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Last update: Mon, 25 Jul 2016 08pm

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Finance Minister Ishaq Dar will hold a meeting in the context of 12th International Monetary Fund (IMF) Review at the State Bank of Pakistan (SBP), on Monday. The minister on Friday chaired a meeting at the State Bank to review the macroeconomic situation with special reference to the monetary side for the year ending 30th June 2016. In the context of upcoming 12th IMF Review, the meeting noted that the performance on the monetary side during the quarter that ended June 2016 remained satisfactory. The forex reserves reached highest-ever level of $23 billion.

The Ministry of Finance has informed the Senate that different commercial banks waived off loans worth Rs 280 billion during the tenure of present government from 2013-15. In a written reply to a question asked by Senator Azam Khan Swati about the written-off loans during the last thirty years, the Finance Ministry submitted that Rs 430.975 billion were written off from 1990 to 2015.
Pakistan has missed the cotton sowing target by a wide margin of 21 percent in the current crop season. As a result, the country would miss the production target of 14.1 million bales by over 25 percent. The official sources at the Ministry of Textile Industry revealed to Business Recorder that cotton crop prospects for the current season (2016-17) are not very bright as sowing target has been missed by a big margin of 21 percent.
The world's leading economies must do more to boost slowing global growth, the International Monetary Fund and Washington urged as G20 finance ministers gathered Saturday, with Britain's vote to leave the European Union threatening more disruption. Central bank chiefs and finance ministers from the world's top 20 economies met in the south-western Chinese city of Chengdu, and US Treasury Secretary Jacob Lew told journalists it was "a time of continuing uncertainty in the global economic outlook".
The world's major economies need to deepen co-operation on tax collection as companies seek to minimise the amount they pay to governments, finance ministers said Saturday. The issue has become controversial in many countries, with multinational firms from Google to Starbucks facing accusations of not contributing appropriately to the economies where they make their money, and multi-billion-dollar merger proposals being partly driven by tax considerations.
National Electric Power Regulatory Authority (Nepra) is likely to approve a refund of Rs 2.35 per unit to consumers under a monthly fuel adjustment mechanism overcharged by the power Distribution Companies (Discos) in June 2016. The regulator has fixed July 28, 2016 for a public hearing on a tariff petition filed by the Central Power Purchasing Agency -Guaranteed (CPPA-G). The public hearing will be presided over by the Chairman or Vice Chairman of the Authority.
Dismissing 30 identical petitions challenging vires of Section 3 (8) of the Sales Tax Act 1990 as incorporated by the Ordinance of 2014, the Supreme Court directed CNG station owners to approach the Federal Board of Revenue (FBR) for refund of input tax, if available to them. A three-member bench led by Justice Azmat Saeed Sheikh, comprising Justice Mushir Alam and Justice Dost Muhammad Khan had reserved the judgement on June 2, 2016 in response to CNG stations' appeals filed against Sindh High Court judgement of October 06, 2015 in the matter.