Business

ISLAMABAD: Ahead of upcoming talks with the International Monetary Fund (IMF), the Economic Coordination Committee (ECC) of the cabinet on Thursday approved a reduced Kamyab Pakistan Programme (KPP). Presided over by Finance Minister Shaukat Tarin, the ECC meeting also approved payment of Rs131 billion to 11 independent power producers (IPPs). It also okayed Rs5bn as internal security duty allowance for …

ISLAMABAD: Pakistan and China on Thursday agreed to keep unchanged the tariff and tax policies relating to power sector contracts and arrest and prosecute the attackers of July 14 Dasu bus tragedy at the earliest. The decision was taken at a meeting of the Joint Coordination Committee (JCC) of China-Pakistan Economic Corridor (CPEC). However, it could not finalise arrangements for over $6 …

LAHORE: The membership of Pakistan Railways (PR) of the Intergovernmental Organisation for International Carriage by Rail (OTIF) — under Convention concerning International Carriage by Rail (COTIF) — is likely to be suspended as the former has failed to pay its annual membership fee for two years. The membership is mandatory for launch of the intercontinental rail train business under COTIF, …

KARACHI: Ballooning trade and current account deficits have forced the State Bank of Pakistan (SBP) to slow down import growth with changes in prudential regulations and reduce the financing limit and period, particularly for imported vehicles. The central bank on Thursday revised prudential regulations for consumer financing. “This targeted step will help moderate demand growth in the economy, leading to …

HAMBURG: The state-run Trading Corporation of Pakistan (TCP) is believed to have bought some 575,000 tonnes of wheat in an international tender, European traders said on Thursday. The TCP was believed to have purchased all the wheat at $383.50 c&f after several trading houses agreed to match the lowest price offered in the tender on Monday, traders said. They said …

KARACHI: Cut-off yields on treasury bills were increased by up to 49 basis points in the auction held on Wednesday — the first such big increase during the last 15 months — while most of the bids were received for short-term three-month papers. The auction target was Rs800bn but the government raised Rs731bn against the total bids of Rs1,171bn. The …

ISLAMABAD: Conceding concerns over heating up of Pakistan economy, Finance Minister Shaukat Tarin on Wednesday announced steps — regulatory duties and cash margins — to curb imports ahead of negotiations with the International Monetary Fund (IMF) on the proposed increase in electricity rates to revive the $6 billion Extended Fund Facility (EFF) suspended since last fiscal year. Speaking at a …

KARACHI: Pakistan exported 95,991 tonnes (worth $333 million) meat and meat preparations in FY21 — an all-time high figures — against 83,749 tonnes ($304m) a year ago. However, the average per tonne price (APT) remained low at $3,473 as compared to $3,631 in FY20. The new fiscal started with a twist as the APT price soared to $4,234 in July-August …

ISLAMABAD: Finance Minister Shaukat Tarin and Group CEO Etisalat Inter­national Hatem Dowidar on Wednesday agreed for the resolution of all outstanding issues between the telecommunication company and the Privatisation Commi­ssion. The agreement was reached during the finance minister’s virtual meeting with the Group CEO, a news release issued by the Ministry of Finance said. Mr Tarin underscored the significance of …

ISLAMABAD: Samsung Elec­tronics — a South Korean technology giant — is in the process of establishing its TV lineup plant in collaboration with a local partner R&R Industries Pvt Ltd with the goal of producing 50,000 television units per annum. “I have been informed that Samsung will soon start production of televisions,” Commerce Adviser Razak Dawood said on Wednesday. This …