By Staff Reporter
ISLAMABAD: Saudi Arabia plans to invest $1 billion in Pakistan to support the country’s economy, official Saudi Press Agency (SPA) reported on Thursday.
Economy
FDI drops to $59 million in July
By Staff Reporter
KARACHI: Pakistan’s foreign direct investment (FDI) fell 43 percent to $59 million in July from $103.8 million same period last a year ago, the central bank data showed on Wednesday.
Qatar plans to invest $3 billion in Pakistan
By Staff Reporter
ISLAMABAD: Qatar’s sovereign wealth fund plans to invest $3 billion Pakistan, the ruler’s office said on Wednesday, extending its support to the cash-strapped economy of the South Asian country.
Current account deficit narrows to $1.21 billion in July
By Staff Reporter
KARACHI: Current account deficit narrowed to $1.21 billion, in the first month of the fiscal year that began July 1 from $2.187 billion in the previous month, boosted by a sharp cut in imports, the central bank said in balance of payments figures released on Wednesday.
PM Sharif exempts 17 million electricity consumers from fuel adjustment charges
By Staff Reporter
KARACHI: The government planned to exempt at least 17 million consumers from paying fuel adjustment charges (FCA) in their monthly electricity bills to provide relief from sky-high energy bills, Prime Minister Shehbaz Sharif said on Tuesday.
New tax on tobacco and cigarettes to keep Pakistan on-budget
New taxes to keep government on-budget
Keeping the country solvent is an important priority, but marshalling resources for floor relief and rehabilitation needs to move up the ladder.
New tax on tobacco and cigarettes to keep Pakistan on-budget
President Alvi signs ordinance raising taxes on tobacco products
By Staff Reporter
ISLAMABAD: President Arif Alvi on Monday signed an ordinance further raising taxes on tobacco products to generate an additional revenue of Rs38 billion ahead of the International Monetary Fund’s crucial board meeting on Pakistan’s bailout funding.
SBP keeps policy rate flat at 15pc, eyes inflation data
By Staff Reporter
KARACHI: State Bank of Pakistan kept its benchmark interest rate unchanged at 15 percent on Monday, and said it continued to have a cautious attitude toward policy stance considering runaway monthly inflation.
Govt picks central banker Jameel Ahmad as new governor SBP
By Staff Reporter
KARACHI: Jameel Ahmed, a career central banker, was appointed to head the State Bank of Pakistan (SBP) on Friday as the government seeks to pull the country out of an economic tailspin, avoid a default and resume an installed International Monetary Fund bailout programme.
Pakistan ends ban on import of luxury goods, plans heavy taxes
By Staff Reporter
ISLAMABAD: The government has lifted an import ban on luxury goods, but has also planned heavy taxes and duties between 400 to 600 percent on such items to curb imports, a minister said on Thursday.