Iran has granted Pakistan a 180-day extension for the gas pipeline project, pushing the deadline to September 2024. The extension comes with a stern warning from Tehran, indicating the possibility of seeking an $18 billion penalty through International Arbitration in Paris if the matter proceeds to that stage. In an effort to find an amicable […]
The State Bank of Pakistan (SBP) Governor Jameel Ahmed has declared a significant decision to revamp the existing currency system by introducing new currency notes across all denominations. This strategic move aims to combat individuals and entities involved in illicit financial activities within the country. The new notes will incorporate state-of-the-art International Security Features to […]
In a pivotal move, the International Monetary Fund (IMF) is gearing up to dispatch its review mission to Pakistan following the conclusion of the 2024 general elections. The mission’s primary focus will center on the progress of the Standby Arrangement (SBA) program, engaging in crucial discussions with the freshly elected government. As of the latest […]
Onion prices in Pakistan have witnessed a sharp surge, reaching Rs. 320 per kg, according to the latest data from the Pakistan Bureau of Statistics. The capital city, Islamabad, and Rawalpindi are grappling with soaring prices at Rs. 320 and Rs. 310 per kg, respectively. Gujranwala, Sialkot, Lahore, and Faisalabad are also experiencing the brunt, […]
The International Monetary Fund (IMF) instructs Pakistan to refrain from approving supplementary grants until the post-election formation of a new government. In line with commitments under the Stand-By Agreement (SBA), the Finance Division issues directives to ministries, emphasizing the government’s pledge to avoid supplementary grants and adhere to approved fiscal levels in FY2023-24. These commitments […]
According to the State Bank of Pakistan (SBP) data, Pakistan’s liquid foreign exchange reserves have decreased to $13.1451 billion as of January 12. The SBP’s reserves witnessed a decline of $127 million to $8,027.4 million during the week ending on January 12, primarily attributed to debt repayments. The overall liquid foreign reserves, which include both […]
ISLAMABAD, Pakistan – Small and medium-sized enterprises (SMEs) in Pakistan have reason to celebrate. The Finance Ministry has launched the country’s first-ever credit guarantee company, the National Credit Guarantee Company Limited (NCGCL), designed to revolutionize access to finance for this crucial sector. The launch, attended by representatives from key stakeholders, marks a significant step towards […]
Pakistan has officially sought an extension for the maturity date of a $2 billion loan from the United Arab Emirates (UAE), according to sources from the Ministry of Finance. Prime Minister Anwaar-ul-Haq Kakar personally wrote to the UAE President, formally addressing the request for a loan rollover. Initially, the UAE deposited $3 billion in secure […]
The Federal Board of Revenue (FBR) has uncovered a massive financial scandal in Islamabad, exposing a Rs 16 billion fraud related to the illegal import of solar panels. A private company stands accused of involvement in illegal imports totaling Rs 1.62 billion, with an additional Rs 16 billion linked to illegal solar panel imports for […]
Karachi, Pakistan’s vibrant metropolis, is facing an upward surge in electricity costs following a recent decision by the National Electric Power Regulatory Authority (NEPRA). The increase in electricity tariffs has sparked conversations and concerns among residents, prompting a closer look at the reasons behind this adjustment. ISLAMABAD: In response to the power division’s proposal, the […]
Pakistan State Oil (PSO) is grappling with a financial crisis as its receivables have surged to a staggering Rs. 802 billion, marking a drastic increase since August 2021 when the figure stood at Rs. 362 billion. The substantial rise in receivables includes a notable increase from a public gas utility, reaching Rs. 519 billion, with […]
In a positive trend, the Pakistani rupee extended its winning streak against the US Dollar for the sixth consecutive day in the interbank market. The day commenced with the rupee opening at 282 against the greenback, and by 11:30 PM, it had stabilized, reaching a high of 282 after experiencing an intraday gain of approximately […]
In a bid to provide much-needed relief to the inflation-stricken masses, the federal government has announced substantial cuts in the prices of petroleum products, effective from December 16. Petrol prices witness a significant reduction of Rs. 14 per litre, now standing at Rs. 267.34 per litre. High-speed diesel prices see a cut of Rs. 13.50 […]
In the week ending on December 14, the prices of branded tea at Utility Stores in Pakistan experienced a notable decline, providing relief to consumers. The reduction in prices ranged from Rs60 to Rs110, with the Utility Stores’ spokesperson specifically announcing cuts in the prices of 800-gram, 430-gram, and 900-gram tea packs. The decrease in […]
Lahore Electric Supply Company has implemented the latest technology in its network to combat widespread electricity theft. This is a major step in ensuring a fairer distribution of power and reducing outages. Smart Scanner Meters: LESCO installed 135 scanning meters of the highest technology in Lahore to enable its technical team to pinpoint areas where power theft […]
Pakistani freelancers, rejoice! The Ministry of Information Technology and Telecommunication has announced a revolutionary initiative to empower and boost their economic contributions. This initiative includes: The goal is to provide freelancers with the necessary tools and infrastructure to thrive in the digital economy. This will not only promote entrepreneurship but also create millions of employment […]
The State Bank of Pakistan (SBP) has launched a new Raast Person-to-Merchant (P2M) payment service to make it easier for merchants and businesses to accept digital payments. This move is expected to significantly boost digital payment adoption in Pakistan. Benefits for Merchants: Timeline for Adoption: Promoting Raast Adoption: Building a Robust Ecosystem: Raast’s Initial Success: […]
Effective December 1st, Pakistan has ended the longstanding practice of providing free electricity to its power officials, including employees of DISCOs, GENCOs, WAPDA, and NTDC. This move comes after the federal cabinet approved monetizing the free electricity units previously offered to these employees. What Does This Mean? Instead of receiving free electricity units, power officials […]
One of the biggest motorcycle producers in Pakistan, Atlas Honda, has revealed the “BENLY e,” the company’s first electric vehicle. One of the biggest motorbike companies in Pakistan, Atlas Honda, has launched the “BENLY e,” the firm’s first electric motorcycle. The company did not say when the bike would be available for purchase in Pakistan, […]
In a recent development, NEPRA (National Electric Power Regulatory Authority) has announced a 3.07 Rs hike in electricity prices for December 2024 bills. This adjustment is related to the fuel cost and is applicable to all consumer categories, excluding Electric Vehicle Charging Stations (EVCS) and Lifeline consumers. The adjustment will be clearly delineated in the […]
