The foreign exchange reserves held by the State Bank of Pakistan (SBP) dipped $66 million during the week ended on Jan 5, 2024. The central bank on Thursday announced that its foreign exchange holdings fell to $8.154bn due to debt repayments during the week. Pakistan is bound to arrange $24bn to meet external obligations during the current fiscal year. This outflow has kept the exchange rate
As the entire auto sector, barring tractors, faced a steep fall in sales ranging from 14 per cent to 56pc during the first half of 2023-24, the general elections on Feb 8 also failed to lift the sales of Toyota pickups, jeeps and SUVs. Surging prices along with unprecedented interest rates turning car financing into a more expensive ride have continued to cast gloom on sales. Total car sales
In a major setback, no bid was received for setting up a 600-megawatt solar power project at Muzaffargarh despite multiple revisions in incentives and extensions in deadlines given by the Private Power & Infrastructure Board (PPIB) — a one-window power sector entity of the federal government. This was the first pilot project for the acquisition of renewable energy through international competit
The proposed restructuring of the Federal Board of Revenue (FBR) has heightened uncertainty within the field formation due to escalating tensions among tax groups concerning the nature and extent of the reforms, Dawn has learned from knowledgeable sources. This uncertainty could potentially affect revenue collection, a concern that is particularly significant given the current political instabi
In a significant development, the Executive Board of the International Monetary Fund (IMF) announced on Thursday that it had successfully concluded the first review of Pakistan’s economic reform programme, backed by the Stand-By Arrangement (SBA), paving the way for an immediate disbursement of SDR 528 million, equivalent to approximately $700m. This latest disbursement brings the cumulative to