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Amreli Steels Limited, a prominent manufacturer of steel bars and billets in Pakistan, faced significant losses in the fiscal year ending on June 30th, 2023. Here are the key details: Financial Loss: The company reported a substantial loss of Rs678.44 million for FY23. This marked a stark contrast to the previous fiscal year, FY22, during which the company had registered …

The Pakistani rupee maintained its positive momentum against the US dollar in the open market, narrowing the gap with the inter-bank rate. This convergence is considered a significant benchmark of the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA). According to reports from currency dealers, the rupee was being quoted at 305 for selling and 302 for buying in the open …

Despite concerns about Pakistan’s growing debt, the interim government has approved a $300 million loan from the Asian Development Bank (ADB) to improve tax compliance. This move has raised questions about whether such objectives could be achieved through efficient tax collection methods rather than borrowing. The Central Development Working Party (CDWP) cleared four development projects worth Rs126.2 billion during its …