ISLAMABAD: The World Bank said on Wednesday that only the two largest provinces allocated Rs806 billion in grants for the Centre, recommending that Pakistan review the National Finance Commission (NFC) formula to permanently address fiscal imbalances, including backing deductions from provincial shares for seven national public goods services. The Rs806 billion grant is Rs229 billion,…
ISLAMABAD: The government has achieved the annual average inflation target of 7.5% for the just-ended fiscal year despite the impact of Middle East conflict but consumers suffered from a one-third increase in petrol prices and a 25% spike in the cost of electricity. According to the Pakistan Bureau of Statistics (PBS), the average increase in…
LAHORE: The export of live animals may provide short-term foreign exchange earnings, but it risks weakening Pakistan’s meat processing industry, reducing value addition and depriving the economy of thousands of jobs, according to business leaders and meat exporters, who have urged the government to revisit the policy. The concern has surfaced after the Punjab government…
Local rate dips Rs5,200/tola but international bullion rebounds on soft jobs data KARACHI: Gold prices in Pakistan declined on Wednesday, bucking a sharp global rally, as the local market showed muted response amid limited trading activity and rupee dynamics. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola dropped…
It will encourage companies to improve environmental, social and governance practices ISLAMABAD: Pakistan has taken a major step towards sustainable finance as the Securities and Exchange Commission of Pakistan (SECP) has issued the country’s first ESG Mutual Funds Framework. The framework enables asset management companies to launch environmental, social and governance (ESG)-focused mutual funds, bringing…
KARACHI: Gold prices on Thursday rose in global and local markets after five trading sessions, reaching a new high in the international bullion market. In the international bullion market, the price of gold per ounce increased by $91 to $4,063. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), locally, the price of gold…
Climate Levy raised to Rs5 per litre; Petroleum Levy cut to Rs64.14 for petrol, Rs77.04 for high-speed diesel ISLAMABAD: The federal government on Thursday revised the levy structure on petroleum products at the start of the new financial year, increasing the Climate Support Levy on petrol and high-speed diesel (HSD) while reducing the Petroleum Levy…
Brent futures lost 1.1% to $70.78 a barrel; US West Texas Intermediate crude fell 1.2% to $67.74 a barrel Oil prices dropped about 1% on Thursday, down for a third consecutive day, after Qatar said Iran and the US had made progress in indirect talks focused on the Strait of Hormuz, which handled one-fifth of global oil supply before…
ISLAMABAD: The Privatisation Commission has extended the deadline for the submission of Expressions of Interest (EOIs) for the privatisation of Faisalabad Electric Supply Company (Fesco) and Gujranwala Electric Power Company (Gepco) under the batch-I DISCOs sell-off programme. The revised deadlines are August 7 for Fesco and August 21 for Gepco, said a press release issued…
Programme will also support investment in government computing infrastructure to strengthen institutional capacity BISP data was being analysed for a pilot project for the provision of 30,000 broadband-enabled handsets to women who are active recipients of BISP funds. PHOTO: FILE The World Bank’s Board of Executive Directors has approved $70 million in financing for the…