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Govt to hike taxes on cell phones other imported items in FY23-24 budget Business
  • June 5, 2023

Govt to hike taxes on cell phones other imported items in FY23-24 budget

ISLAMABAD: According to sources, the federal government has suggested raising taxes on cell phones, automobiles, and other imported luxury items in the FY2023-24 budget. According to the reports, the government is considering raising the levy on mobile phones valued at more than $100. They also stated that imported energy-saving lights, chandeliers, and LEDs will be more expensive in the upcoming…
Nadra to open Passport Counters at 30 offices across country Business
  • June 5, 2023

Nadra to open Passport Counters at 30 offices across country

KARACHI: The National Database and Registration Authority (Nadra) will operate passport counters at its offices in 30 locations across the country, according to a government announcement. A spokeswoman for Prime Minister Shehbaz Sharif said the decision was made during a session convened by Sharif to make the process of obtaining a passport easier for citizens. “Now a passport counter will…
Govt likely to present Rs13-15tr budget next week Business
  • June 4, 2023

Govt likely to present Rs13-15tr budget next week

KARACHI: According to The News, citing a budget preview study by Topline Securities, the coalition government is projected to offer a Rs13-15 trillion budget for fiscal year 2023-24, assuming record high markup costs due to high interest rates. According to the report, the government is slated to establish a target of Rs9-9.2 trillion for the fiscal year 2023-24, up 21%…
Pakistan, India to be part of Iran's naval alliance for regional stability Business
  • June 3, 2023

Pakistan, India to be part of Iran’s naval alliance for regional stability

According to Iranian media, Iran’s navy commander stated that his country, Saudi Arabia, and three other Gulf states intend to build a naval alliance that will encompass India and Pakistan. “The countries of the region have today realized that only cooperation among themselves brings security to the area,” said Iran’s navy commander, Shahram Irani. He didn’t go into detail about…
Over 36,000 Pakistani Hajj pilgrims arrive in Saudi Arabia Business
  • June 3, 2023

Over 36,000 Pakistani Hajj pilgrims arrive in Saudi Arabia

More than 36,000 Pakistani Hajj pilgrims have arrived in Saudi Arabia, with 28,000 staying in Madinah. 28000 are still in Madinah, while the remaining 8,000 have arrived in Makkah after finishing their eight-day stay in Madinah. According to Radio Pakistan, the Pakistan Hajj Mission has deployed over 100 Haram Guides to assist pilgrims at the Masjid Al Haram’s entrance and…
Pakistan's weekly inflation rate stands above 42pc Business
  • June 2, 2023

Pakistan’s weekly inflation rate stands above 42pc

ISLAMABAD: The weekly inflation rate, as measured by the Sensitive Price Indicator (SPI), increased by 0.03 percentage points to 42.67 percent year on year for the week ending June 1, according to official data. Short-term inflation reached an all-time high of 48.35 percent in the four weeks ending May 4. According to data issued by the Pakistan Bureau of Statistics…
Pakistan set to secure new IMF bailout package: sources Business
  • June 1, 2023

Pakistan set to secure new IMF bailout package: sources

ISLAMABAD: According to sources on Thursday, the government of Pakistan will not extend the existing International Monetary Fund (IMF) program, which is slated to expire on June 30. Pakistan aims to receive a new IMF bailout. The Ministry of Finance has been preparing to seek a new IMF package in August. According to sources, Special Assistant Tariq Bajwa and the…
Rupee recovers against USD after new credit card settlement directive Business
  • June 1, 2023

Rupee recovers against USD after new credit card settlement directive

KARACHI: The US dollar (USD) suffered a significant loss versus the Pakistani rupee (PKR) on the open market on Thursday. According to the State Bank of Pakistan, the Pakistani rupee (PKR) fell PKR25 versus the US dollar, which was trading at Rs290 in the open market. In order to close the currency rate gap between the official and kerb markets,…
Govt reduces petrol, diesel prices Business
  • June 1, 2023

Govt reduces petrol, diesel prices

ISLAMABAD: For the next 15 days, the federal government has decreased the prices of gasoline, diesel, and other petroleum products. During a news conference, Ishaq Dar stated that there had been no significant changes in world oil prices. He announced an Rs8 per litre drop in petrol prices, an Rs5 reduction in diesel prices, and Rs5 reduction in light diesel…
Pakistan slams IMF's 'intervention' in internal matters Business
  • May 31, 2023

Pakistan slams IMF’s ‘intervention’ in internal matters

ISLAMABAD: Aisha Ghaus Pasha, State Minister for Finance and Revenue, criticized the International Monetary Fund (IMF) on Wednesday for “intervening” in Pakistan’s internal affairs. “Pakistan’s behavior is in accordance with the law,” the state minister added, calling IMF Mission Chief for Pakistan Nathan Porter’s statement on Pakistan’s political situation “extraordinary.” While the IMF does not comment on domestic politics, Porter…