Business

ADB approves investing $2 BN in energy sector over next three years

Asian Development Bank (ADB) on Wednesday announced its plans to invest $2 billion in the energy sector over the next three years. The announcement was made after an ADB team lead by Director General for Central and West Asia Department Werner Liepach met with Federal Minister for Power Omar Ayub Khan and Special Assistant to the Prime Minister on Petroleum...

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ADB approves investing $2 BN in energy sector over next three years

Asian Development Bank (ADB) on Wednesday announced its plans to invest $2 billion in the energy sector over the next three years. The announcement was made after an ADB team lead by Director General for Central and West Asia Department Werner Liepach met with Federal Minister for Power Omar Ayub Khan and Special Assistant to the Prime Minister on Petroleum...

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FBR develops scheme to legalise non-duty paid goods

ISLAMABAD: In a fresh bid to legalise the volume of smuggled items ranging up to $10 billion on annual basis, the Federal Bureau of Revenue (FBR) is planning to launch a nationwide scheme to offer owners of non-duty paid (NDP) goods on payment of duty and taxes as well as with fine/penalty, FBR Chairman Syed Shabbar Zaidi said on Saturday....

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ADB approves loans of $1.3 billion for Pakistan extending budgetary support

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved two loans totaling $1.3 billion for budgetary support and key reforms in Pakistan. The ADB approved $1 billion in immediate budgetary support to Pakistan to “shore up the country’s public finances” and help strengthen a “slowing economy”, said a statement released by the bank. The quick dispersing Special Policy-Based Loan is...

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Adviser on Finance Dr Hafeez Shaikh stresses to preserve stable micro financing to tackle economic issue

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh has urged on the need of preserving a ‘stable' micro financing environment to tackle the economic issues of Pakistan. The advisor said that rising fiscal deficits have hampered government's ability to make capital available in the development sectors. “This combination of microfinance can help in tackling the issues of...

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IMF agrees to grant Rs500 MN loan installment to Pakistan: Hafeez Sheikh

KARACHI: Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh has said that the International Monetary Fund (IMF) has approved the release of second loan installment of Rs500 million to Pakistan. Addressing a press briefing here on Tuesday, the economist, who was accompanied by Federal Minister Hammad Azhar and FBR Chairman Shabbar Zaidi, said that the government's efforts...

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Moody’s moves up Pakistan outlook from negative to stable

KARACHI: Credit rating agency, Moody's Investors Services, on Monday revised upwards Pakistan's outlook from 'Negative' to 'Stable'. Moody's announced moving up Pakistan's outlook rating in a report released Monday, affirming a B3 rating for the country and confirming that the economy's future looks stable as opposed to negative earlier. The credit rating agency said it had positively revised the outlook in...

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Petroleum products prices decrease; effective from today

The government on Saturday night announced an across the board decrease in the prices of petroleum products for December. The decision was made keeping in view recommendations made by the Oil & Gas Regulatory Authority (Ogra) which had proposed the decrease to pass on the impact of lower international market rates. According to a notification issued by the finance ministry,...

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Ogra purposes to decrease petrol prices by Rs0.25 per litre

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Tuesday proposed the Petroleum Division to decrease petrol price by Rs2.90 per litre. According to sources, Ogra has also purposed to decrease prices of high-speed diesel price by Rs2.40 per litre while a decrease of Rs0.83 per litre was recommended in price of kerosene oil. A decrease of Rs2.90 per litre...

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Pakistan stock market crosses 39,000 points; highest in nine months

KARACHI: The stocks witnessed an increase on Friday as the KSE-100 index crossed the 39,000-point mark after nine months, Newsone reported. According to details, the KSE-100 index gained 513 points to trade at over 39,200 points. On the other hand, Pakistani rupee gained 7 paisa against US dollar and was traded at Rs155.25. Earlier on Thursday, Pakistan Stock Exchange witnessed...

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Monetary Policy: Interest rate maintained at 13.25 per cent by SBP

KARACHI: The State Bank of Pakistan (SBP) on Friday announced to maintain the interest rate unchanged at 13.25 percent, noting, however, that the inflation rate was still quite high and that that was due to the increase in the prices of food items. The central bank announced the decision in a statement issued Friday, following a meeting of the SBP's...

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World Bank restores budgetary support to Pakistan: Hammad Azhar

The World Bank has restored budgetary support to Pakistan on account of strengthening of economic stability, said Minister of Economic Affairs Hammad Azhar on Friday. In a tweet, the minister said: "Both ADB and WB had suspended budgetary support to Pakistan during 2017 due to rising macroeconomic imbalances that had arisen in the economy at that time." https://twitter.com/Hammad_Azhar/status/1197782172884783104 Earlier this...

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FBR mulling to replace GST with VAT

ISLAMABAD: The Federal Board of Revenue (FBR) has decided in principle to move towards replacing the existing General Sales Tax (GST) with Value Added Tax (VAT) across the board for all sectors under the World Bank-funded loan conditions. Under the proposed reform plan on which the implementation was so far deferred till the establishment of Pakistan Revenue Authority (PRA) and...

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Current account turned into surplus for first time in four years: PM Khan

ISLAMABAD: Prime Minister Imran Khan said on Wednesday that for the first time in four years, the current account deficit turned into a surplus. Addressing a ceremony in the federal capital, the premier said that a depreciating economy and no foreign exchange reserves become a bane for economic growth. The confidence of investors in the stock market is heartening, adding...

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Foreign investment in govt securities exceeds $711 million

KARACHI: Foreign investment in government securities has exceeded $711 million since the beginning of the current fiscal year as the country saw an inflow of an unprecedented level on high interest rates and exchange rate stability. However, analysts say this reserve build-up process is choking growth. Foreign investment in treasury bills reached a new high of $267 million between November...

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PSE sees gains 422 points highest in six months

KARACHI: The Pakistan Stock Exchange Exchange (PSX) on Wednesday gained momentum in the early trade hours as investor participation has been comparatively high amid presence of market moving triggers. The benchmark KSE-100 index gained 422 points and hit 37,188 points – the highest in the last six months. As the JUI-F led anti-government sit-in in Islamabad with politicians agitating the...

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Exports of pharmaceutical products rises to 12.35 percent

ISLAMABAD: The exports of pharmaceutical products during the first quarter of current financial year grew by 12.35 percent as compared to the exports of corresponding period of last year. According to the Pakistan Bureau of Statistics, the pharmaceutical exports were recorded at 55.481 million dollars during July-September 2019-20 as against the exports of 49.383 million dollars during July-September 2018-19 showing...

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