’s trade balance, supported by rising exports and falling imports. Exports Show 11% Growth Year-on-Year One of the key …
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The Pakistani rupee showed marginal appreciation against the US dollar on Friday, appreciating by 0.06% during the early hours of trading in the inter-bank market. As of 10 AM, the rupee was valued at 277.68, gaining Re0.17 against the greenback. This uptick marks a positive change after the rupee settled at 277.85 the previous day, …
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KARACHI: Gold prices in Pakistan fell sharply on Friday, reflecting a decline in international rates. In the local market, the price of gold per tola dropped by Rs2,500, reaching Rs284,700. The latest data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) indicated that 10 grams of gold was sold at Rs244,084, marking a decrease …
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ISLAMABAD: United Bank Limited (UBL), one of Pakistan’s largest commercial banks, has taken a significant step toward expanding its operations. On Friday, UBL submitted an offer to Silkbank Limited for an amalgamation, aiming to merge Silkbank into UBL. This announcement marks a pivotal moment in the banking sector. UBL shared the development with its stakeholders …
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Karachi: The National Electric Power Regulatory Authority (NEPRA) is considering the possibility of restricting public hearings. During a recent public hearing on K-Electric’s September Fuel Charge Adjustment (FCA), an intense criticism from a Jamaat-e-Islami representative, turning the discussion into a political matter, led NEPRA members and the chairman to express frustration. Indicating potential limits on …
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ISLAMABAD: The National Energy Administration (NEA) of China has expressed a willingness, in principle, to establish an ad hoc working group. This group will facilitate discussions on converting three imported coal-fired power plants to local coal. Power Division’s Efforts The Power Division is currently finalizing a sectoral plan. This plan supports the Government of Pakistan’s …
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) raised concerns on Thursday regarding negotiations with Independent Power Producers (IPPs). These discussions could negatively impact investment in Pakistan. Nepra members expressed their worries during a public hearing on the provisional Fuel Charges Adjustment (FCA) for K-Electric for September 2024. K-Electric has requested a negative adjustment of …
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KARACHI: Jazz, a major telecom operator in Pakistan, completed its second unsecured, privately placed Sukuk issuance, raising PKR 15 billion. This short-term Sukuk, backed by Askari Bank, was oversubscribed by four times, indicating strong demand from non-bank investors and confidence in Jazz’s market position. Largest Short-Term Sukuk in Telecom Sector The Sukuk issuance is the largest …
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KARACHI: For the first time in Pakistan, a retired passenger aircraft, a Boeing 737, was transported by road from Karachi to Hyderabad on Thursday, creating an unusual sight and sparking interest among locals. The retired Boeing 737 covered a 154-kilometer journey, carried on a specially designed truck and trailer. The transport took around two and …
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