Frequent hike in energy rates to appease IPPs will dent PM vision of reducing production cost

The Federation of Pakistan Chambers of Commerce and Industry’s ruling group has resented the frequent jump in electricity tariff and petroleum products’ prices, which is made on behest of the IMF, besides appeasing the Independent Power Producers, stating the move will dent the Prime Minister’s vision of lowering cost of… Continue reading

Digitalization to help rebuild world economy & e-commerce amidst COVID-19; Stability in Afghanistan crucial for peace and development of entire region: SCO Secretary-General Fehmida Mirza terms social protection an indispensable art of policymaking Hafiz Pasha says no option but to go back to IMF

Social sector development back on the radar of govts: Dr Suleri. ISLAMABAD: Vladimir Norov, the Secretary-General of Shanghai Cooperation Organization (SCO), has said that though coronavirus has incurred enormous damage to public health and global economy, it has brought new opportunities at the same time, accelerating the process of digital… Continue reading

Federal Budget 2020-2021

Federal Budget 2020-2021 is the most unrealistic document based on pure assumptions, without any calculation or working which can be authenticated or legitimized. It seems as it was necessary to present the budget every year, so they did it. Not taking into account the extreme uncertainty caused globally by the… Continue reading

Subsidy to K-Electric consumers reduced 57pc to Rs25.5bn

KARACHI: The federal budget 2020-21 has proposed 57 percent reduction in subsidy to K-Electric consumers for the upcoming year to Rs 25.5 billion compared with Rs59.5 billion allocation for the current year. Government has allocated Rs10 billion to pick up K-Electric’s tariff differential for 2020-21, which was fixed at Rs25… Continue reading

PTI government presents new taxes less, incentive less deficit budget 2020-21

ISLAMABAD: Minster for Industries Hammad Azhar presented the federal budget for the fiscal year 2020-21, wherein no new taxes have been imposed. The budget i.e. the Finance Bill is said to be prepared by the IMF instead of Federal Board of Revenue (FBR) and Ministry of Finance and Revenue. An… Continue reading

Agha Shahab rejects more powers for Taxmen in the Budget

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has expressed serious concern on reports that the Income Tax officials are seeking more powers to probe and reopen cases of taxpayers for as long as past 10 years.  In their proposals for budget 2020-21, the officials… Continue reading

IMF warns Asia’s economy to see 0% growth in 2020

TOKYO: Asia’s economy is expected to stall at zero percent this year, the worst growth performance in almost 60 years, said the International Monetary Fund (IMF) on Wednesday. “This is a crisis like no other. It is worse than the global financial crisis, and Asia is not immune. The impact… Continue reading

IMF relaxes budget deficit ceiling

ISLAMABAD: The International Monetary Fund (IMF) has agreed to relax budget deficit ceiling aimed at allowing Pakistan to meet emergency fiscal needs to fight deadly coronavirus contagion that has started spreading rapidly. “The IMF has agreed that spending on the coronavirus will not be counted for budget deficit target purposes,”… Continue reading

Dr. Murtaza Syed appointed as Deputy Governor SBP

Dr. Murtaza Syed was appointed as Deputy Governor of the State Bank of Pakistan by the Federal Government for a period of three years, in pursuance of Section 10(4) of the State Bank of Pakistan Act 1956 (amended). He assumed his responsibilities on January 27, 2020. Dr. Syed has more… Continue reading

Pakistan receives another $452.4 million from IMF

KARACHI: Pakistan has received $452.4 million as the second tranche of $6 billion IMF loan taking the foreign exchange reserves up to $18 billion. “On 23-December-2019, SBP received US$452.4 million from International Monetary Fund (IMF) as second tranche under EFF (extended fund facility) program,” the State Bank of Pakistan (SBP)… Continue reading