Tag: Pakistan

Get the latest Pakistan news, breaking stories, politics, business, economy, taxation, markets, and national developments from across the country.

  • ASA Microfinance Bank partners with Systems Limited NdcTech

    ASA Microfinance Bank partners with Systems Limited NdcTech

    KARACHI: ASA Microfinance Bank (Pakistan) Ltd has entered into a partnership with Systems Limited and NdcTech to implement Temenos next-generation Core Banking system.

    ASA Microfinance Bank, a wholly-owned subsidiary of ASA International Group plc, one of the world’s largest global microfinance institutions providing micro loans to emerging entrepreneurs across Asia and Africa.

    NdcTech, a longstanding premier partner of Temenos and a wholly owned subsidiary of Systems Limited will deliver end-to-end core banking implementation and support services to ASA MFB.

    With this partnership, ASA MFB will further its mission to promote financial inclusion within the economy by providing value added services to the unbanked strata, particularly female owned enterprises.

    Temenos’ microservices packaged and functionally rich solution, which is tailored for the needs of inclusive banking, along with NdcTech’s expertise on Temenos products and in-depth knowledge of updated methodologies and tools, will enable the Bank to achieve its vision of increasing customer satisfaction with innovative and value-added services and leverage on operational cost efficiencies.

    Systems Limited will also provide implementation and support services for the Infrastructure and Platform deployment on Temenos Core. To support this scalable architecture, the Core banking system will be deployed on Red Hat OpenShift Container Platform, making the infrastructure components highly resilient.

    The agreement has been signed by Asif Peer, Group CEO Systems Ltd and Saeed Uddin Khan, CEO, ASA MFB (Pakistan) Ltd. It was also attended by senior officials of both the institutions including Rob Keijsers, Group CIO, ASA International & Ms. Ammara Masood, CEO, NdcTech.

    On this occasion, Asif Peer, Group CEO, Systems Limited said, “Systems Limited’s partnership with ASA Microfinance Bank for platform modernization is beyond mere technological collaboration. We believe that every bit of innovation and digital enablement will impact, directly or indirectly, the elevation of the underprivileged segment of society and will trigger improvement in grass root economy.

    “We are not only proud to catalyze digital transformation, but also to play a pivotal role in advocating for easy credit access and other innovative financial services for the unbanked community.”

    Dirk Brouwer, Co-Founder and Group-CEO, ASA-International said: “We are pleased to partner with NdcTech and Systems Ltd to implement Temenos state of the art Core banking system.

    “This transformation will help us to serve more low income female microfinance entrepreneurs throughout Pakistan, support our vision to enhance financial inclusion and improve the socio-economic conditions of the underprivileged, by providing them with financial access anywhere and at any time.”

  • UNAIDS, health ministry commemorate World AIDS Day

    UNAIDS, health ministry commemorate World AIDS Day

    ISLAMABAD: Ministry of National Health Services, Regulations and Coordination, in collaboration with Common Management Unit for AIDS, TB and Malaria, UNAIDS, WHO, UNDP UNICEF, UNFPA, UNODC, APLHIV commemorated World AIDS Day 2022.

    This year theme of the World AIDS Day is “Equalize”, this slogan is a call to action to increase availability, quality of services for HIV treatment, testing and prevention. Equalize calls for communities to make use of and adapt the message to highlight the particular inequalities they face and to press for the actions needed to address them.

    During the event, World AIDS Day Report 2022 was launched by Abdul Qadir Patel, Honorable Federal Minister, and said that “Government of Pakistan, at both the national and provincial levels, despite competing priorities and fiscal limitations, and with the support of partners like UNAIDS, UNDP, WHO, UNFPA, UNICEF, and other stakeholders has strived to provide HIV prevention and treatment services through high impact community-based HIV prevention programme.  We are going to revise national and provincial AIDS Strategies, setting the plan of action in the light of global guidance.”

