‘To remain on grey list’: FATF urges Pakistan to complete action plan by Feb 2021

The Financial Action Task Force (FATF) has found that Pakistan has successfully complied with 21 out of 27 points of action and decided to keep the country on its ‘grey list’ until February 2021, the watchdog’s president said on Friday. FATF President Marcus Pleyer announced the decision at a virtual press conference held after the […]

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Sindh millers slash flour prices by Rs7 per kg

KARACHI: Millers on Thursday reduced prices of various varieties of flour by Rs7 per kg prior to release of Sindh government’s wheat to millers followed by drop in price of imported and locally-produced wheat. Pakistan Flour Mills Association Sindh Zone Chairman Chaudhry Mohammad Yousuf said the price of flour no. 2.5 has been slashed to […]

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CCP inquiry blames sugar mills body for cartelisation

ISLAMABAD: The Com­petition Commission of Pakistan (CCP) has finalised its inquiry report on the sugar sector and noted that the Pakistan Sugar Mills Association (PSMA) has maintained cartels among its members not only to protect inefficient mills but also keep the commodity’s prices high. The CCP report highlighted that the PSMA was maintaining an illegal […]

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Govt to outsource billing, recovery functions of loss-making Discos

ISLAMABAD: The federal government has decided in principle the outsourcing of responsibilities of billing and recovery of loss-making grids of distribution companies starting with Peshawar Electric Supply Company (Pesco) and introduction of smart meters in at least three companies. A cabinet member told Dawn that a plan on outsourcing mechanism would be presented to the federal cabinet […]

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Circular debt jumps 30pc to Rs2.15tr in FY20

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday acknowledged that the circular debt has crossed Rs2 trillion mark with an increase of more than 30 per cent in the last fiscal year. In its ‘State of the Industry Report 2020’, the power regulator said that the circular debt has reached Rs2.15tr by June […]

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Imran angry over delay in wheat import

ISLAMABAD: Prime Minister Imran Khan on Tuesday reprimanded the relevant authorities for delaying the import of wheat which led to flour shortage in the country. Presiding over a meeting of the federal cabinet, Prime Minister Khan said the situation could have been averted if at least 1.5 million tonnes of wheat had been imported in […]

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Country to face serious gas shortage in winter, NA told

ISLAMABAD: Minister for Petroleum Division Omar Ayub Khan has acknowledged that the country is going to face a serious natural gas shortage in upcoming winter months due to a gap between the demand and supply of gas. He highlighted that during winter months, gas consumption by the domestic sector increased manifold on account of use […]

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‘Heading in the right direction’: Pakistan sees record 1Q current account surplus

Prime Minister Imran Khan on Wednesday said Pakistan was “headed in the right direction finally” as the country’s current account witnessed a record surplus of $792 million in the first quarter of the current fiscal year, data released by the State Bank of Pakistan (SBP) showed. The surplus came on the back of an upward […]

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Govt seeks $200m IDA loan to strengthen digital connectivity

ISLAMABAD: The government has submitted a project to the World Bank, seeking $200 million to strengthen digital connectivity as a key foundation for the development of digital economy, and to enhance the government’s capacity for digitally enabled public service delivery. The proposed project, to be financed by the loan from the International Develop­ment Association (IDA), […]

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Unpredictable external sector trends

PTI government’s regulatory approach for reducing foreign trade and current account deficits and for creating a balance of payments surpluses did succeed for a while, but these positive trends seem to be losing steam with sporadic signs of economic recovery. In its latest World Economic Outlook (WEO), the International Monetary Fund (IMF) estimates that Pakistan’s current account […]

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