Business News
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Budget 2024-25: Important takeaways as govt aims for IMF bailout
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[ad_1] A worker loads solar panels on a vehicle, outside a shop at a market selling electronic items in Karachi, Pakistan June 11, 2024. — Reuters The federal government on Wednesday released the budget for the fiscal year 2024-24, with a target of 3.6% economic growth as it plans to secure a new bailout deal…
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Govt proposes Rs267 billion for various ongoing, new power sector schemes
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[ad_1] A lower view of a transmission tower in Pakistan. — AFP/File The government has allocated an amount of Rs267,952.773 million for various ongoing and new schemes of power sector in annual public sector development programme (PSDP) for year 2024-25. According to the budgetary document released on Wednesday, out of total allocation, a sum of…
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Agriculture sector faces funding shortfall in Budget 2024-25 | The Express Tribune
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[ad_1] LAHORE: The saviour of Pakistan’s economy for FY-24, the agriculture sector, only managed to attract Rs5 billion for the next fiscal year from the incumbent government. During his budget speech on Wednesday, Finance Minister Muhammad Aurangzeb stated that agriculture is the main pillar of Pakistan’s economy, contributing 24% to GDP and 37.4% to employment…
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Budget FY25: Pakistan sets challenging Rs13tr tax revenue target to woo IMF
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[ad_1] Finance Minister Muhammad Aurangzeb is presenting budget 2024-25 in the National Assembly on June 12, 2024. — APP ISLAMABAD: Preferring long-term economic sustainability over giving a short-run break to inflation-hit and income-strapped masses, Pakistan has decided to chase an overambitious tax revenue target of Rs13 trillion for the fiscal year 2024-25, to strengthen the…
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Pakistan unlikely to purchase spot LNG in summer despite extreme heat
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[ad_1] An image of a liquified natural gas (LNG) cargo carrier in the ocean. — Reuters/File Pakistan is unlikely to buy liquefied natural gas (LNG) cargoes on the spot market until at least the beginning of winter in November due to oversupply and high prices, petroleum minister Musadik Masood Malik told Reuters. Extreme temperatures across…
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Budget: Govt proposes up to 25% hike in employees’ salaries
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[ad_1] An employee counts Pakistani rupee notes at a bank in Peshawar, on August 22, 2023. — Reuters ISLAMABAD: The federal government has decided to increase the salaries of its employees by up to 25%, Federal Minister for Finance Muhammad Aurangzeb said Wednesday. The minister said this as he presented the federal budget for FY25 in…
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Budget 2024-25: Here’s a guide to understand financial terms
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[ad_1] This is a representational image of budget papers. — Canva/File The government on Wednesday will table the much-awaited federal budget for the next next fiscal year 2024-25 as it seeks to secure the new International Monetary Fund (IMF) bailout package. The budget will be presented in the National Assembly by Finance Minister Muhammad Aurangzeb at 4pm. The…
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Budget 2024-25: Govt likely to revise tax slabs for high-paid employees | The Express Tribune
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[ad_1] ISLAMABAD: The upcoming federal budget for 2024-25 is expected to see tax hikes and the removal of unnecessary exemptions, including a sales tax on petroleum products and revised income tax slabs for high-paid employees. According to documents, Rs2.1 trillion is allocated for defence and Rs9.7 trillion for debt servicing. Development projects will receive Rs1.5…
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Experts share two cents on Pakistan Economic Survey 2023-24
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[ad_1] A vegetable vendor (L) attends to a customer at a market in Islamabad on June 3, 2024. — AFP Pakistan’s gross domestic product (GDP) witnessed a growth of 2.38% in the outgoing fiscal year unexpectedly as it was estimated to increase by 2%, said Finance Minister Muhammad Aurangzeb on Tuesday. While unveiling the Pakistan Economic Survey…
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Islamabad, Beijing set focus on ‘upgraded version’ of CPEC
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[ad_1] Chinese Foreign Ministry spokesperson Lin Jian addresses the briefing on June 11, 2024, in Beijing. — Screengrab/Chinese Foreign Ministry The Chinese Ministry of Foreign Affairs said Tuesday that an “upgraded version” of the multi-billion project — China-Pakistan Economic Corridor (CPEC) — was the “centre” of bilateral talks with Islamabad during the recent visit of…
