The World Bank’s Board of Executive Directors approved $535 million in financing for Pakistan to support two projects. The additional financing for the Crisis Resilient Social Protection (CRISP) Program aims to strengthen the country’s social protection system and build shock resilience among poor and vulnerable households, while the Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA) Project will promote climate-smart and competitive small and medium producers in the livestock and aquaculture sectors in Sindh. “The catastrophic floods that hit Pakistan in 2022 were a tragic reminder of the importance of building resilience to such disasters, including by strengthening both social protection…
Category: Tech and Telecom
NEPRA Imposes Fixed Charges of Up to Rs. 1,000 Per Month on Electricity Consumers
The National Electric Power Regulatory Authority (NEPRA) has imposed fixed charges ranging from Rs. 200 to Rs. 1,000 per month for residential consumers set to take effect on July 1, 2024. Residential Consumers Units consumed (GWh) Fixed Charge(s) 301-400 units/month Rs. 200/month 401-500 units/month Rs. 400/month 501-600 units/month Rs. 600/month 601-700 units/month Rs. 800/month Above 700 units/month Rs. 1,000/month ToU meter users Rs. 1,000/month Commercial Consumers Load less than 5kW Rs. 1,000 per month Load of 5kW and above increased from Rs. 500 to Rs. 2,000 per month Industrial Consumers B1 category (up to 25kW, ToU metering) Rs. 1,000…
Salaried Class Penalized While Agriculture Sector Evades Taxes: Salaried Class Alliance
The salaried class pays tax on gross earnings without any allowable deduction, as against other classes of taxpayers, so the high rate of tax of 35 percent is unfair and oppressive, the Salaried Class Alliance said in a letter to the Tax Anomaly Committee. The alliance raised some big concerns about tax policies outlined in the Budget 2024-25 last week. It said the budget unfairly targets the salaried class, while agriculture has an extremely low revenue contribution and is “the biggest parking lot for corruption and illegal money”. The letter criticized the government’s approach of focusing on those already paying…
Tech Experts Show How to Elevate Your Game with the Infinix GT 20 Pro
In the realm of mobile gaming, optimal performance is paramount. For professional gamers, the quality of their gaming phone plays a pivotal role in shaping their performance and overall gaming experience. A premium gaming phone is distinguished by its robust processor, generous RAM, high refresh rate displays, advanced features, and long-lasting battery life. Infinix has introduced the GT 20 Pro, a gaming smartphone tailored to provide mobile gamers with a superior gaming experience parallel to E-sports standards. Boasting cutting-edge technology and gamer-centric attributes, the GT 20 Pro establishes itself as a dominant force in the realm of gaming-oriented mobile devices.…
PSX Hits 80,000 Points For the First Time in History
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by over 1,200 points on Friday to cross 80,000 for the first time in history. Closing at 78,801 after gaining over 2,000 points a day earlier, the KSE-100 index surged by 1,259 points or 1.59 percent to 80,059 at 9:45 AM today. An encouraging buying spree in the first hour of trade helped the index enter the 80,000 territory. At the time of filing, the KSE-100 index stood at 79,353, up 552 points or 0.7 percent at 10:15 AM. Expectations from the budget FY225 paving the way for the larger and…
IT Minister Urges Huawei to Help Govt in Imparting Digital Skills to Students
Huawei Pakistan Chief Executive Officer (CEO) Ethan Sun called on Minister of State for IT and Telecommunication Shaza Fatima Khawaja at her office on Thursday. Views were exchanged on digitalization, IT & Telecom infrastructure, and skills development during the meeting. The minister said that the government is taking effective steps for the promotion of Information and Communications Technology (ICT) in the country. She said under the vision of the prime minister youth of the country are being given training in information technology, urging Huawei to equip teachers and students of schools, colleges, and universities with digital skills besides imparting training…
ADB Rates $1.2 Million Technical Assistance to Pakistan for Electricity Market as Successful
The Independent Evaluation Department (IED) of the Asian Development Bank (ADB) has rated technical assistance (TA) for “Pakistan: Developing an Electricity Market” as successful and relevant. The IED in its validation report stated that the objective of TA of $1.2 million was to provide capacity building and policy advice on the introduction of market mechanisms for electricity sales and purchases in Pakistan based on a competitive trading bilateral contract model (CTBCM), which was developed under a preceding ADB TA. The introduction of competition in the electricity subsector was expected to support the energy sector’s financial sustainability in the long run…
Pakistan’s Mobile Imports Cross Rs. 450 Billion in 11 Months of FY24
The country imported mobile phones worth Rs. 458.472 billion during the first 11 months of the current fiscal year 2023-24 (FY24), a 277.37 percent growth compared to Rs. 121.491 billion during the same period of last year, according to the data released by the Pakistan Bureau of Statistics (PBS). In dollar terms, the country imported mobile phones worth $1.621 billion during the first 11 months (July-May) of FY24, registering growth of 213.97 percent compared to $516.488 million during the same period of the last fiscal year. Pakistan’s mobile phone imports decreased by 1.58 percent on a month-on-month (MoM) basis in…
SBP Reserves up $31 Million to $9.13 Billion
The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased slightly on a weekly basis according to data issued by the central bank on Thursday. On June 14, the foreign currency reserves held by the SBP were recorded at $9.135 billion, up $31 million compared to $9.103 billion on June 7. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14.415 billion, up $31 million over the previous week. The net reserves held by banks stood at $5.280 billion, registering a decrease of $1 million…
Here’s Why Pakistan’s Bowling Let Them Down in 2024 T20 World Cup
Pakistan’s performance in the World Cup left many questioning where the fault lay. Was it the batting? The bowling? The fielding? You could make a case for all of these given Pakistan’s struggles during the World Cup. However, one facet that often gets overlooked is the discipline in bowling. Pakistan topped the unwanted leaderboard for most wides bowled in the tournament, with 37 wides. This stands in stark contrast to Nepal, an associate nation, who conceded the least with just 8 wides. It’s a statistic that becomes even more worrying when considering the tight margins in some of Pakistan’s losses.…
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