Author: Admin

PSO Seeks Zero-Rating of Petroleum Products to Curb Sales Tax Refund Backlog

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PSO-Head

ISLAMABAD: State-owned Pakistan State Oil (PSO) has urged the government to introduce zero-rating on jet fuel and petroleum products to prevent the accumulation of sales tax refunds, as delays by the Federal Board of Revenue (FBR) have severely strained the company’s liquidity. PSO is currently awaiting the release of Rs54 billion in sales tax refunds accumulated during the financial year 2024-25. The prolonged withholding of these refunds has choked the company’s cash flow, forcing it to seek government intervention to maintain smooth fuel supply operations nationwide. In a letter to…

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PM Seeks Credible IMF Exit Strategy Beyond 2027

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New-IMF

ISLAMABAD: The government has initiated high-level discussions to formulate a credible and sustainable strategy to permanently exit the International Monetary Fund (IMF) after the expiry of the ongoing $7 billion bailout programme in September 2027, highlighting the need for urgent and coordinated national reforms to avoid future dependence on IMF support. Government sources told The Express Tribune that a senior-level meeting was recently held to assess whether Pakistan could sustain economic stability without the IMF’s backing once the current programme concludes. The discussions focused on building sufficient foreign exchange buffers,…

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Sindh–World Bank Partnership Central to Reform, Recovery Agenda: CM Murad

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murad-ali

KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Wednesday said that the partnership between the Sindh government and the World Bank (WB) remains central to the province’s reform and recovery agenda, stressing the need for faster implementation, stronger outcomes and visible impact for citizens. He was chairing a detailed, sector-wise review meeting with a 10-member World Bank delegation led by Country Director Bolormaa Amgaabazar, which called on the chief minister to assess progress on ongoing projects. The meeting was attended by provincial ministers Nasir Shah, Sardar Shah, Jam Khan…

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US Extends Waiver Allowing Oil Sales From Russia’s Sakhalin-2 Project Until June 18

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New-LNG

WASHINGTON: The United States has extended a waiver permitting oil sales from Russia’s Sakhalin-2 energy project until June 18 next year, a move that is expected to allow continued production and export of liquefied natural gas (LNG) from the project. The general license, issued on Wednesday by the US Treasury Department, provides an exemption from sanctions imposed on Sakhalin-2 in 2022 following Russia’s full-scale invasion of Ukraine. The waiver is particularly significant for Japan, a key US ally, which sources around 9% of its LNG imports from Russia. Japan relies…

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CPHGC Seeks Power Division Support for Permanent IFRS-9 ECL Exemption

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China-Power

ISLAMABAD: China Power Hub Generation Company (Pvt) Ltd (CPHGC) has requested the Power Division’s support to secure a permanent exemption from the application of the Expected Credit Loss (ECL) method under IFRS-9, citing the power sector’s chronic circular debt as the primary justification. In a letter addressed to the Power Division, CPHGC’s Head of Finance referred to the Securities and Exchange Commission of Pakistan (SECP) notification issued on September 13, 2021 (SRO 1177(I)/2021), which granted an exemption from the ECL method for companies holding financial assets due from the Government…

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