By Staff Reporter
KARACHI: Pakistan’s foreign exchange reserves sharply rose by $1.985 billion or 14 percent as of June 24 on $2.3 billion inflows from China , the central bank said on Thursday.
Macro
Deficit Control: Low-cost housing, youth loans shelved
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) on Thursday shelved new disbursements under Mera Pakistan Mera Ghar (MPMG) scheme till August 31, 2022 and Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme (PMKJ-YES) for next 15 days in an attempt to narrow the budget deficit to meet IMF bailout goals.
Production Disruption: Export industry denied gas for second time in a month
By Staff Reporter
ISLAMABAD: The exporting sector’s gas supply has been choked for the second time within a month, which industry officials say disrupts production cycle of textiles, causing delays in delivering international orders, thus slowing down inflows of export proceeds.
Rs15-18/litre: Fuel prices cranked up on IMF’s levy demand
By Staff Reporter
ISLAMABAD: The government on Thursday imposed part of the Petroleum Levy on fuels, driving the prices of petroleum products up by Rs15-18, to the utter dismay of the inflation-gutted consumers.
ISLAMABAD: Minister of Finance Miftah Ismail addressing a press conference along with others at Pak Secretariat in Federal Capital. ONLINE PHOTO by Sultan Bashir dated June 11, 2022
Miftah Ismail’s ironclad case for super tax
By Staff Reporter
ISLAMABAD: A candid exchange over Twitter involving Finance Minister Miftah Ismail was reported here the other day as “a rare peek” into his approach to budget making. It turns out such peeks are anything but rare.
OFFICIAL SEAL: Image courtesy IMF official website
Staff level deal with IMF likely this week
By Staff Reporter
ISLAMABAD: Pakistani authorities are expecting the International Monetary Fund (IMF) to share a draft Memorandum of Financial and Economic Policies (MEFP) in the next 24 hours, paving the way for a staff level agreement within this week.
Pakistan almost seals IMF deal with super tax
By Staff Reporter
ISLAMABAD: Mustering the much-needed courage, the government on Friday levied a super tax on big-earners to raise extra Rs466 billion, enabling itself to chase a higher tax target of Rs7.470 trillion to reclaim the IMF loan ditched by the last government.
The Plot: PSX plummeted after the announcement of super tax. Screenshot from PSX data portal.
Super tax: A bridge too far?
By Staff Reporter
ISLAMABAD: The government scrambled to control damage Friday after the announcement of a 20 percent super tax sowed panic among the markets, causing the PSX to lose 2,055 points or 4.81 value in a mere 20 minutes before trading was closed to stem further damage.
Image courtesy PSX
PSX crashes on news of super tax
By Staff Reporter
KARACHI: Pakistan Stock Exchange (PSX) crashed on Friday after Prime Minister Shehbaz Sharif announced to impose a 10 percent super tax on large-scale industries.
The super-rich to pay super tax
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif Friday said the new budget will bring a 10 percent super tax on major industries and a progressive tax on the income of those earning more than PKR 150 million, with the proceeds being spent on poverty alleviation measures.