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Pakistan's economy achieved stability following the agreement with the International Monetary Fund (IMF), according to S...
31/07/2024

Pakistan's economy achieved stability following the agreement with the International Monetary Fund (IMF), according to S&P.
Regarding Pakistan, S&P Global Ratings has maintained its "CCC+" long-term sovereign credit rating and "C" short-term rating. Regarding the long-term rating, the prognosis is unchanged.

Pakistan would be able to pay its debts more easily because of the IMF agreement, which is predicted to increase foreign exchange reserves. Rollovers are still necessary for Pakistan to keep up its foreign debt, nevertheless.

Pakistan's economy will continue to be under pressure from debt obligations, even in the face of stability. The economy may also be impacted by monetary policy, inflation, and uncertain circumstances.

On the other hand, the default risk has decreased due to the growth in foreign exchange reserves. Controlling current account deficits and foreign exchange flows is crucial for preserving economic stability.

To sustain Pakistan's economic stability, the report stated that funds from the IMF, Saudi Arabia, the United Arab Emirates, and China must be rolled over on schedule.

Positively, Fitch Ratings raised Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) from "CCC" to "CCC+" on July 29.

The Fitch Company stated in a statement on Monday that "the upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan's staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF)."

It issued a warning, saying, "Nevertheless, Pakistan's significant funding needs leave it vulnerable if it fails to implement tough reforms, which could undermine program performance and funding."

Given the substantial policy changes in the most recent budget for the fiscal year ending in June 2025 (FY25) and the solid track record of support, we think this will be possible.

According to Fitch, Pakistan's nine-month standby arrangement with the global lender was effectively concluded in April for the last IMF program.

Anticipate a significant decrease in the price of petroleum starting on August 1st.There is a high probability that the ...
31/07/2024

Anticipate a significant decrease in the price of petroleum starting on August 1st.
There is a high probability that the cost of petroleum will reduce by a maximum of Rs11 per liter starting from the next two weeks.

There is a possibility that the price of petrol may decrease by Rs5.50 per litre, while high-speed diesel (HSD) might potentially have a discount of up to Rs11 per litre.

There is an anticipated fall in the price of kerosene by Rs5.84 per litre, and light diesel oil is predicted to decrease by Rs5 per litre.

The new prices will be determined today following the approval of the prime minister.

The prices of petrol and high-speed diesel (HSD) have risen by Rs7.45 and Rs9.56 per liter respectively as of June 30th. On July 16, there was an increase of Rs9.99 per litre in the price of petrol and Rs6.18 per litre in the price of HSD.

From May 1 to June 15, the cost of both items decreased by around Rs35 and Rs22 per litre, respectively.

In the current Finance Bill, the government has increased the maximum limit of the petroleum duty to Rs70 per litre.

Naqvi urges togetherness and voices concern over the clashes in Parachinar.Deeply disturbed by the unfortunate events th...
31/07/2024

Naqvi urges togetherness and voices concern over the clashes in Parachinar.
Deeply disturbed by the unfortunate events that have recently occurred in the Kurram district of Khyber Pakhtunkhwa, Federal Interior Minister Mohsin Naqvi has called on local leaders to actively contribute to the search for a long-term resolution to the issue.

He declared that in order to settle the issue and advance regional peace, the government is dedicated to offering all support appropriate.

Meeting with a Kurram delegation headed by Majlis-e-Wahdatul Muslimeen MNA Hameed Hussain, Minister Naqvi expressed his profound grief over the loss of innocent lives. He hoped for those hurt in the skirmishes to heal quickly as well.

Insisting that the two parties' conflict had been exaggerated and that cooperative efforts are necessary to promote brotherhood in the region, Naqvi underscored the necessity for peace and togetherness.

"The delegation is assured by Naqvi that the government will make every effort to address the issue," He emphasized that in order to guarantee a peaceful and long-lasting settlement to the dispute, community leaders must work together.

Prominent Kurram leaders that were part of the trip were Haji Noor Rehman, Rahim Gul, Munir Hussain, Prof. Shabbir Bangash, and Bashir Bangash. In addition, the minister urged the heads of Karam's two opposing factions to cooperate and strive toward peace and unity.

The Kurram district of Khyber Pakhtunkhwa saw the end of six days of deadly combat on Tuesday, stemming from an alleged "land dispute" between two tribes. Security officers were sent out once the parties cleared their fronts, according to the deputy commissioner for Kurram.

