Category: bussines

ISLAMABAD: The circular debt has deteriorated the financial position of oil and gas exploration companies, leaving them unable to invest in exploration activities. Additionally, the companies have been facing cash flow problems as gas is curtailed due to LNG imports that have flooded into the country. The exploration companies have repeatedly raised the issue of circular debt in the gas sector, arguing that it has compromised their financial health and restricted their ability to move ahead on their investment plan. The government has recently awarded 23 offshore licences to oil…

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The Federal Board of Revenue has decided to tighten the noose around private-practice doctors, clinics and private hospitals allegedly involved in tax evasion amounting to billions of rupees. The decision has been taken in light of the latest statistics obtained during FBR’s data analysis, which revealed large-scale alleged tax evasion by doctors across the country. Despite having taxable income, more than 73,000 registered doctors were found to have not filed income tax returns. According to FBR officials, the latest data shows that there are 130,243 registered doctors nationwide. However, during…

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ISLAMABAD: The International Monetary Fund (IMF) has slashed Pakistan’s power subsidies by Rs143 billion and set a strict target of limiting the flow of circular debt to Rs400 billion this year, the renewed goals that will require improving poor performance rather than continued reliance on taxpayers’ money. However, contrary to the IMF’s new target of adding only Rs400 billion to the circular debt flow, the Economic Coordination Committee (ECC) of the Cabinet approved a higher flow target of Rs522 billion for the current fiscal year. The ECC approved the target…

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ISLAMABAD: The government is planning to increase the petroleum levy to Rs85 per litre to raise an additional Rs540 billion, use dividends of the state-owned companies (SOEs) and savings from diversion of imported cargoes to settle Rs1.7 trillion worth of gas sector circular debt. The plan, which has been discussed in depth at the level of the Minister for Finance Muhammad Aurangzeb this week, involves imposing an additional Rs5 per litre petroleum levy on petrol and high-speed diesel to raise money through 2031 to retire the debt, according to government…

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KARACHI: Pakistan’s citizen-led solar revolution is set to deliver substantial socio-economic benefits, says a study titled “The Many Dividends of Solar Rush in Pakistan,” and highlights that the mass-scale adoption of solar PV is not only reducing fossil dependence and easing grid strain but also mobilising private capital, creating jobs and cutting emissions at scale. As Pakistan grapples with mounting climate risks, including the devastating monsoon floods, distributed solar continues to deliver one of the country’s strongest mitigation outcomes. In FY25, solar PV avoided an estimated 35 million metric tons…

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The government has signed a memorandum of understanding with crypto exchange Binance to explore the “tokenisation” of up to $2 billion in sovereign bonds, T-bills and commodity reserves to boost liquidity and attract investors, the finance ministry said on Friday. Separately, the Ministry of Finance also gave initial clearance for Binance and HTX, a digital-asset platform, to register with regulators to set up local subsidiaries and begin preparations for full exchange licence applications, the virtual assets authority said. The ministry said the agreement paved the way to explore a potential…

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KARACHI: State Bank Pakistan (SBP) Governor Jameel Ahmad has said that they are playing an important role in supplying high-quality security ink for the printing of Pakistan’s banknotes. Speaking at the 30th anniversary ceremony of SICPA Inks Pakistan Ltd, the governor expressed satisfaction over the partnership between SICPA and the Pakistan Security Printing Corporation for the production of high-quality security ink, noting that the collaboration has been mutually beneficial for both institutions. He appreciated the transfer of technology and the local production of various types of security inks, and emphasised…

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The Federal Reserve cut interest rates on Wednesday in another divided vote, but signaled it will likely pause further reductions in borrowing costs as the US central bank looks for clearer signals about the direction of the job market and inflation that “remains somewhat elevated.” New projections issued after the Fed’s two-day meeting showed the median policymaker sees just one quarter-percentage-point cut in 2026, the same outlook as in September, with inflation expected to slow to around 2.4% by the end of next year even as economic growth accelerates to an…

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