The government borrowed on Wednesday a mere Rs215 billion from commercial banks against the target of Rs850 billion as the banks jacked up the lending rate significantly. The government acquired financing through the auction of three-, six- and 12-month T-bills. Cut-off yields (lending rates) on the papers increased by up to 129 basis points to a record high of nearly 17%. Had the government
Federal Minister for Finance and Revenue Ishaq Dar announced on Wednesday that a special wing will be established in the State Bank of Pakistan (SBP) to promote interest-free banking. This wing will make recommendations, propose reforms and formulate a framework to swiftly transition from a conventional interest-based economy to an Islamic riba-free economy. The comments came in light of the Fe
The Federal Minister for Energy (Power Division) Khurram Dastgir Khan, on Wednesday, inaugurated two wind power projects with capacity of 110 megawatts at the Jhimpir District in Thatta. “The promotion of renewable energy will not only reduce our dependence on imported oil, but will also help reduce consumer tariffs,” he said during the ceremony, adding that, “Prime Minister Shehbaz Sharif is w
Finance Minister Ishaq Dar on Wednesday announced that the government was keeping prices of petrol and diesel unchanged effective from December 1, 2022. The diesel price was supposed to be reduced by Rs11.95 per litre but the government’s decision deprived consumers of a major relief. The diesel price was left unchanged in a bid to raise the petroleum levy rate to collect more revenue from t
Deadlock on allowing sugar export persisted on Wednesday, as the third round of talks between the government and the Pakistan Sugar Mills Association (PSMA) failed to yield any result, sources privy to the negotiations at the Food Security Ministry said. They said that the government was adamant that sugar export could not be allowed without the confirmation from the Federal Board of Revenue (F