Author: Iqra Khan

Islamabad, Feb 19: Pakistan is once again engaging in discussions to bring PayPal into its market, with the Ministry of Information Technology and Telecommunication (MoIT&T) leading the negotiations. Finance Minister Senator Muhammad Aurangzeb confirmed this in a written response to the National Assembly, stating that the State Bank of Pakistan (SBP) has expressed its willingness to facilitate PayPal’s entry, provided it aligns with regulatory requirements. Current Status of PayPal in Pakistan No legal restrictions: The Finance Minister clarified that there are no legal barriers preventing PayPal or other international payment gateways from operating in Pakistan, as long as they comply…

Islamabad, Feb 19: The Sindh Assembly’s Public Accounts Committee (PAC) has ordered a comprehensive audit of all seven provincial education boards, citing serious concerns over financial mismanagement and exam result manipulation. The audit, set for completion within four months, will examine financial expenditures, procedural irregularities, and marking practices from 2022 to 2024. The decision was made during a PAC meeting chaired by Nisar Khuhro, with committee members Sadia Javed, Khurram Karim Soomro, and Javed in attendance, alongside senior officials including Universities and Boards Secretary Abbas Baloch and board heads. Khuhro expressed dissatisfaction with the boards’ handling of funds and exam…

Islamabad, Feb 19: Lahore’s traffic police have introduced a new regulation mandating that motorcycle rickshaw and loader rickshaw drivers wear helmets while on the road. Chief Traffic Officer (CTO) Lahore confirmed that strict penalties will be imposed on those who fail to comply. To ensure smooth implementation, the traffic police have launched an awareness campaign, distributing helmets to rickshaw drivers. The rule officially came into effect yesterday, and authorities have warned of immediate action against violators.

Islamabad, Feb 19: The federal government is now considering raising the salaries of Federal Cabinet members, just days after the National Assembly approved an amendment bill increasing the basic salaries and allowances of MNAs and Senators. Sources indicate that the proposed salary adjustment aims to bring federal ministers’ earnings in line with those of federal secretaries. Currently, a federal minister’s basic salary stands at Rs. 200,000. The Cabinet Division is finalizing a proposal for the revision, which will soon be presented for approval. Given recent salary hikes for lawmakers, the move is expected to gain cabinet support.

Islamabad, Feb 19: Car financing in Pakistan saw a slight decline of Rs. 4 billion, or 2 percent year-on-year (YoY), dropping to Rs. 242 billion by the end of January 2025 from Rs. 246 billion in the same period last year. However, on a month-on-month (MoM) basis, auto financing showed a modest recovery, increasing by Rs. 7 billion (2.6 percent) compared to Rs. 235 billion in December 2024, according to data released by the State Bank of Pakistan (SBP). Despite this uptick, overall growth in the auto financing sector remains sluggish, largely due to persistent economic challenges and cautious consumer…

Islamabad, Feb 19: Germany has officially launched its Consular Services Portal, a digital platform that allows individuals worldwide to apply for German visas online. This transformative step aims to eliminate bureaucratic hurdles, making the application process faster and more accessible for skilled workers, apprentices, and students. With the system now fully operational across 167 German visa offices, applicants can navigate the process seamlessly, from document submission to final approval. The initiative comes at a crucial time as Germany grapples with a severe labor shortage, requiring at least 400,000 skilled workers annually to sustain its economic growth. Foreign Minister Annalena Baerbock…

Islamabad, Feb 19: With the highly anticipated 2025 Champions Trophy opener between New Zealand and Pakistan fast approaching, the spotlight remains on Rachin Ravindra’s fitness and potential return to the squad. The star left-hander has been out of action since suffering a forehead injury while fielding against Pakistan in the tri-series. Although a serious injury or concussion was ruled out, New Zealand’s management has taken a cautious approach to his recovery, ensuring he undergoes all necessary protocols before making a comeback. Rachin, eager to return, was the first to hit the nets upon New Zealand’s arrival in Karachi, signaling his…

Islamabad, Feb 19: The Public Accounts Committee (PAC) has directed the federal government to cease using Gas Infrastructure Development Cess (GIDC) funds for legal and court-related expenses, raising concerns over the misallocation of resources meant for critical energy projects. During a meeting on Tuesday, PAC members expressed frustration over Rs. 350 billion in unutilized GIDC funds, questioning why key infrastructure initiatives remained stalled despite the availability of substantial financial reserves. According to a report from the Auditor General’s office, only Rs. 3.7 billion had been utilized, primarily for operational expenses of Inter State Gas System (ISGS) and loan repayments to…

Islamabad, Feb 19: Prime Minister Shehbaz Sharif has expressed his willingness to work closely with US President Donald Trump, highlighting the coalition government’s commitment to strengthening bilateral ties. During a meeting with US Chargé d’Affaires Natalie Baker, the prime minister emphasized Pakistan’s interest in expanding cooperation in key sectors. Including trade, information technology, agriculture, health, education, and energy. He also underscored the need for joint efforts in addressing security challenges posed by militant groups. In response, Baker reaffirmed the US government’s intent to further shared objectives and enhance collaboration between the two nations.

Islamabad, Feb 19: Pakistan’s external borrowing stood at $4.585 billion during the first seven months (July–January) of the fiscal year 2024-25, marking a 27 percent decline compared to the $6.31 billion borrowed in the same period of the previous fiscal year, according to data from the Economic Affairs Division (EAD). This figure excludes the $1.03 billion tranche received from the International Monetary Fund (IMF). Including IMF inflows, total disbursements reached $5.585 billion. Despite budgeting $9 billion in time deposits from Saudi Arabia and China $5 billion and $4 billion, respectively Pakistan has not received any funds under this category so…