Pakistan on Tuesday deferred a decision on changing its benchmark rate for foreign borrowing to finance power projects due to the absence of crucial information about the financial impact of the decision on electricity prices. The Economic Coordination Committee (ECC) of the cabinet did not endorse a proposal of the Ministry of Energy about replacing the existing London Interbank Offered Rate (
A nearly $4.5 billion hole has surfaced in Pakistan’s external financing plan and its budget may also overshoot by another Rs1 trillion due to the understatement of debt expenditures, which may become a serious issue during the first review of the International Monetary Fund programme. Both the problems of about a $4.5 billion financing gap and approximately Rs1 trillion less allocations for in
Amid unprecedented high prices, consumers may brave another challenge of facing a shortage of petroleum products following the suspension of distribution of oil products by the oil tankers’ association from Monday morning. However, Pakistan Petroleum Dealers Association (PPDA) chairman Abdul Sami Khan said some pumps in Karachi had started getting dry while upcountry pumps had so far remained u
Farmers have asked the government to tax the rich instead of the poor to remove unjust burden on the people, particularly the farming community which is running the economy by toiling day and night at their fields. “The government should tax the rich and elite class of the country by going for direct taxes instead of overburdening the poor masses by levying indirect taxes like general sales t
Large-scale manufacturing (LSM) experienced a year-on-year negative growth of 1.09 per cent in the first month of the current fiscal year, data released by the Pakistan Bureau of Statistics showed on Monday. On month-on-month, it witnessed a steeper contraction of 3.62pc in July. The decline in LSM can primarily be attributed to a slowdown in production within the textile and clothing sector