The oil and gas exploration companies have warned the government that their financial default was eminent as the outstanding amount against the state has almost reached Rs1.5 trillion. The Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) has written to Petroleum Minister Musadik Malik stating that the upstream oil and gas sector is in a critical situation. “Our in
Two Japanese vehicle assemblers have opted to stay out of the price war triggered by a historic cut from Lucky Motor Corporation Ltd (LMCL) and Pak Suzuki Motor Company Ltd (PSMCL). Honda Atlas Cars Ltd (HACL) has said that several dealers and customers have approached it regarding recent price adjustments made by various market players. Considering these enquiries, HACL “affirms current prices
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