Business

KARACHI: Amid thriving exports and rising domestic prices, the Ministry of Commerce has fixed the minimum export price (MEP) of onion at $1,200 per tonne (FOB). All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) Patron-in-Chief Abdul Waheed Ahmed said that the Trade Development Authority of Pakistan has issued a notification on Jan 12 quoting the commerce ministry, …

WASHINGTON: The IMF Executive Board’s decision to disburse around $700 million to Pakistan reflects a positive review of the country’s economic reform programme. While economic activity has stabilised, challenges persist, contingent on the effective implementation of sound policies. Macroeconomic conditions have shown improvement, with a projected two per cent growth in FY24. The fiscal position strengthened in 1QFY24, achieving a …

Shares at the Pakistan Stock Exchange traded in the green for a second consecutive session on Friday after the International Monetary Fund’s (IMF) Executive Board successfully concluded the first review of Pakistan’s economic reform programme. According to the PSX website, the KSE-100 index gained 565.79, or 0.88 per cent, at 10:56am to stand at 65,183.35 from the previous close of 64,617.56. Mohammed …

WASHINGTON: In a significant development, the Executive Board of the International Monetary Fund (IMF) announced on Thursday that it had successfully concluded the first review of Pakistan’s economic reform programme, backed by the Stand-By Arrangement (SBA), paving the way for an immediate disbursement of SDR 528 million, equivalent to approximately $700m. This latest disbursement brings the cumulative total under the arrangement to …

ISLAMABAD: The proposed restructuring of the Federal Board of Revenue (FBR) has heightened uncertainty within the field formation due to escalating tensions among tax groups concerning the nature and extent of the reforms, Dawn has learned from knowledgeable sources. This uncertainty could potentially affect revenue collection, a concern that is particularly significant given the current political instability that has already …

ISLAMABAD: In a major setback, no bid was received for setting up a 600-megawatt solar power project at Muzaffargarh despite multiple revisions in incentives and extensions in deadlines given by the Private Power & Infrastructure Board (PPIB) — a one-window power sector entity of the federal government. This was the first pilot project for the acquisition of renewable energy through …

KARACHI: As the entire auto sector, barring tractors, faced a steep fall in sales ranging from 14 per cent to 56pc during the first half of 2023-24, the general elections on Feb 8 also failed to lift the sales of Toyota pickups, jeeps and SUVs. Surging prices along with unprecedented interest rates turning car financing into a more expensive ride …

ISLAMABAD: The International Labour Organisation (ILO) says the unemployment rate in Asia-Pacific is expected to remain constant at 4.5 per cent during 2024-25 in view of the socio-economic developments in low- and middle-income economies of the region as poverty rates have decreased and youth education enrolment improved. At around 4.5pc, the regional unemployment rate fell below pre-pandemic levels in 2023, …

KARACHI: Workers’ remittances in December increased by 13.4 per cent on a year-on-year basis to $2.4 billion, compared to $2.099bn in the same month of the previous fiscal year. However, during the first six months of FY24, remittances fell short of the amount the country received in the same period of the previous year. Moreover, remittances from almost all destinations, …

ISLAMABAD: The World Bank on Wednesday projected Pakistan’s economic outlook to remain subdued during the current fiscal year and slightly recover next year amid prolonged global economic challenges. “In Pakistan, the economic outlook for FY24 remains subdued, with growth projected at only 1.7pc. Monetary policy is expected to remain tight to contain inflation, while fiscal policy is also set to …