Business Archives - Page 32 of 33

Banks to slow import, will no longer offer loan for imported cars

25Sep

By AbdullahNo Comments

Business, Latest

Banks to slow import, will no longer offer loan for imported cars

The decision to stop giving out loans for imported vehicles was taken by the State Bank of Pakistan. It is an effort to stop the already high trade and current deficits. Imported cars being transported in Pakistan The State Bank of Pakistan(SBP) recently released its revised prudential regulations (PRS) for consumer financing. The revised regulations alongside other changes included the reduction of loans for imported vehicles. SBP took this step inorder to maintain the the ballooning trade deficits and stop import growth in the country. SBP in the revised regulations have made some notable changes regarding loans for imported vehicles. Changes includes reduction in financing limit moreover a reduction in time limit for the loan. After releasing the revised regulations on Thur...

Pakistani Middle Class is suffering in volatile economy

7Sep

By Aqsa AzamNo Comments

Business

Pakistani Middle Class is suffering in volatile economy

Middle class is the beauty of any society. If the economy has higher volume of middle class it flourishes. The recent crunch due to COVID-19 is crushing this class with greater hits in Pakistan. Pakistan is one of the biggest middle class holder country in the world. Every society comprises of five basic classes. Elite classUpper classUpper Middle classLower Middle classLower class If we talk about middle class, they are commonly known as working class people. People working in Offices, small business holders, technicians, etc. Any country with most number of this class flourishes rapidly. Common definition of middle class is "The group of people having annual income of 0.6 million to 0.10 million". Pakistan has fairly 35 percent of middle class society. Its more than a...

6th September defense day –The pride of Pakistan

6Sep

By nidaa2 Comments

Business

6th September defense day –The pride of Pakistan

Pakistanis celebrates Defense Day on 6th September every year. 6 September (defense day) is one of the most significant events in the history of Pakistan. Pakistan Defense Day Pakistan Defense Day starts with special prayers for the peace and prosperity of Pakistan. It is a day of pride and courage for the whole nation. In 1965, on this day India launched her forces and attacked Pakistan without a warning or a declaration of war. This is the day to celebrate and rethink our brave soldiers and pay tribute to them. They sacrificed their lives in defending their homeland from the enemy. A lots of people lost their lives in defending their homeless from the enemy. Pakistan and India fought that war over the issue of Kashmir. Although, war ended with the support of UN under ...

Pakistani microfinance organization Owner wins Asia’s Nobel

1Sep

By Abdullah3 Comments

Business

Pakistani microfinance organization Owner wins Asia’s Nobel

Muhammad Amjad Saqib won the 'Ramon Magsaysay' award on Tuesday for his efforts in the Pakistan microfinance Industry. Saqib's organization named 'Akhuwat' is the biggest microfinance in the world. Muhammad Amjad Saqib started Akhuwat as an interest free microfinance organization in 2001 LAHORE, PAKISTAN - On Tuesday 31st August, Muhammad Amjad Saqib, the owner of Akhuwat Foundation, won the 'Ramon Magsaysay' award. The Ramon Magsaysay award is the Asian Equivalent of the Nobel Prize and is often termed as 'Asian Nobel'. Amjad Saqib received the award for developing and carrying Akhuwat to become the nation's largest microfinance organization. Akhuwat is interest and collateral free thus being the first of its kind, it has helped a lot of the Pakistani lower class. Muhamma...

IMF to disburse $2.77 Billion COVID 19 fund in Pakistan

14Aug

By Abdullah1 Comment

Business

IMF to disburse $2.77 Billion COVID 19 fund in Pakistan

Minister 'Shaukat Tarin' announced that that the IMF would disburse $2.77b unconditional loan at zero mark-up by August 23, 2021. This will help Pakistan with losses amid the COVID 19 situation. On Thursday 12th August, Minister for Finance and Revenue 'Shaukat Tarin' announced that on 23rd August Pakistan will receive $2.77 billion from the International Monetary Fund (IMF). This disbursement of amount is a part of IMF's general allocation of $650 billion. IMF is taking this initiative to boost global liquidity affected due to wide spread of COVID 19 virus. IMF will distribute the general allocation amongst all its members , it will be a great help to those badly affected. Shaukat Tarin talked about the situation in a press conference. He said that the amount will be directly tran...