    “There is a need to initiate national prevention revolution, that includes all available options to stop the transmission of HIV including protection commodities, immediate initiation of antiretroviral therapy and pre-exposure prophylaxis. Specific populations and locations require additional tools such as harm reduction (needle–syringe and opioid substitution therapy programmes) for people who inject drugs.” says Mr. Mirza Nasir-ud-Din Mashhood Ahmad, Special Secretary Health, Ministry of National Health Services, Regulations and Coordination.

    Mustafa Jamal Kazi, Federal Joint Secretary & National Coordination for Coordination Management Unit, AIDS, TB and Malaria, while presenting the HIV response in the country highlighted “that Government of Pakistan has allocated PKR 2,000 million to tackle AIDS, TB and Malaria and this shows the commitment to prevent lives from HIV infections, while significantly strengthening health systems to deliver people-centered services to those most in need.

    This year, Government of Pakistan reaffirms it support to overcome challenges pertaining to strengthening of HIV response, but also on the road ahead to achieving the Sustainable Development Goal target of ending AIDS as a public health threat by 2030.

    Ms. Yuki Takemoto, UNAIDS Country Director took an opportunity to thank Federal Minister, Federal Secretary and Joint Secretary stating that “The Global AIDS Strategy, 2021–2026 provides a clear, evidence-informed blueprint for getting the AIDS response on track. No miraculous silver bullet is needed, using the tools already at its disposal, the Government of Pakistan, together with communities and partners simply needs to translate its commitments into concrete results for people. And this can only happen when people living with HIV and key populations are provided with a platform to amplify their voices. UNAIDS supports Government of Pakistan to translate its political commitment in strengthening HIV response in the country. 

    Ms. Aliona Niculita, Deputy Resident Representative UNDP Pakistan, emphasized the agency’s commitment to address economic, social, cultural and legal inequalities to contribute towards ending the AIDS epidemic in collaboratively working towards build resilient health systems to enable equitable and efficient access to services embedded with utmost dignity and respect for communities.

    H.E. Ambassador Henrik Persson, Swedish Ambassador to the Pakistan extended his full support. He said as an ambassador I want to reiterate that the time to act is now, let’s spell a new beginning to reflect on our gains and failures of yesterday to seize the countless possibilities of tomorrow for making Pakistan HIV free.

    While addressing to the audience Dr. Luay Shabaneh, UNFPA Representative quoted that HIV/AIDS has to be integrated in high-quality sexual and reproductive health at all levels of health care facilities to eliminate stigma and make timely interventions.

    Asghar Satti, Representative of People Living with HIV (APLHIV) said that with the support and whole hearted efforts of educating and informing the citizens against the myriad dangers posed by the HIV/AIDS rooted in ignorance we will meet success.

    The Government takes the opportunity to thanks all the partners and stakeholders for their continuous support to strengthen the HIV response in the country and calls upon them to play their roles. He also appreciated the support of Islamabad Traffic Police and Boys Scout Association for their support. Mr. Mustafa Jamal Kazi Joint Secretary/National coordinator, MNHSR&C/CMU for AIDS, TB and Malaria, said in his closing Remarks.

    In the end exhibition of artifacts and handicrafts were displayed by people living with HIV, jail inmates and marginalized women and girls. Economic empowerment initiatives have become an increasingly popular approach for the prevention and mitigation of HIV.

  • YouTube issues lists of trending videos for Pakistan

    YouTube issues lists of trending videos for Pakistan

    KARACHI: YouTube has released the lists of the top trending videos, top music videos, top creators, breakout creators, and top shorts for Pakistan for the Year 2022, said a press release on Friday.

    It is safe to say that Pakistani audiences enjoyed a wide range of content that kept them entertained throughout the year.

    Farhan S. Qureshi, Country Director at Google, said: “YouTube has helped create an ecosystem in Pakistan that allows people to pursue their passions as full-time jobs while also enabling them to support their households financially.

    “Pakistan has over 5,400 YouTube channels with over 100,000 subscribers, and over 350 of them have more than a million subscribers. It is also thrilling to see that the number of Pakistani YouTube channels making 1 million or more in revenue (PKR) has increased by more than 110 percent in a year.

