Business

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved Rs158 billion wheat procurement plan and 150MW additional power supply to K-Electric from the national grid. Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh presided over the meeting that did not approve about Rs118bn electricity subsidy to industrial consumers for want of …

DUBAI: Saudi Aramco aims to boost its oil supply to Europe by 300,000 barrels per day (bpd) within the next two years as it expands its trading operations there with an office opening this summer in London, a senior company executive said. Aramco, the world’s biggest oil producer, is expanding its downstream, or refining and marketing, footprint globally by signing …

After much deliberation, the government has announced its tax amnesty scheme — Asset Declaration Scheme — after it was approved by the cabinet on Tuesday. Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh briefed the media on the scheme. He was accompanied at the presser by Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi, Minister of …

ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh on Tuesday defended the bailout package that he negotiated with the Intern­ational Monetary Fund (IMF) saying it is in favour of Pakistan. “Those who are opposing the IMF programme are the ones who had already done the same,” Dr Shaikh said in response to a question at the …

ISLAMABAD: The government is expected to approve on Wednesday a plan for procurement of about 6.9 million tonnes of wheat in the public sector during 2019-20 and allow the sale of additional 150MW cheaper electricity from the national grid to K-Electric without settlement of old liabilities. A meeting of the Economic Coordination Committee (ECC) of the Cabinet has been called …

ISLAMABAD: The newly-appointed chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi, has asked tax officers to seek his prior approval before the suspension of sales tax registration of taxpayers. After taking charge as FBR chairman on Friday, this is the second major directive of Mr Zaidi to all chief commissioners of Inland Revenue who are heading regional tax …

The International Monetary Fund (IMF) has reached staff-level agreement on economic policies with Pakistan for a 39-month Extended Fund Arrangement (EFF) for about US$6 billion. The IMF, in its press release issued on Sunday, said that the Extended Fund Facility arrangement aims to support Pakistan’s strategy for stronger and more inclusive growth by reducing domestic and external imbalances, removing impediments …

ISLAMABAD: Overseas Pakistani workers remitted US $17,875.23 million in first 10 months (July to April) of FY19, showing a growth of 8.45% compared with US $16,481.82 million received during the same period in the preceding year. During April 2019, the inflow of worker’s remittances amounted to US $1,778.90 million,which is 2% higher than March 2019 and 6% higher than April …

KARACHI: Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Friday, May 10, 2019.

ISLAMABAD: Pakistan’s growth rate is set to hit an eight-year low, a government report predicted Friday, with all major indicators down as the country continues negotiating its 22nd bailout from the International Monetary Fund. A report by the National Accounts Committee, released late Thursday, forecast growth of a mere 3.3 percent in the current fiscal year against a projected target …