Business

ISLAMABAD: The International Monetary Fund (IMF) is not convinced with the government’s justifications for a recently announced amnesty scheme and has doubts over the financial impact and financing sources of the prime minister’s relief package on electricity and petroleum prices. As a result, the Fund’s mission and the government authorities are unlikely to conclude the ongoing seventh review of the $6 billion …

LAHORE: Punjab is preparing for an early start of wheat procurement drive — maybe in the first week of April — as the crop has matured early on the back of a rise in temperature in the absence of rains in March. According to food department officials, they have already dispatched gunny bags to 13 districts of the south, where …

ISLAMABAD: The plan to broaden the tax base is facing delays as the National Database and Registration Authority (Nadra) is unclear about the status of data of potential taxpayers, Dawn has learnt from knowledgeable sources. The Federal Board of Revenue (FBR) and Nadra had signed an agreement to come up with data of potential taxpayers for uploading on the FBR web portal …

ISLAMABAD: Pakistan and Afghanistan have implemented movement of transit and bilateral trade through Temporary Admis­sion Documents (TAD) for commercial vehicles. The Pakistan Embassy in Kabul and the consulate generals in Jalalabad and Kandahar will issue TAD for Afghan vehicles. The Afg­han Embassy in Islamabad and consulate generals in Peshawar and Quetta will issue the entry documents for Pakistani vehicles. The …

ISLAMABAD: The Asian Development Bank (ADB) on Tuesday approved a $300 million loan as budgetary support to Pakistan for the development of the capital market, promotion of private investment and help mobilise resources to finance sustainable economic growth. The second subprogramme of ADB’s Third Capital Market Development Programme builds on institutional and regulatory reforms under the first subprogramme approved in …

ISLAMABAD: At a time when the economy is grappling with political uncertainty, the International Monetary Fund (IMF) reiterated its earlier demand asking Islamabad for changes in personal income tax (PIT). A staff mission of the IMF held a first round of discussions with tax officials last week and raised the issue of reforms in the PIT to raise maximum revenue, especially from …

British inflation shot up faster than expected last month to hit a new 30-year high, worsening a historic squeeze on household finances that finance minister Rishi Sunak is under pressure to ease in a budget update later on Wednesday. The Office for National Statistics said consumer prices rose by 6.2 per cent year-on-year in February after a 5.5pc rise in …

ISLAMABAD: Noting that the ongoing second phase of the China-Pak­is­tan Economic Corridor (CPEC) would reinforce Pakistan’s efforts towards economic development with an enhanced cooperation in diverse areas, Prime Minister Imran Khan invi­ted Chinese investors to benefit from the lucrative investment opportunities in Pakistan. The PM made these rem­arks during a meeting with Chinese State Coun­cilor and For­eign Minister Wang Yi …

KARACHI: Indus Motor Company (IMC) on Tuesday gave a massive price shock of up to Rs1.257 million, with the new retail prices effective on all new orders booked from March 23. The company attributed the latest hike to sudden devaluation of Pakistani rupee, massive increase in prices of commodities and freight which pushed up the rates of completely-knocked down kits …

ISLAMABAD: The plight of pensioners belonging to Pakistan Railways, the largest state-owned enterprise, continues and it is feared that not all the pensioners will be able to get their already-delayed monthly pension this month since the finance ministry has not released the full amount for payment of pension. Sources privy to the railways ministry told Dawn that the finance ministry had been …