Business

Weekly inflation eases 0.67 percent

The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on November 25, for the combined consumption group, witnessed decrease of 0.67 percent as compared to the previous week, Pakistan Bureau of Statistics (PBS) reported Friday. According to APP The SPI for the week under review in the above mentioned group was recorded at 168.16 points against 169.29...

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Under Afghan Transit Trade, first bulk cargo ship reaches Gwadar, says SAPM Bajwa

Special Assistant to the Prime Minister on Information and Broadcasting, Lieutenant General (retired) Asim Saleem Bajwa said on Saturday that the first bulk cargo ship has reached the port city of Gwadar. The first bulk cargo ship called MV Manet is carrying wheat and urea as a part of the Afghan Transit trade, said the China Pakistan Economic Corridor Authority...

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OGRA recommends reduction in petrol prices by Rs7.06/litre

The Oil and Gas Regulatory Authority (OGRA) has recommended a reduction in petrol price by Rs7.06/litre, kerosene Rs11.88/litre and light diesel oil (LDO) price by Rs9.37/litre for June 2020. The regulatory body has, however, suggested that the price of diesel should remain unchanged. If the government accepts the suggestion of the authority, petrol price will come down from current Rs81.58/litre...

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FBR to pursue four major sugar mills in a bid to recover billions of rupees in sales tax evasion

ISLAMABAD: The Federal Board of Revenue (FBR), the country's top tax body, has decided to pursue four major sugar mills in a bid to recover billions of rupees in sales taxes they allegedly avoided paying to the exchequer over the last five years. The action is being taken on the findings of the Sugar Inquiry Commission (SIC), after the incumbent...

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World Bank approves $500mn loan for Pakistan in battle against coronavirus

The World Bank has approved a $500mn loan programme for Pakistan to provide better opportunities for women, strengthen its social safety nets and improve access to quality healthcare and education as the country continues to bear the brunt of the coronavirus. The Securing Human Investments to Foster Transformation (SHIFT) programme will support policy reforms to help Pakistan’s COVID-19 emergency response...

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ADB approves $300mn loan to Pakistan to help mitigate coronavirus impact

The Asian Development Bank (ADB) has approved a $300 million emergency assistance loan to strengthen Pakistan’s public health response to the novel coronavirus disease (COVID-19) pandemic and help meet the basic needs of vulnerable and poor segments of society. “The COVID-19 pandemic is having a significant detrimental impact on the health and economic prospects of the people of Pakistan,” said ADB Vice-President...

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PIA records growth in revenue by 43 per cent in 2019

The Pakistan International Airlines recorded an increase in revenue by 43% in the past year, according to an annual report compiled under the new CEO Air Marshal Arshad Malik, who resumed charge in March this year. The report pertaining to the complete results of the national air carrier was submitted to the Pakistan Stock Exchange today. In the report mentioned...

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SBP slashes interest rate by 100 basis points to 8 per cent

KARACHI: The State Bank of Pakistan on Friday announced that it is slashing the policy rate by 100 basis points to 8%, the fourth cut by the bank within two months. The SBP in a statement said that the Monetary Policy Committee (MPC) in its meeting on 15th May 2020 decided to reduce the policy rate by 100 basis points...

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Coronavirus: Pakistan to seek additional $305mn from ADB for relief

ISLAMABAD: Pakistan will seek another $305 million in loans from the Asian Development Bank (ADB) to support its preventive and response efforts to fight the novel coronavirus outbreak, it was learnt on Tuesday. Officials said the government approved concept clearance paper for seeking a loan from the Manila-based ADB for emergency assistance and fighting against COVID-19 pandemic, A meeting of...

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Technical talks with IMF underway for finalising outline of upcoming budget

ISLAMABAD: Technical talks between Pakistan and the International Monetary Fund (IMF) are underway for finalising the blueprint and salient features of the upcoming budget for 2020-21 in post COVID-19 pandemic situation. Top officials said that the IMF has also linked resumption of Extended Fund Facility (EFF) programme with approval of the next budget for 2020-21 in compliance with broader framework...

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SBP increases concessional loans limit by Rs300 million for hospitals, medical centres

The State Bank of Pakistan (SBP) on Friday has increased the limit of concessional loans by Rs300 million for hospitals and medical centers in order to facilitate the health sector in the battle against the coronavirus pandemic. According to the central bank’s announcement on Friday, under the new development, the banks can provide loans of up to Rs500 million to...

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Govt reduces petrol price by Rs15 to ‘provide relief to consumers’

The government on Thursday announced a reduction of Rs15 per litre in the price of petrol, of Rs27.15 per litre in the price of high speed diesel (HSD), Rs30.01 per litre in the price of kerosene and of Rs15 per litre in the price of light diesel oil (LDO). The price of petrol has been reduced to Rs81.58 from Rs96.58,...

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OGRA proposes major cut in petroleum prices for May

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Wednesday put forth a proposal to reduce prices of petroleum products up to Rs44 per litre for the month of May-2020 in the country. According to the details, OGRA has recommended Rs20.68 per litre cut in the price of petrol, diesel Rs33.94 per litre, light diesel Rs24.57 per litre and kerosene...

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Good news forthcoming for power consumers next month, assures Shaikh

ISLAMABAD: Advisor to the Prime Minister on Finance Abdul Hafeez Shaikh Tuesday said the government would pass on the benefit of reduced oil prices in the international market to the public and people would hear good news in this regard on May 1. Speaking in a private television channel programme, he said the cost of energy and travel would decrease...

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Creditors pledge Rs708bn for Pakistan to support emergency response to COVID-19

ISLAMABAD: In response to the government’s Pakistan Pandemic Preparedness and Response Plan, several international multilateral and bilateral creditors have made a commitment to provide around $4.4 billion (Rs708 billion) to the country over next 15 month period. Additionally, the IMF has already provided $1.38 billion to Pakistan under the Rapid Finance Instrument (RFI). This commitment has been given by the...

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Packages approved by ECC for unemployed labourers and small businesses

ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar on Monday announced that the Economic Coordination Committee (ECC) has approved two packages for unemployed labourers and another package for small business owners. Azhar, addressing a press conference after the ECC meeting, said that the packages will be presented before the federal cabinet tomorrow for approval. The minister said a Rs75...

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ADB to provide Rs274 billion to Pakistan to battle coronavirus

ISLAMABAD: The Asian Development Bank (ADB) has assured Islamabad of providing $1.7 billion (approximately Rs274 billion) including $800 million (Rs129 billion) for COVID-19 and $900 million (Rs145 billion) in policy-based lending in the ongoing and next fiscal year. According to an official announcement, Federal Minister for Economic Affairs Khusro Bakhtiar held a teleconference with ADB President Masatsugu Asakawa at the...

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