Authorities claim that traders, farmers, and tourists are having difficulties as a result of the Parachinar-Peshawar highway being closed to all forms of traffic for the seventh day. In the difficult circumstances, regular life came to a standstill, and a heavy deployment of police and security was ensured in the sensitive area.

Authorities reported that over the six days of fighting, 200 people were injured and 49 people died.

Defense Cooperation Between Pakistan and Turkey: Turkish Navy Warship TCG Kinaliada Arrives in KarachiArriving in Karach...
31/07/2024

Defense Cooperation Between Pakistan and Turkey: Turkish Navy Warship TCG Kinaliada Arrives in Karachi
Arriving in Karachi is the Turkish Navy cruiser Tcg Kinaliada.

The Turkish ship was cordially welcomed into Pakistani territorial seas by a Pakistan Navy vessel.

The Pakistan Navy's senior officials and field commanders will be met by the ship's commanding officer while it is in Karachi.

Profession-related matters of importance to both nations' navigators will be covered at the meetings.

Also scheduled to visit Mazar-e-Quaid is the Turkiye delegation.

The two brotherly countries' fleets have a long and solid friendship, which is reflected in this visit.

Environmental Protection Projects Awaiting Rs. 100 Billion: Marriyum AurangzebA number of green development and green en...
31/07/2024

Environmental Protection Projects Awaiting Rs. 100 Billion: Marriyum Aurangzeb
A number of green development and green energy projects are presently under way in Punjab, according to Marriyum Aurangzeb, the senior minister there.

When discussing Pakistan's first climate change action plan and Punjab climate change policy, she made this statement during a meeting in Lahore.

She stated that 100 billion rupees worth of development projects are being introduced for the purpose of improving and protecting the environment, and that another project using solar panels is being started to encourage the use of alternative energy sources.

The province, according to her, is likewise conducting a successful crackdown on cars that spew smoke.

JIT Was Established To Look Into A Political Party's Alleged Anti-State Activitiesinquiry into the coordinated anti-stat...
31/07/2024

JIT Was Established To Look Into A Political Party's Alleged Anti-State Activities
inquiry into the coordinated anti-state hostile social media campaign has been started by the Joint Investigation Team established by the Interior Ministry.

It has been reported that on July 22, Ahmed Waqas was the subject of a FIR no. 654/2024 filed by Islamabad Police.

An organized cell operating within the political party secretariat against the government of Pakistan and its institutions was discovered during the investigation, according to sources.

Social media trends were reportedly driven daily by the investigators' collaboration with both internal and external forces.

The same justification led to the July 22 filing of FIR number. 176/2024 by the FIA under the PECA Act 2016. A joint investigative team comprising five members has been constituted by the home ministry to look into this critical issue.

The investigators comprise the following: DIG Investigation, SSP CTD Islamabad Police, two heads of the FIA Cyber Crimes and Counter Terrorism Wing, and IG Islamabad Police.

Propaganda and fake news are spreading across social media networks, according to significant disclosures

"Zero Tolerance Policy": Fruitful Countermeasures Against Power Pilferage, Hoarding, and SmugglingSince the initiative r...
31/07/2024

"Zero Tolerance Policy": Fruitful Countermeasures Against Power Pilferage, Hoarding, and Smuggling
Since the initiative represents the leadership's dedication to upholding the law and safeguarding the nation's economy, the government of Pakistan's "zero tolerance policy" has begun to bear fruit.

The policy steps against smuggling, hoarding, and electricity pilfering, according to a statement, are intended to break up illicit networks, stabilize markets, and guarantee the availability of necessities at fair prices.

Many arrests and billions of rupees in recoveries have been made as a result of the regulations, which are enforced starting September 1, 2023, with support from the Special Investment and Facilitation Council."

Three thousand and twenty-nine metric tonnes of illegal fertilizer have been stopped during anti-smuggling operations.

As part of their efforts to stop the smuggling of necessities, authorities also apprehended 361 metric tons of wheat and flour from smugglers.

The illicit sugar profiteering was stopped during the course of the last eleven months thanks to the seizure of 34,731 metric tonnes of sugar.

With the seizure of 149,710 rolls of fabric, the illicit textile market was pushed back.

Additionally, 7 million liters of Iranian oil were seized as a result of the smuggling crackdown, which helped to stabilize the fuel market.

