PESHAWAR: Minister for Finance and Revenue, Muhammad Aurangzeb, announced on Wednesday that the government is planning to shut down additional departments as part of an International Monetary Fund (IMF)-backed “rightsizing” initiative aimed at cutting state expenditures. “Efforts are underway to reduce government spending… we are closing more departments and affiliated offices,” the finance minister stated while addressing the business community in Peshawar. To streamline operations and enhance efficiency, the federal government has devised a rightsizing program that involves the dissolution of various ministries and their attached departments. Back in January, Aurangzeb pledged to downsize 42 ministries and their 400 affiliated…
Author: Web Desk
The third polio case of 2025 has been confirmed in Larkana district, Sindh, raising concerns about the persistent presence of wild poliovirus (WPV1) in Pakistan. The National Institute of Health (NIH) confirmed the new case after laboratory tests detected wild poliovirus type 1 in the infected child’s samples. Recent Polio Cases and Situation This latest case follows the two earlier polio cases reported this year in Dera Ismail Khan and Badin. The Polio National Emergency Operation Center has once again urged parents to ensure their children receive polio vaccinations, emphasizing that multiple doses are necessary to develop strong immunity against…
Chinese scientists have identified a new bat coronavirus, HKU5-CoV-2, which has the potential to infect humans, raising fresh concerns about zoonotic diseases. The study, conducted by a team led by renowned virologist Shi Zhengli at the Guangzhou Laboratory, was published in the scientific journal Cell. Findings of the Study The virus, found in bats in China, shares similarities with SARS-CoV-2, particularly in its ability to use the ACE2 receptor to enter human cells. However, researchers have stated that its ability to infect humans remains limited. HKU5-CoV-2 is a descendant of HKU5, first identified in the Japanese pipistrelle bat in Hong…
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Saturday emphasized the need for a strong economic framework, stating that sustainable governance cannot rely solely on charity. His remarks addressed concerns over Pakistan’s reliance on the International Monetary Fund (IMF). Speaking at the 3rd All Pakistan Chambers Presidents Conference at the Faisalabad Chamber of Commerce & Industry (FCCI), the finance minister stated, “The main reason for our economic challenges is the lack of structural reforms needed to change the DNA of the economy.” He pointed out that the current tax-to-GDP ratio of 9-10% is unsustainable, highlighting that “in a country of 240-250 million…
ISLAMABAD: The federal government has intensified efforts to provide relief to the people of Pakistan during the holy month of Ramadan, directing all provinces to ensure the provision of sugar at Rs130 per kg. Minister for Industries and Production Rana Tanveer Hussain instructed the chief secretaries of all provinces to establish sugar stalls at the municipal council level and ensure uninterrupted supply of the commodity at the government-set price. These directives were issued while he chaired a meeting of the Sugar Advisory Board in Islamabad, according to a press release issued on Friday. Tanveer emphasized that the Pakistan Sugar Mills…
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved income tax exemptions for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025. The ECC reviewed a summary presented by the Revenue Division, stating that these exemptions align with international best practices for hosting global sporting events. The meeting of the Economic Coordination Committee was chaired by Finance and Revenue Minister Senator Muhammad Aurangzeb at the Finance Division in Islamabad. It was attended by Petroleum Minister Musadik Masood Malik, Industries and Production Minister Rana Tanveer Hussain, Chairman of the Federal Board of Revenue (FBR),…
The State Bank of Pakistan (SBP) reported on Thursday that the country’s foreign exchange reserves increased by $35 million during the week ending February 14, reaching $11.20 billion. However, Pakistan continues to face pressure due to its external financing needs. The central bank stated that the country’s total liquid foreign reserves stood at $15.95 billion during the period under review. However, it did not specify the source of these inflows. Meanwhile, commercial banks’ dollar reserves amounted to $4.75 billion. Earlier, during the week ending February 7, SBP’s forex reserves had decreased by $252 million, bringing the total down to $11.17…
Expressing concerns over the disproportionate tax burden in Pakistan, Federal Minister for Finance Muhammad Aurangzeb announced on Thursday that artificial intelligence would be used to enhance tax collection. Speaking at the “Retail Reimagined: Innovate, Collaborate & Thrive” conference, organised by the Pakistan Retail Business Council (PRBC), the minister stated that while Pakistan’s retail sector contributes 19% to the GDP, it pays only 1% in taxes, raising concerns over its limited contribution to the national exchequer. He stressed that the excessive tax burden on manufacturing, services, and salaried individuals is unsustainable. The minister emphasized the need to bring other sectors, including…
Elon Musk’s internet company, Starlink, has officially become Nigeria’s second-largest Internet Service Provider (ISP) by subscriber numbers as of Q3 2024. This information was revealed in the latest report from the Nigerian Communications Commission (NCC). Starlink’s active customer base reached 65,564 by the end of the third quarter, surpassing FiberOne, which previously held the second position. Starlink’s customer count surged by 41,667 from 23,897 in December 2023, making it the third-largest ISP at the time. Meanwhile, Spectranet retained the top spot with 105,441 active customers by the end of Q3 2024 but lost over 8,000 subscribers compared to 113,869 in…
The National Seismological Centre in Islamabad has launched an advanced satellite system to monitor earthquakes and issue early warnings, aiming to enhance disaster preparedness in Pakistan. According to experts, this innovative system will continuously track seismic activity and provide real-time data on unusual movements within the Earth’s crust. This enables authorities to take timely preventive measures, helping to protect lives and minimize property damage. A spokesperson for the seismological centre highlighted that integrating this cutting-edge technology will significantly improve Pakistan’s ability to handle natural disasters effectively. With early warnings and precise monitoring, the country will be better equipped to respond…
