Pkrevenue.com

Category: Finance

Explore finance-related stories with Pakistan Revenue, your source for the latest updates on Pakistan’s economy, financial trends, and market insights. Stay informed with real-time economic developments.

  • IMF approves $6 billion loan for Pakistan

    IMF approves $6 billion loan for Pakistan

    ISLAMABAD: The International Monetary Fund (IMF) has approved a 39-month extended arrangement for Pakistan under which the country will get $6 billion to support the economic reform program, said a statement.

    After approval of the loan under Extended Fund Facility (EFF) by the Executive Board of IMF, Pakistan is now eligible to immediately receive first tranche of $1 billion, the IMF statement said.

    The fund will quarterly review the performance of Pakistan over 39 months.

    The EFF-supported program would help Pakistan to reduce economic vulnerabilities and generate sustainable and balanced growth.

    The statement added that the programme would focus on a decisive fiscal consolidation to reduce public debt and build resilience while expanding social spending.

    It will also try to ensure a flexible, market-determined exchange rate to restore competitiveness and rebuild official reserves besides eliminating quasi-fiscal losses in the energy sector, strengthening institutions and enhancing transparency.

    Meanwhile, Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh said the IMF’s support bodes well for the country and is a testament to the government’s resolve for ensuring financial discipline and sound economic management.

    Welcoming the IMF approval of $6 billion loan for Pakistan, Hafeez Shaikh said in a tweet that structural reform agenda which includes improving public finances and reducing public debt through revenue reforms is key part of the program.

    “Our program supports broad based growth by reducing imbalances in the economy. Social spending has been strengthened to completely protect vulnerable segments”, the advisor added.

  • Headline inflation increases by 8.9 percent in June

    Headline inflation increases by 8.9 percent in June

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 8.9 percent on year-on-year basis in June, 2019 as compared to an increase of 9.1 percent in the previous month and 5.2 percent in June 2018, Pakistan Bureau of Statistics (PBS) said on Tuesday.

    On month-on-month basis, it increased by 0.4 percent in June 2019 as compared to an increase of 0.8 percent in the previous month and an increase of 0.6 percent in corresponding month i.e. June 2018.

    Core inflation measured by non-food non-energy CPI (Core NFNE) increased by 7.2 percent on (YoY) basis in June 2019 as compared to an increase of 7.2 percent in the previous month and 7.1 percent in June 2018.

    On (MoM) basis, it in-creased by 0.3 percent in June 2019 as compared to an increase of 0.4 percent in previous month, and an increase of 0.3 percent in corresponding month of last year i.e. June 2018.

    Core inflation, measured by 20 percent weighted trimmed mean CPI (Core Trimmed) increased by 7.3 percent on (YoY) ba-sis in June 2019 as compared to 7.5 percent in the previous month and by 5.4 percent in June 2018.

    On (MoM) basis, it in-creased by 0.4 percent in June 2019 as compared to an increase of 0.4 percent in the previous month and an increase of 0.2 percent in corresponding month of last year i.e. June 2018.

    Sensitive Price Indicator (SPI) based inflation on YoY basis increased by 10.6 percent in June 2019 as compared to an increase of 10.8 percent a month earlier and an increase of 1.9 percent in June 2018.

    On MoM basis, it increased by 1.6 percent as compared to an increase of 1.2 percent in the previous month and an increase of 1.8 percent in corresponding month of last year i.e. June 2018.

    Wholesale Price Index (WPI) inflation on YoY basis increased by 12.7 percent in June 2019 as compared to an increase of 14.0 percent a month earlier and an increase of 7.6 percent in June 2018.

    WPI inflation on MoM basis increased by 0.3 percent in June 2019 as compared to an increase of 1.4 percent a month earlier and an increase of 1.5 percent in corresponding month of last year i.e. June 2018.

  • Amnesty scheme extended for three more days

    Amnesty scheme extended for three more days

    ISLAMABAD: The government has extended the date for tax amnesty scheme for three days on the same day when IMF board meeting to be held to discuss and approve Pakistan loan program.

    (more…)
  • Commerce ministry enhances shelf life condition to discourage substandard edible imports

    Commerce ministry enhances shelf life condition to discourage substandard edible imports

    ISLAMABAD: The ministry of commerce has put mandatory requirement of 66 percent shelf life on imported edible items in order to discourage not fit items and save huge foreign exchange.

    The ministry of commerce issued SRO 659(I)/2019 dated June 27, 2019 to amend Import Policy Order 2016 and enhanced the condition of shelf life for imported edible items from 50 percent to 66 percent or 2/3rd of the shelf life.

