Islamabad, Jan 2: The Pakistan Business Council (PBC) acknowledged the economic stabilization achieved under the 2024 federal government but flagged five critical risks that could derail progress while outlining potential growth opportunities for 2025. Key Risks: Sustaining Stability: Fiscal and monetary easing could reverse stabilization gains, risking a balance of payments crisis if growth ambitions are not cautiously managed. Delaying Reforms: Privatization and government restructuring require cohesive leadership, which remains uncertain. Tax Revenue Deficits: Persistent revenue shortfalls could burden existing taxpayers further, necessitating urgent FBR reforms. Energy Costs: High costs and unreliable supply hinder manufacturing competitiveness and job creation. Trust…
Author: Mawadat Fatima
Islamabad, Jan 2: Global digital operator VEON Group reaffirms its confidence in the growth potential of Pakistan’s microfinance sector and Mobilink Bank by investing USD 15 million in fresh capital to drive the bank’s strategic ambitions. The capital injection will empower Mobilink Bank to expand its offerings in Micro, Small, and Medium Enterprise (MSME) financing, explore Islamic banking, and accelerate its ongoing transition into a technologically advanced, future-ready digital bank. As Pakistan’s leading digital microfinance bank, Mobilink Bank is committed to fostering financial inclusion and meeting the evolving needs of its diverse customer base. The investment comes at a pivotal…
Islamabad, Jan 2: Mashreq Pakistan, a subsidiary of the renowned MENA financial institution Mashreq, has become the first to receive a restricted license from the State Bank of Pakistan (SBP) to begin pilot operations as a digital retail bank in Pakistan. Key Highlights: Commitment to Financial Inclusion: This milestone underscores Mashreq’s dedication to driving financial inclusion and offering innovative digital banking solutions tailored to Pakistan’s needs. Pioneering Digital Banking: Mashreq aims to introduce a digital banking model integrated with top-tier Islamic Banking solutions, setting new standards for financial services in the country. Expansion Plans: The bank plans to onboard millions…
Islamabad, Jan 2: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, presided over the 3rd meeting of the Revenue Mobilisation, Investment, and Trade Program (REMIT) Steering Committee today. The meeting was aimed at reviewing the progress of decisions made in earlier committee meetings regarding key areas like revenue mobilization, investment climate, trade, and macroeconomics. Key Highlights: Proactive Approach: Minister Aurangzeb praised the progress of the REMIT program but stressed the need for a more coordinated and proactive approach among stakeholders to ensure successful outcomes. Monitoring and Management: Emphasis was placed on utilizing management and monitoring tools to ensure that the…
Islamabad, Jan 2: Sindh Governor Kamran Khan Tessori has unveiled an ambitious plan to offer free modern IT courses to 500,000 young individuals in 2025. The announcement was made during the New Year celebrations at the Governor’s House, where Tessori emphasized the initiative as part of his program to create more opportunities for the people of Sindh. Key Points: IT Training for Youth: The program aims to equip 500,000 youth with valuable IT skills, helping them to enhance employability in a rapidly digitalizing world. Past Achievements: Governor Tessori shared that 900,000 ration bags were distributed to the needy over the…
Islamabad, Jan 2: The federal government is preparing to raise gas prices for captive power plants by up to Rs. 1,100 per MMBtu, pushing the cost to over Rs. 4,000 per MMBtu. This price adjustment is part of the International Monetary Fund (IMF) conditions to align the cost of regasified liquefied natural gas (RLNG) with its full import cost. Key Details: Current Pricing: Currently, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) supply gas to 1,180 captive power plants, consuming a combined 242 MMCFD of locally produced gas and 156 MMCFD of imported RLNG. IMF’s…
Islamabad, Jan 2: Vivo has introduced its latest smartphone, the Vivo Y200+, expanding its Yxxx series. Despite some design changes and a louder speaker system, the Y200+ seems to compromise in certain areas compared to its predecessor, raising questions about its positioning. Key Features: Design and Display: The Vivo Y200+ debuts with a new rear design, distinguishing itself from the Y100+. It features a 6.68-inch LCD with 720 x 1608 resolution, which is a downgrade in sharpness compared to previous models. However, it retains a 120 Hz refresh rate for smooth scrolling. Internals and Software: Powered by a Snapdragon 4…
Islamabad, Jan 2: Pakistan International Airlines (PIA) has officially denied reports suggesting any alterations to its logo or aircraft design. A spokesperson for the national carrier clarified that no changes are planned for the airline’s long-established branding or the design of its planes. The PIA logo remains unchanged, and any decisions regarding branding or design would require approval from the board and relevant ministries. Key Points: No Changes to Aircraft Design: The national airline confirmed that no modifications have been made to the tail flag or overall aircraft design. New Acting CEO Appointment: Air Vice Marshal Amir Hayat has been…
Islamabad, Jan 2: Chairman Pakistan Telecommunication Authority (PTA), Major General (R) Hafeezur Rehman, has criticized the government for failing to invest in Pakistan’s telecom infrastructure, leading to ongoing internet issues. Speaking at a National Assembly Standing Committee on IT and Telecom meeting, Rehman emphasized the urgent need for government action to address these challenges. Key Issues Highlighted: Lack of Investment: No new submarine cables have been added in the last 10 years, hindering the development of digital highways essential for reliable internet. Service Disruptions: Damage to three out of seven submarine cables last year led to a five-month internet disruption…
Islamabad, Jan 2: The Excise and Taxation Department in Islamabad has extended the deadline for paying vehicle token taxes from December 31 to January 15, giving vehicle owners a grace period to comply with regulations. Key Updates New Deadline: January 15, 2025. Severe Penalties: Non-compliance will lead to registration cancellation and a 200% fine for restoration. Payment Methods: Smart card holders can pay via the Islamabad City App or at department counters, which operate until 8 PM daily. Compliance Measures Defaulter Tracking: A software system is being used to identify defaulters, with random inspections underway. Repeat Violators: Persistent evaders face…
