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fiscal year

Global oil prices to set rupee trend

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rupee

KARACHI: The movement of international oil prices will decide the fate of the rupee during the next week. Currently, the rupee is stable, owing to the inflows received from a lending agency and the proceeds of the Sukuk bond. The exchange rate for the week ended February 11, 2021 closed at Rs174.71 against the greenback … Read more

State minister terms robust auto sales as ‘sign of economic stability’

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Minister of State for Information and Broadcasting Farrukh Habib on Saturday said there has been a surge in sales of the auto sector which clearly indicates that the country has a stable economy. In the first seven months of the ongoing fiscal year, sales of car increased by 61.5 per cent, trucks by 80 per … Read more

PSO records Rs20.3 billion profit in second quarter of FY22

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pso

KARACHI: The profits of Pakistan State Oil (PSO) registered the earnings growth of 4.6x to Rs20.3 billion, translating into the earnings per share of Rs43.27 during the second quarter of the fiscal year 2022 ended in December 2021. The company’s profits were recorded at Rs4.03 billion translating into the earnings per share (EPS) of Rs8.85 … Read more

Sailing on high-tide

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economy

ISLAMABAD: The government’s decision to rebase the economy from the fiscal year 2005-06 to 2015-16 has added Rs3.1 trillion in its value and jacked up last year’s GDP growth to 5.57 from 5.37 per cent. The change in the base-year was welcomed by stakeholders and experts, however, they said that it also exposed the structural … Read more

Import restrictions may help rupee stabilise

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rupee

KARACHI: Import restrictions introduced through the Finance Supplementary Bill is expected to help the rupee remain stable next week. However, a surge in the international oil prices may prove otherwise. The National Assembly on January 13, 2022 approved the Finance (Supplementary) Bill, 2021. Through the legislation, the government withdrew exemptions and concessions worth Rs343 billion. … Read more

Leather gloves’ exports posts record rise of 11.81%

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Leather gloves

ISLAMABAD: The exports of leather gloves during the first five months of the fiscal year 2021/22 grew 11.81 per cent, compared to the exports of the commodity during the corresponding period of the last year. During the period from July-November 2021, leather gloves worth $119,516 were exported, compared with the exports of $106,890 during the … Read more

Japan unveils record annual budget, defence spending

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Japan

TOKYO: Japan’s government on Friday unveiled its biggest ever full-year budget, including record defence spending to counter intensifying regional security threats. Cabinet ministers approved a draft national budget of a whopping 107.6 trillion yen ($940 billion) for the 2022/23 fiscal year, including 5.4 trillion yen for defence. Both figures have been increasing steadily for a decade … Read more

Punjab enhances allocation for development schemes

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Punjab

LAHORE: The Punjab government has enhanced the development allocation for the ongoing fiscal year, an official said. Chairing a meeting of the Punjab Cabinet’s Standing Committee on Finance and Development, Finance Minister Makhdoom Hashim Jawan Bakht said that after enhancing the development budget by Rs85 billion, the total ADP allocation stood at Rs646 billion. The … Read more

Export of sports goods surge by 25.63%

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Export of sports goods

Export of sports goods throughout the initial two months of the fiscal year of 2021-22 increased by 25.63% against the exports of the consistent period of the previous year. Throughout the period from July-Aug 2021, sports goods cost US $ 24,060 thousand were exported against the exports of US $ 19,152 thousand of a similar … Read more

Footwear Exports increase 23.7pc In two Months

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Footwear Exports

Footwear exports from the country upsurge by 23.72% throughout the initial two months of the Fiscal Year 2021-22 against a similar period of the earlier year. Footwear exports increase to US$26.787M in July-August (2021-22) linked to the export of $21.65M throughout a similar period of the prior year. As per the new data released by … Read more

MOC releases Rs6 billion under DLTL schemes: Razak Dawood

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Government releases Rs6 billion under DLTL schemes: Razak Dawood

The Ministry of Commerce (MOC) has released Rs6 billion under duty drawback on local taxes and levies (DLTL), Advisor to Prime Minister on Trade and Investment Abdul Razak said. “I am glad to share that the Ministry of Commerce (MOC) has released a total of Rs6bn under DLTL schemes,” said Dawood, adding that this includes … Read more

Airlift raises $85 million in largest round for Pakistani startups

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Airlift raises $85 million in largest round for Pakistani startups

Airlift has recently announced an $85 million Series B financing, which is backed by some of the renowned investors around the globe. This is the largest private funding round in the history of Pakistan, according to the data revealed by Invest2Innovate. $85 million Series B financing of the Airlift in Pakistan marks the largest in … Read more

Capital gains tax collection posts 7% fall amid massive growth in PSX

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Tax authorities

KARACHI: The collection of capital gains tax (CGT) has registered a decline of 7 per cent during the fiscal year 2020/21, despite a massive growth in the stock market during the year under review. According to the statistics made available to BOL, the collection of the capital gains tax stood at Rs1.82 billion during the … Read more

Rupee likely to remain stable next week

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Rupee

KARACHI: The rupee is expected to maintain the current levels against the dollar next week, owing to foreign inflows and planned incentives to remittances. However, rising import payments after the ease in restrictions related to the coronavirus would increase the demand for the dollars. The exports of the country reached an all-time high of $25.26 … Read more

Prime Minister Imran Praises FBR for Achieving Historic Level of Tax Collection

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Prime Minister Imran Praises FBR for Achieving Historic Level of Tax Collection

Prime Minister Imran Khan highly praised the Federal Board of Revenue (FBR) after they achieved a “historic level of tax revenue of Rs4,732 billion in the fiscal year 2020-21.” On Twitter, Prime Minister Imran said that the FBR tax collection in the previous fiscal year was more than the revised target of Rs4,691 billion and … Read more

