World

March20 (Agencies) Since Pakistan has recently suffered unprecedented deluge, the government of Japan has provided an additional 5.58 million USD to strengthen weather forecasting in Pakistan. In its ongoing scheme to install ‘Weather Surveillance Radar’, Tokyo aims to cover eighty percent of the area to give benefit to approximately 90 percent of the whole population of the country. Multan, also famous as one of the oldest city, would get an increase of a grant aid for “the Project for Installation of Weather Surveillance Radar” from 14.99 million USD to 20.57 million USD. Japan has already provided assistance for installation of six weather radars in Karachi, federal capital, Dera Ismail Khan, Rahim Yar Khan and two project...

March 20, 2023 at 7:02 pm | Economic Affairs

March 19 ( Agencies) In a significant development, The ECC has given a go ahead for the supply of indigenous gas to fertilizer plants. This approval would cater the Urea requirements especially in the upcoming Kharif crops season. Minister for Finance Ishaq Dar chaired the meeting of the ECC of the Cabinet.Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Federal Secretaries and other senior officers attended the meeting. The concerned ministry presented detail...

March 20, 2023 at 9:21 am | Economic Affairs

March 19 (Agencies) Despite the economic crunch, the present government has started taking interest to provide a relief to redress garment sector SMEs liquidity crisis.In a major development, Federal Minister for Commerce Syed Naveed Qamar has given nod to the apparel exporters to resolvethe issue of liquidity crunch faced by the SMEs. It would not be out of place to mention here that blockage of sales tax refundshas become a serious concerns for the exporters. The Ministry of Commerce also attended an important session along with Defence Minister Khawaja Aasif and TDAP Director General Shahzad Ahmed Khan in this regard. The exporters from all industrial export-oriented sectors shared their fast increasing problems in the industry. ...

March 20, 2023 at 9:16 am | Economic Affairs

March19 (Agencies) ISLAMABAD -Since the health ministry assured to provide maximum relief in health sector, it has decided to demand Rs.48.06 billion development funds specifically for 'Prime Minister Sehat Card and 'Hepatitis-C' for next financial year. In order to meet requirements, The ministry has demanded comparatively triple amount as compared to the last year, according to the available figures. It has also included more development projects of health sector amounting Rs 348billion in its proposed Public Sector Development Program. The ministry after thorough deliberation also included over two dozen new schemes for the next financial year. The Prime Minister’s Hepatitis-C program worth of Rs74.36 billion was proposed ...

March 20, 2023 at 8:59 am | Economic Affairs

March 19,2023Beijing(EA Report)The Third Round of Pakistan-China Bilateral Political Consultations (BPC) was held in Beijing on 18 March 2023. Foreign Secretary Dr. Asad Majeed Khan led the Pakistan delegation while the Chinese side was led by Vice Foreign Minister Sun Weidong. BPC is a regular institutional mechanism between Pakistan and China.The two sides reviewed the entire spectrum of bilateral relations, and agreed to expand and reinforce political and security cooperation, bilateral trade, economic and financial cooperation, cultural exchanges, tourism, and people-to-people ties. Pakistan and China will also enhance high level engagements and dialogue mechanisms and make the channels of communication even more robust. Noting ...

March 19, 2023 at 3:45 pm | Economic Affairs

March17,2023Georgia(Agencies) In order to boost US-Pakistan trade ties, the Georgia Assembly yesterday adopted a resolution to acknowledge Sindh and Georgia as twin states.The resolution, which would help honouring the province ofSindh [Located in the Southeastern region of Pakistan] as a sister state with Georgia, was passed with the aim to contribute to US-Pakistan in trade ties and business relations.Mr. Farooq Mughal, the first Pakistani Muslim American elected to theGeorgia House of Representatives played a key role in getting the support of US government and Georgia House of Representatives members for unanimously adopting the resolution.The motion, adopted with the strenuous endeavours of Mr. Farooq Mughal President of the Georgia C...

March 17, 2023 at 10:54 pm | Economic Affairs

March17(Agencies) –Pakistan is considering a big investment in metal refining plants, fertilizer production plants, food processing plants including dry milk production and meat processing. “For a future investment, the country has targeted projects to invest in metal refining plants, fertilizer production plants, food processing plants,” said Federal Minister Commerce Syed Naveed Qamar, at ‘Meet and Greet session’ with the media at TDAP HQ in Karachi. About China’s investment in CPEC, the Minister informed that Shandong [Eastern Province of China] is thinking of relocating its labour-intensive industries to Pakistan to reduce production cost. Minister appreciated the efforts of former President Asif Ali Zardari for in...

March 17, 2023 at 10:49 pm | Economic Affairs

Senior officials from Australia and Pakistan discuss the strength of bilateral relations March17,2023 (EA Report) – Agreeing to enhance cooperation in multilateral settings, Pakistan has briefed Australia about the humanitarian situation in Afghanistan and the grave and systematic violations of human rights in IIOJK.The dignitaries from both sides exchanged views on bilateral cooperation the other day [Thursday] in a Senior Officials Talks (SOTs) held in Islamabad. Additional Foreign Secretary (Asia-Pacific) Mumtaz Zahra Baloch represented the Pakistan side, the Australian side was led by First Assistant Secretary for North and South Asia, Gary Cowan in the 8th Session of SOTs.Both sides have agreed to continue cooperation in politica...

