By Staff Reporter
KARACHI Pakistan’s fragile coalition government is all set to cut fuel prices, a move likely to ensure, for now, much needed political popularity at the cost of vital economic reforms.
Commodities
Pakistan central bank is ahead of the curve, acting Governor says
Monitoring Desk
KARACHI: State Bank of Pakistan Acting Governor Murtaza Syed discussed monetary policy and the outlook for the economy. The central bank on Thursday raised borrowing costs more than expected to quell Asia’s second-fastest inflation and meet conditions for a loan from the International Monetary Fund. Syed speaks on “Bloomberg Markets: Asia.” (Courtesy: Bloomberg)
Weekly inflation slows, but annual rate jump keeps pressure on govt
By Staff Reporter
ISLAMABAD: Weekly SPI inflation eased to 1.32 percent from 3.63 percent, but a rise in prices from a year earlier on higher food and energy costs adds to the miseries facing common Pakistanis.
Composite image by Independent Pakistan
Should Pakistan replace SBP with a currency board?
By Ahmer Kureishi
June, the final month of the last fiscal year saw wholesale inflation in Pakistan rise to a historic high of 38.9 percent per annum, giving rise to fears that the flood of consumer price inflation is about to turn into a tsunami. Already at this point, the consumer price index was at 21.32 percent per annum.
Development: Ecnec passes Rs395.8 billion projects
By Staff Reporter
ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved various infrastructure projects costing Rs395.8 billion, including the Hyderabad-Sukkur Motorway, a statement said on Wednesday.
Islamabad: Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division- 28-05-2022.
Subsidy on 5 essential commodities to continue
By Staff Reporter
ISLAMABAD: A powerful cabinet committee Wednesday decided to continue a federal subsidy program on five essential commodities, announced by Prime Minister Shehbaz Sharif in the final weeks of the last fiscal and commonly known as the prime minister’s relief package.
Tax Evasion: Tobacco sector directed to implement Track & Trace System
By Staff Reporter
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday directed cigarette manufacturers to join the Track and Trace System regime with effect from July 1, 2022, to bring the sector’s larger tax evading part in the tax net.
Stock image courtesy Pixabay
CPI Inflation: The worst is yet to be
By Staff Reporter
ISLAMABAD: Historic high inflationary pressures threaten to hold Pakistan’s economy hostage in the new fiscal year in the wake of consumer inflation reaching 21.34 percent for June, the last month of the previous fiscal.
The All Pakistan Textile Mills Association (APTMA) logo. Image courtesy APTMA Facebook page.
Textile industry in urgent appeal to lift gas supply suspension
By Staff Reporter
ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) Saturday aired an urgent appeal for the government of Prime Minister Shehbaz Sharif to lift a suspension of LNG for export oriented industries including the textile sector.
Photo courtesy of APP
June saw history’s worst inflation
By Staff Reporter
ISLAMABAD: Official data published Friday put the crucial Consumer Price Index (CPI) for the month of June 2022 at 21.32 percent, up 6.34 percent month-on-month from the level reported for May, a reflection of how the purchasing power of the common Pakistani is evaporating in thin air.