Life for ordinary Pakistanis may continue to be challenging not only through this fiscal year but for the next two years as well due to the high levels of taxes that will remain in place and the additional services that will be brought into the tax net during these three years to meet the Internal Monetary Fund’s (IMF) demands. The recently negotiated $7 billion IMF loan package, whose final approval by the IMF Executive Board is awaited, will be disbursed in 37 months. The terms of this loan require Pakistan’s provinces to switch over from the “positive” to “negative” list of services to…
Author: Hasnain Abid Khanzada
In June 2024, the National Assembly of Pakistan approved the budget for 2024-25, which included an 18 per cent general sales tax (GST) on packaged milk. This new taxation policy, effective from July 1, has led to a significant increase in packaged milk prices, making it less accessible to the general public. The affordability of milk has drastically declined, posing severe public health concerns. Leading dairy companies in Pakistan have already responded to the new GST by adjusting their prices. The once affordable 250ml pack now costs Rs85-95, while a 1,000ml pack has leapt to Rs330-370. The 1,500ml pack, previously a common household size,…
Bears dominated the trading floor on Monday as shares at the Pakistan Stock Exchange (PSX) declined by more than 1,500 points because of “heightened political tensions”. The benchmark KSE-100 index shed 1370.56 points, or 1.71 per cent, to stand at 78,747.33 points around 12pm from the previous close of 80,117.89 points. Finally, the index closed at 78,539.18 points, down by 1578.71 points or -1.97pc, from the previous close. “Heightened political tensions and media reports on banning Pakistan’s largest and most popular political party have dragged down sentiment,” Yousuf M Farooq, director of research at Chase Securities, told Dawn.com. “Moreover, after a…
Optimists refuse to surrender to the evident negatives and risks in a world plagued by lingering conflicts in Gaza and Ukraine. Despite politically rooted challenges, they envision stronger UK-Pakistan relations, driven by high trade potential in services. As Pakistan’s economy gains breathing space with a three-year $7 billion International Monetary Fund deal, Prime Minister Shehbaz Sharif pledges to expedite economic revival. Meanwhile, British Prime Minister Keir Stamer embarks on his mission of ‘national renewal’ with a focus on growth. Business leaders of Pakistani descent in the UK see this as a rare opportunity for economic diplomacy to realise the potential of trade and…
SYDNEY: Australia’s cyber intelligence agency said on Saturday that “malicious websites and unofficial code” were being released online claiming to aid recovery from Friday’s global digital outage, which hit media, retailers, banks and airlines. Australia was one of many countries affected by the outage that caused havoc worldwide after a botched software update from CrowdStrike. On Saturday, the Australian Signals Directorate (ASD) — the country’s cyber intelligence agency — said: “a number of malicious websites and unofficial code are being released claiming to help entities recover from the widespread outages caused by the CrowdStrike technical incident”. On its website, the agency…
DHAKA: Bangladesh’s Supreme Court on Sunday scrapped most quotas on government jobs after nationwide action led by students spiralled into clashes that killed at least 139 people, but some organisers said the protests would continue. Dismissing a lower court order, the Supreme Court’s appellate division directed that 93pc of government jobs should be open to candidates on merit, Attorney General A.M. Amin Uddin said. A Bangladeshi student group whose demonstrations against civil service hiring rules precipitated serious nationwide unrest said on Sunday it would not abandon protests despite the SC ruling partially meeting their demands. “We won’t call off our protests until the government…
ISLAMABAD: After several individuals, said to be Afghan nationals, vandalised the Pakistani consulate in Frankfurt, Islamabad urged Germany to take immediate measures to prosecute those involved and hold to account those responsible for the security lapse. According to the Pakistani mission, the incident occurred on July 20, when a “gang of extremists” attacked the consulate and “endangered” the lives of the consular staff on the premises. In a video of the incident which went viral online, scores of protesters carrying placards could be seen gathered outside the consulate. The videos show three men — one of whom is seen clutching…
JERUSALEM: Facing intense pressure to quickly cut a ceasefire deal with Hamas in Gaza, Israeli Prime Minister Benjamin Netanyahu is to deliver a landmark speech to the US Congress on Wednesday. While Netanyahu will become the first foreign leader to address a joint meeting of the two chambers four times, pulling ahead of Britain’s Winston Churchill on three, an expected meeting between Netanyahu and US President Joe Biden is still not confirmed. Publicly, Biden has voiced strong support for Israel, but he expressed concern over an offensive on the southern city of Rafah in May and for a while suspended…
GAZA STRIP: Israeli forces intensified strikes across central Gaza killing at least 64 people and leaving more than a hundred others wounded in a single day, following the International Court of Justice ruling declaring the Israel’s occupation of Palestinian territory ‘illegal’. Many victims are still under rubble and on roads, with civil defence crews not able to reach them, according to the Hamas-run health ministry, which says at least 38,983 Palestinians, mostly women and children, have been killed and 89,727 wounded in Israel’s war on Gaza since October 2023. In recent days, Israeli strikes have been focused on the Al-Nuseirat refugee camp.…
Independent Senator Joe Manchin is thinking about rejoining the Democratic Party and entering the 2024 US presidential election race, media reports said Sunday. Earlier on Sunday, Manchin called on President Joe Biden to quit the race before Biden announced his decision not to seek reelection and endorsed Vice President Kamala Harris for the Democratic presidential nomination. According to the reports, citing sources familiar with the matter, Manchin, who changed his party registration to independent in May, is considering running against Harris. Biden’s candidacy has been in the spotlight following his dismal performance against former President Donald Trump in a presidential debate late last month. Facing…
