Vietnam emphasises need to boost PTA process on January 20, 2022Nguyen Tien Phong, the Ambassador of Vietnam, has urged Pakistan and Vietnam to hasten the process of signing a Preferential Trade Agreement (PTA). “There were also discussions on establishing a free trade agreement (FTA) between the two countries, but the priority must be given to completing the PTA first. As he noted during a discussion […]
BMP rejects increase in power tariffs on January 19, 2022The Businessmen Panel (BMP) condemned the National Electric Power Regulatory Authority’s (NEPRA) decision to increase electricity tariffs by Rs4.3 per unit in January-2022 bills on Monday, stating that the burden of power theft, mismanagement, and inefficiencies cannot be shifted to consumers on the pretext of fuel adjustment. Mian Anjum Nisar, Chairman of the Businessmen Panel, […]
Business community demands re-examination of supplementary finance bill on January 16, 2022The Supplementary Finance Bill 2021-22 should be re-examined and not implemented without the participation of primary stakeholders, according to the Karachi Chamber of Commerce and Industry (KCCI) and the Leadership of Businessmen Group. They voiced concerns about the federal government’s implementation of IMF-mandated tax measures through the Supplementary Finance Bill 2021-22, which will not only […]
Housing and construction finance rises by Rs163b in FY21 under MPMG on January 7, 2022A record Rs163 billion in housing and construction financing was generated in FY21, including Rs38 billion from the Mera Pakistan Mera Ghar programme (MPMG). Banks’ outstanding credit for housing and construction increased by Rs163 billion, from Rs192 billion to Rs355 billion, in 2021, a record-breaking growth of 85 percent, SBP said in a press release […]
Business community fears skyrocketing prices on January 3, 2022Exports will be harmed, and poverty-stricken citizens may see their standard of living worsen as prices for nearly everything go up and their purchasing power shrinks as a result of mini-budget, according to the business community. Over 150 items will be subject to a 17.5pc sales tax as part of the fiscal tightening measures proposed […]
Headline inflation reaches highest level in two years on January 2, 2022There was a 22-month high in December 2021 in the Consumer Price Index (CPI)-based reading of 12.3 percent, up from the previous month’s 11.5 percent and December 2020’s 8.0 percent increase, according to data released by the Pakistan Bureau of Statistics (PBS) on Saturday. The inflation rate is the highest since February 2020, when it […]
Dr Reza Baqir predicts pause after string of rate hikes on December 18, 2021State Bank of Pakistan (SBP) Governor Dr Reza Baqir announced that the bank will “pause” its interest rate increases in order to maintain economic recovery after raising policy rates by 275 basis points since September. Dr Baqir discussed monetary policy and the outlook for the economy with Yvonne Man and Rishaad Salamat on ‘Bloomberg Markets: […]
Industry questions OGRA chairman about gas shortages on December 14, 2021President of the Federal Petroleum Corporation of Pakistan (FPCCI), Mian Nasser Hyatt Maggo, has welcomed the visit of Masroor Khan, Chairman of the Oil and Gas Regulatory Authority of Pakistan (OGRA), to the FPCCI Headquarters at Federation House in Karachi for a consultative session on the burning issue of increasing gas shortages for industry and […]
Prices of basic kitchen items fluctuate in Karachi on December 13, 2021Shakir Hussain, a resident of Karachi, is part of more than half of Pakistan’s population that was already mired in poverty and now the recent surge in inflation has broken his back. He says that the price of what he used to buy for one thousand rupees a year ago has now reached more than […]
Monetary direction: FPCCI supports status quo on policy rate on December 11, 2021According to FPCCI president Mian Nasser Hyatt Maggo, further increases in Pakistan’s Monetary Policy Rate (MPR) could result in stagflation and harm industrial growth. He argued that Pakistan’s economy is less integrated with the financial sector, making the use of the Policy rate for inflation control counterproductive. The Policy Advisory Board of FPCCI released the […]