Category: bussines

WASHINGTON: Islamabad has sought Beijing’s support for Pakistan’s inclusion in the New Development Bank (NDB) while also expressing appreciation for the growing Chinese investments in agriculture, industry, minerals, and other key sectors of the country’s economy. During a meeting in Washington, DC, Federal Minister for Finance and Revenue Muhammad Aurangzeb held talks with Liao Min, Deputy Finance Minister of the People’s Republic of China, and formally sought China’s backing for Pakistan’s NDB membership, according to a media statement issued on Thursday. “Mr Aurangzeb sought China’s support for Pakistan’s membership in…

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Federal Minister for Finance and Revenue Muhammad Aurangzeb met Saudi counterpart Mohammed Al-Jadaan in Washington, DC, and briefed him on Pakistan’s ongoing privatisation programme, including plans for the divestment of Pakistan International Airlines (PIA) and major airports. According to a statement issued by the Finance Ministry on Thursday, the meeting was held on the sidelines of the IMF-World Bank annual meetings. Pakistan is moving ahead with plans to privatise its heavily indebted national carrier in an effort to raise funds and overhaul loss-making state-owned enterprises under the terms of its…

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The federal government on Wednesday night slashed the price of petrol by Rs5.66 per litre for the next fortnight. According to a notification issued by the Finance Division, petrol will now be priced at Rs263.02 per litre. The price of high-speed diesel (HSD) has also been reduced by Rs1.39 to Rs275.41 per litre. Similarly, the price of kerosene oil has been cut by Rs3.26 to Rs181.71 per litre. The government has set the price of light diesel oil at Rs162.76 per litre for the next fortnight. “The government has adjusted…

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ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday extended the deadline for filing the income tax returns for the 2025 tax year by 16 days. The notification stated that the income tax particulars could be filed till October 31. Prior to this decision, the tax authority announced to extend the deadline two weeks ago, setting October 15 as the last date of submission. The previous extension was approved following requests from various trade bodies, taxpayers, and tax bar associations, the FBR said. The tax body faced a shortfall of…

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The Pakistan Stock Exchange (PSX) surged on Wednesday as investor confidence strengthened following the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF). During the session, the KSE-100 Index touched an intraday high of 167,561.69 points, gaining 2085.67 points or 1.26%. However, the equity market settled at 165,686.38 points, up 210.36 points, or 0.13%, from the previous close of 165,476.02. Market analysts said the IMF deal has reinforced investor confidence and eased uncertainty surrounding the country’s economic outlook. Independent economic analyst AAH Soomro noted that…

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The International Monetary Fund (IMF) on Tuesday announced that it has reached a staff-level agreement with Pakistan to release $1.2 billion in fresh funding after completing its latest programme review. The agreement, which remains subject to approval by the IMF Executive Board, comprises $1 billion under the Extended Fund Facility (EFF) and $200 million under the Resilience and Sustainability Facility (RSF). Once approved, total disbursements under both arrangements will reach around $3.3 billion. According to the IMF, discussions led by Iva Petrova were held in Islamabad between September 24 and…

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The International Monetary Fund (IMF) has projected Pakistan’s Consumer Price Index (CPI)-based inflation to rise to 6% in the 2025–26 fiscal year, up from 4.5% last year. The global lender released its latest World Economic Outlook (WEO) on Tuesday, expecting that inflation in the country was likely to increase from 4.5% in FY25 to 6% in the ongoing fiscal year. Globally, inflation is projected to decline to 4.2% in 2025 and to 3.7% in 2026. While the IMF projected global growth to slow down from 3.3% in 2024 to 3.1%…

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Finance Minister Muhammad Aurangzeb has said that Pakistan is poised to strike a staff-level deal with the International Monetary Fund (IMF) this week — a key step toward securing the next $1.24 billion payout from the lender. An IMF mission left Pakistan last week without signing a so-called staff-level agreement on the second review of the Washington-based lender’s $7 billion Extended Fund Facility and the first one on its $1.4 billion Resilience and Sustainability Facility, agreed in 2024 to shore up the economy after a severe financial crisis. “The mission…

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An escalating trade war between China and the United States faces another flashpoint Tuesday when Chinese ships will be required to start paying a special fee to dock at US ports. The move announced by the US Trade Representative (USTR) in April triggered reciprocal measures from Beijing, which will impose similar costs on US ships starting the same day. The tit-for-tat levies are just the latest in a series of disputes between the world’s two largest economic powers that have roiled financial markets and heightened fears of major disruption to…

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The equity market posted its second-highest single-day gain on Tuesday as hopes for renewed economic engagement with the United States, easing regional tensions, and progress in IMF and World Bank reviews boosted investor confidence. “Stocks showed robust recovery in the early session as investors weighed upbeat Pak-US relations and de-escalation in cross-border tension with Afghanistan,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities. “Renewed hopes for positive Pakistan, IMF, and World Bank review talks for release of the IMF tranche next month played a catalyst role in…

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