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Exporters to get Rs3bn refunds shortly: Hafeez


December 6, 2019

ISLAMABAD: Finance Adviser Dr Abdul Hafeez Shaikh on Thursday said that another Rs2-3 billion sales tax refunds will be issued to exporters in the next couple of days. The adviser said this in a meeting with a group of leading businessmen from various export contributing nearly $2bn exports to review progress on the issues pertaining to payment of sales tax …

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ADB approves $1 billion emergency loan for Pakistan


December 6, 2019

The Asian Development Bank (ADB) has approved an emergency loan of $1 billion for Pakistan to provide immediate support to the country’s finances and help strengthen a slumping economy, according to a press release issued on Friday. The quick dispersing loan is part of a multi-donor economic reform programme spearheaded by the International Monetary Fund (IMF) to stablise the economy which crumbled …

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Saudi Arabia, Russia look to seal deeper output cuts with producers


December 6, 2019

Major oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from the Organisation of the Petroleum Exporting Countries (Opec) and allies on Friday in an attempt to support prices and avoid a new oil glut. The group combining over 20 producers is considering an extra 500,000 barrels per day (bpd) in cuts for the first quarter …

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Moody’s upgrades outlook for five banks to ‘stable’


December 6, 2019

KARACHI: Moody’s Investors Service on Thursday changed the outlook of five leading banks from ‘negative’ to ‘stable’ and affirmed their existing B3 long-term local currency deposit ratings. The banks include Allied Bank Ltd (ABL), Habib Bank Ltd (HBL), MCB Bank Ltd, National Bank of Pakistan (NBP) and United Bank Ltd (UBL), according to an announcement by the New York-based rating …

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‘Microfinance key to tackling poverty’


December 5, 2019

  ISLAMABAD: Finance Adviser Dr Abdul Hafeez Shaikh on Wednesday said the government was committed to increasing production capacity of microfinance sector to grab maximum benefits out of minimum resources. Addressing a two-day microfinance conference here, the adviser said that stable economy was pivotal for promotion of the sector, which has been made possible due to timely and effective measures …

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Cement exports jump 21pc in July-November


December 5, 2019

KARACHI: Domestic cement sales during 5MFY20 rose by three per cent to 16.854 million tonnes while exports grew by 21.5pc to 3.608m tonnes. As a result, the overall cement despatches grew by 5.76pc to 20.462m tonnes. On the other hand, in November, domestic sales rose by 5.11pc to 3.538m tonnes while exports swelled by 44pc to 0.808m tonnes. Overall cement …

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Govt to sell unused state properties at Dubai Expo


December 5, 2019

ISLAMABAD: The federal government has decided to sell its precious unutilised state properties at the Dubai Expo to attract foreign and Pakistani investors to the country and the funds generated through the exercise will be spent on public welfare schemes related to education, health, food and housing. It was decided at a meeting on abandoned state properties held at the …

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Govt collects 18pc more revenue from petroleum sector


December 5, 2019

ISLAMABAD: Despite around 13 per cent decline in consumption, the federal government collected about 18pc higher taxes on oil and gas products during first quarter (July-September) of this fiscal year mainly because of higher rates. Total revenue collection from oil and gas sector in the first quarter amounted to about Rs186 billion, compared to about Rs158bn in same period last …

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Inflation surges to nine-year high


December 5, 2019

ISLAMABAD: Inflation rose to 12.7 per cent year-on-year, the highest level in nine years mainly driven by an increase in prices of food items, the Pakistan Bureau of Statistics (PBS) reported on Wednesday. Inflation, measured by the Consumer Price Index (CPI), edged up by 1.3pc over the previous month after the PBS revised its calculation methodology by setting the new …

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Govt blames price hike on trade ban with India, weather


December 4, 2019

  ISLAMABAD: Attributing the prevailing price hike to suspension of trade with India, failure of provinces in keeping administrative control over the middleman and seasonal factors, the government’s economic team has forecast easing out the inflationary pressure in the next two months. Speaking at a news conference after a meeting of the federal cabinet on Tuesday, Prime Minister’s Adviser on …

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