On Friday, the State Bank of Pakistan announced one rupee incentive against one dollar for the foreign exchange companies, bringing the forex to Pakistan, a strategy which will further improve the value of rupee against the US dollar and other major currencies.
Economy
According to agreement, Saudi Arabia will supply oil to Pakistan on deferred payment up to $100 million per month for one-year.
IMF projects 4% economic growth in 2021-22, with further increase in inflation.
Iran’s exact shipment data for China is unavailable because under sanctions exports are kept secret and the oil is marked as originating from Malaysia, Oman, and the United Arab Emirates.
IT Minister also regretted increase in advance tax on telecom sector, saying he opposed it in the cabinet and the parliament and a discussion is going on the matter of withholding tax are under way with the Finance Ministry and the FBR.
WASHINGTON: The International Monetary Fund (IMF) in its board meeting on Wednesday gave the green signal for the release of…
“The country may suffer devastating repercussions if the economy doesn’t improve. Trade connections with India should be improved and Pakistan should adopt a regional strategy for economic growth,” as per Mian Mansha.
Finance Minister Tarin said that the government was focusing on the documentation of the economy to broaden the tax base and this can only be achieved through the use of technology and automation with review of existing procedures and processes.