Dec 6

Finance Division rebuts economic emergency report

ISLAMABAD: Finance Division on Tuesday strongly rebutted the reports regarding proposals under consideration for imposing economic emergency. According to a statement issued by the finance division, a false message on supposed economic emergency proposals has been circulating on the social media in recent days. READ MORE: Pakistan purchases 450,000 metric tons wheat from Russia The […]

by Anjum Shah

Probe initiated into tax information leaks of COAS family members

Nov 21

National, Taxation, Top stories

Probe initiated into tax information leaks of COAS family members

ISLAMABAD: Federal finance ministry has initiated probe into leakage of tax information of the family members of General Qamar Javed Bajwa, Chief of Army Staff (COAS). Finance Minister and Revenue Senator Mohammad Ishaq Dar has taken serious notice of the illegal and unwarranted leakage of tax information of the family members of General Qamar Javed […]

by Anjum Shah

Pakistan budget deficit widens by 43% in first quarter of 2022-2023

Nov 5

Finance, Top stories

Pakistan budget deficit widens by 43% in first quarter of 2022-2023

ISLAMABAD: Pakistan budget deficit has widened by 43 per cent in the first quarter (July – September) of current fiscal year 2022-2023, according to official data released by the ministry of finance on Friday. The budget deficit of the country was 1 per cent of the GDP during the first quarter of the current fiscal […]

by Anjum Shah

Pakistan flood rehabilitation poses challenge to fiscal consolidation

Oct 31

Finance, Top stories

Pakistan flood rehabilitation poses challenge to fiscal consolidation

ISLAMABAD: Catastrophic flood in Pakistan has required rehabilitation and massive expenditures which will pose significant challenge for fiscal consolidation, the ministry of finance said on Sunday. In the monthly Economic Update and Outlook October 2022 released by the ministry of finance said that on the other hand, growth prospects have weakened, along with contained economic […]

by Anjum Shah

Miftah resigns as finance minister after taking tough decisions

Sep 25

Finance, Top stories

Miftah resigns as finance minister after taking tough decisions

Dr. Miftah Ismail has resigned the post of the finance minister on Sunday. Ismail has taken many tough decisions for the country’s economy during his stay since April 2022. “In a meeting with Mian Nawaz Sharif and Prime Minister Shehbaz Sharif today [Sunday September 25, 2022], I have verbally resigned as Finance Minister. I will […]

by Anjum Shah

Industry slams finance ministry for blocking letter of credit

Aug 30

Ports and Shipping, Trade & Industry

Industry slams finance ministry for blocking letter of credit

KARACHI: The industry has strongly criticized the ministry of finance for directing banks not to open letters of credit for essential machinery, equipment and spare parts. “Pakistan’s industrial sector is gradually heading towards doldrums because of the adamant attitude of Ministries of Finance and Commerce to block banks from opening Letters of Credit or remitting […]

by Faisal Shah

Pakistan fixes amount of diyat for 2022/2023

Aug 28

Finance, National, Top stories

Pakistan fixes amount of diyat for 2022/2023

Pakistan has fixed the amount of diyat (compensation) at Rs4.32 million for the fiscal year 2022/2023 to be the value of thirty thousand six hundred and thirty (30,630) grams of silver. The finance ministry issued a circular to declare the amount of diyat on August 26, 2022. Diyat is the financial compensation paid to the […]

by Anjum Shah

Pakistan lifts ban on import of cars, phones, luxury items

Aug 20

Finance, National, Ports and Shipping, Top stories

Pakistan lifts ban on import of cars, phones, luxury items

ISLAMABAD: Pakistan on Friday lifted ban on all import of luxury and non-essential items amid serious foreign exchange crisis. The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances. The government on May 19, 2022 through a circular No. 598 (I)/2022 […]

by Anjum Shah

Pakistani rupee overshoots temporarily: FinMin, SBP

Aug 1

Finance, Money & Banking, Top stories

Pakistani rupee overshoots temporarily: FinMin, SBP

KARACHI: The Pakistani rupee has overshot temporarily but it is expected to appreciate in next few months, said a joint statement issued on Sunday late night by the Finance Ministry (FinMin) and the State Bank of Pakistan (SBP). According to the statement the rupee has overshot temporarily but it is expected to appreciate in line […]

by Faisal Shah

Pakistan’s high growth threatened by fiscal imbalances

May 31

Finance, Top stories

Pakistan’s high growth threatened by fiscal imbalances

ISLAMABAD: The ministry of finance on Tuesday said the high economic growth of Pakistan may not sustainable due to macroeconomic imbalances. In its monthly review, the ministry said Pakistan is currently facing several severe challenges: accelerating inflation, high external deficits, exchange rate depreciation, declining foreign exchange reserves and mounting uncertainty. READ MORE: Raw materials excluded […]

by Anjum Shah