Author: PakPositive Staff
Remittances from Pakistan’s IT and IT-enabled Services (ITeS) sector saw a 6% increase, reaching $1.152 billion in the first five months of the fiscal year 2023-24. The month-on-month rise in November and the year-on-year increase showcase positive momentum, aligning with the country’s strategy to boost IT exports to $10 billion, as unveiled by the Federal Minister for Information Technology and Telecommunications.
Pakistan’s women’s cricket team clinched a historic victory against New Zealand in the 3rd Women’s One-Day International, securing three wins out of six matches on the tour. This triumph, featuring a Super Over, marks Pakistan’s first-ever W-ODI win against the White Ferns, showcasing their rising prowess in women’s cricket.
Pakistan borrowed $4.285 billion in the first five months of the fiscal year 2023-24, witnessing a 16% reduction from the previous year. Notable contributions came from Saudi Arabia, and while the IMF and other inflows were not reflected in the reported data, the total reached $6.485 billion, including funds for specific projects from China and other countries.
Pakistan’s petroleum production grew by 7.55% from July to October 2023-24, with high-speed diesel and furnace oil witnessing notable increases. However, jet fuel oil recorded a 13.02% decline during the same period, according to the Pakistan Bureau of Statistics.
Farhan Faridi, Group Head at Jubilee Life Insurance, was honored with the Top 25 Companies Award by the Pakistan Stock Exchange for the fourth time. Jubilee Life’s consistent financial excellence and dedication to CSR initiatives set it apart as the sole insurance company recognized this year.
The Pakistani government has reduced petrol and diesel prices to ease the burden on consumers amid a 43% year-on-year inflation rise. Petrol now costs Rs. 267.34 per liter, and diesel is priced at Rs. 276.21, effective from December 16.
The Pakistani federal cabinet greenlights transformative measures, including the pioneering National Space Policy, stimulating technological advancement and private-sector involvement in internet services. Additionally, the approval of the National Cyber Crime Investigation Agency and specialized Telecom Tribunals underscores the nation’s commitment to fortifying digital security and ensuring telecom sector efficiency.
Pure Health, the Middle East’s largest healthcare platform, has raised an impressive $986 million in an oversubscribed IPO on the Abu Dhabi Securities Exchange, reflecting strong investor confidence. With a fixed price of AED 3.26 per share, the offering’s success is set to propel Pure Health’s market capitalization to AED 36.2 billion, with the founders retaining a substantial 90 percent stake.
Foodpanda Pakistan collaborates with the World Food Programme, allowing users to donate through its app, with the company matching funds to support those affected by the Gaza conflict. This partnership showcases the strength of collective action in making a meaningful impact on humanitarian efforts.
The Pakistani Rupee strengthened against the US Dollar for a second day, closing at 283.61, while the State Bank of Pakistan opted to keep the policy rate unchanged at 22%.