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Tag: pakistan economy

  • Man dies from heat stroke while waiting to collect free flour

    Man dies from heat stroke while waiting to collect free flour

    A man in Dera Ismail Khan died of a heat stroke while collecting free flour in Baisakhi ground.


    The deceased’s father, a resident of Zafarabad Colony, informed the authorities that his son, Waqas, fell sick and began vomiting upon arriving home from the collection centre. He was immediately taken to District Headquarters Hospital, where unfortunately, he was declared dead on arrival. A medical professional at the hospital’s trauma center stated that the cause of death was heat stroke.

    As per Dawn, the individuals who had come to obtain free flour at the distribution site claimed that inadequate amenities were responsible for the fatality. They reported arriving in the morning and waiting in lines under the scorching sun throughout the day.

    Officials from food and revenue departments present at the distribution site were accused of distributing flour unfairly based on nepotism and favoritism. The individuals present also mentioned the absence of any facilities at the distribution center.

  • Toyota IMC increases car prices by up to Rs2 million due to GST hike

    Toyota IMC increases car prices by up to Rs2 million due to GST hike

    Indus Motor Company (IMC) has increased the prices of all Toyota vehicles in Pakistan due to the recent hike in the General Sales Tax (GST) from 18 per cent to 25 per cent by the Federal Government. The models affected by the price hike include Toyota Yaris, Toyota Corolla Altis X, Toyota Hilux Revo (IMV III), and Toyota Fortuner (IMV IV).

    According to a circular released by the company, the economic uncertainties and extreme volatile situation of Pakistani rupee against US dollar have adversely impacted the cost of manufacturing for IMC. The company has therefore been compelled to pass on some impact to the market.

    The government of Pakistan has also enhanced the rate of Sales Tax to 25 per cent on all CKD vehicles with an engine capacity of 1400cc and above, except for IMV-I Single Cabin.

    Toyota Pakistan has stated that the mentioned car prices are subject to change and the prevailing prices at the time of delivery shall be applicable on all orders. Any change in Government levies and taxes, tariff, fiscal policies, import policies, forex, etc. will be on account of the customer.

    Here are the new prices of all Toyota cars after tax hike:

    Toyota Corolla Altis X latest prices

    ModelOld price (Rs)New price (Rs)Hike (Rs)
    Toyota Corolla 1.6 MT5,576,0006,169,000593,000
    Toyota Corolla 1.6 CVT6,111,0006,769,000658,000
    Toyota Corolla 1.6 Special Edition6,716,0007,429,000713,000
    Toyota Corolla 1.8 CVT6,423,0007,119,000696,000
    Toyota Corolla 1.8 CVT SR6,998,0007,759,000761,000
    Toyota Corolla 1.8 CVT SR BLK7,039,0007,799,000760,000

    Toyota Yaris latest prices

    ModelOld price (Rs)New price (Rs)Hike (Rs)
    Toyota Yaris 1.3 GLi MT4,316,0004,499,000183,000
    Toyota Yaris 1.3 GLi CVT4,588,0004,789,000201,000
    Toyota Yaris 1.3 ATIV MT4,558,0004,759,000201,000
    Toyota Yaris 1.3 ATIV CVT4,790,0004,999,000209,000
    Toyota Yaris 1.5 ATIV X MT4,911,0005,429,000518,000
    Toyota Yaris 1.5 ATIV X CVT5,213,0005,769,000556,000

    Toyota Hilux Revo latest prices

    ModelOld price (Rs)New price (Rs)Difference (Rs)
    Hilux Revo STD10,316,00011,439,0001,123,000
    Hilux Revo G MT11,184,00012,409,0001,225,000
    Hilux Revo G AT11,728,00013,019,0001,291,000
    Hilux Revo V12,969,00014,389,0001,420,000
    Hilux Revo V AT ROCCO13,675,00015,179,0001,504,000

    Toyota Fortuner latest prices

    ModelOld Price (Rs)New Price (Rs)Hike (Rs)
    Toyota Fortuner G 4x2L14,230,00015,809,0001,579,000
    Toyota Fortuner V 4×416,297,00018,099,0001,802,000
    Toyota Fortuner Sigma17,175,00019,079,0001,900,000
    Toyota Fortuner Legender18,112,00020,129,0002,017,000
  • Rev up your budget: Atlas Honda hikes motorcycle prices by up to Rs35,000 amid economic crisis

    Rev up your budget: Atlas Honda hikes motorcycle prices by up to Rs35,000 amid economic crisis

    The two-wheeler segment’s largest player in Pakistan, Atlas Honda, has raised motorcycle prices following a significant hike in car prices.

