Multinational companies operating in Pakistan haven’t been able to repatriate their dividends in recent quarters because of the curbs on dollar outflows. Speaking to Dawn on Monday, Overseas Investors Chamber of Commerce and Industry (OICCI) Secretary General M. Abdul Aleem said the repatriation of profits in the form of dividends to the overseas headquarters of foreign companies has been on ho
The State Bank of Pakistan (SBP) has withdrawn the requirement for prior approval of imports aiming to clear the backlog of containers stuck-up at the port carrying industrial raw materials and other essentials. The SBP on Monday announced that no prior approvals would be required for making imports under HS code Chapters 84, 85 and certain items under HS code Chapter 87). Besides, the banks we
The Oil and Gas Regulatory Authority (Ogra) denied reports of petrol and diesel shortages on Tuesday, saying that sufficient stocks were available in the country. “Ogra strongly rebuts the speculations on petrol/diesel shortages,” spokesperson Imran Ghaznavi said in a press release. He said enough stocks were available to fulfil petrol demand for the next 18 days and diesel demand for the ne
Every day thousands of Pakistanis are losing jobs as the ongoing economic crisis deepens further. Just how many millions will become jobless in 2023? Nobody can say for sure. But let’s rephrase the question: What will be the total number of unemployed people by the end of this year, including those that couldn’t find work even before 2023? Estimates vary. But given the current pace of business
In the past couple of weeks, politicians from several political parties have come together in a self-professed nonpartisan attempt to generate consensus for economic reforms. Given the magnitude of the economic crisis currently facing Pakistan, and the general lack of clear thinking about solutions, any and all such endeavours are welcome. The composition of this ‘pressure group’ — an ex-prime