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Finance Ministry

PM orders release of 100b to Chinese power plants before China visit

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PM

ISLAMABAD: Prime Minister Shehbaz Sharif is expected to visit China next month to attend the Shanghai Cooperation Organization (SCO) summit and participate in an investment conference at the Pakistani Embassy in Beijing, official sources said. Ahead of the high-level visit, the Prime Minister has directed the Ministry of Finance to release ₨100 billion in payments … Read more

Govt employees to get increased pensions, Says Finance Ministry

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Govt employees to get increased pensions, Says Finance Ministry

ISLAMABAD: The Ministry of Finance has provided major financial relief to retired federal government employees by approving a substantial increase in pensions. This decision has been officially confirmed through an Office Memorandum issued by the ministry. According to the memorandum, government employees retiring on or after July 1, 2025, will have their baseline pensions calculated … Read more

IMF seeks written proposal on relief measures in electricity bills

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IMG bills

ISLAMABAD: Pakistan has approached the International Monetary Fund (IMF) over proposed relief in electricity bills, BOL News reported citing sources. Caretaker Finance Minister for Finance Dr Shamshad Akhtar has contacted IMF resident representative Esther Pérez Ruiz over the matter, sources revealed. The minister briefed on the situation arising from the hike in power tariff and … Read more

Finance Ministry releases Debt Strategy Report from 2023-26

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Finance Ministry releases Debt Strategy Report from 2023-26
  • GDP growth has been set at 5.5 percent till 2026.
  • Limiting inflation rate to 7.5 percent in fiscal year 2025.
  • Target has been set to limit GDP growth to 5.0 percent.

ISLAMABAD: The Ministry of Finance released the Debt Strategy Report for the medium term from 2023 to 2026.

According to the report, GDP growth has been set at 5.5 percent till 2026, besides setting a target of controlling the inflation rate at the level of 6.5 percent till the fiscal year 2026 and limiting the inflation rate to 7.5 percent in the fiscal year 2025.

The Ministry of Finance said that the target has been set to limit GDP growth to 5.0 percent and fiscal deficit to 5.1 percent by the next fiscal year.

According to the Ministry of Finance, Rs 5.7 trillion in debt repayments have to be made in the current fiscal year, and Rs 5.5 trillion in debt repayments have to be made in the fiscal year 2025.

The debt repayment burden will be reduced during the fiscal year 2026 and fiscal year 2027. Issuance of bonds and borrowing on long-term policy will be preferred.

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Congo state lawyers strike after 7 years without pay

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Congo

After not being paid for seven years, state lawyers in the Republic of Congo have chosen to cease representing the government in court, according to their group. During a conference in the capital Brazzaville, Jean-Prosper Mabassi, the chairman of an association of state attorneys, informed reporters that the government had not paid its lawyers since … Read more

Officials from Finance Ministry are going to Doha to talk with the IMF

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Finance Ministry

With the economic state of affairs of a country in limbo, a group of the Ministry of Finance, which includes Finance Minister Miftah Ismail, left for Doha on Tuesday to keep talks with the International Monetary Fund (IMF). “Finance Division’s team is leaving for consultations with the IMF Mission at Doha from tonight. Meetings will … Read more

Germany boosts borrowing to tackle Ukraine war costs

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Germany

Germany will take on an additional 39.2 billion euros ($421 billion) of debt in 2022 to counter the economic impact of the warfare in Ukraine, assets within the finance ministry stated Monday. The supplementary finances, set to be placed in the cupboard on Wednesday, will enhance the entire recent borrowing for the yr to 138.9 … Read more

UAE’s new corporate tax: A boon to business

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uae

The UAE will introduce a 9 per cent corporate tax on business profits of more than Dh375,000 ($102,000) from June 1, 2023, the Finance Ministry said, in a major change of course, as the country seeks to diversify its income. For the UAE, the regional headquarters for a swathe of multinationals, the move marks a … Read more

Bearer prize bonds to expire by month-end; Rs28 billion bills still in circulation

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prize bond

KARACHI: The bearer prize bonds of high denomination will expire by the end of the current month but unregistered securities worth billions of rupees are still in circulation. The government has decided to withdraw the bearer bonds with denominations of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 and set a deadline of December 31, 2021 to exchange … Read more

