By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar said the government won’t impose any new taxes on the agriculture and construction industries, dismissing media reports that suggested otherwise.
Economy
Pakistan’s foreign borrowing falls 37 percent in fiscal 2023
By Staff Reporter
ISLAMABAD: Pakistan’s external borrowing fell 37 percent to $10.8 billion in the fiscal year 2022/23, the lowest level in four years, as a stalled IMF programme reduced access to foreign loans from commercial banks and friendly countries, official data showed on Friday.
Pakistan urges Russia to restore Black Sea grain deal
By Staff Reporter
ISLAMABAD: Pakistan said on Thursday it would work to restore a vital Black Sea grain deal that Russia scrapped last week, warning that the move threatened global food security and hurt developing countries.
Fuel retailers plan shut down over profit margins
By Staff Reporter
KARACHI: Fuel retailers plan to shut down their pumps across the country from Saturday, demanding a higher profit margin from the government.
Pakistan to sell Karachi Port Terminal to Abu Dhabi Ports
By Staff Reporter
ISLAMABAD: Pakistan plans to sell the bulk and general cargo terminal at Karachi Port’s East Wharf to Abu Dhabi Ports, the second such deal in less than a year, as the cash-strapped nation seeks to raise funds and improve its infrastructure.
Pakistan must keep raising policy rate to fight inflation, IMF says
By Staff Reporter
ISLAMABAD: The International Monetary Fund has urged Pakistan to continue its monetary tightening cycle to rein in inflation and support the exchange rate, after approving a new $3 billion loan for the country last week.
Pakistan’s current account surplus widens in June as imports plunge
By Staff Reporter
KARACHI: Pakistan’s current account posted a surplus for the fourth straight month in June, as the country’s import bill fell sharply amid dollar shortages, data from the central bank showed on Tuesday.
Pakistan gets $600 million loan rollover from China
By Staff Reporter
ISLAMABAD: China has rolled over a $600 million loan to Pakistan, boosting the country’s foreign exchange reserves as it seeks to stabilise its economy under an International Monetary Fund (IMF) program.
Pakistan cracks down on illegal loan apps after man’s death
By Staff Reporter
ISLAMABAD: Pakistan’s government said on Monday it had blocked 43 loan applications and launched a public awareness campaign to protect citizens from falling victim to fraudulent loan schemes, after a man’s death sparked an investigation into the online lending industry.
Pakistan Refinery, Air Link to buy Shell Pakistan’s stake
By Staff Reporter
ISLAMABAD: Pakistan Refinery Limited (PRL) and Air Link Communication, a smartphone distributor and manufacturer, said on Monday they would jointly acquire the majority stake of Shell Pakistan Limited (SPL), as the oil giant exits the country amid a financial crisis.