At the G7 summit in Borgo Egnazia, Italy, a senior U.S. official disclosed on Thursday that the United States and European nations have agreed to freeze sanctioned Russian assets until Moscow compensates for its invasion of Ukraine. This agreement paves the way for the announcement of a $50 billion loan package for Kyiv, to be made during the summit where President Joe Biden is expected to sign a security agreement with Ukraine’s Volodymyr Zelenskyy. The agreement, eagerly anticipated, will utilize interest and income generated from over $260 billion worth of frozen Russian assets, primarily held in Europe, to secure the…
Author: WebDesk
In Islamabad, a senior U.N. official cautioned that the forthcoming monsoon season in Pakistan, anticipated to bring heavier rains than usual, could impact an estimated 200,000 people. Mohamed Yahya, the newly appointed Resident Coordinator and Humanitarian Coordinator in Pakistan, disclosed that the United Nations, in collaboration with local authorities, has devised a contingency plan, allocating $40 million to address potential emergencies. Yahya informed journalists that weather forecasters in Pakistan have predicted above-average rainfall in the upcoming weeks, though not as severe as the devastating floods of 2022, which claimed 1,739 lives, demolished 2 million homes, and submerged as much as…
In Islamabad, a senior U.N. official cautioned that the forthcoming monsoon season in Pakistan, anticipated to bring heavier rains than usual, could impact an estimated 200,000 people. Mohamed Yahya, the newly appointed Resident Coordinator and Humanitarian Coordinator in Pakistan, disclosed that the United Nations, in collaboration with local authorities, has devised a contingency plan, allocating $40 million to address potential emergencies. Yahya informed journalists that weather forecasters in Pakistan have predicted above-average rainfall in the upcoming weeks, though not as severe as the devastating floods of 2022, which claimed 1,739 lives, demolished 2 million homes, and submerged as much as…
Huawei Technologies Pakistan has accomplished the execution of Huawei Tech Connect 2024, as stated in a press release issued on Thursday. This event was primarily aimed at ushering Digital Transformation into Pakistan’s SME sector, revolutionizing organizational operations with a determined focus on enhancing the ICT landscape of the country. The cross-industry event addressed the IT infrastructure challenges across various sectors such as Education, Pharma, Energy, Banks, Real Estate, Healthcare, and Retail. Industry experts had the opportunity to share insights, interact, and network with one another to discuss contemporary technology challenges and how Huawei’s advanced solutions can enable organizations to stay…
Finance Minister Muhammad Aurangzeb announced on Thursday that Pakistan is aiming to raise up to $1 billion through international bonds in the upcoming fiscal year FY25. According to Reuters, Aurangzeb stated that Pakistan plans to raise around $300 million through the Chinese markets. He mentioned, “Our initial target is to access the Chinese panda bond market, with our first bond expected to raise the equivalent of $250-300 million in yuan.” The minister highlighted that the Ministry of Finance’s strategy involves expanding into European and other markets as the country’s investment ratings improve. In March, Aurangzeb expressed Pakistan’s interest in attracting…
Finance Minister Muhammad Aurangzeb announced today that the federal government has allocated a historic and unprecedented budget for the IT sector. Speaking at a post-budget press briefing in Islamabad, Aurangzeb highlighted the significant portion of the budget earmarked for the development of the IT sector. With current IT exports at $3.5 billion and projections indicating a potential increase to between $5 billion and $7 billion, measures to enhance digital infrastructure have been proposed. To support this growth, the government intends to subsidize loans and provide risk guarantees for the IT sector and SMEs. Aurangzeb commended Pakistan’s status as the third…
Visa (NYSE: V), a global leader in digital payments, recently organized Pakistan’s esteemed “Fraud Prevention and Risk Management Summit.” Held in Karachi, this significant gathering was part of Visa’s ongoing commitment to fostering secure payments and safeguarding the digital payments infrastructure in Pakistan. The summit aimed to ensure that issuers and acquirers are well-informed about potential risks and equipped with the necessary tools to defend against attacks. Umar S. Khan, Visa’s Country Manager for Pakistan & Afghanistan, emphasized the importance of empowerment in the fight against fraud, highlighting Visa’s extensive investments in technology over the years to enhance security measures.…
A report by the United Nations High Commissioner for Refugees (UNHCR) reveals that approximately 117.3 million people, equating to one in 69 individuals globally, are forcibly displaced. This figure is expected to surpass 120 million by April 2024, with forced displacement attributed to conflicts, violence, persecution, and human rights violations. Of the forcibly displaced population, 68.3 million are internally displaced within their own countries due to conflict or crises. The number of refugees crossing international borders reached 43.4 million in 2023, driven by displacement in Sudan, ongoing conflicts in Ukraine, and other regions. Additionally, the number of asylum seekers awaiting…
In the federal budget for 2024-25, the government has allocated Rs103.781 billion for Education Affairs and Services, a slight increase of 0.9 percent from the revised allocation of Rs103.684 billion for the current fiscal year. The total education expenditures by both federal and provincial governments have decreased as a percentage of GDP in the fiscal year 2023, estimated at 1.5 percent compared to 1.7 percent in the previous year, marking the lowest in the region. The majority of the budget, Rs79.312 billion, has been allocated for Tertiary Education Affairs and Services in the 2024-25 budget, accounting for 76.5 percent of…
The 2025 BMW M2, like its larger M3 sedan and M4 coupe siblings, receives a power boost for the new model year. Despite this enhancement, the current high-performance 2 Series model remains the most capable and comfortable M2 yet, offering immense enjoyment at a surprisingly reasonable starting price. BMW wisely maintains the essence of this exceptional car while adding more power, a rare move for mid-life refreshes, where changes typically revolve around styling and features. The 2025 M2’s 3.0-liter turbocharged six-cylinder engine now boasts 473 hp, a 20-hp increase, while torque remains at 406 lb-ft with the standard six-speed gearbox.…
