Pressure is mounting on the State Bank of Pakistan (SBP) to call an emergency meeting and review the current interest rate amid a drop in inflation, according to sources in the financial sector. Just before release of the latest inflation figures, the central bank kept the interest rate unchanged when it announced the monetary policy on April 29. The Consumer Price Index (CPI) fell to 17.3 p
Prime Minister Shehbaz Sharif on Saturday said that the country had the potential to collect revenues of over Rs24 trillion against the annual tax target of Rs9.4tr. He said that around three times the annual revenue target was ‘going down the drain’ due to corruption, inefficiency, and negligence. This huge amount, he said, could be used to pay debts and construct hospitals, schools, universit
The International Monetary Fund’s (IMF) mission is expected to visit Pakistan this month to discuss a new programme, the lender confirmed on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year. Pakistan last month completed a short-term $3 billion programme, which helped stave off sovereign default, but Prime Minister Shehbaz Sharif’s government has
While the markup and dividend earnings of the federal government from the state-owned enterprises (SOEs) more than doubled in the first three quarters (July-March) of the current fiscal year, the provinces are unlikely to deliver the promised Rs600 billion cash surplus to the Centre if past trends are any indication. The government has collected about Rs227bn on account of markup from loans ext
ISLAMABAD: The first meeting of an inquiry committee, headed by the cabinet division secretary, on the alleged import of Rs330 billion worth of wheat was held here on Sunday, during which different aspects of the import and preservation of the stocks were reviewed. “The committee worked today on verifying data and documents,” Information Minister Attaullah Tarar said when contacted by Dawn.