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Drap asked to step up campaign against ‘conventional syringes’


November 15, 2023

ISLAMABAD: Amid reports of the sale of conventional syringes across the country, the health ministry on Tuesday directed the Drug Regulatory Authority Pakistan (Drap) to step up its campaign against sellers and industrial units manufacturing banned syringes. As per the health ministry, the direction has been given in the best interest of the public as conventional syringes are the potential …

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Landmark trilateral moot in Islamabad resolves to boost regional connectivity


November 15, 2023

ISLAMABAD: The first trilateral commerce ministers’ meeting of Afghanistan, Pakistan and Uzbekistan took place on Tuesday, marking a significant stride towards fostering investment opportunities across various sectors. This initiative is anticipated to pave the way for an influx of foreign direct investment, bolster regional cooperation, and enhance connectivity. Commerce ministers of Pakistan Ejaz Gohar and Afghanistan Nuruddin Azizi and Deputy …

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Talks with Saudis on Reko Diq stake soon


November 15, 2023

ISLAMABAD: Talks with Saudi Arabia on the sale of stakes in the multibillion-dollar Reko Diq gold and copper mine will begin soon, the head of the Planning Commission said on Tuesday, as a share-price evaluation of the project is now complete. Talking to the media, Dr Jehanzeb Khan stressed that the $70 billion foreign direct investment anticipated thro­ugh the Special …

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IMF raises questions on SIFC creation


November 15, 2023

ISLAMABAD: The International Monetary Fund (IMF) has advised Pakistan against creating a group of preferred investors or distortions in the country under the Special Investment Facilitation Council (SIFC) and to ensure transparency and accountability in its business deals. Deputy Chairman Planning Commission Dr Jehanzeb Khan told economists and journalists that the visiting fund mission had raised questions as to the need for …

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IMF chief says agreement with Pakistan on 2nd tranche ‘expected this week’


November 15, 2023

IMF Managing Director Kristalina Georgieva on Wednesday said the agreement for the release of the second tranche, amounting to $3 billion under the Standby Arrangement (SBA) with Pakistan, was expected this week. “I expect an agreement of the review to come within this week,” Georgieva told Bloomberg Television’s Haslinda Amin in an interview in Singapore.     The confirmation from the top …

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Barring tractors, auto sector faces stagnant sales


November 14, 2023

KARACHI: Tractor makers may be excited about the 87 per cent surge in sales, but other segments of the auto sector faced a sales slump ranging between 10pc and 47pc during 4MFY24. The rise in tractor sales to 17,296 units (Fiat and Massey Ferguson) also signals some brisk agricultural activities during July-Oct FY24, from 9,258 units in the same period …

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PM Kakar wants strategy to improve FBR performance


November 14, 2023

ISLAMABAD: Care­ta­ker Prime Min­i­ster Anwa­arul Haq Kakar on Mon­day directed the authorities concerned to formulate a comprehensive strategy, in consultation with all stakeholders, to improve the performance of the Federal Board of Revenue (FBR). According to the Prime Minister Office (PMO), Mr Kakar presided over a meeting to mull over the measures for improving the performance of the tax authority. …

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FPCCI demands R20/litre cut in petroleum prices


November 14, 2023

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh has urged the caretaker government to reduce the petroleum prices by Rs18-20 per litre as a result of the declining trend in world oil prices despite ongoing conflict and supply cuts announced by Saudi Arabia and Russia till December. “I can project that these major producers …

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Rupee suffers 15th straight loss vs dollar


November 14, 2023

KARACHI: The rupee on Monday continued losing its value despite falling demand for US dollars in the interbank market. The State Bank of Pakistan (SBP) reported the greenback closed at Rs287.55 after gaining 52 paise over last session’s Rs287.03. The local currency has weakened by four per cent against the dollar since the start of the declining trend in mid-October. …

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IMF contacts key partners directly over fund pledges


November 14, 2023

ISLAMABAD: With policy-level discussions boiling down primarily to external financing gap, the visiting staff mission of the International Monetary Fund (IMF) has started direct communications with key bilateral partners to confirm their committed support to Pakistan, including rollovers and additional flows, during the current fiscal year. On the first day of policy-level talks, caretaker Finance Minister Dr Shamshad Akhtar and IMF’s mission …

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