Business

New coal power plant connected to national grid

New coal power plant connected to national grid

ISLAMABAD: A 1,320-megawatt coal-fired power plant of China Power Hub Generation Company Private Limited (CPHGC), being constructed in Hub, Balochistan, has been connected to the national grid, achieving back energy from its 500-kilovolt gas-insulated switchgear.With this breakthrough, CPHGC has entered into the commissioning phase which will lead to synchronisation of its first unit with the national […]

Recovery of bad debts can help boost economy

Recovery of bad debts can help boost economy

ISLAMABAD:Financial institutions of a country are very important. Fiscal strength of these institutions determines the strength of the economy.However, just like other institutions in Pakistan, previous governments failed to pay attention to their improvement. Now, the responsibility is on the new Pakistan Tehreek-e-Insaf (PTI)-led administration, which has so far remained undecided about how to handle financials […]

Pakistan should shift to efficiency-driven economy

Pakistan should shift to efficiency-driven economy

ISLAMABAD:International institutions use different criteria to classify economies. The World Bank classifies economies on the basis of per capita income into low-income ($1,005 or less), lower middle-income ($1,006-$3,955), upper middle-income ($3,956-$12,235) and high-income groups ($12,236 or more).Likewise, the International Monetary Fund (IMF) categorises countries into emerging or developing and advanced economies. In the UN system, […]

Rupee hits 2-month low on depreciation fears

Rupee hits 2-month low on depreciation fears

KARACHI: Pakistani rupee weakened to a two-month low against the US dollar at Rs126 in the open market on Friday on speculation that the International Monetary Fund (IMF) had recommended further depreciation of the rupee, dealers said. Oil prices linked to value of rupee, govt tells SC “The rupee loses value whenever Pakistan holds meeting with […]

FBR likely to miss three-month target by Rs30b

FBR likely to miss three-month target by Rs30b

ISLAMABAD: The government’s tax revenues and the number of income tax return filers have plunged in first quarter of the current fiscal year amid a delay in enforcement of new tax measures and finalisation of a fresh action plan to deal with tax evaders and plug loopholes.Provisional revenue collection figures suggested that the Federal Board of […]

Pakistan’s economy to slow down to 5.2%

Pakistan’s economy to slow down to 5.2%

ISLAMABAD: Pakistanis may soon feel the impact of tight fiscal and monetary policies in their daily lives, as the government has lowered its all major macroeconomic targets and projected that the economy will slow down to around 5.2% this year.Pakistan shared on Thursday its revised macroeconomic indicators with the International Monetary Fund (IMF) during first day […]

IMF delegation to reach Pakistan today

IMF delegation to reach Pakistan today

ISLAMABAD  – A delegation of International Monetary Fund (IMF) delegation is scheduled to arrive in Pakistan on Thursday, on September 27, 2018, for crucial talks.The IMF delegation will meet Minister for Finance, Revenue and Economic Affairs Asad Umar and Minister for planning and development during week-long stay in Pakistan.IMF delegation is expected to hold talks […]

Pakistan receives insufficient foreign loans worth $717m

Pakistan receives insufficient foreign loans worth $717m

ISLAMABAD: International creditors have given loans of $716.5 million to Pakistan in the first two months of fiscal year 2019, which were sufficient to meet only 35% of estimated foreign debt servicing requirement of the first quarter, further draining the foreign currency reserves.A delay on the part of the new government in finalising its policy options […]

Iran will have hell to pay: US national security adviser

Iran will have hell to pay: US national security adviser

United States National Security Adviser John Bolton on Tuesday said   Iran will have “hell to pay”, if the US, its citizens or allies are targeted, BBC reported. Iran warns US, Israel of revenge after parade attack The former US envoy to the United Nations (UN) delivered the warning while speaking at the United Against Nuclear Iran summit […]

Senate panel rejects changes to customs duty rates

Senate panel rejects changes to customs duty rates

ISLAMABAD:The Pakistan Tehreek-e-Insaf (PTI) government suffered on Tuesday its first defeat by a Senate panel that rejected changes to customs duty rates for a few industries after the authorities could not defend budgetary proposals in light of the PTI’s economic vision.The Senate Standing Committee on Finance rejected the reduction in customs duty rates for about […]

Int’l Poultry Expo in Lahore from Sep 27

Int’l Poultry Expo in Lahore from Sep 27

(Web Desk) – A three-day International Poultry Expo will be held in Lahore from 27th of this month, Radio Pakistan reported.This expo will focus on the huge participation of poultry entrepreneurs, new investors, researchers, veterinarians, students and consumers.The event will provide a capable platform where participants will be able to find professional guidance and international […]

Govt hints at partially restoring curbs on non-filers of tax returns

Govt hints at partially restoring curbs on non-filers of tax returns

ISLAMABAD: The government on Monday hinted at partially restoring the ban on purchase of new cars and property by non-filers of tax returns as it struggled hard to convince opposition that its mini-budget would not throw Pakistan back into an era of low growth and high inflation.On the first day of scrutiny of the mini-budget, the […]