Tribune
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Call for budget reforms | The Express Tribune
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[ad_1] ISLAMABAD: With the annual budget season setting in, Pakistan is ready to present its fourth budget under the Public Finance Management Act (PFMA) 2019; though the whole exercise is just a ritual as the executive enjoys unlimited powers to pass supplementary budgets throughout the financial year. The Executive Committee of the National Economic Council…
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Curbs on black market can push remittances to $50b | The Express Tribune
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[ad_1] LAHORE: Foreign remittance service providers have voiced optimism that Pakistan’s remittances can surpass $50 billion per annum, if authorities restrain the black market, which they believe constitutes nearly 80% of the total market. They point out the black market or illegal ways of sending remittances, commonly known as Hundi and Hawala in Pakistan, are…
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Sindh, Balochistan reluctant to give urea subsidy | The Express Tribune
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[ad_1] ISLAMABAD: Balochistan and Sindh seem to be reluctant to share subsidy on urea import, made to meet demand of farmers for cultivation of different crops. According to sources, Balochistan has refused to share the burden of urea subsidy whereas Sindh has not yet responded to the federal government’s request. Though the two other provinces,…
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Telecom player demands WHT abolition | The Express Tribune
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[ad_1] ISLAMABAD: A major mobile services industry player has urged the government to consider abolishing the withholding tax (WHT) on telecom sector in the upcoming budget for fiscal year 2023-24. Highlighting the exorbitant taxes of 34.5% on telecom users, Jazz CEO Aamir Ibrahim emphasised that the withdrawal of WHT would promote the affordability of mobile…
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Stocks fall below 41,000 amid dull trading | The Express Tribune
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[ad_1] KARACHI: Pakistan Stock Exchange (PSX) on Friday witnessed a lacklustre trading session as investors refrained from taking fresh positions and the KSE-100 index closed below the 41,000-point mark with marginal losses. Investors kept a low profile and remained under pressure owing to multiple developments. Jittery players mainly stayed on sidelines in the first half…
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0.3% economic growth rate debunked | The Express Tribune
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[ad_1] ISLAMABAD: The size of Pakistan’s economy has shrunk to $341.5 billion and its per capita income has slipped to just $1,568 in the outgoing fiscal year due to almost flat economic growth and currency devaluation. Against this backdrop, a dispute has arisen about the official GDP growth figure. The economy shrank by $34 billion…
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Forex reserves fall by $119m to $4.19b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank fell by 2.7% on a week-on-week basis to $4.19 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 19, 2023, the SBP’s foreign currency reserves stood at $4,193 million, down by $119 million as compared to $4,311.9…
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Matiari-Thar transmission line inaugurated | The Express Tribune
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[ad_1] HYDERABAD: Federal Minister for Energy (Power Division), Khurram Dastagir Khan, marked a momentous occasion on Thursday as he inaugurated the 220-kilometer Matiari-Thar 500 KV Quad Bundle transmission line. The project, completed in a record time of four months at a cost of Rs20 billion, was directed by Prime Minister Shehbaz Sharif and executed by…
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OGDCL to make equity investment in PRL | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s largest oil and gas explorer, Oil and Gas Development Company Limited (OGDCL), is set to make equity investment as a strategic investor in Pakistan Refinery Limited (PRL). The two companies have signed a memorandum of understanding (MoU) to explore this option. One of the key aspects of this cooperation includes OGDCL’s equity…
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Juice sector demands withdrawal of 10% FED | The Express Tribune
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[ad_1] KARACHI: The juice industry is in dire straits as packaged juice volumes have plummeted by 45% following the government’s implementation of a 10% Federal Excise Duty (FED). Industry stakeholders are now calling for the withdrawal of this tax, expressing concerns about its detrimental impact on the sector and the rural economy. The government introduced…