    “This year, we’ve had some amazing content creators who topped our lists in different categories and won over the hearts of average YouTube users with a wide range of content and creativity.”

    In 2022, we saw a variety of videos that were the most popular in the country, dominated by the Pakistani drama and film industry. A Telefilm ‘RUPOSH’ on a young couple embarking on the journey of love and matrimony took the number one spot on the Top Trending Videos list followed by the first episode of the famous Pakistani dramas Kaisi Teri Khudgharzi’s and Sang-e-Mah’s. Here is the complete list of all the top trending videos.

  • Pakistan exports plunge 18.34pc in November 2021

    Pakistan exports plunge 18.34pc in November 2021

    ISLAMABAD: Pakistan exports have registered 18.34 per cent decline Year on Year (YoY) in November 2022 owing to import restrictions and slowdown in global demand.

    Data released by Pakistan Bureau of Statistics (PBS) on Thursday revealed that exports fell to $2.37 billion in November 2022 when compared with $2.9 billion in the corresponding month last year.

    READ MORE: Pakistan’s import restrictions help narrowing trade deficit by 27%

    Imports of the country recorded 33.60 per cent decline to $5.245 billion in November 2022 when compared with $7.9 billion in the same month of the last year.

    This resulted contraction in trade deficit of 42.46 per cent to the deficit of $2.876 billion in November 2022 as against $5 billion in the same month of the last year.

    READ MORE: Pakistan import bill falls by 12.72% in 1QFY23

    The decline in exports can be attributed to the restrictions imposed on imports which hampered industrial and export activities. Furthermore, global slowdown also added to export fall.

    Meanwhile, exports recorded a nominal decline of 0.63 per cent to $2.37 billion in November 2022 when compared with previous month of September 2022 at $2.38 billion.

    However, imports recorded an increase of 11.34 per cent to $5.24 billion on Month on Month (MoM) in November 2022 when compared with $4.71 billion in the previous month.

    READ MORE: Pakistan trade deficit narrows by 17% in 2MFY23

    This brings the widening of trade deficit by 23.59 per cent to $2.876 billion in November 2022 when compared with the deficit of $2.33 billion in September 2022.

    Overall trade deficit during first five months (July – November) 2022/2023 contracted by 30.14 per cent to $14.41 billion when compared with the deficit of $20.62 billion in the corresponding months of the last fiscal year.

    READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022

    Exports of the country recorded 3.48 per cent decline to $11.93 billion during first five months of the current fiscal year as against $12.36 billion in the same months of the last year.

    Whereas, import bill fell by 20.15 per cent to $26.34 billion during the period of July – October of fiscal year 2022-2023 as against $32.98 billion in the same period of the last fiscal year.

  • Pakistan will repay foreign debt on time: Dar

    Pakistan will repay foreign debt on time: Dar

    ISLAMABAD: Finance Minister Ishaq Dar Tuesday said that the Pakistan will repay foreign debt against international bonds on time.

    The finance minister said at a meeting with a delegation of institutional investors at Finance Division.

    Ishaq Dar further asserted that present government aims at successfully completing the IMF program and shared that the government will repay the international bonds on time. Further, there was no plan to approach Paris Club.

    READ MORE: Pakistan repays $1.8 billion in November 2022: SBP

    He further asserted that present government is committed to honor all of the financial commitments made by the present as well previous government with national and international financial institutions.

    The delegation comprised of Managing Director Khurram Sheikh and Ms. Alia Moubayed from Jefferies, Mahmood Ali Shah Bukhari – CEO K-trade, Vice President Luis Assad Simon Tamborrel from Goldman Sachs Asset Management, Co-Chief Investment Officer James Edmon Craige from Stone Harbor Investment Partners, Portfolio Manager Carl Vermassen from Vontobel Asset Management.

    While SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Special Secretary Finance and other senior officers from Finance Division also attended the meeting.

    READ MORE: State Bank stuns market with massive policy rate hike

    The delegation discussed about the economic situation and outlook of the country. The delegation held a comprehensive discussion with the Finance Minister regarding IMF program, flood related expenditure and losses, market perception and outlook, as well as external account situation.

