Day: April 26, 2024

Prime Minister Shehbaz Sharif has warned to hold those responsible for damaging the economy. Chairing a meeting of the federal cabinet on Friday, the PM vowed to improve the economy, further noting that besides exports, the country's prevalent situation was improving with the united efforts of the coalition government. The PM's comments come a day after an hour-long meeting with members of the business community in Karachi. The premier faced tough questions from the business leaders who expressed concerns about the challenging business environment due to high energy costs and inconsistent government policies. The business community emphasized the need for political stability to revive the economy. Source: Pro Pakistani

Continuing it's growth trajectory, MCB Islamic Bank's profit before tax has soared to PKR 2.27 Billion for the first quarter of 2024, demonstrating 56% growth on year-on- year basis. This achievement reflects the bank's strategic approach focused on sustained growth, timely adherence to prudent financing practices, robust risk management and strict regulatory compliance. Deposits remained stable at PKR 203.87 billion, compared to PKR 204.46 billion as of December 31, 2023 indicating consistency. The bank's Current and Saving Account (CASA) mix stands at a robust 75%, and non-remunerative Deposits constitute 29% of the total deposit mix, highlighting customer trust and strategic focus. Total assets reached PKR 268.85 billion while Net Financing closed at PKR 107.68 billion and investments reached PKR 115.20 billion which depicts the bank's unwavering focus on efficient capital management, improved asset quality and a high-yield portfolio. The bank achieved an operating income of PKR 4.46 billion, 41% high er than corresponding period last year, achieving return on earning assets at 18.64%. The improvement in the Bank's profitability also increased the earnings per share after tax to PKR 0.74 as opposed to PKR 0.54 for the comparative period. MCB Islamic Bank's performance mirrors its steadfast dedication to growth. Despite encountering challenges within the economic and operational landscape, the bank has navigated its path with a focus on sustained growth. Furthermore, it remains committed to consistently delivering substantial value to its stakeholders. The bank extend its gratitude to the valued customers for their continuous support and trust, which has allowed them the privilege to fulfill their financial obligations. Source: Pro Pakistani

In a culinary triumph, the delicious Pakistani delicacy, Siri Paya, has secured the 47th spot in TasteAtlas' prestigious 2024 ranking of the world's finest stews. The renowned food guide announced its top 50 contenders for the category via its social media channels in April. Siri Paya, a cherished dish among aficionados of Pakistani cuisine, is a tantalizing stew crafted from tender lamb or goat trotters simmered to perfection in a harmonious blend of spices, herbs, and aromatics. The dish's name, 'Siri Paya', translates to 'head and feet', honoring its primary ingredients - the flavorful gelatinous meat from the head and the nourishing marrow-rich trotters. Slow-cooked to extract the essence of each component, the delightful stew epitomizes comfort food, with its velvety texture soul-warming flavors, and captivating palates worldwide. TasteAtlas acknowledged Siri Paya as a Pakistani culinary gem, alongside other familiar names from South Asian cuisine listed under India's flag in the country rankings. Di shes like Keema ranked sixth, with Korma and Dal claiming the 22nd and 50th spots, respectively. Shahi Paneer and Vindaloo also made it onto the list. Established in 2018, TasteAtlas has become a trusted resource for experiential travelers eager to explore traditional cuisines worldwide. Through its careful curation of authentic recipes, food critic reviews, and comprehensive research articles, TasteAtlas highlights dishes that embody cultural heritage and culinary innovation. As the new year commenced, the Croatia-based food publication revealed its selection of 100 must-visit eateries for flavor enthusiasts worldwide. Among the diverse dining destinations featured, one name resonated particularly with Pakistanis, especially Karachiites: Zahid Nihari. Celebrated as one of Karachi's culinary treasures, Zahid Nihari earned global recognition by securing the impressive rank of #89 on 'Where to Eat in 2024: 100 Most Legendary Restaurants in the World.' Endorsed by seven esteemed food critics, including Salima Feerasta, Zahid Nihari's traditional Lucknow-born stew continues to delight palates since its establishment in 1974, maintaining its status as a global epicurean delight. Source: Pro Pakistani

