By Staff Reporter
ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved various infrastructure projects costing Rs395.8 billion, including the Hyderabad-Sukkur Motorway, a statement said on Wednesday.
Economy
Closing in on IMF loan: Provinces to ink surplus revenue MoUs shortly
By Staff Reporter
ISLAMABAD: The provinces have consented to sign a Memorandum of Understanding (MoU) to generate a revenue surplus of Rs750 billion this fiscal year to narrow the federal budget deficit to 4.9 percent of the GDP (gross domestic product) as demanded by the IMF, it is learnt.
Islamabad: Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division- 28-05-2022.
Subsidy on 5 essential commodities to continue
By Staff Reporter
ISLAMABAD: A powerful cabinet committee Wednesday decided to continue a federal subsidy program on five essential commodities, announced by Prime Minister Shehbaz Sharif in the final weeks of the last fiscal and commonly known as the prime minister’s relief package.
Animal disease emergency ahead of Eid-ul-Azha
By Staff Reporter
ISLAMABAD: The government has decided to declare a national disease emergency on account of an outbreak of lumpy skin disease (LSD) in the country ahead of Eid-ul-Azha.
POWER WOES: Residents of Quetta’s Spinny Road are seeing protesting against load shedding in their area in this photo dated June 18, 2022, ONLINE PHOTO by Samiullah.
Monsoons, KANUPP-2 bring welcome respite in load shedding
By Staff Reporter
ISLAMABAD: As the Indus starts to swell with the onset of Monsoon rains, power generation capacity of the Tarbela hydroelectric plant is set to improve by 2,500 MW and 3,500 MW, allowing the authorities to cut back load shedding, Independent Pakistan can report.
Tax Evasion: Tobacco sector directed to implement Track & Trace System
By Staff Reporter
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday directed cigarette manufacturers to join the Track and Trace System regime with effect from July 1, 2022, to bring the sector’s larger tax evading part in the tax net.
Risking Bailout: Cabinet drags feet on phased power tariff hike
By Staff Reporter
ISLAMABAD: The Federal Cabinet is yet to give a go-ahead to phasing in a power tariff hike of Rs7.92/unit as committed with the IMF, which might have consequences for the bailout pogramme, it is learnt.
Anomalies: Petroleum Division engages SECP to vet Eni-PIOGCL deal
By Staff Reporter
ISLAMABAD: Petroleum Division has raised questions over Hub Power Holding Limited’s (HUBCO) undertaking about the transfer of entire share capital of Eni Pakistan Limited to Prime International Oil & Gas Company Limited (PIOGCL), while moving the corporate regulator to vet the case for clarity, it was learnt on Monday.
Miftah says IMF talks progressing well
By Staff Reporter
ISLAMABAD: Minister for Finance Miftah Ismail on Monday claimed the IMF programme was coming along very well, but the fund has not shared the nine tables with the Memorandum of Economic and Financial Policies (MEFP), required for the completion of combined reviews, which casts tons of doubts on the finance chief’s damage-control statements, raising serious concerns over the fate of economy.
Surging Imports: Trade deficit widens 55.29pc to $48.25bn
By Staff Reporter
ISLAMABAD: Trade deficit widened by a gargantuan 55.29 percent in the fiscal year ended on June 30, 2022 primarily powered by a surge in petroleum and foods imports that outpaced the exports by a mammoth margin.