The federal cabinet on Tuesday approved abolition and merger of 82 departments and agencies falling under six federal ministries and divisions into 40 in the first phase of the rightsizing of the federal government. The meeting of the federal cabinet, presided over by Prime Minister Shehbaz Sharif, at the same time constituted a committee to suggest measures required for protection of rights of
Pakistan State Oil (PSO), the country’s largest oil marketing company, reported on Tuesday a surge of 180 per cent in its profit-after-tax (PAT) to Rs15.9 billion in FY24 compared to Rs5.66bn in FY23. The company’s board also announced a dividend of Rs10 per share, representing a 100pc payout for FY24. PSO’s net sales rose to Rs3.74 trillion from Rs3.54tr, defying economic headwinds, includi
The French aid agency has allocated Rs1.2 billion in concessional finance to 90 SMEs in Women Ventures and GreenFin Innovations in collaboration with local partners. The financing arm of French agency Proparco, in partnership with Karandaaz Pakistan and Parwaaz Financial Services Ltd (PFSL), has agreed to support small business finance in Pakistan. The partnership was announced on Tuesday wh
The Petroleum Division of the Ministry of Energy on Tuesday distanced itself from the policy of gas disconnection to industrial Captive Power Plants (CPPs) and alleged that massive capacity payments, over Rs2.1 trillion for the current fiscal year alone in the power sector, had been contracted for the elite’s air conditioners and debt financing. This was the crux of the Senate Standing Committe
The private sector has yet to begin borrowing from banks this fiscal year, despite a 2.5 per cent cut in the interest rate aimed at diverting liquidity towards economic growth. According to the latest data released by the State Bank of Pakistan on Tuesday, the private sector remained cautious over the last 47 days, with a net debt retirement of Rs333 billion. Throughout the previous fiscal y