Pakistan’s new budget comes into effect today
President Asif Ali Zardari has signed the Finance Bill-2024 into law, making the federal budget effective from July 1 (today), the start of the new fiscal year. The National Assembly passed the bill on Friday with some amendments before sending it to the president for approval. The Opposition, largely supported
Pakistan’s gender gap widens in latest WEF report
Pakistan’s ranking in the World Economic Forum’s (WEF) Global Gender Gap Report 2024 has slipped to 145th out of 146 countries, highlighting persistent challenges in achieving gender equality. The report, released by Mishal Pakistan, the WEF’s partner institute in the country, found that Pakistan has made some progress in educational
State Bank of Pakistan Slashes Key Interest Rate
The State Bank of Pakistan (SBP) has announced a significant policy shift by cutting the interest rate by 150 basis points (bps), bringing it down to 20.5 percent. This decision, made in anticipation of the upcoming annual budget, follows recent data indicating that inflation has slowed to a 30-month low
IMF uncertain about approving new loan for Pakistan
During a briefing in Washington, International Monetary Fund (IMF) Director of Communications, Julie Kozack, stated that it is still too early to determine whether ongoing discussions with Pakistan will result in a new loan package. When asked if the talks could lead to a staff-level agreement on a new loan
850cc cars price set to soar post-budget
WEB DESK: The Federal Board of Revenue (FBR), Pakistan’s principal tax authority, has proposed a significant increase in withholding tax for vehicles boasting an engine capacity of 850cc or higher. This move, if implemented, is poised to further burden prospective car buyers financially. Furthermore, the government is contemplating augmenting the
Pakistan’s weekly inflation rate shows promising decline
Last week witnessed 1 % reduction in short-term inflation, with annualised inflation rate also declining to 24.37% following the decrease.
Pakistan is very suitable for investment, says Saudi minister
During a Pakistan-Saudi Arabia investment conference held in Islamabad on Monday, Saudi Arabia’s Deputy Investment Minister, Ibrahim Almubarak, termed Pakistan a “suitable country for investments.” Addressing the event, Almubarak said Saudi companies value Pakistan’s investment potential and underscored that the delegation’s visit will provide opportunities to expand trade relations between
Pakistan imports $1 bn of wheat in first nine months of FY: report
Pakistan is currently facing an estimated shortfall of 2.5 million tonnes of wheat, a staple food for a majority of its citizens.
Finance Minister Lands in Washington for Key IMF Negotiations
WASHINGTON: Pakistan’s Finance Minister, Muhammad Aurangzeb, touched down in Washington D.C. on Sunday, leading a delegation to the spring meetings of the IMF and World Bank. The team is set to negotiate a new financial assistance package, estimated between $6 billion and $8 billion. Scheduled from April 17-19, the IMF
Saudi Arabia’s Anticipated $1 Billion Investment in Pakistan’s Reko Diq Project: A New Era of Economic Cooperation
Saudi Arabia poised to invest $1 billion in Pakistan’s Reko Diq project, signaling enhanced economic ties. Understanding Reko Diq’s Potential Reko Diq, known for its vast mineral wealth, faces challenges. Saudi investment opens new development opportunities. Scope and Impact of Investment Saudi’s $1 billion investment expected to revitalize project, create
