Sep 25

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

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

Notification issued to raise 10% in pension

Apr 15

Finance, National, Top stories

Notification issued to raise 10% in pension

ISLAMABAD: The Finance Division has issued a notification to implement the decision of the government to raise 10 per cent increase in pension to pensioners of the federal government. Prime Minister Shahbaz Sharif has sanctioned an increase of 10 per cent of net pension with effect from April 01, 2022 until further orders to all […]

by Anjum Shah

Ukraine crisis, political unrest major threats to economy

Mar 29

Finance, Top stories

Ukraine crisis, political unrest major threats to economy

ISLAMABAD: The ministry of finance on Tuesday warned aggravating Pakistan’s macroeconomic imbalances due to political unrest in the country and geopolitical uncertainty on Ukraine crisis. The finance ministry in monthly report stated Pakistan’s economic performance continues to be strong and is still on a trajectory compatible with an economic growth target of around 5 percent […]

by Anjum Shah

Pakistan cuts petroleum prices amid Russia-Ukraine War

Mar 1

Energy, Finance, National, Top stories

Pakistan cuts petroleum prices amid Russia-Ukraine War

ISLAMABAD: Pakistan on Monday decided to reduce the prices of petroleum products despite the high international oil prices in the wake of Russia-Ukraine war. The finance division issued the notification to cut the prices of petrol and diesel by Rs10 per liter each from March 01, 2022. READ MORE: Pakistan raises petrol price to record […]

by Anjum Shah

Notification issued for implementing 15% salary increase

Feb 26

Finance, National, Top stories

Notification issued for implementing 15% salary increase

ISLAMABAD: The finance ministry has notified an office memorandum for the increase of 15 per cent in the salary of federal government employees from March 01, 2022. According the memorandum dated February 23, 2022, the employees of the federal government will get disparity reduction allowance at 15 per cent of the basic pay scales 2017 […]

by Anjum Shah