    The Finance Minister welcomed the delegation and assured the delegation that the present government has taken all pragmatic measures to facilitate the business environment in Pakistan.

    READ MORE: SBP raises benchmark interest rate by 100 basis points to 16pc

    He shared that Pakistan is slowly but gradually moving toward economic stability and it is high time to invest in Pakistan. It was shared that reconstruction and rehabilitation phase will start in the coming months. The Finance Minister appreciated the friendly countries for their flood relief support.

    In conclusion, the delegation thanked the Finance Minister for their positive response and support.

    READ MORE: SBP keeps policy rate unchanged at 15% amid economic deceleration

  • Pakistan out of default risk: PM Shehbaz

    Pakistan out of default risk: PM Shehbaz

    ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif Tuesday said Pakistan is out of default risk due to difficult decisions taken by the present government.

    The prime minister said the government was taking all possible steps to further strengthen the national economy and was striving with priority measures to reduce price hike and provide relief to the common people.

    The prime minister expressed these views while talking to a delegation of Jefferies, a leading global investment banking and capital markets firm. Minister for Finance Ishaq Dar was also present during the meeting.

    The prime minister regretted that unfounded rumours were being spread about the economy of Pakistan and reprehensible efforts were being made to create havoc.

    He said the coalition government without caring for the political price, saved the country from the repercussions of the previous four years’ maladministration by the former government.

    He also reiterated that the government was making efforts to reduce the foreign trade deficit and providing all possible facilities to the foreign investors. 

    Welcoming the delegation, the prime minister invited the firm to open its office in Pakistan.

    The delegation termed the economic recovery of Pakistan as a good sign under the leadership of prime minister that faced the economic challenges in an effective manner and put the country on the path of economic stability.

  • Pakistan to make payment without delay, no risk of default: Ishaq Dar

    Pakistan to make payment without delay, no risk of default: Ishaq Dar

    ISLAMABAD: Finance Minister Ishaq Dar on Saturday reiterated that Pakistan will make all its foreign payments without delay and it will never default.

    Dar strongly rejected the baseless and irresponsible statements and rumors about the country’s economy, saying that the government had arranged all international payments for the next one year.

    READ MORE: Pakistan reaffirms commitment to complete IMF program

    The finance minister said that for the past few days, baseless and irresponsible rumors had been circulating about the country’s economy just for the political objectives.

    When these rumors were spread through social media and various sources, it not only affected Pakistan’s economy and economic interests, but also impacted the affairs and transactions with their bilateral and multilateral partners, he opined.

    READ MORE: Pakistan textile exports decline by 11pc amid global economic slowdown

    The finance minister said that rumors were being spread that Pakistan would not be able to pay $1 billion sovereign bond (sukuk) in December. “This is baseless and contrary to facts, Pakistan has never defaulted on its international payments and will never come close to it,” he maintained.

    Rumors are also being spread about Pakistan’s credit default swap, he said, adding that they had their own ambitions and formula with regard to credit default swap, this was a baseless thing and the speculations in this regard should be stopped.

    Dar said that rumors were making rounds about the petroleum products which were also fake.

    Pakistan has reserves of petroleum products according to the country’s need and demand and there is no need for worry, he added.

    READ MORE: Industries threaten mass protest against gas supply shutdown

    Apart from disturbing the public, such rumors also created concern in the financial and international institutions and they sent questions, which not only harmed the efforts for economic interests but also wasted time, he further said.

    Ishaq Dar said that there were still rumors about the current account deficit. The current accounts are being closely monitored, professionally managed and well managed, he told and added that the current account deficit was $316 million in September, which was expected to be $400 million in October.

    READ MORE: Pakistan organizes first international housing expo next month

    “That is, by the end of the financial year, the current account deficit is likely to be 5 to 6 billion dollars, while the target of this deficit for the current financial year is 12 billion dollars. The current account deficit is expected to remain below target,” he added.

