Latest news with #Paracha
Express Tribune
11-05-2025
- Express Tribune
No clue to woman missing since April 15
A woman reportedly abducted from the Malir Halt area on April 15, 2025, remains missing, with her family accusing police of demanding a bribe in exchange for taking action. According to a complaint filed at Al-Falah police station, Dil Shehzad Paracha, a resident of Gulfishan Society, Malir Halt, reported that his wife, 36-year-old Rehana, has been missing since the afternoon of April 15. The case was registered under Section 496-A of the Pakistan Penal Code. Paracha, who runs a retail shop in the area, stated that he left for work at around 9am on the day of the incident. Later, at 5pm, his 13-year-old son Aqib informed him that Rehana had gone to Korangi No 1 Market at around 2pm but had not returned. Despite efforts to locate her, including repeated attempts to contact her mobile phone — which remained switched off — there has been no trace of her. The complainant suspects a man named Tauqeer, a former tenant in their neighbourhood, of abducting his wife. He further revealed that at around 9pm on the day of the disappearance, he received a disturbing phone call in which he could hear what sounded like Rehana being physically assaulted before the call abruptly ended. Paracha added that Rehana was wearing three tolas of gold jewellery when she left the house.
Hindustan Times
29-04-2025
- Business
- Hindustan Times
World Bank sanctions $108m to Pakistan for women empowerment projects
The World Bank has sanctioned additional funding of USD 108 million for improving the lives of women and girls by enhancing their access to essential services and economic opportunities in Khyber Pakhtunkhwa province in northwest Pakistan. The Pakhtunkhwa Integrated Tourism Development (KITE) and the Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) have an estimated value of USD 30 million and USD 78 million respectively. Also read | 8 Pakistani workers killed by Baloch militants in Iran's Sistan-Baluchestan province According to a release from the World Bank, the funding has been granted to help both projects accomplish their goals of increasing access to markets, jobs, and health and education services in a way that increases the province's resilience to natural catastrophes. The USD 78 million in additional financing for the KPRAP will focus on providing safe and climate resilient road infrastructure, by upgrading and rehabilitating rural roads, thereby improving access to services including schools, health facilities, and markets. 'The project is crucial for improving the lives of people in the province, particularly women and girls, by enhancing their access to essential services and economic opportunities,' said Muhammad Bilal Paracha, Task Team Leader for the project. Also read | Pakistan charges Baloch activist with 'terrorism' The USD 30 million in additional financing for the KITE will help enhance the province's tourism sector by completing the rehabilitation of two roads that will improve access to the province's pristine tourist spots in the vicinity. 'This additional financing underscores the World Bank's commitment to supporting Pakistan's and Khyber Pakhtunkhwa province's development goals,' Paracha said.
Indian Express
29-04-2025
- Business
- Indian Express
World Bank sanctions USD 108 mn for Pakistan's Khyber Pakhtunkhwa
The World Bank has sanctioned additional funding of USD 108 million for improving the lives of women and girls by enhancing their access to essential services and economic opportunities in Khyber Pakhtunkhwa province in northwest Pakistan. The Pakhtunkhwa Integrated Tourism Development (KITE) and the Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) projects have an estimated value of USD 30 million and USD 78 million respectively. According to a release from the World Bank, the funding has been granted to help both projects accomplish their goals of increasing access to markets, jobs, and health and education services in a way that increases the province's resilience to natural catastrophes. The USD 78 million in additional financing for the KPRAP will focus on providing safe and climate resilient road infrastructure, by upgrading and rehabilitating rural roads, thereby improving access to services including schools, health facilities, and markets. 'The project is crucial for improving the lives of people in the province, particularly women and girls, by enhancing their access to essential services and economic opportunities,' said Muhammad Bilal Paracha, Task Team Leader for the project. The USD 30 million in additional financing for the KITE will help enhance the province's tourism sector by completing the rehabilitation of two roads that will improve access to the province's pristine tourist spots in the vicinity. 'This additional financing underscores the World Bank's commitment to supporting Pakistan's and Khyber Pakhtunkhwa province's development goals,' Paracha said.
