New government, comprising multiple parties alliance, appears indifferent to the dollar’s dredging of rupee value. Despite ban on non-essential and luxury items import, consistent depreciation of rupee value against dollar and other major currencies has shocked everyone in the country
Economy
“The prime minister will at some point announce austerity measures to save government expenditures. After two increases in petrol prices, we are out of the financial crisis”, the finance minister said in a tweet to reassure the markets.
Industry executives from agriculture, information technology, textiles, manufacturing, and other sectors will speak at the one-day conference. Participants will evaluate Pakistan’s current economic difficulties and come up with short, medium, and long-term remedies.
Finance Minister also stated that $2.4 billion loan will be received from China in two or three days, as all the formalities related to the loan have been completed after a recent visit by Foreign Minister Bilawal Bhutto Zardari.
The report about China’s $2.6 billion deposit placement has failed to entice traders as they don’t see it as useful for fiscal or external support.
, Ogra has also forwarded category-wise prescribed prices for the fiscal year 2022-23. Under this determination, the regulator has also recommended charging an equal rate of Rs854.52 per unit to all consumers irrespective of their sectors and existing slabs.
45% increase has been approved for the Sui Northern Gas Pipelines Limited (SNGPL)while for Sui Southern Gas Company (SSGC) a 44% hike has been notified.
The stock market traded 103.193 million shares involving an amount of 3.572 billion rupees till 3:30 pm on Friday.