Author Archives: Business Desk

Pakistani delegation briefs IMF, WB & ADB officials on economic measures in meetings

The International Monetary Fund (IMF) appreciated the progress made by Pakistan in order to achieve economic stability and the government’s commitment to bring about reforms, a press release issued by the finance ministry said on Saturday. In a meeting with the Pakistani delegation, headed by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh, Director Middle East and ...

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Pakistan escapes FATF blacklist, but gets warning

ISLAMABAD: While giving a four-month lifeline, the Financial Action Task Force (FATF) has strongly urged Pakistan to swiftly complete its full action plan by February 2020 and until then the country will remain on the ‘grey list’. The Paris-based FATF reviewed measures taken and progress made by almost 15 countries, including Pakistan, vis-à-vis anti-money laundering and combating financing of terrorism ...

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FBR starts investigating tax evasion

Business Desk KARACHI: The Federal Board of Revenue (FBR) has launched a stocktaking drive in the steel sector to verify the reports that re-rollers/melting furnaces are involved in tax evasion through underreporting of production, reported The News. According to the report, FBR initiated scrutiny of production in steel sector in order to plug revenue leakages. FBR launched the scrutiny process on ...

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ADB approves $200m loan for BISP

By Staff Reporter ISLAMABAD: The Asian Development Bank (ADB) has approved a $200 million loan as additional financing to help support the government of Pakistan’s flagship social protection programme, the Benazir Income Support Programme (BISP). The BISP supported more than 5 million eligible families across the country through over $3.6 billion in total cash transfers disbursed so far. The incumbent ...

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Saudi Arabia extends olive branch to India

JADAH: Saudi Arabia, the world’s biggest oil exporter, is looking at investing $100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country’s growth potential. Saudi Ambassador Saud bin Mohammed Al Sati has said India is an an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi in key sectors such ...

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Jewellers demand more incentives for revival of gold industry

ISLAMABAD: Jewelers related to the gold industry have demanded of the government to provide them more incentives for exporting the traditional hand and machine made jewelry by exploring international markets for saving them from the drasting consequences of unusual surge in gold price during the previous months. Sheikh Usman, a Jeweler in the local market of Rawalpindi, said jump in ...

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