Business News Archive

Govt asked to suspend export cess

ISLAMABAD: The Senate Standing Committee on Finance on Tuesday concluded its deliberations on Finance Bill 2021 and recommended to the government to suspend the collection of export cess for three years to minimise impact of Covid-19 on export industries. The committee meeting …

Tarin for promoting banking sector’s outreach

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin on Thursday assured his full support for the promotion of banking sectors outreach to achieve mobilisation of resources, growth, development and jobs creation. Mr Tarin said this during his meeting with State Bank …

Economic recovery more visible: SBP

• First half year’s performance has improved macroeconomic outlook for FY21• Debt servicing remains a key challenge KARACHI: The economic recovery is becoming more visible exceeding the previous forecast to reach 3 per cent GDP growth rate with 7-9pc inflation and better …

Inland Revenue collection up 22pc

ISLAMABAD: The Fed­eral Board of Revenue (FBR) on Tuesday said that nearly 51 per cent of the total Inland Revenue was raised from 14 major sectors including petroleum products in July-May (11MFY21) compared to the same period a year ago. Inland Revenue …

Focus on maintaining growth momentum

ISLAMABAD: The Economic Advisory Council (EAC) on Monday agreed to keep the focus of coming budget on agriculture, export diversification, higher subsidy allocations and to extend construction sector tax amnesty until December 31 to maintain the growth momentum. The second meeting of …

Govt, opposition challenge each other’s economic statistics

ISLAMABAD: The government and the opposition on Sunday continued making claims and counter-claims regarding the country’s prevailing economic situation with both challenging each others’ statistics ahead of the presentation of the federal budget next month. When federal Minister for Information and Broadcasting …

FIA sets up special squad to curb money laundering

RAWALPINDI: The Fed­eral Investigation Agency (FIA) has established a special squad to curb money laundering and illegal currency exchanges in line with the government’s commitments to the Financial Action Task Force (FATF). This was stated by FIA’s Islam­abad Director Waqar Ahmed Chauhan …

Exporting electricity to Afghanistan

The slow growth rate of electricity demand in the country, together with the rapid commissioning of new base-load power plants implies that the capacity payment obligations, which stood at Rs642 billion in 2018-19 will rise to Rs1.455 trillion by 2022-23. As a …

Economy contracts 1.5pc in CY2020: study

LAHORE: Pakistan’s economy contracted by 1.5 per cent during CY2020 as the Covid-19 pandemic took its toll through the year, leading to net loss of over 715,000 jobs and pushing close to 2.5 million people into extreme poverty. A new study — …

Govt to unveil Rs110bn farm package in budget

ISLAMABAD: With the next general elections in mind, the PTI government will introduce an agriculture reform package worth Rs110 billion in the upcoming budget, besides increasing lending by almost 80 per cent to Rs2.7 trillion to substantially enhance crops’ output and farmers’ …

Exports to China rose by 31pc, says Dawood

KARACHI: Adviser to Prime Minister on Comm­erce and Investment Abdul Razak Dawood has said that Pakistan’s exports to China have increased by 31 per cent over the past nine months. In a series of tweets on Sunday, Mr Dawood shared details of …

IMF being urged to relax harsh terms, says minister

ISLAMABAD: Finance Minister Shaukat Tarin has said that stabilisation is no more affordable for Pakistan’s economy that should now shift gear towards higher growth and the International Monetary Fund (IMF) would be convinced to relax conditions particularly those related to power tariff …