Business

• PM praises overseas Pakistanis, SBP for achieving the milestone • SBP may launch two more schemes by end of month KARACHI: Inflows of foreign exchange through the Roshan Digital Account (RDA) crossed the $1 billion mark creating space for the architects of the products to introduce more such attractions for the overseas Pakistanis during this month. “The fund inflows …

ISLAMABAD: The government on Friday anno­unced the financial closing of a 1,263-megawatt power project of the Punjab government to be located near Trimmu Barrage, Jhang. This is so far the largest RLNG-based power generation project in Pakistan and is being developed under Power Generation Policy 2015. The financial closing ceremony was witnessed by Minister for Energy Hammad Azhar and Punjab …

LAHORE: The recent acquisition of the three bankrupt publicly-listed textile companies by private investors with the confirmed intention of merging their unlisted businesses into them underlines the consolidation of the trend of ‘reverse mergers’ in the country’s stock market. The recent bourse filings by the companies show that majority stake in Ravi Textiles has been acquired jointly by the owners …

ISLAMABAD: The government on Friday awarded six petroleum exploration blocks in Sindh, Balochistan and Punjab to state-run oil and gas exploration and development companies. The exploration licences (ELs) and petroleum concession agreements (PCAs) were signed by Petroleum Secretary Mian Asad Hayaud Din and Director General of Petroleum Concessions Abdul Jabbar Memon on behalf of the government and Managing Director of …

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin said on Friday that continued support of the World Bank (WB) as a major development partner was critical to attaining fiscal consolidation, improved service delivery and good governance in Pakistan. The minister was talking to Country Director of the World Bank Group (WBG) Najy Benhassine who made a courtesy call on …

KARACHI: The country posted a current account deficit of $47 million in March for the fourth month in a row, but the first nine months of FY21 remained in surplus territory, raising hopes the fiscal year would not end with an overall deficit. The data issued by the State Bank of Pakistan (SBP) on Friday showed a current account deficit …

ISLAMABAD: The government has started the process of increasing electricity tariffs to generate more than Rs1 trillion additional revenue for distribution companies of ex-Wapda to meet their revenue requirements for the fiscal year 2020-21. The increases are being sought on account of annual adjustments, indexations of distribution margins for FY2020-21 and some prior-year adjustments in line with agreements reached with …

ISLAMABAD: Pakistan’s non-textile exports posted a paltry growth of 4.28 per cent year-on-year to $7.332 billion during the nine months of ongoing fiscal year (9MFY21) owing to the partial revival of international orders. Overall growth in the non-textile sector is mainly led by the value-added sectors. Non-textile sector has yet to receive full orders to pre-Covid levels, data compiled by …

• Concern expressed over slow PSDP utilisation • Private members refer to frequent taxation changes, exemptions withdrawal ISLAMABAD: With concern from members on high inflation, unemployment and low growth, Prime Minister Imran Khan on Thursday asked the newly created Economic Advisory Council (EAC) to propose measures for relief to the people rather than imposition of more taxes. Finance Minister Shaukat …

KARACHI: The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) on Thursday signed a Letter of Understanding (LoU) to tighten their joint supervisory role against money laundering and terror financing. The SBP and SECP have amended the Terms of Reference (ToR) of their Joint Task Force (JTF) on financial conglomerates to further strengthen the …