Economy

FIA Seized Over 1,000 Bank Accounts and Cards used in Crypto Trading in Pakistan

Law enforcement agencies in Pakistan have frozen more than 1,000 accounts and credit cards that were used in crypto trading. The move is part of the government’s efforts at curbing the sale and purchase of digital currencies, which are prohibited activities in the country. Pakistan’s Federal Investigation Agency (FIA) has frozen the bank accounts under …

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World Economy Shall be $100 Trillion in 2022 for First Time: Report

The world’s economic output will exceed $100 trillion for the first time next year and it will take China a little longer than previously thought to overtake the United States as the No.1 economy. British consultancy Cebr predicted China will become the world’s top economy in dollar terms in 2030, two years later than forecast …

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Japan Contributes $ 109 million to address the Humanitarian Crisis in Afghanistan and Neighboring Countries

In response to the continued humanitarian crisis in Afghanistan, Japan has decided to provide additional support of $3.72 million to Pakistan. This assistance will support Pakistan to prepare for a potential refugee influx into the country and address the protracted socio-economic challenges among Afghan refugees and host communities. The assistance will be provided through WFP, …

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Pakistan records $20 billon Cryptocurrency value in 2020-21

Pakistan recorded around $20 billion of cryptocurrency value in 2020-21, according to a latest research report by Policy Advisory Board (PAB) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The report has recommended that the government authorities must regulate cryptocurrencies by implementing the legal framework to better align with the Financial Act …

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Asian Development Bank (ADB) approved $ 1.5 billion loans for Pakistan

The Asian Development Bank (ADB) signed six financing loans to cash-strapped Pakistan worth USD 1.543 billion, to help reform and upgrade the country’s energy sector, roads, civic and health infrastructure. The agreements were signed by Pakistan Secretary Economic Affairs Mian Asad Hayauddin and ADB Country Director Yong Ye at a meeting here, according to an …

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Judiciary and Police most corrupt Institutions: Transparency International Survey Report

National Corruption Perception Survey 2021 has revealed that police remains the most corrupt sector, Judiciary was seen as 2nd most corrupt, Tendering and Contracting 3rd most corrupt while Health has climbed to become 4th most corrupt. Pakistanis continued to believe that the corruption in government sector is high. Police (41.4%), Judiciary (17.4%) and Contracting/Tendering (10.3%) …

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40 Billion Rupees Irregularities Found in COVID-19 Funds

The findings of the Auditor General of Pakistan (AGP) showed mis-procurement, payments to ineligible beneficiaries, cash withdrawal through fake biometrics and procurements of substandard goods by Utility Stores Corporation (USC) for consumption. Ministry of Finance stated that release of COVID-19 expenditure audit report is one of the five prior actions that the IMF has asked …

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Pakistan Loan from Saudi Arabia on Sheepish Conditionality

Pakistan shall received $ 3 billion cash deposit and $ 1.2 billion deferred payment oil purchase from Saudi Arabia as per agreement between Pakistan and Saudi Arabia and approved by the Cabinet in Pakistan. As per the Finance Division released, Pakistan shall remain the aid amount in the State bank of Pakistan deposit account for …

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