KARACHI: The government will borrow Rs3.5 trillion during the next three months to meet the increasing liquidity requirement. The State Bank’s calendar shows that the government will raise Rs3.475tr from Sept 4 to Nov 27 through treasury bills. However, this amount is less than the maturing amount of Rs4.594tr during the same period. Over the past several years, the government’s substantial borrowing from the banking sector has significantly strained the economy to the extent that the entire tax revenue is now being utilised for debt servicing. The interest rate was at an unprecedented 22 per cent in FY24, and the…
Author: Hasnain Abid Khanzada
ISLAMABAD: The Prime Minister’s Steering Committee for Gemstones approved a series of reforms on Tuesday to revitalise the sector, with a key decision to bring the industry under the Ministry of Industries. The meeting, chaired by Minister for Privatisation Abdul Aleem Khan, included stakeholders such as federal ministers, secretaries, senior officials and private sector representatives. They discussed in detail the proposed reforms for the gemstone industry. According to the sub-committee’s recommendations, the sector will be given formal industry status once it is officially linked to the Ministry of Industries. “We are moving forward with the cooperation and integrated efforts of…
KARACHI: The State Bank’s Monetary Policy Committee (MPC) will convene tomorrow (Thursday) to decide on the country’s monetary policy, including the key interest rate, amid demands for a major rate cut. The committee “will meet on Thursday, Sept 12, 2024, to decide about the monetary policy. Later on, the SBP will issue the Monetary Policy Statement through a press release on the same day”, the central bank said in a statement on Tuesday. The interest rate decision is being keenly watched by economic stakeholders, with expectations ranging from cautious optimism to demands for significant reductions. While many financial experts predict a modest…
LAHORE: Amidst the current political upheaval in the country, PML-N President Nawaz Sharif has decided to reengage in active politics to counter the rising popularity of jailed PTI leader Imran Khan, sources revealed on Tuesday. According to a minister, Sharif plans to embark on a nationwide tour to revitalize the party. He will begin his journey in Balochistan, followed by visits to Sindh, Khyber Pakhtunkhwa, and Punjab, focusing on reactivating the party and supporting loyal workers and leaders. This move comes after a recent senior leadership meeting in Lahore where a strategy for grassroots reorganization was proposed. Sharif’s reactivation includes…
LAHORE: On Tuesday, a division bench of the Lahore High Court overturned a single bench’s ruling and reinstated Lt Gen Muhammad Munir Afsar as the chairman of the National Database and Registration Authority (Nadra). The division bench, consisting of Justice Chaudhry Muhammad Iqbal and Justice Ahmad Nadeem Arshad, issued the interim stay order on an intra-court appeal filed by the federal government. The bench also issued a notice to Ashba Kamran, the citizen who had challenged the appointment before the single bench. An additional attorney general represented the federal government before the division bench, arguing for the reversal of the…
ISLAMABAD / HYDERABAD: The PPP has ramped up its opposition to potential changes to the law governing inter-provincial water distribution, while the PML-N has assured its ally that any modifications will be made with consensus. The proposed amendments to the Indus River System Authority (Irsa) Act of 1992, which have yet to be introduced by the PML-N-led federal government, have led to renewed tensions between the two coalition partners since the general elections. On Tuesday, in the Senate, Minister for Water Resources Musadik Malik reassured PPP lawmakers that the government would not push through any legislation that might disadvantage a…
ISLAMABAD: An unprecedented raid by plainclothesmen early Tuesday morning, aimed at detaining PTI lawmakers seeking refuge in the National Assembly, led to widespread condemnation across the political spectrum. The raid, which took place around 3 a.m., involved the disconnection of the Parliament House’s power supply and the forcible removal of PTI legislators from the building. According to sources, a heavily equipped police contingent, led by SSP Operations Arslan Jahanzeb, had been stationed outside Parliament House for hours before unmarked vehicles arrived and cut the electricity. The ensuing raid resulted in the detention of several PTI MNAs, including Zain Qureshi, Amir…
ISLAMABAD: The Supreme Court issued a statement on Tuesday expressing regret over the inaccurate and sensationalized reporting of a private conversation between Chief Justice of Pakistan (CJP) Qazi Faez Isa and journalists. This conversation occurred after a ceremony on Monday. The press release, signed by CJP’s Secretary Dr Muhammad Mushtaq Ahmad, clarified that the CJP’s comments, made off the record, were given undue attention, distracting from more critical institutional matters. During the post-ceremony interaction, some journalists asked the CJP about a potential extension of his tenure. The CJP shared that Law Minister Azam Nazeer Tarar had previously discussed a proposal…
Punjab experienced widespread tremors on Wednesday following a 5.7 magnitude earthquake. The quake struck at 7:28 am with its epicenter near DG Khan (Shadi Wala) and a depth of 10 km, according to Mazhar Hussain, spokesperson for the Punjab Provincial Disaster Management Authority (PDMA). Authorities are currently assessing the damage to buildings and are on high alert for potential aftershocks. The PDMA’s Provincial Control Room and District Emergency Operation Centers are monitoring the situation 24/7. Residents are advised to report damage through PDMA’s helpline at 1129. This seismic activity follows a 4.5 magnitude earthquake that hit parts of Khyber Pakhtunkhwa,…
TURBAT, Balochistan: An explosion near a bank in Turbat’s main market injured five people, according to local police. SHO City Turbat Yasin Baloch reported that the injured were taken to Civil Hospital Turbat with only minor injuries and are in stable condition. Police and a bomb disposal squad were dispatched to the scene to collect evidence. The initial investigation suggests the explosion was caused by a hand grenade, but a full probe is underway to confirm the details. The Balochistan government condemned the attack, with spokesperson Shahid Rind announcing that the Ministry of Interior has been requested to investigate the…
