Business

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has asked the government to abolish cross-subsidies and multiple taxes within electricity tariffs. It also urged the government to start breaking up distribution companies and introduce private sector competition down to the feeder level to enhance efficiency and reduce the unaffordable burden on consumers. In its damning State of Industry Report 2023 released on …

ISLAMABAD: The Asian Development Bank committed a record amount of more than $10.4 billion for climate finance in 2023 to help developing member countries in Asia and the Pacific region cut greenhouse gas emissions and adapt to the impacts of a warming planet. The bank committed $9.8bn in climate finance from its own resources last year, the ADB says in …

ISLAMABAD: The Central Development Working Party (CDWP) on Thursday cleared four development projects with an estimated cost of Rs138.66 billion in the areas of transport & communications, energy and physical planning and housing including a cross-border road project. The CDWP meeting presided over by Deputy Chairman Planning Commission Dr Jehanzeb Khan approved one project on its own at an estimated …

ISLAMABAD: Amid continuous unrest in Gilgit-Baltistan for almost a month over a wheat price hike, the Economic Coordination Committee (ECC) of the Cabinet on Thursday agreed to continue providing subsidy to the people of the region by slashing budgets of some major ministries in view of strict IMF conditions on subsidies. The meeting, presided over by caretaker Finance Minister Dr Shamshad Akhtar, …

ISLAMABAD: Merchandise exports grew for the fifth consecutive month in January, reaching a 17-month high, indicating a recovery of export-led industrial growth. In absolute terms, export proceeds in January totalled $2.78 billion, up 27 per cent from $2.19bn the previous year, according to data from the Ministry of Commerce released on Thursday. Commerce Minister Gohar Ejaz noted that these positive …

The caretaker government is making binding plans for the new set-up to sell loss-making Pakistan International Airlines (PIA), according to the privatisation minister and other officials. In the past, elected governments have shied away from undertaking unpopular reforms, including the sale of the flag carrier. But Pakistan, in deep economic crisis, agreed in June to overhaul loss-making state-owned enterprises under …

ISLAMABAD: Pakis­tan Railways on Wednesday introduced a fuel monitoring system based on internet of things (IoT) for digital enhancing safety and efficiency. The IoT is a network of inter-related devices that connect and exchange data with other IoT devices. Caretaker Minister for Railways, Commun­icat­ions and Maritime Affa­irs Shahid Ashraf Tarar inaugurated the new digital system of PR at the Margalla …

ISLAMABAD: Tax collection by the Federal Board of Revenue (FBR) fell short of the target by almost Rs9 billion in January mainly due to lower collection in domestic taxes and customs duty, provisional figures showed on Wednesday. The revenue collection in January stood at Rs681bn against a projected target of Rs689.6bn. It increased by 24.95pc when compared with Rs545bn in …

ISLAMABAD: While painting an otherwise rosy economic picture at the fag-end of its rule, the caretaker government on Wednesday conceded the persisting inflationary trends and rising pressures on current expenditure mainly due to the policies of the government and the State Bank of Pakistan, respectively, continue to remain critical challenges, needing prudent policies of the next government to strengthen economic …

KARACHI: The State Bank of Pakistan (SBP) has relaxed the trade regime by allowing advance payments or remittances for import of goods, which may increase outflow of dollars from the country. The State Bank issued a circular on this subject and invited all banks to circulate this new development regarding the advance payments without prior approval of SBP. “Authorised dealers …