SBP reduces policy rate by 50bps from 9.50 to 9 percent
State Bank of Pakistan (SBP) Friday slashed its key policy rate by 50 basis points bringing it down from 9.50 to 9 percent."State Bank of Pakistan has decided to place a higher weight to declining inflation and low private sector credit relative to risks to the balance of payments position," a statement issued by the bank here said. more... (N)
Pakistan will have to service debts to save face: finance minister
Federal Minister for Finance & Revenue, Ishaq Dar, Saturday said in order to avoid a balance of payments crisis, Pakistan would have to apply for another loan. “The borrowing is inevitable as Pakistan has to service at least $3 billion worth of foreign debts”, said he replying to a question on the floor of house.
To pay off Rs370 bn dues under circular debt by June 30: Dar
Federal Finance Minister, Senator Ishaq Dar Sunday reaffirmed the government’s resolve to eliminate the vicious circular debt by announcing to pay it off by August 12.Speaking from the floor of National Assembly, Senator Dar said the total amount of circular debt stood at Rs508 billion as of May 31 and vowed to pay off Rs370 billion by June 30 to partially settle the private sector dues. “The entire circular debt will be cleared by August 12,” he pledged.
GST increase not to be withdrawn: Dar
The government has decided not to withdraw the proposed one per cent increase in general sales tax (GST) for fiscal year 2013-14.Finance Minister Ishaq Dar, winding up the budget debate in the National Assembly on Saturday, said that he had carefully reviewed the opposition’s recommendations on the increase in GST but the country’s economic condition currently did not leave room for withdrawal of the increase.
Govt withdraws income tax hike for lower salary brackets
the government withdrew the proposed increase in income tax rates for salaried individuals having annual income up to Rs2.5 million while also taking back 17% sales tax planned to be charged on stationary, milk products and bicycles. more...(ET)
Meeting revenue target for June: customs decides to cash all bank guarantees
Pakistan Customs has decided to cash all bank guarantees to meet its revenue target of Rs 23 billion for June; it is learnt here on Sunday. more...(BR)
NA approves two demands for grants of Rs 83.47bn for Pakistan Railways
The National Assembly on Sunday approved two demands for grant of Rs.83.47 billion for Pakistan Railways with majority of votes while rejecting all cut motions presented by the Opposition. more...(BR)