President Arif Alvi has blocked promulgation of an ordinance, moved by the caretaker government just before the end of its term that apparently sought to neutralise the powers of the Indus River System Authority (Irsa) bypassing the Council of Common Interests (CCI). Informed sources said the president rejected the proposed amendments to the 1991 Irsa Act on the grounds that such a critical mat
The Pakistan Stock Exchange (PSX) nosedived by 3.68%, equivalent to 2,362 points, soon after opening on Friday. Panic selling ensued in the aftermath of the upset in the general elections, causing the index to hit a 10-day low at 61,782 points. Muhammad Sohail, CEO of Topline Securities, commented briefly, "PSX down…after unexpected election results". According to the partial results of Thur
The federal government has announced plans to permit the import, local sale, and re-export of petroleum products facilitated by foreign suppliers. This decision, aimed at streamlining trade processes, involves amendments to the Customs Rules, 2001, introducing the Customs Bonded Facilitation Rules, 2024. The Federal Board of Revenue (FBR) has initiated amendments to the Customs Rules, 2001, inc
Pakistan’s US dollar-denominated Eurobonds and Sukuks have emerged as some of the world’s best-performing bonds in global markets, driven by optimism surrounding the nation’s domestic macroeconomics amidst the ongoing elections to elect new political governments at the centre and in the provinces on Thursday. The robust rally in these bonds indicates a restoration of foreign investors’ confiden
FOR much of 2023, Pakistan’s economic trajectory fluctuated from default panic to mitigation mode. The road remained rocky with a complex political scene, a population burdened with the devastating aftermath of the 2022 floods, rocketing domestic inflation, and the rupee in free fall against the dollar. With this backdrop, the government undertook timely tightening of external and domestic fina