ISLAMABAD: The Economic Coordination Committee of the cabinet on Wednesday approved changes to import rules allowing the commercial shipment of used vehicles, imposing a 40% regulatory duty and initially restricting them to models no older than five years.
Economy
Gilgit-Baltistan traders end border protest after government grants tax exemptions
ISLAMABAD: Traders in the northern Gilgit-Baltistan region suspended a two-month protest near the Chinese border on Wednesday after the government agreed to significant tax exemptions for the region’s residents, ending a standoff that had crippled trade through the vital Khunjerab Pass.
CII clarifies no final decision on withholding tax, deems it ‘un-Islamic’ in initial ruling
ISLAMABAD : The Council of Islamic Ideology (CII), Pakistan’s top advisory body on Islamic law, stirred debate on Wednesday after initially declaring the withholding tax on money transfers and withdrawals “un-Islamic” during its 243rd meeting, only to later clarify that no final decision had been reached.
PIA gets TCO approval to restart UK operations in October
ISLAMABAD: Pakistan International Airlines (PIA) will resume flights to the United Kingdom next month after receiving Third Country Operator (TCO) approval, the national carrier announced on Wednesday, marking a significant step in restoring its UK operations following a five-year ban.
PM Sharif urges IMF to weigh flood toll in program review
KARACHI: Prime Minister Shehbaz Sharif urged the International Monetary Fund to consider the economic toll of recent floods in its program review during talks with the lender’s chief on Wednesday, as the country pushes reforms to sustain a fragile economic recovery.
Pakistan seeks IMF nod to restore wheat price support after crop yields falter
ISLAMABAD: Pakistan is turning to the International Monetary Fund to reinstate the annual announcement of a minimum support price for wheat, a move aimed at stabilising agricultural production after the policy’s abolishment triggered a decline in output and a surge in prices, food minister said.
Govt to seal Rs1.225 trillion bank deal to ease energy debts strain
ISLAMABAD: The government will sign a Rs1.225 trillion financing agreement with 18 domestic banks on Wednesday, a critical move to pare down the power sector’s crippling circular debt, which has choked utilities and weighed heavily on the nation’s economy.
TCP’s sugar tender draws $534.75/ton low offer – traders
KARACHI: Pakistan’s state trading agency received a low offer of $534.75 a metric ton, cost and freight included, in an international tender to purchase 100,000 tons of white sugar, according to initial assessments from traders.
Pakistan’s poverty edges up to 25.3 percent in reversal of long-running decline – World Bank
ISLAMABAD: Pakistan’s poverty rate climbed to 25.3% in the fiscal year through June 2024, reversing nearly two decades of steady declines, as economic shocks and policy missteps eroded earlier gains, according to a World Bank report.
Pakistan to launch 5G in seven cities within months, eyes Saudi-backed investment
KARACHI: Pakistan will roll out 5G wireless services within months, starting in seven major cities, as the cash-strapped South Asian nation seeks to bolster its digital infrastructure and draw foreign investment through a new defence pact with Saudi Arabia.