Apr 15

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

Federal government announces 15% increase in salaries

Feb 10

Finance, Top stories

Federal government announces 15% increase in salaries

ISLAMABAD: The federal government on Wednesday announced an increase of 15 per cent in salaries of employees from BS-1 to BS-19. A statement issued by the Finance Division, an arm of the Finance Ministry, said that the government had decided to give 15 per cent disparity allowance on running basic pay to less privileged employees […]

by Anjum Shah

Pakistan’s fiscal deficit contracts at 2.1% in 1HFY22

Feb 9

Finance, Top stories

Pakistan’s fiscal deficit contracts at 2.1% in 1HFY22

ISLAMABAD: Pakistan’s fiscal deficit during the first half (July – December) of 2021/2022 has contracted at 2.1 per cent as compared with 2.5 per cent in the same half of the last fiscal year, the finance ministry said on Wednesday. The reduction in deficit mainly contraction in expenditure during the half. READ MORE: Pakistan, China […]

by Anjum Shah

Petroleum prices kept unchanged for next fortnight

Nov 15

Energy, National, Top stories

Petroleum prices kept unchanged for next fortnight

ISLAMABAD: The government on Monday decided to keep prices of petroleum products unchanged at the level of November 05, 2021, for the next fortnight. The prices will remain unchanged from November 16, 2021, till the end of the month: Petrol Rs145.82 per liter; High-Speed Diesel (HSD) Rs142.62 per liter; Kerosene Oil Rs116.53 per liter; and […]

by Anjum Shah

ITFC provides $761.5 million for Pakistan oil, gas import

Nov 10

Energy, Finance, Top stories

ITFC provides $761.5 million for Pakistan oil, gas import

ISLAMABAD: The International Islamic Trade Finance Corporation (ITFC) will provide financing of an amount $761.5 million to Pakistan for import of oil and gas. In this regard a financing agreement amounting to $761.5 million has been signed between the Ministry of Economic Affairs, Government of Pakistan and International Islamic Trade Finance Corporation (ITFC) for import […]

by Anjum Shah

Pakistan’s fiscal deficit lowers by 9.5% in first quarter

Nov 9

Finance, Top stories

Pakistan’s fiscal deficit lowers by 9.5% in first quarter

KARACHI: Pakistan’s fiscal balance in the outgoing first quarter of 2021/2022 posted a deficit of PKR 438 billion, -9.5 per cent YoY lower than prior year’s deficit, according to data released by the finance ministry on Tuesday. In terms of per cent GDP, the deficit arrived at 0.8 per cent in 1QFY22 compared to 1.1 […]

by Anjum Shah

Pakistan spends $1 billion for vaccines in first quarter

Oct 21

Finance

Pakistan spends $1 billion for vaccines in first quarter

ISLAMABAD: Pakistan has spent an amount of $400 million on import of COVID-19 vaccines during the month of September 2021 and overall $1 billion during first quarter (July – September) of fiscal year 2021/2022, said a statement issued by the ministry of finance on Wednesday. As per State Bank of Pakistan, the current account deficit […]

by Anjum Shah