The overall sales of cars, LCVs, jeeps and pickups plunged 47 per cent to 109,466 units during the first nine months of the current fiscal year from 205,452 units in the same period last year. Despite a month-on-month jump of 61pc in March to 9,351 units, the auto sales dropped amid rising prices, expensive financing and plant shutdowns during 9MFY23. The March sales were 66pc lower when compar
Hinting at entrenched high inflation, the International Monetary Fund (IMF) on Tuesday lowered its forecast for Pakistan’s economic growth rate for the current fiscal year to just 0.5 per cent, with inflation going beyond 27pc and the unemployment rate increasing to 7pc. This showed an unambiguous deterioration of economic fundamentals over the last six months since October when the Fund forec
International Monetary Fund (IMF) Middle East and Central Asia Director Jihad Azour on Wednesday expressed his confidence that the staff-level agreement between Pakistan and the international money lender would be signed "soon" following the board's approval. The remarks came during the IMF’s spring meeting held in Washington, which Finance Minister Ishaq Dar attended via Zoom from Islamabad, a
President Dr Arif Alvi on Wednesday censured the Federal Board of Revenue (FBR) for leaking the whistle-blower’s identity to the tax-evading private company which allegedly committed financial irregularities. The president ordered the FBR to submit a report within 60 days and also explain why the board failed to fully utilise the information provided by the whistle-blower to recover the maximum
Around 100 plants paid Rs99bn in capacity payments in Oct-Dec despite most of them operating at below 20pc ISLAMABAD: With almost two-thirds of power plants operating at less than 20 per cent utilisation factor, the National Electric Power Regulatory Authority (Nepra) on Wednesday notified ex-Wapda Distribution Companies (Discos) to charge 47 paise per unit to their consumers to mop up Rs15.5 b