Tribune
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SBP chief against imposition of Islamic banking | The Express Tribune
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[ad_1] KARACHI: State Bank of Pakistan Governor Jameel Ahmad on Tuesday said that the principles of Shariah would not be forcibly applied to the country’s banking system. He added that the business interests of banks would also be taken into consideration in this case. Addressing a function organised on the completion of 75 years of…
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NEPRA okays Rs1.25 tariff hike | The Express Tribune
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[ad_1] ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved an increase of Rs1.25 per unit on account of third quarter adjustments of the financial year 2022-23 for power distribution companies (Discos). The power regulator has burdened the consumers with Rs46.5 billion on account of variation in capacity charges, variable operation and maintenance costs,…
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Logistic companies struggle to achieve economic growth | The Express Tribune
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[ad_1] KARACHI: Logistic companies in Pakistan are grappling with low margins, high taxes, and an unfavourable business environment, hindering their ability to contribute to the overall economic growth of the country. Seagold, CEO, Ayaz Admani highlighted the concerning decrease in average gross margins for Pakistani companies. In recent years, margins have plummeted from 3% to…
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Rupee recovers ground against USD, trades for 276 in interbank | The Express Tribune
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[ad_1] KARACHI: In line with expectations, the new IMF programme strongly defended the Pakistani currency and allowed a significant fightback against the US dollar after it surged by 3.62,%, or Rs10, to Rs276 against the US dollar in the interbank market Tuesday morning. In the open market, the currency also jumped by Rs10 to reach…
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IMF deal charts path to economic recovery | The Express Tribune
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[ad_1] KARACHI: The new International Monetary Fund (IMF) loan programme of $3 billion has given an economic roadmap to Pakistan for a short-to-medium duration, covering three quarters of the current fiscal year, including the period of caretaker government ahead the next general elections scheduled for later this year. Experts believe that the lifeline, made available…
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Fitch, Moody’s warn of lingering threats despite IMF deal | The Express Tribune
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[ad_1] Fitch Ratings and Moody’s Investors Service on Monday warned of continued threats to Pakistan’s financial sustainability, despite the country receiving a much-needed $3 billion lifeline from the International Monetary Fund (IMF) over the weekend. Pakistan signed a short-duration (nine-month) worth $3 billion loan programme with the IMF last week, following the revival of the…
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IMF deal reviving investor confidence: PM | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif congratulated the nation on Monday saying that the confidence of investors and the business community is being restored rapidly, thanks to a major breakthrough in the standby agreement with the International Monetary Fund (IMF). The premier said that the extraordinary surge of 2,231 points at the Pakistan Stock Exchange on the…
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Pakistan set to become 4th biggest IMF debtor | The Express Tribune
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[ad_1] KARACHI: Pakistan will become the fourth largest International Monetary Fund (IMF) borrower in the world after receiving additional loans of $3 billion in the next nine months under the standby arrangement from the global lender. According to the lender’s data, as on March 31, 2023, Pakistan was ranked fifth in the list of countries…
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Finance Act comes into effect | The Express Tribune
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[ad_1] ISLAMABAD: The federal government has acceded to the five demands of the International Monetary Fund (IMF) and has implemented the steps mentioned in the Finance Act, 2023, which has also been uploaded on the website of the taxman, the Federal Board of Revenue (FBR). According to the Finance Act, 2023, additional taxes of Rs415…
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Crucial $3b IMF lifeline comes with tough conditions | The Express Tribune
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[ad_1] LAHORE: Pakistan secured a badly-needed $3 billion short-term financial package from the International Monetary Fund on Friday, giving the economy a much-awaited respite as it teeters on the brink of default. The IMF said it had reached an agreement on the deal with the 220 million nation, which will now be subject to approval…