Express Tribune
03-04-2025
- Business
- Express Tribune
SBP range-bound reserves hit $10.7 billion
Listen to article State Bank of Pakistan (SBP) reserves saw a notable increase during the week ending March 28, 2025, rising by $70 million to reach a total of $10.7 billion, with commercial banks maintaining net foreign reserves of $4.9 billion. As of March 28, 2025, Pakistan's total liquid foreign reserves stood at $15.6 billion. Meanwhile, the rupee experienced a slight dip against the US dollar, falling by 0.14% in the inter-bank market on Thursday. At the close of trading, the currency settled at 280.56, marking a decline of Rs0.40 against the greenback. On the international front, the US dollar weakened across the board on Thursday, while the euro strengthened following US President Donald Trump's announcement of aggressive tariffs against trading partners. The tariffs, set to take effect on April 9, will target around 60 countries, including a 29% tariff on Pakistan. Speaking to The Express Tribune, Zafar Paracha, President of the Exchange Companies Association of Pakistan, highlighted that foreign direct investment (FDI) profits, record earnings by banks and multinational companies, and profit repatriations are exerting pressure on the exchange rate. Typically, this period does not experience such pressure, especially during or after Ramazan, when remittances usually increase. In March 2025, remittances are expected to reach $3.5 billion, compared to $3.2 billion in February 2025. Paracha also pointed out that most banks in Pakistan are foreign-owned, and payments for commercial import bills have added further strain. Regarding trade, he noted that Pakistan's exports to the US have remained stagnant at $5 billion for over 20 years. He criticised exporters for their lack of effort, describing them as overly reliant on government support instead of exploring new markets or enhancing their competitiveness. He suggested that this is the right time to incentivise exchange companies and overseas Pakistanis to help offset the impact of US tariffs on Pakistan. He emphasised that a significant portion of remittances still flow through unofficial channels. While Pakistan has seen an average annual remittance growth of 810%, he believes there is potential to reach 20% growth, given that 2.5 million Pakistanis migrated abroad in the last three years, with a total overseas Pakistani population exceeding 12 million. In comparison, peer countries achieve annual remittance growth of around 20%, but Pakistan has lagged behind. Paracha also criticised Pakistan's export strategy, stating that the country primarily exports raw materials such as rice, cotton, and fruit, without adding value or taking risks to enter new markets and build strong global brands. Meanwhile, gold prices hit a new all-time high in Pakistan on Thursday, mirroring the rise in international rates. In the local market, the price of gold per tola climbed to Rs325,500, reflecting an increase of Rs500 in a single day, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Express Tribune
10-03-2025
- Business
- Express Tribune
Rupee trades above 280/$ for 1st time since Jan'24
The Pakistani rupee has once again slipped past the 280 threshold against the US dollar in the interbank market, a level last seen in January 2024. As per the latest exchange rate, the rupee closed at 280.07, reflecting a 0.04% decline on a day-on-day (DoD) basis. The last time the rupee traded above 280/$ was in January 2024. Over the past week, the currency continued its gradual decline, losing Rs0.30 (0.11%) in the interbank market. According to the State Bank of Pakistan (SBP), the rupee ended at 279.97/$, compared to 279.67/$ in the previous week's closing. The currency has recorded a 0.14% depreciation month-to-date, while the calendar year-to-date decline stands at 0.54%. Since the start of the fiscal year, the rupee has weakened by 0.62%, according to AHL data. The historical trend highlights a sharp depreciation in late 2023, followed by relative stability in mid-2024, before resuming a gradual decline. The recent depreciation signals renewed pressure on the external front, influenced by rising imports and financial outflows. Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), stated that while there is some pressure on the currency market, particularly due to rising import demand and debt repayments by the SBP, the situation remains stable. He noted that December typically sees profit-taking by foreign investors, as nearly 80% of banks have foreign shareholders who repatriate profits at year-end. Additionally, import pressure has increased, but there is no cause for concern. The exchange rate movement is minimal, with a less than 1% decrease, keeping the rupee stable at around 280/$. Paracha highlighted that remittance inflows tend to improve during Ramazan, as overseas Pakistanis send financial support to their families and contribute towards charity, zakat, and donations. Exchange companies alone are expected to contribute $600 million in inflows. He further emphasised the need for incentives for exchange companies and overseas remittances, similar to the benefits provided to exporters. According to the SBP, workers' remittances recorded an inflow of $3.1 billion in February 2025, reflecting a 38.6% year-on-year (y/y) and 3.8% month-on-month (m/m) increase. Cumulatively, remittances reached $24.0 billion during July-February FY25, marking a 32.5% rise from $18.1 billion in the same period last year. The largest sources of remittances were Saudi Arabia ($744.4 million), the United Arab Emirates ($652.2 million), the United Kingdom ($501.8 million), and the United States ($309.4 million). Paracha projected that remittances would rise by 10% month-on-month during Ramazan, further strengthening Pakistan's foreign exchange reserves. "Billionaire exporters receive billions of rupees in incentives, including rebates, low-cost loans, and other subsidies, yet their contribution remains stagnant. In contrast, overseas workers, who earn an average of $250 per month, have sent over $35 billion in remittancesa figure that could double if given the same importance and incentives as exporters," he said. Meanwhile, gold prices in Pakistan remained unchanged on Monday, with per tola holding steady at Rs306,000. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gram gold rate also remained stable at Rs262,345. On Saturday, gold per tola had dropped by Rs1,000, settling at Rs306,000. The international gold price also saw no change, standing at $2,910 per ounce, including a $20 premium, as per APGJSA.