Authorities have guaranteed farmers' access to 43,644 metric tons of fertilizer that they have taken from hoarders since September 2023.

Parallel to this, hoarding led to the recovery of 2,505 metric tons of wheat, 57,051 metric tonnes of ghee, and 10,907 metric tonnes of sugar from market price manipulators.

Over 83,295 power thieves were detained by law enforcement agencies, which also recovered Rs 104 billion from those involved in power theft, totaling 173,212 f***s against those implicated.

A single-digit inflation rate. Finance Ministry: IMF Bailout Package Will Strengthen the economy even more.The monthly e...
31/07/2024

A single-digit inflation rate. Finance Ministry: IMF Bailout Package Will Strengthen the economy even more.
The monthly economic bulletin from the Finance Ministry states that the inflation rate is approaching single-digit territory and that all macroeconomic indicators are indicating improved stability.

According to the outlook, the upcoming months should see additional support for economic stability from the latest IMF bailout.

At 12.6%, the CPI inflation rate in June 2024 approached the single-digit threshold and is currently approaching it.

May 2024 saw 11.8 percent CPI inflation, whereas June 2023 saw 29.4 percent.

Ahsan Iqbal: CPEC Is A Sign Of Friendship Between Pakistan And ChinaAccording to Ahsan Iqbal, the federal minister of pl...
31/07/2024

Ahsan Iqbal: CPEC Is A Sign Of Friendship Between Pakistan And China
According to Ahsan Iqbal, the federal minister of planning and development, the China-Pakistan Economic Corridor is an example of the goodwill between China and Pakistan.

The Federal Minister stated that the construction of the corridor is an essential initiative for the development of the region during a CPEC ceremony in Islamabad.

Regional growth, according to Minister Ahsan Iqbal, can only occur in Afghanistan when that country is stable, and Pakistan has been housing more than 3 million Afghan refugees for many years.

In his words, the friendship between China and Pakistan is stronger than the Himalayas, and they have always respected one another.

Recalling Mohtarma Fatima Jinnah: Today is Madar-e-Millat's birth anniversaryMader-e-Millat Mohtarma Fatima Jinnah's bir...
31/07/2024

Recalling Mohtarma Fatima Jinnah: Today is Madar-e-Millat's birth anniversary
Mader-e-Millat Mohtarma Fatima Jinnah's birth anniversary is being commemorated today.

To honor the contributions made by Fatima Jinnah, a number of political parties and the female wings of other organizations are hosting conferences and seminars.

Given that Quaid-e-Azam Muhammad Ali Jinnah was her sister, Fatima Jinnah was instrumental in the founding of Pakistan.

It was simpler to fight for the creation of a separate Muslim state once Fatima Jinnah brought together the women of the subcontinent on one platform.

Owing to her active participation in the freedom movement, Fatima Jinnah is known as the Madar-i-Millat, or mother of the country.

July 9, 1967, saw the death of Fatima Jinnah in Karachi.

IHC gives the home secretary and other people notices for preventing PTI from holding a demonstration.After the Pakistan...
30/07/2024

IHC gives the home secretary and other people notices for preventing PTI from holding a demonstration.
After the Pakistan Tehreek-e-Insaf (PTI) filed a contempt of court suit, Justice Saman Riffat issued notices to the interior secretary, chief commissioner, deputy commissioner, and Islamabad IGP.

The deputy commissioner refused to grant the PTI permission to organise a public rally, even though a court ruling had permitted it. The PTI had filed a contempt of court action for this reason.

The party has not been granted permission to organise protests in Islamabad, according to PTI's lawyer, Shoaib Shaheen.

The PTI filed an appeal for contempt of court, he claimed, and the deputy commissioner then sent the rejection decision.

Notices were sent to the chief commissioner, deputy commissioner, home secretary, and head of the Islamabad police force, and Justice Saman Riffat postponed the hearing till Wednesday.

Arrested for inciting and making threats against CJP Qazi Faez Isa is TLP Naib Emir.Hours after filing a case against hi...
30/07/2024

Arrested for inciting and making threats against CJP Qazi Faez Isa is TLP Naib Emir.
Hours after filing a case against him on the grounds that he had threatened Chief Justice Qazi Faez Isa, police on Monday arrested Naib Emir Pir Zaheerul Hassan Shah of Tehreek Labbaik Pakistan (TLP).

