Business

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

Published

2 years ago

Farwa

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.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

2 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.