The World Bank said in a report released last week that the poverty rate in Pakistan stood at 40.5 per cent. That means about 100 million out of 240m plus Pakistanis are living on less than $3.65 per day as per the purchasing power parity of 2017. In simple words, 100m Pakistanis cannot use their daily income to buy today with what they could have bought with $3.65 in 2017. Hence, they are conside
The Asian Development Bank (ADB) on Monday appointed Xiaoqin Fan as its new country director for Pakistan, a statement from the body said. According to the statement by ADB, Fan “will oversee ADB’s operations in Pakistan, including the implementation of the country partnership strategy (CPS) that prioritises lifting growth, increasing resilience, and boosting competitiveness”. “She will also
The board of directors of Siemens Pakistan Engineering Ltd (SPEL) has approved the sale and transfer of the company’s energy business segment to a non-affiliated Siemens Gamesa Renewable Energy (Pvt) Ltd for approximately Rs17.8 billion. In a stock filing on Monday, SPEL said the net book value of energy business as at valuation date was approximately Rs17.61bn. Adhi field goes operational M
The business community hopes the Shanghai Cooperation Organisation (SCO) Summit, starting in the capital on Tuesday, may boost the country’s economy. “The event offers Pakistan an opportunity to strengthen its trade and economic ties with key international partners, particularly China. The summit will also send a clear message to global investors about the country’s openness to busines
The government has extended the deadline for filing income tax returns for the tax year 2024 until October 31, providing an opportunity for those who did not file their returns before October 14. The previous deadline was October 14, but banks in Islamabad and Rawalpindi were closed for three days, causing issues for taxpayers who completed their returns, Federal Board of Revenue Chairman