Business

ISLAMABAD: Minister for Privatisation Muhammadmian Soomro on Wednesday said the government was moving towards revival of Pakistan Steel Mills (PSM) in a transparent manner. He was speaking at the weekly ministerial meeting chaired by Minister for Finance, Industries and Production Hammad Azhar. It was unanimously agreed that the work for the revival of PSM and resolution of related issues should …

ISLAMABAD: Pakistan is all set to achieve some major goals including fiscal sustainability under the Extended Fund Facility (EFF), International Monetary Fund (IMF) Country Representative Teresa Daban Sanchez said on Wednesday. Speaking at a webinar at the Sustainable Development Policy Institute (SDPI), Ms Sanchez said it is being achieved through the strategy by removing exemptions and privileges, enhancing social and …

• SNGPL, Petroleum Division oppose the move • Customs duty on cotton yarn imports withdrawn • Kapco removed from privatisation list ISLAMABAD: The Economic Coordina­tion Committee (ECC) of the Cabinet on Wednesday exempted three Punjab-based power plants of 3,900 megawatts from compulsory purchases of liquefied natural gas (LNG) quantities from January 2022, removed a major power plant from privatisation list …

RAWALPINDI: The International Civil Aviation Organisation (ICAO)’s audit team has proposed the Civil Aviation Authority (CAA) to postpone its scheduled visit in the summer to Pakistan due to a surge in the coronavirus cases. The ICAO had planned a on-site activity in Pakistan under the Universal Safety Oversight Audit Programme (USOAP) from July 5 to 15, which had been accepted …

If Pakistan can ever develop its potential for religious tourism and attract global pilgrims to its archaeological holy sites, the district of Rawalpindi will certainly lead the initiative. Dating back to the Stone, Bronze and Iron Ages, it was once the learning capital of Buddhism. A series of Buddhist sacred sites (monastic, stupas and universities) are scattered across the district. …

The federal government accumulated about Rs1.5 trillion worth of fresh domestic debt in the first eight months of this fiscal year. The stock of debt swelled from Rs23.28tr in June 2020 to Rs24.78tr in February. Whenever the government adopts an expansionary fiscal policy — meaning it spends more than its revenue collection to boost the economy and create jobs — …

RAWALPINDI: Pakistan International Airlines (PIA) has announced its financial results for 2020 as it submitted audited accounts with the Stock Exchange of Pakistan, claiming that it had reduced its operational losses from Rs6.130 billion in 2019 to less than Rs680 million in 2020. A PIA spokesman said in a press release that what had been termed one of the worst …

Remittances from Pakistani workers employed abroad exceeded $2 billion for the 10th consecutive month in March at $2.7 billion — up 43 per cent from a year earlier, the State Bank of Pakistan (SBP) said on Monday. Proactive policy steps by the government and the SBP to spur inflows through formal channels, combined with limited cross-border travel, medical expenses and …

KARACHI: Foreign currency dealers in the open market have deposited more than $2.8 billion in banks during the first nine months of the current fiscal year (9MFY21) indicating the deposits could touch an all-time high figure of $4bn by the end of FY21. Inflows of foreign exchange from both the open market and banking channels have increased significantly during the …

ISLAMABAD: The federal capital emerged third after Balochistan and Sindh in terms of gap between actual prices of essential food items and rates fixed by the district administrations. The Pakistan Bureau of Statistics (PBS) ranks the provinces with Islamabad on a weekly basis. The exercise is aimed at highlighting issues of governance in controlling the prices. The average gap of …