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Budget 2020-21: Products that will see prices change

ISLAMABAD: Pakistan Tehreek-e-Insaf government has unveiled its second annual budget in the National Assembly on Friday as the country battles the coronavirus pandemic. Here is a list of items what will see a price change due to change in taxes/ duties imposed by the government. According to details, the government has announced that Federal Excise Duty (FED) on imported cigarettes ... Read More »

Govt allocates Rs40b for Railways in budget 2020-21

RAWALPINDI: The federal government has earmarked Rs40 billion for the Railway sector in the national budget for the year 2020-21 with an allocation of funds worth Rs24 billion for the up-gradation of Pakistan Railways existing Main Line-1 (ML-I) and establishment of a dry port near Havelian under CPEC project. Pakistan Railways has allocated an amount of Rs11161.525 million for initiating ... Read More »

Federal govt unveils Rs1.324tr development budget

ISLAMABAD: Pursuing an approach of balanced development across the country to help promote harmony and national integration, the government on Friday unveiled Rs 1.324 trillion Public Sector Development Programme (PSDP) for the fiscal year 2020-21, with special focus on under and less developed areas. Out of the total PSDP outlay, Rs 650 billion have been set aside for the federal ... Read More »

Govt decides to rationalize duty, tariff structure for 30,000 raw materials, intermediary goods

ISLAMABAD: The government has decided to rationalise duty, tariff structure for over 30,000 raw materials and intermediary goods for boosting up industrialisation in the country. Adviser to Prime Minister on Commerce confirmed that there will be no change in existing number of tariff slabs but the additional customs duty and regulatory duties will be scrapped or reduced on thousands of ... Read More »

IMF eases tax collection target of Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has shown agreement to relax tax collection target set up to Rs4,950 billion to Pakistan. The International Monetary Fund (IMF) urged for setting the tax collection target up to Rs5,100 billion, whereas, the Federal Board of Revenue (FBR) predicted the collections up to Rs4,700 billion. According to details, the FBR has entered into the ... Read More »

Aviation sector to receive Rs1.32b under PSDP 2020-21

ISLAMABAD: The government on Friday earmarked Rs1.32 billion to execute 15 aviation sector projects under the Public Sector Development Programme (PSDP) 2020-21. According to the programme, an amount of Rs61.923 million would be utilised for the construction of a double-storey ladies hostel/barrack (with the provision of a third storey), along with mess, recreation hall and allied facilities, at the Allama ... Read More »

Rs 80m allocated for BOI in PSDP 2020-21

ISLAMABAD: The government has allocated Rs80 million in Public Sector Development Programme (PSDP) 2020-21 for one on- going scheme of the Board of Investment (BOI) for the industrial promotion and Investment in the country. According to the details, the government has allocated Rs80 million for establishment of Project Management Unit (PMU) on China Pakistan Economic Corridor – Industrial Cooperation Development ... Read More »

SBP reserves fall by $266m

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $266 million to $10.9 billion during the week ended on June 6, ARY News reported. According to the central Bank’s statistics, the total liquid foreign reserves held by the country stood at $ 16.7 billion in the previous week. The decrease was attributed to the government’s ... Read More »

ECC approves import of wheat by private sector for unlimited period after waiving taxes & duties

  ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) today. During the meeting, ECC also approved supply of 10,000 MT of wheat to World Food Program for Emergency Relief Operations and allowed import of wheat by the private sector for unlimited period after waiving different ... Read More »

Coronavirus pandemic: Pakistan among latest countries to receive Paris Club debt relief

PARIS: Pakistan has been included in the group of countries that will be entitled to debt relief as part of the G20 debt relief deal, the Paris Club of creditor nations announced on Wednesday. Other countries whose debt service has been suspended include Chad, Ethiopia and the Republic of Congo. The Group of 20 leading economies and the Paris Club, ... Read More »

