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USA, China, UK top three destinations of Pakistani exports: SBP

ISLAMABAD: The United States of America (USA) remained the top export destinations of the Pakistani products during the eleven months of current financial year (2019-20), followed by China and United Kingdom (UK). The total exports to the USA during July-May (2019-20) were recorded at US $ 3588.819 million against the exports of US $ 3727.390 million during July-May (2018-19), showing ... Read More »

Domestic cement consumption declines 1pc in 2019-20

LAHORE: After posting decrease for three consecutive months, cement despatches increased by 29.94 percent in June 2020 to 4.623 million tons from 3.557 million tons in June 2019, ending the fiscal year 2019-20 on a positive note. According to the data released by All Pakistan Cement Manufacturers Association (APCMA), the domestic cement uptake increased by a massive 19.63 percent to ... Read More »

Razak lauds exporters’ ‘good performance’ amid pandemic

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood congratulated exporters on “good performance” despite the “very challenging” situation caused by Covid-19. “I want to congratulate all our exporters on the good performance in 2019-20, in spite of the very challenging situation caused by Covid,” he said in a Twitter statement. The PM aide said the ... Read More »

NAB decides to take steps to arrest fugitives and notorious accused

ISLAMABAD: A meeting of National Accountability Bureau (NAB) was held at NAB headquarters under the chairmanship of Justice Javed Iqbal Chairman NAB. Deputy chairman, Prosecutor General Accountability, Director General Operations and other senior officers of NAB were present, while all Director Generals attended the meeting via video link. The meeting reviewed the overall performance of NAB. Speaking on the occasion, ... Read More »

COVID-19 pandemic: Pakistan gets Rs335b debt relief from G20

ISLAMABAD: Pakistan will sign its debt relief agreement with G20 countries separately before the deadline of December 31, 2020, in order to avail debt relief of slightly over $2 billion (Rs335 billion). A top official of the Finance Division told media that the work was in progress for availing debt relief announced by G20 countries. “So far we have reconciled ... Read More »

How much more expensive were food commodities in 2019-20?

ISLAMABAD: After the government rolled out the budget for the upcoming financial year last month, an official government report has now unveiled a staggering rise in prices of basic commodities in 2019-20 compared to prices recorded in 2018-19. According to the report, the inflation for the fiscal year ended on June 30, 2020 was recorded at 10.74%, whereas, the average ... Read More »

Weekly SPI inflation up 2.29pc

ISLAMABAD: The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on July 2, for the combined consumption group, witnessed an increase of 2.29 percent. According to the latest data of Pakistan Bureau of Statistics (PBS), the SPI for the week under review in the above-mentioned group was recorded at 132.32 points against 129.36 points registered in the ... Read More »

Price of naan, roti increased in Lahore

LAHORE: Muttahida Naan Roti Association (MNRA) has increased the price of Roti by Rs 2 and Naan by Rs 3. The MNRA has increased the price of Roti by Rs 2 to Rs 8 while the Naan has been increased by Rs 3 to Rs 15. On the other hand, the citizens have strongly reacted to the self-increased prices of ... Read More »

Pakistan’s foreign exchange reserves rise to $17.97 bn: SBP

KARACHI: State Bank of Pakistan on Thursday released the details of country’s current finances till June 26. The premier bank got a total of $2.4 billion dollars in loans and donations which included World Bank’s 730.70 million dollars. The Asian Development Bank gave a total of $500.3 million dollars, while Asian Infrastructure Investment Bank $500 million dollars. China paid an ... Read More »

SECP issues draft Reinsurance Brokers Regulations 2020

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has issued the draft of Reinsurance Brokers Regulations 2020 for soliciting public comments. According to a statement issued on Thursday, the proposed regulations aim at bringing reinsurance brokers under regulatory ambit of SECP. Reinsurance broking refers to arrangement of reinsurance between the insurance company and the reinsurer. The current insurance regulatory framework ... Read More »

