Business

KARACHI: The central bank’s foreign exchange reserves have further declined by $170 million to hardly stay at $4bn, the State Bank of Pakistan (SBP) said on Thursday. It said the reserves declined due to debt payments, which are key hurdles to the external front of the economy. Despite a steep fall in the current account deficit, the government is unable …

ISLAMABAD: Under criticism over a proposed fuel subsidy scheme ahead of elections, the government on Thursday approved a subsidised electric bike and rickshaw scheme through Prime Minister’s Youth Programme at an initial estimated cost of about Rs7.5 billion. The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet that also approved about Rs15bn loan …

ISLAMABAD: The National Assembly on Thursday hurriedly passed a second tax amendment ordinance bill of 2022 without waiting for the report of a parliamentary committee. Finance Minister Ishaq Dar tabled the bill titled “Tax Laws (Second Amendment) Bill 2022” in the lower house through a supplementary agenda, followed by another motion seeking relaxation of rules to put to vote the …

Finance Minister Ishaq Dar said on Friday that the United Arab Emirates has confirmed its commitment to the International Monetary Fund (IMF) for its bilateral financial support of $1 billion to Pakistan, bringing the country one step closer to securing a deal with the lender which is critical for avoiding default. “UAE authorities have confirmed to IMF for their bilateral …

KARACHI: The rupee recovered Rs1.81 against the dollar in the interbank market on Wednesday. The US dollar settled at Rs286.62 from Rs288.43 on Tuesday, reported the State Bank of Pakistan. So far this month, the dollar traded in the range of Rs280-288 in the interbank market while it touched Rs295 in the open market. Currency dealers believe the market increased …

ISLAMABAD: President Dr Arif Alvi on Wednesday censured the Federal Board of Revenue (FBR) for leaking the whistle-blower’s identity to the tax-evading private company which allegedly committed financial irregularities. The president ordered the FBR to submit a report within 60 days and also explain why the board failed to fully utilise the information provided by the whistle-blower to recover the …

KARACHI: The index of representative shares on the Pakistan Stock Exchange mostly remained on the higher side on Wednesday amid expectations of a jump in foreign exchange reserves. Topline Securities said stocks rose following news reports stating that the country would likely receive an assurance for $1 billion from the United Arab Emirates by the end of this week. In …

• Around 100 plants paid Rs99bn in capacity payments in Oct-Dec despite most of them operating at below 20pc ISLAMABAD: With almost two-thirds of power plants operating at less than 20 per cent utilisation factor, the National Electric Power Regulatory Authority (Nepra) on Wednesday notified ex-Wapda Distribution Companies (Discos) to charge 47 paise per unit to their consumers to mop …

Honda Atlas Cars Pakistan Ltd on Thursday announced a 15-day extension to its longest plant shutdown this fiscal year, citing the country’s economic crisis, restrictions on opening letters of credit for imports, and halting foreign payments. The company announced an initial 23-day shutdown on March 8, which was expected to end on March 31. It then extended the shutdown to April 15. …

KARACHI: The overall sales of cars, LCVs, jeeps and pickups plunged 47 per cent to 109,466 units during the first nine months of the current fiscal year from 205,452 units in the same period last year. Despite a month-on-month jump of 61pc in March to 9,351 units, the auto sales dropped amid rising prices, expensive financing and plant shutdowns during …