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Nationwide grain markets, wholesale markets closed for 3 days – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The All Pakistan Wholesale Grocers Association has started a three-day nationwide strike against the withholding tax in the budget year 2024, 25. Traders say that the business will be affected by the implementation of the withholding tax. May also miss out on staple foods like pulses and rice.

After petroleum dealers and flour millers, wholesalers have called for a strike from July 31 to August 2 due to the tax hike in the federal budget.

There will be a shutter down for three days in 17 major industrial hubs of Punjab including Karachi, Hyderabad, Sukkur, Faisalabad, Peshawar, Mardan and Kohat in Khyber Pakhtunkhwa.

Traders say that while business will be affected by the implementation of the withholding tax, ordinary citizens may also lose basic food items like pulses and rice.

LPG prices hiked, LNG prices cut

Muhammad Aurangzeb said that he will increase his revenues to 1.5 percent of GDP in the fiscal year 2025. Tax collection increased by 30% during 2024 as compared to 2023.

The finance minister further said that there has been a reduction in inflation and stability in financial reserves, remittances have increased by 7.7% in the last financial year.

He said that the imports of the IT sector have exceeded 3 billion dollars. The excellent performance of the stock exchange is a reflection of the positive economic trend, the inflation rate rose to 12.6 percent, while Pakistan’s foreign exchange reserves reached US$ 9.4 billion in June 2024.

#Finance #Minister #Virtual #Meeting #Fitch #Ratings #Representatives #Appreciation #Pakistans #Fiscal #Initiatives #Business #Economy
2024-07-23 20:26:58

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If the government changes, there will be no elections, technocrats will come, Global Rating Agency – Pakistan

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The economic rating agency Fitch has predicted in its report on Pakistan that the current government will remain in place for 18 months. If the government changes, there will be no elections, technocrats will come, while PTI founder Imran Khan will remain under detention for the foreseeable future. If the current government ends, a technocrat government may come in Pakistan, protests in the cities of Pakistan may affect economic activities.

Fitch Business Monitor International has released the Pakistan Country Risk Report, which states that Pakistan’s economic recovery is facing a critical situation while the political situation might derail the economy. The current government will remain in power for the next 18 months or so and there will be no fresh elections in the country if the government changes. When the government ends, a technocrat government may come in Pakistan.

Lack of a strong electoral mandate to consistently implement difficult economic reforms might pose risks, Moody’s said

Fitch added in its report that independent candidates backed by jailed Imran Khan won big in February’s election, while protests in Pakistan’s cities might affect economic activity.

The pace of economic development in Pakistan is expected to be 3.5% this fiscal year

External payments pressure is an economic risk for Pakistan’s economy, while floods and droughts are economic risks for agriculture, the report said. The current government will carry out all the economic reforms in collaboration with the IMF.