Business

ISLAMABAD: In a bid to meet a crucial deadline of the IMF and protect funding from major multilateral agencies, the government has finalised a fiscal strategy envisaging all future investments — including those coming through the newly formed Special Investment Facilitation Council — to be completely climate resilient. Under the strategy, the public sector development programme (PSDP), public-private partnership (PPP), and the …

The widespread departure of illegal aliens, spurred by the caretaker government’s abrupt decision to crack down and deport individuals lacking valid documents in Pakistan, has the potential to leave lasting impressions not only on the country’s political landscape but also on its domestic economy. Official circles and some economists downplay the potential adverse impact on Pakistan’s economy from the exodus of …

In the minute it took you to read this little piece, Pakistan International Airlines lost over Rs234,000 or roughly equivalent to the minimum wage of about seven people. PIA’s losses are so staggering that it is hard to wrap one’s mind around them. Even back in 2005, PIA was so deep in losses that one hour’s losses could have paid …

ISLAMABAD: Pakistan’s top tax authority has unveiled an ambitious plan to the International Monetary Fund to bring 1.5 million new taxpayers into the net by the end of June 2024. The blueprint of the strategy, which was shared during the technical-level discussions with IMF officials, represents a significant milestone in Pakistan’s efforts to bolster its fiscal framework, a senior tax …

KARACHI: The perception that few among the 35,000-odd computer science graduates the country produces every year are actually skilled was reinforced on Saturday at +92Disrupt, a two-day startup and technology conference held by Katalyst Labs. The CEO of one of the country’s largest software houses made a 30-minute presentation to drive home a single point: computer science programmes run by …

KARACHI: Fearing a large-scale industry shutdowns and subsequent layoffs, the Pakistan Hosiery Manufacturers Association (PHMA) has decided to launch a protest drive against the massive increase in the industrial gas tariff. In an extraordinary general meeting (EOGM) held at PHMA House on Saturday, the association decided that besides demonstrations, no-export days would be observed frequently till the government seriously accords …

NEW YORK: Moody’s has lowered its outlook on the US credit rating to “negative” from “stable” citing large fiscal deficits and a decline in debt affordability, a move that drew immediate criticism from President Joe Biden’s administration. The move follows a rating downgrade of the sovereign by another rating agency, Fitch, this year, which came after months of political brinkmanship …

BASRA: Iraq has signed a settlement agreement with US energy giant Exxon Mobil Corp to finalise its exit from the West Qurna 1 oilfield and allow PetroChina to become the field’s lead contractor, a senior Iraqi oil executive said on Saturday. “We studied the settlement agreement and the oil ministry with the Basra Oil Company believe that the best option …

ISLAMABAD: The short-term inflation rem­ained elevated, marking a 29.86 per cent year-on-year increase in the week ending on Nov 9 mainly due to the rising cost of essential kitchen items. Measured by the Sensitive Price Index (SPI), the weekly inflation also increased by 0.73pc on a week-on-week basis, according to official data released by the Pakistan Bureau of Statistics on …

ISLAMABAD: The formal process for the divestment of Pakistan International Airlines Corporation (PIACL) kicked off on Friday after the Board of Privatisation Commission appointed a financial adviser for the transaction. The consortium led by Earnest & Young emerged as the winner among eight interested parties that submitted their technical and financial proposals for the hiring of financial advisers for PIACL …