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Amid discussions to secure a new bailout package for Pakistan’s economy, the International Monetary Fund (IMF) has revealed a significant tax compliance gap equivalent to Rs7 trillion annually, standing at 6.9% of the GDP. Pakistan engaged in talks with the IMF’s visiting mission, led by Mission Chief Nathan Porter, emphasizing the importance of political stability for implementing structural economic reforms under the expected $6-8 billion Extended Fund Facility (EFF) bailout package. During the discussions, Pakistan also explored the possibility of increasing the EFF amount through climate finance, aiming for a total package of around $8 billion. The meeting included key…
Foreign investment has reached a peak not seen in 30 months, soaring by an impressive 84% to stand firmly at Rs501.30 billion. This surge contrasts sharply with the dismal investment figures recorded just a year ago in June 2023, which stood at Rs272.54 billion. The uptick in foreign investments correlates with the performance of Pakistan’s benchmark KSE 100-Index, which recently surpassed the 74,000-point mark. This bullish trend reflects renewed optimism and investor interest in Pakistani assets, fueled by positive economic indicators and ongoing discussions with the International Monetary Fund (IMF) for a new loan package. According to a report by…
Islamabad: Honourable Speaker National Assembly Sardar Ayaz Sadiq has said that Pakistan and Jordan enjoy cordial ties based upon historical, cultural and religious commonalities.He also said that enhancing parliament to parliament contacts would further strength these ties. Both countries enjoy unanimity of views on regional and international issues including Palestine issue.He expressed these views during his meeting with Ambassador of Jordan to Pakistan Islamabad Dr. Maen Khreasat at Parliament House who called on him in Parliament House Islamabad. While highlighting vast opportunities of trade and invest in Pakistan, the Speaker said that enhancing trade and economic cooperation between both nations…
Islamabad: Speaker National Assembly Sardar Ayaz Sadiq has said that Pakistan and Japan enjoy genial relations validated by trade and cooperation between the two nations. He was talking to Mr. Mitsuhiro WADA, the Japanese Ambassador who called on him at Parliament House, Islamabad. He said that Pakistan values high its relations with Japan and wants to further strengthen them. “Pakistani Parliament strongly desires to enhance parliamentary relations between parliaments of both the friendly countries,” he added. The Speaker urged the need for regular exchanges of Parliamentary delegations to facilitate all-encompassing robust bilateral relations. Emphasizing the role of Parliamentary diplomacy, the…
The significance of remittances from overseas Pakistanis cannot be overstated in the country, especially during periods of economic uncertainty marked by recurring trade deficits, energy shortages, high foreign debt repayments, and continuous balance of payment crises. These remittances continue to serve as a vital source of income for Pakistan, particularly during the ongoing fiscal year FY24, when the economy faced challenges of growth crisis and dwindling foreign exchange reserves. According to the latest data from the State Bank of Pakistan, remittances surged by 28 percent year-on-year to reach $2.8 billion in April 2024, marking the second-highest monthly inflow since August…
In a notable development concerning climate education, Romina Khurshid Alam, the Prime Minister’s coordinator for climate change and environmental coordination, announced in Islamabad that forthcoming summer camps will integrate teachings on climate change for students. This initiative aims to raise awareness among young people about this critical issue. During a meeting with Abdullah A. Fadil, the country director of Unicef for Pakistan, Khurshid Alam emphasized collaborations with the Secretary of Federal Education & Professional Training and the Chairman of the Higher Education Commission to integrate climate change-related content into the curriculum. Additionally, the Ministry of Climate Change plans to establish…
Hajj, the largest annual religious pilgrimage held in the holy city of Mecca, sees millions of Muslims visiting each year to fulfill their most significant Islamic obligations. To ensure the comfort and convenience of pilgrims, Saudi Arabia provides top-notch transportation and residential facilities. This year, Saudi officials plan to introduce flying taxis and drones to alleviate traffic congestion and ease travel fatigue for pilgrims traveling from Jeddah to the Holy Kaaba. The use of robotic taxis and drones aims to address the challenges posed by the pilgrimage falling during the hottest months, particularly in commuting from hotels to sites like…
Wateen Telecom Limited, a leading player in the ICT sector and a cornerstone of Pakistan’s optical-fiber network, has joined forces with Islamabad Diagnostic Centre (IDC), a specialist in comprehensive diagnostic solutions. The agreement was formally inked by Adil Rashid, CEO of Wateen Telecom, and Dr. Rizwan Uppal, Founder & CEO of Islamabad Diagnostic Centre, in the presence of senior officials from both entities. Utilizing its extensive network, Wateen is gearing up to roll out internet connectivity across IDC’s branches nationwide, heralding a new era of teleradiology, telepathology, and data-driven diagnostics. This dependable and high-speed internet infrastructure is poised to revolutionize…
The U.S.-Pakistan Counterterrorism Dialogue, co-chaired by Department of State Coordinator for Counterterrorism Ambassador Elizabeth Richard and Pakistan’s Additional Foreign Secretary for the UN and OIC Ambassador Syed Haider Shah, took place on Friday. The dialogue highlights the collaborative efforts between the two countries in addressing significant challenges to regional and global security, including Tehreek-e-Taliban Pakistan (TTP) and ISIS-Khorasan. Discussions centered on the counterterrorism landscape in the region, emphasizing mutual interests. Both U.S. and Pakistani senior officials stressed the importance of expanding counterterrorism cooperation and capacity building, encompassing exchanges of technical expertise, best practices, investigative and prosecutorial assistance, border security infrastructure…
