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ECC approves existing tax incentives to shipping sector from 2020-2030

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ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet, to review the demands of various ministries/divisions, today. In order to promote maritime sector and strengthen the shipping industry in the country, the Committee approved the proposal of Ministry of Maritime Affairs to ... Read More »

NEPRA hikes power tariff by 10 paisa per unit

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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed an increase of 10 paise per unit in the power tariff for consumers under the fuel adjustment mechanism for the month of May. The hike in power tariff will put an additional burden of Rs1.2 billion on consumers; however lifeline, K-Electric and agricultural consumers have been excluded from being ... Read More »

US company Solar Stick to invest in Pakistan’s solar energy sector

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ISLAMABAD: A US company has announced plans to invest in the solar power sector of Pakistan through a joint venture with a local company. The US-based company has already introduced its mobile solar technology in Pakistan, which can be used for civil and military purposes and assist in overcoming the circular debt. The announcement was made by US Embassy Commercial ... Read More »

UAE to enhance trade relations with Pakistan

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FAISALABAD: Pakistan and the United Arab Emirates (UAE) are moving towards greater economic cooperation, which will have a long-term impact on economic relations between the two countries, said UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al Zaabi. “We have taken initiatives to boost our trade and economic ties,” said the ambassador while addressing a meeting of textile exporters during ... Read More »

Despite reservations, Pakistan to implement FATF reforms: Envoy

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WASHINGTON: Despite its reservations about the fairness of the jury which is to determine Pakistan’s performance against terror financing, the government is committed to implementing its action plan for dealing with this issue, says Islamabad’s Washington envoy Asad Majeed Khan. In a conversation with a prominent US scholar George Perkovich, recorded at the Carnegie Endowment for International Peace in Washington ... Read More »

Pakistan, three other countries got highest G20 coal subsidies

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LONDON: Pakistan is one of four countries which received highest amount of G20 international public finance for coal-fired power plants in 2016-17, according to a report issued by a London-based think tank on Wednesday. Despite promising a decade ago to phase out fossil fuel subsidies, the world’s leading economies more than doubled subsidies to coal-fired power plants over three years, ... Read More »

Investments to grow 15.8pc of GDP during FY 2020

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ISLAMABAD: The investment to GDP ratio has been targeted by the government to grow at 15.8 percent during the upcoming fiscal year 2019-20 in order to achieve sustained and inclusive growth, according to official sources. Among the total investments, the fixed investment is expected to grow to 14.2 percent of GDP during the year while the National Savings as percentage ... Read More »

IHC seeks Flagship Investment details from NAB

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ISLAMABAD: The Islamabad High Court (IHC) Tuesday directed National Accountability Bureau (NAB) to submit details in a chart form regarding Flagship Investment reference against former prime minister Muhammad Nawaz Sharif. A division bench comprising Justice Aamer Farooq and Justice Mohsin Akhter Kiyani heard a NAB’s appeal challenging the decision of trial court acquitting former prime minister in Flagship Investment reference. ... Read More »

Gas prices likely to increase up to 190pc by July

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ISLAMABAD: The prices of gas are likely to rise by 190 percent in the month of July, sources informed on Tuesday. The petroleum division has prepared a summary under which gas prices will increase next month. Sources said that monthly usage of 50 cubic metres of gas will be charged at Rs63 per unit, as per the recommendations. Usage of ... Read More »

PM Imran constitutes body to ease business registration

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ISLAMABAD: Prime Minister Imran Khan on Tuesday approved the constitution of a steering committee on Pakistan Regulatory Modernisation Initiative (PRMI) to help devise a regulatory framework for simplifying the process of business registration. According to the details, the government said that the high-powered body will support the business community to start new ventures and attract investments by improving the ‘ease ... Read More »

SECP policy board proposes cut in regulatory fee

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ISLAMABAD: The policy board of the Securities and Exchange Commission of Pakistan (SECP) has given directives for reducing the SECP’s regulatory fee considerably, calling back its officers and NAB cases as well as restoring revoked licenses of stockbrokers. The board chairman censured SECP Chairman Farrukh Sabzwari, who is also a member of the policy board, for neglecting the instructions. As ... Read More »