Pakistan stocks end fiscal year with a gain of 218 points

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PSX

KARACHI: The Pakistan Stock Exchange ended the fiscal year FY21 in the green territory with a gain of 218 points on the last trading session on Wednesday. Ahsan Mehanti at Arif Habib Corp said the stocks closed bullish at the year-end, as investors’ weighed higher global crude oil prices, National Assembly passing the Finance Bill … Read more

Rupee weakens 60 paisas against dollar

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rupee

KARACHI: The rupee posted a decline of 60 paisas against the dollar on Monday, owing to the higher demand for the foreign payment on the first day of the week, dealers said. The exchange rate ended at Rs158.22 against the greenback from last Friday’s closing of Rs157.62 in the interbank foreign exchange market. The currency … Read more

Rupee expected to remain range-bound next week

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rupee

KARACHI: The rupee/dollar parity is likely to move range-bound next week, owing to the demand for import and corporate payments, besides inflows of export receipts and workers remittances. The currency experts said that the exchange rate would depend on the demand for import and corporate payments. Usually, by the end of the fiscal year, the … Read more

Govt. is targeting 4% economic growth for ongoing fiscal year: Hammad Azhar

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Hammad Azhar

The government is targeting a 4% economic growth for the ongoing fiscal year, announced the Federal Energy Minister Hammad Azhar on Saturday.

While giving an economic outlook at a press conference today in Islamabad, Hammad Azhar said that the government will also expand the “social protection programs” in the country to help the low-income groups.

Azhar said that the government managed to reach this level of economic growth because of the “prudent economic policies” that were followed despite the “negative impact of COVID-19”.

“This will not be temporary growth it will be sustained and further strengthened,” said the federal minister.

The minister said that during the first nine months of the current fiscal year, large-scale manufacturing grew by 9% and Pakistan in March only had made exports worth $3.2 billion.

Azhar said that the foreign exchange reserves of the country had reached $23 billion while remittances also increased by 39% in the current year.

The energy minister said that the cement industry has seen a record production of 17% while better crop prices have benefitted the farmers’ community.

Pakistan’s GDP Growth Is Estimated At 3.94%

Prime Minister Imran Khan on Friday told via the micro-blogging site Twitter that Pakistan’s GDP is estimated at 3.94%.

According to the Prime Minister, the National Accounts Committee has finalized the GDP growth estimate & GDP growth is estimated at 3.94%.

PM Khan said that this reflects the success of our govt’s economic policies while managing COVID 19 pandemic.

In the tweet, Prime Minister said,

“Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services.”

[embedpost slug=”pakistan-gdp-growth-rate-projected-at-1-5-for-current-fiscal-year/”]

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PM requested to direct FBR on tax filing date extension

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PM

On Tuesday, the Karachi Chamber of Commerce and Industry (KCCI) appealed to Prime Minister PM Imran Khan to direct the Federal Board of Revenue (FBR) to prolong the date of filing income tax returns to 60 days. According to the details, in a letter to PM; the president of the Karachi Chamber of Commerce and … Read more

State bank releases 3rd Quarterly Report for the year 2019-20

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State bank releases 3rd Quarterly Report for the year 2019-20

State Bank of Pakistan has released 3rd Quarterly Report for for the year 2019-20. According to the report released by the SBP, inflation will remain at 7-9% this financial year. [embedpost id=”50366″ slug=”psx-becomes-2nd-best-performer-internationally”] The report also said that the inflation rate in July was higher than expected. According to the report, inflation stood at 9.30% … Read more

IMF wants Pakistan to make massive fiscal changes

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IMF Pakistan

The International Monetary Fund (IMF) has asked the Pakistani government to bring about massive fiscal changes amounting to Rs 1,150 billion to cut the budgetary shortfall at 0.4% of the Gross Domestic Product (GDP). According to details, officials of the international body held an important meeting in the federal capital Islamabad. The officials warned the … Read more

Pakistan’s GDP growth to slow for current fiscal year

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state bank of pakistan

American business and financial services Moody’s has stated that On March 26th, State Bank of Pakistan (SBP), the country’s central bank, cut its policy rate 150 basis points to 11%, reduced banks’ capital conservation buffers (CCB) 100 basis points to 1.5%, relaxed terms for new and existing loans and announced other forbearance measures to increase … Read more

Pakistan witnesses decrease in exporting transport services

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Pakistan earns $ 258 million by exporting transport services

(APP)– Pakistan earned US $ 258 million by providing different transport services in various countries during the first four months of current financial year (2019-20) as compared to the corresponding period last year. According to Pakistan Bureau of Statistics (PBS), this shows decrease of 5.18 percent as compared to US $ 272.100 million earned through … Read more

Asian Development Bank says Pakistan moving towards economic stability

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Asian Development Bank

The Asian Development Bank (ADB) on Tuesday said  Pakistan is moving towards economic stability and the economy will perform better during the ongoing fiscal year 2019-20. The ADB, in its Asian Development Outlook 2019 Supplement, said that inflation in Pakistan for the first three months of the ongoing fiscal year averaged 10.1 per cent despite … Read more

Foreign direct investment in oil and gas sector reduces

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Oil

Direct investment in the oil and gas sector has declined during the current fiscal year. According to the details, the data is released by the Investment Board and State Bank, the volume of direct foreign investment in the oil and gas sector in the first 4 months of this fiscal year was recorded at $ … Read more

IMF releases World Economic Outlook report 2019

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IMF

The International Monetary Fund (IMF) has released World Economic Outlook report 2019. According to the report, the unemployment rate in Pakistan will go up to 6.2 percent in fiscal year 2020 and unemployment rate in fiscal year 2019 is 6.1 percent. The actual GDP of Pakistan was 5.5% in Fiscal Year 2018, which was reduced … Read more

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