    This marks the company’s second rate hike in February, as they already increased the prices of their motorcycles by an amount ranging between Rs7,400 and Rs30,000 earlier this month.

    The new prices became effective on February 15.

    ModelOld Prices (Rs)New Prices (Rs)Hike (Rs)
    CD 70128,900137,9009,000
    CD 70 Dream137,900147,5009,600
    Pridor170,900181,50010,600
    CG 125194,900205,90011,000
    CG 125 Special Edition230,900243,90013,000
    CB 125 F303,900330,90025,000
    CB 150 F383,900418,90035,000
    CB 150 F SE387,900422,90035,000
    Latest Honda Bike Price Feb 2023

    During the Finance (Supplementary) Bill 2023, Finance Minister Ishaq Dar announced a rise in the general sales tax (GST) rate to 18%, which is expected to lead to price hikes for various industries and sectors.

    Amidst Pakistan’s ongoing economic crisis, the automobile sector has been significantly impacted due to the depletion of foreign exchange reserves and a weakening rupee, leading to issues with opening letters of credit.

  • Aanay waalay dinon mein koyi barra toofaan barpa ho sakta hai: Hamid Mir

    Aanay waalay dinon mein koyi barra toofaan barpa ho sakta hai: Hamid Mir

    Senior journalist Hamid Mir has warned that all is not well in Islamabad and a big storm may hit the corridors of power in the near future.

    While speaking on Geo News’ programme Geo Pakistan, Mir said, “Maujooda haqoomti ittehaad mein sab kuch acha nahin hai aur Islamabad mein honay waali siyaasi garma garmi aanay waalay dinon mein koyi barra toofaan barpa kar sakti hai” (All is not well within the incumbent coalition government. The political heat in Islamabad could create a big storm in the coming days).

    Mir said that if Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan dissolves the Khyber Pakhtunkhwa (KP) and Punjab Assembly, then the heat in Islamabad can create a huge storm.

    He was of the view that junior coalition parties could also force Prime Minister (PM) Shehbaz Sharif’s government to hold general elections.

    Separately, differences can also be seen within Pakistan Muslim League-Nawaz (PML-N) as Finance Minister Ishaq Dar and his predecessor Miftah Ismail put forward their conflicting views on the state of Pakistan’s economy.

    While Dar argued that the country’s performance criteria are up to the mark and “complete” for the International Mone­tary Fund’s (IMF) ninth review, Ismail insisted that the default risk wouldn’t subside unless the Fund came to the table.

    Mulk mein default ka khatra hai, says Miftah Ismail

    Miftah Ismail said on Tuesday that there is still a threat of the country defaulting until the government completes the IMF ninth review. On the contrary, Dar said that he was not concerned whether the IMF team arrived or not for the ninth review, asserting that the IMF could “not dictate” the government.

    Appearing on Geo News’ programme ‘Aaj Shahzeb Khanzada Kay Saath”, Miftah rang alarm bells, stating that Pakistan is in jeopardy. “It has gone back in jeopardy and as long as IMF is not back on the table, the threat of default will remain high,” he emphasised.

    Moreover, he believed that the path Pakistan is on might take the country toward default urging the incumbent government to take steps to prevent that from happening.

    On the show, the former minister blamed Khan for the ongoing economic crisis. He said, “Khan is responsible for pushing Pakistan towards default; he is the one who broke his promise with the IMF; Khan is the one who wanted to derail the IMF programme when we tried to revive it under PM Shehbaz Sharif’s leadership.”

    When asked that the incumbent finance minister Ishaq Dar has said several times that IMF is being unreasonable, Miftah responded that first we need to take a good look at ourselves.

    “When the IMF gives you a loan, this means they are helping you out. We need to look at ourselves, why did we go to the IMF previously. Dealing with the IMF is not an easy task,” Miftah said. He reiterated that if the IMF didn’t come to the table, “It will be very difficult to save Pakistan from a default”.

    He stressed that the country needed to take action on certain matters to bring the IMF mission to Pakistan, saying that funds from neighbouring countries could only last the country for weeks.