    The condition will be applicable from July 01, 2019.

    Through the latest notification the ministry of commerce made amendment to Appendix – B of the Import Policy Order, 2016.

    As per import policy all the edible products are importable in Pakistan with certain conditions. At present the following conditions are applicable:

    i. It must be fit for human consumption;

    ii. The products shall be free of any Haram elements or ingredients;

    iii. Edible products shall have at least 50 percent of the shelf life, calculated from the date of filing of Import General Manifest (IGM).

    iv. Where condition at (i) above are not permitted on the packing, certificate issued by the manufacturers or principals in respect of these conditions shall be accepted by Customs Authorities.

    v. That, in case of meat, it was obtained from Halal animals and slaughtered in accordance with the Islamic inductions;

    vi. Import of edible oil in bulk quantity shall be on landed weight and quality basis.

  • Pakistan’s forex reserves deplete by $288 million

    Pakistan’s forex reserves deplete by $288 million

    KARACHI: The liquid foreign exchange reserves of Pakistan fell by $288 million to $14.351 billion by week ended June 21 as against $14.639 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves held by the central bank were depleted by $322 million to $7.282 billion as compared with $7.604 billion a week ago.

    The SBP said that its official reserves were declined due to external debt servicing and other official payments.

    The foreign exchange reserves held by commercial banks witnessed increase of $35 million to $7.069 billion from previous week’s level of $7.034 billion.

  • ECC approves tax incentives to shipping industry for next 10 years

    ECC approves tax incentives to shipping industry for next 10 years

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday extended tax incentives to shipping industry for next 10 years.

    (more…)
  • Foreign exchange reserves decline to $14.64 billion

    Foreign exchange reserves decline to $14.64 billion

    KARACHI: The foreign exchange reserves of the country have declined by $188 million to $14.639 billion by week ended June 14, 2019 as compared with $14.826 billion by June 03, 2019, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the central bank declined by $203 million to $7.604 billion by week ended June 14, 2019 as compared with $7.807 billion as of June 03, 2019.

    The SBP said that the official reserves had been declined due to external debt servicing and other official payments.

    The foreign exchange reserves held by commercial banks increased by $15 million to $7.034 billion as compared with previous level of $7.02 billion.

  • Trade deficit narrows by 13.62 percent in eleven months

    Trade deficit narrows by 13.62 percent in eleven months

    ISLAMABAD: The trade deficit has narrowed by 13.62 percent in first eleven months owing to measures taken by the government to increase the cost of imported luxury and non-essential goods.

    According to trade data released by Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit reduced to $29.2 billion during July – May 2018/2019 as compared with the deficit of $33.81 billion in the corresponding period of the last fiscal year.

    Primary reason for shrinking trade deficit is reduction in import bill. The total imports fell by 8.47 percent to $50.47 billion during first eleven months of current fiscal year as compared with $55.14 billion in the same period of the last fiscal year.

    The government during the last couple of years has taken measures to discourage import of luxury and non-essential goods by imposing regulatory duty.

    However, exports were remained flat at $21.26 billion during July – May 2018/2019 as compared with $21.33 billion in the corresponding period of the last fiscal year.

    It is pertinent to mention here that the government had also extended many facilitations to jack up the exports but despite enjoying relaxations on many heads the Pakistani exporters failed to capture world market.

  • Commission directed to submit privatization proposals for Steel Mills

    Commission directed to submit privatization proposals for Steel Mills

    ISLAMABAD: Cabinet Committee on Privatization (CCoP) on Monday directed Ministry of Industries and Production and Privatization Commission to present proposals for the privatization of Pakistan Steel Mills.

    Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired meeting of CCoP.

    The committee discussed the privatization of Pakistan Steel Mills.

    While presenting the report of the task force on energy reform, the Ministry of Energy briefed the Committee about the challenges being faced by the DISCOs.

    Various measures recommended by the task force for improving the performance of energy sector with a focus on reduction of losses and enhancing the efficiency of DISCOs were discussed during the meeting.

    The Committee directed the Ministry of Energy to submit proposals aimed at accelerating closure of those GENCOs that have outlived their recommended life and are running into losses. Issue of delisting of House Building Finance Corporation Ltd (HBFC) from the privatization list was also recommended to be presented in the next meeting.

    The Meeting was attended by the Federal Minister for Privatization, Muhammad Mian Soomro, Adviser on Commerce, Textile, Industry and Production and Investment, Abdul Razak Dawood, various Federal Secretaries and senior officials of the government of Pakistan.