Moody’s Investors Service has downgraded the government of Pakistan’s local and foreign currency credit ratings to Caa3 from Caa1 in the wake of the drop in the country’s foreign exchange reserves and rise in risk of default on foreign debt repayment. The global rating agency has, however, “changed the outlook to stable from negative,” according مزید پڑھیں

President Dr Arif Alvi on Thursday approved the Finance (Supplementary) Bill 2023, also known as the mini-budget. The approval was given under Article 75 of the Constitution which states that when a bill is presented to the president for assent, the president shall, within 10 days assent to the bill. Earlier, the National Assembly had مزید پڑھیں

A plea was filed in the Lahore High Court (LHC) on Thursday, challenging the recent increase in prices of petroleum products. The plea has been filed by a citizen named Muneer Ahmed through his lawyer Advocate Azhar Siddique. He stated that the federal government has increased the prices of petroleum products which would lead to مزید پڑھیں

The government on Wednesday sharply increased the natural gas tariff by up to 112% for domestic (everyday consumers) and general industries, including export-oriented sectors, captive power plants, CNG and IPPs, and commercial sectors. However, the gas tariff has been kept unchanged for tandoors. The new prices will be effective from January 2023. The development comes مزید پڑھیں

Indian tax officers searched the BBC’s offices in New Delhi and Mumbai for a second day on Wednesday, two sources said, as controversy swirled over a BBC documentary critical of Prime Minister Narendra Modi’s role in deadly riots two decades ago. The searches resumed Wednesday morning after they went on until late in the night مزید پڑھیں

A National Assembly session is under way to pass a crucial tax amendment bill to fulfil the conditions of the International Monetary Fund (IMF) to revive a stalled loan programme that the country needs to stave off default. Finance Minister Ishaq Dar introduced the Finance (Supplementary) Bill 2023. Addressing the lower house of parliament, Dar مزید پڑھیں

The prices of petroleum products may increase by over Rs32/litre from February 16 (tomorrow) owing to the US dollar exchange rate. Petroleum, oil and lubricants prices closed at Rs236.40 per dollar which currently stands at 271.82 for the next fortnight. However, the free-on-board Platt prices saw a decline as compared to last fortnight’s pricing. As مزید پڑھیں

After President Dr Arif Alvi’s objections, the federal government has decided to pass the Finance Bill from the parliament which is also being termed ‘mini-budget’. the Finance Bill will be presented before the National Assembly (NA) and the Senate during separate sessions on Wednesday (today). The federal government accelerated efforts to immediately approve the Finance مزید پڑھیں

The federal cabinet has approved the Finance Supplementary Bill 2023 providing for a one percent increase in General Sales Tax and additional taxes on luxury items as part of the reforms related to the International Monetary Fund’s Ninth Review. The Federal Cabinet met in Islamabad with Prime Minister Shehbaz Sharif in the chair. The Prime مزید پڑھیں

Global ratings agency Fitch cut Pakistan’s sovereign credit rating on Tuesday by two notches from CCC+ to CCC-, citing policy and large refinancing risks, critically low reserves and difficult conditions set by the International Monetary Fund (IMF). This is the second downgrade since October, when Fitch cut Pakistan’s sovereign rating from B- to CCC+. Fitch مزید پڑھیں