    Earlier this month, Pakistan ended its immediate default risk when the State Bank of Pakistan (SBP) made a payment of $1 billion for sukuk bond.

  • ‘Pakistan’s international debt should be immediately cancelled’: British MP

    United Kingdom (UK) Member of Parliament (MP) Claudia Webbe has called on the international community to cancel Pakistan’s debt as the country’s inflation hits the highest level since 1973.

    In a statement on Twitter, Webbe said, “Inflation in Pakistan is at an all-time high at 27 per cent! Pakistan’s international debt should be immediately cancelled – they should instead be given reparations for the climate crisis caused.”

    According to the Pakistan Bureau of Statistics (PBS), Pakistan’s Consumer Price Index-based inflation (CPI) climbed by 27.3 per cent on a year-over-year basis in August 2022.

    Prior to this statement, she repeatedly urged foreign countries to stand shoulder to shoulder in full solidarity with Pakistan and termed the silence from western countries a “moral crime”.

    “We need a global climate tax so that the global rich can be made to pay for the climate damage they cause in the world,” she said.

    She also blamed rich countries for the climate crisis and said that they should bear the cost, not Pakistan, as the country is responsible for 1 per cent of global emissions.

    On her official Twitter account, she also shared videos of the devasting floods in Pakistan.

    Water levels continued to rise on Friday as the overall death toll from the devastating floods has crossed 1,200.

    On Thursday, the UK announced an additional £15 million of lifesaving support for flood victims in Pakistan.

    More than 33 million people are affected — one in every seven Pakistanis — and reconstruction work will cost more than $10 billion.

    United Nations (UN) chief Antonio Guterres called the floods a “climate catastrophe” and launched an appeal for $160 million in emergency funding. Meanwhile, western countries have also donated millions of dollars to Pakistan.

  • Shehbaz Sharif bans weddings after 10pm in Islamabad

    Shehbaz Sharif bans weddings after 10pm in Islamabad

    Prime Minister (PM) Shehbaz Sharif on Tuesday during a pre-budget business conference stressed the need of signing a ‘Charter of Economy’ for economic stability and progress in the country.

    “Charter of Economy will remain unchanged. It will become our sacred trust, which will not change,” the prime minister said, adding: “We need this.”

    If there will be no political stability, there will be no economic stability

    Shehbaz said, “If there will be no political stability, there will be no economic stability.”

    “It’s about time the elite class had to make sacrifices and non-productive assets like real estate would have to be taxed. Until now, the hard time has been faced by the poor but today it’s the turn of well-off people to take the burden,” said Shehbaz.

    Shehbaz stressed that the enhancement of exports, agricultural yield, and financial management should be the major components of the plan. “The government will form a task force on agriculture and exports for formulating comprehensive plans,” he said.

    The premier said that since Pakistan’s inception 75 years back, the economic development in the initial 25 years and the economic development after that have a “stark” difference.

    We must go for special export industrial zones

    Comparing the country’s Information Technology (IT) industry with that of India’s, the premier said that India generates around $200 billion while Pakistan’s industry is hovering around $2.5 billion. “We must go for special export industrial zones,” he added.

    The PM went on to say that the government will make well-structured industrial zones. “To increase the export, the developed zone should be handed over to the investors to work on it. We need to fix ambitious targets.”

    Government bans wedding ceremonies after 10pm in Islamabad

    The government has banned wedding ceremonies after 10pm in the federal capital.

    According to media reports, permission to serve only one dish to wedding guests will be given, and a notification will be issued over this new restriction.

    The Islamabad police and administration have been informed to strictly implement the ban. In case of any violation, strict action will be taken.

  • ‘Nation stands with PM Khan, Opposition can’t harm him’, claims Asad Umar

    ‘Nation stands with PM Khan, Opposition can’t harm him’, claims Asad Umar

    Federal Minister for Planning, Development and Special Initiatives Asad Umar dismissed the news of factionalism within the Pakistan Tehreek-e-Insaf (PTI) and said no one could be Prime Minister (PM) Imran Khan’s substitute within the party.

    While talking to Geo News’  programme “Naya Pakistan”, Umar stated that 99 per cent of the PTI’s vote bank belongs to PM Khan.

    “I reiterate that the nation stands with Imran Khan and this is the only reason that the Opposition has been unable to harm him,” he said while referring to Opposition claims that allied parties are not with the government.

