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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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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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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ISLAMABAD: The government is considering an end to expansion of gas pipeline network for residential consumers, conversion of all coastal independent power plants (IPPs) on furnace oil to water desalination plants and exemption of all energy sector investments from the scope of the National Accountability Bureau (NAB). This is part of a broad energy sector […]
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The sale-purchase activity in used imported cars and jeeps continues to be subdued following the import curbs introduced in January 2019. The import of used cars and jeeps plunged to 16,000 units in 2019-20 from the peak of 80,000 units in 2017-18. The trend has let the established and new assemblers of local vehicles sail […]
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ISLAMABAD: The government is planning to announce a major restructuring package for the power sector envisaging a freeze on average consumer tariff coupled with incentive-based lower rates for industry and small and medium enterprises (SMEs), transfer of distribution companies (Discos) to the provinces and transfer of K-Electric’s majority shares to Shanghai Electric under the China-Pakistan […]
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LAHORE: The unemployment rate will start to decline sharply in coming days due to various steps being taken in this regard, Finance Adviser Dr Abdul Hafeez Shaikh claimed on Thursday. “The government is taking various steps to put economy on the path of sustainable growth and create employment opportunities for the youth. We hope that […]
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ISLAMABAD: Local auto manufacturers have asked the government to cut down taxes to reduce prices of cars and off-road vehicles in the country. The concerns were shared in a meeting organised by the government with local manufacturers seeking proposals to help reduce the prices of locally-manufactured vehicles. With the demand and supply balance tilting again […]
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KARACHI: The dollar fell to a five-month low against the rupee as it traded at Rs162.80 in the interbank market on Thursday. Currency dealers in banks said the dollar was traded as low as Rs162.70 intraday while the SBP reported closing rate of Rs162.86. The greenback lost around 60 paisas during the day. During the […]
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The rupee hit a five-month high on Wednesday as the dollar was trading at Rs163.20 in the interbank market, data from the Exchange Companies Association of Pakistan (ECAP) showed. “Steps taken by the State Bank of Pakistan are positive and the new rules and regulations discouraging illegal currency movement in the country have helped the […]
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