Prime Minister Shehbaz Sharif confirmed on Tuesday that the federal budget for next year was prepared in collaboration with the International Monetary Fund (IMF). His remarks came as Finance Minister Muhammad Aurangzeb announced significant amendments to the proposed finance bill for 2024-25. “We had to prepare the budget jointly with the IMF” because of the prevailing circumstances and gro
Building on recent engagements between Pakistan and China, Prime Minister Shehbaz Sharif on Wednesday gave the greenlight to relocate Chinese industries to Pakistan as part of joint ventures between the two countries’ companies. Chairing a meeting to discuss matters of the Board of Investment (BoI), the prime minister said that promoting both local and foreign investment in Pakistan was among t
In the first auction of the treasury bills (T-bills) after the State Bank of Pakistan (SBP) cut its policy rate in nearly four years early this month, the government on Wednesday exceeded its auction target by 72 per cent at slightly reduced cut-off yields. The SBP brought down its policy rate by a meagre 150 basis points to 20.5pc on June 10 after keeping it at an unprecedented level of 22pc f
Oil prices rose about one per cent on Wednesday despite a surprise jump in US gasoline supplies, as investors worried that a potential expansion of the fighting in Gaza could disrupt crude supplies from the Middle East. Brent crude futures rose 22 cents, or 0.3pc, to $85.23 per barrel by 1835 GMT. US West Texas Intermediate crude futures settled 7 cents higher at $80.90 a barrel. Cross-borde
The government should have no business doing business, Senate Chairman Syed Yousaf Raza Gillani said in an address to a conference on Wednesday. Over 70 presidents of different chambers of commerce and industry, ambassadors and diplomats attended the gathering. In keeping with the “right man right job principle”, the government must play the role of a regulator instead of running businesses