ISLAMABAD: Finance minister on Monday defended a long-awaited International Monetary Fund report on governance and corruption as a vital tool for institutional overhaul, dismissing opposition claims of deliberate delays and pledging to implement its recommendations amid broader efforts to digitise the economy and confront climate change.
Economy
Floods to cut GDP growth by 0.5 percent, finance minister warns of eroding recovery
ISLAMABAD: Finance minister said this year’s climate-driven floods are expected to shave 0.5% off the country’s GDP growth forecast, warning that the economic cost of extreme weather is now eroding the nation’s recovery prospects.
Inflation eases to 6.1 percent in November as food, energy pressures moderate
ISLAMABAD: Pakistan’s inflation cooled slightly to 6.1% in November, staying within the government’s forecast range as moderating fuel costs and improved crop supplies helped offset lingering pressures from floods and border disruptions.
Pump prices eased as Brent cools; tax load remains elevated
ISLAMABAD: The government has reduced retail prices of high-speed diesel by Rs4.79 a liter and petrol by Rs2 a liter effective Dec. 1, passing on the benefit of softer international crude prices in the second half of November.
FM Aurangzeb sees IMF critique as spur for urgent reforms
ISLAMABAD: Finance Minister Muhammad Aurangzeb pushed back against opposition criticism of a recent International Monetary Fund report that flagged financial irregularities in the country, describing the document not as an attack but as a “catalyst for accelerating long-overdue reforms.”
FBR falls well short of November tax target, casting doubt on annual outlook
ISLAMABAD: The Federal Board of Revenue missed its monthly tax collection target by Rs143 billion in November, more than double the average shortfall seen in the first four months of the fiscal year, as sluggish economic activity and factory closures compounded the impact of higher tax rates.
PIA escapes Airbus A320 software recall as carriers worldwide rush repairs
KARACHI: Pakistan International Airlines emerged unscathed from a sweeping Airbus SE recall of 6,000 A320-family jets over a software glitch, even as carriers worldwide scrambled overnight to implement fixes that temporarily grounded aircraft in Asia and Europe and loomed over US travel during the post-Thanksgiving surge.
Sugar mills face probe for alleged cartel on cane prices, crushing schedule
ISLAMABAD: The antitrust regulator has issued show-cause notices to 10 sugar mills in Punjab province for allegedly colluding to delay the start of the crushing season and fix sugarcane procurement prices at Rs400 per maund, in a move that could disrupt sugar supplies and inflate retail costs.
Pakistan sees ‘cautious optimism on growth’ as reforms lift outlook despite sticky inflation
ISLAMABAD: Pakistan voiced cautious optimism over the economic outlook in its latest monthly update, citing strengthening industrial activity and structural reforms even as inflation remains stubborn in the 5-6% range due to pressures on food prices and agricultural production.
Govt likely to cut fuel prices by up to Rs6.30 a liter as global rates dip
ISLAMABAD: The government is poised to lower prices for all petroleum products by as much as Rs6.30 per liter starting Sunday, reflecting modest declines in international markets, according to industry officials.