Business

According to the details, in the first two hours after the start of trading in the Pakistan stock market, the market suddenly decreased by 1598 points in the first two hours after which the 100 index reached the psychological level of 41 thousand. However, this trend continued till 12 o’clock. It further declined and the index fell to 2053 points. severe due to downturn in the market trading was canceled.

Earlier the PM took the nation into confidence in the steps taken in the budget and announced a 10 per cent tax on major industries including cement, steel, sugar oil and gas, fertilizer, LNG terminals, textiles, banking, automobile chemicals, beverages and cigarettes. That the purpose of taxing large industries is to reduce poverty.

After taking over the government we had two options, one was to reform and move towards elections while the other was to make tough decisions and support the sinking economy of the country.

According to a statement issued by the SBP, the decline in the country’s foreign exchange reserves continued last week and a decrease of 73 732.6 million has been recorded in the foreign exchange reserves.

The total foreign exchange reserves reached 14.21 billion in the week ended June 17.

State bank Reserves decreased by 74 747.6 million to 8. 8.23 ​​billion, while reserves of commercial banks increased by 1. 1.50 million to 5. 5.97 billion.

Experts say that if Pakistan does not receive a loan from the IMF, further reduction in reserves is expected, which could further worsen the already crisis-ridden economy.

SBP’s reserves declined by 24 240 million in the week ended June 10.

Sources say that a levy of Rs. 5 per liter per month will be levied on petroleum products and this process will continue till levy of Rs. 50 is levied.

Sources said that the salaried class will be further squeezed. In the budget, one percent monthly tax was levied on income of six to twelve lakhs per annum but now it has been increased.

Two and a half per cent tax will now be levied on an annual income of Rs.

It has been decided to increase the tax collection target to Rs. 7445 billion for the new financial year while the target for customs collection will be increased from Rs. 950 billion to Rs.

The target for collection of general sales tax will be increased from 3,008 to 3,300 billion. The IMF will provide a draft agreement to Pakistan on Friday.

IMF officials say talks are underway between the government and the IMF. Details have been worked out between Pakistan and the IMF on the next budget.

According to the IMF agreement, the volume of the budget in the new financial year will reach nine thousand nine hundred billion rupees, which is about four hundred billion more than the proposed budget.

According to the Economic Survey, there has been an increase in the trend of tea drinking in Pakistan.

Statistics, tea worth Rs 70.42 billion was imported during the last financial year, while more than Rs 83 billion has been imported this year.

Despite the rising inflation in Pakistan, a clear increase in tea imports suggests that the number of tea enthusiasts in the country is increasing.

Each MPA of PML-N and its allies will be given Rs 500 crore development schemes.

First draft of Punjab’s development budget, it has been proposed to allocate Rs. 587 billion for the development budget of the province. Is suggested

According to the draft provincial budget, it is proposed to allocate Rs 114 billion for district development program projects in Punjab. Rs 237 billion has been proposed for mega projects while Rs 15 billion is to be allocated under private partnership. Recommended.

In addition, the total development budget of the country is proposed to be Rs 2,184 billion in which the federal development budget is 800 billion for Khyber Pakhtunkhwa 299 integrated tribal areas 50 billion Punjab 585 billion Sindh 355 and 143 billion for Balochistan provinces The APCC has proposed Rs 1384 billion development budget. Rs 91 billion will be set aside for public scheme of members of National Assembly and Rs 95 billion for Azad Jammu and Kashmir and Gilgit.

In this regard, Federal Minister for Planning Ahsan Iqbal said that next year the development budget will be 800 billion. If the government left in 2018, the development budget was 1000 billion rupees. It was a difficult task to formulate P, the recommendations of all the provinces and ministries under PSDP were reviewed in the forthcoming budget. the past development schemes were included on political grounds.

In April 2021 Pakistan’s total debt was Rs 37,079 billion which reached Rs 43,995 billion in March 2022.

However, in April 2022, the total debt decreased by Rs 29 crore to Rs 43,704 billion.

Pakistan’s internal debt in April 2022 was Rs 28,913 billion while external debt was Rs 14,291 billion.

According to SBP data, Pakistan’s total debt in June 2021 was Rs 38,705 billion while in June 2020 it was Rs 35,107 billion.