The World Bank has closed its locust emergency and food security (Leaf) project, for which it had approved $200 million, citing the performance of the project as highly unsatisfactory. The project was approved in July 2020 and it was meant to control the locust outbreak, restore livelihoods in locust-affected areas, and strengthen national food security and monitoring in the country. Infor
The caretaker government is rapidly advancing plans to restructure the country’s revenue machinery, with an ordinance aimed at reducing reliance on human discretion and enhancing the stagnant tax-to-GDP ratio likely to be promulgated within the next fortnight. Informed sources said the caretaker government and other key stakeholders, except the revenue staff, were determined about the restructu
Shares at the Pakistan Stock Exchange (PSX) lost more than 350 points on Thursday due to escalating tensions between Iran and Pakistan. According to the PSX website, the KSE-100 index lost around 1,038 points at 10:08 am. At 10:31am, the index climbed to 62,797.21. By 3:34pm, it recovered to 63,202.40, or 364.93 points below the previous close of 63,567.33. Mohammed Sohail, chief executive o
Trade between Pakistan and Central Asian countries has come to a standstill owing to the closure of five border crossings adjacent to Afghanistan. Pakistan-Afghanistan Joint Chamber of Commerce and Industry (PAJCCI) President Junaid Ismail Makda said that border crossings at Chaman, Torkham, Ghulam Khan, Angoor Ada and Kharlachi had been closed. “In light of this situation, traders are not only
The Pakistani currency strengthened to over a 12-month high, closing just below the highly anticipated level of Rs280 against the US dollar in the interbank market on Thursday. According to data from the State Bank of Pakistan (SBP), the domestic currency appreciated by 0.04%, or Rs0.12, concluding at Rs279.98 against the greenback. This surge follows the country’s recent report of a current ac