The International Monetary Fund said on Tuesday that it has reached a deal with Egyptian authorities allowing the country access to about $1.2 billion. The funding access is subject to executive board approval. “The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Cana
While Pakistan on Tuesday technically disconnected SMW-3 undersea cable, the oldest submarine internet network, at the same time it linked its nodes with the landing station of the new Africa-2 cable network. The new system will be online by the end of next year. The SMW (South Asia-Middle East-West Asia) cable network, the oldest as well as longest in the world, was commissioned in Septembe
The government raised Rs1.65 trillion through the auction of Treasury Bills (T-bills) and Pakistan Investment Bonds (PIBs) on Tuesday, maintaining stable yields despite last week’s 200 basis points (bps) interest rate cut. This was the first auction held following the rate reduction announced in the Dec 16 Monetary Policy. Market analysts had anticipated a decline in T-bill yields after the int
Finance Minister Muhammad Aurangzeb on Tuesday announced the government’s plan to increase the tax-to-GDP ratio from the current 10 per cent to 13.5pc within the next three years, stressing that the proposed amendments to tax laws would improve tax collection and compliance in the country. The minister made these remarks during a meeting of the Senate Standing Committee on Finance and Revenue,
The government borrowings from banks for budgetary support were negative during the first half of the current fiscal year ending Dec 31, indicating higher liquidity in the national exchequer. The State Bank’s latest data for the July 1 to Dec 13 period showed a net debt retirement of Rs2.03 trillion against a net borrowing of Rs2.875tr in the same period last year. Experts believe this is hi