Economy

According to Samaa, In a significant move to enhance Pakistan’s tax system, the government has established a 10-member task force to digitize the Federal Board of Revenue (FBR). This initiative, supported by the State Information and Facilitation Center (SIFC), aims to streamline FBR’s operations through comprehensive digital transformation. Key Objectives of the Task Force The task force has been given …

Pakistan Misses IMF Cash Surplus Target by Rs182 Billion Due to Punjab’s Performance Pakistan has failed to meet a major condition of the International Monetary Fund (IMF) to generate Rs342 billion in cash surplus from the four provincial governments. This shortfall, driven by Punjab’s underperformance, reached Rs182 billion, falling 53% short of the target in the first quarter of the …

Ministry Urges Swift Action on Wheat Support Price The Ministry of National Food Security and Research has called on Prime Minister Shehbaz Sharif to quickly announce a new wheat support price and set procurement targets. The ministry warns that failing to act could lead to wheat imports worth over $1 billion. This urgency comes from conditions set by the International …

KSE-100 Index Hits New Record at PSX The Pakistan Stock Exchange (PSX) continued its upward momentum on Wednesday, with the KSE-100 Index surpassing 87,000 points for the first time. The index closed at an all-time high of 87,194.53 points, marking a gain of 727.96 points or 0.84%. During the day, the index touched a record intra-day high of 87,309.22 points, …

Government Withdraws Energy Subsidies In a bold move, the government has announced the withdrawal of all subsidies on electricity and gas. This applies to federal and provincial subsidies and is a part of efforts to address the ongoing circular debt crisis in Pakistan’s energy sector. The International Monetary Fund (IMF) has been informed about the new measures aimed at stabilizing …

Oil Industry Concerns Over Restrictive Pricing The oil industry in Pakistan has raised serious concerns over the restrictive pricing of motor fuels, which has reportedly caused significant financial losses. The Oil Companies Advisory Council (OCAC), representing refineries and oil marketing companies (OMCs), expressed these concerns in a letter to the Oil and Gas Regulatory Authority (OGRA) chairman. The council warned …

Pakistan’s Forex Reserves Reach $11 Billion After 30-Month Gap Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), rose to over $11 billion as of October 11, 2024. This marks an increase of $215 million in a week and a significant milestone after 30 months. The reserves have grown for 12 consecutive weeks, reflecting an overall increase …

Chinese Firm Pledges $1 Billion for PRL Upgradation A Chinese investment corporation has agreed to invest $1 billion in Pakistan Refinery Limited (PRL) to support its upgradation project. This move will significantly enhance the refinery’s production capacity, boosting it from 50,000 barrels per day to 100,000 barrels per day. However, the Chinese firm has placed a strict condition on the …

PSX Gains 578 Points as Political Tensions Ease and Corporate Earnings Shine The Pakistan Stock Exchange (PSX) saw a sharp rebound on Tuesday, advancing by over 550 points driven by a surge in blue-chip stocks and renewed investor confidence during the corporate earnings season. The KSE-100 index initially dipped to an intra-day low of 84,856.21 points, reflecting losses from the …

Banks Face Rs197 Billion Additional Tax for Lending to Government A tax advisory firm, Tola Associates, has projected that banks in Pakistan will face an additional income tax burden of Rs197 billion due to excessive lending to the federal government. This tax will be imposed on 27 banks—both domestic and foreign—that have significant operations in the country. Additional Tax Due …