As the automotive industry reflects on the challenges of 2023, opinions among auto experts diverge on whether 2024 should be designated as the “Year of Localisation” for sustainability. While some advocate for a collective commitment from Original Equipment Manufacturers (OEMs) to invest in local production and technology, others argue for a more globally integrated approach. Speaking to The Ex
Industrialists have demanded that the government provide a level-playing field to all players of the local industry aimed at bolstering economic growth. They slammed the prevailing banking laws, mentioning the unilateral focus on interest recovery and discretionary powers that primarily benefitted banks and lending institutions. Despite entrepreneurial efforts to expand businesses, many find th
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