Category: Business

KARACHI: The Supreme Court on Friday directed the Sindh government to pay the outstanding electricity dues of the Karachi Metropolitan Corporation (KMC) to K-Electric. A two-judge bench of the apex court comprising Justice Maqbool Baqar and Justice Sajjad Ali Shah asked the provincial government to pay the dues, said to be around Rs580 million, to […]

A Pakistani delegation led by Finance Minister Asad Umar met with Asian Development Bank and World Bank representatives in Washington to discuss issues related to the economy and reforms undertaken by Islamabad, according to a press statement received by the APP on Friday. The Pakistani delegation also held a number of bilateral meetings on the sidelines of […]

The Federal Investigation Agency (FIA) on Friday confiscated Rs420 million in cash and arrested three suspects in Karachi as part of its crackdown against hundi and hawala dealers. FIA Director Sultan Khawaja held a press conference where he said that FIA Sindh raided two centres of hundi and hawala activities, seizing hundreds of millions and […]

ISLAMABAD: The Capital Development Authority (CDA) earned Rs11 billion over the course of a four day auction of residential and commercial plots. The auction has been called the most profitable in CDA’s history, even though real estate has been in a tailspin over the last few months due to the country’s economic condition and a […]

ISLAMABAD: The government has disbursed about Rs449 billion for development programme on completion of first three quarters of 2018-19, down 26 per cent, from Rs607bn in same period last year. An update on the Public Sector Development Programme (PSDP) disbursements by the Planning Commission (PC) showed the government had expedited disbursement of development funds over […]

DUBAI: Opec could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said. Venezuelan crude production has dropped below 1 million barrels per day (bpd) because of US sanctions. Iranian […]

LAHORE: When the PTI Punjab government is supposed to concentrate on the next budget, Secretary Finance Hamid Yakoob Sheikh has reportedly applied for extraordinary (long) leave for unexplained reasons. The official sources say Mr Sheikh has applied for three-year extraordinary leave and his request is pending a decision with the authorities concerned. Mr Sheikh is […]

Minister for Revenue Hammad Azhar on Thursday reiterated that the next year and a half will prove to be a difficult period for the country’s economy. Speaking at a press conference in Islamabad, the revenue minister said: “We — the prime minister, Asad Umar sahab, and myself — have all been saying this. This is because […]

WASHINGTON: Finance Minister Asad Umar met the World Bank Group President David R Malpass and senior officials of the International Monetary Fund on Wednesday as part of an effort to seek a three-year bailout package. The finance minister, who reached Washington on Tuesday, said at a news briefing in Islamabad last week that he hopes […]

ISLAMABAD: The International Monetary Fund (IMF) on Wednesday forecast Pakistan’s fiscal deficit continuously elevated at close to 8pc and deteriorating debt-to-GDP ratio to reach 86pc over the next five years. In its Fiscal Monitor released on the sidelines of spring meetings, also attended by a Pakistani delegation led by Finance Minister Asad Umar, the Fund also bites […]