ISLAMABAD: On the instructions of the International Monetary Fund (IMF), the government has formally started rationalising the Public Sector Development Programme (PSDP) and established matrix-based principles for identifying and financing future development projects. On Thursday, Planning Minister Ahsan Iqbal chaired a meeting of a special committee formed by the prime minister. The meeting
The banks’ advance-to-deposit ratio (ADR) remained at 39.3 per cent last month — much below the red line of 50pc, which attracts a 15pc incremental tax. The latest data shows that the ADR increased by 90 basis points month-on-month, but fell by 579bps year-on-year to 39.3pc. The government imposed a 15pc tax in the budget for the current fiscal year on all banks whose ADR was below 50pc.
Pakistan Stock Exchange (PSX) on Monday staged a remarkable recovery, fueled by encouraging economic indicators and some degree of political stability. The KSE-100 index surged past 86,000 with gains of over 800 points, reflecting investor optimism and confidence. The surge was driven by across-the-board buying following approval of constitutional amendments by the National Assembly (NA). Earli
Pakistan's real effective exchange rate (REER) – the value of local currency compared to a basket of currencies of trading partners – depreciated 1.48 percentage points to 98.65 points in September, reflecting an improvement in the country's export competitiveness. According to the State Bank of Pakistan's (SBP) data, the REER index had been at 100.13 points in August 2024. The latest readin
The inexplicable delay in implementation of budgetary measures to modify tax regime for the steel producers procuring local scrap from unregistered suppliers to stop tax evasion as well as to prevent its harmful impact on organised steel makers has caused a loss of over Rs30 billion to the national exchequer since July, say industry players. The tax-compliant, organised steel makers claim that