Commercial banks have demanded a fixed annual interest rate of 16.6% for deferring recoveries of their Rs281 billion loans to Pakistan International Airlines for five years, a demand Finance Minister Dr Shamshad Akhtar has refused to accept. Akhtar has made a counterproposal to give around 10% interest on the Rs281 billion loans, based on the banks’ actual cost of borrowing, according to source
Prime Minister Anwaarul Haq Kakar has convened a federal cabinet meeting on Tuesday to approve restructuring of the Federal Board of Revenue (FBR) after all stakeholders conceded significant ground for a divorce between the Inland Revenue Service (IRS) and the Customs Group. The separation of the two service groups, which are collecting taxes, will result in an end to the FBR, whose parent body
During the first half of this fiscal year (July-Dec 2023), the current account deficit fell to just $831 million from a whopping $3.63 billion in the same period of last year. Also, net foreign direct investment (FDI) in July-Dec 2023 rose 35 per cent to $862.6m from $640m in July-Dec 2023, according to the State Bank of Pakistan (SBP). One can expect a substantial increase in FDI as foreign in
The Investment and Climate Summit organised by the United States Agency for International Development (USAID) underscored the US government’s commitment to fostering foreign direct investments (FDI), elevating bilateral trade between the two countries, and addressing Pakistan’s climate change challenges. A key highlight of the summit was the USAID Green Alliance Gaming Challenge Awards, which c
The Track and Trace System (TTS) implemented by the FBR was failing, with a rising incidence of fake stamps being affixed to counterfeit packs of prominent cigarette brands. Senior officials of the tobacco industry on Monday decried a lack of enforcement measures in the sector, expressing concerns about the sustainability of this business as Pakistani markets were flooded with smuggled and coun