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ISLAMABAD: The International Monetary Fund (IMF) has raised concerns over the deeply entrenched nexus between Pakistan’s government, the central bank, and the banking sector, warning that it poses significant risks to the country’s economy and financial system. According to the IMF, this relationship can lead to conflicting policies, regulatory challenges, and a harmful trade-off between …
Continue reading “IMF Warns of Dangers in Pakistan’s Sovereign-Bank Nexus”
Authorities have ordered a five-day shutdown of restaurants, wedding halls, cafes, and snooker clubs in Islamabad and Rawalpindi. This is part of the preparations for the Shanghai Cooperation Organization (SCO) summit.The closures, effective from October 12 to 16, are part of heightened security measures for the high-profile event. Station House Officers (SHOs) have started collecting …
ISLAMABAD: The federal government is moving to reduce the electricity tariff by up to Rs10 after terminating power purchase agreements with five Independent Power Producers (IPPs). This decision is expected to save the national exchequer Rs411 billion, according to officials. Energy Minister Awais Leghari announced this development during a press conference following the federal cabinet’s …
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KARACHI: The price of 24-karat gold in Pakistan was recorded at PKR 272,800 per tola on 10 October. Similarly, the price for 10 grams of 24-karat gold reached PKR 233,890. The bullion market saw these prices across major cities, including Lahore, Karachi, Islamabad, Peshawar, and Quetta. Gold Rates in Major Cities In all key cities, …
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Israel’s economy could shrink even more than anticipated, according to the Institute for National Security Studies at Tel Aviv University. Even in less severe scenarios, researchers project a drop in Israel’s gross domestic product (GDP) per capita. The decline comes as Israel’s population grows faster than its economy, leading to lower living standards. Before the …
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For the first time in over 30 years, Bill Gates is no longer among the world’s top 10 richest individuals. According to Forbes magazine, Gates now ranks 12th in terms of wealth. This drop marks the end of his long-standing position in the elite top 10 list since 1991. Gates’ decline in wealth is largely …
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The State Bank of Pakistan (SBP) witnessed a significant increase in its foreign exchange reserves this week. According to data released on Thursday, the reserves surged by over $1.1 billion in just seven days. This boost raised SBP’s reserves to $10.7 billion, marking the highest level since April 2022. The main driver of this increase …
Continue reading “SBP Reserves Surge to $10.7 Billion After IMF Loan”
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved significant financial measures on Thursday. This included a supplementary grant of Rs45 billion for defence and a 122 percent increase in the maximum retail price (MRP) of anti-rabies vaccines for public hospitals. The meeting was chaired by Finance Minister Muhammad Aurangzeb. Several key officials attended …
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ISLAMABAD: Malaysian Prime Minister Anwar Ibrahim announced on Thursday that Malaysia will import halal meat and rice from Pakistan. He made this announcement during a joint media conference with Prime Minister Shehbaz Sharif. Their bilateral meeting focused on enhancing cooperation in several key areas, including trade, investment, agriculture, tourism, education, and defense. “As a result …
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Israel’s recent threat to target Iran’s oil production infrastructure has sparked major concerns about the international crude oil supply. This threat includes attacks on gas and oil rigs, refineries, and storage facilities. As a result, market anxiety has surged, leading to a significant spike in global crude prices during the U.S. trading session. On Tuesday, …
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Oil watchers now see a genuine threat to crude supplies after Iran launched a ballistic missile attack on Israel. This escalation intensifies the ongoing conflict in the Middle East. On Tuesday, Iran retaliated against Israel for its recent killing of Hezbollah leader Hassan Nasrallah and an Iranian commander in Lebanon. Analysts believe that Iran’s oil …
Continue reading “Escalating Conflict in the Middle East Raises Genuine Threat to Oil Supplies”
KARACHI: The Annual General Meeting of the All Pakistan Fruit & Vegetable Exporters Importers and Merchants Association took place on September 28, 2024. The venue was a private hotel in Karachi. Waheed Ahmed, the Patron-in-Chief of the PFVA, presided over the meeting. During the meeting, the association announced the newly elected office bearers and members …
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 …
Continue reading “Pakistan Banks’ Association Commends Government’s Efforts After IMF Deal”
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, …
Continue reading “NEPRA Faces Challenges as Electricity Demand Crashes”
