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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 …
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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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K-Electric’s CEO, Muns Alvi, has requested assistance from the Sindh Assembly’s Energy Committee to address electricity theft and outstanding dues. During a special briefing, he discussed various issues, including electricity duty and the provincial government’s liabilities. Committee members acknowledged K-Electric’s better performance compared to other distribution companies. Alvi sought the committee’s help in resolving the …
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Karachi – Shan Foods, a global leader in culinary products, has inaugurated a cutting-edge production facility in Karachi. This development is part of the company’s strategic partnership with Symrise, a global player in taste, nutrition, and health. Together, they aim to shape the future of food innovation in Pakistan. A Strategic Partnership for Food Innovation …
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The Karachi Chamber of Commerce & Industry (KCCI) has officially announced the upcoming elections for the 2024-26 term, set to fill 30 vacant seats on the Managing Committee. The election will occur on Saturday, 21st September 2024, at the KCCI Building located on Aiwan-e-Tijarat Road, Karachi. Voting will be available from 9:30 AM to 5:00 …
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The government has announced a reduction in fuel prices. Petrol prices will drop by Rs10 per litre due to a decrease in international market rates. This change comes after the Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices. According to a statement from the Finance Division on Sunday, the price of high-speed …
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Federal Minister for Petroleum, Musadik Masood Malik, stated that while Pakistanis will benefit from the recent decline in international petroleum prices, they will also face higher costs when prices rise. Malik made these remarks in response to questions during a session of the National Assembly, emphasizing the volatility of global oil markets. Price Predictions and …
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The International Monetary Fund (IMF) is expected to approve a new loan program for Pakistan during its Executive Board meeting on September 25, news reported on Thursday. Julie Kozek, IMF’s Director of Communication, confirmed the meeting in a press briefing, stating that negotiations for the $7 billion loan program were finalized in July. Pakistan’s Finance …
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KARACHI: Zubair Motiwala, Chairman of the Businessmen Group (BMG), emphasized the critical role of industrialization in Pakistan’s development at an event hosted by the Korangi Association of Trade and Industry (KATI) in Karachi. He highlighted that the country cannot progress without industrial growth and urged the need for reducing production costs to compete globally. Motiwala …
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The Power Division announced on Wednesday that consumers could benefit from a reduction of up to Rs2.65 per unit (including taxes) due to fuel price adjustments. The statement explained that electricity prices have decreased by Rs2.93 per unit due to fuel price adjustments. However, there has been an increase of Rs1.74 per unit under quarterly …
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The State Bank of Pakistan (SBP) reduced its key policy rate by 200 basis points to 17.5%, effective from September 13, 2024, as inflation fell to 9.6%, marking the first single-digit figure in three years. The Monetary Policy Committee (MPC) noted that inflation dropped faster than expected, due to delayed energy price hikes and lower …
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ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs 10 million over electrocution incidents that claimed 33 lives in Karachi between 2022 and 2023. NEPRA imposed the fine after rejecting KE’s response to a show-cause notice regarding the fatal incidents. The regulatory body has ordered K-Electric to deposit the fine …
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Karachi: Power distribution companies (DISCOs) in Pakistan have been found guilty of overbilling consumers by a staggering Rs8.44 billion to cover up their line losses, according to an official report. The report highlights widespread malpractice among several power companies, leading to an uproar among consumers and calls for accountability. The National Electric Power Regulatory Authority …
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