In line with a demand by the International Monetary Fund (IMF), the federal cabinet has given its nod to a proposed amendment in the Civil Servants Act 1973 that will bind government officials (BPS 17 to 22) to share details of their assets along with those owned by their family members. The cabinet meeting chaired by Prime Minister Shehbaz Sharif on Wednesday approved all decisions of its leg
The International Finance Corporation (IFC) has called upon Pakistan to strive for political and macro-economic stability, besides accelerating reforms, to unlock the private sector’s growth potential, doubling the investment-to-GDP ratio and ensuring prosperity in the long term. The IFC is set to mobilise about $560 million in co-financing with the United Kingdom for assisting the country i
Despite concerns that FBR’s tax collection may fall short of the Rs12.97 trillion target for the current fiscal year, the top tax authority remains hopeful of achieving the goal of raising the tax-to-GDP ratio to 10.6 per cent as outlined in the ongoing IMF programme. The tax-to-GDP ratio was recorded at around 9.6pc and 10.8pc in the first and second quarters, respectively. FBR officials antic
National Accountability Bureau (NAB) Chairman retired Lt Gen Nazir Ahmed Butt on Wednesday expressed concern over the increasing number of Pakistanis leaving the country, warning that around 25,000 individuals may have transferred substantial capital abroad to obtain citizenship by investment. Speaking at the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday, retired Lt Gen Butt str
After witnessing a steep increase in liquidity inflows during the first six and half months of the current fiscal year, the private sector repaid a staggering Rs440 billion to banks in just two weeks. On Wednesday, the State Bank’s data showed that the money lent in the last quarter of 2024 started returning to the banks as the fear of a 15 per cent incremental tax on the advance-to-deposit rat