Latest news with #EidullFitr
Express Tribune
05-04-2025
- Business
- Express Tribune
'Interest rates reduced significantly, further decrease possible': Finance Minister
Listen to article Finance Minister Muhammad Aurangzeb has stated that there has been a significant reduction in interest rates and, in his opinion, there is room for further reduction. In a press conference held in Islamabad, he said that economic stability had been achieved in the country, which is crucial for economic development. He also noted significant improvements on the external front, with remittances expected to exceed 36 billion dollars this year. The Finance Minister mentioned that exports are also increasing, and by the end of June, the country's foreign exchange reserves will reach $13 billion. He added that there are no difficulties in opening Letters of Credit (LCs) or transferring profits by companies abroad. On the domestic front, inflation has significantly decreased. Muhammad Aurangzeb further said that the reduction in inflation should be passed on to the public, and the Economic Coordination Committee (ECC) is taking measures to address inflation. The ECC has been closely monitoring inflation and has implemented new measures to control it. He also commented on the significant reduction in interest rates, stating that there is still room for further reduction. Reports from PWC and the Overseas Chamber of Commerce show increased investor confidence, with local investors also making investments and the stock market seeing an increase in investment. The Finance Minister reported that Rs870 billion worth of purchases were made during Eidull Fitr, compared to Rs720 billion last year. He highlighted a 14% increase in cement production and a 40% increase in car sales, along with a 30% rise in motorcycle sales during the first half of the year. Regarding the International Monetary Fund (IMF), Muhammad Aurangzeb confirmed that a staff-level agreement had been reached, and Pakistan had achieved the IMF's structural benchmarks. He noted that this is the first time Pakistan has met these benchmarks, which included steps for national fiscal agreements and agricultural income tax collection. The Finance Minister also mentioned that for the first time, provinces had taken steps to meet targets, and he expressed hope that the IMF's Executive Board would soon approve the second tranche of one billion dollars. On climate change, he stated that an agreement had been reached with the IMF, and the funds will be disbursed in phases as Pakistan meets its climate change goals. He emphasized that for the final IMF programme, full implementation of structural reforms is essential. Economic stability has already been achieved, but now the focus is on sustaining and advancing it. Muhammad Aurangzeb shared that the tax-to-GDP ratio had been increased to 10.8% and tax collection was being enhanced. He pointed out the benefits of the digitalization of the Federal Board of Revenue (FBR), and mentioned that the Track and Trace system had been fully implemented for sugar, fertilisers, and tobacco. However, its implementation in cement is still pending. The Finance Minister concluded by announcing that a system will be introduced in the next fiscal year allowing salaried individuals to directly pay their income taxes, making the process easier. Meanwhile the IMF has sent a second Corruption and Governance Diagnostic Mission to Pakistan a few months apart to hold in-depth engagements with over 30 departments and institutions, including the registrars of the Supreme Court of Pakistan (SCP) and the accountability court. The mission, which began its interactions on Thursday, will stay in the country until April 14, according to Pakistani authorities. The IMF's response on launching the second corruption and governance diagnostic mission since February was awaited until the filing of this story.
Express Tribune
26-03-2025
- Climate
- Express Tribune
New system brings rain in parts of Punjab
Listen to article Light rain and breezy conditions are expected in several districts of Punjab over the next two days while hot and humid conditions are expected to prevail in other parts of the province, according to the meteorological department. According to the meteorological department, rainfall is expected in Murree (17-19°C), Bahawalpur (37-39°C), Dera Ghazi Khan (29-31°C), Multan (32-34°C), Chakwal (29-31°C), Faisalabad (32-34°C), Sargodha (29-31°C), Lahore (33-35°C), Attock (30-32°C), Rawalpindi (28-30°C), Jhelum (28-30°C), and Sahiwal (34-36°C) on Wednesday and Thursday. Humidity levels remain high, particularly in Multan (91%), Bahawalpur (75%), and Jhelum (73%), adding to the intensity of the weather. By Friday, most cities will see clear skies, with temperatures rising by 2 to 3 degrees Celsius. In Lahore, temperatures are forecast to range between 33°C and 35°C during the rainy spell before climbing to 35-37°C on Friday under sunny skies. While the rain is expected to provide brief relief, humidity remains at 71%, keeping conditions warm and sticky. The scattered showers in different parts of Punjab are expected to improve air quality and create a pleasant atmosphere, meteorologists said. The meteorologists have also advised residents to prepare for short-lived storms and high humidity as Punjab transitions into warmer days. Earlier, the PMD had predicted widespread rain, thunderstorms, and possible hailstorms across several regions in the days leading up to Eidull Fitr. The Pakistan Meteorological Department (PMD) said the wet spell is expected between March 25 and 27, affecting upper and central areas, with snowfall forecasted over mountainous regions. According to PMD, showers will likely hit Buner, Dir, Malakand, Swabi, Charsadda, Abbottabad, and Peshawar from March 25 to 27. Other areas, including Karak, Lakki Marwat, North and South Waziristan, and Dera Ismail Khan, could also experience rain, hail, and snowfall in higher altitudes. Islamabad, Potohar region, Murree, and Galiyat are also expected to receive rainfall and light snowfall between March 25 and 27.
Express Tribune
24-03-2025
- Climate
- Express Tribune
New spell of rain expected before Eid, says Met Office
Listen to article Pakistan's weather department has predicted widespread rain, thunderstorms, and possible hailstorms across several regions in the days leading up to Eidull Fitr. The Pakistan Meteorological Department (PMD) said the wet spell is expected between March 25 and 27, affecting upper and central areas, with snowfall forecasted over mountainous regions. According to PMD, showers will likely hit Buner, Dir, Malakand, Swabi, Charsadda, Abbottabad, and Peshawar from March 25 to 27. Other areas, including Karak, Lakki Marwat, North and South Waziristan, and Dera Ismail Khan, could also experience rain, hail, and snowfall in higher altitudes. Islamabad, Potohar region, Murree, and Galiyat are also expected to receive rainfall and light snowfall between March 25 and 27. Meanwhile, central Punjab will see scattered rain showers during the same period. In Sindh, dust storms are likely on March 25 and 26, while parts of Balochistan—including Quetta, Ziarat, Zhob, Musa Khel, Chaman, and Mastung—are expected to receive rain. The Met Office has also warned of thunderstorms and hail, which could damage power lines and solar panels, while landslides remain a risk in hilly areas due to moderate to heavy rainfall. PMD has issued an alert regarding severe hailstorms in upper Punjab, Islamabad, and Khyber Pakhtunkhwa, which could harm standing crops, particularly wheat. Strong winds and hail may also cause structural damage in affected areas. Authorities have advised residents and farmers to take precautionary measures ahead of the expected weather disruptions.