On the basis of a report from SHO Hammad Hussain, the Qila Gujjar Singh police had filed a case against the TLP leader hours earlier.

Along with other legal prohibitions, such as inciting religious hate, sedition, intimidating the higher judiciary, and interfering with and impeding statutory tasks, the case was also lodged under the Anti-Terrorism Act.

During a protest outside the press club, the suspect allegedly threatened and incited hatred against the judiciary, according to the FIR.

The FIR lists 1,500 workers as well as the TLP naib emir as nominees.

ACTION ON SWIFT BY THE GOVT

Previously, following a scandal surrounding a threat to Pakistan's chief justice, the government issued a warning to those who propagate hate speech.

Threats of "bloodletting on the pretext of religion" have been issued, according to Federal Minister of Defence Khawaja Muhammad Asif.

With reference to the current campaign against Pakistan's Chief Justice, Qazi Faez Isa, the defence minister claimed that some misguided individuals were attacking the CJP because of a recent Supreme Court ruling that had nothing to do with the CJP.

At the press conference, Minister Ahsan Iqbal expressed his opinion and mentioned that in 2018, a political party (referring to the TLP) was founded with the intention of causing unrest.

Iqbal related statements made by religious authorities claiming that there was no connection between Islam and acts of terrorism, sectarianism, or su***de.

Imran Khan petitions the ATC for bail in 12 May riot cases.The Pakistan Tehreek-e-Insaf (PTI) founder moved the Anti-Ter...
30/07/2024

Imran Khan petitions the ATC for bail in 12 May riot cases.
The Pakistan Tehreek-e-Insaf (PTI) founder moved the Anti-Terrorism Court (ATC) to request bail in 12 instances pertaining to the May 9 riots.

According to the petition, founder PTI was always in judicial remand and had not made any form of recovery.

ATC should grant the bail request following the arrest, according to the plea.

Regarding the Jinnah House attack case, among other instances, the PTI founder has urged for his release.

In Pakistan, flooding and road interruptions are caused by heavy rainfall.The lower Sindh, south Punjab, Peshawar, and K...
30/07/2024

In Pakistan, flooding and road interruptions are caused by heavy rainfall.
The lower Sindh, south Punjab, Peshawar, and Karachi districts that are low-lying may also experience flooding, the department warned.

In addition to the areas around Islamabad, other places that are expected to receive rain are Chitral, Dir, Swat, Abbottabad, Mansehra, Haripur, Buner, Malakand, Bajaur, Mardan, Swabi, Nowshera, Peshawar, Mohmand, Kohat, and Dera Ismail Khan. Thunder and strong gusts are also predicted.

Murree, Galiyat, Rawalpindi, Attock, Chakwal, Jhelum, Mandi Bahauddin, Gujrat, Lahore, Gujranwala, Sialkot, Sheikhupura, Kasur, Sargodha, Mianwali, Faisalabad, Jhang, DG Khan, Bhakkar, Multan, Khanewal, Rahim Yar Khan, Zhob, Shirani, Musakhel, Barkhan, Kohlu, Loralai, Sibbi, Harnai, Ziarat, Quetta, Qila Abdullah, Qila Saifullah, Dera Bugti, Jaffarabad, Kalat, Khuzdar, Turbat, Panjgur, Karachi, Hyderabad, Shaheed Benazirabad, Sukkur, Khairpur, Larkana, Tharparkar, Umarkot, Sanghar, Mithi, Thatta, Badin, Jamshoro, and Dadu.

Both Kashmir and Gilgit-Baltistan are predicted to see rain, high gusts, and thunderstorms.

The city's forecast is still gloomy in Lahore due to the intense humidity brought on by recent rainfall. Sabzazar H Block experienced power outages that lasted up to 48 hours due to interruptions in the supply system, as reported by the Lahore Electric Supply Company (LESCO) in several regions.

Balambat in Timergara's Maidan River has flooded as a result of heavy rains in Lower Dir. Periodic rains have caused water to infiltrate homes in Sharifabad, where rescue workers are attempting to remove the water using pumps. Swabi has seen this situation before. Rescue efforts are underway after two animals in Kotha were buried in the wreckage when a house's roof fell from the rain.

Reshun Valley and other streams in Upper Chitral, as well as the Chitral and Lower Dir regions, have experienced significant flooding as a result of the recent rains. In addition to severely damaging homes, gardens, and farmland, the floods have also hampered traffic. Low-lying areas in Lower Chitral have been inundated by similar flooding that has been reported in the rivers of Koghuzi, Shishi Koh, and Kalash Valley.

