Continuing its downward march, the Pakistan Stock Exchange (PSX) on Tuesday recorded a notable drop of over 650 points, primarily owing to investor fears over potential announcement of tough tax measures in the federal budget for fiscal year 2024-25. Although the bourse got off to a robust start, when it touched the intra-day high of 73,866.44 points, it failed to maintain the positive momentum
Leading business figures have expressed concern over the rapidly increasing domestic and foreign loans of the country, highlighting the lack of a sagacious and sustainable policy aimed at reducing or eliminating these debts. They highlighted the urgent need for the government to find immediate solutions to curb expenses, widen the tax net, and stop pampering vested interests and elite capture. The
Pakistani currency on Monday depreciated Rs0.17 and settled at Rs278.37 against the US dollar in the inter-bank market over projections that demand for the foreign currency was set to jump in the coming weeks following a reduction in the State Bank of Pakistan (SBP)’s policy rate. According to the central bank data, the rupee had closed at Rs278.20 against the greenback on Friday. The local
Pakistan is poised to re-enter the global financial markets to procure expensive ‘commercial borrowing,’ which includes the launch of Panda bonds in the Chinese market, following the anticipated approval of the next International Monetary Fund (IMF) loan programme in the forthcoming fiscal year commencing on July 1, 2024. During the launch of the Economic Survey 2023-24 in Islamabad on Tuesday,
The agriculture sector in Pakistan witnessed robust growth in 2023-24, with an overall increase of 6.25%, contributing significantly to the economy, according to the finance minister. The sector, which contributes 24% to the national GDP, emerged as a saviour for the outgoing fiscal year. According to the Economic Survey of Pakistan 2022-23, released on Tuesday, the crops sub-sector saw a remar