Islamabad, Sep 5: The Pakistan has applied for a total of $1.75 billion in loans from three key financial institutions namely the Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank (IDB), and Standard Chartered Bank, top sources revealed to bloom Pakistan. According to sources, these loans will support the construction of infrastructure and the acquisition of necessities like commodities. Of the total, $350 million has been requested from the IDB for project financing, and $400 million has been asked from the ITFC for the purchase of essential commodities. A $1 billion loan has also been proposed to Standard Chartered…
Author: Mawadat Fatima
Islamabad, Sep 5: Following are the selling/buying rates of major currencies issued by the National Bank of Pakistan (NBP), here on Thursday. CURRENCY SELLING BUYING USD 281.99 275.91 GBP 370.67 362.65 EUR 312.32 306.13 JPY 1.9625 1.9200 SAR 75.13 73.50 AED 76.78 75.63
Islamabad, Sep 5: Pakistan-England cricket series, part of the ICC World Test Championship (WTC) 2023-25, look potential relocation due to ongoing stadium renovations in Pakistan. October 7 in Multan is when the series is scheduled to start, with matches in Karachi and Rawalpindi to follow. However, the Pakistan Cricket Board (PCB) is facing logistical difficulties as a result of current construction in Rawalpindi and other cities including Lahore and Karachi. These advancements are a part of Pakistan’s plans to host the ICC Champions Trophy in 2025, but postponing the work to make room for the series could cause vital preparations…
Islamabad, Sep 5: Investment projects under mutual agreements with Saudi Arabia are being negotiated while more talks are ongoing with commercial institutions regarding further lending options, according to Finance Minister Muhammad Aurangzeb. The International Monetary Fund (IMF) Executive Board will approve the new $7 billion bailout for Pakistan this month, according to Finance Minister Muhammad Aurangzeb. In a recent interview, Aurangzeb stated that the negotiations with the IMF are almost to an end. Although he recognized that the IMF Executive Board had not yet set a particular approval date, he was optimistic that the $7 billion loan program will be…
Islamabad, Sep 5: The Capital Development Authority (CDA) has declared plans to launch a major anti-encroachment operation in the long-stalled and under-developed E-12 sector, to restart development work initiated over 35 years ago. This decision was made during a meeting chaired by CDA Chairman Mohammad Ali Randhawa, as stated in an official press release on Wednesday. When the CDA first introduced the E-12 area in 1989, more than 4,000 plots were sold. Plot purchasers, however, have had to wait decades for the construction of their properties because the industry hasn’t advanced much since its founding. Many property owners, some of…
Islamabad, Sep 5: A technical malfunction in Pakistan International Airlines (PIA) Enterprise Resource Planning (ERP) system has brought office operations to a standstill nationwide. The outage on Wednesday has disrupted crucial employee-related processes, considered medical management and left approvals. According to people with knowledge of the situation, PIA significantly depends on its ERP system to carry out these crucial tasks. Office productivity has been seriously impacted by the system outage in a number of sites, including the airline’s Karachi headquarters. The IT department at PIA is putting a lot of effort into fixing the problem and getting the ERP system…
Islamabad, Sep 5: The Water and Power Development Authority (WAPDA) has lodged a First Information Report (FIR) for electricity theft against a deceased individual in Tehsil Gambat, Khairpur. The case, filed under the Electricity Act, names Ghulam Rasool, who passed away three years ago, as the accused. At the Gambat police station, SDO Umar Pathan filed the first police report in coordination with the local authorities. The local community is outraged and confused by this action, which raises fundamental questions about the filing’s procedures and objectives. Residents in the area have expressed their outrage and displeasure over the occurrence, claiming…
Islamabad, Sep 5: Pakistani startups are eyeing expansion into the Gulf with renewed vigor–and for good reasons, according to a report released by i2i Venture. Due to persistent macroeconomic problems, unstable political environments, declining purchasing power, and currency devaluation, entrepreneurs are coming to the realization that growing their businesses internationally is not only a wise decision, but also a requirement. The recent increase in funding agreements, which companies like PostEx and MYCO raised large cash to penetrate into the Middle East, reflects this shift in focus. The funding increase underlines the need of regional diversification as a tactic to weather…
Islamabad, Sep 5: The Examinations Department of Punjab University has released the official date sheet for the BS (4-Year Programme) spring 2024 examinations. This schedule covers students from all semesters, including the first, second, third, fourth, fifth, sixth, seventh, and eighth semesters. Students can access the detailed date sheet and further information regarding the examinations on the university’s official website at www.pu.edu.pk. Due to recent financial difficulties, Punjab University has changed its revenue policy. Students will no longer be eligible for free degrees under this new policy. The current fee for each student to receive their degrees is Rs 6,000. This is the…
Islamabad, Sep 5: Refinery and top-performing Oil Marketing Company (OMC) representatives met on Wednesday to discuss and decide on a plan of action to deal with the problem of High-Speed Diesel (HSD) inventories throughout the nation and at the refineries. Three cargoes in October are to be canceled or rationalized, and the September cargo of the top importing OMCs has been postponed. December shipments must also be canceled in a timely manner (if necessary). The already-arrived cargo will be placed in bonded storage, meaning it won’t be for sale until the end of September.
