Business News
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‘Political instability holds back economic growth, not graft’ | The Express Tribune
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[ad_1] Insisting that corruption is not the major hindrance to Pakistan’s economic progress, Federal Minister for Planning, Development, Reforms and Special Initiatives Ahsan Iqbal on Monday said that some countries even managed to develop with similar levels of corruption. “I can count many countries in the world that have developed despite having similar corruption as…
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Dollar crosses 210-mark in interbank as govt struggles to reach IMF deal
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[ad_1] A forex dealer cunting currency notes in this file photo. KARACHI: The rupee declined further in the interbank market amid a delay in the signing of the deal with the International Monetary Fund (IMF) and was traded at 210.19 on Monday during the intraday trade, according to the Tresmark. It ended at 208.75 on…
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US agrees to help Pakistan reach accord with IMF: report
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[ad_1] Picture shows the flags of US and Pakistan. — Agencies/File KARACHI: Amid deadlock over certain conditions set by the International Monetary Fund (IMF) to revive the $6 billion loan programme, Washington has “agreed” to help Islamabad to negotiate a deal with the lender, according to a Daily Daily report published Monday. The development comes…
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Rupee remains volatile as USD crosses 211 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee remained highly volatile as it plunged to a record low of over Rs211 against the US dollar in the inter-bank market on Monday. The US dollar was available at Rs211.21 at 11:03 am and had closed at Rs208.75 on Friday, according to the State Bank of Pakistan (SBP). The latest fall…
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Italy promotes olive culture with €1.5m project | The Express Tribune
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[ad_1] ISLAMABAD: Ambassador of Italy to Pakistan Andreas Ferrarese on Sunday said that Italy was playing a vital role in promoting “olive culture” in Pakistan for improving the olive value chain. Talking to APP, the ambassador said Pakistan had all the potential to cultivate olive and Italy would cooperate with the South Asian nation with…
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Crude awakening as banks freeze credit lines | The Express Tribune
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[ad_1] KARACHI: Prices of petroleum products, particularly petrol and diesel, have gone up significantly in the last few weeks and more hikes could be on the cards with the government setting an ambitious target in the new budget to raise Rs750 billion by charging the petroleum levy. At this time, if the country witnesses fuel…
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Budget FY23: a reasonable effort | The Express Tribune
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[ad_1] ISLAMABAD: Contrary to most expectations, the federal budget for 2022-23 did not usher in harsh austerity measures or kite-flying. Most targets are realistic. Major ones such as gross domestic product (GDP) growth of 5%, exports of $35 billion, remittances of $33.2 billion and revenues of Rs7 trillion should be within reach. Nevertheless, some targets…
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Double whammy of consumption-based growth | The Express Tribune
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[ad_1] ISLAMABAD: Despite growing at a healthy rate of 5.97% in FY22, Pakistan’s economy remains in hot waters and needs an IMF bailout. In fact, the heathy growth rate is being widely considered to be one of the principal reasons behind the gloomy economic scenario. For the upcoming fiscal year, a softer 5% growth target…
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Giving impetus to mango industry | The Express Tribune
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[ad_1] BEIJING: Commonly known as the “king of fruits” locally, Pakistani mangoes are a delicacy and delight that everyone is waiting anxiously for in summer season. It has also won the hearts of people living beyond the borders due to its enticing aroma, high sweetness and fine fibre. However, local farmers are extremely worried about…
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100% increase in vehicle registration tax approved | The Express Tribune
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[ad_1] ISLAMABAD: Senate Standing Committee on Finance has approved 100 per cent increase in the vehicle registration tax for non-filers and directed the Federal Board of Revenue (FBR) that whatever legislation is done should be brought in the form of a bill and not through ordinances.The Senate panel met under the chairmanship of Saleem Mandviwalla…
