The State Bank of Pakistan (SBP) announced its National Financial Inclusion Strategy (NFIS) for 2024-2028, setting an ambitious target to increase financial inclusion from 64% in 2023 to 75% by 2028 and reduce the gender gap in financial inclusion from 64% to 75% by 2028. 34% in 2023 to 25% in 2028. The new strategy … Read more
Prime Minister Shehbaz Sharif on Wednesday praised Pakistan’s ability to achieve economic stability and achieve fiscal targets despite ongoing political turmoil and attempts at destabilization. Addressing the Federal Cabinet meeting, the Prime Minister highlighted important milestones in resource mobilization, trade efficiency, and anti-smuggling efforts. Prime Minister Shehbaz said: “The protests tried to derail the economy, … Read more
The Federal Board of Revenue (FBR) is facing a steep shortfall of Rs 1 trillion to meet its tax collection target of Rs 6.009 trillion for the July-December period, a key condition under Pakistan’s agreement with the International Monetary Fund (IMF). Finance Minister Muhammad Aurangzeb expressed hope during a press conference on Thursday that the … Read more
BYD, China’s largest electric car maker, gained market share as the world’s largest auto market posted its fastest growth month in 2024, leaving BYD poised to exceed its global annual sales target and overtake Ford and Honda. BYD has seen extraordinary expansion this year, ramping up capacity and executing a massive hiring spree to boost … Read more
Banks disbursed Rs 2.2 trillion to the non-government sector, including the private sector and NBFCs, during the first five months of FY25, as they aimed to meet their advance-to-deposit ratio (ADR). The goal set by the government. Under the 2024-25 budget, banks that fail to raise the daily access rate to 50% by December 31 … Read more
The Federal Board of Revenue (FBR) has failed to meet its five-month tax collection target, missing Rs356 billion, with provisional collections standing at Rs4.28 trillion against the target of Rs4.64 trillion as of November 30. This represents a growth rate of less than 23%, well below the 40% required to achieve the annual target of … Read more
The government has unveiled a five-year economic transformation plan that aims to expand Pakistan’s economy to $1 trillion by 2035 while addressing structural challenges in multiple sectors. However, social media restrictions, frequent internet outages, and firewall enforcement pose significant obstacles to achieving this ambitious goal. The Express Tribune She stated that the “Five-Year National Economic … Read more
The ICT Ministry on Friday presented a comprehensive action plan to Prime Minister Shehbaz Sharif aimed at boosting the country’s IT exports to $25 billion over the next five years. Prime Minister Shehbaz Sharif, who set an ambitious target for the IT Ministry, chaired a review meeting where he appreciated the proposed action plan and … Read more
This photo released on March 3, 2022, shows the FBR building. —Facebook/Federal Board of Revenue The Federal Board of Revenue (FBR) has denied media reports claiming that the International Monetary Fund (IMF) rejected the top tax collection body’s request to review the tax target during a recent virtual meeting. “It is unfortunate to note that … Read more