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The International Monetary Fund (IMF) has advised Pakistan to either introduce a mini-budget or significantly reduce its government spending to help stabilize the economy. This comes as Pakistan faces economic challenges, including rising inflation, high debt levels, and a widening budget deficit. The IMF’s recommendation aims to ensure Pakistan can meet the requirements of its…
In a significant ruling, the Islamabad High Court (IHC) has temporarily barred the Federal Board of Revenue (FBR) from proceeding with tax recovery actions against Askari Bank under the Alternative Dispute Resolution (ADR) formula. This decision has created a notable pause in the FBR’s collection process and emphasizes the importance of fair dispute resolution in…
Dollar Rate Increases by 6 Paisa in Interbank Market Today, the value of the dollar in the interbank market increased by 6 paisa, closing at 277.85 rupees. The dollar had previously closed at 277.79 rupees yesterday. Throughout October, the dollar has become 14 paisa more expensive in the interbank market, with its rate at 277.71…
Petrol and diesel prices in Pakistan could see a decrease of Rs2 to Rs3 per litre starting November 1, 2024, reflecting the recent dip in global oil prices. This potential price adjustment aligns with the fortnightly fuel price revision implemented by the Pakistani government.Recent data indicates a slight drop in the international average prices of…
Here’s the story of a man in China who’s been making waves: After his girlfriend broke up with him, citing his financial struggles as the reason, he decided to channel all his energy into growing his business. Instead of being crushed by the breakup, he used it as motivation to push himself harder, learning the…
Islamabad: The International Monetary Fund (IMF) has predicted a continuous decrease in inflation in Pakistan. In a report, the IMF has estimated the average inflation in Pakistan to be in single digits for 5 consecutive years. The IMF has predicted that inflation will remain lower than the government’s target this fiscal year. The IMF expects…
The Federal Board of Revenue (FBR) has received 942,000 new tax filers from July 1 to October 8, 2024. According to FBR officials, more than 4 million 78 thousand people have submitted income tax returns till October 8. In the same period last year, the authorities had collected 20 lakh 67 thousand returns, while this…
Pakistan has secured pledges of $3.2 billion in one-year foreign debt, including a Saudi oil facility. Pakistan promised a $1.2 billion oil facility to Saudi Arabia, a $1 billion commercial loan to Dubai Islamic Bank, a $600 million loan to SCB and a $430 million loan to Islamic Development Bank’s ITSC. Conveniently obtained. The borrowing…