Category: bussines

Finance Minister Muhammad Aurangzeb has indicated that the forthcoming federal budget, scheduled for June 10, will feature tax concessions aimed at reducing the financial strain on salaried individuals. Speaking at an event in Islamabad on Monday, the finance minister said the government is actively working to reduce the tax burden on salaried persons, adding that their income is taxed as soon as it is credited into their accounts. He stressed the need for a strategic direction in the budget, not just a statement of income and expenditure. “We are taking…

Read More

The bulls lost momentum at the bourse on Monday, as budget-related uncertainty and unresolved talks with the International Monetary Fund (IMF) cast a shadow over investor sentiment. “Delay in Budget announcement and lack of clarity on IMF conditions related to budget pushing investors to trim their exposure,” said Muhammad Sohail, CEO of Topline Securities. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 118,221.12 points, down 881.55 points, or -0.74%, at close. The index climbed to an intraday high of 119,290.94 points, gaining 188.27 points, or 0.16%, from the previous…

Read More

Bilal Bin Saqib has been appointed as the Special Assistant to the PM (SAPM) on Blockchain and Crypto, with the status of state minister by Prime Minister Shehbaz Sharif. Pakistan was positioned among an elite group of 7-9 nations, including the United States, El Salvador, and the UAE, with dedicated leadership for cryptocurrency and blockchain, signalling a bold commitment to leading the global digital economy, by this groundbreaking decision. Saqib also serves as the Chief Executive Officer of the Pakistan Crypto Council (PCC) and Chief Advisor to the Finance Minister.…

Read More

In a significant move to drive Pakistan’s digital transformation, the government has earmarked 2,000 megawatts (MW) of electricity in the first phase of a national strategy aimed at supporting Bitcoin mining and artificial intelligence (AI) data centres. According to a statement issued by the Finance Division, the initiative is spearheaded by the Pakistan Crypto Council (PCC) — a government-backed body under the Ministry of Finance — as part of a broader strategy to monetise surplus electricity, create high-tech jobs, attract billions of dollars in foreign direct investment, and generate billions…

Read More

Bilal Bin Saqib, the CEO of the Pakistan Crypto Council (PCC), has called on US senators Bill Hagerty and Rick Scott during his visit to New York. The meeting highlights Pakistan’s increasing involvement in global crypto discussions and the changing world of digital finance. Through talks with US lawmakers, PCC hopes to help create crypto rules in Pakistan that match global standards, support innovation, and include everyone. Senator Hagerty, a key proponent of responsible financial innovation, is the lead sponsor of the GENIUS Act of 2025 (Guiding and Establishing National…

Read More

The International Monetary Fund (IMF) announced that discussions on Pakistan’s fiscal year 2026 (FY26) budget will continue in the coming days, following the conclusion of a staff-level mission led by Nathan Porter. The mission’s conclusion comes hours after the federal government announced it would now present the Budget 2025-26 on June 10, a delay from the earlier announced date of June 2, showing that it was struggling to finalise fiscal targets with the IMF. The Economic Survey FY2025, a report card of the performance of various sectors of the economy…

Read More

Due to ongoing difficulties finalising fiscal targets with the International Monetary Fund (IMF), the federal government has postponed the presentation of the Federal Budget 2025-26 to June 10, pushing back the earlier scheduled date of June 2, officials said. The News reported on May 9 that the federal government is set to present the budget for the next fiscal on June 2, with Rs921 billion allocated for development projects, far short of the Rs1,600 billion minimum deemed necessary by the Ministry of Planning. The Economic Survey FY2025, a report card…

Read More

The International Monetary Fund (IMF) on Thursday firmly defended its latest loan tranche approval for Pakistan, brushing aside Indian objections and making clear the EFF funds are secure and can’t be misused. The IMF executive board approved on May 9 a fresh $1.4 billion loan to Pakistan under its climate resilience fund and approved the first review of its $7 billion programme, freeing about $1 billion in cash. Addressing a presser, the IMF spokesperson Julie Kozack said, “Board approved the disbursement after finding that Pakistan had met all performance targets…

Read More

ISLAMABAD: In an effort to capitalise on the Trump administration’s desire to increase trade with South Asia, Pakistan plans to make concessions to US corporations so that they invest in its mining industry as part of tariff negotiations with Washington, Federal Minister for Commerce Jam Kamal told Reuters. Because of a $3 billion trade surplus with the largest economy in the world, Pakistan may be subject to a 29% tariff on exports to the US, under the tariffs that Washington proposed in April on nations worldwide. After that, tariffs were suspended…

Read More

Prime Minister Shehbaz Sharif on Thursday reaffirmed the resolve to expedite the process of institutional reforms on a priority basis. The prime minister made the remarks while meeting a delegation of the International Monetary Fund (IMF) led by Jihad Azour, which called on him in Islamabad. “Pakistan is heading towards economic growth, after attaining economic stability,” said the premier. During the meeting, the discussions focused on the implementation of the ongoing IMF programme in Pakistan. The two sides expressed satisfaction over the economic reforms undertaken by the government and their…

Read More