Connect with us

Business

In FY 2024, the federal government gives institutions Rs 437 billion.

Published

on

The Ministry of Finance revealed that a total of Rs 437 billion was given as support to different government agencies in Pakistan during the first half of fiscal year 2024.

Of this, Rs232 billion was set aside for subsidies to Pakistani public sector organizations. Furthermore, subsidies totaling Rs 120 billion were given to Pakistani government organizations between July and December 2023.

During the first half of the previous fiscal year, Pakistani government institutions received loans totaling Rs 85 billion. Sui Southern Gas Company in Pakistan was one of the main beneficiaries of the subsidies.

Other well-known Pakistani organizations that benefited from subsidies are Hyderabad Electric Supply Company (HESCO), which received Rs 18.34 billion, and Lahore Electric Supply Company (LESCO), which received Rs 26.24 billion. Subsidies totaling Rs11.63 billion went to the Utility Stores Corporation of Pakistan.

In addition, Power Holding received a grant of Rs88.52 billion in the first half of fiscal year 2024, followed by Pakistan Railways with Rs27.5 billion and the National Highway Authority (NHA) with Rs4 billion.

Apart from subsidies, the Pakistani federal government also gave loans, giving NHA approximately Rs 25 billion and Pakistan Steel Mills Rs 35.54 billion.

The National Transmission & Despatch Company (NTDC) received Rs6.1 billion, Printing Corporation received Rs1.2 billion, JENCO-II received Rs16.53 billion, and Radio Pakistan received Rs210 million. MEPCO, PESCO, and LESCO also received loans during this period. receiving Rs47 billion, while MEPCO (Multan Electric Power Company) received Rs42.56 billion.

A report released on December 27 by the Pakistan Bureau of Statistics states that over the past year, the cost of some goods in Pakistan has significantly increased while the cost of others has decreased.

The research claims that the price of tomatoes has increased significantly, rising by 138.53 percent (pc). Women’s sandal prices increased by 75.09 percent, while the cost of potatoes increased by 61.17 percent. Lentils, too, experienced a price surge, with chana dal increasing by 51.17 pc and mung dal by 31.51 pc.

Prices for beef increased by 24.28 percent, while those for powdered milk increased by 25.62 percent. Garlic became 17.27 pc more expensive, and cooked lentils went up by 15.10 pc. Gas charges in Pakistan have also risen by 15.52 pc, and firewood prices climbed by 13.14 pc.

Business

Amid expectations of economic stability, the PSX soars to its highest level ever, reaching 118k.

Published

on

By

The KSE-100 index soared to yet another record high during intraday trading on Thursday, demonstrating that bulls were still in control of the Pakistan Stock Exchange (PSX).

The benchmark 100 index increased by 1,359.73 points from its previous closing of 117,008.08 to hit an intraday high of 118,367.81 points.

Given the federal government’s ambitious ambition to overhaul the national economy, traders’ large buying binge coincides with predictions of economic stability in the nation.

The five-year national economic plan “Uraan Pakistan,” which aims to achieve sustainable development and economic stability, was inaugurated by Prime Minister Shehbaz Sharif on December 31.

Speaking to the audience, the prime minister emphasized that the program would offer a path forward for economic development, emphasizing work creation, infrastructure, energy, the digital economy, and the environment.

Meanwhile, investors’ confidence has also increased due to the falling rate of inflation. This is the lowest level of 4.1 percent in 81 months as a result of government actions.

The consumer price index was measured at 4.1 percent last month, down from 49 percent in June of last year, according to the Pakistan Bureau of Statistics. Comparing this to the 29.7 percent inflation rate in December 2023, there has been a notable decrease.

Compared to 2.3 percent in June 2024 and 27.3 percent in December 2023, the wholesale price index was just 1.9 percent last month.

Continue Reading

Business

Pakistan’s exports increased 10.52 percent to $16.5 billion.

Published

on

By

In comparison to $14.985 billion in July-December 2023-24, exports during July-December 2024-25 totaled $16.561 billion, according to PBS data.

In contrast, imports into the nation increased from $26.137 million in the first half of this year to $27.733 million in the first half of this year, a 6.11 percent increase.

According to the numbers, the trade deficit for the months under review was $11.172 billion, which represents a minor increase of 0.18 percent over the deficit of $11.152 billion the previous year.

Exports in December 2024, on the other hand, climbed 0.67 percent year over year to $2.841 billion from $2.822 billion in December 2023.

In contrast, PBS data shows that imports increased from $4.635 to $5.285 percent, a 14.02 percent increase.

Compared to November 2024’s exports of $2.833 billion, the country’s exports increased by 0.28 percent on a month-over-month basis.

According to a report by PBS, the imports increased by 17.44% in comparison to the $4.500 billion in November 2024.

Concurrently, the first five months of the current fiscal year saw a 7.58 percent growth in services exports over the same period last year.

In July-November 2024-25, service exports were $3.274 billion, compared to $3.044 billion in July-November 2023-24, according to PBS data.

Service imports, on the other hand, increased 2.88 percent to $4.425 billion this year from $4.301 billion the year before.

The data shows that the services trade deficit increased negatively by 8.48 percent, reaching $1.150 billion in the current fiscal year compared to $1.257 billion in the previous one.

Continue Reading

Business

To comply with IMF requirements, the government implements new pension reforms.

Published

on

By

With the implementation of pension changes for retired federal government employees, Pakistan has met another requirement stipulated by the International Monetary Fund (IMF).

In this context, the Ministry of Finance has released two notices.

The proposed regulations will provide retired workers with a pension equal to their average wage during the previous 24 months.

Every year, the pension will be raised in accordance with the average earnings.

The double pension arrangement has also been eliminated. A retired employee can only get their pay or pension if they return to work for any organization; they cannot get both.

Moreover, eligibility for pensions has been made clear in situations where the husband and wife are both employed by the federal government.

Continue Reading

Trending