Imran Ali Kundi

  • TISLAMABAD - Pakistani currency is under severe pressure currently as US dollar surged to historic Rs 124.5 in the open market on Tuesday, increasing the volume of foreign debt. The US dollar climbed to a new high of Rs 122 in the interbank market and reached historic Rs 124.5 in the open ...

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  • TISLAMABAD - As foreign exchange reserves are expected to deplete sharply in next couple of months due to financing of current account deficit and massive repayment of loans, the government is negotiating with China to borrow another $2 billion to maintain its reserves. "The negotiations were ...

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  • TISLAMABAD - The Federal Board of Revenue (FBR) is likely to miss the revised tax collection target for outgoing fiscal year (2017-18) by around Rs100 billion, it has been learnt. The FBR will have to collect Rs661 billion during ongoing month of June to achieve its revised tax collection target of ...

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  • TISLAMABAD - Pakistan on Wednesday signed two loan agreements worth $565 million with World Bank to support the projects in energy and water sectors. The World Bank would give loan worth $425 million for the National Transmission Modernisation (Phase-I) Project and $140 million for Sindh ...

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  • TISLAMABAD - Large-scale manufacturing (LSM) posted growth of 4.14 percent in April on annual basis. The LSM, which constitutes 80 percent share within manufacturing and 10.7pc in overall GDP, recorded growth of 5.76 percent during ten months (July to April) of the current fiscal year over a ...

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  • TISLAMABAD - The caretaker government said Tuesday that it was facing economic challenges at external as well on domestic fronts as it would miss the targets of budget and current account deficits by a wide margin during outgoing fiscal year (FY2018). “The economy shows mixed picture, as ...

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  • TISLAMABAD - Pakistan’s trade deficit swelled to $33.89 billion during eleven months (July 2017 to May 2018) of the ongoing fiscal year (FY2017-18), putting pressure on the country’s foreign exchange reserves, which are already under pressure. The country’s trade deficit went up ...

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  • TISLAMABAD - US dollar touched a record high level of Rs121.5 on Monday amid severe pressure on the country’s foreign exchange reserves due to widening of current account deficit. However, later the dollar came down to Rs119.84. The dollar value of Rs121 is highest ever in the country’s ...

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  • TLAHORE/ ISLAMABAD - Pakistanis received good and bad news on Monday, just a few days before Eidul Fitr. The Supreme Court stopped the Federal Board of Revenue and cellular companies from collecting withholding tax and other exorbitant charges on prepaid phone recharge. The same day, the caretaker ...

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  • TISLAMABAD - Pakistan’s budget deficit could surge to above 6.5 percent of the GDP during outgoing fiscal year (2017-18) mainly due to expected massive revenue shortfall and provincial governments’ inability to give surplus budgets. The government had revised the budget deficit target ...

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  • TISLAMABAD - The caretaker government on Thursday decided not to increase the prices of petroleum products for the ongoing month of June, which would result in revenue loss on account of sales tax and petroleum levy. The previous PML-N government on last date of May had deferred the POL price ...

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  • TISLAMABAD - The caretaker government has clarified that no decision has been taken yet to approach International Monetary Fund (IMF) for any bailout package. The ministry of finance said that government would hold Article IV consultations with the IMF by end of June, which are routine consultations ...

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  • TISLAMABAD - The World Bank on Wednesday noted that Pakistan’s GDP growth would slow down to 5 percent in next fiscal year from 5.8 percent of the outgoing year. Pakistan’s GDP growth rose to 5.8 percent in FY2017/18, supported by infrastructure projects funded by the China-Pakistan ...

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  • TISLAMABAD  - Federal Minister for Finance and Revenue Dr Shamshad Akhtar on Wednesday directed Federal Board of Revenue (FBR) chairman to make all possible efforts to achieve the revised revenue collection target this year, which seems challenging. Federal Minister for Finance and Revenue ...

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  • TISLAMABAD - The caretaker government on Tuesday has appointed Dr Shamshad Akhtar as Federal Minister for Finance, Revenue and Economic Affairs amid challenges at domestic as well as on external sector. Soon after taking oath, she assumed the charge of her duties. She has chaired a meeting to ...

