Business

China resumes group tours to Pakistan

Published

9 months ago

Farwa

Lifting pandemic-era restrictions, Beijing resumed outbound group tours for its citizens to around 80 countries including Pakistan, announced China’s Ministry of Culture and Tourism on Friday.

The move to expand the number of destinations comes as China’s overseas tourism industry has been on a firm trajectory of quick recovery during the past month, China Economic Net (CEN) reported.

It was the third batch of destinations in China’s pilot program for outbound group tours.

The return of more Chinese travellers is also expected to provide a much-needed boost to the global tourism industry and channel optimism into the global economy, observers pointed out.

“The outbound tourism sector is a market-driven one, and many service products need to be prepared in advance,” suggested Jiang Yiyi, a professor of leisure sports and tourism at the Beijing Sport University.

To enhance Pak-China cooperation in the tourism sector, the Pakistani Embassy in China launched a website called Discover Batie, which contains information about the main tourist attractions in Pakistan and links to the official websites of major museums, malls and hotels.

Gandhara Art Exhibition

Earlier, a Gandhara Art Exhibition was held at Palace Museum in Beijing, which showcases 173 artefacts come from Pakistan. “It’s a step to tell the Chinese brothers and sisters what Pakistan can offer.” Sardar Muhammad, Consul General of Pakistan in Guangzhou, commented.

“Pakistan is the topographic heaven for tourists. There are snow-covered mountains, lakes, pine trees and waterfalls, which are especially attractive to those who are keen on adventurous tourism. Tour guide training in Pakistan has started to promote tourist visits from friendly countries.” Sardar Muhammad noted Pakistan’s current efforts in promoting travel facilitation.

Pakistan Tourism Development Corporation (PTDC) Managing Director Rana Aftab said, “The Task Force on Tourism had already been formed to achieve milestones in the tourism sector. We need to ensure a better and more secure environment and ease of travelling for international tourists. We can promote group tourism through registered and licensed tour operators globally, ensuring an amicable environment for international tourists.”

Business

Pakistan’s gold prices are still declining; see the most recent

Published

1 day ago

Farwa

The price of 10-gram gold reduced by Rs943 to settle at Rs207,733, while the price of gold dropped by Rs1200 to close at Rs242,300 a tola, according to the Sindh Sarafa Jewellers Association.

In the global market, the price of the precious metal fell by $10 to $2,349 per ounce, resulting in losses.

At 04:48 GMT, the spot price of gold had dropped by 0.2% to $2,354.77 per ounce. In the previous session, prices reached a two-week high.

American gold futures dropped 0.6% to $2,361.

Spot silver decreased by 0.4% to $28.03 per ounce, while palladium remained steady at $978.03 and platinum decreased by 0.1% to $992.89.

Business

Pakistan and the IMF begin talks for a new loan.

Published

1 day ago

Farwa

Pakistan is requesting a $6 to $8 billion bailout package from the international lender over the next three to four years to address its financial troubles.

A mission team led by Nathan Porter, the IMF’s Mission Chief in Pakistan, is meeting with a Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

According to sources familiar with the situation, Islamabad may face more difficult options, such as raising power and gas bills.

Mr. Aurganzeb informed the IMF team that the country’s economy has improved as a result of the IMF loan package, and Islamabad is ready to sign a new loan programme to further develop.

The IMF mission expressed satisfaction with Islamabad’s efforts to revive the country’s struggling economy.

The IMF praised Pakistan’s economic growth in its staff report earlier this week, but warned that the outlook remains challenging, with very high downside risks.

The country nearly avoided collapse last summer, and its $350 billion economy has stabilized since the end of the last IMF program, with inflation falling to roughly 17% in April from a record high of 38% last May.

Business

Petrol prices are likely to drop significantly beginning May 16.

Published

1 day ago

Farwa

According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.