Business

The Pakistan Petroleum Dealers Association (PPDA) is going on a nationwide strike starting tomorrow, Friday, July 5th. They are protesting the imposition of a new 0.5% advance tax on turnover by the government. Moreover, the strike could lead to the closure of over 13,000 petrol stations across the country. The Pakistan Petroleum Dealers Association (PPDA) has announced a nationwide strike starting July 5 in response to the government's decision to impose a 0.5% advance tax on turnover. They argue this new tax will further harm their businesses, which are already struggling due to high taxes and inflation. Authorities announced that over 13,000 petrol stations will close starting at 6 am on July 5, and the strike could continue for several days unless their demands are met and notif...

Pakistan imports landscape has seen remarkable growth in recent months, with significant increases noted across several key sectors. Mobile phones, cars, and tea have particularly stood out in terms of import expansions. In the span of 11 months, Pakistan imports of smartphones surged by an impressive 214%, amounting to over $1.062 billion. This translates to approximately Rs458 billion in Pakistani currency, reflecting a burgeoning demand for advanced communication technology. Similarly, car imports witnessed a substantial spike of 269%, reaching beyond $235 million, equivalent to Rs66.47 billion locally. This surge underscores a robust appetite for vehicles among consumers despite economic fluctuations. Tea, a perennial favorite in Pakistan, saw a notable 17% increase in impor...

Prime Minister Shehbaz Sharif declared that Pakistan's recently concluded program with the International Monetary Fund (IMF) will be its last. Moreover, the government's ability to manage debt levels and create a more robust economy will be crucial in determining whether Pakistan can truly move beyond IMF assistance. In a speech to the nation, Prime Minister Shehbaz Sharif promised that Pakistan's current deal with the International Monetary Fund (IMF) will be the last. He urged the nation to move towards self-reliance and economic stability without depending on foreign bailouts. This announcement comes after the successful completion of a 9-month Stand-By Arrangement with the IMF in April 2024, which provided Pakistan with $3 billion in financial assistance. The program focused on ...