The new $7 billion aid package agreement struck between Pakistan and the International Monetary Fund (IMF) will aid in bringing macroeconomic stability to the nation, according to Finance Minister Muhammad Aurangzeb on Saturday. The announcement of the development by the international lender late last night provided much-needed relief to the country. Pakistan should be able to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” according to the IMF’s statement, which is contingent to the program’s approval by the IMF Executive Board. The most recent bailout, which comes to Pakistan in the form of loans, comes…
Author: Mawadat Fatima
The federal and provincial governments have approved a comprehensive program that the Pakistani authorities and the IMF team have agreed upon at the staff level. This program may be funded by a 37-month Extended Fund Arrangement (EFF) in the amount of SDR 5,320 million, or roughly US$7 billion at current exchange rates. This agreement is contingent upon the Executive Board of the IMF approving it and Pakistan’s development and bilateral partners quickly confirming the requisite finance assurances. According to Nathan Porter, the head of the IMF mission in Pakistan, “the program aims to capitalize on the hard-won macroeconomic stability achieved…
A strategic alliance to revolutionize Pakistan’s digital payments environment was today launched by Paysys Labs Pvt Ltd, a renowned payment technology provider, and Raqami Islamic Digital Bank Pakistan, a forward-thinking digital financial institution. The partnership seeks to create a cutting-edge digital payment system that incorporates real-time payment platforms like RAAST. Renowned for its proficiency in creating cutting-edge payment technologies, Paysys Labs will be crucial in helping Raqami improve its digital payment offerings and guarantee that its clients have safe, easy access to a wider range of digital banking features and services. The partnership’s importance was emphasized by Umair Aijaz, CEO…
At a recent meeting presided over by Finance Minister Muhammad Aurangzeb, the sale Advisory Committee decided to interact with the CEOs of the telecom firms prior to the sale of 5G spectrum. Reviewing the status of the impending 5G spectrum auction was the main goal of yesterday’s meeting. The committee was advised by representatives of the Pakistan Telecommunication Authority (PTA) that the deadline for EOI submissions is July 15. The PTA is using the new e-system created by the Public Procurement Regulatory Authority (PPRA) for the first time during this auction cycle. The goal of the World Bank-assisted E-PADS system is…
LAHORE: The majority of Long Distance International (LDI) operators have a 20-year license contract that is about to expire, and they have not yet paid the principle that is overdue for the Universal Service Fund (USF). According to reports, the Pakistan Telecommunication Authority (PTA) has requested that they pay the overdue principal payment of Rs24 billion in order for their licenses to be renewed for a further 20 years. The provision of international incoming and outgoing telecom call services is the primary duty of the LDI operators. The licenses of the majority of the ten operators expire in July or…
In order to present the draft chapter and solicit feedback from stakeholders on how to incorporate climate change concerns into development planning and policymaking, the Worldwide Fund for Nature (WWF-Pakistan) held a workshop on Friday at the Pakistan Academy of Sciences on the topic of Integration of Climate Change into Policies and Actions. The press release stated that Irfan Tariq, the former director general of the Ministry of Climate Change, gave a thorough overview of the urgent need for documents similar to the current National Communication, which is in the process of being prepared. He also mentioned how important it…
Six ships, Hyundai Hong Kong, APL Le Havre, Sara, Hanyu Freesia, Carol, and Top Fortuner planned to load and unload containers containing rice, chemicals, coal, LPG, and propane on Thursday. The ships are berthed at the Sui Southern Gas Terminal, Bulk Terminal, Grain Terminal, Grain Terminal, and QICT Terminal, respectively. On the same day, three other ships—the Maersk Pelepas, the Roan Teresa, and the Houyoshi Park—arrived in Port Qassim’s outer anchorage. Over the course of the previous 24 hours, eleven ships have been berthed at PQA berths. Among them, the container carrier Hyundai Hong Kong departed the port this morning,…
The results of the first annual examination for the Secondary School Certificate (SSC) Part I and II have been formally released by the Federal Board of Intermediate and Secondary Education (FBISE). Students who took part in the exams that were held in March and April of this year have three options for viewing their results, according to the federal board. If candidates provided a mobile phone number on their admissions form, they would get an SMS with their results. Additionally, results are available for viewing online at www.fbise.edu.pk, the FBISE’s official website. Sending an SMS will allow those who did not…
Finance Secretary Chaudhry Imdad Ullah Bosal informed the National Assembly Standing Committee on Finance on Thursday that the unemployment rate in Pakistan has increased to 10.3 percent. The Secretary of Finance briefed the panel with Finance Minister Muhammad Aurangzeb, stating that the ILO projects the unemployment rate for 2024 to be 8.2 percent, while the World Bank forecasts it at 10.3 percent. The rate is estimated by the International Monetary Fund (IMF) to be 8%. In the meanwhile, the unemployment rate was last reported by the Pakistan Labor Force Survey to be 6.3% in 2020–21. The secretary told the panel…
Specifically designed to enhance its short-form video platform, YouTube Shorts, YouTube revealed a slew of new features on Thursday in an attempt to outperform competitors like TikTok and Reels. YouTube’s Chief Product Officer, Johanna Voolich, unveiled six new tools in a video message to creators that would help them in creating their Shorts videos. These features include tools for automatically cutting lengthier movies into shorter ones, as well as creative-sparking elements like a “Add Yours” sticker that invites viewers to add original content that is connected to a creator’s video. Two new features are being added to YouTube Shorts to improve…