Business News
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SBP injects Rs492 billion into banks | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank provided Rs491.70 billion to the conventional and Shariah-compliant banks for a longer period of two and a half month for the first time apparently to bring down the interest rate on financing to the government. “In an immediate reaction to the injection for the longer period, the yield on three-month…
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Central bank receives $2.3b Chinese loan | The Express Tribune
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[ad_1] KARACHI: Pakistan received the much-awaited Chinese commercial loan of $2.3 billion on Friday, which improved the country’s foreign exchange reserves back into double digits at over $10 billion. The Chinese loan, which has been rolled over, is the first significant inflow in the past six months that has increased the country’s capacity to make…
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K-Electric tariff rises Rs5.27 per unit | The Express Tribune
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[ad_1] ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved an increase of Rs5.27 per unit in the electricity tariff of K-Electric on account of fuel cost adjustment for April 2022. K-Electric had requested for a tariff increase of Rs5.307 per kilowatt-hour (kWh), which would have put a burden of Rs10.216 billion on thepower…
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Govt plans to sell state units to foreign countries | The Express Tribune
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[ad_1] ISLAMABAD: The government on Friday decided to sell state-owned enterprises to foreign countries through negotiated deals instead of conducting transparent bidding and also ruled out the possibility of handing over management control of power distribution companies to the private sector. The decisions taken by the Cabinet Committee on Privatisation (CCOP) mark a departure from…
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Govt asked to consider green energy options | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan, facing severe natural gas shortage over the last few years, is growing its dependence on liquefied naturalgas (LNG). The government needs to explore alternative energy sources to save the environment as well as spending on LNG imports. It should consider transitioning to green energy options like solar and wind that can provide…
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High time Pakistan shakes off habit of borrowing loans | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan knocked upon the IMF’s door in 1959, merely a decade after its inception. The young nation’s call for help continues to echo through the decades. And even when it is not seeking palliative medicines from the global money lender, the country is busy picking low-hanging fruits from the friendly countries. On the…
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Rs80b ‘burden’ passed on to salaried class | The Express Tribune
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[ad_1] ISLAMABAD: The government has caved in to the demand of the International Monetary Fund (IMF) and passed on the burden of Rs80 billion on the salaried class by increasing their tax rates and withdrawing the relief announced hardly three weeks ago. It has set the minimum income tax rate of 2.5% for those earning…
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China deposits $2.3 billion to boost SBP reserves | The Express Tribune
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[ad_1] China has deposited $2.3 billion in State Bank of Pakistan (SBP) to boost Pakistan’s sliding foreign exchange reserves, Finance Minister Miftah Ismail announced on Friday. “I am pleased to announce that Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today, increasing our foreign exchange reserves,” he…
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KSE-100 index plunges over 2,000 points after PM announces ‘tough’ policies
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[ad_1] Pakistan Stock Exchange — AFP KARACHI: Immediately after Prime Minister Shehbaz Sharif announced “tough decisions” the government had made in the federal budget for the forthcoming fiscal year 2022–2023, the Pakistan Stock Exchange (PSX) on Friday saw a bloodbath. The benchmark KSE-100 index started off in the green, following its upward trend from the…
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Budget 2022-23: Miftah Ismail delivers wind up speech
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[ad_1] ISLAMABAD: Finance Minister Miftah Ismail is delivering his budget 2022-23 winding up speech in the National Assembly after the country reached an accord with the International Monetary Fund (IMF) on budgetary and fiscal measures. The IMF had confirmed that discussions with the Pakistani authorities on policies to strengthen macroeconomic stability in the coming year…
