Prime Minister Shehbaz Sharif confirmed on Tuesday that the federal budget for next year was prepared in collaboration with the International Monetary Fund (IMF). His remarks came as Finance Minister Muhammad Aurangzeb announced significant amendments to the proposed finance bill for 2024-25. “We had to prepare the budget jointly with the IMF” because of the prevailing circumstances and gro
Pakistan Stock Exchange (PSX) on Monday registered a sharp decline of nearly 580 points, driven by dismal economic data showing a $270 million current account deficit for May 2024 and tough tax measures against exporters in the federal budget for FY25. Earlier, trading began on a positive note, with the KSE-100 index reaching the intra-day high of 79,388.11 points. However, the early momentum q
Amid growing criticism of harsh taxation measures from the business community, opposition, and even treasury benches in the parliament, the stock market on Monday came under pressure, snapping a four-day post-budget winning streak as investors indulged in profit-taking. Ahsan Mehanti of Arif Habib Corporation said the market fell sharply lower on dismal current account data. The country poste
Pakistan State Oil (PSO) has announced plans to raise foreign debt to finance a significant portion of its planned $1.5-2 billion investment in Pakistan Refinery Limited (PRL). Meanwhile, its receivables have surged to Rs810 billion, largely due to circular debt, including late payment surcharges. At an analyst briefing on the financial accounts for the first nine months of FY24, officials from
Hyderabad business leaders have called for outsourcing the loss-making Hyderabad Electric Supply Company (Hesco), citing its failure to properly supply electricity to both commercial and domestic consumers due to ineptitude and corruption. They stated that consumers face around eight to ten hours of load shedding, compounded by frequent faults, including low and high voltage issues, burning of