The government wants to accelerate economic growth to lower rising poverty and unemployment, but the IMF was of the view that Pakistan has not yet reached a stage where it can afford sustainably higher economic growth. PHOTO: Reuters ISLAMABAD: The government said on Tuesday that taxes on the import of used cars have been reduced…
KARACHI: Pakistani jewellers on Tuesday launched a powerful nationwide strike against alleged harassment and unjust tax demands by the Federal Board of Revenue (FBR), completely shutting down shops across major cities, including Karachi. Traders gathered in protest in Karachi, with Qasim Shikarpuri addressing the demonstrators. “We went to Islamabad, but our issues were not resolved….
KARACHI: The demand for Iranian currency has surged once again, leading to a significant increase in its value in Pakistan’s open currency market. Following an agreement between the United States and Iran to halt the Middle East war and easing uncertainty about global oil prices, the value of 10 million Iranian rials in the local…
Investment minister’s protest rejected; inquiry ordered into lack of competitive bidding ISLAMABAD: The Economic Coordination Committee (ECC) on Tuesday overruled objections raised by Investment Minister Qaiser Sheikh, who had opposed the 30-year lease extension for the Engro Vopak Terminal by declaring it a violation of public procurement rules. Headed by Finance Minister Muhammad Aurangzeb, the…
KARACHI: Pakistan Stock Exchange (PSX) on Tuesday extended its record-setting rally as investors continued to engage in aggressive buying amid growing confidence in the country’s economic outlook and easing geopolitical tensions in the region. The benchmark KSE-100 index gained 3,353.15 points, or 1.89%, to close at 180,392.98, after touching the intra-day high of 180,503.55 and…
NEW YORK: Oil prices fell about 5% to a three-month low on Tuesday as traders hoped the US and Iran would agree to end the war and allow oil to flow through the Strait of Hormuz. Prices, which were already down about 4% Tuesday morning, extended those losses following a Wall Street Journal report that…
LAHORE: Punjab has not introduced any new tax in its budget for fiscal year 2026-27, offering some relief to the province’s cash-strapped residents. However, the government plans to raise the rates of several existing taxes to meet its revenue targets. The proposed Finance Bill 2026 seeks higher rates for token tax, Abyana (water tax) and…
Oil prices inched lower on Wednesday, extending the previous session’s declines as investors assessed the US-Iran peace deal, though uncertainty over the full resumption of shipping through the Strait of Hormuz limited further falls. Brent crude futures dipped 16 cents, or 0.2%, to $78.80 a barrel by 0340 GMT, while US West Texas Intermediate fell 25…
LAHORE: The Punjab government has allocated Rs91.9 billion for agriculture in its budget for fiscal year 2026-27, as part of a combined Rs132.54 billion set aside for development and non-development spending on the agriculture, livestock, and fisheries sectors. Government officials describe these sectors as the backbone of the province’s economy, food security and export earnings….
KARACHI: The State Bank of Pakistan (SBP) on Monday kept its benchmark policy rate unchanged at 11.5%, citing persistent inflationary pressures, uncertainty stemming from the US-Iran war and a broadly unchanged macroeconomic outlook. The decision was announced after a meeting of the Monetary Policy Committee (MPC), which noted that although global oil prices had eased…