By Staff Reporter
ISLAMABAD: Pakistan has assured the IMF on a phase-wise increase in tax on petroleum products, citing a further raise of Rs10 per liter planned from September 1, officials said.
Economy
Pakistan’s letter off to IMF for bailout revival
The stage now seems set for the revival of the program and disbursement of a USD 1.17 billion tranche before August is out. By Muhammad Ali.
Saudi Arabia to renew $3 billion deposit to Pakistan
News Desk
KARACHI: Saudi Arabia has decided to rollover its $3 billion deposit in Pakistan’s central bank and an announcement on the kingdom’s assistance to cash-strapped nation is expected in next two days, Bloomberg newswire reported on Saturday.
Car sales hit speed bump in July, seen decelerating further
By Staff Reporter
KARACHI: Car sales plunged by 59 percent in July as high borrowing costs, tight credit and a slowing economy dragged down demand, an industry body said on Friday.
Nepra approves Rs9.90/unit increase in electricity tariff
By Staff Reporter
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday allowed power distribution companies to charge additional fuel cost adjustment (FCA) of Rs9.90 per unit on electricity they sold in June.
Pakistan receives LoI to request $1.17bln IMF bailout loan
By Staff Reporter
ISLAMABAD: Pakistan on Friday received a Letter of Intent (LoI) from the International Monetary Fund (IMF) to formally request the board of Washington-based lender to release two tranches worth $1.17 billion and an additional one billion dollar and a year’s extension in the bailout loan facility.
Forex reserves slump 4.6 pct in just a week to lowest since October 2019
By Staff Reporter
KARACHI: Pakistan’s foreign exchanges reserves plunged almost 4.6 percent or $648 billion in the first week of August on higher external debt payments and dried dollar inflows, central bank data showed on Thursday.
Islamabad: Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division- August 11,2022.
ECC raises imported urea price by 25 percent
By Staff Reporter
ISLAMABAD: The government on Thursday raised the Dealer Transfer Price (DTP) of imported urea, the fertilizer most used by farmers, by near 25 percent to Rs2,150/bag to bring it par with the cost of locally produced fertilizer.
Power utility KE allowed to raise electricity tariff by Rs11.10/unit
By Staff Reporter
ISLAMABAD: Power regulator Nepra on Thursday allowed fuel cost adjustments (FCA) of Rs11.10/unit to Karachi-based power utility K-Electric for the electricity consumed in June.
UAE to invest $1 billion in Pakistani companies
By Staff Reporter
ISLAMABAD: The United Arab Emirates is planning to invest $1 billion in Pakistani companies spanning various sectors, state-run news agency WAM reported on Friday.