Egypt to issue $604 million of treasury bonds

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Egypt

CAIRO: The Central Bank of Egypt will issue 9.5 billion Egyptian pounds ($604.3 million) in treasury bonds to finance the country’s budget deficit, Arab News reported. The T-bonds will be issued in coordination with the Finance Ministry. In a statement posted on its website, the central bank said the value of the first offering is 8 billion … Read more

No deadlock with IMF, says Finance Ministry

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IMF

ISLAMABAD: The Ministry of Finance has rejected the news regarding the failure of talks between Pakistan and the International Monetary Fund (IMF) and said there was not any deadlock with the IMF. Finance Ministry spokesman Muzammil Aslam, in a statement, said that there was no truth in the news about the deadlock, adding that the … Read more

Finance ministry rejects World Bank’s projection for Pakistan’s GDP growth

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World Bank $19.8 million aid to Pakistan

ISLAMABAD: The government has rejected the World Bank’s projection about Pakistan’s Gross Domestic Product (GDP) growth rate for the current and upcoming fiscal year, saying it was based on unrealistic assessment and that the GDP growth rate for the fiscal year 2021/22 would go up close to 5 per cent against the World Bank’s forecast … Read more

Debt-to-GDP ratio down to 83.5%: Finance Ministry

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Budget 2021-22 GDP growth rate set

ISLAMABAD: The Ministry of Finance has said that the country’s total debt-to-GDP ratio has decreased to 83.5 per cent as of June 30, 2021 from 87.6 per cent on June 30, 2020. Responding to some media reports, the statement added that both domestic and external debts have depicted a downward trend from last year. It … Read more

Pakistan’s forex reserves hit record high of $24.41 billion

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foriegn reserves

KARACHI: The liquid foreign exchange reserves of the country increased $1.12 billion to hit a record high of $24.415 billion by the week ended July 2, 2021, the central bank reported on Thursday. Previously the foreign exchange reserves touched the level of $24.14 billion in October 2016. The foreign exchange of the country stood at … Read more

Finance Ministry notifies raise in govt employees’ salary

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sales tax

KARACHI: The Ministry of Finance on Thursday notified the grant of an ad hoc relief of 10 per cent of basic pay of government employees that was announced in the Federal Budget 2021/22. A notification issued by the ministry said the president had sanctioned the allowance with effect from July 1, 2021 and till further … Read more

Pakistan’s fiscal deficit narrows to 4.2% in 10 months: finance ministry

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sales tax

KARACHI: The fiscal deficit narrowed to 4.2 per cent of the GDP during 10 months (July-April) 2020/21 from the deficit of 5.3 per cent in the corresponding period of the last year, the Ministry of Finance said on Tuesday. According to a monthly update issued by the ministry, a significant growth in tax revenues and … Read more

Economic Survey: Fiscal deficit projected at 7% amid lower expenditures, rise in revenue

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economic survey

KARACHI: The Finance Ministry has estimated a 7 per cent fiscal deficit for the outgoing fiscal year, despite reduction in the expenditures and increase in revenues. According to the Economic Survey of Pakistan released on Thursday, the fiscal deficit has been estimated at 7 per cent of GDP during the outgoing fiscal year 2020/21, compared … Read more

Government borrowed 16% more from commercial banks in 11 months

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State Bank

KARACHI: The government borrowed 16 per cent more from the commercial banks during the first 11 months (July-May) 2020/21, official statistics revealed. The government borrowing from commercial banks increased to Rs2.435 trillion during July-May 2020/21, compared with Rs2.1 trillion in the same period of the last fiscal year, the data released by the State Bank … Read more

Monthly Updated Outlook Report On Country’s Economy Released

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Monthly Updated Outlook Report On Country's Economy Released

The Ministry of Finance has released a monthly updated outlook report on the country’s economy, which states that economic recovery and activity are accelerating. According to the report of the Ministry of Finance, industrial, agricultural production improved, tax revenue and remittances increased, remittances increased by 29% to $24.2 billion from July to April, domestic exports … Read more

Finance Ministry notifies reduction in Fuel Prices

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Petrol price remain unchanged till 31st May

