Business Community celebrates successful IMF review, advocates for self-reliance
Pakistan’s online video gaming industry flourishing, currently making $ 50 million per annum: Imran Azhar
ISLAMABAD, Nov 24 (APP): Founder and CEO Of AzCorp Entertainment Imran Azhar Friday said that Pakistan’s online video gaming industry flourishing and could generate huge annual revenue currently making $50 million per annum to support the growth of technology.
Talking to a Private news channel, he said that the emerging market will drive 80 to 90 per cent of the market by 2024, adding, it is currently considered one of the fastest-growing industries in the world and supports several other sectors, including IT and animation.
Pakistan’s online gaming business has experienced an exceptional rise in recent years, moving it into the top five global markets for mobile gaming, he mentioned.
The next emerging industry is online gaming, which is growing at a 30 to 50% growth rate, he added.
He stressed that we should invest more in the game development and animation skills of our youth to get a fair share in the global gaming industry,” he said.
“Our designers and professionals will have to be trained to compete at the international level by developing quality products,” he added.
“In recent years, Pakistan has made significant efforts in the field of Information and Communication Technology (ICT), with a particular focus on the export of ICT-related products and services”, he highlighted.
The country’s digital technology export industry will further grow rapidly, with several companies successfully exporting software development, call centre services and other IT-related services to various countries around the world, he said.
“The government’s efforts towards technological advances in Pakistan are also promising and youth will be equipped
with all the necessary skills to establish a local gaming and animation industry”, he said.
Replying to a question, he said Pakistan’s gaming industry is a roaring success story that continues to influence millions across the nation and beyond, adding, that the Pakistani gaming industry is growing rapidly, and the export of gaming which is a major contributor to this growth.
Pakistan, EU diplomats agree to strengthen cooperation under Strategic Engagement Plan
BRUSSELS, Nov 24 (APP): Ambassdor to Belgium, Luxembourg and European Union Amna Baloch and Managing Director for Asia & Pacific, European External Action Service Niclas Kvarnstrom met in Brussels Friday and discussed collaboration between Pakistan and the EU.
The two sides agreed to strengthen bilateral cooperation under the Strategic Engagement Plan, said a Pakistan embassy’s post on social media platform X.
3rd China-Pak non-wood forest S&T exchange conference to be held this month
Exchange rates for currency notes
KARACHI, Nov 24 (APP): CURRENCY SELLING BUYING
USD 288.36282.15
GBP 361.36 353.52
EUR 314.31 308.02
JPY 1.9287 1.8871
SAR 76.88 75.23
AED 78.52 77.34
LIBOR
LIBOR FOR CALCULATING INTEREST ON SPECIAL USD BONDS
LIBOR 1M 5.45737
LIBOR 3M 5.64129
LIBOR 6M 5.80526
US DOLLAR Indicative FBP Rates
CURRENCY SIGHT/
15 DAYS1M2M 3M4M 5M 6M
USD283.46281.98278.52275.63272.25 268.99266.54
EUR 309.06307.64304.35301.57298.24295.11292.78
GBP 355.19353.36349.14345.56341.38 337.37334.32
NBP Exchange Rates
KARACHI, Nov 24 (APP): Treasury Management Division of National Bank of Pakistan (NBP) on Friday the following exchange rates.
CURRENCY SYMBOL TT Selling TT Buying
U.S DOLLAR USD 285.50285.00
EURO EUR 311.77 311.22
JAPANESE YEN JPY 1.9096 1.9063
BRITISH POUND GBP 357.78 357.15
SWISS FRANC CHF 322.86 322.29
CANADIAN DOLLAR CAD 208.28 207.92
AUSTRALIAN DOLAR AUD 187.32 186.99
SWEDISH KRONA SEK 27.33 27.28
NORWEGIAN KRONE NOK 26.49 26.45
DANISH KRONE DKK 41.74 41.67
NEWZEALAND DOLLAR NZD 172.74 172.44
SINGAPORE DOLLAR SGD 212.80 212.43
HONGKONG DOLLAR HKD 36.76 36.70
KOREAN WON KRW 0.2190 0.2186
CHINESE YUAN CNY 40.12 40.05
MALAYSIAN RINGGIT MYR 60.97 60.86
THAI BAHT THB 8.05 08.04
U.A.E DIRHAM AED 78.28 78.14
SAUDI RIYAL SAR 76.12 75.99
QATAR RIYAL QAR 78.22 78.08
KUWAITI DINAR KWD 926.02 924.39
CONVERSION RATE FOR FROZEN FCY DEPOSITS
USD 285.0778
GBP 356.4327
EUR 310.9628
JPY 1.9099
SETTLEMENT DATE: 28-11-2023
Foreign exchange rates
KARACHI, Nov 24 (APP): The Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Exchange rates bulletin, here on Wednesday.
CONVERSION RATES FOR NOVEMBER 24, 2023 FOR FOREIGN CURRENCY FOR FORWARD COVER FOR DEPOSITS (EXCLUDING FE 25 DEPOSITS)
SBP SETTLEMENT VALUE DATE NOVEMBER 28, 2023
USD 285.0778
GBP 356.4327
EUR 310.9628
JPY 1.9099
Pakistan, Sweden hold bilateral political consultations on trade, investment
ISLAMABAD, Nov 24 (APP): Pakistan and Sweden held their 17th round of Bilateral Political Consultations in Stockholm on Friday and reviewed the entire range of bilateral relations, including political, economic, trade, investment and education.
Additional Foreign Secretary (Europe), Ambassador Shafqat Ali Khan, led the Pakistan delegation, while the Sweden side was co-led by Director General and Head of Global Department Dag Juhlin-Dannfelt and Acting Head of Department for Asia and the Pacific Oscar Schlyte of the Swedish Ministry of Foreign Affairs.