    The Finance Minister said that in the light of these facts, he appealed to all Pakistanis not to pay heed to any kind of rumors, as they accorded top priority to Pakistan and for the country’s economy, they needed to work beyond political affiliations.

  • England win T20 cricket world cup

    England win T20 cricket world cup

    The England team win by 5 wickets against Pakistan in the cricket T20 world cup.

    England had won the toss and decided to field first. Pakistan scored 137 runs losing 8 wickets. England chased the runs in 19 overs losing 5 wickets.

    READ MORE: England hammer India in semi-final of T20WC22

    Shan Masood scored 38 runs in 28 balls, Babar Azam scored 32 runs in 28 balls and Shadab Khan scored 20 runs in 14 balls.

    Ben Stokes scored 52 runs in 49 balls, Jos Buttler scored 26 runs in 17 balls, Harry Brook scored 20 runs in 23 balls.

    The prime minister of Pakistan Shehbaz Sharif said that “Team Pakistan fought back hard & brave. Great bowling performance. But England played better today. We are proud of our boys in green for making it to the final match of this mega tournament.”

  • Pakistan cricket team felicitated for moving into T20 final

    Pakistan cricket team felicitated for moving into T20 final

    Pakistan cricket team has been congratulated by leading national personalities for magnificent performance against New Zealand in the semi-final on Wednesday and moving towards the final of the T20 men’s cricket world cup.

    Prime Minister Shehbaz Sharif congratulated the national team for the superb victory against New Zealand in the semi-final. He hoped the team would win the final with the same enthusiastic way.

    President Arif Alvi in his message said: “Well played Pakistan. Excellent performances by Shaheen Afridi, Babar Azam, Muhammad Rizwan and our upcoming Haris. Green shirts you make us proud. On to the finals. Our best wishes with you, Inshallah you will win.”

    Former Prime Minister and PTI chairman Imran Khan in his message congratulated Babar Azam and the team for a great win. “Wishing Babar Azam and his team prayers and best wishes from the nation. All we expect from you is to fight till the last ball.”

    Director General ISPR congratulated Team Pakistan for a stellar performance and winning semi-final T20WC. “Good luck for the Final. Pakistan Zindabad!”

    Pakistan International Airline (PIA) said in a tweet: “Well Played Pakistan Team, an all-round performance. Perhaps history is repeating itself!?! Now the big game. Wish you all the best. Pakistan and PIA is rooting for you.”

  • T20 World Cup 2022: Pakistan make comprehensive win against New Zealand

    T20 World Cup 2022: Pakistan make comprehensive win against New Zealand

    Pakistan Cricket Team secured a comprehensive victory against the New Zealand in the semi-final of T20 World Cup 2022 on Wednesday.

    The Babar Azam Eleven chased 153 runs in a comfortable manner. The team completed the innings in 115 balls on losing three wickets.

    The New Zealand scored 152 runs in 120 balls, losing four wickets.

    Muhammad Rizwan was declared the man of the match on scoring 57 runs of 43 balls.

    The journey of Pakistan to the semi-final of T20 World Cup had been unbelievable. Pakistan lost hopes when it got defeated from India and Zimbabwe in the first to matches.

    However Pakistan secured victory against South Africa and Netherlands, which created some chances for Pakistan to qualify for semi-finals. All the expectations for Pakistan had fallen on Netherlands and South Africa match.

    The victory of Netherlands against the South Africa proved to be a clear way for Pakistan to the semi-final.

    Babar Azam, the captain of Pakistan Cricket Team said that the team played really well and he thanked the crowd for the support they have given them. The team had a plan to go hard in the power play and they wanted to make most of the 6 overs.

    The captain gave credit to Haris Rauf for being an aggressive player. He added that they will enjoy the win but are focused on the finals and they are looking forward to it.

    The captain of New Zealand, Kane Williamson said that they were put under pressure but they managed to get back the momentum. He states that they were outplayed but they are disappointed, because they did not make Pakistan work hard for their runs.

    He admitted that their fielding was not that great, Azam and Rizwan put them under pressure, they could have been more disciplined but Pakistan are deserved winners.