The country’s economy could lose up to $300 million due to internet disruptions caused by the imposition of a national firewall, the Pakistan Software Houses Association (P@SHA) said in a press release on Thursday. The government is implementing an internet firewall to monitor and regulate content and social media platforms. The government denies the use of the firewall for censorship. Ali I
The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved disbursement of monthly subsidy to Utility Stores Corporation (USC) at higher rate per household and turnover tax at 1.25 per cent on USC. A meeting of the ECC, presided over by Finance Minister Muhammad Aurangzeb, also approved another request of Ministry of Industries & Production to declare Warehousing and Logistic
The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $119 million during the week ended August 9, the central bank announced on Thursday. The SBP’s forex holdings rose to $9.27 billion from $9.15bn in the preceding week. The central bank has recently said that the country needs just $7bn for the debt servicing as rest of the debt would be rolled over. After announcing th
Textile and clothing exports contracted by 3.09 per cent in the first month of FY25, indicating that the sector may struggle to compete with regional rivals due to the implementation of harsh taxation measures in the current fiscal year. According to the Pakistan Bureau of Statistics data issued on Thursday, the impact of the new tax measures and the highest-ever energy costs is evident in the
The central government debt surged by Rs8.07 trillion, or 13 per cent, during the previous fiscal year, bringing the total to Rs68.9tr by the end of June 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. The debt stock rose by 1.7pc in just one month, as it stood at Rs67.73tr by the end of May. The sharp rise in debt has exacerbated financial challenges for bo