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KARACHI: The Pakistan Banks’ Association (PBA) has praised the Government of Pakistan and the Ministry of Finance. They secured a US $7 billion loan from the International Monetary Fund (IMF). This 37-month agreement followed successful negotiations. The PBA also highlighted the strong commitment of Prime Minister Shehbaz Sharif and Finance Minister Senator Muhammad Aurangzeb to …
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KARACHI: Prominent businessman Junaid Naqi has been elected unopposed as the President of the Korangi Association of Trade and Industry (KATI). Along with him, Ejaz Ahmed Sheikh was elected as Senior Vice President, and Syed Tariq Hussain became Vice President. This marks the start of a new leadership era for KATI. Deputy Patron-in-Chief Zubair Chhaya …
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Gold prices in Pakistan maintained a downward trend, following the decrease in international rates. On Tuesday, the price of gold per tola fell by Rs600, bringing it to Rs274,900. This decline was in line with global market trends. Similarly, the price for 10-gram gold dropped by Rs515, settling at Rs235,682. These rates were shared by …
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The federal government, along with three provincial governments, has conditionally agreed on a new National Fiscal Pact (NFP). This pact fulfills a crucial requirement set by the International Monetary Fund (IMF). The agreement came after the Centre significantly modified the terms to address concerns raised by the provinces. However, as of Monday night, the finance …
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The Directorate of Intelligence and Investigation (I&I) – Customs, Karachi, has uncovered a significant tax evasion case worth Rs.642.83 million. The team detected this evasion during the scrutiny of a single Goods Declaration (GD) in September 2024. Led by Director Mian Masood Ahmed, Additional Director Afzaal Ahmad Wattoo, and Deputy Director Saif Ullah, the investigation …
Continue reading “Karachi Customs Directorate Uncovers Rs. 642.83 Million Tax Evasion”
ISLAMABAD: The federal government has reduced the price of petrol by Rs 2.07 per litre. This price cut will be effective for the next fortnight. The announcement came late Monday, offering some relief to consumers amid rising inflation. The new petrol price has been adjusted to Rs 331.38 per litre, down from Rs 333.45 per …
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The time for the fortnightly revision of petrol prices in Pakistan is fast approaching. A reduction in petroleum product prices is expected starting October 1. This forecast comes as global crude oil prices decline. Sources indicate a potential decrease of Rs 1 per litre in petrol prices. Additionally, they expect a Rs 3 per litre …
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KARACHI: Sindh Chief Minister Syed Murad Ali Shah has announced a massive development plan for Karachi. The government has allocated over PKR 200 billion for various projects across the city. One of the key projects is the Malir Expressway, designed to connect Karachi’s port with Jinnah International Airport. This project aims to reduce traffic congestion …
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The State Bank of Pakistan (SBP) has received the first loan tranche of around $1.027 billion from the International Monetary Fund (IMF). This will provide a significant boost to Pakistan’s economic recovery efforts by releasing its first loan tranche. Pakistan received the funds on Friday, following the IMF Executive Board’s approval. The State Bank of …
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The Pakistan government has officially revised the rules governing buyback and exchange programs for securities. This significant change aims to cut debt servicing costs by December 2024. This decision follows an unprecedented profit of Rs3.4 trillion reported by the State Bank of Pakistan (SBP). This profit arose due to the record-high interest rate of 22%, …
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ISLAMABAD: Electricity demand in Pakistan has officially crashed, signaling a significant challenge for the energy sector. This drop will likely outweigh a nominal decline in fuel costs next month, resulting in a substantial increase in quarterly tariff adjustments. This situation arises despite the addition of 21,000 MW of generation capacity over the past six years, …
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ISLAMABAD: The International Monetary Fund (IMF) approved a $7 billion bailout package for Pakistan on Wednesday. This came after Pakistan pledged to reform its agriculture income tax, transfer fiscal responsibilities to the provinces, and limit subsidies. The Prime Minister’s Office announced that the IMF’s Executive Board had given the green light to a 37-month Extended …
Continue reading “IMF Approves $7 Billion Bailout for Pakistan with Tough Reforms”
Gold prices in Pakistan continued to break records on Wednesday. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs2,500, bringing the new rate to an all-time high of Rs275,500. Steady Climb in Prices Similarly, the price of 10-gram gold also increased. It rose by Rs2,144, …
ISLAMABAD: The Federal Board of Revenue (FBR) has denied rumors of introducing a mini budget this fiscal year. Hamid Ateeq Sarwar, FBR Member Inland Revenue (IR) Policy, confirmed there was no need for a mini budget starting from October 1. He assured that the FBR aims to collect Rs 2,600-2,700 billion in taxes from July …
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Gold prices in Pakistan surged significantly on Tuesday, following a rise in international markets. The price of gold per tola increased by Rs1,100, reaching a record high of Rs273,000. This information was confirmed by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold rose by Rs943, settling at Rs234,053. This …
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The International Monetary Fund (IMF) Executive Board will meet today to review Pakistan’s request for a 37-month, $7 billion Extended Fund Facility. This crucial step comes after Pakistan successfully met all prior conditions set by the IMF. As a result, the approval of this bailout is highly anticipated. Pakistan’s economy has faced significant challenges in …
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Gold prices in Pakistan fell on Monday after rising for three consecutive sessions. The decline aligned with a decrease in international gold rates. In the local market, the price of gold per tola decreased by Rs600, bringing it to Rs271,900. Additionally, 10 grams of gold was sold for Rs233,110. This represents a drop of Rs471, …
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KARACHI: Standard Chartered Bank, in partnership with Right To Play International Pakistan, launched the Goal Accelerator Programme at the SC Pakistan Head Office. This initiative builds on the original Goal Programme, first introduced in Karachi in 2016. The Goal Accelerator is a sport-powered, gender-responsive economic resilience initiative. It aims to create pathways for disadvantaged girls …
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ISLAMABAD: A significant decline in global oil prices is set to bring considerable economic relief to Pakistan. The country expects annual energy import savings of $3.0 to $3.5 billion. This development comes as crude oil prices have fallen to a three-year low, dropping below $70 per barrel. Forecasts suggest further decreases, with prices potentially hitting …
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The Karachi Chamber of Commerce and Industry (KCCI) elections for the 2024-26 term concluded with a sweeping victory for the Businessmen Group (BMG). The polling for the Managing Committee (MC) took place on Saturday, where BMG secured all 30 available seats. A total of 92,954 votes were cast in favor of BMG, while the rival …
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ISLAMABAD: Power Minister Awais Leghari announced on Friday that the nation would soon hear good news from negotiations with independent power producers (IPPs). He emphasized that they are working to lower electricity prices. However, immediate relief is unlikely. Power Minister Awais Leghari testified before the Senate Standing Committee on Power. He mentioned that he led a …
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KARACHI – The Pakistani rupee appreciated by 0.03% against the US dollar in the inter-bank market on Friday, closing at 277.84. This marks a small gain of Re0.07 from Thursday’s closing rate of 277.91, as reported by the State Bank of Pakistan (SBP). The rupee’s movement comes ahead of the International Monetary Fund (IMF) Executive …
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KARACHI – The Election Commission has confirmed that the Karachi Chamber of Commerce and Industry (KCCI) Elections 2024-26 will be held on September 21, 2024, as originally planned. This clarification comes in response to misleading claims circulating on social media regarding a potential postponement. The commission emphasized that the elections will proceed on the scheduled …
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