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Articles for tag: Aurangzeb, Aurangzeb cuts development budget amid criticism, Budget, criticism, cuts, Development

June 26, 2024

News Desk

Aurangzeb cuts development budget amid criticism

Islamabad: Finance Minister Muhammad Aurangzeb on Tuesday announced a 250 billion rupee cut in the development budget and a 15 billion rupee withdrawal in taxes, while granting a three-month stipend to Parliament employees. During his speech to wrap up the budget debate in the National Assembly (NA), Aurangzeb also relaxed conditions on foreign travel bans and introduced a 75% tax on non-applicants. These measures were part of efforts to secure the support of the Pakistan People’s Party (PPP) for the budget, despite strong criticism from President Bilawal Bhutto, who described the budget as a budget created by and for bureaucrats.

June 25, 2024

News Desk

The government’s cuts suggested the PSDP in size

Islamabad: Hours before its approval by the National Assembly, the government decided to cut the proposed Rs1.4 trillion Public Sector Development Program (PSDP) by Rs250 billion in a bid to create fiscal space to withdraw some taxes without jeopardize the expected International Monetary Fund agreement (IMF). Government sources told The Express Tribune that the finance ministry had conveyed its decision to cut the proposed development funds for the financial year 2024-25 by a record amount of Rs 250 billion. The reduction in the size of the GDP even before its approval is more than 17% of the amount approved by

June 10, 2024

News Desk

SBP cuts interest rates for first time in four years amid slowing inflation

KARACHI: Pakistan’s central bank cut its key interest rate (interest rate) for the first time in four years on Monday, cutting it by 1.5 percentage points to 20.5 percent in the wake of a significant slowdown in inflation in May. This change is expected to boost economic growth in the next fiscal year that begins on July 1. The State Bank of Pakistan (SBP) reported that the country achieved a modest growth of 2.4% in the outgoing financial year 2023-24. The new interest rate will take effect on Tuesday. The central bank’s monetary policy committee (MPC) noted some upside risks

June 10, 2024

News Desk

SBP cuts key rate by 150 basis points to 20.5% as inflation eases

State Bank of Pakistan building in Karachi. — APP/file KARACHI: The State Bank of Pakistan (SBP) cut its key interest rate by 150 basis points on Monday in a widely expected move, marking its first rate cut in nearly four years as it seeks to boost growth amid a sharp decline in retail inflation. The decision to cut the key rate to 20.5% comes two days before the budget and a week after data showed inflation slowed to a 30-month low of 11.8% in May. The Monetary Policy Committee (MPC) in its statement noted that while the significant decline in

June 6, 2024

News Desk

The European Central Bank cuts interest rates amid inflation uncertainty

European Central Bank (ECB) President Christine Lagarde speaks during a news conference following the ECB’s monetary policy meeting in Frankfurt, Germany, June 6, 2024.— Reuters ECB cuts deposit rate to 3.75% from 4.0%. The ECB does not commit in advance to the course of interest rates: Lagarde. Recent data shows stronger growth, inflation. The European Central Bank (ECB) on Thursday cut interest rates for the first time since 2019, drawing strength from easing inflation, which remains the single biggest challenge to the economy. In new forecasts released with the widely-significant rate cut, the ECB said it expects inflation to average

June 3, 2024

News Desk

OPEC+ extends deep oil production cuts until 2025

LONDON/DUBAI: OPEC+ agreed on Sunday to extend most of its deep oil output cuts until 2025 as the group seeks to prop up the market amid tepid demand growth, high interest rates and rising rival U.S. output. Brent crude oil prices have been trading near $80 a barrel in recent days, below what many OPEC+ members need to balance their budgets. Concerns about slow demand growth in top oil importer China have weighed on prices alongside a rise in oil inventories in advanced economies. The Organization of the Petroleum Exporting Countries and its Russia-led allies, collectively known as OPEC+, have

May 15, 2024

News Desk

Govt cuts petrol price by Rs 15.39 per liter for next fortnight

A representational image of a fuel machine at a filling station. — Reuters The price cut comes in light of the significant drop in fuel prices in the international market. Petrol price reduced from Rs 288.49 to Rs 273.10 per litre. New prices will apply from May 16 until the following fortnight. In a major relief to the inflation-hit country, the federal government has approved a massive cut of Rs 15.39 per liter in petrol price for the next fortnight, in line with global oil prices. Petrol price was reduced from Rs 288.49 to Rs 273.10 per liter after the

May 11, 2024

News Desk

IMF urges Rs163bn spending cuts amid revenue shortfall

Islamabad: The International Monetary Fund (IMF) on Friday asked Pakistan to immediately cut its spending from 163 billion to 183 billion rupees as it is not ready to compromise on its target of achieving a primary budget surplus this year despite a significant revenue shortfall. The development came amid the government’s decision to appoint Ali Pervez Malik, a member of the National Assembly, as the minister of state for finance and revenue. Ali Malik belongs to a political family and is considered an unorthodox lawmaker. Sources told The Express Tribune that during the first day of interactions, the IMF reiterated

April 23, 2024

News Desk

ARL cuts production to 33% as contraband stings

Islamabad: Attock Refinery Limited (ARL) became the first victim of smuggled petroleum products as the refinery on Monday shut down its main distillation unit, reducing its productivity to only 33%, due to the accumulation of unsold diesel stocks. Oil industry sources have warned that other refineries are also likely to shut their units if rampant oil smuggling is not stopped. Oil smuggling in Pakistan has continued unabated and this oil is now available all over the country. Industry officials said smuggling and proposals to liberalize prices without consulting all stakeholders could jeopardize refinery plant upgrade plans. The upgrade was expected

April 7, 2024

News Desk

Mexico cuts ties with Ecuador after embassy raid

CUTO/MEXICO CITY: Ecuadorian authorities arrested former vice president Jorge Glass on Friday night, removing him from the Mexican embassy and prompting Mexico to suspend bilateral relations. Glass, 54, who has twice been convicted of corruption, had been holed up in the embassy in Quito since he sought political asylum in December, a request Mexico made earlier Friday. Police forcefully entered the Mexican embassy in Quito before making the arrest, Mexican President Andres Manuel Lopez Obrador posted on X (formerly Twitter). Ecuador’s president’s office said in a statement that it arrested Glass, who was vice president under the leftist government of

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