Govt to abolish 80,000 vacant posts from Grade 1-16

ISLAMABAD: The government has started abolishing around 80,000 posts of federal ministries/divisions and departments which have been vacant for more than a year as part of the right-sizing plan with the World Bank. On Wednesday 1 July, the ministry of finance recommended seeking approval of the federal cabinet “to abolish all posts that have remained vacant for more than one ... Read More »

MoF issues clarification regarding govt security auctions & re-profiling of debt

ISLAMABAD: In response to certain misleading tweets regarding conduct of government securities auctions and re-profiling of debt obtained from SBP, the official Spokesperson of the Ministry of Finance clarified that every month, Ministry of Finance announces auction calendar for next 3 months (on rolling monthly basis) for raising of debt through issuance of government securities including T-bills, PIBs and Sukuks. ... Read More »

Headline inflation increases by 8.6pc in June

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 8.6 percent on Year on Year (YoY) basis in June 2020 as compared to an increase of 8.2 percent in the previous month and 8.0 percent in June 2019. Pakistan Bureau of Statistics (PBS) on Wednesday said that on month-on-month basis, it increased by 0.8 percent in June ... Read More »

President Alvi formally approves Finance Bill 2020-21

ISLAMABAD: President Dr Arif Alvi on Tuesday formally approved the Finance Bill 2020-21 under Article 75 of the Constitution. Alvi gave his approval to the Finance Bill 2020-21 after it was passed by the National Assembly, a press release issued by the President House read. A day prior, the NA had approved the federal budget for the fiscal year 2020-2021 ... Read More »

Shanghai Electric submits fresh PAI to acquire K-Electric shares

KARACHI: K-Electric on Tuesday said that it has received fresh Public Announcement of Intention (PAI) from Shanghai Electric Power (SEP) Company Limited (SEP) to acquire up to 66.40 percent voting shares of K-Electric Limited, subject to receipt of regulatory and other approvals. This PAI has been notified to the K-Electric Board of Directors on 30 June 2020. A copy of ... Read More »

Pakistan joins countries manufacturing ventilators on their own

ISLAMABAD: Federal Minister for Science and Technology Fawad Chaudhry on Tuesday informed National Assembly that the first consignment of domestically produced ventilators will be handed over to the National Disaster Management Authority (NDMA) till Friday. Speaking in National Assembly, Minister for Science and Technology Fawad Chaudhary said that Pakistan has joined the ranks of those few countries which are producing ... Read More »

CDNS achieves revenue collection target of Rs375b

ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs 375 billion in the current fiscal year by June 25. CDNS has set Rs352 billion annual collection target for the year 2019-20 as compared to Rs350 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, a senior ... Read More »

PIA announces reduction in fares for domestic destinations

KARACHI: The national flag-carrier, Pakistan International Airlines (PIA), has announced a reduction of fares for domestic flights. The PIA spokesperson made the announcement that Rs12,000 has been fixed for one-way ticket inclusive of all taxes for different destinations including Islamabad and other cities. The new fares will come into effect from today, added the spokesperson. Earlier on May 17, the ... Read More »

Pakistan to reopen Kartarpur Corridor for Sikh pilgrims on June 29

ISLAMABAD: Pakistan will reopen the Kartarpur Corridor for all Sikh pilgrims on June 29, Foreign Minister Shah Mahmood Qureshi said on Saturday. “As places of worship open up across the world, Pakistan prepares to reopen the Kartarpur Sahib Corridor for all Sikh pilgrims, conveying to the Indian side our readiness to reopen the corridor on 29 June 2020, the occasion ... Read More »

Govt hikes petrol price by Rs25.58 per litre with immediate effect

ISLAMABAD: The federal government on Friday decided to increase the prices of petroleum products. According to details, the federal government has decided on Rs25.58 per liter increase in the price of petrol and Rs21.31 per liter in that of High Speed Diesel (HSD). The government also decided an increase by Rs23.50 in the price of Kerosene Oil and Rs17.84 per ... Read More »