USF awards contract worth Rs 6.78 Billion to Ufone for broadband services in Sibbi District, M-8
The Universal Service Fund (USF) has awarded a contract worth approximately PKR 6.78 billion to Ufone for providing High-Speed Mobile Broadband services in the Sibbi district of Balochistan province and Motorway M-8. Federal Minister for Information Technology and Telecommunication, Syed Amin Ul Haque and Federal Minister for Science and Technology, Agha Hassan Baloch witnessed the…
Adil Aziz
IMF transfers $1.2 Billion to Pakistan
In total around $4.2 billion were added to the country’s foreign exchange reserves during the week including $2 billion from Saudi Arabia, $1 billion from United Arab Emirates and $1.2 billion from IMF The International Monetary Fund (IMF) transferred US$1.2 billion to State Bank of Pakistan (SBP) out of total $3 billion under the Stand-By…
IT Ministry signs agreement to enhance connectivity in Balochistan
The Ministry of Information Technology has embarked on two significant projects worth Rs. 69.8 billion to bolster connectivity in Balochistan province. Federal Minister for Information Technology Syed Amin-ul-Haque and Minister for Science and Technology Agha Hassan Baloch jointly initiated the execution of these projects. The agreements were signed by USF CEO Haaris Chaudhary and Ufone’s…
PPMA delegation calls on Chairman FBR, discuss sale tax regime
A delegation of Pakistan Pharmaceutical Manufacturers Association (PPMA) called on the Chairman Federal Board of Revenue (FBR) Asim Ahmad and discussed issues related to sale tax regime governing the pharma sector. The delegation was led by Chairman PPMA Syed Farooq Bukhari including members as well as ex Chairman of the Association. The meeting was also attended…
IMF Board approves Stand-by Agreement of $3 Billion for Pakistan
The International Monetary Fund (IMF) Executive Board approved the Stand-by Agreement (SBA) for US$ 3 billion for Pakistan, according to short statement shared by the fund on its website. Federal Minister for Finance and Revenue, Mohammad Ishaq Dar also shared the news about the development. The new SBA would support government’s immediate efforts to stabilize…
Pakistan eyes to enhance pharma exports to $5 Billion by 2030: Naveed Qamar
Federal Minister for Commerce Syed Naveed Qamar stressed the need for collective efforts to boost pharmaceutical exports upto $1 billion by 2025 and by $5 billion by 2030 to improve exchange reserves of the country. Realizing the export potential of the pharmaceutical sector, he said the government, pharma industry players and regulatory bodies should join…
CCP conclude its inquiry against urea manufacturers, FMPAC
An inquiry committee of the Competition Commission of Pakistan (CCP) concluded its inquiry and recommended the initiation of proceeding under Section 30 of the Competition Act, 2010 against urea manufacturers and the Fertilizers Manufacturers of Pakistan Advisory Council (FMPAC). This inquiry recommendation was based on a prima facie violation of Section 4 ‘Prohibited Agreements’ of…
Mobilink Bank’s H1 2023 Financial Results Highlight a 232% Growth in Profit Before Tax
Mobilink Bank exhibited an impressive growth trajectory in its financial performance during the first half of 2023, reflecting its unwavering dedication to excellence, as per the unaudited/unreviewed financial statements. With a 57% increase in total revenue, the Bank showcased its proficiency in both attracting and retaining customers, effectively adapting to the ever-evolving financial landscape. The…
Cars’ sale decreases by 58.65 % during FY 2023
The sale of cars witnessed a decrease of 58.65 per cent during the fiscal year 2022-23 as compared to the sale of fiscal year 2021-22, the Pakistan Automobile Manufacturing Association (PAMA) report said. As many as 96,812 cars were sold during July-June 2022-23 as opposed to 234,180 units during July-June 2021-22. The breakup figures showed…
Saudi Arabia deposits $2 Billion with SBP
The deposits would be a straight away increase in the country’s foreign exchange reserves and lift them to around $11.7 billion Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said that the brotherly country Saudi Arabia has deposited $2 billion with State Bank of Pakistan (SBP), increasing the total foreign exchange reserves to…