Islamabad, Dec 4: The Khunjerab Pass has been made operational for year-round trade, marking a historic milestone in 77 years of independence. Connecting Gilgit-Baltistan with China, the pass is a crucial trade route under the CPEC project, promoting connectivity and trade among Pakistan, China, and Central Asian Republics (CARs). The route supports the exchange of goods such as machinery, textiles, electronics, and food products, benefiting regional economies. Pakistan also uses this passage to export industrial and agricultural products to CARs like Tajikistan, Kyrgyzstan, and Kazakhstan. Its all-weather accessibility is expected to enhance economic ties and boost regional trade integration. Previously,…
Author: Mawadat Fatima
Islamabad, Dec 4: Sehat Kahani, a leading digital healthcare platform in Pakistan, has collaborated with Neem, an embedded finance provider, to streamline its financial processes and simplify payments. This partnership aims to enhance operational efficiency, foster growth, and improve financial accessibility for patients, clinics, and corporate partners through secure, integrated payment solutions. Neem’s system enables payments via cards, wallets, or bank accounts, with features like saved payment options for recurring transactions. Catering to over 1.5 million patients, Sehat Kahani connects underserved communities to healthcare through telemedicine and e-clinics. Co-founder Dr. Sara Saeed noted that transitioning rural patients to digital payments…
Islamabad, Dec 4: China remains Pakistan’s largest creditor, holding nearly $29 billion in loans, as Pakistan’s external debt surged to $130.85 billion in 2023, accounting for 352% of its total exports and 39% of its gross national income (GNI), according to the World Bank. Among the largest recipients of IMF loans, Pakistan’s debt servicing equaled 43% of its exports and 5% of its GNI, highlighting its strained fiscal health. China owns 22% of Pakistan’s external debt ($28.79 billion), followed by the World Bank (18%) and the Asian Development Bank (15%). Saudi Arabia is the second-largest bilateral lender with 7% ($9.16…
Islamabad, Dec 4: MCB Bank Limited (MCB), one of Pakistan’s top banks, has partnered with BPC, a global leader in payment technology, to implement the SmartVista Fraud Risk Management Solution, designed to enhance security for its digital banking platforms. Partnership Highlights Compliance with Regulatory Directives: MCB’s move aligns with the State Bank of Pakistan’s 2023 mandate, which requires banks to establish centralized fraud management systems capable of real-time fraud detection using AI and machine learning. State-of-the-Art Fraud Prevention: The SmartVista solution offers real-time monitoring, advanced behavioral analysis, and detailed link analysis to identify and counteract fraudulent activities effectively. Improved Digital…
Islamabad, Dec 4: Pakistan’s IT sector is grappling with substantial financial losses and reputational damage due to persistent internet outages and disruptions, revealed Sajjad Mustafa Syed, Chairman of the Pakistan Software Houses Association (P@SHA). Each hour of disruption costs the sector over $1 million, jeopardizing critical operations for export-driven businesses. Impact on IT Exports and Operations Economic Losses: NetBlocks estimates hourly internet outages cause losses of $2.21 million, while daily 3G/4G service shutdowns cost businesses Rs. 1.3 billion in direct losses, excluding broader economic repercussions. Client Confidence: Disruptions disrupt international sectors like stock markets, airports, and banks, leading foreign clients…
Islamabad, Dec 4: The government has introduced the Cybercrime Amendment Bill 2024, aiming to revise the Prevention of Electronic Crimes Act (PECA) 2016. This draft bill seeks to establish the Digital Rights Protection Authority (DRPA), granting the federal government extensive powers to regulate online content and manage social media platforms. Key Provisions and Objectives Formation of DRPA: DRPA will replace the Pakistan Telecommunication Authority (PTA) under PECA, with authority to block or remove unlawful content, regulate social media platforms, and require platforms to establish local offices. Expanded Definitions: The bill expands the term “social media platform” to include tools like…
Islamabad, Dec 3: K-Electric (KE) has disconnected the electricity meters of Pakistan Railways today due to unpaid dues amounting to Rs. 430 million for 31 connections since May 2024. KE deemed it unsustainable to continue providing electricity without receiving payments, leading to the disconnection of all defaulting meters of the state-owned operator. KE had previously served notices and disconnected defaulting connections multiple times in accordance with regulatory policies. Electricity supply was reinstated based on assurances from railway authorities that the outstanding dues would be cleared, and future bills would be paid on time. However, despite these accommodations, the commitments have…
Islamabad, Dec 3: The National Highways and Motorways Police (NHMP) has delivered impressive results in 2024, issuing 13.3 million tickets and collecting Rs. 15.4 billion in fines between January and November. With 9,098 officers out of a total of 15,607 authorized positions, NHMP is responsible for managing 4,736 kilometers of vital highways, including M-1, M-2, and M-5. Since its establishment in 1997, the department has enforced the National Highway Safety Ordinance (NHSO) 2000, focusing on traffic regulation, commuter support, and axle load control. The Axle Load Control Regime has significantly boosted revenue, with fines increasing by 133 percent to Rs.…
Islamabad, Dec 3: Pakistan International Airlines (PIA) is set to resume direct flights to Europe within the next 10 days, initially targeting routes to Manchester and Paris. The airline has made the necessary arrangements, with flights expected to begin once final approval is received from the European Aviation Safety Agency (EASA). Previously, PIA operated flights to several European cities, including Barcelona, Birmingham, Bradford, and London, and is now planning to expand to destinations such as Copenhagen, Oslo, and Amsterdam. In addition to its European expansion, PIA also intends to reintroduce flights to New York, pending approval from the United States.…
Islamabad, Dec 3: The Pakistan weightlifting team delivered an exceptional performance at the Far East Cup 2024 in Sakhalin, Russia, securing an impressive third-place finish overall. A Showcase of Talent and Determination Pakistan’s lifters exceeded expectations in a highly competitive field. Key performances included: Hanzala Dastgir Butt (WAPDA), who won a bronze medal in the 109 kg category. Haider Sultan (Pakistan Army), who also earned a bronze in the 61 kg category. Haider Shakeeb, a young talent who claimed a silver medal in the under-15 (96 kg) category, highlighting his potential for the future. A Fierce International Competition The Far…
