The federal government has announced stringent financial rules for all government entities, including ministries, divisions, departments, and agencies, to tighten control over cash through “sweeping arrangements” allowing the finance ministry to take over idle public funds in bank accounts. The major change introduced through the “Cash Management and Treasury Single Account Rules 2024” came wit
The Karachi-based K-Electric has sought approval to charge up to Rs18.6 per unit additional fuel cost from power consumers at an average monthly burden of about Rs2 per unit to mop up about Rs28bn additional funds and clear a backlog of about nine months (July 2023 to March 2024). In a series of petitions filed before the National Electric Power Regulatory Authority (Nepra), the KE presented th
The petrol and high-speed diesel (HSD) prices are set to drop by about Rs5 and Rs9 per litre, respectively, on Tuesday mainly because of a fall in the international prices and import premiums. Informed sources said the prices of petrol and HSD had declined in the international market by about $3 and $5 per barrel, respectively, in the last fortnight. Depending on the final calculation of the in
The Executive Board of the International Monetary Fund (IMF) on Monday approved the immediate disbursement of approximately $1.1 billion to Pakistan. The board met in Washington on Monday and completed the second review under the Stand-By Arrangement (SBA) for Pakistan, allowing for bringing total disbursements under the arrangement to about $3 billion. All board members favoured releasing t
Pakistan Stock Exchange (PSX) rallied in a remarkable fashion in the outgoing week when it soared to a new peak around 72,750 points as activity was fuelled by Iranian president’s visit to Pakistan and speculation about the upcoming monetary policy and new loan talks with the International Monetary Fund (IMF). Some other major positive developments on the economic front and the ongoing corporat