Month: October 2023

Pakistan asks Saudi Arabia for $1bn oil facility in CY24

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pak-saudia

Pakistan has made a formal request to the Kingdom of Saudi Arabia (KSA) for provision of $1 billion oil facility on deferred payment for the calendar year 2024. ISLAMABAD: Just ahead of the IMF’s review talks, Pakistan has made a formal request to the Kingdom of Saudi Arabia (KSA) for provision of $1 billion oil facility on deferred payment for the calendar year 2024. “Pakistan has made a formal request for $1 billion Saudi Oil Facility (SOF) on deferred payment with effect from January 2024. The KSA has not yet…

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50 more PIA flights cancelled over fuel supply

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PIA-plane

PIA’s fuel supply could not be restored despite payment to PSO KARACHI: The Pakistan International Airlines (PIA) paid Rs70 million to the Pakistan State Oil (PSO) on Tuesday but the fuel supply could not be restored due to which more than 50 more flights were canceled for Wednesday. According to PIA sources, Karachi to Lahore flights PK302, PK303, PK304, PK305 for Faisalabad PK340, PK341, for Islamabad PK368, PK369, Gwadar PK503, PK504, Multan PK330 and PK331 have been cancelled. PK181 to Sharjah, PK182 from Islamabad, PK233 to Dubai, PK234 to Gilgit,…

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SBP forecasts real GDP growth to fall in 2-3pc range in FY24

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state-bank

The central bank has forecast Pakistan’s real GDP growth to fall in the range of 2-3 per cent in the current fiscal year, it said in its annual economic report released on Monday. In June, the previous government approved an estimated 3.5pc GDP growth target for its 2023-24 financial year budget. However, in its report, the State Bank of Pakistan (SBP) said the target would fall short as the impact of various demand compression measures introduced in the past two years might temper the pace of recovery in economic activity. It stated…

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OGRA to finalise upgrade deal with local refineries by deadline

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oil-export

KARACHI: Pakistan’s oil regulator has convened a series of meetings with local refineries this week to finalize the upgrade agreement and the escrow account agreement under the new refining policy, sources told The News on Monday. The Oil & Gas Regulatory Authority (OGRA) has been slow in finalizing these agreements, which are required to be completed within three months of the notification of the policy on August 17, 2023, the sources said. The local refining sector has been expressing concern over the delay in finalising these agreements on the part…

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Global billionaire tax could yield $250 billion annually, study says

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Tax-dept

PARIS: Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. If levied, the sum would be equivalent to only 2 percent of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said. Currently billionaires’ effective personal tax is often far less than what other taxpayers of more modest means pay because they can…

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