Claiming a rare Rs1.5 trillion federal fiscal surplus — instead of usual deficits — in the first quarter of the current fiscal year, the government on Monday conceded rising prices of essential commodities due to supply disruptions caused by floods and closure of the Pak-Afghan border. “Flood-related supply disruptions and temporary border closures have put upward pressure on prices of a few es
Barring foreign investors, Pakistan’s business community on Monday strongly criticised the State Bank of Pakistan’s (SBP) decision to maintain the policy interest rate at 11 per cent since May, terming the move “anti-growth” and damaging for industrial competitiveness. Trade and industry leaders have been urging the central bank to bring the rate down to single digits to revive industrial activ
Pakistan and Iran have agreed to explore new avenues of cooperation in the blue economy by strengthening road, rail and maritime connectivity to facilitate regional trade and promote people-to-people contacts. The understanding was reached during a meeting between Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry and Iran’s Minister for Roads and Urban Development, Farzaneh Sadegh. B
The continuous closure of the Torkham border since October 13 has multiplied the woes of hundreds of stranded transporters, with many running short of money while others suffering from physical and psychological issues, it has been learnt. Local and Afghan transporters stranded on the road leading to Torkham border said that roughly around 4,000 to 5,000 vehicles, loaded with multiple trade goo
The Federal Board of Revenue (FBR) has twice extended the deadline for filing income tax returns this year from the original Sep 30 to Oct 30, ostensibly to facilitate taxpayers and improve compliance. There is little surprise in this; it has become an annual ritual. In the past, the FBR has continued granting extensions month after month throughout the year. That the first extension came just