The Public Accounts Committee (PAC) of parliament while examining audit objections concerning the Pakistan Atomic Energy Commission and Federal Board of Revenue on Wednesday voiced dissatisfaction over systemic and procedural shortcomings resulting in losses worth billions to the exchequer. During the session held under the chairmanship of Junaid Akbar, irregularities amounting to Rs1.15
Privatisation and Investment Minister Abdul Aleem Khan on Thursday said that the government would complete all the steps to privatise Pakistan International Airlines (PIA) during the next three months. As part of reforms urged by the International Monetary Fund (IMF), the Privatisation Commission said in April 2024 that it was putting on the block a stake ranging from 51 per cent to 100pc of th
The Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has dismissed an appeal filed by VIS Credit Rating Company Ltd against the penalty imposed for multiple regulatory violations of Credit Rating Companies Regulations 2016. The appeal challenged the SECP’s order dated Oct 16, 2019 passed by Commissioner SMD under Section 159 of the Securities Act 2015, which
The foreign exchange reserve of the State Bank increased by $27 million to $11.249 billion during the week ended on Feb 28. The SBP did not specify the sources of this inflow, but it is widely understood in the market that it has been purchasing dollars from the interbank market. The SBP is trying to maintain its reserves to reach the target of $13bn by the end of FY25. An IMF mission is cur
While urging quick decisions to arrest the sliding export patterns, textile leaders on Thursday asked Finance Minister Muhammad Aurangzeb to order the prompt release of pending refunds of Rs329.5 billion. A delegation of the All Pakistan Textile Mills Association (Aptma), led by Chairman Kamran Arshad, apprised the finance minister of the challenges confronting textile exporters and ca