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Rs137 billion annual relief expected for consumers as cabinet approves revised PPI deals Blogging Sole

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Rs137 billion annual relief expected for consumers as cabinet approves revised PPI deals Blogging Sole

A representative image of a transmission tower, also known as an electricity pylon. — AFP/File Prime Minister Shehbaz is holding a federal cabinet meeting today. The government approves the proposal to reduce capacity costs. The Prime Minister considers the revised agreements a major achievement. The federal cabinet on Tuesday approved revised agreements with 14 independent … Read more

Nightclubs contribute over 600 billion rupees to circular debt every year Blogging Sole

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Nightclubs contribute over 600 billion rupees to circular debt every year Blogging Sole

A representative image of a transmission tower, also known as an electricity pylon. — AFP/File Current defaulters owe Rs1,094tr to nightclubs. Companies adding 50 billion rupees per month to circularize the debt. 10 to 15% recovery achieved via overcharging each year. ISLAMABAD: Amid the government’s efforts to improve the country’s economic indicators, it has been … Read more

Pakistan’s foreign exchange assets hit $18.7 billion, three-year high Blogging Sole

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Pakistan’s foreign exchange assets hit .7 billion, three-year high Blogging Sole

A currency dealer counts US dollars at a store in Karachi, May 19, 2022. — AFP The country’s foreign exchange assets also include gold reserves of $5.5 billion. Commercial bank liquid reserves of $4.7 billion are not included. Increase in foreign exchange reserves due to strict import restrictions: expert. KARACHI: Pakistan’s total foreign exchange assets … Read more

Remittances in December reached $3.1 billion, a growth of 29.6% Blogging Sole

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Remittances in December reached .1 billion, a growth of 29.6% Blogging Sole

US dollars are counted by a banker who counts currency at a bank. —Reuters H1FY25 remittances increased 32.8% YoY Top remittance sources: Saudi Arabia, United Arab Emirates and United Kingdom. Higher incomes and digital infrastructure as drivers. Pakistan’s remittances reached $3.1 billion in December, an increase of 29.3 percent year-on-year, central bank data showed on … Read more

UAE extends duration of $2 billion deposit with Pakistan, PM Shehbaz tells cabinet Blogging Sole

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UAE extends duration of billion deposit with Pakistan, PM Shehbaz tells cabinet Blogging Sole

Prime Minister Shehbaz Sharif speaks during a cabinet meeting in Islamabad, January 7, 2025. — Screenshot/GeoNews Prime Minister Shehbaz said he had a productive meeting with the UAE President. He affirms that the leader of this Gulf country assured him of his support for progress. The Prime Minister says progress will not be possible until … Read more

Textile exports up 10% to $9.9 billion in first six months of FY25 Blogging Sole

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Textile exports up 10% to .9 billion in first six months of FY25 Blogging Sole

A view of a textile factory in Pakistan. — Reuters/File Data shows that textile exports fell 3% to $1.27 billion in July 2024. Exports rise 13% to $1.64 billion in August FY25, the data showed. Textile exports recorded a reasonable increase of 18% to $1.61 billion in September. ISLAMABAD: A 10 percent increase in textile … Read more

“Pakistan to receive $20 billion loan from World Bank over 10 years” Blogging Sole

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“Pakistan to receive billion loan from World Bank over 10 years” Blogging Sole

An undated image of the World Bank headquarters in Washington DC. — AFP/File Loan approval expected from the World Bank on January 14. Focus on neglected sectors over the next decade. The total amount could reach $40 billion with private loans. ISLAMABAD: Pakistan is set to receive a $20 billion loan from the World Bank … Read more

Refineries suggest steps to secure $5 billion upgrade projects Blogging Sole

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Refineries suggest steps to secure billion upgrade projects Blogging Sole

An undated image of a Parco refinery. — Parco Site/File The Ministry of Energy is examining measures to overcome political obstacles. Sales tax exemption conflicts jeopardize refinery modernization plans. SIFC sets January 7 as deadline to finalize refinery deals. KARACHI: The country’s refining sector has suggested several measures to the government to facilitate progress on … Read more

Pakistan’s trade deficit rises to $2.44 billion in December Blogging Sole

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Pakistan’s trade deficit rises to .44 billion in December Blogging Sole

U.S. dollar bills are seen in this photo taken on February 12, 2018. — Reuters December exports amounted to $2.84 billion, an increase of 0.67% year-on-year. Imports climbed to $5.285 billion, registering an increase of 14% year-on-year. Monthly comparisons showed a 47% increase in the trade deficit. ISLAMABAD: Pakistan’s trade deficit reached $2.44 billion in … Read more

Six-month tax collection lower by Rs 386 billion Blogging Sole

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Six-month tax collection lower by Rs 386 billion Blogging Sole

An undated image of the Federal Board of Revenue (FBR) building in Islamabad. – APPLICATION The FBR has recovered Rs 275 billion as of December 31, 2024. 1,326 billion rupees were collected in December, 47 billion rupees short of the target. FBR repaid Rs272 billion in the first six months of CFY. ISLAMABAD: The Federal … Read more

Government approves sale of 15% stake in Reko Diq worth Rs150 billion to Saudi Arabia Blogging Sole

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Government approves sale of 15% stake in Reko Diq worth Rs150 billion to Saudi Arabia Blogging Sole

An aerial view of the Reko Diq mine in Balochistan. —Reuters/File Saudi Arabia will acquire 15% of the capital in two phases. A first tranche of $330 million will soon be transferred. Reko Diq has 5.9 billion tonnes of copper-gold ore reserves. ISLAMABAD: The government has approved the sale of 15% stake in the Reko … Read more

Government report reveals accumulated losses by state-owned enterprises of 5.9 billion rupees since 2014 Blogging Sole

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Government report reveals accumulated losses by state-owned enterprises of 5.9 billion rupees since 2014 Blogging Sole

A PIA aircraft parked in the shadow of the Nur Khan Technical Complex in Islamabad on February 9, 2023. — X@PIA ISLAMABAD: The government’s semi-annual report on state-owned enterprises (SOEs) has revealed that the accumulated losses of several such entities since 2014 amount to Rs 5.9 trillion, News reported Saturday. The report, aimed at complying … Read more