A flood crisis resulted from late-night heavy rain in various locations in upper and lower Chitral. Damage was done to gardens, homes, and standing crops.

Extended rains in the Neelum, Jhelum, and Muzaffarabad valleys have brought beautiful weather, but they have also resulted in road closures, especially on the highway that connects Muzaffarabad to Rawalpindi at Kohala. Next day rain is expected, according to the Met Department.

Also, Dadu, Attock, and Mehr have had heavy showers and thunder, which has improved the weather.

Rivers in Balochistan's northeastern districts have flooded as a result of heavy rains; rivers like the Nari, Tali, Lehri, and Mishkaf have recorded high water flows.

Traffic in Mahandri Bazaar was suspended, and substantial damage was caused to the Mahandri drain on the Kaghan highway in Mansehra due to extreme flooding. Presently, the Kaghan Valley is overrun by stranded tourists.

The Harnai-Quetta roadway is closed due to severe rainfall that continued through the night in Harnai and its surrounding areas, resulting in river and canal flooding. Farmlands in the area have also been harmed by the high-level flood discharge in the Zardalu River.

Rainy trains have begun to appear in rivers and canals, and the temperature has dropped in Khyber district and its suburbs as a result of the sporadic rain.

In Kalam's upper regions, the rains in Swat have resulted in flooding. The wash-away of a temporary land route has suspended communication with the upper areas. In order to repair the passage, heavy machinery has arrived.

According to a spokesperson, all departments—including NHA—have been instructed to maintain vigilance, and efforts are on to maintain traffic on the highways in Swat, Kalam, and other popular tourist destinations.

The country is still facing major issues as a result of the severe rains, but authorities are trying to rectify the damage and help affected populations.

Five terrorists are killed by security forces in KP IBOs. Recovered Weapons, Ammunition, and Explosives Cache: ISPRThrou...
30/07/2024

Five terrorists are killed by security forces in KP IBOs. Recovered Weapons, Ammunition, and Explosives Cache: ISPR
Through three different intelligence-based operations, security forces in Khyber Pakhtunkhwa have killed five terrorists.

The ISPR reports that three terrorists, including Kharji Qari of Fitna Al Khawarij, were killed during a coordinated intelligence-based operation in the Mohmand District. The operation was effective in neutralising the terrorists.

A stash of weapons, ammo, and explosives was found during the operation, which also involved breaking into the terrorists' lair.

Abrar Hussain, a police constable from District Swabi of the KPK Police, bravely fought during a fierce firefight and gave Shahadat a hug.

Kharji Sifatullah Mullah Mansoor of Fitna Al Khawarij was sent to hell, and three other terrorists were injured in another intelligence-based operation that took place in the Dera Ismail Khan District. This was accomplished by security forces successfully engaging the terrorists' location.

Law enforcement agencies sought Kharji Sifatullah because he was wanted for his involvement in multiple terrorist acts in the area, including helping to facilitate a su***de bombing attack in Daraban on December 12, 2023.

Another Fitna Al Khawarij Kharji terrorist was consigned to hell by the security forces after a third encounter that took place in the North Waziristan District.

The selfless sacrifices made by our courageous troops serve as a further testament to our unwavering dedication as Pakistan's security forces collaborate with other law enforcement agencies to maintain peace and stability throughout the country.

NDMA Warning: Monsoon Rains Will Persist Until August 3rdAccording to forecasts made by the National Disaster Management...
30/07/2024

NDMA Warning: Monsoon Rains Will Persist Until August 3rd
According to forecasts made by the National Disaster Management Authority, the nation will continue to experience thundershowers and monsoon rains through August 3.

Monsoon currents from the Bay of Bengal are expected to enter the country's central and southern regions on July 27 and are expected to stay there until August 3, 2024, according to a meteorological alert released by the Disaster Management Authority.

In addition, it stated that from July 28 to August 4, substantial to extremely high rainfall is predicted in the upper catchment areas of the nation's western and eastern rivers due to this system.

Flash flooding is predicted in northeastern Punjab, including the nullahs of river ravines, Chenab catchment areas, Azad Jammu and Kashmir, and upper Khyber Pakhtunkhwa, according to the weather advisory.

