Pakistani currency on Wednesday ticked down Rs0.08 and closed at a two-week low at Rs278.26 against the US dollar in the inter-bank market apparently on the back of speculation that the government would let the rupee depreciate further to win the next International Monetary Fund (IMF) loan programme by July 2024. According to the State Bank of Pakistan’s (SBP) data, the rupee had closed at Rs27
Pakistan has shared a new macroeconomic framework with the International Monetary Fund (IMF), largely aligning with the Fund’s projections but indicating no significant increase in non-debt creating inflows—exports and remittances—during the next fiscal year as well. The external sector-related projections suggest that the country will continue to rely on the global lender in the medium term to
To facilitate documentation of the economy, all services under the Punjab Revenue Authority (PRA) will be brought under the tax net, declared the provincial finance minister. Tax rate on all services should be uniform while the inclusion of exempted services in the tax net with a nominal rate would ensure the promotion of a documented economy, said Mujtaba Shujaur Rehman, Finance Minister of Pu
On Wednesday, the Morgan Stanley Capital International (MSCI) upgraded Pakistan’s status by adding a new company from the country to its mainstream global Frontier Market (FM) index, a move that bolstered global investors’ confidence in Pakistan. Global investors, with funds totalling $10 billion, track this index to make investment decisions worldwide, including in Pakistan. With the additi
The Cabinet Committee on Energy (CCOE) is scheduled to meet on Thursday where it will consider an extension in deadline for signing implementation agreements with refineries for upgrading their plants. Prime Minister Shehbaz Sharif will chair the meeting. According to sources, the CCOE will take up three agenda items including the circular debt report for February 2024, an incentive mechanism f