Amid the persistent political and economic crisis, businessmen urged the PDM government to announce a business-friendly and pro-growth budget for the next fiscal year to put the economy back on the right track. In a statement issued on Tuesday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said the much-needed taxation reforms must be introduced i
Foreign Direct Investment (FDI) plunged by almost 29 per cent year-on-year to $121.6 million in April and 23pc in the first 10 months of the current fiscal year. At a time when Pakistan is facing a default-like situation due to falling foreign exchange reserves posing a serious risk to meeting its external obligations, the inflows (remittances) from overseas Pakistanis also shrank by 13pc durin
The government has amended the Tajikistan-Pakistan transit trade rules, which will cover inward and outward flows at Karachi, Qasim and Gwadar ports. The amendments were made through a customs notification, SRO560 of 2023, by amending an earlier notification. As part of the rules, registration of foreign businesses and other users with the Customs Computerised System to issue user ID or passwor
The current fiscal year is about to close with extraordinarily tight fiscal positions and the austerity policy of the PDM government, but discretionary spending on development schemes for constituencies of parliamentarians of the coalition partners and publicity continues to grow. The Economic Coordination Committee (ECC) of the Cabinet on Tuesday enhanced the allocations for parliamentarian’s
The current account posted a surplus for the second consecutive month, shrinking the 10-month deficit by 76 per cent year-on-year, the central bank said on Tuesday, following stringent import restrictions by the government to manage an economy in turmoil. The surplus of $18 million in April came after the country’s current account turned to $654m in March — a big monthly figure and the first su