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On Tuesday, President Dr Arif Alvi rejected a request by the federal government to approve an ordinance that would impose new taxes to generate additional revenue in line with the conditions of the International Monetary Fund (IMF) and revive a stalled $6.5 billion bailout package. According to an official statement released by the President House, …
Continue reading “President Alvi rejects approval of ‘mini-budget ordinance’ for IMF deal”
The Federal Cabinet has approved a new policy that aims to increase power tariffs and eliminate subsidies. This decision comes ahead of the virtual talks with the International Monetary Fund (IMF) regarding the Memorandum of Economic and Financial Policies (MEFP). The cabinet has also approved a revised circular debt management plan that will be circulated. …
Continue reading “IMF virtual talks prelude: subsidies end, power tariffs hike approves by Cabinet”
Pakistan’s Finance Minister, Ishaq Dar, announced that the country’s recent talks with the International Monetary Fund (IMF) have ended “positively” and that the government will need to impose Rs170 billion in taxes through a mini-budget to revive the loan program. Dar stated that the agreement is the same one signed by former Prime Minister Imran …
Continue reading “Govt to Impose Rs 170 Billion In Taxes to Revive Loan Program”
An extremely critical level of $5.82 billion was reached by the State Bank of Pakistan’s (SBP) foreign exchange reserves on Thursday, according to statistics. This represents a further $294 million decline. SBP-held reserves are at their lowest level since April 2014. The nation’s total holdings of liquid foreign exchange were $11.71 billion. There were $5.89 …
Continue reading “SBP-held Foreign Exchange Reserves Fall Another Critical Level”
KARACHI: Pakistan rupee, on Wednesday, continued to lose ground against the US dollar in the interbank market, falling by Rs1.3 to conclude the day’s trade around a two-week low of Rs172.93 per US dollar. Over the previous five days, the local currency has shed roughly 1.71 percent. Interbank closing #ExchangeRate for today:https://t.co/Vq2BLWpi7F pic.twitter.com/7wWQYfKSoR — SBP …
Continue reading “Rupee depreciates by Rs 1.3 against US dollar”
Islamabad: In the coming fiscal year, the government intends to borrow roughly $16 billion in gross foreign loans to cover maturing external public debt and finance the budget deficit. According to Ministry of Finance sources, the expected $15.7 billion borrowings in fiscal year 2021-22 are roughly 10% higher than this year’s revised estimates of foreign …
Continue reading “Pakistan to receive loan from IMF to retire debts in FY22”
ISLAMABAD: Asim Ahmed, on Friday, has been appointed as Federal Board of Revenue (FBR) new chairman as a notification from the Establishment Division mentioned. The federal government on Friday appointed Asim Ahmed, as he is from the Inland Revenue. Following the retirement of incumbent chairman Javed Ghani, he was given charge of the tax regulatory …
KARACHI: On the fuel crisis 2020, Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari has demanded the resignation of the entire government, including the Prime Minister. He also declared that the State Bank of Pakistan (SBP) ordinance will be challenged in every forum. Bilawal Bhutto said at a press conference in Karachi that the government …
Continue reading “Petrol Crisis 2020, Bilawal Demands PM to step down”
KARACHI: The Pakistani currency has continued its upward trajectory towards the US dollar, reaching a new all-time high of Rs154.58 to the US dollar in the interbank market on Friday, as foreign currency supplies outnumber demand. On the same day that the World Bank accepted $1.3 billion for Pakistan, including $600 million for the Ehsaas …
Continue reading “Pakistani Rupee maintains uptrend against US dollar”
ISLAMABAD: Pakistan has received another loan from the world bank on Friday loan of worth $1.3 billion including $600 million for budget support. This borrowing will prove to be beneficial to revive the financial state of the country. The amount includes a $200 million loan to combat locust attacks, a scheme that has been met …
Continue reading “Pakistan receives another loan of $1.3b from World Bank”
