Islamabad, Dec 17: The International Monetary Fund (IMF) has agreed to key measures to support the privatization of Pakistan International Airlines (PIA), including sales tax exemptions and the elimination of equity losses, sources revealed. The agreement includes sales tax exemptions on the purchase or lease of aircraft for both domestic and international routes. This exemption, alongside the elimination of losses, is expected to increase PIA’s bidding value from Rs. 250 billion to Rs. 350 billion. To pave the way for privatization, the government has transferred Rs. 660 billion of PIA’s debt to a holding company. Proceeds from PIA’s privatization and…
Author: Iqra Khan
Islamabad, Dec 17: The Government of Japan decided to provide grant of 1.503 billion JPY (approx. USD 9.91 million) for the Project for the Recovery of Maternal and Child Health Equipment in Flood-Affected and Surrounding Areas in Khyber Pakhtunkhwa and 2.831 billion JPY (approx. USD 18.67 million) for The Project for Flood Management Enhancement in the Indus Basin under Grant in Aid assistance. The Exchange of Notes was signed and exchanged between Mr. TAKANO Shuichi, Charge d’ Affairs ad interim of Japan and Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs on December 17, 2024. On the same…
Islamabad, Dec 16: U.S. Ambassador to Pakistan Donald Blome and U.S. Consul General in Lahore Kristin Hawkins emphasized the vital role of American businesses in driving economic growth and prosperity during recent engagements in Lahore. Ambassador Blome engaged with members of the American Business Forum, highlighting the positive impact of U.S. companies in Pakistani communities. “U.S. firms bring American values of openness, transparency, and community citizenship to the private sector here in Pakistan,” Ambassador Blome said, adding that U.S. firms directly employ 120,000 Pakistanis and indirectly support the livelihoods of more than a million Pakistani workers. Ambassador Blome also met…
Islamabad, Dec 16: The Pakistan Telecommunication Authority (PTA) has outlined several key challenges hindering the widespread rollout of 5G in the country. These challenges include significant financial investments, slow return on investment, the availability of compatible handsets, and the bridging of the digital divide. One of the primary hurdles is the substantial investment required to upgrade existing networks and expand infrastructure. This includes the installation of small cells, advanced antennas, and a robust fiber optic backhaul system. Telecom operators face considerable financial pressure, especially in a competitive market with price-sensitive consumers, and the return on investment is expected to be…
Islamabad, Dec 16: Oil and Gas Development Company Limited (OGDC) has announced the successful revival of a heavy oil well at the Rajian Oil Field, located in Gujar Khan E.L., District Chakwal, as part of its efforts to enhance production capabilities. The company reported that the field’s production will now increase from 1,500 barrels per day (BPD) to 2,500 BPD following the revival. This initiative is part of a broader strategy to optimize production at the Rajian field, which includes executing 11 workover jobs and implementing advanced artificial lift systems. The first well targeted for optimization was Rajian-3A, which extends…
Islamabad, Dec 16: Pakistan Telecommunication Authority (PTA) Chairman Hafeez-ur-Rehman recently clarified that the PTA has not blocked any Virtual Private Networks (VPNs) and has no plans to do so in the future. Speaking at the launch of the PTA’s Annual Report 2024, he emphasized that while the authority has the technical capability to block VPNs, it has refrained from doing so. He also pointed out that attempts to conceal information through such means are ineffective in today’s digital world. Regarding internet shutdowns for national security reasons, the chairman acknowledged that PTA does not have a direct response and stated that…
Islamabad, Dec 16: Pakistan’s star pacer, Shaheen Afridi, is on the verge of making history as he is just four wickets away from surpassing Wasim Akram to become Pakistan’s third most successful bowler against South Africa in international cricket. Afridi, with 45 wickets in 25 innings, is also just two wickets behind Shoaib Akhtar, further solidifying his place in Pakistan’s fast bowling elite. The much-anticipated series opener, set for tomorrow at Boland Park, Paarl, marks the start of a three-match ODI series where Pakistan, under the leadership of Mohammad Rizwan, looks to recover from a disappointing T20I series. Despite his…
Islamabad, Dec 16: The National Broadband Network (NBN) Forum 2024, organized by the Pakistan Telecommunication Authority (PTA) in collaboration with Huawei, was held in Islamabad under the theme “Gigabit for All.” The event featured key figures from the government, telecom industry, and technology sector, all emphasizing the importance of broadband connectivity for digital economic growth. Chairman Senate, Mr. Yousaf Raza Gillani, graced the event as the chief guest and highlighted the critical role of broadband in economic advancement. He praised PTA for its efforts in increasing broadband penetration, which has now reached 59%, but stressed that further work is needed…
Islamabad, Dec 16: On Monday, the Pakistani rupee (PKR) saw a slight dip against the US dollar (USD) in the inter-bank market, closing at 278.17, down by Rs. 0.05 (0.02%) from the previous day’s close of 278.12. This minor depreciation follows the announcement by the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC), which reduced the key policy rate by 200 basis points to 13%. The MPC’s statement noted a narrowing gap between interbank and open market exchange rates, contributing to strong workers’ remittances. Additionally, the surplus in the current account and improved foreign investment inflows helped build the…
Islamabad, Dec 16: Scientists at the Agricultural Research Institute Tarnab (ARIT) in Peshawar have introduced three innovative wheat varieties designed to address the challenges posed by climate change and improve agricultural productivity. These new varieties promise greater climate resilience and can potentially triple yields per acre, offering a solution to the struggling wheat sector in Khyber Pakhtunkhwa (KP). The region, which heavily relies on rainfall for agriculture, faces significant challenges due to climate variability. ARIT’s breakthrough wheat seed varieties include one designed for canal-irrigated areas and another for rain-fed regions, which is particularly crucial for the 51% of the province’s…
