Finance Minister Muhammad Aurangzeb said Reuters Pakistan is targeting about $1 billion in a formal request for financing from the International Monetary Fund facility that helps manage external shocks. “We have formally requested consideration of this facility,” Aurangzeb said in an interview on the sidelines of the fall meetings of the International Monetary Fund and … Read more
KarachiPakistan Refinery Limited (PRL), a subsidiary of Pakistan State Oil Limited (PSO), reported a significant financial loss of INR 2.35 billion for the quarter ended September 30, 2024. This is in stark contrast to the previous year’s profits. – After tax of Rs 4.48 billion for the same period. In a filing to the Pakistan … Read more
A policeman walks in front of the Federal Board of Revenue (FBR) office building in Islamabad, on August 29, 2018. — Reuters FTO finds blatant case of organized tax fraud Fake transactions worth Rs 84 billion were made. Taxes worth Rs 14 billion were evaded in just a few months. ISLAMABAD: A glaring example of … Read more
A strike banner hangs from a position near a Boeing sign as Boeing factory workers and supporters gather in a picket line during the third day of the strike near the entrance to Boeing’s production facility in Renton, Washington, US on September 15, 2024. – Reuters Global aerospace giant Boeing announced it will cut 17,000 … Read more
Petroleum Minister Musaddiq Malik receives a Saudi delegation upon its arrival in Islamabad on October 9, 2024. – Screengrab via Geo News A Saudi minister delivers a speech before the Business Forum during the visit Agreements and memorandums of understanding to be signed in various fields. Companies from various sectors are part of the delegation. … Read more
US $100 bills are shown in this illustration taken in Seoul on February 7, 2011. — Reuters Pakistan receives highest ever quarterly remittances in Q1 FY2025. Saudi Arabia leads in September remittances, with a total of $681.3 million. Analysts say the rise is driven by exchange rate stability. Remittances rose 29% year-on-year to $2.849 billion … Read more
A foreign exchange trader counts US dollars at a store in Karachi, Pakistan, May 19, 2022. – AFP/File Saudi Arabia promises $1.2 oil facility to Islamabad. Dubai Islamic Bank commits to providing $1 billion. The Islamic Development Bank and the Asian Development Bank pledged $600 million and $430 million, respectively. ISLAMABAD: Amid efforts by the … Read more