Author: none@none.com (Dawn.com)

Government Slashes Petrol and Diesel Prices Ahead of Eidul Azha The government has announced a significant reduction in the prices of petrol and high-speed diesel (HSD) for the next fortnight. Petrol prices have been decreased by Rs10.2 per litre, while HSD prices have been lowered by Rs2.33 per litre. The new prices stand at Rs258.16 for petrol and Rs267.89 for HSD. This drop comes as a gift from the Prime Minister ahead of the upcoming Eidul Azha holiday. The decrease in prices is a result of the decline in international prices of petroleum products. In the last two weeks, the…

A Call for Justice: Protecting Journalists in Pakistan On May 3, the tragic killing of Maulana Muhammad Siddique Mengal, president of the Khuzdar Press Club, marked a grim day for press freedom in Pakistan. As the world celebrated World Press Freedom Day, the United Nations highlighted the crucial role of journalism and freedom of speech. Unfortunately, Pakistan ranks 152 out of 180 in the 2024 World Press Freedom Index, with three to four journalists murdered in the country each year. In response to this alarming trend, the ‘Pakistan Task Force on Journalist Murders’ has been established by Freedom Press Unlimited,…

The PTI seemed to have a change of heart regarding reaching out to the government to end the political impasse but later decided against talking to “three parties”. Despite earlier instructions to initiate contact with all political parties except PML-N, PPP, and MQM-P, PTI founder Imran Khan reversed course and ordered dialogue with the government. This shift came after the Supreme Court’s suggestion to resolve issues through parliament. While PTI leader Gohar Ali Khan initially indicated willingness to engage in talks through the opposition’s alliance, Raoof Hasan clarified that PTI had no intention to negotiate with the three parties. Imran…

Moody’s Warns of High Debt Sustainability Risks for Pakistan Global rating agency Moody’s recently highlighted Pakistan’s weak debt affordability, emphasizing the high risks associated with debt sustainability. The government spends over half of its revenue on interest payments, indicating a severe lack of debt affordability. In response to the finance bill for the fiscal year 2025, Moody’s noted a significant increase in debt servicing payments compared to the previous year. Approximately 55% of the government’s revenue for fiscal year 2025 is allocated to interest payments on its debts, raising concerns about the country’s debt sustainability. Moody’s also expressed skepticism regarding…

The Lahore High Court (LHC) Chief Justice Malik Shahzad Ahmad recently spoke out against interference in judicial matters by certain “institutions”. Addressing an event in Rawalpindi, Justice Ahmad expressed confidence that this interference would come to an end soon. He emphasized the importance of facing this interference with bravery and courage, without fear, to ensure its eradication. Justice Ahmad disclosed that the judiciary has received complaints of interference by unnamed institutions. He underscored the judiciary’s commitment to fulfilling its duties without fear or greed. Referring to recent claims by a Sargodha Anti-Terrorism Court (ATC) judge about interference by the Inter-Services…

Bulls stormed back to the Pakistan Stock Exchange (PSX) on Thursday, with shares surging over 3,400 points in intraday trade following the government’s proposal of the budget for the fiscal year 2024-25. The KSE-100 index soared by 4.69% to close at 76,208.16, marking a record high in a single day. Investors welcomed the absence of tax increases on dividends and capital gains, leading to positive reactions in the market. Industry experts like Mohammed Sohail and Raza Jafri expressed optimism regarding the market’s response to the budget, expecting the IMF to approve the economic plan. The budget focused on enhancing economic…

Pakistan Stock Exchange Soars After Budget Announcement Bulls Return to Pakistan Stock Exchange Following Budget Proposal After the government proposed its budget for FY2024-25, bulls returned to the Pakistan Stock Exchange (PSX) on Thursday with shares surging by over 1,700 points in intraday trade. The KSE-100 index saw a significant increase of 2.35% to reach 74,505.26 points, following the previous close of 72,797.43. Market experts attributed this rally to key changes in the budget, specifically the decision not to increase taxes on dividends and capital gains for investors. This move was well-received by investors, resulting in a positive market reaction.…

Expert Analysis: Federal Budget 2024-2025 After the unveiling of the Federal Budget for the fiscal year 2024-2025 by Finance Minister Muhammad Aurangzeb, experts have shared their opinions on the implications of the budget. Budget is a ‘Lost Opportunity’: Miftah Ismail Former finance minister Miftah Ismail criticized the budget, calling it a lost opportunity. He expressed concerns about increased taxes on retailers and manufacturers. Pleasant Surprises: Nasir Jamal Dawn’s senior reporter Nasir Jamal found some pleasant surprises in the budget, particularly the attempts to tax the real estate market and document the retail sector. Not Much of a Reform Effort: Khurram…

Finance Minister Muhammad Aurangzeb emphasized the need for everyone to contribute to the tax net for a sustainable economy during his recent budget speech. With a total outlay of Rs18.9 trillion, the budget aligns with IMF guidelines to secure a bailout. Aurangzeb highlighted the importance of improving the tax-to-GDP ratio by broadening the tax net, rather than burdening specific sectors. He mentioned government efforts to digitize the tax system to eliminate harassment and build trust among taxpayers. The minister assured protection for the salaried class and emphasized the government’s commitment to health, education, agriculture, and fairness in taxation. Measures targeting…

Blog Summary Decode the Budget Speech: Understanding the Terms Do you get confused when listening to the budget speech? The finance minister uses many complex economic terms that can be overwhelming for the average citizen. Let’s break it down for you. During budget day, the finance minister presents the government’s financial plan for the fiscal year. Key terms like fiscal deficit, budget deficit, trade deficit, economic growth rate, circular debt, foreign debt, and agricultural loans are often mentioned. Foreign Exchange Reserves and Inflation The speech may also cover topics like foreign exchange reserves, inflation, and administrative measures. Understanding terms like…