The Asian Development Bank (ADB) approved $800 million programme to strengthen fiscal sustainability and improve public financial management in Pakistan, according to a statement issued by the Philippines-based lender. The statement read that subprogramme 2 of the “Improved Resource Mobilisation and Utilisation Reform Programme” includes a policy-based loan of $300m, and ADB’s “first ever polic
Federal Minister for Finance and Revenue Muhammad Aurangzeb has reaffirmed Pakistan’s strong commitment to the Shanghai Cooperation Organisation’s (SCO) economic cooperation agenda, a statement from the Finance Division said on Tuesday. The minister virtually addressed the meeting of SCO Finance Ministers and Central Bank Governors held in Beijing, saying he was unable to attend due to the ongo
The Competition Commission of Pakistan (CCP) has imposed a fine of Rs375 million on six leading urea manufacturers and their trade association — Fertiliser Manufacturers of Pakistan Advisory Council (FMPAC) — for collusive price fixing. The fines have been imposed in violation of Section 4 of the Competition Act 2010. Following a suo motu inquiry initiated in 2021, the CCP found that the c
The Senate Standing Committee on Industries and Production has urged the government to expedite the development of infrastructure to facilitate the adoption of electric vehicles (EVs). The committee met under the chair of Senator Aon Abbas and discussed the state of EV prevalence and the status of policy. The committee members noted that climate change is currently a serious issue, and if ve
The government has constituted a seven-member committee to finalise a detailed mechanism for digitising payments at fuel stations across the country before its formal announcement in the federal budget. The committee, formed on the direction of Finance Minister Muhammad Aurangzeb, is headed by Sharjeel Murtaza, Chief Digital Officer of Karandaaz Pakistan, and includes Ali Jan Khan, consultant o