Bank advances to the private sector were only Rs123.8 billion, much less than the record lending of Rs7.7 trillion to the government in the outgoing 2023-24. The fiscal year, which ends on June 30, witnessed record inflation and an unprecedented interest rate. This kept the private sector out of costly banking money, resulting in poor economic growth of 2.3 per cent for FY24. The economy con
President Asif Ali Zardari on Sunday gave assent to the government’s tax-heavy Finance Bill 2024 for the new fiscal year. The government had presented the budget two weeks ago, drawing sharp criticism from opposition parties, especially the PTI, as well as coalition ally PPP. Finance Minister Muhammad Aurangzeb had moved the finance bill in parliament, which had been opened to seek amendment
Finance Minister Muhammad Aurangzeb on Sunday expressed confidence that Pakistan would secure an extended loan programme with the International Monetary Fund (IMF), adding that agreements with the Fund can contribute to macroeconomic stability. Addressing a press conference in Islamabad at the end of the fiscal year 2023-24, the finance minister stressed his and Prime Minister Shehbaz Sharif’s
The PML-N-led coalition government began the new fiscal year (2024-25) with an increase in petrol and high-speed diesel prices by Rs7.45 and Rs9.56 per litre, respectively, for the next fortnight. In a late-night announcement, the Ministry of Finance said prices of petroleum products have seen an increasing trend in the international market during the last fortnight. The Oil and Gas Regulatory
Amid optimism for a smooth passage of the budget for fiscal year 2024-25 and a subsequent deal with the International Monetary Fund, the stock market continued its recovery momentum on Thursday. Investors engaged in value-hunting in oil and banking shares, which helped the benchmark index extend its overnight bull run. Ahsan Mehanti of Arif Habib Corporation said the finance minister’s propo