Connect with us

Business

Miftah Ismail officially steps down as finmin, hands over resignation letter to PM Shehbaz

Published

on

  • Earlier, Miftah verbally tendered his resignation to PML-N supremo Nawaz Sharif in London.
  • Miftah will be replaced as finmin by PML-N leader Ishaq Dar tomorrow.
  • He says he worked to “best of abilities” during tenure. 

PML-N leader Miftah Ismail on Tuesday officially stepped down as the finance minister of the country by handing over his resignation letter to Prime Minister Shehbaz Sharif.

On Sunday, he had verbally tendered his resignation to PML-N supremo Nawaz Sharif in London following the party’s decision. 

Later, he took to Twitter and wrote: “In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as finance minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as finance minister. Pakistan Paindabad.”

The decision to remove Miftah as the finmin was made during a meeting of PML-N leaders in London, including Nawaz Sharif, PM Shehbaz, and others. 

After resigning, Miftah thanked Nawaz and said that over the last four months, he performed to the best of his abilities and remained loyal to his party as well as the country.

While accepting his resignation, Nawaz praised Miftah’s efforts and the way he carried out his duties at a time when the country was facing an economic crisis.

PML-N leader Ishaq Dar — who arrived in Pakistan on Monday after a five-year exile in London and took oath as a senator today — will be replacing Miftah as the finance minister, while Miftah will also remain part of the government.

Business

Pakistan’s gold price increases by an additional Rs. 800 per tola.

Published

on

By

The price of yellow metal in the local market hit Rs247,300 on the first working day of the week, following a rise of Rs800 in a single day.

The cost of ten grams of 24-karat gold increased by Rs686 on Monday, making the current price Rs212,020.

In addition, the cost of 10 grams of 22-karat gold increased significantly, trading at Rs194,351.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

The price of the precious metal dropped $16 on the international market on Monday, hitting $2,348 per ounce.

Continue Reading

Business

A delegation from Pakistan travels to the US to bargain with the IMF for a new loan.

Published

on

By

The Pakistani delegation consists of the Governor of the State Bank of Pakistan, the Secretary of Finance, the Additional Secretary, and other individuals.

The Finance Minister was greeted at the airport by Pakistan’s Ambassador to the United States, Masood Khan, and Embassy staff.

The Finance Minister will meet with representatives of the World Bank and IMF while he is in the US.

The IMF and Pakistan are expected to negotiate next week, according to sources.

Sources claim that Islamabad will apply for a new credit package from the IMF.

The Finance Minister’s itinerary also includes meetings with members of think tanks and the world press.

Last month, Pakistan and the IMF came to a staff-level agreement over the third and final review of the $3 billion stand-by arrangement. Should the board of the global lender approve this deal, Pakistan will get approximately $1.1 billion.

Although a specific date has not been determined, the IMF board is anticipated to evaluate the case in late April, according to a spokeswoman.

Continue Reading

Business

Pakistan’s petrol prices are anticipated to rise.

Published

on

By

The Oil and Gas Regulatory Authority (OGRA) will not disclose the anticipated increase in fuel prices until its work is finished, according to sources.

Prime Minister Shehbaz Sharif will receive the summary of the petrol price, and sources further stated that the new pricing will be revealed following his approval today.

Noteworthy to highlight is that Pakistan was previously ordered by the International Monetary Fund (IMF) to impose an 18% General Sales Tax (GST) on gasoline.

Details indicate that Pakistan was requested by the Monetary Fund to stop reducing sales tax on all goods, including gasoline.

To boost tax revenue, Pakistan’s recently elected government should impose a sales tax on petroleum items in addition to a Rs 60 charge.

High-speed diesel (HSD) was reduced by Rs3.32 per litre on March 31 but petrol prices increased by Rs9.66 per litre by the government.

In contrast to the reduction in the price of high-speed diesel (HSD) to Rs282.24 from Rs278.92, the price of gasoline jumped to Rs289.41 per litre.

The adjustments were brought about by a commensurate increase in the price of gasoline and a decline in the price of HSD on the global market, according to a statement released by the Finance Ministry.

According to the statement, the adjustment was made in accordance with government policy, which transfers pricing differences from the foreign market to the home market.

Continue Reading

Trending