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Miftah Ismail officially steps down as finmin, hands over resignation letter to PM Shehbaz

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  • Earlier, Miftah verbally tendered his resignation to PML-N supremo Nawaz Sharif in London.
  • Miftah will be replaced as finmin by PML-N leader Ishaq Dar tomorrow.
  • He says he worked to “best of abilities” during tenure. 

PML-N leader Miftah Ismail on Tuesday officially stepped down as the finance minister of the country by handing over his resignation letter to Prime Minister Shehbaz Sharif.

On Sunday, he had verbally tendered his resignation to PML-N supremo Nawaz Sharif in London following the party’s decision. 

Later, he took to Twitter and wrote: “In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as finance minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as finance minister. Pakistan Paindabad.”

The decision to remove Miftah as the finmin was made during a meeting of PML-N leaders in London, including Nawaz Sharif, PM Shehbaz, and others. 

After resigning, Miftah thanked Nawaz and said that over the last four months, he performed to the best of his abilities and remained loyal to his party as well as the country.

While accepting his resignation, Nawaz praised Miftah’s efforts and the way he carried out his duties at a time when the country was facing an economic crisis.

PML-N leader Ishaq Dar — who arrived in Pakistan on Monday after a five-year exile in London and took oath as a senator today — will be replacing Miftah as the finance minister, while Miftah will also remain part of the government.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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