ISLAMABAD: Pakistan has set a 4% economic growth target for the fiscal year beginning July, nudging higher from an estimated 3.7% this year, even as a surge in global oil prices triggered by the US-Iran conflict strains inflation and the government acknowledges it has virtually no money left to fund new development projects.
Economy
Islamabad restores early market closures as energy austerity returns after Eid reprieve
ISLAMABAD: The federal government reimposed strict market-closing hours in Islamabad from Monday, ordering shops and malls to shut by 8 p.m. in a renewed push to rein in energy consumption — a measure that had been suspended for weeks to accommodate Eid Al-Adha celebrations, but that traders warn is gutting their livelihoods.
Oil shock pushes Pakistan inflation to highest level in over two years
ISLAMABAD: Pakistan’s inflation accelerated to its fastest pace in nearly two years last month, erasing much of the disinflation progress the country had achieved and casting a shadow over prospects for further interest-rate cuts.
FBR is nearly on tax target — once you use the right number
The tax authorities are on track to meet their annual revenue goal after the government and the IMF revised the target downward by more than Rs1,100 billion earlier this year — a recalibration that renders the “Rs864 billion shortfall” dominating domestic headlines a comparison against figures that no longer govern fiscal policy.
EU foreign policy chief Kallas to visit Pakistan on Monday for high-level bilateral talks
ISLAMABAD: European Union foreign policy chief Kaja Kallas travels to Islamabad on Monday for a high-level bilateral visit that will see her co-chair the eighth round of the EU-Pakistan Strategic Dialogue alongside Deputy Prime Minister and Foreign Minister Ishaq Dar.
Power minister Leghari says 86 percent of Pakistani households still on subsidised electricity
ISLAMABAD: Power minister Awais Leghari pushed back on Sunday against what he called a weeks-long misinformation campaign over electricity subsidies, insisting the government was expanding its protected consumer base rather than retreating from it, even as separate negotiations with Chinese power producers under the China-Pakistan Economic Corridor framework remained deadlocked.
FBR heads for Rs1 trillion shortfall as Iran war, Eid holiday squeeze collections
ISLAMABAD: The Federal Board of Revenue is careening toward a revenue shortfall of close to Rs1 trillion by fiscal year-end, with the tax authority needing to collect an extraordinary Rs2.75 trillion in June alone to meet its downward-revised annual target — a sum that officials privately concede is out of reach.
Pakistan sets June 5 budget session with IMF targets and regional risks in focus
ISLAMABAD: President Asif Ali Zardari on Friday summoned both houses of Parliament to convene next week for the annual federal budget session, launching what is expected to be one of the most closely watched fiscal exercises in years as Pakistan balances International Monetary Fund demands, lingering economic fragility, and fresh uncertainty from the US-Iran conflict.
Pakistan opens inquiry into collision of two foreign vessels near Karachi Port
KARACHI: Pakistani authorities have launched a formal investigation into a collision between two foreign-flagged vessels just outside Karachi Port, officials said Friday, the latest test for the country’s ambitious efforts to position itself as a vital maritime and transshipment hub even as global shipping routes face fresh disruptions.
Pakistan slashes petrol and diesel prices by Rs22 a liter
ISLAMABAD: The government cut retail prices of petrol and high-speed diesel by Rs22 a liter each on Friday, the third reduction in recent weeks, handing relief to consumers on the third day of Eid al-Adha as millions of travelers prepare to head home over the weekend.