The Ministry of Finance on Wednesday has announced new prices for petroleum products. According to the details, Petrol has been reduced by Rs 1.55 per liter, whereas the price of high-speed diesel has been reduced by Rs 3 per liter. Finance Ministry also notified Rs 1.55 per liter reduction in the price of kerosene oil, … Read more

Finance Ministry Appreciates Profit Rates On National Saving Schemes Certificates

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Finance Ministry Appreciates Profit Rates On National Saving Schemes Certificates

ISLAMABAD: The federal government has increased the profit rate on national savings schemes. According to details, the notification issued by the Ministry of Finance has announced a new profit rate on National Savings Schemes. According to the notification, the profit of Pension Benefit Account and Welfare Savings Certificate has been increased from Rs 860 per … Read more

Petrol price reduced by Rs1.57 per liter for next 15 days

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Petrol

On Saturday, the government has announced to reduce Rs1.57 per liter in the price of petrol for the next 15 days.

According to the details, Rs0.84 has been decreased from the high-speed diesel (HSD) prices per liter. On the other hand, the prices of kerosene oil and light diesel will remain unchanged.

Petrol price has been decreased by Rs1.57 to Rs102.40 per liter and HSD will be sold at the rate of Rs103.22 per liter for the next 15 days.

The Ministry of Finance said in a notification that the kerosene oil and light diesel prices will remain unchanged and will be available for the consumers at the rate of Rs65.29 and Rs62.82 per liter.

It is pertinent to mention here that the Oil and Gas Regulatory Authority (OGRA) today recommended up to a Rs 2 decrease in petrol prices for the month of November.

OGRA has sent a summary of the reduction in prices of petroleum products to the government.

According to the summary, the OGRA has recommended a Rs 1.50 cut in the per liter price of petrol and Rs2 in the price of high-speed diesel (HSD). The finance ministry will announce new fuel prices for November after Prime Minister Imran Khan’s approval.

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Petrol prices to remain unchanged: Finance Ministry

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Government Reduces Prices Of Petroleum Products

The Ministry of Finance has issued a declaration on the prices of petroleum products. According to the announcement, the price of high-speed diesel has been reduced by Rs2.40 paise to Rs 104.06 per liter while the price of petrol, kerosene, and light diesel has been maintained. Petrol price has been maintained at Rs103.97 per liter, … Read more

Federal Secretariat Employees Announce To Protest In front Of Finance Ministry

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Federal Secretariat Employees Announce To Protest In front Of Finance Ministry

The Pay and Pension Commission, set up by the federal government, has so far failed to make recommendations on long-standing demands to close the pay gap and increase in salaries in federal agencies. According to sources in the bureaucracy, the Federal Secretariat employees have decided to hold a sit-in protest in front of the Finance … Read more

Pakistan gets huge relief in repayment of external loans

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external loans

Pakistan has received huge relief in timely repayment of external loans, including the IMF, G20 countries, Saudi Arabia and China. According to the details, after the Paris Club, Saudi Arabia and China have also been assured to defer repayment of Pakistan’s loans from May 1 to December 31. Following the announcement of the relief, Pakistan … Read more

Petrol prices reduce in Pakistan

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Petrol prices

The government has decided to change the prices of petroleum products. According to details, a statement issued by the Finance Ministry said that the price of petrol has been reduced by Rs 7.6 per liter. A statement from the Finance Ministry said that the price of diesel has been increased by 5 paisa per liter … Read more

State bank Forex Reserves increase to 11.5 billion dollars: Finance Ministry

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Finance Ministry

The Ministry of Finance stated exports increased by 4 per cent to 12.3 billion dollars in the Jul-Dec 2019 period while the imports decreased by 21 percent to 22 billion dollars in Jul-Dec period. According to the details, Finance Ministry said that State Bank of Pakistan Forex Reserves had increased to 11.5 billion dollars last … Read more

Petroleum prices likely to be reduced

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Petroleum prices to be reduced

Fuel prices in Pakistan are likely to be reduced as the Petroleum Division has on Friday received a summary recommending reduction in the rates. The government has decided to reduce the prices of petroleum products and provide relief to the weary people. According to the details, the price of High Speed Diesel will presumably be lowered by Rs7.67, … Read more

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