Pakistan’s central bank allowed foreign companies operating in the country to repatriate a record-high profit and dividend of $918.1 million in May 2024. This move cleared a backlog accumulated over the past two years and helped restore international investors’ confidence in the country. Despite significant foreign payments totalling $2 billion in April and May, the country’s foreign exchange r
After offering relief to consumers in the last three revisions of oil prices, the government is now likely to raise the prices of high-speed diesel (HSD) and petrol by Rs9.84 per liter and Rs7.54 per liter, respectively, for the next fortnight starting from July 1. This possible increase is attributed to fluctuations in global oil prices. The government also plans to increase the rate of petrol
The government on Thursday deferred approval of pension cuts for existing pensioners due to questions about its legal mandate. However, it greenlighted a contributory pension scheme for new civilian employees, starting immediately, and for military personnel, starting next year. The military authorities did not agree to several proposals to rationalise pension benefits, leading the government t
The power tariff in Pakistan is likely to increase by Rs3.41 per unit due to the monthly fuel adjustment (MFA), according to media reports. The National Electric Power Regulatory Authority (NEPRA) is set to hear an application from the Central Power Purchasing Agency (CPPA) requesting the hike. The CPPA has cited an increase in the monthly fuel adjustment for May as the reason for the propos
The 15% additional income tax on banks may remain in place after Prime Minister Shehbaz Sharif intervened on Thursday, directing authorities not to provide any relief to the banks. The premier’s intervention came as the government finalised new tax avenues that might be announced today (Friday) during the approval of the Budget 2024-25. The National Assembly is expected to approve the new budge