Islamabad, Aug 22: Prime Minister Shehbaz Sharif said that,the broad guidelines for a five-year economic revival plan have already been finalized after months of discussions with stakeholders. The plan is expected to be unveiled in the coming weeks. Speaking at the Buna-Raast connectivity project’s opening ceremony, the prime minister announced that the “Home-Grown Economic Program” would include initiatives to strengthen the nation’s economy through the advancement of information technology, agriculture, and other unexplored fields. “We are currently discussing our plans, which I will make public shortly. Much effort has been put into it. It entails months of talks and considerations…
Author: Iqra Khan
Islamabad, Aug 22: Zombie firms are firms that are fundamentally insolvent but are kept alive through subsidies from others. In simpler words, the cost of running these firms far exceeds what these firms can generate as revenue from fair market – yet they are kept alive through artificial life support. Zombie firms come straight from a horror movie – they stay alive by sucking the blood of healthy firms in the economy, killing more firms in the process. Pakistan’s entire power sector has become a zombie sector – and it is sucking the blood out of the rest of the…
The formal launching ceremony of the “Apostille Convention”, was held today at the Ministry of Foreign Affairs, Islamabad. With this launch, public document authentication for international use has been streamlined. Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar presided over today’s launching ceremony which was attended by senior officials from the Ministry of Foreign Affairs, Ministry of Information Technology and National Information Technology Board (NITB). The Deputy Prime Minister and Foreign Minister outlined the government’s priority of public facilitation and the efforts of the Ministry of Foreign Affairs in provision of efficient public service delivery by simplifying the…
Islamabad, Aug 21: According to the most recent data given by the State Bank of Pakistan (SBP), the inflow of remittances under the Roshan Digital Account (RDA) increased to US $8.41 billion by the end of July 2024 from US $8.8.25 billion by the end of June 2024. According to the report, remittance inflows in July totaled US$ 161 million, down from US$ 200 million in June 2024. Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which…
Islamabad, Aug 21: According to analysts, Pakistan aims to achieve 60% renewable energy generation by 2030; therefore, the China-Pakistan Economic Corridor (CPEC) presents a crucial chance to diversify the energy mix of the South Asian nation and encourage environmentally conscious investments in the energy sector. The Sustainable Development Policy Institute (SDPI), a think tank with its headquarters in Islamabad, hosted a seminar on renewable energy on Tuesday. Experts there stated that Pakistan should take advantage of Chinese private sector investments to increase the share of renewable energy, improve energy access, and lessen its reliance on imported fuels. Speaking at the…
Islamabad, Aug 21: Pakistan’s Finance Minister Muhammad Aurangzeb stated on Wednesday that his country is moving forward well with the International Monetary Fund and anticipates receiving board approval for a fresh $7 billion loan package in September. The 37-month loan program was agreed upon by Pakistan and the IMF in July. The IMF stated that getting “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners” and the Executive Board’s approval are prerequisites for the new Extended Fund Facility program. Aurangzeb texted Reuters, saying, “We are making good progress with IMF for Board approval in September.” In addition…
Islamabad, Aug 21: The Pakistan Stock Exchange’s (PSX) 100-Index saw a positive movement of 0.66 percent on Wednesday, turning around to reflect a bullish trend. It closed at 78,260.86 points, down from 77,745.52 points on the previous working day. In comparison to the 380,717,441 shares exchanged the day before, a total of 552,564,507 shares were moved during the day. The price of the shares was Rs 14.590 billion as opposed to Rs 11.237 billion on the previous trading day. A total of 453 firms traded their shares on the stock market; 289 of those companies saw gains, 119 saw losses,…
Islamabad, Aug 21: A committee headed by Shandana Gulzar, a member of the National Assembly, has been established by the Peshawar District Administration to resolve the issues causing the Peshawar-Torkham Expressway project to be delayed. Within 72 hours, the committee is supposed to turn in its report, sources said on August 20. According to the specifications, the expressway is a four-lane, 47-kilometer project that will cost USD 460 million in total. The World Bank is contributing USD 360 million, and the government of Khyber Pakhtunkhwa is covering the remaining costs. The project will link Pakistan to the Central Asian Republics…
Islamabad, Aug 21: During a raid here on Wednesday, the district administration shuttered five under-construction buildings. A team led by Assistant Commissioner City Abdul Sami Sheikh Jhelum began a targeted operation against encroachments. The official fined the violators heavily and shut five under-construction buildings for utilizing the roadways with building materials.
Islamabad, Aug 21: In order to access the global market by adhering to international standards, investors from the UAE have expressed a strong interest in establishing joint ventures with the Pakistan Furniture Council (PFC). A communication from the UAE was received here on Wednesday, stating that a delegation headed by PFC Mian Kashif Ashfaq, the CEO, was visiting the Gulf states and meeting with their counterparts. According to him, the partnership between the PFC and the UAE investors was viewed as a calculated step to take advantage of the expanding demand for premium furniture globally, especially in export markets. Pakistan’s…
