By Staff Reporter
ISLAMABAD: Pakistan has secured a $3-billion, nine-month bailout from the International Monetary Fund (IMF) that will help it avoid default this year, Bloomberg Economics said.
top-economy
Diesel gets costlier, petrol prices unchanged
By Staff Reporter
ISLAMABAD: Pakistan’s government raised the price of high-speed diesel by 3.1 percent on Friday, but left petrol prices unchanged, as global oil prices rose in the past two weeks.
Minister of State for Petroleum, Dr. Musadik Malik addressing a press conference at Lahore on June 28, 2023.
Pakistan’s new oil storage policy to curb hoarding, ease forex pressure
By Staff Reporter
ISLAMABAD: Pakistan will let foreign oil suppliers store crude and refined products in bonded facilities at its ports, a move that may ease the nation’s foreign exchange burden and prevent fuel shortages, the state minister for petroleum said on Wednesday.
Pakistan gets second batch of Russian crude oil
By Staff Reporter
KARACHI: Pakistan received its second shipment of Russian crude oil on Tuesday, as part of a deal to import 100,000 tonnes of discounted oil from Moscow to ease its energy crisis.
SBP bets on high interest rate to save IMF deal
By Staff Reporter KARACHI: The State Bank of Pakistan (SBP) unexpectedly raised its benchmark rate by 100 basis points to a record high of 22
Government raises advance income tax on vehicles above 2000cc
By Staff Reporter
ISLAMABAD: The government has raised the advance income tax on vehicles above 2000cc and imposed a fixed tax on imported and locally manufactured vehicles from 2001cc to above 3000cc under the amended Finance Bill 2023, according to a document issued by the Federal Board of Revenue (FBR).
ECC allows Sindh sugar mills to export 32,000 tons
By Staff Reporter
ISLAMABAD: The cabinet’s Economic Coordination Committee (ECC) approved on Friday the export of 32,000 metric tons of sugar by mills in Sindh province within 60 days and a supplementary grant of Rs250 billion to increase the borrowing limit of the provinces for the current fiscal year.
AD Ports Group signs 50-year deal to operate Karachi terminal
By Staff Reporter
KARACHI: AD Ports Group, a UAE government-owned maritime and logistics provider, said on Thursday it had signed a 50-year concession agreement with Pakistan’s Karachi Port Trust (KPT) to operate the Karachi Gateway Terminal Limited (KGTL).
Pakistan to lease 4 Karachi Port terminals to UAE for half a century
By Staff Reporter
KARACHI: Pakistan is set to lease four terminals of its Karachi Port to a state-owned company of the United Arab Emirates for 50 years in a deal that will bring $50 million upfront and about $24 million in annual fees.
K-Electric tariff to rise by Rs1.52/unit from July
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved a surcharge of Rs1.52 rupees per unit of electricity for consumers of K-Electric, the country’s largest power distributor, to align its tariff with other state-owned utilities.