Islamabad, March 28: A powerful earthquake struck central Myanmar on Friday, causing multiple buildings to collapse in Mandalay, the country’s second-largest city, according to eyewitnesses. The tremors were strong enough to be felt in Bangkok, the capital of Thailand, approximately 1,000 kilometers (620 miles) to the south. The quake led to widespread panic, prompting hundreds of people to flee buildings in fear. The sudden disruption also forced a temporary halt in trading on the stock exchange. According to the United States Geological Survey (USGS), the earthquake measured 7.7 in magnitude and had a depth of 10 kilometers. A significant aftershock…
Author: Ahmad Mukhtar
Islamabad, March 28: The federal government is set to launch the National Minerals Harmonisation Framework 2025 at the Pakistan Minerals Investment Forum 2025 (PMIF25), scheduled for April 8-9 in Islamabad. This initiative seeks to streamline mining regulations across provinces and establish an investor-friendly mineral policy to attract both domestic and foreign investment. Key Objectives of the Framework The framework has been developed in collaboration with provincial governments, Azad Jammu and Kashmir (AJK), and Gilgit-Baltistan (GB). It aims to: Create a uniform regulatory structure for mining. Ensure safety and environmental sustainability. Enhance efficiency in resource extraction. Foster strategic international partnerships. Encourage Foreign…
Islamabad, March 28: The federal government has formally requested the National Electric Power Regulatory Authority (Nepra) to reduce electricity prices by Rs1.71 per unit nationwide, including Karachi. However, this reduction is significantly lower than the Rs8 per unit relief that was initially speculated. Despite earlier reports suggesting a major cut in electricity tariffs, the International Monetary Fund (IMF) reportedly blocked a larger reduction during its staff-level review of the $7 billion Extended Fund Facility (EFF). The IMF only permitted a Re1 per unit reduction related to grid levies imposed on industrial captive power plants. During the March 4-14 negotiations, Pakistani…
Islamabad, March 28: The Federal Cabinet has reinstated the 25% income tax rebate for teachers following intervention by the Federal Tax Ombudsman (FTO), bringing relief to educators across Pakistan. During a press conference at the FTO Headquarters, Khalid Javed, Registrar to the FTO, and Amas Ali Jovindah, Advisor Legal & Media Wing, announced that the FTO had resolved over 5,000 complaints related to the rebate issue. The decision will have a nationwide impact, benefiting thousands of teachers. Background of the Tax Rebate Issue The 25% income tax rebate for teachers had been in place since the enactment of the Income…
Islamabad, March 28: The State Bank of Pakistan (SBP) acquired $5.5 billion from the interbank market between June and December 2024, and market analysts predict that the total dollar purchases by the end of the fiscal year (FY25) will surpass the amount borrowed from the International Monetary Fund (IMF) over three years. Despite this substantial accumulation, SBP’s foreign exchange reserves declined by more than $500 million last week, reflecting weaknesses in foreign reserve management and exchange rate policies. Pakistan is projected to receive over $35 billion in remittances this year, alongside inflows from the IMF, World Bank, and a rollover…
ISLAMABAD, March 28: Pakistan recently repaid a $1 billion commercial loan to the Industrial and Commercial Bank of China (ICBC) with the expectation of securing a refinancing arrangement soon. This repayment caused a temporary dip in the country’s foreign exchange reserves, bringing them down to $10.6 billion, their lowest level in six months. According to government officials, the $1 billion loan was repaid in two equal installments this month. The ICBC had initially provided this loan two years ago at a floating interest rate of approximately 7.5%. Another $300 million tranche from ICBC is set to mature by mid-April, which…
Islamabad, March 28: The Public Accounts Committee (PAC) has criticized the Power Division for failing to comply with its directives regarding the submission of a list of the top 300 defaulters of power distribution companies (Discos). In a letter to the Power Division, PAC Assistant Secretary Aniqa Waseem Bajwa highlighted that during the committee meeting on February 25, 2025, discussions centered on the non-recovery of energy dues, which amount to Rs 877.6 billion. The PAC had instructed the Principal Accounting Officer (PAO) to provide the list within two weeks. However, the committee noted with concern that the deadline had passed…
Islamabad, March 27: An International Monetary Fund (IMF) delegation is scheduled to visit Pakistan on April 4 to finalize the country’s budget for fiscal year 2025-26, including key decisions on revenue measures and expenditure controls, sources informed Bloom Pakistan. This visit comes as Pakistan prepares to present its annual budget in the first week of June. This outcome is just before the approval of the IMF Board review, which if done by late April, then tranche approval could be quick. Because, in April, IMF Spring Meetings are due and then it could go for May or June. April is a…
Dubai City, March 27: Mohamed Alabbar, the founder of Emaar Properties, topped the Arabian Business Dubai 100 list published, underscoring the significance of iconic properties in Dubai. Other notable figures on the list include Hussain Sajwani of DAMAC, and Sir Tim Clark of Emirates, reflecting the key sectors that continue to drive Dubai’s remarkable growth. Abdul Aziz Al Ghurair, a long-established figure in finance, made a significant leap to the second position, while Abdulla Al Futtaim, the head of one of the region’s most influential conglomerates, made his debut in fourth place. The annual list, published by the regional publication,…
Islamabad, March 27: Foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $540 million on a weekly basis, reaching $10.61 billion as of March 21, according to data released on Thursday. The country’s total liquid foreign reserves stood at $15.55 billion, with commercial banks holding $4.94 billion in net foreign reserves. This decline in SBP reserves brings them to a six-month low, which the central bank attributed to external debt repayments. The SBP noted, “During the week ended on 21-Mar-2025, SBP reserves decreased by US$ 540 million to US$ 10,606.8 million due to external debt repayments.”…
