Keeping its tight lid on public funds, the Ministry of Finance (MoF) on Tuesday issued a new strategy for the re-appropriation and allocation of additional funds during the current fiscal year to ensure financial discipline and remain within parameters committed to the international lenders. The office memorandum conveyed to the ministries and divisions restricts all the principal accounting of
In a significant development, the government has agreed in principle to abolish the category of non-filers, mandating all individuals to route all transactions through banking channels to curb cash flows in the economy. “We must do away with the concept of non-filers. There is agreement to eliminate this idea,” FBR Chairman Rashid Mahmood Langrial told the representatives of all main industries
Pakistan textile production and exports are poised to grow this year as displaced orders from Bangladesh shift here. The extent of this increase, however, hinges on how swiftly millers and the government can adapt to fully seize the opportunity. Business sources claim, given the right policy environment, textile exports could surge from current $16.5 billion to $20.5bn, marking a record $4bn ga
One of every four cars sold worldwide is now an electric vehicle (EV). In Pakistan, grappling with still high interest and inflation rates, buying a car is a challenge, even if the vehicle is a traditional fossil fuel-powered car with an internal combustion engine (ICE). So the flurry of EV launches — a big ticket item at the best of times with a string of challenges — comes as a surprise. Perh
Amid restrictions on financing above the vehicle price of Rs3 million followed by the limited tenor of the loan payment, auto sector stakeholders are cautiously optimistic that the cut in interest rate from 22 per cent in June 2024 to 17.5pc on Sept 12 will boost auto sales. Auto financing plunged for the 26th consecutive month to Rs227.3 billion in August 2024 from Rs368bn in June 2022. Banks’