The consumers of telecom and internet services paid Rs100 billion more in duties and levies during the fiscal year ending on June 30, 2022, as the PMLN-led coalition government increased the tax rates soon after coming to power in April 2022. Overall the telecom sector contributed Rs325.2bn to the national exchequer in 2021-22 compared to Rs225.8bn in the preceding fiscal year. The number of
Warning of another global recession, the World Bank on Tuesday forecast Pakistan’s economic growth to slow further to two per cent during the current year — down by two percentage points from its June 2022 estimate — because of the devastating floods and slowdown in global growth rate. The World Bank’s latest forecast also points to a “sharp, long-lasting slowdown” with global growth pegged at
Oil prices fell on Wednesday, erasing the previous session’s gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world’s biggest oil user, which reignited worries about fuel demand. US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 per cent, to $74.53 a barrel at 0134 GMT, while Brent crude futures were down 62 cents,
The United States has assured Pakistan that it would continue to support Islamabad’s efforts to strengthen its economy and deal with the consequences of last year’s devastating floods. State Department spokesperson Ned Price at a Monday afternoon news briefing also urged Pakistan to continue with the economic reforms it promised to the International Monetary Fund (IMF) while indicating that the
Saudi Arabia said it could increase its investments in Pakistan’s economy to $10 billion, the Saudi state news agency reported on Tuesday, as well as increase the ceiling on deposits into the State Bank of Pakistan (SBP) by $2bn, to $5bn. Crown Prince Mohammed bin Salman has directed a study to increase Saudi Arabian investments to $10bn from the previous $1bn announced in August, the news agen