Decision taken by newly appointed finance minister after a meeting with the automobile lobby.

Pakistan asks for $2.5 billion each from the two lenders.

Will provide $900m for power sector’s expansion during the next two years.

ECC refers the matter to Supreme Court for endorsement.

Report recommends proceedings against firm owned by family of ex-PM Gilani, other entities.

Presentations are restricted to basic concepts with examples from EU, US.

Decision will place an additional Rs1b burden on the national exchequer.

Govt also withdraws tax facility and slaps sales tax on manufacturing.

Undeterred by failure of first tax reforms project, agency proposes another programme.

Challenges exist but foreign currency reserves sufficient, assures SBP governor.