Pakistan must ensure that its high earners pay taxes and only the poor get the subsidies if it wants to function as a country, the International Monetary Fund’s (IMF) managing director has said. “My heart goes to the people of Pakistan. They have been devastated by the floods that affected one-third of the population of the country,” Kristalina Georgieva told German broadcaster Deutsche Welle
Pakistan’s current account deficit shrank 90.2 per cent to $0.24 billion in January from $2.47bn in the same month last year, data shared by the State Bank of Pakistan (SBP) showed on Monday, as import restrictions continue to persist amid a balance of payments crisis that has brought the country on the verge of default. Compared to December’s $0.29bn, the deficit decreased 16.55pc. Pakistan
Commerce Minister Naveed Qamar would co-chair the Trade and Investment Framework Agreement (TIFA) council meeting to be held in Washington, the commerce ministry said on Monday. The talks would be in continuation of the last meeting held with a US delegation headed by Assistant US Trade Representative (AUSTR) for South and Central Asia Christopher Wilson between March 7-9 last year in Islamabad
The share price of Synthetic Products Enterprises Ltd (SPEL) shot up 11.4 per cent on Monday after it announced its upcoming share buyback exercise. The manufacturer of plastic auto parts and packaging material said it wants to buy back up to 9.98 million of its shares from the stock market at the going rate. The size of the transaction should hover around Rs97.5m at the prevailing share price
Amid a declining trend in the world’s iron and steel scrap market, consumers continued to face multiple price shocks in steel bar prices in the first seven months of the current fiscal year due to massive rupee devaluation. Manufacturers raised steel bar prices by 30 per cent from July 1, 2022 to Jan 31, as a result of a 35pc rupee devaluation which had increased the landed cost of imported ite