The 7th Intersessional meeting of the Pakistan-United States of America Trade and Investment Framework (TIFA) was held in Islamabad on 25th April 2024. Muhammad Sauleh Ahmad Faruqui, Federal Secretary Ministry of Commerce, led Pakistan's delegation while the US delegation was led by Brenden Lynch, Assistant United States Trade Representative (USTR). The US side welcomed the constructive development regarding market access for beef from the United States to Pakistan, whereas Pakistan appreciated the support of US in facilitating market access for its mangoes and fresh dates. Both countries expressed their resolve for removal of barriers for additional agricultural products on a reciprocal basis. Both sides deliberated upon a range of trade and investment-related matters including agriculture, digital trade, intellectual property protection and enforcement, labor rights, good regulatory practices, and women's economic empowerment. Both countries recognized the importance of the protection and enforcement of intellectual property (IP). The United States appreciated Pakistan's recent efforts to further improve the enforcement regime of Intellectual Property. Both sides further noted with satisfaction the mutual collaboration for Women Economic Empowerment to elevate women's role in the long-term economic development of Pakistan. In this regard, the mutual cooperation between USAID and TDAP was greatly appreciated. Pakistan's reiterated its request for early renewal of the Generalized System of Preferences (GSP) by the US Congress for an enhanced market access to textiles and apparel products from Pakistan. The US side assured Pakistan that the request will be considered at appropriate level. Both sides agreed to plan to hold the 10th TIFA Ministerial-Council meeting at the earliest to continue further dialogue on important bilateral trade issues. Source: Pro Pakistani

Prime Minister Shahbaz Sharif of Pakistan has declared the Track and Trace system, a digital monitoring system to curb tax evasion, a complete fraud to the nation and economy. The Track and Trace system, a digital monitoring initiative implemented in 2019 to combat tax evasion, was initially introduced in the cigarette industry and later expanded to other sectors such as fertilizers and sugar. However, during a cabinet meeting, Sharif expressed his disappointment with the system's performance, stating that it failed to deliver the expected benefits in the cigarette industry. 'The system was nothing but a cruel joke to this nation,' Sharif said, adding that the agreement for the Track and Trace system was made in 2019, but the implementation was severely flawed. He added that the Track and Trace system could have generated billions in revenue for the country, but it was utterly mismanaged. Commenting on the issue, macroeconomic analyst Osama Siddiqui said, 'The country has not only lost billions in p otential revenue but also crucial years that could have been utilized for the betterment of the economy. He said the government should take stern action against the main culprits and implement measures to curb illicit trade in the country going forward.' It is pertinent to mention that due to the lack of efforts to curb tax evasion and crack down on illegal manufacturers, tax evasion in the cigarette sector has reached 63%, causing the economy a loss of Rs 310 billion. Source: Pro Pakistani

The University of Health Sciences (UHS) has decided to accelerate the process of issuing degrees to students within three months of their final examination results. This decision was made during the 79th Syndicate meeting chaired by Vice Chancellor Prof. Dr. Ahsan Waheed Rathore. This initiative aims to minimize waiting periods for candidates and streamline the degree issuance process. Additionally, it was decided to imprint 'On Court Orders' on degrees and transcripts resulting from judicial rulings. The syndicate also approved the UHS Revised Service Statutes 2024. With the establishment of the UHS College of Pharmacy, a public notice will be issued to facilitate the affiliation of pharmacy colleges within Punjab's geographical boundaries under the provisions of the UHS Ordinance 2002. Furthermore, the syndicate endorsed the introduction of a 4-year BS Generic Nursing degree program at UHS, to be offered at the Jinnah campus. Presently, 79 nursing institutes are affiliated with the university. Regardin g private candidates seeking admission to the MS Nursing program, it was decided that they must complete three years of post-degree teaching service. They can either pay the full program fee or commit to teaching at UHS for three years after graduation, through a surety bond, which exempts them from fees. Moreover, the meeting approved the creation of various administrative positions. Attendees included VC Fatima Jinnah Medical University Prof. Khalid Masood Gondal, Pro VC UHS Prof. Nadia Naseem, Principal Quaid-e-Azam Medical College Bahawalpur Prof. Soufia Farrukh, Prof. Arshad Cheema, Dr. Zahid Pervaiz, Prof. Sidrah Saleem, Prof. Sarah Ghafoor, Dr. Muhammad Abbas, Professor Maryam Malik, Professor Samina Kausar, and additional secretaries of Punjab Specialized Healthcare department and Finance department. Source: Pro Pakistani