The Pakistan Pharmaceutical Manufacturers Association (PPMA) has stressed the necessity of updating existing drug laws to align with global trends for the benefit of patients and the pharmaceutical industry. “Local industries are shutting down due to historically high input costs, the highest inflation, and bank markup rates in Asia. Multinationals are vanishing due to excessive regulations. Cu
As the country heads towards negotiating another International Monetary Fund (IMF) loan programme, textile millers have called on the government to formulate export-oriented policies by reducing energy tariffs and tax rates to make the industry competitive in the global market. In a letter to Finance Minister Muhammad Aurangzeb, the All Pakistan Textile Mills Association (Aptma) stressed that a
Passenger car sales plummeted to 54,089 units, marking a significant 36.9% decline during the initial nine months of fiscal year 2024 (July to March). This downturn can be attributed to various factors, including soaring inflation, diminished purchasing power, high interest rates, expensive auto financing, and rising car prices, as per data provided by the Pakistan Automotive Manufacturers Associa
Pakistan’s central bank has once again found at least seven commercial banks, including leading ones, to have violated instructions on transactions in foreign currencies, imposing financial penalties totalling Rs775.54 million on as many as nine banks in the quarter ending March 31, 2024. The central bank has tightened its oversight of foreign exchange dealings by commercial banks and exchange
A new International Monetary Fund report showed that Pakistan is set to miss this fiscal year’s budget deficit target by approximately Rs1 trillion, as the global lender anticipates the country’s increased reliance on loans in the coming years. The IMF released the report from Washington on the same day Pakistan’s finance minister sought assistance from the United States for “debt financing”.