Business

Finance Minister Ishaq Dar stated on Saturday that following the budget process the government is contemplating discussions with bilateral partners regarding debt restructuring. In a post-budget press conference in Islamabad, he emphasised that the relief would not encompass “haircuts or write-offs”, and affirmed that payments to multilateral creditors will be made promptly. “As far as Paris Club rescheduling, we have …

KARACHI / LAHORE: The government has presented a picture of the economy far from facts while targets set for the budget 2023-24 also look unrealistic, said FPCCI President Irfan Iqbal Sheikh on Friday while expressing apprehensions that the business community would be looking for “hidden taxes” in the Finance Bill. The Rs9.2 trillion revenue target not only looks difficult but …

KARACHI: The net impact of the 2023-24 budget is expected to range between neutral and negative for most listed companies, even though a few sectors like technology, real estate and pharmaceutical may find some cause for celebration. Speaking to Dawn, Ismail Iqbal Securities Head of Equity Research Fahad Rauf said the budget contains few significant events for the stock market based …

ISLAMABAD: The government has defined a roadmap and timelines for the implementation of various initiatives under the 5Es framework — exports, e-Pakistan, environment, energy & infrastructure and equity & empowerment — to revitalise the economy. The 5Es Framework: To Turnaround Pakistan, released on Friday, speaks of acute implementation challenges, including pushback from vested interests that will be faced to successfully …

ISLAMABAD: The government aims to spend Rs1.804 trillion on defence over the next year, which is around 13 per cent higher than the revised allocation for the outgoing year. The defence budget makes up nearly 1.7pc of the GDP and 12.5pc of the total expenditure planned by the government for the next year, the budget documents for the 2023-24 fiscal …

ISLAMABAD: The fiscal year 2023 was not very different from the previous many years as the external account recorded a dismal performance owing to increased debt repayment, dwindling reserves and falling exports. The government’s only solace lay in its success in curtailing the import bill but decreased exports and poor remittance collection significantly offset any gains on that front, according …

KARACHI: Amid 38 per cent inflation and uncertain exchange rates, stakeholders have ruled out a pro-consumer budget for 2023-24. The government tried to help the masses by cutting the diesel price by Rs35 per litre followed by a drop of Rs80 per kg/litre in ghee/cooking oil rates at utility stores. However, exorbitantly high electricity bills continue making the lives of …

Finance Minister Ishaq Dar presented the budget for fiscal year 2023-24 (FY24) on the floor of the National Assembly. During the speech, the minister said that the government was imposing no new taxes for the upcoming year. Dar said for the next year, GDP growth had been budgeted at 3.5 per cent, terming it a “modest target”. He said that …

ISLAMABAD: The economic survey for 2022-23 showed on Thursday the country’s total public debt reached Rs59.24 trillion at the end of March, with domestic debt amounting to Rs35.07tr and external debt clocking in at Rs24.17tr or $85.2 billion. Within domestic debt, the government relied on long-term debt securities, predominantly the floating-rate Pakistan Investment Bonds (PIBs) and Sukuk for the financing …

ISLAMABAD: The government conceded on Thursday average inflation will surpass its budgetary target and remain at 29 per cent for 2022-23 owing to the unprecedented depreciation and rising global commodity prices. According to the Pakistan Economic Survey 2022-23 released on Thursday, the inflation target for the outgoing fiscal year was 11.5pc. Global inflationary pressures have intensified in recent years even …