Business

KARACHI: With consumers already bearing the brunt of food inflation, market observers do not expect a significant price reduction in the federal budget for fiscal year 2022-23 (FY23) to be announced today, given the strict International Monetary Fund (IMF) conditions that the government must meet in order to secure a loan. The market is already abuzz with the reports of …

ISLAMABAD: The export earnings from telecommunication, computer and information services grew 29.29 per cent to $2.19bn during July-April 2021-22 against $1.7bn in the same period last year. Despite improved performance by the IT and telecom sector in the outgoing fiscal year, the sector is less likely to achieve its export target of $3.5bn by the end of June. However, the …

ISLAMABAD: The government has approved partial proposals of the Tariff Policy Board (TPB) suggesting rationalisation of duty on three sectors in upcoming budget 2022-23, while dropping two major proposals for further reduction and abolition of additional customs duty (ACD) on raw materials of the export sector. The TPB, led by Minister for Commerce Naveed Qamar, is the recommending body to …

Finance Minister Miftah Ismail is unveiling the Pakistan Economic Survey (PES) 2021-22, which revealed a growth rate of 5.97 per cent against a target of 4.8 per cent. This overall growth came on the back of 4.40pc growth in Agriculture, 7.19pc growth in Industries, and 6.19pc growth in Services against targets of 3.5pc, 6.5pc and 4.7pc, respectively. The Pakistan Economic …

ISLAMABAD: The Public Accounts Committee (PAC) on Wednesday sought a report from the National Electric Power Regulatory Authority (Nepra) on agreements signed with independent power producers (IPPs). At a meeting held at the Parliament House, the PAC discussed audit paras related to authorities working under the administrative control of Cabinet Division. Briefing the committee, Nepra chairman Tauseef Farooqi said the …

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Asim Ahmad on Wednesday said that the IT industry should expect good news in the upcoming federal budget, scheduled to be announced on Friday. He was speaking at the contract signing of the development and implementation of the One Window Portal System by the Special Technology Zones Authority (STZA). He said that being …

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday sought cooperation from all the four chief ministers for early closure of markets in an effort to conserve energy and regularisation of unregistered consumers in high-loss areas to eliminate system losses and improve electricity supply services. This was stated by Power Minister Khurram Dastgir Khan at a news conference after a consultative session …

The rupee lost ground against the dollar in the interbank market on Wednesday afternoon after it registered a modest gain in the morning. According to the Forex Association of Pakistan (FAP), the greenback was trading at Rs202.50 around 12:30pm after gaining 50 paisa against the previous day’s close of Rs202. (The FAP’s closing rate from the previous session is lower …

Prime Minister Shehbaz Sharif on Wednesday directed authorities to abolish all taxes on raw materials used in the export industry and form task forces to attract investment in multiple sectors. The Shehbaz government has been trying to set up a long-term plan to revive the ailing economy, with the premier yesterday repeating his call to boost exports to ease the burgeoning cash crunch. …

ISLAMABAD: The K-Electric has sought about Rs4.86 per unit additional charges under monthly fuel cost adjustment (FCA) and Rs4.52 per unit under quarterly tariff adjustments (QTA) to mop up about Rs27 billion in additional revenues in next month’s billing. In its two separate petitions to the National Electric Power Regulatory Authority (Nepra), the Karachi-based power utility had sought Rs4.86 per …