KARACHI: A four-storey under-construction building collapsed today in Surjani Town, Karachi.  The incident left one labourer dead while ten others sustained critical injuries. Rescue teams were informed right away to save the trapped labourers from under the debris. The injured were taken to a nearby medical facility, while rescue teams[...]

ISLAMABAD: Pakistan signed the Preferential Trade Agreement (PTA) with Turkey on Friday, which aims to boost trade between the two nations.  At a ceremony held at the PM office, the visiting Turkish Trade Minister Dr. Mehmet Mus and Minister for Commerce Syed Naveed Qamar signed the accord.   Also known as[...]

ISLAMABAD: Finance and Revenue Minister Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the cabinet at the Finance Division today. The meeting primarily touched upon Pakistan State Oil’s (PSO) running finance facility. In the previous ECC meeting on 31st July, 2022, PSO’s liquidity issues were[...]

ISLAMABAD: The Finance Ministry has received a much-awaited Letter of Intent (LoI) from the International Monetary Fund (IMF), which will give way to the release of the next $1.2 billion loan tranche. The Lol will be signed by the Federal Minister of Finance and Revenue and Governor State Bank, and[...]

ISLAMABAD: The federal government decided today to designate the current Commissioner of Lahore, Capt. (R) Muhammad Usman, as the Commissioner of Islamabad and as the Chairman of the Capital Development Authority (CDA). Being the current administrator of Metropolitan Corporation Lahore, Capt. (R) Usman has decided to cede his position by[...]

KARACHI: The Pakistan Stock Exchange (PSX) announced the introduction of a new ‘property’ sector for non-REIT real estate-related listed companies.  The addition brings the total number of sectors on PSX to 36.  Three companies have been placed in this category, namely Javedan Corp. Ltd. (JVDC), which was previously placed in[...]

KARACHI: The International Finance Corporation (IFC) doubled its trade financing program for Pakistan in the fiscal year 2022, with the goal of providing support to critical imports and boosting the country’s economy post-pandemic.  Between the period of July 1, 2022, and June 30, 2022, IFC has invested almost $680 million[...]

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) became the first regulatory body and public sector organisation on Tuesday to launch the WeChat service.  This will facilitate Chinese investors in making informed decisions about investment, and register companies in Pakistan with ease. With the use of WeChat, users can[...]

ISLAMABAD: The International Monetary Fund’s (IMF) representative stated on Tuesday that Pakistan has completed the final prior action required for the IMF agreement’s seventh and eighth review by increasing the Petroleum Development Levy (PDL). The resident representative, Esther Perez Ruiz, issued a statement, stating that ‘with the increase in PDL[...]

ISLAMABAD: The Federal Board of Revenue (FBR) collected a total revenue of Rs458 billion during July 2022, exceeding the set target of Rs 443 billion. According to figures released by the board, the last month of the fiscal year exceeded the monthly revenue target by Rs15 billion, representing an increase[...]