Category: bussines

ISLAMABAD: In a big blow for public servants, Finance Minister Muhammad Aurangzeb on Monday revealed that there was no proposal under consideration to increase the salaries and pensions of federal government employees in the upcoming fiscal year. In a written response submitted to the National Assembly, the finance minister said: “There is also no plan to revise employees’ allowances or pay scales.” However, he noted that the government is reviewing the ceiling and limits for hiring and housing allowances. Aurangzeb made the remarks while responding to a question by the…

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MUMBAI/NEW DELHI: India and New Zealand have decided to start detailed negotiations on a mutually beneficial free trade agreement, Indian Prime Minister Narendra Modi said on Monday after talks with his New Zealand counterpart Christopher Luxon. The agreement is expected by the end of 2025, an Indian foreign ministry official told reporters. Efforts to broker a free trade deal between New Zealand and the world’s most populous nation have floundered, partly on whether New Zealand — one of the world’s biggest milk producers — can gain access to India’s heavily…

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The capital market continued its bullish momentum on Monday, closing higher as investor sentiment remained upbeat due to progress in negotiations between Pakistani authorities and the International Monetary Fund (IMF), along with optimism surrounding the resolution of circular debt in the energy sector. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index gained 663.43 points, or 0.57%, to close at 116,199.59, up from the previous close of 115,536.16. The index reached an intraday high of 116,597.89, while the lowest level recorded during the session was 115,883.22. Analysts attributed the rally to…

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Dismissing speculations, Federal Minister for Energy Sardar Awais Ahmad Leghari on Sunday claimed that under the new policy the number of solar net-metering consumers would increase. Earlier this week, the cabinet’s Economic Coordination Committee (ECC) revised the buyback tariff of solar rooftop consumers to Rs10 per unit from Rs27 per unit. Speaking on Geo News‘ programme ‘Naya Pakistan’, the energy minister was of the view that the solar consumers would recover the cost of installing solar system in around four years, commonly known as payback period. The minister said that the…

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ISLAMABAD: The PM Shehbaz Sharif administration has decided to maintain petroleum product prices for the next fortnight and compensate the financial benefits of fluctuations in global oil rates through announcing a major reduction in power tariff. The federal government aims to keep petroleum product prices unchanged and transfer the full financial benefit to the masses through power tariff, the PM Office said in a statement on Saturday. The move will be one of many steps taken by the government to achieve a meaningful reduction in the electricity rates, the premier…

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ISLAMABAD: The International Monetary Fund (IMF) and Pakistani authorities made significant progress toward reaching a staff level agreement on the first review of an ongoing $7 billion programme, IMF Mission Chief Nathan Porter said in a statement on Saturday. The mission and Pakistani authorities will continue policy discussions via video conference to finalise these discussions over the coming days, the statement said. “The IMF and the Pakistani authorities made significant progress toward reaching a Staff Level Agreement (SLA) on the first review under the 37-month Extended Arrangement under the Extended…

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Prime Minister Shehbaz Sharif on Friday pushed for deeper engagement with the EU, underscoring the importance of extended GSP+ concessions, which he said had delivered significant benefits to both sides. Hailing the positive momentum in mutual relations, the prime minister highlighted this during a meeting with the Ambassador of the EU Dr Riina Kionka, who called on him at the Prime Minister’s House. The EU ambassador briefed the premier about the recent visits by EU delegations to Pakistan as well as the upcoming Pakistan-EU engagements. The prime minister welcomed the…

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LONDON/ISLAMABAD: The federal government has officially launched Pakistan Crypto Council (PCC) in a bid to accelerate digital transformation, according to a notification issued by the Finance Division. A notification issued by the Finance Division announced that the Pakistan Crypto Council will comprise a high-level panel of members tasked with shaping the nation’s digital financial future. The council’s composition includes: Chairman: Minister for Finance and Revenue; Member: Governor, State Bank of Pakistan; Member: Federal Secretary, Law and Justice Division; Member: Federal Secretary, IT; and Member: Chairman, Securities and Exchange Commission of…

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ISLAMABAD: The federal government has reduced the buyback rate of solar rooftop consumers to Rs10 per unit from Rs27 per unit “in a bid to reduce financial burden on grid consumers”, according to an official statemen issued by the Finance Division on Thursday. The development as the Economic Coordination Committee (ECC) met under the chairmanship of Finance Minister Muhammad Aurangzeb, and approved a set of amendments to the existing net-metering regulations aimed at reducing the growing financial burden on grid consumers, according to the statement. The decision comes in light…

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The bourse surged on Thursday as investor sentiment soared, driven by growing optimism over a potential resolution to the circular debt crisis in the energy sector and a significant upgrade of Pakistani banks by Moody’s Ratings. Market momentum remained strong amid anticipation of the ongoing International Monetary Fund (IMF) review, with investors eagerly awaiting the green light for the next loan tranche, which is expected to further bolster economic stability. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by 1,009.70 points, or 0.89%, to close at 115,094.23 points, marking…

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