Murtaza Solangi, the acting federal minister for information and broadcasting, announced on Sunday that Saudi Arabia and Pakistan had agreed on the terms of investment, clearing the way for the ratification of a long-awaited free trade agreement with the Gulf Cooperation Council, which has been delayed for the past 19 years. The minister continued, “If approved, this will mark the first trade and investment agreement that the GCC has entered into with any country in the past 15 years.” Separately, Sindh has long been a multilingual, multireligious, and multiethnic region, according to Caretaker Federal Minister for Information, Broadcasting, and Parliamentary Affairs Murtaza Solangi, who made this statement on Sunday.
In order to carve out a place for themselves in the cutthroat global economy, President Dr. Arif Alvi advised the nation’s traders and businesspeople to rigorously uphold the values of honesty and justice on Thursday. Speaking at the Islamabad Chamber of Small Traders and Small Industries (ICSTSI) accomplishment award ceremony, the president stated that it was challenging to run a successful business if clients did not believe in a brand or thought it was dishonest. According to President Alvi, companies who don’t establish a reputation for ethics in a cutthroat market quickly go out of business. He advised the traders gathered here at the Aiwan-e-Sadr, “Sell your products with fairness by maintaining the same standards which you show to your target audience while marketing.”
During their meeting on Wednesday, Kuwait’s Crown Prince, Sheikh Meshal Al Ahmed Al Jaber Al Sabah, and Caretaker Prime Minister Anwaar-ul-Haq Kakar decided to strengthen their bilateral ties in a number of areas. According to the PM Office’s Media Wing, the prime minister emphasised the value Pakistan placed on its relationship with Kuwait and the desire to increase bilateral collaboration in a variety of fields. PM Kakar reaffirmed Pakistan and Kuwait’s commitment to establishing stronger economic ties in the areas of trade, energy, IT, labour, minerals, and investments. He conveyed his appreciation with the two nations’ close collaboration in multilateral forums.
ISLAMABAD The government’s top aim, according to Dr. Umar Saif, the acting federal minister of information technology and telecommunication, is to provide high-quality telecom services to the general public. “The government is making every effort to enhance connectivity throughout the nation,” he declared at a meeting with CEO Jazz, Aamir Ibrahim, and the Group Chief Executive Officer of VEON. According to a news release, during the meeting, topics of mutual interest pertaining to the telecom industry were also covered. Dr. Umar Saif stated that the tech-neutral spectrum would soon be put up for auction in order to improve public telecom services during talks with the VEON team.
Islamabad: Saudi Arabia has extended the term of its $3 billion deposit with the State Bank of Pakistan (SBP) for an additional year, which is a significant development for the faltering economy. The SBP said in a statement on Wednesday that “the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, has extended the term for the deposit of USD 3 billion maturing on December 5, 2023 for another one year.” The statement went on to say that the extension of the deposit’s duration is an ongoing demonstration of the kingdom’s support for Pakistan, which will help to preserve that nation’s foreign exchange reserves and foster economic expansion.
A ceremony was held on Tuesday by the Islamabad Chamber of Commerce and Industry (ICCI) to honour Maulana Zafar Ali Khan, the leader of the Pakistan Movement, on his 67th birthday. The main attendees were Dr. Tariq Fazal Chaudhry, a former federal minister, and Syed Jamal Shah, the caretaker federal minister for national heritage and culture. Speaking on the occasion, Syed Jamal Shah, the Federal Minister for National Heritage and Culture, said that Maulana Zafar Ali Khan’s life served as a beacon for all of us since he consistently brought the oppressed’s voice to bear against their oppressors. He stated that Pakistan’s economy was going through a challenging time right now and encouraged all political leaders and parties to work together to get the nation out of the current challenges.
The Senate was notified on Friday by Caretaker Minister for Finance and Revenue Shamshad Akhtar that the $3 billion Stand-By Arrangement (SBA) had been authorised by the International Monetary Fund (IMF) Executive Board, with $1.2 billion of the amount having already been disbursed. In response to several inquiries during Q&A, she stated that the programme lasted for nine months. She also stated that the SBA would conduct two reviews, one in November 2023 and the other in March 2024. The minister stated that the remaining funds would be disbursed following the conclusion of each review. She also stated that the interest rate was currently 4.198% and that the principal repayment was due in eight equal quarterly installments within 3.25 years of the loan’s distribution.
The Senate was notified on Friday by Murtaza Solangi, the Ministry of Parliamentary Affairs, Information, and Broadcasting, that the Pakistan Standards and Quality Control Authority (PSQCA) had deemed 20 bottled water brands unsafe because of certain issues in its quarterly report covering the period of April–June 2023. In response to a query, the minister stated that just two of the entire number of people considered unsafe had PSQCA registrations; the remaining people had none. He said that the registered brands were targeted and that their manufacturing had been halted. He added that the remaining brands were fraudulent and that all of the groups responsible for producing dangerous goods had been hauled to court. But he pointed out that under the PSQCA statute, the maximum penalty for such offenders may be one year in prison and a fine of Rs 50,000.