By Staff Reporter
KARACHI: Pakistan’s budget for fiscal 2025 targets quicker fiscal consolidation, but the country’s debt affordability remains weak, posing high debt sustainability risks, rating agency Moody’s said on Thursday.
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FM Aurangzeb says Pakistan on track for IMF loan deal in July
By Staff Reporter
ISLAMABAD: Finance Minister Mohammad Aurangzeb said on Thursday the country expects to reach a staff-level agreement with the International Monetary Fund (IMF) next month, paving the way for a fresh loan to address its economic woes.
Pakistan unveils budget aimed at securing IMF bailout
By Staff Reporter
ISLAMABAD: Pakistan has set an ambitious tax revenue target of Rs13 trillion for the fiscal year starting July 1, a 40 percent jump from the current year, as it seeks to bolster its case for a new bailout deal with the International Monetary Fund (IMF) worth upto $8 billion.
Illegal cigarettes erode Pakistan’s tax base, undermine health initiatives
ISLAMABAD: The intricate process of policymaking is currently centered around a contentious issue: tobacco taxation. As the government delves into its budget-making process, a fierce debate has emerged. Policymakers are grappling with a critical decision—whether to focus on the country’s fiscal framework or to prioritize a health-driven agenda by increasing taxes on the tobacco sector.
S&P Global sees rate cut after surprise inflation drop
By Staff Reporter
ISLAMABAD: S&P Global Market Intelligence expects the State Bank of Pakistan (SBP) to cut its policy rate by the end of June and projects a cumulative 450-basis-point reduction by the end of 2024, following a surprise drop in the monthly inflation rate.
IHC overturns convictions of Khan, Qureshi in cipher case
By Staff Reporter
ISLAMABAD: The Islamabad High Court (IHC) on Monday acquitted former Prime Minister Imran Khan and ex-Foreign Minister Shah Mahmood Qureshi of charges related to leaking state secrets, their lawyer and party said.
Inflation dips to 30-month low, signals potential rate cut
By Staff Reporter
KARACHI: Inflation cooled more than expected in May, hitting a 30-month low and coming in under government forecasts, potentially giving the central bank room to ease policy in the upcoming review.
Petrol price cut by Rs15.39 per liter, diesel by Rs7.88
By Staff Reporter
ISLAMABAD: The government has cut the price of petrol by 5.3 percent to Rs273.10 per liter for the next 15 days, the second cut in a fortnight, providing some relief to consumers reeling from inflation over the past two years.
Telecom operators agree to block SIMs of tax evaders
By Staff Reporter
ISLAMABAD: Pakistan’s telecom operators have reached an agreement with the Federal Board of Revenue (FBR) to block mobile phone SIMs of individuals who haven’t filed their tax returns, ending a week-long standoff with the tax authorities.
Lawyers go on nationwide strike over ‘police brutality’
By Staff Reporter
ISLAMABAD: Lawyers’ associations called for a nationwide strike on Thursday, shutting down all courts, including the Supreme Court, high courts, and subordinate judiciary, to protest against “police brutality” towards lawyers in Lahore.