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  • TISLAMABAD - The government will miss the exports target by a huge margin under the Strategic Trade Policy Framework (STPF) 2015-18 mainly due to the limited implementation of government announced support in STPF and high cost of production. Pakistan’s exports are expected to remain at $23 to ...

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  • TISLAMABAD - Pakistan’s foreign exchange reserves are sharply depleting due to widening current account deficit and repayment of previous loans, as the reserves have tumbled by more than $2 billion since last one month. The current foreign exchange reserves can cover less than three ...

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  • TISLAMABAD - Inflation increased to 4.2 percent in May mainly due to hike in prices of food commodities during Ramazan. Inflation measured by Consumer Price Index (CPI) was recorded at 4.2 percent during May over a year ago, according to Pakistan Bureau of Statistics (PBS). Inflation increased ...

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  • TISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved tax exemptions and other incentives for the next five years for the people of erstwhile FATA and PATA after the landmark 31st Constitutional Amendment. Prime Minister Shahid Khaqan Abbasi chaired a ...

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  • TISLAMABAD - The Federal Board of Revenue (FBR) is struggling to achieve the revised tax collection target during outgoing fiscal year despite it would generate additional revenue due to enforcement of new taxation measures of next year before June. The FBR during the first 11 months (July to ...

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  • TISLAMABAD - The government on Wednesday has extended the export package worth of Rs195 billion for next three years to increase the exports. The Economic Coordination Committee (ECC) of the Cabinet, which met with Prime Minister Shahid Khaqan Abbasi in the chair, has extended the PM Export ...

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  • TISLAMABAD - Pakistan has borrowed $9.6 billion from external sources only in ten months of the current fiscal year increasing the overall debt of the country that has already surged to $91.8 billion. Pakistan has received $1.6 billion in new foreign loans during the month of April only, as major ...

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  • TISLAMABAD - The government on Friday assured the business community that it would reduce the power tariff in order to bring down the cost of production, which is very high in Pakistan. Federal Minister for Commerce Pervaiz Malik said Friday that cost of production in Pakistan was high. "The ...

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  • TISLAMABAD - The Federal Board of Revenue (FBR) is expecting to generate additional revenue of around Rs25 billion during outgoing fiscal year due to the enforcement of new rates of federal excise duty and customs duty from the last week of the current month. The increase in customs duties and ...

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  • TISLAMABAD - The federal government has transferred Rs1.65 trillion to the four provinces under National Finance Commission (NFC) Award that enabled the provinces to give surplus budget during nine months of current financial year. The provincial governments have recorded budget surplus of Rs174.2 ...

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  • TISLAMABAD - The two-day talks between the World Bank and Pakistan on the issue of Kishanganga hydroelectric project, inaugurated recently by India, failed to produce any forward movement. Pakistani representatives met with the World Bank officials on May 21 and 22 to raise concerns of the lower ...

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  • TISLAMABAD - The Executive Committee of the National Economic Council (ECNEC) on Tuesday has approved updated cost of Rs506.81 billion for the Neelum Jhelum Hydroelectric Project (NJHP). The Ecnec, chaired by Prime Minister Shahid Khaqan Abbasi, has approved projects costing Rs775 billion. The ...

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  • TISLAMABAD - Pakistan’s budget deficit has swelled to Rs1.48 trillion during nine months (July to March) of the ongoing fiscal year mainly due to massive interest payment and on defence services. The country’s expenditures were recorded at Rs5. 13 trillion (14.9 percent of the GDP) as ...

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  • TISLAMABAD - Moody's Investors Service on Monday has reaffirmed Pakistan's sovereign rating at B3 with stable outlook. Moody's Investor Service, one of the world's most respected and widely utilized credit rating agency, reaffirmed Pakistan's credit profile as B3 stable. The reaffirmation is based ...

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  • TISLAMABAD - After approving sixth budget from the National Assembly, the PML-N government is now working on an incentives package to boost country’s exports, which would be announced before completion of the government’s tenure ending on May 31. The government had already said that it ...

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