Pakistan’s trade deficit with the Middle East narrowed 28.18 per cent to $9.521 billion in the first nine months of the current fiscal year from $13.257bn during the corresponding period last year, mainly due to reduced imports of petroleum products from the region. The trade imbalance with the region has shrunk since the start of the current fiscal year due to the lower use of petroleum goods
Prime Minister Shehbaz Sharif on Tuesday ordered stern action against the Federal Board of Revenue (FBR) officials, including its former chairman, allegedly involved in the installation of an ‘ineffective’ track and trace system (TTS) in various industries, causing losses to the tune of billions of rupees through tax evasion and smuggling. The decision to proceed against tax officials was made
The Economic Coordination Committee (ECC) of the cabinet on Tuesday approved 400,000 tonnes of additional wheat procurement by the Centre, allowed the import of 200,000 tonnes of urea, and sanctioned about Rs144 billion in supplementary grants. However, the ECC meeting, presided over by Finance Minister Muhammad Aurangzeb, did not immediately allow the supply of subsidised gas to domestic urea
ISLAMABAD: Against a flurry of activities between Pakistan and Saudi Arabia to boost trade ties, Crown Prince Mohammed Bin Salman is expected to arrive in Pakistan this month to conclude deals being negotiated between Islamabad and Riyadh. According to Foreign Minister Ishaq Dar, dates for the visit had not been communicated to Pakistan, but media reports claimed that the visit was likely on Ma
The debut of Pakistan’s inaugural listed sovereign Sukuk in December last year, valued at Rs30 billion, on the Pakistan Stock Exchange (PSX), alongside robust investor interest totaling nearly Rs400 billion, has paved the way for the consistent issuance of Shariah-compliant securities. This momentum could catalyse the creation of innovative Islamic capital market products such as Sukuk Exchange