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No financial emergency in Pakistan, says Miftah
Special Reporter
ISLAMABAD: Finance Minister Miftah Ismail said on Monday that there was no financial emergency in Pakistan, especially after the two back-to-back increase in the price of petroleum.
The federal minister said the prime…
Rupee drops to one-week low of 200.51 against USD
KARACHI:The Pakistani rupee on Monday slumped 1.30% (or Rs2.59) to a one-week low of Rs200.51 against the US dollar at around 1:45pm in the inter-bank market on Monday marking another significant drop for a single day.
The rupee had…
Pakistan’s shadow economy accounts for 40pc of GDP, says…
LAHORE: As the authorities and key government figures have been drawing attention to the economic losses due to illegal trade, the country’s shadow economy accounts for about 40 per cent of GDP, while 6pc of the gross domestic product is…
Centre, provinces plan spending spree
ISLAMABAD:
Amid serious fiscal constraints, the government on Saturday approved allocations to the tune of Rs2.184 trillion under the national development spending plans for next fiscal year -- higher by Rs347 billion or one-fifth over…
Petrol price jacked up by Rs30 to whopping Rs209.86
The federal government has increased petrol prices by Rs30 to a whopping Rs209.86 per litre in less than a week after it announced an Rs30 hike on May 27.
The price of high speed diesel (HSD) has also been increased by Rs30 per litre to…
China agrees to refinance over $2 billion debt
Finance Minister Miftah Ismail has said that China has agreed to refinance $2.3 billion in debt, providing a major financial relief to the government.
“The terms and conditions for refinancing of RMB 15 billion deposit by Chinese banks…
Miftah says import ban does not extend to industrial raw material
Finance Minister Miftah Ismail on Sunday stated that the government has not issued a ban on any industrial raw material; the ban only extends to luxury and non-essential goods.
The finance minister took to his official Twitter account to…
Ministries face steep budget cut
ISLAMABAD:
The cash-starved government has proposed a steep reduction in the development budget allocation for the ministries in the next fiscal year against the original spending plans for the outgoing year but has kept Rs40 billion for…
Govt mulls incentives to raise cotton output
ISLAMABAD:
The government has decided to offer incentives to the farmers to enable them to switch over from the water-intensive sugarcane crop to cotton production in a bid to rely less on cotton imports and enhance textile exports amid a…
Bond yields rise further
KARACHI:
Commercial banks have further increased the interest rate on fresh financing for the cash-strapped government, as the demand for funds to meet budgetary expenditures stood high whereas political uncertainty restrained the rulers…