By Staff Reporter
ISLAMABAD: The federal cabinet approved a major overhaul of the country’s governance structure on Tuesday, merging 82 government institutions into 40 to improve efficiency, reduce bureaucracy and align with international standards.
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Pakistan seeks $4 billion from Middle East banks to plug funding gap
By Monitoring Desk
ISLAMABAD: Pakistan is seeking up to $4 billion from Middle Eastern commercial banks by next fiscal year to bridge external financing gaps, central bank Governor Jameel Ahmad said.
Pakistan gets positive signals from key allies on $7 billion IMF loan
By Staff Reporter
ISLAMABAD: Pakistan has received encouraging signals from China, Saudi Arabia, and the United Arab Emirates regarding their potential support for the country’s $7 billion International Monetary Fund (IMF) loan package, Finance Minister Muhammad Aurangzeb said on Friday, a crucial step towards unlocking the funding at the lender’s next month’s board meeting.
Govt to close utility stores, cutting subsidies for millions of poor
By Staff Reporter
ISLAMABAD: The government will close its network of utility stores, which provide subsidized essential goods to millions of low-income families, as part of a drive to reduce expenses and promote competition, an official said on Friday.
Inflation seen easing to single digits in August
By Staff Reporter
KARACHI: Inflation rate is poised to breach the single-digit barrier for the first time in three years in August, according to a forecast by brokerage houses, which could pave the way for further interest rate cuts by the central bank.
Pakistan to unveils plan to revive economy over five years
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday a comprehensive five-year economic revival plan, finalised after months of stakeholder consultations, will be announced in the coming weeks.
Pakistan to stick with IMF-mandated reforms, Aurangzeb says
By Staff Reporter
ISLAMABAD: The government remains committed to implementing structural reforms mandated by the International Monetary Fund (IMF), Finance Minister Muhammad Aurangzeb said, as the country sees signs of economic stability.
Pakistan targets September for $7 billion IMF loan approval
By Staff Reporter
ISLAMABAD: Pakistan is making progress on a new $7 billion International Monetary Fund (IMF) loan program, targeting September board approval, said Finance Minister Muhammad Aurangzeb on Wednesday.
Pakistan vows to stem smuggling as economy feels the pinch
By Staff Reporter
ISLAMABAD: The government has stepped up its anti-smuggling drive, with Prime Minister Muhammad Shehbaz Sharif warning that smuggling is harming the economy, as authorities seize billions of rupees worth of contraband.
New tax, old woes
By Staff Reporter
ISLAMABAD: In a bid to combat the rampant trade of illicit cigarettes and shore up government revenues, the Federal Board of Revenue (FBR) has introduced a controversial new advance tax on acetate tow, a key raw material used in cigarette manufacturing.