Islamabad/Geneva, March 21: The World Trade Organization (WTO) announced that Pakistan has officially accepted the Agreement on Fisheries Subsidies. Pakistan’s Ambassador to the WTO, Ali Sarfaraz Hussain, presented the instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala on Thursday, as confirmed on the WTO’s website. The WTO Director-General emphasized that Pakistan’s formal acceptance of the agreement represents a crucial step toward ensuring the sustainability of global marine resources while safeguarding the livelihoods and food security of millions who rely on healthy fisheries. She highlighted that Pakistan’s participation in this initiative shows its dedication to its coastal communities and the environment,…
Author: Ahmad Mukhtar
London/Islamabad, March 21: Heathrow Airport in London announced it would be closed all day Friday following a large fire at a nearby electrical substation that caused a massive power outage, disrupting flight schedules globally. The London Fire Brigade reported that around 70 firefighters were tackling the blaze in the western part of the city, which led to a widespread power loss at Heathrow, Europe’s busiest airport and the fifth-busiest in the world. Dramatic orange flames and thick smoke were seen rising into the sky, with authorities evacuating around 150 people from nearby buildings. Thousands of properties were left without power,…
Islamabad/Karachi, March 21: The Economic Coordination Committee (ECC) of the Cabinet is set to approve the gradual phasing out of the State Bank of Pakistan’s (SBP) Long Term Financing Facility (LTFF) portfolio, valued at Rs 330 billion, to the newly established EXIM Bank, according to sources close to the Secretary of Finance. The EXIM Bank, established under the Export-Import Bank of Pakistan Act, 2022, aims to promote exports and reduce reliance on imports. The Finance Ministry has pointed out that, traditionally, the SBP has provided refinancing facilities to incentivize exports through initiatives like the Export Finance Scheme (EFS) and the…
ISLAMABAD, March 21: On Thursday, State Bank of Pakistan (SBP) Governor Jameel Ahmed expressed optimism that Pakistan and the International Monetary Fund (IMF) would soon reach a staff-level agreement (SLA). He made this remark after the Public Accounts Committee (PAC) meeting, which reviewed the Finance Division’s Audit Report for 2023-24 at the Parliament House. Responding to a media question about the timeline for finalizing the SLA, both the SBP governor and the Ministry of Finance Secretary, Imdadullah Bosal, refrained from providing a specific timeframe for the signing of the agreement. Pakistan IMF Agree on SLA: No Time Frame But Soon:…
Washington/Islamabad, March 21: Over 30 U.S. lawmakers have urged President Donald Trump to reconsider his proposed reinstatement of a controversial travel ban, arguing that it would negatively impact the American economy, damage diplomatic relations, and fail to enhance national security. Thursday marked the deadline set by the Trump administration for finalizing any travel restrictions. While the administration has not officially confirmed the imposition of a ban, reports about a draft list of affected countries have raised concerns, particularly among countries like Pakistan. Travel Ban Not Good: Letters by US Congressmen In a letter led by Arizona Democrat Yasmin Ansari and…
Islamabad, March 21: The repatriation of profits and dividends from foreign investments in Pakistan has experienced a remarkable surge of 104% during the first eight months of the current fiscal year (FY25), reflecting the improving economic environment and growing investor confidence. According to the State Bank of Pakistan (SBP), foreign investors repatriated a total of $1.55 billion between July and February of FY25, compared to $760 million during the same period in FY24. This represents an increase of $791 million, marking a significant year-on-year rise. Experts attribute this growth to the ongoing improvement in Pakistan’s external accounts, which have allowed…
Islamabad, March 20: U.S. Department of Homeland Security (DHS) has accused an Indian man studying at Georgetown University, Badar Khan Suri, of having ties to Hamas, a group the U.S. designates as a foreign terrorist organization. As a result, Suri is being detained and faces deportation. According to Suri’s lawyer, the DHS claims he spread Hamas’s propaganda and anti-Semitic content on social media, though no specific evidence has been presented. Suri, who resides in the U.S. on a student visa and is married to a U.S. citizen, was arrested outside his home in Rosslyn, Virginia, on Monday night and is…
Islamabad, March 20: Pakistan ranks 109th in the The World Happiness Report 2025 where as its ranking in Wallet Returned by Stranger is at 35th put of 147 nations. The World Happiness Report 2025 reveals that Finland has retained its position as the world’s happiest country for the eighth consecutive year. Data gathered by the United Nations (2019) indicates that multi-generation households are extremely common in many countries or areas in Asia (more than half in India and Pakistan), as well as several in sub-Saharan Africa. Meanwhile, the United States has earned its lowest ranking yet, coming in at No.…
Islamabad/Torkham, March 20: After nearly a month of tensions and diplomatic negotiations, the Torkham border between Pakistan and Afghanistan was reopened on Wednesday for trade and medical emergencies. The reopening followed intense shuttle diplomacy led by tribal elders from both sides, marking the end of a dispute that had resulted in the border closure since February 20. The reopening ceremony, which lasted about half an hour, took place at zero point in the afternoon. Torkham Border Reopening Ceremony The ceremony was followed by the resumption of vehicle crossings, including ambulances that were stationed nearby to transfer critically ill Afghan patients…
Islamabad, March 20: Pakistan has secured nearly $12 billion in foreign loans during the first eight months (July-February) of the 2024-25 fiscal year, with a target of surpassing the $19.2 billion mark by the end of the fiscal year on June 30. While half of this amount consisted of legacy rollovers from China, Saudi Arabia, and the United Arab Emirates (UAE), fresh loans and grant inflows totaled $5.95 billion, reflecting a 25% decline compared to the same period last year. The Economic Affairs Division (EAD) released its monthly report on Foreign Economic Assistance (FEA) on Wednesday, noting that the total foreign…
