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In a decisive move, Prime Minister Shehbaz Sharif has voiced his concerns over the annual loss of Rs500 billion due to electricity theft. Emphasizing the urgent need to cut power prices, he highlighted the dual goals of providing relief to domestic consumers and industries while addressing systemic issues in the power sector. The Prime Minister has also underscored ongoing efforts …

In a surprising move given Pakistan’s deteriorating fiscal condition and escalating public debt, the government has greenlighted 15 development projects amounting to a staggering Rs515 billion. This approval includes a significant $900 million foreign loan aimed at bolstering climate change efforts. The Central Development Working Party (CDWP), responsible for authorizing development projects, convened a meeting to review 18 proposals, ultimately …

The newly appointed chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, has raised concerns about the feasibility of the FBR’s ambitious target of collecting Rs40 billion from traders for the current fiscal year. During a high-level meeting chaired by Finance Minister Muhammad Aurangzeb at the FBR headquarters, Langrial questioned the practicality of this goal, noting that the …

In a bid to tackle the financial challenges plaguing Pakistan’s power sector, the federal government has unveiled plans to reduce current electricity tariffs. This initiative comes amid growing concerns over the sector’s significant financial risks and inefficiencies. The proposed measures aim to provide some relief to consumers while addressing the underlying issues within the power sector. The government’s strategy involves …

Overview Recent revelations indicate significant misuse of the Export Facilitation Scheme (EFS) and possible involvement in money laundering by scrap importers, particularly those dealing with compressor and motor scrap. The Brass Manufacturing Association (BMA) has raised concerns and proposed the cancellation of the scheme due to these abuses. Key Allegations Misuse of Scheme: Importers of compressor and motor scrap are …

Overall Sales Growth Car sales in Pakistan experienced a significant increase of 58.21% in July 2024 compared to the same month last year. According to the Pakistan Automobile Manufacturing Association (PAMA), a total of 5,857 cars were sold in July, up from 3,702 units in July 2023. Key Model Performances Honda Civic and City: Sales surged to 790 units in …

Fiscal Deficit Forecast The finance ministry has projected a substantial increase in Pakistan’s fiscal deficit, estimating it could reach Rs9.655 trillion in the upcoming fiscal year. This projection reflects ongoing concerns about managing public finances amid rising debt obligations. Economic Growth and Inflation Despite the deficit projection, the finance ministry anticipates economic growth to rise by 4.8% during the fiscal …

Regulatory Overhaul The Pakistani government has decided in principle to limit the powers of the Drug Regulatory Authority of Pakistan (Drap) and establish a new, independent body specifically tasked with overseeing the pricing of life-saving drugs. This move aims to address ongoing issues with drug shortages and pricing efficiency. Industry Reaction The Pakistan Pharmaceutical Manufacturers’ Association (PPMA) has welcomed the …

Market Overview Asian markets showed resilience on Monday, recovering from last week’s turbulence driven by concerns over a potential US recession. Investors are now turning their attention to the release of crucial inflation and retail data, which could influence future Federal Reserve decisions. Recovery from Recent Decline Following a sharp decline triggered by disappointing US job creation figures, equities rebounded, …

Event Overview The second International Food and Agriculture Exhibition (FoodAg-2024) concluded on Sunday, with transactions totaling over $1.2 billion. Held at the Expo Centre, the three-day event saw the participation of more than 800 buyers from 75 countries. Over 330 exporters showcased more than 500 quality products, with China leading with the largest delegation of over 150 buyers. Key Outcomes …