An increase in fixed retail tax from 12 per cent to 15pc and restricting business hours for retail outlets to 8pm will lead to a big drop in sales, store closures and job losses, warned an umbrella body on Thursday. Since the retail sector accounts for 18 per cent of the country’s GDP — $62 billion out of $360bn — a significant reduction in demand for local textile products will have severe con
Energy Minister Khurram Dastgir has said that despite objections by the International Monetary Fund (IMF), the government would continue with its plans to dole out a huge power subsidy. Speaking at a press conference in Hyderabad, he said Pakistan had managed issues without IMF’s support and hoped that “we can pass more days without this support”. He admitted that the IMF had become a “veri
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $107 million to $4 billion during the week ending June 9, 2023. However, Pakistan reportedly paid $1bn to China on Monday, which brought down the SBP reserves to $3bn. The finance ministry neither confirmed nor denied the media report. Finance Minister Ishaq Dar has expressed disappointment over the way the Inter
Finance Minister Ishaq Dar continued with his ‘contradictory’ approach with the IMF, alleging on Thursday that geopolitics was behind a stalled loan programme as global institutions wanted Pakistan to default like Sri Lanka and then enter negotiations, but also insisting that negotiations with the Fund were ongoing and the ninth review would be complete this month. Testifying before the Senate
Following a two-day visit by Prime Minister Shehbaz Sharif, Azerbaijan on Thursday agreed to start shipments of LNG cargoes to Pakistan at “cheaper rates” from next month, said the Prime Minister’s Office in a statement. According to the Prime Minister’s Office, the prime minister held a meeting with Azerbaijan President Ilham Aliyev at Zagulba Palace wherein it was decided that Azerbaijan will