Author: (PEN)

ISLAMABAD (PEN) : In a sharp escalation of diplomatic hostilities, Pakistan has suspended key bilateral agreements with India, expelled Indian diplomats, and shut the Wagah border, citing India’s “unilateral and provocative actions” following the Pahalgam attack in Jammu and Kashmir. These decisions were announced after an emergency session of the National Security Committee (NSC), chaired by Prime Minister Shehbaz Sharif. Wagah Border Closed, Indian Nationals Ordered to Leave Pakistan’s NSC has ordered the closure of the Wagah border, a vital land crossing point, to all traffic except Sikh pilgrims, who are temporarily exempt from the ban. Indian nationals present in…

ISLAMABAD (PEN) : The Asian Development Bank (ADB) has approved an additional $330 million loan to enhance Pakistan’s social protection infrastructure, focusing on expanding the reach and effectiveness of the Benazir Income Support Programme (BISP). This funding is part of the Integrated Social Protection Development Programme (ISPDP) and aims to support approximately 9.3 million individuals across the country. Key Objectives of the Additional Financing The loan agreement was formalized on December 14, 2024, by Dr. Kazim Niaz, Secretary of Economic Affairs, and Emma Fan, ADB Country Director for Pakistan. The additional financing seeks to: – Enhance BISP’s institutional capacity to…

ISLAMABAD (PEN) : The Punjab Cabinet has approved the introduction of a ‘Ration Card Scheme’ aimed at providing financial relief to approximately 1.5 million workers and laborers across the province. This initiative was confirmed during a Cabinet meeting chaired by Chief Minister Maryam Nawaz in Lahore. Monthly Assistance for Beneficiaries Under the scheme, eligible workers will receive a monthly financial assistance of 10,000 Pakistani Rupees. The program is designed to alleviate the financial burden on laborers, particularly those in the informal sector, by providing direct monetary support for essential needs. Regulatory Amendments to Strengthen Food Security In conjunction with the…

ISLAMABAD (PEN) : India has blocked the official social media account of the Government of Pakistan on X (formerly Twitter), citing a legal demand from the Ministry of Information Technology. This action intensifies the ongoing diplomatic tensions between the two neighboring countries. Background of the Blockage The account, @GovtofPakistan, has been withheld in India, displaying a message stating, “Account Withheld @GovtofPakistan’s account has been withheld in India in response to a legal demand.” This marks the third time the account has been restricted in India, with previous incidents occurring in July and October of 2022. The blockage follows heightened tensions…

ISLAMABAD (PEN) : The Pakistan Stock Exchange (PSX) opened Thursday’s trading session in deep red as escalating regional tensions and a downgraded economic outlook from the International Monetary Fund (IMF) triggered widespread panic among investors. Market Plunges Amid Investor Uncertainty The benchmark KSE-100 index dropped sharply, shedding over 2,500 points and settling around 114,661, as investors reacted swiftly to the deteriorating geopolitical climate and revised economic forecasts. Key stocks from heavyweight sectors—including United Bank Limited (UBL), Hub Power Company (HUBC), Habib Metropolitan Bank (HMB), Mari Petroleum (MARI), and Engro Corporation (ENGROH)—witnessed intense sell-offs. “This reversal in sentiment can largely be…

ISLAMABAD (PEN) : The International Monetary Fund (IMF) has forecast a significant rise in Pakistan’s government expenditure and public debt for the fiscal year 2025, according to its latest Fiscal Monitor report titled “Fiscal Policy under Uncertainty.” Government Spending to Reach 21.6% of GDP The IMF projects that Pakistan’s government expenditure will increase to 21.6% of Gross Domestic Product (GDP) in FY2025, up from 19.4% recorded in 2024. This rise reflects the country’s ongoing fiscal challenges amid efforts to boost economic recovery and development spending. Debt Expected to Climb to 73.6% of GDP The report also highlights a continued rise…

ISLAMABAD (PEN) : U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy have clashed once more over efforts to end the ongoing war in Ukraine, with the U.S. warning it may withdraw from the peace process unless significant progress is made. Tensions Escalate Over Crimea The latest confrontation occurred during a meeting in London, where President Trump criticized President Zelenskyy for refusing to acknowledge Russia’s annexation of Crimea. Trump’s Vice President, JD Vance, echoed this sentiment, stating that the U.S. might abandon the peace talks if Ukraine does not agree to a ceasefire based on current territorial lines. The proposed…

ISLAMABAD (PEN) : The federal government has initiated the next phase in the privatization of Pakistan International Airlines (PIA) by issuing a fresh Expression of Interest (EOI), inviting bids for a 51% to 100% stake in the national carrier. This move aims to revitalize PIA and align with broader economic reforms under the International Monetary Fund (IMF) program. Key Details of the Privatization Process – Bid Submission Deadline: June 3, 2025 – Non-refundable Application Fee: PKR 1.4 million – Assets Included: Passenger services, ground handling, cargo operations, flight training, flight kitchen, and engineering services – Incentives for Buyers: Eligibility for…

ISLAMABAD (PEN) : The Cannes Film Festival will pay tribute to Palestinian photojournalist Fatima Hassouna, who was killed in an Israeli airstrike last week, by screening a documentary in which she is prominently featured. The documentary, titled Put Your Soul on Your Hand and Walk, is directed by Iranian filmmaker Sepideh Farsi and is set to premiere in the ACID Cannes section on May 15. Honouring a Voice Silenced by War Fatima Hassouna, 25, was killed along with ten members of her family when their home in northern Gaza was struck just a day after the documentary’s inclusion in the…

ISLAMABAD (PEN) : The Federal Board of Revenue (FBR) has officially announced deadlines for the nationwide rollout of electronic invoicing, mandating businesses across Pakistan to integrate their systems with the customs computerized platform aimed at enhancing tax compliance. Deadline for System Integration According to the notification issued by FBR (S.R.O. 709(I)/2025), corporate entities must ensure their hardware and software systems are connected to the FBR’s electronic invoicing platform by May 1, 2025. Non-corporate businesses have been granted an additional month, with a compliance deadline set for June 1, 2025. The requirement is applicable to a wide range of businesses including…