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Petrol price to go down today, IMF has no objection, says Miftah Ismail

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  • Finance Minister Miftah Ismail says Prime Minister Shehbaz Sharif wants to give immediate relief to public.
  • Says prices of petroleum products will be lowered today instead of waiting till July 15.
  • Says that summary of reduction in petrol prices has been received and the Fund has no objection to it.

Finance Minister Muftah Ismail has said that petrol will be made cheaper today (Thursday) and the International Monetary Fund (IMF) has no objection to it.

The Pakistani authorities and the IMF finally reached a staff-level agreement over the release of $1.17 billion to support the country’s fragile economy, the international money lender revealed Thursday morning.

Talking to the media in Islamabad, Miftah said that the prices of petroleum products will be lowered today instead of waiting till July 15 as Prime Minister Shehbaz Sharif wants to give immediate relief to the people. He said that the finance ministry has received a summary from the Oil and Gas Regulatory Authority (Ogra) recommending a cut in prices and the Fund has no objection to it.

Congratulating the nation on reaching an agreement with the IMF, Miftah said that the nation stood by PM Shehbaz Sharif in difficult decisions.

“Nations see difficult times and the Pakistani nation understands the situation during crises but now the time to give relief to the nation after difficult times has come,” the minister said.

What could be the new petrol prices?

In line with the directives of Prime Minister Shehbaz Sharif to reduce the prices of petroleum products, the finance ministry has started deliberations after receiving the summary from Ogra.

According to details, the ministry has worked out the reduction in Mogas (petrol) price by Rs15 per litre and diesel by Rs33.99 per litre.

The new price of petrol has been proposed at Rs219.70 per litre after jacking up the petroleum levy (PL) byRs5 per litre to Rs15 per litre, from Rs10 per litre, and diesel Rs241.30 per litre after increasing the petroleum levy to Rs10 per litre from the existing Rs5 per litre.

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The NORINCO Group is invited by CM Sindh to explore opportunities.

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Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

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A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

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In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.

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SFD and Pakistan Sign Two Deals Totaling $1.61BLN

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Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

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