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ECC approves Pakistan’s NDB-BRICS membership

The Economic Coordination Committee of the Cabinet has approved over 27 billion rupees to ensure financial support for key initiatives. The ECC, which met in Islamabad with Finance Minister Muhammad Aurangzeb in the chair, approved a technical supplementary grant worth 19.15 billion rupees for 133 schemes of the defunct Pakistan Public Works Department. It also okayed 5.36 billion rupees to execute development schemes under the SDGs Achievement Programme with 4.25 billion rupees allocated for Sindh and 1.11 billion rupees for Khyber Pakhtunkhwa. The approval was also granted to an amount of 1.914 billion rupees in favor of NADRA, ensuring the

February 13, 2025

Pakistan set for economic growth after stability: PM Shehbaz

Prime Minister Muhammad Shehbaz Sharif says Pakistan is taking off for economic growth after attaining macroeconomic stability. Presiding over the Federal Cabinet meeting in Islamabad, he lauded the tireless efforts of the government’s economic team for achieving the milestone of macroeconomic stability. The Prime Minister said the government is also taking effective measures and making untiring efforts to speed up journey towards achieving the goal of economic growth. Turning to his recent successful visit to the United Arab Emirates, Shehbaz Sharif said he had very fruitful meetings with the world leaders including UAE President Sheikh Mohamed bin Zayed Al Nahyan,

February 7, 2025

Fitch evaluations optimistic about Pakistan’s economic recovery FY25

Listen to the article Fitch’s ratings have shown that Pakistan’s ability to continue moving on with structural reforms will be a decisive factor in shaping his credit perspectives in the coming years. As the country aims to restore economic stability and strengthen external economic reserves, the success of these reforms will be vital to maintaining access to polymers and bilateral funding, in particular by the International Monetary Fund (IMF). Pakistan’s recent economic steps were supported by a series of policy decisions, including a reduction in Pakistan’s state bank to politics at 12% on January 27, 2025.% annually in January 2025,

February 4, 2025

Pakistan, KSA ink two financing agreements worth over $1b

Pakistan and Saudi Fund for Development have signed two financing agreements worth over one billion dollar. These agreements include “Deferred Payment for Oil Import from Saudi Arabia” worth 1.2 billion dollar for one year and “Construction of Gravity Flow Water Supply Scheme” at Mansehra amounting to 41 million dollar. Secretary Economic Affairs Dr Kazim Niaz and Chief Executive Officer Saudi Fund for Development Sultan Abdulrahman Al-Marshad signed the agreements. Among others, Prime Minister Shehbaz Sharif and Saudi Ambassador Nawaf bin Said Al-Malki witnessed the signing ceremony.

January 21, 2025

FBR shares plan with IMF to address revenue shortfall

Listen to the article The Federal Board of Revenue (FBR) has shared its plan with the International Monetary Fund (IMF) to address a major revenue shortfall as the country prepares for an upcoming IMF delegation visit. According to Express News, FBR’s strategy includes expediting container clearances at ports, auctioning contraband goods and improving enforcement capacity. Tax collection from under-taxed sectors and expediting court cases are also prioritized to achieve revenue targets. For January, the FBR faces an ambitious tax target of Rs 960 billion. When adjusted for the existing shortfall of Rs 385 billion, the total collection requirement rises to

January 19, 2025

The US to take “emergency” measures to avoid bankruptcy

Listen to the article WASHINGTON: US Treasury Secretary Janet Yellen said the government will reach its legal borrowing limit on Tuesday and begin implementing “emergency measures” to avoid exceeding the ceiling and risking a potentially catastrophic default. Yellen, in a letter Friday to congressional leaders, just three days before the Biden administration hands over control of the US government to President-elect Donald Trump and his team, said the Treasury Department would begin using emergency measures on the 21 January. “The length of time the emergency measures may last is subject to significant uncertainty, including the challenges of forecasting US government

January 6, 2025

when higher taxes reduce revenue

Listen to the article BRUSSELS: The Laffer curve has its roots way back in time. the Muslim philosopher Ibn Khaldun wrote in his 14th century work The Muqaddimah: It should be known that at the beginning of the dynasty, taxation yielded large revenues from small assessments. At the end of the dynasty, taxation yields small revenues from large assessments (Ibn Khaldun, The Muqaddimah, 1381). The basic idea behind the Laffer curve is the relationship between tax rates and tax revenue. Changes in tax rates have two effects on revenue: the numerical effect and the economic effect. The mathematical result is

November 1, 2024

SBP to announce monetary policy on Nov 4

KARACHI: The State Bank of Pakistan (SBP) will announce the monetary policy on Monday, 24th November 2024, the central bank said. In a press statement issued here, the SBP said that its Monetary Policy Committee (MPC) will meet on Monday, November 04, 2024 to decide about the Monetary Policy. “Later on, SBP will issue the Monetary Policy Statement through a press release on the same day,” it added. The MPC will review the overall economic and financial situation, major indicators, data of different sectors, and major developments taken place since the announcement of the previous monetary policy. Earlier on September

September 12, 2024