Business

ISLAMABAD: Pakistan’s talks with the International Monetary Fund (IMF) on a bailout package remained inconclusive on Friday, dashing expectations that the government was ready to sign on the dotted line. In a late-night message, the finance ministry said only that “we have made good progress in our discussions with the visiting IMF mission. Consultations will continue over the weekend.” The …

China rejected the US accusations of backtracking in trade talks and warned it would not “capitulate to any pressure” as the two sides head into make-or-break negotiations on Thursday. After months of seemingly collegial talks, Chinese trade envoy Liu He returns to the bargaining table in the US capital under a tense atmosphere after US negotiators accused Beijing of reneging …

The federal government on Thursday officially confirmed the appointment of Shabbar Zaidi as the new chairman of the Federal Board of Revenue (FBR) on an “honorary and pro bono basis for a period of two years with immediate effect”. The appointment, first announced by Prime Minister Imran Khan on Monday, was today notified by the Establishment Division. The notification, however, did not …

ISLAMABAD: Ahead of the wrap up on International Monetary Fund (IMF) bailout talks, the government on Thursday projected this year’s fiscal deficit at 6.5-7 per cent of GDP amid criticism from a parliamentary panel over ‘unprecedented surge in public debt’ during this fiscal year. Members of the National Assembly’s Standing Committee on Finance and Revenue criticised the government for sidelining …

ISLAMABAD: Experts from Pakistan and China on Thursday reviewed problems related to the volume of traffic and trade activities on the China-Pakistan Economic Corridor (CPEC). The two sides held a detailed discussion on the issues during signing of minutes of the two-day expert groups meeting on international road transport at the communications ministry. Read: Success of CPEC linked to job opportunities …

ISLAMABAD: Pakistan’s economy suffered a major setback with all key sectors failing to perform according to expectations resulting in just 3.3 per cent economic growth rate, significantly short of 6.2pc growth target for the year 2018-19. “Growth of agricultural, industrial and services sectors is 0.85pc, 1.4pc and 4.7pc respectively,” said an official announcement on Thursday, painting a dismal performance of …

WASHINGTON: Chinese trade officials intend to “make a deal” when they arrive in Washington this week for talks, President Donald Trump said on Wednesday, reviving hopes for negotiations that had appeared to hang by a thread. However, Trump continued to ratchet up pressure on Beijing, pressing ahead with plans to raise US duty rates on $200 billion of Chinese merchandise …

ISLAMABAD: The board of the Pakistan Stock Exchange (PSX) is expected to demand the resignation of Managing Director Richard Morin sometime next week, Dawn has learnt. The move is in response to controversy around not disclosing information as required under the law and breach of legal requirements related to conflict of interest. “We expect that there will be board meeting …

KARACHI: The dream of cheap housing in the country may remain only a dream as the interest rate hikes have undermined the low-cost housing programme. Financial institutions are charging as high as 15-18 per cent interest on housing loans despite low-rate supply of liquidity from the World Bank through a refinancing company. “We have disbursed Rs2 billion to the House …

ISLAMABAD: The government’s top financial aide on Wednesday kicked off consultations with the country’s top two tax groups to make them accept the proposed appointment of Shabbar Zaidi, a chartered accountant, as head of the Federal Board of Revenue. The issue became critical after an association representing inland revenue officers threatened to challenge the appointment of Mr Zaidi in court, citing a conflict of …