By Staff Reporter
ISLAMABAD: Pakistan should increase taxation of high-income earners, especially those who derive income from agriculture and property, and withdraw regressive tax exemptions, the World Bank said.
Commodities
Afghan cargo stuck at Karachi Port as Pakistan imposes new trade barriers
By Staff Reporter
KARACHI: Pakistan has imposed new fees and restrictions on the transit trade with Afghanistan, blocking hundreds of containers bound for the landlocked country at Karachi port and banning the export of 212 items, including chocolates, footwear, and garments.
Pakistan’s growth lags behind region as inflation soars, ADB says
ADB lowers Pakistan’s growth forecast to 1.9pc from 2pc, citing erratic rainfall and global price shocks. Inflation projected to rise to 25pc, the highest in Asia. The country’s economic recovery hinges on the IMF-supported adjustment program.
Watching sugar crisis, poised to act if necessary, says Competition watchdog
With sugar prices across the country sprialling into the stratosphere without any apparent reason, the CCP says it is on its toes to fulfil its statutory role. By Muhammad Ali.
Strawberry beside spoon of sugar. Photo by Mali Maeder via pexels.com
No plan to import sugar as stocks adequate
With sugar prices already sky-high, rumours of a plan to import expensive sugar from abroad could be the work of unscrupulous elements manipulating the market to further hike prices. By Muhammad Ali.
Rupee collapse spurs record fuel price hike
By Staff Reporter
ISLAMABAD: The caretaker government raised the prices of petrol and diesel by up to 6.3 percent on Thursday, citing a surge in global oil prices and a weak rupee that pushed the cost of fuel beyond 300 rupees per litre for the first time in history.
Inflation dips for second month in July
By Staff Reporter
ISLAMABAD: Pakistan’s inflation eased for a second month in July as food and fuel prices stabilized, giving some breathing space to the central bank that has been battling soaring price pressures and a weak currency.
Exports, imports fall double digits in July
By Staff Reporter
ISLAMABAD: Pakistan’s exports and imports both fell more than 12 percent in July, the first month of the new fiscal year, as the country faced a dollar crunch and a slowdown in imports of non essentials goods, official data showed on Tuesday.
Pakistan welcomes Chinese vice premier for CPEC anniversary
By Staff Reporter
ISLAMABAD: China’s vice premier, He Lifeng, will arrive in Pakistan on Sunday for a three-day visit to mark the 10th anniversary of a major economic and strategic partnership between the two countries, the Pakistani foreign office said on Saturday.
PASSCO to release 2.5 million tons of wheat from its reserves
By Staff Reporter
ISLAMABAD: Pakistan’s cabinet committee on economic affairs approved on Monday the allocation of 2.488 million metric tons of wheat from the state-run Pakistan Agricultural Storage and Services Corporation (PASSCO) to various agencies and provinces for the year 2023-24.