SBP releases annual report on the state of Pakistan’s economy

The State Bank of Pakistan released today its Annual Report on the State of Pakistan’s Economy reviewing the fiscal year 2020-21. According to the report, Pakistan’ economy rebounded during FY21, with real GDP growth rising to 3.9 percent. Importantly, this expansion in economic activity was accompanied by a 10-year low current account balance that contributed to a significant build-up in foreign exchange reserves.… Continue

Digital technologies can add Rs.9.7 trillion in Pakistan’s annual economic value by 2030

Digital transformation can help Pakistan unlock up to Rs.9.7 trillion (59.7 Billion USD) in annual economic value by 2030, equivalent to about 19% of the country’s GDP in 2020, according to a new report commissioned by Google.

The report — released at a recent Google / P@SHA online event, “Unlocking Pakistan’s Digital Potential” – finds that Pakistan has a thriving technology sector.… Continue

Second tranche to IPPs approved in Pakistan

· Federal Government gave green light to the 2nd payment to be made to IPPs in lieu of their outstanding receivables. The approval of the same by the Cabinet would pave way for disbursement of PkR134bn to IPPs.

· This follows the 1st installment of PkR89.8bn made to the IPPs (of which ~30bn was made in cash) in Jun’21 and will take the total payments, made under the tariff re-negotiation agreement back in Feb’21, to PkR225bn.… Continue

Meezan Bank-led consortium & EnerTech Water Private Limited sign facility agreements of PKR 25.5 billion Islamic Syndicated Project Finance Facility

Meezan Bank led consortium and Enertech Water Private Limited, have recently inked the facility agreements of PKR 25.5 billion Islamic Syndicated Project Finance facility, the largest financing facility raised for the Government of Sindh, structured under a public-private partnership. The facility will be utilized for the development of a 45 Cusec water supply project from Nabisar to Vajihar including two large water reservoirs and 65km pipeline in Thar, Sindh.… Continue

KSE: Trade with caution

The KSE-100 has lost more than 3% this week, with Friday’s 150bps rate hike taking precedence over the IMF staff-level agreement. Secondary market yields have continued to climb, impacting sentiment in equities. Likely net FI selling in the MSCI EM to FM move next week is not helping.… Continue

Orla Collins appointed global President of ACCA

The President of the world’s leading professional accountancy body, ACCA (the Association of Chartered Certified Accountants), is announced as Orla Collins. She lives and works in Dublin and takes on the 2021 / 22, assuming the chain of office from last year’s President Mark Millar.… Continue

My Zong App brings new exciting features in its latest update

Zong 4G, Pakistan’s largest telecommunications carrier, has upgraded its famous My Zong App (MZA) with various new and interesting features as part of its mission to drive digital innovation and provide cutting-edge services to its technologically savvy customers.

Designed to simplify our users’ life and add value, the app now has more to offer to Zong as well as non-Zong customers.… Continue

United States Embassy donates 26,500 books to English Access Microscholarship Program Students and Alumni

The U.S. Embassy’s Regional English Language Office, in coordination with Cengage, National Geographic, and Allied Book Company, donated 26,500 books to over 5,300 students and alumni of the U.S. Government’s English Access Microscholarship Program (Access).

The Access program is delivering fiction and non-fiction books representing a variety of genres to Access students and alumni across Pakistan.… Continue

IPAK and BOBST signed a MoU

International Packaging Films Limited (IPAK), a leading name in the packaging industry of Pakistan, signed an MoU with renowned supplier BOBST for a Metalizing Machine for IPAK’s subsidiary, Global Packaging Films (Private) Limited.

The state-of-the-art K5 3650 vacuum web coater machine will be the first of its kind in Pakistan, using the latest ALOX Module.… Continue

U.S. Embassy Islamabad launches next set of popular English classes for 4,000 students

In celebration of International Education Week, the U.S. Embassy in Islamabad’s Regional English Language Office is pleased to announce the next set of classes for the English Access Microscholarship Program and the English for Workforce Development Program in Pakistan.

The English Access Microscholarship Program (Access) is a global program that provides foundational English language skills to bright, economically disadvantaged students.… Continue

KCCI to fully support general industries’ stance against gas suspension

President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Idrees has said that KCCI fully supports general industries’ resistance against suspension of gas supplies as it would not only affect their own production but would also have a severe impact on the export-oriented industries as well because both were linked with each other and it was these general industries which provide raw material to export-oriented industries.… Continue

Pakistan’s most extensive cardiometabolic study for the healthy young population

Getz Pharma Pvt. Ltd.,in partnership withTabba Heart Institute, announced the launch of Pakistan Study of Premature Coronary Atherosclerosis in Young Adults (PAK- SEHAT) Cardiovascular diseases continue to have a significant impact across the world among different populations. To address the issue of the rising health burden of ASCVD in Pakistan, Getz Pharma Pvt.… Continue

Synthetic Product Enterprises plans to increase its production capacity gradually

The management of Synthetic Products Enterprises Limited (SPEL) held a corporate briefing session today to discuss the 1QFY22 financial results and future outlook on the company’s strategy going forward.

Key Highlights

· Synthetic Products Enterprises Limited (SPEL) announced their financial results, posting earnings of PKR 159mn (EPS: PKR 1.71), up by 74% YoY from PKR 88mn (EPS: PKR 0.98).… Continue

SBP strengthens corporate governance regulatory framework for Banks and DFIs

The State Bank of Pakistan (SBP) today issued the revised ‘Corporate Governance Regulatory Framework’ with the objective to further strengthen the corporate governance regime of banks and DFIs and to align the same with international standards and best practices. The framework, which has been developed in consultation with key stakeholders, covers Fit & Proper Test (FPT) Criteria and other Corporate Governance regulatory requirements for the sponsor shareholders and beneficial owners, members of the Board of Directors, Presidents and CEOs and key executives of banks and DFIs.… Continue

Arçelik receives Terra Carta seal

Arçelik, the parent company of Dawlance Pakistan, has been awarded the honourable Terra Carta Seal from HRH, The Prince of Wales on November 3, 2021. The inaugural 2021 Terra Carta Seal recognises global companies which are driving innovation and demonstrating their commitment to, and momentum towards, the creation of genuinely sustainable markets.… Continue

The interest rate in Pakistan more than doubled from a bordering country

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said interest rates in Pakistan were already higher than other countries in the region, which is now more than doubled in comparison to India and some many other countries.… Continue