Islamabad, Dec 5: According to Finance Minister Muhammad Aurangzeb, state-owned businesses (SOEs) have lost Rs. 2.2 billion every day for the past ten years, for a total of Rs. 6 trillion in losses. In order to increase efficiency and lower fiscal expenditures, Aurangzeb suggested that 50% of these SOEs be privatized during a seminar hosted by the Securities and Exchange Commission of Pakistan (SECP). He added that Pakistan’s growing population presents serious issues, such as child stunting and a high percentage of out-of-school youngsters. The Finance Minister emphasized how crucial it is to limit the rate of population growth and…
Author: Iqra Khan
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Islamabad, Dec 5: In a quick and effective rescue effort, the Pakistan Maritime Security Agency (PMSA) was able to save 12 crew members from a sinking Indian cargo ship. Around 10:20 AM, MRCC Mumbai sent an urgent email to the Maritime Rescue Coordination Centre (MRCC) in Pakistan asking for assistance in locating and rescuing survivors from the stranded ship. The PMSA promptly organized a rescue effort in response, which was successful in saving all 12 crew members on board the Indian ship. This operation emphasizes the value of regional cooperation and the PMSA’s commitment to its worldwide search and rescue…
Islamabad, Dec 5: Immigration Minister Marc Miller told the Commons immigration committee earlier this week that Canadian immigration authorities expect the majority of temporary permit holders to depart voluntarily, as over five million visas are scheduled to expire by the end of 2025. 766,000 of them are foreign students, a demographic that has been disproportionately affected by recent policy changes. Miller responded to Conservative MP Tom Kmiec’s worries about maintaining compliance in the face of so many permits expiring by stating that procedures such as Canada Border Services Agency monitoring are in place to deal with infractions. He did point…
Islamabad, Dec 5: At its Board of Governors meeting on Wednesday, the Pakistan Sports Board (PSB) implemented important policy changes in spite of the Pakistan Olympic Association’s (POA) adamant opposition. Important rulings included the introduction of a tribunal to handle complaints and disputes and an independent election commission to supervise national sports federations’ polling. The goal of the conference, which was chaired by Advisor to the Prime Minister on Inter-Provincial Coordination Rana Sanaullah, was to increase openness in the governance of sports. The Pakistan Code of Ethics and Governance in Sports (PCEGS), a framework intended to guarantee integrity in the…
Islamabad, Dec 5: The federal government has sent the Cybercrime Amendment Bill draft to the appropriate ministries for evaluation before bringing it before the federal cabinet for approval. All pertinent parties, including the Ministry of IT and Information and Broadcasting, will be consulted, according to sources. The draft will be given to the federal cabinet for approval after comments have been received. The revised law will be brought to parliament for additional consideration following cabinet approval. Those found guilty of distributing fake news could face harsh punishments under the proposed law, including a fine of Rs. 1 million and a…
Islamabad, Dec 5: Pakistan Customs has implemented a new regulation that prohibits government officials from using tempered and smuggled vehicles in an attempt to stop the abuse of power. This action is a component of continuous initiatives to guarantee responsibility and stop the misuse of seized automobiles for private gain. The goal of the program is to allay growing concerns about Customs officers abusing thousands of vehicles that have been seized for personal gain. All No Objection Certificates (NOCs) previously granted for smuggled automobiles used by government officials have been revoked in accordance with the new rules. The number of…
Islamabad, Dec 5: To make the procedure of registering cars and obtaining desired license plates easier, the Punjab government has introduced a cutting-edge e-auction system. Through a specialized mobile app and web platform, this new effort enables users to register automobiles and take part in online auctions for the number plates they want. The e-auction program registration is now open and will stay open until December 31, 2024, giving people plenty of time to choose and bid on the vehicle numbers they want. The program, which was created by the Punjab Excise and Taxation Department in partnership with the Punjab…
Islamabad, Dec 4: Under the direction of Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, the National Tax Council (NTC) met today at the Finance Division. Key federal and provincial stakeholders convened the meeting to address important issues pertaining to harmonization and tax reforms. Realizing the full revenue potential from under-taxed sectors, especially real estate, property, and agricultural income, was emphasized during the discussion, which took place in the framework of the recently signed National Fiscal Pact between the Federation and the Provinces. Federal and provincial finance secretaries, the chairman of the Federal Bureau of Revenue (FBR), the finance…
Islamabad, Dec 4: In a major move toward improving youth education, Chief Minister (CM) of Punjab Maryam Nawaz launched the “Honhaar Scholarship Program” on Wednesday. Scholarship checks were distributed to students as part of the inauguration ceremony at Punjab University, which also marked the establishment of an e-portal for easy program access. With an estimated worth of Rs. 130 billion, the Honhaar Scholarship Program seeks to assist 30,000 students a year. The importance of the program was emphasized by Provincial Education Minister Rana Sikandar Hayat, who said it will assist thousands of young people in realizing their academic goals. Details…
Islamabad, Dec 4: Today in the Finance Division, Senator Muhammad Aurangzeb, the Federal Minister for Finance, met with a delegation from METRO AG Germany. Alfred Graannas, the Federal Republic of Germany’s ambassador to Pakistan, accompanied the trip, which was led by Atila Yenisen, Executive Vice President METRO AG Germany. Aurangzeb informed them of the current macroeconomic reforms and their beneficial effects on the economy’s stability and future growth during the meeting. The minister also emphasized how the overall business and economic activity has improved due to the notable decline in inflation and the falling interest rate. In addition, he said,…
