Category: Business

ISLAMABAD: The government’s finance team announced on Thursday that a total of 137,000 people have registered for the tax amnesty scheme and deposited a Rs70 billion in taxes until Wednesday (July 3). Addressing a press briefing Adviser to Prime Minister on Finance Dr Hafeez Shaikh flanked by State Minister for Revenue Hammad Azhar and Chairman […]

KARACHI: The government paid $2.346 billion in the third quarter of last fiscal year as debt servicing payments, reported the State Bank of Pakistan (SBP) on Thursday. Data published by SBP revealed that the government in the first nine months of FY19 paid $7.229bn — slightly less than the cumulative payments during FY18. The rising […]

ISLAMABAD: The Internatio­nal Monetary Fund (IMF) has voiced opposition to the idea of extending the deadline for the amnesty scheme, saying doing so could hurt the country’s case at the Board meeting that is scheduled to take up Pakistan request for a $6 billion bailout package on July 3. “The IMF is not in favour […]

ISLAMABAD: The World Bank has approved three projects for Karachi that will help improve urban management and investment environment; mobility, accessibility and safety along selected corridors; and access to safe water services. These projects, approved on Thursday, build on findings of the ‘Karachi Transformative Strategy’ which estimates infrastructure needs of between $9bn and $10bn in […]

KARACHI: The rupee, after shedding 3.8 per cent on Wednesday, managed to reverse some of its losses on Friday after gaining Rs5 in the interbank to close at Rs159 against Rs164 in the previous session. “The banks are mainly responsible for the fall in dollar prices since Friday was the closing day for them and […]

ISLAMABAD: After many months, the prices of petroleum products in the country would show some signs of stability with mixed trend as the regulator seeks minor cut in petrol rates and increase in diesel rates for July. The Oil and Gas Regulatory Authority (Ogra) has recommended about 77 paisa per litre reduction in the price […]

KARACHI: The City Council approved on Friday Karachi’s Rs26.44 billion surplus budget for the financial year 2019-20 in a meeting held in an unprecedented manner on the lawns of the Karachi Metropolitan Corporation as the power supply of its head office was disconnected due to non-payment of dues to the power utility. The council meeting, […]

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has allowed the TREC holders of former Islamabad Stock Exchange (ISE) and the Lahore Stock Exchange (LSE) to continue with lower paid-up capital. A circular issued in this regard by the Pakistan Stock Exchange (PSX) on Friday announced that the minimum paid-up capital requirement of Rs35 […]

Army Chief Gen Qamar Javed Bajwa on Friday blamed “fiscal mismanagement” for the country’s economic woes, days after he was appointed to a newly formed committee responsible for steering the economy. The comments come days before the board of the International Monetary Fund (IMF) is due to decide whether to approve a $6 billion bailout […]

The value of the dollar on Friday considerably decreased in the open market as well as the interbank market by Rs2.50 and Rs4.20 respectively. The greenback shed its value against the local currency to fall to Rs161 in the open market, while in the interbank market it hit Rs160. Earlier on Wednesday, the local currency […]