Under the tight control of the International Monetary Fund (IMF), next year’s federal development programme cuts allocations for almost all sectors, barring a rise in road building schemes and no changes to parliamentarians’ schemes. Despite this, the Annual Planning Coordination Committee (APCC) cleared the national development programme worth a record Rs4.083 trillion, aided by Punjab and Sin
With an improved 4.2 per cent economic growth forecast for next year, the Ministry of Planning and Development cautioned on Monday about the re-emergence of external sector pressure amid easing import control and debt repayments. “The external sector may face pressure, as easing import controls and debt repayments are likely to widen the current account deficit,” said the Ministry of Planning a
The Competition Commission of Pakistan (CCP) on Tuesday imposed fines of Rs375 million on fertiliser companies for “anti-competitive conduct”. “The Competition Commission of Pakistan has taken decisive action against anti-competitive conduct in the fertiliser sector, imposing a penalty of Rs50 million on each of the six major urea manufacturers,” said a press release by the CCP. It added tha
The Asian Development Bank (ADB) approved $800 million programme to strengthen fiscal sustainability and improve public financial management in Pakistan, according to a statement issued by the Philippines-based lender. The statement read that subprogramme 2 of the “Improved Resource Mobilisation and Utilisation Reform Programme” includes a policy-based loan of $300m, and ADB’s “first ever polic
Federal Minister for Finance and Revenue Muhammad Aurangzeb has reaffirmed Pakistan’s strong commitment to the Shanghai Cooperation Organisation’s (SCO) economic cooperation agenda, a statement from the Finance Division said on Tuesday. The minister virtually addressed the meeting of SCO Finance Ministers and Central Bank Governors held in Beijing, saying he was unable to attend due to the ongo