    The federal minister also seconded his party fellow Fawad Chaudhry’s statement about Pakistan Muslim League-Nawaz (PML-N) members being “hell-bent on removing Nawaz Sharif from their party”.

    Despite inflation and new taxes that have been imposed, Asad Umar claimed that the country’s economy is progressing.

  • PM Khan says bank staff wearing ‘shalwar kameez’ won’t ‘frighten’ Pakistanis

    PM Khan says bank staff wearing ‘shalwar kameez’ won’t ‘frighten’ Pakistanis

    Prime Minister (PM) Imran Khan, during a ceremony held to approve the Rs100 billion in the Mera Pakistan Mera Ghar initiative on Friday, said that he was happy to see that banks have now started to converse in Urdu with their customers.

    “Banks have started talking to customers in Urdu, so now make the staff wear shalwar kameez [national dress of Pakistan], this will not frighten the people,” said PM Khan.

    “There were several hurdles earlier, as when a common person would go to the bank, they would suffer from anxiety,” said the premier, adding, “I see Pakistan now moving in the direction it should have been headed in a long time ago.”

    “Pakistanis who worked as labourers overseas had one dream — to build a house for themselves and their families,” the prime minister said, regretting that past governments did not pay heed to this issue.

    PM Khan said that past governments did not focus on the lower classes as they had only paid attention to the elite in every sector — education, health, and other facilities.

    PM Imran Khan said this project would lift Pakistan’s economy, as construction of homes would increase.

  • ‘I am not making any profit’, food-price inflation is crushing Pakistan’s poorest

    The New York Times (NYT), in an article has documented the lives of the public in the wake of high inflation in Pakistan.

    Pakistan, which is already under heavy debt has recently reached an agreement with the International Monetary Fund (IMF) for the first one billion dollars of what is expected to be a 6 billion dollars rescue package announced by the government earlier this week. Last month, Saudi crown prince, Mohammed bin Salman, pledged 4.2 billion in cash assistance to Pakistan.

    “The economy is the biggest threat that the government is in fact facing right now. This is basically eroding the very basis of their public support, said Khurram Husain, a business journalist in Karachi.

    Journalists Emily Schmall and Salman Masood reported on the life of 66-year-old Muhammad Nazir, a shopkeeper who canceled his daughter’s wedding and despite having a motorcycle at home, walks to his shop. Many of his shelves are empty because he can’t afford to stock the same supply of candy, soft drinks, and cookies that he once did.

    “I am not making any profit these days. Still, I come here every day, open the shop and wait for customers,” Nazir said.

    Saleem Shahzad, a plumber who recently moved his six-year-old son to a less expensive school said, “[The Prime Minister] Imran Khan is a good person and is still liked by many, but his team is not performing. It is incompetent.”

    According to government data, inflation in Pakistan surged 9.2 per cent in October from the year 2020. The cost of basic food items this month increased by 17 per cent. Pakistan’s biggest food import is palm oil, which has also jumped in price. Moreover, in recent months Pakistanis have seen standard gas prices jump to 34 per cent.

  • All petrol pumps will be closed, petroleum dealers announce strike on Nov 25

    The Pakistan Petroleum Dealers Association (PPDA) has announced a countrywide strike on November 25 for selling petrol “on low-profit margins”, reports The News.

    The association’s spokesperson said that all petrol pumps across the country, including Kashmir and Gilgit Baltistan, will remain closed on November 25 (Thursday).

    He said the strike could extend to an “unspecified period” if the government continues to ignore the association’s demands.

    According to him, “We have no other option but to go on strike as the government has failed to meet the November 17 deadline for the fulfilment of our demands.”

    Previously, the association had made a similar announcement for November 5 but withdrew after a team from the government agreed to increase margins on the sale of petroleum products by six per cent.

    However, there has been no progress ever since.

    PPDA Chairman Abdul Sami Khan said petroleum dealers have been in a difficult position due to the high cost of business and low margins. He said that the government guarantees a margin of only 2 per cent on sales of fuel oil in the face of rising electricity tariffs.

    “We demand the government to cancel our petrol pumps licences. Nearly 50 per cent of the petrol pumps will close down permanently with licence cancellation as no one will reapply for acquisition”.

    Earlier this month, the government had announced the rise of up to Rs 8.14 per litre of petroleum products.