Category: bussines

ISLAMABAD: In a move aimed at easing the burden on electricity consumers, the federal government has abolished the provincial electricity duty on power bills effective July 1, and has officially notified all chief ministers of the decision. Federal Minister for Power Awais Leghari has written a letter to the chief ministers of all provinces, notifying them of the federal government’s decision to scrap electricity duty and explore “alternative mechanisms” for collecting provincial levies and duties. In the letter — a copy of which is available with Geo News, the minister sought…

Pakistan’s economic momentum remained steady through Financial Year 2025 (FY2025), with real GDP growing by 2.68% and inflation expected to stay within 3%- 4% for June 2025, according to the Ministry of Finance’s latest Monthly Economic Outlook. The report underscored Pakistan’s improved fiscal and external positions in FY2025. The current account posted a surplus of $1.81 billion, the fiscal deficit narrowed, and the primary balance registered a surplus of 3.2% of GDP during the July–April period. These gains have been reinforced by the Extended Fund Facility (EFF) and the Resilience…

Expectations of fresh inflows in the new fiscal year and easing default risks lifted investor confidence on Monday, fuelling another rally at the bourse as the fiscal year ended on a high note. “Investors are showing positive sentiment upon expectations of new inflows to come in the new fiscal year,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at an all-time high of 125,627.31, up 1,248.25 points, or 1%, from the previous close of 124,379.06. Graph showing highest ever close at…

China has rolled over $3.4 billion in loans to Pakistan, which together with other recent commercial and multilateral lending will boost Pakistan’s foreign exchange reserves to $14 billion, a finance ministry source said on Sunday. Beijing rolled over $2.1 billion, which has been in Pakistan’s central bank’s reserves for the last three years, and refinanced another $1.3 billion commercial loan, which Islamabad had paid back two months ago, the source said. Another $1 billion from Middle Eastern commercial banks and $500 million from multilateral financing have also been received, he…

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has notified a 50% increase in fixed gas charges for domestic consumers, effective July 1, as part of the revised gas pricing structure for the fiscal year 2025-26. “The federal government, in response to Ogra’s determinations of SNGPL [Sui Northern Gas Pipelines Limited] and SSGCL [Sui Southern Gas Company Limited] of estimated revenue requirement for FY 2025-26, has advised revised category-wise natural gas sales effective July 01, 2025,” stated a notification issued by Ogra.. According to the notification, the federal government increased…

The Ministry of Power Division has launched the Power Smart App as part of its “Apna Meter, Apni Reading” initiative, aiming to empower electricity consumers by allowing them to submit their own meter readings. The app was formally launched by Prime Minister Shehbaz Sharif on Sunday, according to a spokesperson for the Power Division. The Power Smart App allows consumers to take a photograph of their electricity meter on a specified date and upload it through the app. Monthly electricity bills will then be generated based on this user-submitted image — offering…

The Sindh Assembly on Wednesday passed the provincial budget for the fiscal year 2025-26, with a total outlay of Rs3.45 trillion, marking a 12.9% increase compared to the previous year. Chief Minister Syed Murad Ali Shah, who also holds the finance portfolio, presented the Sindh Finance Bill 2025 during the session. The opposition submitted over 2,000 cut motions against the budget proposals; however, all were rejected following a majority vote in the assembly. While presenting the Sindh Finance Bill, the chief minister said the budget aims to strengthen social protection,…

Pakistan and the United States have agreed to conclude their ongoing trade negotiations by next week, the finance ministry said in a statement on Wednesday, following a virtual meeting between Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick. The discussions on reciprocal tariffs are part of a broader effort to reset bilateral economic relations. 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 in April on countries around…

Investor optimism held firm on Wednesday as the stock market extended its upward trajectory, buoyed by easing geopolitical tensions, macroeconomic stability, and renewed prospects of foreign funding. “Stocks showed recovery as investors weigh Israel-Iran ceasefire talks,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities. “Surging global equities, deliberations over privatisation of SOEs, strong rupee and government resolve over circular debt management plan played a catalyst role in bullish activity at PSX,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at 122,761.64, up 515.01 points,…