To lessen the potential effects of flooding and extreme weather, the NDMA has instructed all pertinent departments to adopt the required safety measures.

Countrywide Torrential Rains: PM Issues Orders For Safety of People During Severe RainsWith the country experiencing hea...
30/07/2024

Countrywide Torrential Rains: PM Issues Orders For Safety of People During Severe Rains
With the country experiencing heavy rains, Prime Minister Shehbaz Sharif has instructed the National Disaster Management Authority to act immediately to preserve people's lives and property.

According to a statement, the Prime Minister gave the NDMA instructions to assist Azad Jammu and Kashmir, Gilgit-Baltistan, and the four provincial governments in handling emergency situations.

The Islamabad Administration was directed by Shehbaz Sharif to take action to facilitate public access and water drainage.

He demanded ongoing situational monitoring and emphasised improved departmental coordination. It is important to make sure that water drains and that people are promptly evacuated from low-lying locations, he said.

The supply of water pumps and other apparatus was directed by the prime minister. He gave orders to make sure anyone in need of medical care received it on time.

World Day Against Human Trafficking. Naqvi stated that the FIA successfully apprehended and prosecuted the individuals w...
30/07/2024

World Day Against Human Trafficking. Naqvi stated that the FIA successfully apprehended and prosecuted the individuals who committed offences.
On the occasion of World Day Against Human Trafficking, Federal Interior Minister Mohsin Naqvi expressed gratitude to the Federal Investigation Agency for its unwavering diligence in apprehending numerous offenders.

According to Mohsin Naqvi's message, there has been a rise in human trafficking as a result of unemployment, poverty, and economic inequality.

The speaker stressed that global society ought to endeavour to counteract human trafficking, as these individuals exploit thousands of people for their own financial gain.

Improved Foreign Direct Investment: Pakistan Sees A 17% Increase in FDIForeign direct investment in the nation has incre...
30/07/2024

Improved Foreign Direct Investment: Pakistan Sees A 17% Increase in FDI
Foreign direct investment in the nation has increased by 17% as a result of the Special Investment Facilitation Council's business-friendly policies.

Foreign investment reached 1.9 billion dollars in the fiscal year 2024, according to figures issued by the Pakistani national bank. Comparing June of this year to the same month last year, foreign direct investment was 169 million dollars.

With investments of $568 million in the most recent fiscal year, China continued to be Pakistan's biggest trading partner and investor.

After investing $359 million in foreign direct investment, Hong Kong emerged as the second-largest investor. The United States, the United Kingdom, and Singapore are among the significant nations that have made investments in Pakistan.

Receiving $801 million in foreign direct investment (FDI) in the fiscal year, the energy sector emerged as a major winner.

The surge is attributable to the Special Investment Facilitation Council's successful policies and efforts, which have improved the business climate.

As a sign of the growing interest in Pakistan's energy resources, investments in oil and gas exploration also went up to 304 million dollars.

US Interest in Pakistan. US-Pakistani government partnership serves Both: Department of StateThe United States Departmen...
30/07/2024

US Interest in Pakistan. US-Pakistani government partnership serves Both: Department of State
The United States Department of State restates its position that Washington works in tandem with the Pakistani government for the mutual benefit of both nations.

During his daily news briefing, Vedant Patel, the deputy spokesperson for the department, responded to a query.

He claimed that this has always been the American strategy with Pakistan.

However, Patel declined to be drawn into Pakistan's internal politics, stating that the Pakistani people should make that decision rather than the United States.

Interest rates at the State Bank of Pakistan have been lowered to 19.5%.As disclosed by State Bank Governor Jameel Ahmed...
29/07/2024

Interest rates at the State Bank of Pakistan have been lowered to 19.5%.
As disclosed by State Bank Governor Jameel Ahmed, this decision was taken at a Monday Monetary Policy Committee (MPC) meeting. Based on the most recent evaluation of the SBP, the reduction is a reaction to the consistently declining inflation rate.

In September, according to Governor Ahmed, there will be another assessment of the interest rates and economic statistics. According to him, despite external payments, the country's foreign exchange reserves were stable and growing.

By making borrowing more accessible to individuals and businesses, the action seeks to boost economic activity. In order to sustain economic stability and foster growth, the State Bank Governor underlined that the institution is alert and dedicated to implementing the required actions.

