Services exports rose 13.43 per cent to $688.95 million in October against $607.37m in the corresponding month last year. The growth has returned since February this year mainly due to increased information technology exports, except in August, which saw a 6.5pc decrease. In rupee terms, the exports improved by 12.34pc to Rs191.3 billion in October against Rs170.281bn in the same month last
Finance Minister Muhammad Aurangzeb has expressed dissatisfaction with three provinces’ delay in passing new agriculture income tax laws. This new legislation is one of the conditions agreed upon with the International Monetary Fund as part of the 37-month $7 billion Extended Fund Facility. The finance minister reviewed several tax initiatives during the National Tax Council (NTC) meeting on We
The government borrowed Rs2 trillion through auctions of sukuk (Islamic bonds) at the stock exchange and raised another Rs1.4tr by selling Pakistan Investment Bonds (PIBs) during 2024. The government has been trying to restructure its debt profile by opting for long-term borrowing over short-term domestic bonds. “In 2024, the government raised Rs2tr from sukuk auctions using the PSX auction
Saudi Arabia has extended a $3 billion deposit placed with Pakistan for another year to continue bolstering the economy, the State Bank of Pakistan announced in a press release on Thursday. In November 2021, the State Bank signed an agreement with the Saudi Fund for Development (SFD) to receive $3bn, which would be placed in the SBP’s account to improve its foreign exchange reserves. The agr
The Supreme Court has withdrawn its earlier order barring the government from privatising Pakistan International Airline (PIA) without its permission, the Associated Press of Pakistan reported. The six-member Constitutional Bench on Thursday overturned the six-year-old order by then chief justice Saqib Nisar in a suo motu notice over the privatisation of national entities. In a brief hearing