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Telecom companies assured Finance Minister Muhammad Aurangzeb on Monday that they would block 5,000 SIMs of non-filers of income tax returns every day. This assurance was given by the high-ups of telecom companies during a meeting with the minister held at the Ministry of Finance. Federal Board of Revenue (FBR),…

A delegation from the International Monetary Fund (IMF) led by Mission Chief Nathan Porter arrived at the Finance Division today to officially commence talks on a new loan program. Sources told ProPakistani the exchange will likely span around two weeks. Apart from a new loan program, both sides will discuss…

The State Bank of Pakistan (SBP) has strengthened tracking of cross-border foreign currency payments via its Regulatory Approval System (RAS), the regulator said in a circular on Monday. To allow enhanced tracking of their cases, Banks will now be able to submit these cases through SBP's Regulatory Approval System (RAS)…

The federal government has vowed to the International Monetary Fund (IMF) not to give any new fuel subsidies next fiscal year. Authorities have committed to protecting low-income consumers, avoiding new subsidies, and refraining from netting out cross-arrears without proper auditing. They also aim to reduce circular debt through reforms in…

The price of gold in Pakistan fell by over Rs. 1,000 per tola on Monday to settle at Rs. 242,300. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 1,200 per tola to Rs. 242,300, while the price of 10 grams…

The International Monetary Fund (IMF) has recommended that Pakistani authorities withdraw/eliminate all incentives for savings and financial investors in the upcoming fiscal year budget. Sources told ProPakistani this includes perks for banks who repatriate funds from international clients who rely on advance payments for imports. The lender wants local authorities…

The Pakistani rupee (PKR) again reversed gains against the US Dollar today after opening trade at 278 in the interbank market. It was largely bearish and closed in red against the greenback. However, it managed to post some gains against other major currencies today. The interbank rate stayed at 278/$…

The International Monetary Fund (IMF) has urged Pakistan to ensure economic stability by addressing its political crisis. During the introductory session on a new loan program between the lender and the federal government on Monday, the IMF Mission affirmed its commitment to signing the loan program, with its size and…

Prime Minister Shehbaz Sharif Monday ordered the suspension of two senior officers of Pakistan Agricultural Storage and Services Corporation (PASSCO) over their negligence in wheat procurement. The premier also directed the authorities concerned to develop a mobile phone application to ensure transparent procurement of wheat. Chairing a high-level meeting to…