The Special Investment Facilitation Council (SIFC) has given a deadline of November 10 to the Petroleum Division for addressing the challenges being faced by oil refineries, which prevent the signing of plant upgrade agreements under the Brownfield Refinery Policy 2023. Sources told The Express Tribune that a working group on downstream policy issues recently held a meeting under the SIFC umbre
The government on Monday approved a new Circular Debt Management Plan, revealing that the disclosed costs of theft and low bill recoveries are projected to mount to a staggering Rs637 billion in the current fiscal year, with the circular debt flow expected to persist despite recent electricity price increases. According to the plan, rather than achieving any reduction in the current Rs2.393 tri
Bulls retained control of the trading floor on Monday as shares at the Pakistan Stock Exchange (PSX) climbed 1,000 points in anticipation of Monetary Policy Committee (MPC) meeting, scheduled for later today. The benchmark KSE-100 index climbed 1,041.88, or 1.15 per cent, to stand at 91,901.73 points from the previous close of 90,859.85 points at 11:20am. Finally, the index closed at 91,938.00
The State Bank of Pakistan (SBP) announced on Monday that it had decided to cut its key policy rate by 250 basis points (bps) to 15 per cent from 17.5pc amid demands for a major rate cut. “At its meeting today, the Monetary Policy Committee (MPC) decided to cut the policy rate by 250 basis points to 15 per cent, effective from November 5, 2024,” the SPB said in a statement, adding that the Comm
Businessmen on Monday appeared unsatisfied with the 250 basis points cut in interest rate by the State Bank of Pakistan (SBP), terming the move not in line with receding inflation and urged the policy rate either should have been lowered by 500-700bps or be brought down to a single digit. In contrast, representative bodies of foreign multinational companies offer a moderate view. For example, t