Govt allows export of personal protective equipment, hand sanitizers

ISLAMABAD: Adviser to the Prime Minister on Commerce, Textile, Industry and Investment Abdul Razak Dawood said on Tuesday that the federal government granted permission to export personal protective equipment (PPEs) and hand sanitizers. Abdul Razak Dawood said in its Twitter message that a notification has been released to allow export of PPEs and hand sanitizers. He said that the federal ... Read More »

Govt decides to start Pakistan Glacier Monitoring Network

ISLAMABAD: Government has been decided to allocate more than Rs177 billion for the water sector in the budget of the next financial year. The government has also decided to start work on the Pakistan Glacier Monitoring Network project and funds of Rs200 million have been proposed for the project. According to details, preparations are being made to allocate over Rs177 ... Read More »

Pakistan set to export car part to Toyota Vietnam

ISLAMABAD: AuVitronics Limited, is set to export a car part to Toyota Motor Vietnam Co, Ltd. (TMV), making it a member of Toyota’s global supply chain. The move comes after Indus Motor Company (IMC) requested Toyota Motor Corporation (TMC) to let AuVitronics Limited supply absorber bumpers to TMV since TMV is adopting the same Toyota Corolla model that is sold ... Read More »

Growth targets missed in agriculture, industry and other sectors: Economic Survey

ISLAMABAD: According to the current financial year’s economic survey, growth targets in the sectors of agriculture, livestock, industry, minerals, services and finance could not be achieved due to coronavirus. In the current financial year, the output growth of the industrial sector was at negative 2.6%. The growth target in the agricultural sector was set at 3.5% but it was only ... Read More »

Pakistan, Germany sign Rs700mn agreement on renewable energy

ISLAMABAD: Germany will provide technical assistance, worth Rs700 million, to Pakistan in the field of renewable energy and energy efficiency. An agreement was signed between Secretary Economic Affairs Noor Ahmed and Ambassador of Germany to Pakistan Bernhard according to which Germany will provide technical assistance to Pakistan under the Pakistan-Germany Development Programme, worth 4 million euros or Rs700 million. The ... Read More »

Govt allows limitless wheat import by private sector

ISLAMABAD: The federal government decided to allow wheat import by the private sector without any restriction of limit and abolished 60 per cent regulatory duty on the import of wheat — the major staple food crop in Pakistan. A meeting chaired by Prime Minister Imran Khan also decided to abolish six per cent and two per cent additional duties currently ... Read More »

Supreme Court takes back decision to keep markets open on weekends

ISLAMABAD: The Supreme Court on Monday took back its decision to reopen markets on the weekend as the number of coronavirus cases continues to rise across the country. The decision was announced by the apex court during a hearing of the suo motu case regarding measures taken against the virus outbreak today. “Coronavirus does not differentiate between provinces. The federal ... Read More »

Govt will continue to cooperate with businessmen to boost businesses: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue, Dr. Abdul Hafeez Shaikh, chaired a meeting here at the Finance Division with Mr. Siraj Kassaim Teli, Chairman Businessmen community and representatives of Karachi Chambers of Commerce and Industry to discuss budget proposals from business community of Karachi. The group requested the Adviser to look into the possibility of reducing ... Read More »

SBP advises against sharing personal details on fake calls

KARACHI: State Bank of Pakistan (SBP) has said that unscrupulous elements are making phone calls to individuals, impersonating as officials of SBP or other agencies, seeking personal information from people. State Bank of Pakistan (SBP) said that scammer seek information regarding their deposit accounts on the pretext that SBP is collecting information from banking customers in light of emergency declared ... Read More »

Pakistan rejects IMF demand of freezing govt employees’ salaries

ISLAMABAD: Government of Pakistan has rejected the demand of International Monetary Fund (IMF) to freeze salaries of government employees. According to sources, IMF, during budget talks with Pakistan via two online digital meetings, has called for spending cuts in the next budget. On the other hand, Pakistan says that it cannot cut the salaries of government employees as it is ... Read More »