Islamabad, Sep 27: ADB Secures $500 Million for Education Funding in Pakistan The Asian Development Bank (ADB) has partnered with the International Finance Facility for Education (IFFEd) to provide at least $500 million in concessional education funding for lower-middle-income countries (LMICs) in Asia and the Pacific. Eligible countries include Bangladesh, India, Mongolia, Pakistan, Papua New Guinea, the Philippines, Sri Lanka, Timor-Leste, Uzbekistan, and Vietnam. Under this innovative financing partnership, IFFEd, a sovereign-backed Swiss foundation established in 2023, will guarantee $125 million of ADB’s sovereign loan exposure and provide an initial $50 million in grants. This arrangement allows for four times…
Author: Mawadat Fatima
Islamabad, Sep 27: Dwayne Bravo Becomes KKR Mentor After Retirement The Indian Premier League’s Kolkata Knight Riders (KKR) have appointed former West Indies all-rounder Dwayne Bravo as the team’s mentor following his recent retirement from all forms of cricket. Bravo, a T20 cricket legend with a record 631 wickets from 582 matches, takes over the role from Gautam Gambhir, who stepped down after becoming the head coach of the Indian men’s cricket team in July. Venky Mysore, CEO of the Knight Riders Group, expressed enthusiasm about Bravo’s extensive experience and winning mentality, viewing them as invaluable assets for the team.…
Islamabad, Sep 27: FBR freeze banks accounts and Unregistered Businesses After Crackdown. The Federal Board of Revenue (FBR) has identified a significant tax gap of Rs. 3,400 billion in uncollected sales tax, according to official sources. In response, the FBR freeze bank accounts has decided to document every stage of business operations, starting from the initial capital to final production, to ensure tax compliance. This move is aimed at addressing the tax shortfall by capturing all business activities that have previously gone unrecorded. The effort underscores the government’s commitment to widening the tax net and improving overall revenue collection in…
Islamabad, Sep 27: IMF Demands Subsidy Cuts in Pakistan Pakistan is facing stricter conditions as part of the recently approved $7 billion loan program from the International Monetary Fund (IMF). According to sources from the Finance Ministry, IMF Demands Subsidy Cuts at no more than 1% of its GDP. Additionally, the government has committed not to issue any supplementary grants during the duration of the IMF program. The IMF will also directly monitor provincial expenditures to ensure adherence to agreed fiscal measures. Ongoing negotiations between the federal government and provinces regarding the National Finance Pact are critical, as the IMF…
Islamabad, Sep 27: Hamster Kombat Token Crashes 30% After Binance Launch The newly launched play-to-earn (P2E) Hamster Kombat (HMSTR) token experienced a significant decline shortly after being listed on major cryptocurrency exchanges, including Binance and HashKey. Despite the initial excitement, the token fell by 10% within the first hour of trading, according to CoinGecko data. Over the past 24 hours, its value has plummeted nearly 30%, dropping from $0.012 to $0.0087. The Hamster Kombat team had announced the official start of HMSTR trading on various platforms, including OKX, Bybit, KuCoin, and MEXC, alongside Binance and HashKey. This launch followed the…
Islamabad, Sep 27: Karachi University Students Protest Fee Increase A large group of students staged a demonstration at the on Thursday, Karachi University protesting against various issues, including a fee hike, steep penalties for late payments, lack of transportation services, declining faculty numbers, deteriorating infrastructure, and worsening campus security. They warned of escalating their protests if their concerns remained unaddressed. In a display of unity, leaders from several student organizations, including Hamza Alam from Islami Jamiat Talaba, Azhar Ali from Imamia Students Organisation (ISO), Ali Bukhari from People’s Students Federation (PSF), and Waqas Meer from Punjabi Students Association (PSA), held…
Islamabad, Sep 27: Hajj and Umrah Operators Required to Obtain Licenses. The Ministry of Religious Affairs in Pakistan has implemented new regulations mandating that all Hajj and Umrah organizers obtain licenses and enter into service provider agreements. This initiative is designed to protect pilgrims from fraud and enhance oversight of tour operators nationwide. Under the new regulations, any organizer accused of defrauding a pilgrim will face investigation by a Complaint Disposal Committee, which consists of senior officers in grade 20. This committee will assess cases and determine suitable penalties for those found guilty. Organizers dissatisfied with the committee’s decision can…
Islamabad, Sep 27: Govt to Revised IPP Agreements for Lower Electricity Costs Soon Independent Power Producers (IPPs) faced pressure to accept new contractual terms that could lead to a reduction in the base electricity tariff by Rs. 2 per unit, according to a report by Business Recorder. Representatives from major companies, including Hubco, Rousch, Atlas, Nishat Group, and Saba Power, met with the Task Force led by Minister for Power Awais Leghari. Despite some discrepancies in the data presented, many plant owners reluctantly agreed to the revised terms. Several companies, such as Attock Gen, Liberty Dharki, and Gul Ahmad, have…
Islamabad, Sep 27: Sky Garden Housing Scheme Completion Set for 2026 Federal Minister for Housing and Works, Mian Riaz Hussain Pirzada, announced on Thursday that the Sky Garden Project, an extension of the Green Enclave Bharakau scheme, is expected to be completed by the end of 2026. Following a site visit to the project, the minister reported that infrastructure development in some blocks is set to finish by December this year, while the full project will conclude by late 2026. The Sky Garden scheme, under the Federal Government Employees Housing Authority (FGEHA), spans 11,000 kanals and is located near the…
Islamabad, Sep 27: SBP Reserves Near $10 Billion with Latest Boost. The foreign exchange reserves held by the State Bank of Pakistan increased by $24 million on a weekly basis, according to data released by the central bank on Thursday. As of September 20, the SBP foreign currency were recorded at $9.53 billion, up from $9.51 billion on September 13. Overall liquid foreign currency reserves in the country, which include net reserves held by banks other than the SBP, reached $14.873 billion, marking an increase of $47 million from the previous week. The net reserves held by banks were recorded…