Business

ISLAMABAD: Pakis­tan plans to seek a new loan of at least $6 billion from the International Monetary Fund (IMF) to help the incoming government repay billions in debt due this year, Bloomberg News reported on Thursday, citing a Pakistani official. The country will seek to negotiate an Extended Fund Facility with the IMF, the report said, adding that the talks with the global …

The International Monetary Fund (IMF) has stated that it is looking forward to engaging with the new government on policies to ensure “macroeconomic stability and prosperity for all of Pakistan’s citizens”. The development comes a day after PTI Senator Ali Zafar told reporters that a letter would be sent from incarcerated party founder Imran Khan to the international lender urging it to …

Bulls dominated the trading floor of the Pakistan Stock Exchange (PSX) on Friday as shares gained over 900 points, which analysts attributed to the International Monetary Fund (IMF) signaling its readiness to engage with the new government. According to the PSX website, the KSE-100 index closed at 62,815.81 points, up 901.47 pr 1.46 per cent from the previous close of …

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) will conduct a digital census of the agriculture sector to maximise its benefits for policymakers in the country. An official announcement stated that PBS will employ seven software modules for an integrated and digital census approach, maximising benefits for Pakistan’s agricultural sector. In this connection, PBS will train employees on HR and assignment …

ISLAMABAD: The export of Pakistani food items is safely projected to cross the $7 billion mark by the end of fiscal year 2023-24, reflecting a sharp contrast of about $4 billion annual exports in this sector previously, the Chief Executive of Trade and Development Authority of Pakistan (TDAP), Muhammad Zubair Motiwala, said on Wednesday. Speaking at the Pakistan Pavilion at …

KARACHI: Consumers have not shown any enthusiasm to pre-book or lift vehicles on cash despite the Economic Coordination Committee of the Cabinet’s decision to increase the sales tax to 25 per cent from 18pc. The caretaker government has yet not issued a statutory regulatory order (SRO) to enforce the hike in general sales tax on locally produced vehicles of 1,400cc and above …

KARACHI: The cut-off yield for short-term treasury bills has risen by 126 basis points on the back of inflationary pressures as hopes fade away for cut in the State Bank of Pakistan’s policy rate. The auction of treasury bills, held on Wednesday, saw a sudden jump in the three-month T-bills, surprising many even though it was not improbable. On Wednesday, the …

KARACHI: While urging the government to immediately implement a nine-cent per kWh power tariff, the business leaders have warned that high gas prices will bring the industries on the verge of collapse due to rising cost of production amid surging inflation. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Acting President Saquib Fayyaz Magoon told a press conference on Wednesday at …

ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar, while reassuring investors of the government’s full support, said on Tuesday that effective utilisation of human as well as mineral resources would lead to a stable, prosperous and rising Pakistan. “Our human resource is more important than our mineral resource. The human resource coupled with the mineral resource will lead to a stable, …

ISLAMABAD: In yet another blow to struggling electricity consumers, the Central Power Purchasing Agency (CPPA) has sought a massive Rs7.13 per unit increase in fuel charges in the upcoming bills on account of electricity consumed in January to generate an additional Rs57 billion for power distribution companies (Discos) formerly under Wapda. This is the highest-ever increase in fuel cost adjustment …