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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 …
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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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