The International Monetary Fund (IMF) has asked Pakistan to review its Public Sector Development Programme (PSDP) for the current fiscal and stop financing provincial projects through federal resources. Therefore, the government has decided that funds for unimportant projects would not be released despite allocations in the budget, the secretary to planning and development Awais Manzur Sumra in
Siddiqsons Tin Plate Ltd (STPL) has decided to close its factory due to heavy taxation, low sales, and a workers’ strike. The company informed its shareholders through the Pakistan Stock Exchange on Thursday that it has initiated the formal process to shut down its plant located in Balochistan. “As per the decision of the board of directors recorded on Sept 4, the company has initiated the f
Pakistan’s IT services exports have grown 2.7 times since 2014, making up 35 per cent of all service-sector exports in 2023, according to a new report. The report titled ‘Agay Barho: Empowering Pakistan’s Digital Economy’ was unveiled at an event attended by the prime minister and the IT minister on Thursday. The report, part of the ‘Agay Barho’ initiative by Google, said Pakistan has vast p
The domestic debt of the central government increased by Rs537 billion in July, reflecting the surging expenditure of the state machinery. Experts in the media have been stating that heavy borrowing will be necessary due to a revenue shortfall that started from the first day of 2024-25. The country is caught in a double debt trap, with domestic and foreign debt servicing consuming almost all
Opec+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed. Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world’s biggest oil importer.