Nobody will be allowed to harass taxpayers: PM Imran

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ISLAMABAD: Prime Minister Imran Khan said Monday Pakistan was at a “crossroads” during an exclusive appearance in a private channel programme Pakistan Keliye Kar Daalo. “There is an English word: ‘crossroads’,” Khan said. “We pay the least tax. In the past 10 years, we took many loans” and a lot of the expenditure “goes in the interest on those taxes.” ... Read More »

NAB recovers Rs4.3b during one-and-a-half years

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ISLAMABAD: The National Accountability Bureau (NAB) released the performance of NAB under the chairmanship of Justice (r) Javed Iqbal and the anti-graft body has received 54,344 complaints last year and arrested 600 persons. According to NAB’s data, 600 persons were arrested by NAB, whereas 590 corruption references have been filed in different accountability courts and recovered an amount of Rs4.3 ... Read More »

Qatar announces $3b investment in Pakistan

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DUBAI: Qatar is making $3 billion Qatari Riyals worth of new investments in Pakistan, in the form of deposits and direct investments, the Qatari state news agency QNA said on Monday. Following this investment, the economic partnership between Qatar and Pakistan will reach $9 billion, the agency reported, quoting Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani. “The Qatari-Pakistani economic ... Read More »

JF-17 becomes star attraction at Paris Air Show

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ISLAMABAD: Hordes of aviation enthusiasts turned up to see the static and aerial display of the Pakistan Air Force (PAF)’s JF-17 Thunder fighter jet on the last day of 53rd Paris Air Show in Le Bourget. Being a weekly holiday, the vast venue was filled with excited spectators of different ages as the gates opened for general public, according to ... Read More »

Textile exports increase 2pc to $11.419b: SBP

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ISLAMABAD: The exports of textile and its articles from the country witnessed increase of 2.17 percent during the first ten months of the current fiscal year compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) has reported. The textiles exports from the country during July-April (2018-19) were recorded at $11.419 billion against the ... Read More »

Drap strongly rejects rumours of increase in prices of 6,000 drugs

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ISLAMABAD: Drug Regulatory Authority of Pakistan (Drap)’s decision to keep the maximum retail price (MRP) of generic drugs 15pc less than the originator brands has triggered rumours on social media that it would make around 6,000 medicines dearer. However, the authority advised patients and stakeholders not to rely on social media as it was being used to create unrest in ... Read More »

PM receptive to idea of ‘charter of economy’: Asad Qaiser

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ISLAMABAD: National Assembly Speaker Asad Qaiser late Friday said Prime Minister Imran Khan has agreed to the formation of a committee on a ‘charter of economy’. Taking to Twitter to make the announcement, the NA speaker said he had discussed legislation, politics and economic affairs with the prime minister. During the talks, Qaiser said, the prime minister agreed to the ... Read More »

China will provide $ 1b grant for socio economic development: Khusro Bakhtyar

FEDERAL MINISTER FOR PLANNING, DEVELOPMENT & REFORM, MAKHDUM KHUSRO BAKHTYAR ADDRESSING A CPEC FORUM ON ‘REGIONAL COOPERATION AND INDUSTRIAL DEVELOPMENT THROUGH B2B COOPERATION’ IN ISLAMABAD ON JUNE 21, 2019. DEPUTY CHAIRMAN SENATE, SALEEM MANDVIWALA AND AMBASSADOR OF CHINA YAO JING ARE ALSO PRESENT ON THE OCCASION.

ISLAMABAD: Minister for Planning and Development Khusro Bakhtyar says China will provide one billion dollars grant for socio economic development in Pakistan. Addressing China-Pakistan Economic Corridor forum in Islamabad on Friday, he said cooperation in education, health, water, poverty alleviation and other sectors has been included in socio-economic development. The minister said industrial and agricultural development will be focused in ... Read More »

Govt forms 11-member body to probe public debt use by PPP, PML-N govts

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ISLAMABAD: The government on Friday notified an 11-member Commission of Inquiry to determine if increase in public debt between 2008 and 2018 was justified by infrastructure development programme or misused by public office-holders of the last two governments of the Pakistan Peoples Party and the Pakistan Muslim League-N. The notification has been issued by the cabinet division under Section-3 of ... Read More »