Islamabad: Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, recently shared updates on the government’s decision to abolish the Federal Excise Duty (FED) on property transactions. He confirmed that a summary outlining the removal of the FED has been sent to the Cabinet for approval, and once the Cabinet grants its approval, the policy will be implemented immediately. Langrial emphasized that the Prime Minister has already given the green light for this significant move. He further clarified that there will be no specific limit set for property purchases under the new policy. As part of the reforms,…
Author: Ahmad Mukhtar
Islamabad: Pakistan has officially launched the selection process for its first-ever manned space mission, which is set to take place aboard China’s Tiangong Space Station. The announcement was made by a spokesperson from the China Manned Space Agency (CMSA), confirming the collaboration between the two countries. In February, Prime Minister Shehbaz Sharif announced that Pakistan would send astronauts on a manned mission to space in partnership with China. Following this, Pakistan’s space agency, Suparco, called for proposals for innovative scientific experiments to be conducted aboard the Chinese space station to maximize the mission’s impact. China’s space program has made rapid…
Islamabad: Ministry of Industries has held a meeting to gather proposals for reducing tractor prices in Pakistan. The minister emphasized that affordable tractors are essential for the benefit of farmers across the country. He also urged manufacturers to propose ways to reduce tractor prices to make them more accessible. A high-level meeting on the formulation of the National Tractor Policy was held today under the chairmanship of Special Assistant to the Prime Minister (SAPM) on Industries and Production, Mr. Haroon Akhtar Khan. The meeting focused on the critical role of tractor manufacturers in strengthening the agriculture sector and the broader…
Ankara/Islamabad: Prime Minister of Pakistan, Muhammad Shehbaz Sharif, met with the President of Türkiye, Recep Tayyip Erdoğan, during his official visit to Ankara today. The meeting highlighted the enduring fraternal ties between the two nations and their mutual commitment to strengthening bilateral cooperation across multiple sectors. Prime Minister Sharif emphasized the need to boost economic collaboration, particularly through joint ventures and investments. He identified key areas for cooperation, including energy, mining, defense, agriculture, regional connectivity, and emerging technologies such as artificial intelligence and cybersecurity. The leaders also reviewed the outcomes of the 7th High-Level Strategic Cooperation Council (HLSCC) held in…
Washington/Islamabad: Embassy of Pakistan in Washington, DC hosted a high-profile economic dialogue on the sidelines of the IMF and World Bank Spring Meetings, bringing together Pakistan’s economic leadership, global financial institutions, and US corporate representatives. The event spotlighted Pakistan’s impressive economic recovery and its potential as a global investment destination. In his keynote address, Finance Minister Senator Muhammad Aurangzeb underscored the critical role of the private sector in driving Pakistan’s economic future. He emphasized that the government’s role was to provide the necessary policy frameworks and ensure continuity, likening this shift to a transformative societal change, similar to the impact…
Washington/Islamabad: President Donald Trump reassured markets that he had no plans to fire Jerome Powell, the chair of the United States Federal Reserve, and indicated a significant reduction in tariffs on China, which had been a source of concern for global markets. Trump’s previous remarks criticizing Powell had raised fears that he might oust the Fed chair, adding to market uncertainty. However, on Tuesday, Trump clarified his stance, stating, “I have no intention of firing him.” Trump continued by expressing his desire for Powell to take a more active role in reducing interest rates, suggesting, “It’s a perfect time to…
Islamabad/Washington: World Bank has projected that Pakistan’s poverty rate will stand at 42.4% in the fiscal year 2025. This statistic reflects the growing challenge as the country’s population expands at nearly 2% annually, adding approximately 1.9 million people to the ranks of the poor this year. In its latest “Poverty & Equity Brief,” the World Bank highlighted that, despite a stabilizing economy and easing inflation, Pakistan’s economic growth of 2.6% is insufficient to significantly reduce poverty levels. The country’s poverty rate, based on a consumption threshold of US$3.65 per day (2017 PPP), remains almost unchanged from the previous year, underscoring…
ISLAMABAD: A high-level committee, led by Federal Minister Dr. Musadik Malik, has yet to submit its findings on the under-utilisation of the Matiari to Lahore ±660 KV HVDC Transmission Line (MTL), despite a year having passed since the inquiry was initiated. The committee’s report, originally tasked with investigating the non-utilisation of this critical infrastructure, remains pending. In April of the previous year, Prime Minister Shehbaz Sharif formed the committee under the leadership of the then Minister for Petroleum, Senator Musadik Malik, who now serves as the Minister for Climate Change. The committee’s primary objective is to investigate why the Matiari…
GILGIT: The Khunjerab Pass, a vital gateway for the China-Pakistan Economic Corridor (CPEC), has officially been inaugurated for year-round trade and travel between Pakistan and China. This major development, announced on Tuesday, is being hailed as a historic milestone that will further deepen regional cooperation and foster economic growth in both nations. Previously, the Khunjerab Pass, which serves as the entry point for the CPEC route, was only accessible from April 1 to November 30 due to heavy snowfalls during winter. However, under a new agreement between the governments of Pakistan and China, the border will now remain open throughout…
Islamabad/Washington: The International Monetary Fund (IMF) has revised down its growth forecast for Pakistan to 2.6%, attributing the reduction to the imposition of high US tariffs, now at century-high levels. The IMF’s latest update, released on Tuesday, warned that escalating trade tensions would continue to dampen global growth, with Pakistan particularly affected by the new tariffs. The US has applied a 29% tariff on Pakistani exports, a move that is expected to create both immediate challenges and, in the long run, potential opportunities for diversification within Pakistan’s economy. In January, the IMF had already lowered Pakistan’s growth estimate to 3%,…
