Pakistan State Oil (PSO) has announced plans to raise foreign debt to finance a significant portion of its planned $1.5-2 billion investment in Pakistan Refinery Limited (PRL). Meanwhile, its receivables have surged to Rs810 billion, largely due to circular debt, including late payment surcharges. At an analyst briefing on the financial accounts for the first nine months of FY24, officials from
Hyderabad business leaders have called for outsourcing the loss-making Hyderabad Electric Supply Company (Hesco), citing its failure to properly supply electricity to both commercial and domestic consumers due to ineptitude and corruption. They stated that consumers face around eight to ten hours of load shedding, compounded by frequent faults, including low and high voltage issues, burning of
Hours before its approval by the National Assembly, the government has decided to cut the proposed Public Sector Development Programme (PSDP) of Rs1.4 trillion by Rs250 billion in a bid to create fiscal space for withdrawing some taxes without jeopardising the expected International Monetary Fund (IMF) deal. Government sources told The Express Tribune that the finance ministry had conveyed its
The Senate of Pakistan has rejected the government’s budget proposal to increase the tax burden on salaried and non-salaried business individuals. It also proposed excluding the asset details of a financially independent spouse from the wealth statement of filers. On Monday, the upper house of Parliament sent its recommendations to the National Assembly (NA) for incorporation in the Finance Bil
Pakistani currency depreciated Rs0.11 and hit over three-month low at Rs278.62 against the US dollar in the inter-bank market on Monday in the wake of a surge in demand for the foreign currency in the domestic market. According to the State Bank of Pakistan’s (SBP) data, the rupee had closed at Rs278.51 against the greenback on Friday. Exchange Companies Association of Pakistan (ECAP), however,