Islamabad, Feb 7: The Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) are collaborating on a plan aimed at facilitating the opening of corporate bank accounts under the Same-Day Account Opening initiative. The initiative is designed to significantly reduce delays in establishing banking relationships by allowing companies to open accounts swiftly. This will enable quicker access to essential financial services, including credit lines and payment processing, streamlining the entire process and eliminating the need for companies to navigate multiple procedures. In addition to improving efficiency, the initiative is expected to foster greater financial inclusion,…
Author: Iqra Khan
Islamabad, Feb 7: A high-level meeting chaired by Prime Minister Shehbaz Sharif, which was scheduled to discuss the development of Pakistan’s housing industry, has been postponed until Friday, February 7. Sources revealed that attendees waited for over two hours at the PM Secretariat for the Prime Minister, who was unable to attend due to an urgent engagement. As a result, the meeting will now take place later this week. The meeting will review the recommendations put forward by the Task Force to address the country’s pressing housing challenges, which remain a significant concern for both the government and the public.
Islamabad, Feb 7: Pakistan is set to renegotiate its 10-year liquefied natural gas (LNG) agreement with Qatar in 2026, aiming for more favorable terms. The current agreement, which includes a 13.37 percent slope, has been criticized for being excessively expensive when compared to global benchmarks. This was revealed by Federal Minister for Petroleum Musadik Malik during a recent session of the National Assembly’s Standing Committee on Energy. Malik also highlighted that Pakistan’s LNG deal with Azerbaijan operates under a more flexible take-and-pay model, offering one cargo per month with no binding commitments, a contrast to the rigid terms of the…
Islamabad, Feb 7: Pakistan’s interim head coach, Aqib Javed, has minimized the significance of Jasprit Bumrah’s potential threat ahead of the upcoming ICC Champions Trophy 2025. Despite Bumrah’s status as one of the world’s leading fast bowlers, Javed expressed concerns about the Indian pacer’s fitness and downplayed the idea of focusing solely on him during the high-profile tournament. In comments made during his team’s training session in Lahore, Javed confidently remarked that Pakistan’s strategy would not revolve around countering Bumrah exclusively. “India should be more concerned about Bumrah’s fitness,” Javed said, adding, “Having a bowler like Bumrah is an advantage,…
Islamabad, Feb 7: Pakistan’s public debt remained above sustainable levels in the last fiscal year, primarily due to significant interest payments that offset improvements from exchange rate stability and spending reductions, according to the Debt Policy Statement 2025. The government’s failure to meet its target of reducing the debt-to-GDP ratio to 56.75 percent by June 2024 saw the ratio instead reach 67.5 percent, signaling ongoing fiscal challenges. Despite a reduction in the federal primary deficit and some economic growth driven by inflation, the country’s interest costs surged as the central bank raised its policy rate to 22 percent. This led…
Islamabad, Feb 7: Pakistan has made significant progress in stabilizing its economy and rebuilding external financial buffers, according to Fitch Ratings, with upcoming International Monetary Fund (IMF) program reviews expected to hinge on continued structural reforms. The country’s improving economic indicators, including falling inflation and a stronger external position, have bolstered confidence in its financial outlook. A key development in Pakistan’s economic trajectory was the State Bank of Pakistan’s decision to cut the policy rate to 12 percent on January 27. This move reflects success in curbing inflation, which dropped to just over 2 percent year-on-year in January 2025, a…
Islamabad, Feb 7: The England and Wales Cricket Board (ECB) has confirmed that England’s men’s team will play their Champions Trophy fixture against Afghanistan later this month, despite mounting political pressure in the UK calling for a boycott. The match, scheduled for February 26 in Lahore, has been at the center of a growing debate, with more than 160 British politicians urging England to withdraw in protest of the Taliban’s treatment of women. The decision follows strong criticism of Afghanistan’s human rights record, particularly concerning the suppression of women’s rights under Taliban rule. ECB chairman Richard Thompson did not shy…
Islamabad, Feb 7: The Pakistan Football Federation (PFF) has been suspended once again by FIFA after failing to implement crucial constitutional amendments required for transparent and fair elections. The decision marks another setback for the country’s footballing future, as the global governing body continues its push for governance reforms in line with international standards. FIFA had made these amendments a key condition for the normalization process, aiming to ensure that Pakistan’s football administration operates with integrity and transparency. However, the PFF Congress rejected the proposed changes, which were backed by both FIFA and the Asian Football Confederation (AFC), effectively derailing…
Islamabad, Feb 6: Iran celebrated the 46th anniversary of the Islamic Revolution with a grand ceremony in Pakistan, reaffirming its commitment to strengthening bilateral ties between the two neighboring nations. The event, attended by distinguished guests, highlighted the historical significance of the revolution and its lasting impact on Iran’s political, economic, and technological advancements. During the gathering, Iran’s representative expressed deep appreciation for the presence of key officials, including H.E. Muhammad Aurangzeb, who attended as the Chief Guest. He emphasized that the Islamic Revolution introduced a new political discourse based on independence, freedom, and sovereignty. Despite facing sanctions and external…
Islamabad, Feb 6: Flynas, Saudi Arabia’s budget airline, has announced the launch of direct flights between Karachi and Madinah, set to commence on March 5, 2025. The airline will operate two non-stop flights per week, connecting Jinnah International Airport in Karachi with Prince Mohammad bin Abdulaziz International Airport in Madinah. Madinah is one of Flynas’ four key operational hubs, and this new route is part of the airline’s broader expansion strategy to enhance connectivity and provide more travel options for passengers. Flynas currently operates over 1,500 flights each week, connecting more than 70 domestic and international destinations. This expansion aligns…
