Author: Mawadat Fatima

Islamabad, Jan 15; Prime Minister Shehbaz Sharif has initiated an investigation into the controversial advertisement promoting Pakistan International Airlines’ (PIA) new Paris flight route. Deputy Prime Minister and Foreign Minister Senator Ishaq Dar disclosed this directive during a Senate session on PIA’s potential privatisation. Senator Sherry Rehman voiced concerns about PIA’s future and questioned if the privatisation plan was cancelled or still ongoing. She also pointed out that only 19 of PIA’s 34 aircraft are currently operational, with the rest grounded. Rehman further criticized the advertisement for its misleading depiction of the airline, which featured a PIA plane near the…

Islamabad, Jan 15: The World Bank has announced an ambitious $20 billion funding initiative for Pakistan under its Country Partnership Framework (CPF). According to sources in the Ministry of Economic Affairs, approximately 75% of the funding will be provided through the International Development Association (IDA), while the International Bank for Reconstruction and Development (IBRD) will contribute the remainder. Additional backing from the International Finance Corporation (IFC) underscores the comprehensive nature of this development plan. The CPF addresses six critical development areas, with a strong focus on reducing child stunting, enhancing climate resilience, improving educational outcomes, and ensuring access to clean…

Islamabad, Jan 15: In a significant move to alleviate electricity costs and bolster national savings, the federal cabinet, chaired by Prime Minister Muhammad Shehbaz Sharif, approved revised IPP agreements with 14 Independent Power Producers (IPPs). These renegotiated settlements are expected to save Rs. 1.4 trillion over their term, with annual savings projected at Rs. 137 billion. The IPP agreements include a reduction of Rs. 802 billion in costs and profits of the IPPs, alongside the recovery of Rs. 35 billion in excess profits from prior years. Of the 14 IPPs, 10 were established under the 2002 Power Policy, while four…

Islamabad, Jan 15: The Federal Board of Revenue (FBR) reported that Pakistan’s salaried class contributed a significant Rs. 368 billion in taxes during the fiscal year 2023-24 (FY24). This marks an impressive 40% increase compared to FY23, amounting to an additional Rs. 103 billion collected within a single year. Key contributors to the tax revenue were contracts, bank interest, and securities. Collections from contracts reached a substantial Rs. 496 billion, while taxes on bank interest and securities followed closely at Rs. 489 billion. The sharpest growth was observed in tax revenues from dividends, which surged by nearly 70%, reaching Rs.…

Islamabad, Jan 14: The State Bank of Pakistan (SBP) is set to announce its monetary policy on January 27, 2025, with market analysts predicting a potential rate cut. Brokerage firm Topline Securities expects the central bank to reduce the policy rate by 100 basis points (bps), based on a poll of key market participants. The survey found that 61% of participants anticipate a 100bps cut, while a smaller proportion expects a range of other rate adjustments, from 50bps to 200bps, and a minority sees no change in rates. The rationale behind the anticipated rate cut lies in the high real…

Islamabad, Jan 14: Car sales in Pakistan surged to 9,820 units in December 2024, marking a 69% year-on-year (YoY) increase. However, sales dipped 3% month-on-month (MoM). Topline Securities attributes the MoM decline to the seasonal end-of-year effect, with buyers delaying purchases or deliveries for new year registrations. Lower interest rates, increased consumer confidence, and the launch of new variants and models drive the YoY growth in car sales. This positive momentum continues into the first half of fiscal year 2025 (1HFY25), with total car sales reaching 60,676 units, a 54% increase from 39,453 units in the same period of the…

Islamabad, Jan 14: The Board of Intermediate Education Karachi (BIEK) has introduced a significant policy change, eliminating the scrutiny fee for first-year intermediate students who are dissatisfied with their exam results. This move is in response to directives from Sindh Chief Minister Syed Murad Ali Shah and aims to alleviate financial burdens on students seeking a fair review of their marks. BIEK Chairman Dr. Syed Sharaf Ali Shah confirmed that students from various disciplines, including Science Pre-Medical, Pre-Engineering, Science General, Commerce Private, Arts Private, and Home Economics, no longer need to pay the scrutiny fee for the 2024 Intermediate Part-I…

Islamabad, Jan 14: Prime Minister Shehbaz Sharif has instructed authorities to ensure the issuance of visas to foreign investors within 24 hours, aiming to foster partnerships between international businesses and Pakistani IT firms. This initiative, proposed by the Pakistan Software Export Board (PSEB), seeks to attract global investments, enhancing the IT sector’s role in driving economic growth. During a high-level meeting on the IT Ministry’s progress, the prime minister underscored the need for streamlined visa procedures and a business-friendly environment to encourage foreign investment. He expressed confidence in the sector’s potential to achieve $25 billion in exports within five years…

Islamabad, Jan 14: The Pakistan Stock Exchange (PSX) witnessed sustained buying momentum on Tuesday, with the KSE-100 Index climbing by 574.10 points, a 0.50% increase compared to Monday’s closing. The index closed at an impressive 114,804 points, reflecting renewed investor confidence in the market. A total of 463 companies participated in trading during the day. Among them, 269 recorded gains, showcasing optimism across multiple sectors. Meanwhile, 137 companies experienced losses, and 57 saw no change in their share prices. Market analysts from Intermarket Securities highlighted in a morning note that the market sentiment could see further uplift if the upcoming…

Islamabad, Jan 14: In a significant diplomatic move, Finance Minister Muhammad Aurangzeb visited Hong Kong to meet with the Chief Executive of the Hong Kong Special Administrative Region (SAR), the Honorable John K C Lee, to discuss the expansion of bilateral ties between Pakistan and Hong Kong. This high-level meeting was a platform for both leaders to deliberate on enhancing cooperation across multiple domains, including trade, investment, finance, and cultural exchanges. Finance Minister Aurangzeb highlighted the potential for collaboration between Pakistan and Hong Kong, stressing the mutual benefits of stronger ties He underscored the need to deepen economic partnerships, focusing…