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World Bank President Jim Yong Kim says Pakistan is poised to become the next fast growing successful economy due to important steps taken by the government over the past few years. Addressing a meeting on the country's economic performance in Islamabad on Tuesday, he pointed out the country has made significant strides to achieve micro economic stability and enhance its domestic revenues by introducing reforms in the tax system. He said the country has also undertaken a number of important steps to improve business climate. Yong Kim said Pakistan has an important geo strategic location and peace and stability in the country is imperative to the entire world. He said the World Bank, being a partner, will support the government's initia...

February 9, 2016 at 3:20 pm | News Desk

MANILA, PHILIPPINES – The Asian Development Bank (ADB) has approved a $400 million loan to help the Government of the Philippines further expand its flagship conditional cash transfer (CCT) program, which provides regular health and education grants to millions of the country’s poorest households. “The support, which builds on ADB’s initial loan to the project of the same amount, will help the government support more families, now also including high school students,” said Karin Schelzig, Senior Social Sector Specialist in ADB’s Southeast Asia Department. “This is important, as impact evaluation shows that the CCTs are keeping vulnerable young people at school, opening the door to a better future.” The CCT program, kno...

February 9, 2016 at 2:44 pm | News Desk

CANBERRA, AUSTRALIA - Asian Development Bank (ADB) President Takehiko Nakao today met with Minister for Foreign Affairs Julie Bishop, Minister for International Development and the Pacific Steven Ciobo, and other high-level officials in Canberra. He signed a new framework for cooperation to reinforce ADB’s partnership with Australia to reduce poverty and achieve inclusive and sustainable economic growth in Asia and the Pacific. “I am delighted to be signing this partnership agreement with Australia. The country has been a strong partner in tackling the region’s development challenges over the last 50 years,” Mr. Nakao said. “In particular, Australia has strongly supported, through contributions to trust funds and cofinancing, A...

February 9, 2016 at 12:28 pm | News Desk

Pakistanis in the country, who wished to get their CNICs delivered to their doorsteps after applying for the same via NADRA’s online CNIC portal, are in for some bad news. The well-received and popular service has been shut down, without any explanation, for the locals residing in Pakistan. Overseas Pakistanis can still apply for their ID card online. The online CNIC Issuance and Renewal Service debuted in Aug 2015, to critical acclaim and reception by Pakistani citizens during the time. In the spate of half an year, the service has been indefinitely suspended. While NADRA hasn’t given any explanation detailing their reasons behind the ill-advised move, we anticipate that the Registration authority was unable to keep-up with the trem...

February 9, 2016 at 11:13 am | News Desk

Pakistan Telecommunication Company Limited (PTCL) has signed a Memorandum of Understanding (MoU) with Telenor Pakistan through which Telenor Pakistan will be able to consume PTCL’s back-haul infrastructure till 2020. This MoU will facilitate Telenor to avail PTCL’s vast network footprint and infrastructure spread nationwide for their rapidly growing 3G subscriber base. Mr. Omar Khalid (EVP Carrier Services & Wholesale, PTCL) and Mr. Khurram Ashfaq (CTO, Telenor Pakistan) signed the MoU in a ceremony held at Telenor Pakistan headquarters recently. Signing ceremony was attended by senior management from both the companies, including Mr. Sikander Naqi, (Chief Business Development Officer, PTCL), Mr. Saad Warriach (Chief Techni...

February 9, 2016 at 11:05 am | News Desk

ISLAMABAD, February 8, 2016: The Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has disposed of 126 appeals during July 2015 to December 2015 and has achieved zero pendency. The Appellate Bench was reconstituted after the appointment of new Commissioners and it was aimed by the Mr. Zafar Hijazi, the Chairman SECP to expedite the disposal of appeals filed before the Appellate Bench under section 33 of SECP Act. There were 129 pending appeals before the Appellate Bench for the period July 1 to December 2015, which include a carryover of 113 appeals and 16 new appeals were registered during this period. A total 126 appeals were fixed for hearing and adjudication during July 2015 to December 2015. All appeals...

February 8, 2016 at 5:46 pm | News Desk

The National Business Education Accreditation Council (NBEAC) in collaboration with the Higher Education Commission (HEC) is organizing two-day international conference on “Emerging Challenges of Business Schools” in Lahore from February 17-18, 2016. NBEAC’s Deans and Directors Conference is a strategic level event for determining the future of management education in Pakistan, where over 100 deans of business schools participate annually to share experiences and to discuss areas of mutual interest. This year the conference will focus on strengthening business schools through creating partnerships among the schools and with other key players influencing or being influenced by business education. The participants will also delibe...

February 8, 2016 at 12:13 pm | News Desk

Chairman of the United International Group Mian Shahid  lauded the determination of the government to broaden the tax base which is must for social and economic development. He also lauded the government for taking business community into confidence before taking critical decision which has a very positive effect. Mian Shahid asked the government to revisit tax administration and reduce taxes on some critical sectors to spur investment which will increase revenue and provide jobs. He said that telecom industry is paying 40 percent taxes which is blocking growth of mobiles and mobile internet that is directly related to national development. Similarly, he said, corporate tax has been brought down from 34 percent to 32 percent in...

February 8, 2016 at 12:04 pm | News Desk

Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Sunday lauded the government for 4-year rice export deal with Indonesia which will bailout the troubled sector and stabilise prices at home. He demanded more long and short term agreements with other countries to boost the rice sector which is facing problems since some tears. Shahid Rasheed Butt said that export of rice to Indonesia will boost overall exports to 4.6 million tonnes which will be a record for which credit goes to the government. Pakistan’s export forecast has recently been raised by 0.1m tonnes in the wake of a deal with Indonesia. He said that reasons behind crisis in rice sector include high production cost, too much focus of exporters on profit...

February 8, 2016 at 11:57 am | News Desk

YANGON, MYANMAR – The Asian Development Bank (ADB) and the International Finance Corporation—IFC, a member of the World Bank Group—are providing loans of $300 million to Ooredoo Myanmar for the rollout of a mobile telecommunication network across Myanmar, which will help extend affordable telecom services across the country, boosting economic growth and job creation. ADB and IFC are extending a loan of $150 million each to Ooredoo Myanmar, a fully owned subsidiary of Ooredoo Q.S.C, to expand a nationwide “greenfield” mobile telecom network using advanced 3G technology. “Myanmar has one of the lowest rates of telecom connectivity in Southeast Asia, with poor communities and women the least likely to have access to these inc...

February 8, 2016 at 11:47 am | News Desk