Category: bussines

WASHINGTON: US President Donald Trump said that representatives from Pakistan are coming to the United States next week as the South Asian country seeks to make a deal on tariffs. Pakistan faces a potential 29% tariff on exports to the United States due to a $3 billion trade surplus with the world’s biggest economy, under tariffs announced by Washington last month on countries around the world. Tariffs were subsequently suspended for 90 days so negotiations could take place. Pakistan last month decided to dispatch a high-level delegation to the US…

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ISLAMABAD: The State Bank of Pakistan (SBP) has clarified that it never declared virtual assets (VAs) illegal, saying that its 2018 advisory merely advised regulated entities to refrain from dealing in them due to the absence of a clear legal and regulatory framework. In its press release, the central bank said its advisory asked banks, development finance institutions (DFIs), microfinance institutions, electronic money institutions (EMIs), and other financial service providers to safeguard consumers and the financial system from potential risks associated with unregulated digital assets. “The advisory was issued solely…

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Pakistan’s formal negotiations on US reciprocal tariffs kick-started between Finance Minister Muhammad Aurangzeb, and Ambassador Jamieson Greer, US Trade Representative, through a conference call on Friday, a finance minister spokesperson said. Pakistan faces a potential 29% tariff on exports to the United States due to a $3 billion trade surplus with the world’s biggest economy, under tariffs announced by Washington last month on countries around the world. Tariffs were subsequently suspended for 90 days so negotiations could take place. Earlier this month, Pakistan had offered a zero-tariff bilateral trade agreement…

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ISLAMABAD: The Pakistan Crypto Council (PCC) will hold a high-level meeting on June 2 to deliberate on the future regulatory and legal framework for digital currencies and the broader crypto landscape in the country. The meeting would be chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, according to press release issued by finance ministry. Special Assistant to the Prime Minister on Blockchain and Crypto, Bilal Bin Saqib would participate in his capacity as the PCC’s Chief Executive Officer. The press release also said, “Key items on the agenda…

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ISLAMABAD: The Annual Plan Coordination Committee (APCC) will meet on Monday, June 2, to draft proposals for the next fiscal year’s development budget, Geo News reported citing sources. The sources said Federal Minister for Planning and Development Ahsan Iqbal would chair the important meeting. Representatives from all federal ministries and the four provinces will participate in the APCC session. During the meeting, the committee is expected to approve the Public Sector Development Programme (PSDP) for the next fiscal year. APCC is a consultative body that gives recommendations on macroeconomic and development framework…

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Inflation in Pakistan is projected to drop sharply in May, hovering between 1.5% and 2% on an annual basis before rebounding to 3%–4% in June, the Ministry of Finance said in its monthly economic outlook on Thursday. Pakistan’s average inflation in the fiscal year ending June 2025 is expected to be in the range of 5.5%-7.5%, the central bank said in its half-yearly report last month. The headline inflation cooled to 0.3% (YoY) in April 2025, down sharply from 17.3% a year earlier and 0.7% in March, driven by broad-based…

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The Reko Diq copper-gold project is advancing rapidly, with a significant workforce on-site and major infrastructure development underway, according to a senior Barrick Gold official. At the Reko Diq Suppliers Roadshow, Geo News spoke with Martin Henuse, a senior executive at the mining giant, to discuss the project’s progress, local impact, and long-term vision. Below is their conversation: Question: How is the progress so far? Henuse: It’s moving incredibly fast. Right now, we have nearly 1,000 employees on-site at Reko Diq. We’ve moved massive amounts of earth, built accommodations, secured a water…

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TOKYO: Securities and Exchange Commission of Pakistan (SECP) Commissioner Insurance Mujtaba Ahmad Lodhi led Pakistan delegation to represent the country at the Oriental Life Insurance Seminar in Tokyo, Japan. The event, organised by the Oriental Life Insurance Cultural Development Center (OLICD), brought together regional stakeholders to deliberate on emerging trends, challenges, and opportunities within the life insurance sector. Lodhi appreciated OLICD President Yonekura Tsukasa for his efforts in organising the seminar. The seminar, hosted by the International Insurance Society (IIS) in collaboration with Japan’s Financial Services Agency (FSA), revolved around…

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Investor sentiment lifted the equity market on Thursday, posting strong gains amid optimism over upcoming budget measures and adherence to (International Monetary Fund’s (IMF) fiscal benchmarks. “There is overall optimism on IMF’s dollar being transferred, budget to remain in line with IMF targets ensuring fiscal discipline and continuing growth story rally,” said AAH Soomro, an independent investment and economic analyst The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at 118,971.40 points, up 638.50 points, or 0.54%, from the previous close of 118,332.90. During the session, the index climbed to…

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ISLAMABAD: The federal budget is set to be presented on June 10, according to Finance Secretary Imdadullah Bosal in an informal chat with journalists. He added that the date of the National Economic Council (NEC) meeting may be revised, and that the budget for the new fiscal year is being finalised in consultation with the International Monetary Fund (IMF). Bosal also said Pakistan and the IMF will resume virtual talks today, where relief measures for the salaried class and industrial sector will be discussed. He noted that the date for…

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