Analysts had indicated that there might be a cut in interest rates, with a range of one to 1.5%, which raised huge expectations. With the economy in a difficult place, this proposed cut was intended to boost economic growth and lessen the financial strain on people and businesses.

When making a decision, the MPC meeting evaluates the state of the economy, inflation rates, and other important economic factors. The committee's recommendations and the ensuing changes to monetary policy were detailed in Governor Jameel Ahmed's press conference after the meeting.

Effective June 11th, the policy rate was lowered by 150 basis points to 20.5% by the State Bank Monetary Policy Committee (MPC) on June 10. While the notable drop in inflation since February was mostly expected, the MPC pointed out that the May outturn was stronger than projected.

Fruit and vegetable costs rise by 150% as a result of strikes and sit-ins.Following extensive strikes by trader associat...
29/07/2024

Fruit and vegetable costs rise by 150% as a result of strikes and sit-ins.
Following extensive strikes by trader associations and political sit-ins around the nation, the prices of fruits and vegetables have increased by as much as 150%.

Worse, things have gotten worse because of the latest road closures in Balochistan, especially in Gwadar. Transport of products has been severely disrupted for the last four days as a result of roadblocks caused by protests in Balochistan. Prices in Quetta have dramatically spiked by Rs100 to Rs150 per kilogramme as a result of cars transporting necessary supplies becoming stalled.

Exorbitant prices are being charged for fruits and vegetables that were formerly reasonably priced. In just a few days, the price of tomatoes went from Rs80 per kg to Rs140, while the price of okra, or bhindi, shot up from Rs150 per kg to Rs400.

Also See: Commodity prices spike as Pakistan's inflation soars to 20.09%

Pease is now available for Rs. 100 to Rs. 250 per kg, while apples have also gone up by Rs. 100. In a similar vein, the price of a kilogramme of pumpkin has gone from Rs. 120 to Rs. 200.

While the goods transporters' strike in Punjab has ended, retailers have been accused of exploiting the situation by arbitrarily raising the price of food items. Price increases of 20% have been reported for commodities including rice, beans, and masalas in the major grain market in south Punjab, among other places. Shop owners are alleged to have unfairly inflated prices even after the strike ended, severely taxing the incomes of the populace.

Perishable goods damage and escalating inflationary pressures are further consequences of the ongoing disruptions. People's anger at the rising expense of living is becoming more and more evident, and they are urging the government to step in and stabilise food prices as well as solve supply chain problems.

The market price of pulses and rice has reportedly gone up by 20% so far as a result of the walkout, according to residents. The people are concerned about inflation on the one hand, while their cargo is being destroyed by the stopping of commodities vehicles on the other.

Arooba Komal, an activist of the Pakistan Tehreek-e-Insaf (PTI) party, has been granted bail by a court in Islamabad.The...
29/07/2024

Arooba Komal, an activist of the Pakistan Tehreek-e-Insaf (PTI) party, has been granted bail by a court in Islamabad.
The amount of bail was set at Rs50,000 by Judicial Magistrate Shabbir Bhatti.

On Sunday, Duty Judge Mureed Abbas detained Arooba Komal and placed him in jail on judicial remand. Employees and PTI spokesman Raoof Hasan are also parties to the lawsuit, which was brought under the Prevention of Electronic Crimes Act (PECA).

Advocate Sardar Masroof represented Komal in court; she was not mentioned in the FIR.

The two other ladies involved in the case had already been given bail, according to attorney Sardar Masroof, who represented Komal in court. There was no mention of Komal in the FIR, he claimed.

Also Read: PTI's Raoof Hasan is placed under physical remand for two days by an Islamabad court for the FIA

Raoof Hasan and the other accused were placed under duress physically for two days by the Federal Investigation Agency (FIA) on Sunday by the District and Sessions Courts in Islamabad. Syeda Arooba was placed on judicial remand by the court as well.

The Prevention of Electronic Crimes Act (PECA) was used to file a complaint against Hasan and other people. Raoof Hasan was placed on physical detention for two days, as per the FIA's request, but Duty Judge Mureed Abbas delivered the reserved verdict. Judgement of remand was imposed on Arooba.

Concerning issues pertaining to freedom of expression, the FIA prosecutor stressed the state's importance.

Though Raoof Hasan admitted his relationships with people who were jailed, he insisted that he was not accountable for any social media activity. In order to learn more about his ties, the FIA prosecutor contended that a physical remand was required.

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