ISLAMABAD: The International Monetary Fund on Friday approved a $1 billion disbursement to Pakistan under its Extended Fund Facility, brushing aside India’s attempts to persuade the lender to withhold the funds.
top-economy
Remittances surge 31pc to $31.2bn in FY2025, despite April dip
KARACHI: Pakistan’s remittances from overseas workers soared 31% in the first 10 months of fiscal year 2025, reaching a record $31.2 billion, compared to $23.9 billion in the same period the previous year, data from the State Bank of Pakistan (SBP) showed on Friday.
Budget gap hits 2.4pc of GDP
KARACHI: The budget deficit swelled to 2.4 percent of gross domestic product in the first nine months of the fiscal year 2024-25, as hefty interest payments overshadowed a primary surplus, data from the Finance Division showed.
Stocks plunge 6pc after Pakistan-India clash, then recover
KARACHI: Stocks cratered as much as 6 percent at the opening bell after India launched strikes on Pakistan and Azad Kashmir, only to rebound as investors bet against a wider conflict.
SBP’s surprise 100bps rate cut counters global, India tensions
KARACHI: Pakistan’s central bank cut its key policy rate by 100 basis points to 11 percent on Monday, resuming an easing cycle that has reduced the rate from a record 22% after a March pause, as inflation plummeted to near-zero levels amid collapsing food and energy prices.
FBR gets instant tax recovery power post court ruling
ISLAMABAD: The government has granted tax authorities sweeping powers to seize bank accounts, properties, and seal businesses without prior notice, immediately following rulings from the country’s superior courts to recover unpaid taxes.
IMF sticks to Pakistan review on May 9, defying India’s push
KARACHI: The International Monetary Fund (IMF) will proceed with its Executive Board meeting on May 9 to review Pakistan’s $7 billion bailout program, dousing speculation of a delay sparked by a media report that India is pressing global lenders to rethink funds to Islamabad after a deadly attack in occupied Kashmir.
Trade deficit balloons 55pc in April as exports fall, imports jump
ISLAMABAD: Pakistan’s trade deficit surged 55.2% month-on-month to $3.39 billion in April 2025, driven by a sharp contraction in exports and a double-digit rise in imports, official data showed on Friday.
FBR races to close Rs3 trillion tax gap in 2 months
ISLAMABAD: The Federal Board of Revenue (FBR) is racing against time to bridge a Rs3 trillion fiscal gap over the next two months to meet a revised tax target of Rs12.332 trillion, after sluggish collections deepened risks of missing a critical benchmark renegotiated under an International Monetary Fund bailout program.
Petrol, diesel prices cut by Rs2/liter, tax grab limits relief
ISLAMABAD: The government cut petrol and diesel prices by Rs2 per liter on Wednesday, a marginal reprieve for consumers as it siphoned savings from falling global oil costs through higher taxes to shore up revenue.