March 17, 2023 at 10:46 pm | Economic Affairs

March17(Agencies) - Minister of State Hina Rabbani Khar yesterday met Parliamentary Secretary Rob Oliphant MP of Canada to review the cooperation landscape of both the countries. Both the dignitaries held a parley on the sidelines of Commonwealth Day Celebrations. They also discussed in length the need to reduce visa processing time and deepen migration dialogue.

March 17, 2023 at 7:08 pm | Economic Affairs

March17(EA Report)--Pakistani Rupee(PKR) registered gains against the US dollar, appreciating nearly 0.47% during the early hours of trading on Friday hovering at 281-282 level in inter-bank market amid positive news from the finance minister regarding inflows from China and as the dollar slipped on the international front.At around 10:50am, the rupee was being quoted at 281.10, an increase of Rs1.32 against the US dollar in the inter-bank market.A day earlier, the rupee saw some respite against the US dollar, settling at 282.42 in the inter-bank market on Thursday, a gain of Re0.43 or 0.15%.In a key development, Finance Minister Ishaq Dar on Thursday said that documentation for second disbursement of $500 million dollars from Industrial a...

March 17, 2023 at 3:01 pm | Economic Affairs

March17(Agencies) A consortium of 11 US private banks, including Bank of America, Citigroup and JPMorgan Chase, announced to rescue local lender by depositing $30 billion to bolster the system following failures of three midsized lenders in the last week.“This action by America’s largest banks reflects their confidence in First Republic and in banks of all sizes,” the group said in a joint statement.“Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most,” the banks said.Shares of First Republic reversed earlier losses to close 10 percent higher on Wall Street Thursday.“This show of support by a group of large banks is most welcome, and demonstrates the resilience of ...

March 17, 2023 at 12:49 pm | Economic Affairs

PRGMEA Central Chairman Ejaz A Khokhar presents souvenir to Commerce Minister Syed Naveed Qamar March 15,2023Sialkot (EA Report)Syed Naveed Qamar, Federal Minister for Commerce, and Khawaja Muhammad Asif, Federal Minister for Defence visited the Sialkot Chamber of Commerce & Industry on March 15, 2023, for an interactive session with the business community of the city. On the occasion, the Honorable Commerce Minister acknowledged the role of the industrial city of Sialkot in the economic sustainability of the country over the years. He said that the business community of Sialkot had taken many revolutionary initiatives including the establishment of a private-sector airport and airline.Syed Naveed Qamar, during his address to the co...

March 15, 2023 at 9:04 pm | Economic Affairs

Maryium, who has become the only crowd-puller not only in the PMLN but out of all opposition parties put together By Qamar Bashir Sometimes in 2016 Ms. Maryam Nawaz Sharif summoned a team led by the Secretary of the Ministry of Information, Mr. Imran Gardezi, of which I was a member to investigate why the media does not present the government's perspective on establishment. This was the first time I met Ms. Maryam, who used to oversee the government's Social Media Cell at the time. I found her a highly intelligent, aggressive, goal-oriented, never willing to accept defeat, and resolute in the face of adversity. The rift between the government and the establishment which started in 2014 during sit-ins was heightened in 2016. Dur...

March 6, 2023 at 3:28 pm | Economic Affairs

The United States Commerce Department's Bureau of Industry and Security (BIS) has added an unspecified number of Pakistani companies to a blacklist of 14 entities allegedly involved in missile and nuclear activities. The BIS has blacklisted a total of 37 entities for their supposed contribution to Russia's military and defense base, support of China's military modernization, and human rights abuses in Myanmar and China.The blacklist includes a separate category called "Ballistic Missile and Unsafeguarded Nuclear Activities." The statement revealed that fourteen entities based in China and Pakistan were added to the Entity List for their supposed contribution to ballistic missile programs of concern, including Pakistan's missile program, an...

March 6, 2023 at 3:27 pm | Economic Affairs

Leaders unite to innovate tech solutions to tackle global issues The United Arab Emirates (UAE) hosted the 10th World Government Summit from 13-15 February in Dubai and it was an exceptional event that brought together dignitaries, experts, and leaders from all over the world. One of the highlights of the summit was a speech by Elon Musk, in which he stressed the importance of critical thinking, particularly in young people. Musk, who has faced his fair share of criticism on social media, emphasized the value of constructive criticism and its potential to drive progress and innovation. The summit was also an opportunity for young people to get involved and make their voices heard. The Arab youth ministerial sessions provided a pla...

February 23, 2023 at 6:56 pm | Economic Affairs

Reliance on oceans has led to diverse economic interactions, which are termed the Blue Economy, covering industries focused on sustainable utilization of ocean-based resources. Reema Shaukat Oceans are a vital resource of our planet, containing countless marine species and vast sea bed possessions. Human existence is inherently linked with oceans and seas. The growing world population and increasing food and energy demands coupled with diminishing land resources have persistently compelled the human race to explore alternate measures for our sustenance and economic development. Besides being the cheapest medium for the transportation of goods, oceans contribute to the world's economy through tourism, fishing, renewable energy prod...

February 10, 2023 at 9:28 am | Economic Affairs