State Bank Governor Jameel Ahmad has said banks need to diversify beyond the government sector and increase financial deepening, stressing that no country can achieve sustainable economic growth with low levels of private credit. Speaking at the Pakistan Banking Summit on Tuesday, Mr Jameel said banks’ credit to the private sector as a percentage of GDP declined to 8.4 per cent by fiscal year 2
The petrol price is expected to rise by approximately Rs4 per litre, while the diesel rate is likely to decrease slightly on Friday for the upcoming fortnight starting March 1 due to fluctuations in the international market and exchange rates. Informed sources said the ex-depot petrol price was estimated to go up by Rs4 to 4.50 per litre depending on the final calculation on Feb 28, while high-
Pakistan’s trade deficit with nine neighbouring countries surged by 40.42 per cent to $6.379 billion during the first seven months of FY25 from $4.543bn a year ago. The trade gap with the regional countries widened mainly due to higher imports from China, India and Bangladesh. In contrast to last year, exports to Afghanistan, Bangladesh and Sri Lanka increased unusually in July-January FY25. Th
The International Monetary Fund (IMF) has urged Pakistan to prioritise climate adaptation measures at federal and provincial levels to build resilience against natural disasters triggered by extreme weather events, including floods and droughts. The team has recommended stringent measures to prevent construction near rivers, nullahs, other waterways and forests, alongside plans for energy-effi
The Federal Tax Ombudsman (FTO) has directed eleven power distribution companies (Discos) to collect 18 per cent sales tax on the gross value of electricity supplied and rejected the current practice of net metering deductions. In his order on the complaint of a K-Electric consumer, the ombudsman has directed the Federal Board of Revenue (FBR) to implement the decision of sales tax collection o