Business

WASHINGTON: The global economy risks falling into a harmful period of 1970s-style “stagflation,” sparked chiefly by Russia’s invasion of Ukraine, the World Bank warned on Tuesday as it slashed its annual growth forecast. The toxic combination of weak growth and rising prices could trigger widespread suffering in dozens of poorer countries still struggling to recover from the upheaval of the …

The World Bank has approved $258 million to strengthen primary health care systems and accelerate national efforts towards universal health coverage in Pakistan, a press release issued by the international financial institution said on Wednesday. The National Health Support Programme “complements ongoing investments in human capital and builds on health reforms that aim to improve quality and equitable access to …

ISLAMABAD: Even though 10 distribution companies (Discos) of ex-Wapda faced over 7,440MW of shortfall on Monday, the government claimed the shortage was about 4,000MW and promised to reduce the prevailing four-hour power outages by half an hour within 24 hours. Speaking at a joint news conference with ministers for information, power and petroleum, former prime minister Shahid Khaqan Abbasi said …

ISLAMABAD: The prevailing political uncertainty and the International Monetary Fund (IMF) programme-led economic stabilisation efforts are likely to slow down the country’s growth prospects and keep the inflation rate elevated next fiscal year (FY2022-23), as the federal and provincial governments adopt fiscal and monetary tightening policies. This is said to be the central theme of next year’s macroeconomic framework and …

• Proposals include ‘luxury tax’ on big houses, big vehicles • Tax on rental income under consideration • DC rates likely to be revised • Regulatory duty to be raised on items ISLAMABAD: The coalition government is mulling introducing a string of new tax measures in the upcoming budget to raise around Rs300 billion in additional revenue in 2022-23 (FY23) …

ISLAMABAD: Finance Minister Miftah Ismail on Monday said Pakistan has come out of the financial crisis after two episodes of increase in petroleum prices in quick succession and hence no need of declaring an economic emergency. The minister, however, said the prime minister would soon be announcing austerity measures to reduce government expenditure. This followed a day-on-day downward revision in …

The rupee fell sharply against the dollar in interbank trade on Tuesday morning to hit an all-time low of Rs203.45, with analysts attributing the local currency’s decline primarily to oil-related payments and uncertainty surrounding the resumption of the International Monetary Fund’s loan facility. According to the Forex Association of Pakistan, the greenback gained Rs2.85 against the previous day’s close of …

Like cats, the farmers’ budget wish list also seems to have nine lives. Every season, they renew their almost identical demands — the rising cost of production, lack of research, cartelisation of agri-trade and inefficient markets etc — that are regularly ignored in the finance bill. The farmers then wait for a year to dust them off, lobby for them …

People and businesses do not expect surprises in the upcoming budget now that the government has already increased the petroleum prices and shifted the load of Rs105 billion worth of subsidy to private, commercial and industrial users. Finance Minister Miftah Ismail has already signalled a big increase in power rates and left no ambiguity on the amnesty scheme, to be …

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has asked the government to apply equal gas rates to all consumers irrespective of categories and sectors to ensure recovery of true cost of gas without any discrimination and end gas sector circular debt. The rates for consumers in lower usage categories of domestic and special commercial sectors, like tandoor, would, according …