The two sides expressed confidence in the trajectory of bilateral cooperation noting that next year, Pakistan and Sweden would celebrate 75 years of the establishment of diplomatic relations.
They also agreed to promote bilateral dialogue and mutually beneficial engagement and cooperation.
The Additional Foreign Secretary congratulated Sweden on successfully completing the term of EU Presidency this year and expressed Pakistan’s desire to further enhance cooperation in renewable energy, sustainable technologies, waste management, information communication technology, and rehabilitation and development.
He welcomed more Swedish companies to take advantage of the business-friendly environment in Pakistan, the Foreign Office said in a statement issued here.
The Swedish side reaffirmed commitment to forge a broad-based bilateral relationship anchored in strong economic and political cooperation.
The two sides also discussed important regional and global developments. Ambassador Shafqat Ali Khan briefed the Swedish side on the security situation in South Asia including Afghanistan and India, highlighting the gross human rights violation in Indian Illegally Occupied Jammu and Kashmir (IIOJK).
The Swedish side briefed the Pakistan side on the EU Presidency, Nordic region and steps taken to combat Islamophobia and promote interfaith harmony.
The two sides expressed satisfaction at the level of cooperation at international fora, including at the UN, and agreed to continue supporting each other. They also agreed to remain in close contact to maintain the momentum in bilateral relations.
Ambassador Shafqat Khan also called on State Secretary for Foreign Affairs, Jan Knuttson.
The next round of Pakistan-Sweden Bilateral Political Consultations will be held in Islamabad.
Relief teams stand ready to deliver critical aid to besieged Gaza as truce approaches: UN
UNITED NATIONS, Nov 23 (APP): UN Humanitarian agencies preparing to go into Gaza continued to build up stocks of desperately needed aid for the war-torn enclave on Thursday, amid delays in the implementation of a temporary halt in the Israeli attacks and exchange of hostages.
According to media reports, ongoing negotiations over the Israel-Hamas agreement on a four-day humanitarian pause and the freeing of hostages indicated that the deal’s entry into force was believed to be unlikely before Friday.
Amid rising hunger, UN World Food Programme (WFP) chief Cindy McCain said that the agency was “rapidly mobilizing to scale up assistance inside Gaza†once safe access is granted. Her comments followed UN emergency relief chief Martin Griffiths’ statement on the Organization’s readiness to increase the volume of aid brought into the enclave and distributed across the Strip.
Ms. McCain said that WFP trucks are “waiting at the Rafah crossing, loaded with food slated for families in shelters and homes across Gaza, and wheat flour for bakeries to resume operationsâ€.
Latest UN humanitarian reports indicated that wheat flour is no longer available in markets in the north of Gaza and that no bakeries are functioning owing to a lack of fuel, water, flour and structural damage.
Since limited aid deliveries through the Rafah crossing with Egypt resumed on 21 October, just over 73 truckloads of WFP food aid have made it into Gaza, falling far short of needs.
Ms. McCain expressed hope that more fuel will be let into the enclave “so that our trucks can carry in much-needed supplies and that once again bread will be available as a lifeline to hundreds of thousands of people every dayâ€.
Some 75,000 litres of fuel entered Gaza from Egypt on Wednesday following an Israeli decision last week to allow the “daily entry of small amounts of fuel for essential humanitarian operationsâ€, according to UN humanitarian affairs coordination office OCHA.
The fuel is being distributed by the UN agency for Palestine refugees, UNRWA, to support food distribution and the operation of generators at hospitals, water and sanitation facilities, shelters, and other critical services in the south of the Strip, as access to the north has been cut off by Israeli military operations. 
OCHA head and UN emergency relief chief Martin Griffiths said last week that some 200,000 litres of fuel per day were needed. A new evacuation of 190 wounded and sick people, their companions and medical workers from Al-Shifa hospital in Gaza City was completed on Wednesday.
The development was announced by UN health agency WHO as a joint effort between UN agencies and humanitarian partners led by the Palestine Red Crescent Society (PRCS). The evacuees were transported in an ambulance convoy to the south.
OCHA quoted PRCS reports stating that the evacuation “lasted for almost 20 hours as the convoy was obstructed and subjected to inspection while passing through the checkpoint that separates northern and southern Gaza†and deploring the fact that the lives of patients had been endangered.
Evacuated dialysis patients were transferred to Abu Youssef An Najjar Hospital in Rafah, Gaza, while other patients were transported to the Strip’s European hospital in Khan Younis. An estimated 250 patients and staff are believed to be at Al-Shifa, which is no longer operational, OCHA said.
Meanwhile, Wednesday saw the lowest number yet of displaced people leaving northern Gaza to cross to the south using the “corridor†opened by the Israeli military along the Strip’s main traffic artery, Salah Ad Deen Road.
According to OCHA monitoring only some 250 people moved south. The UN Office said that the decline is “largely attributed to the expectations generated by the humanitarian pause†which is yet to be implemented.
To date, over 1.7 million people in Gaza are internally displaced. Meanwhile, an UNRWA staff member who fled Gaza this week spoke to UN News about living and working during the conflict.
Maha Hijazi, UNRWA’s Warehousing and Distribution Officer, was responsible for securing food for hundreds of thousands of displaced people (IDPs) now sheltering in its facilities.
“Our plan…was to have 150,000 Palestinians IDPs inside UNRWWA shelters which are now reaching about one million,†she said.
The UN and partners continue to appeal for more aid to be allowed into the Gaza Strip, which continues to face dire shortages of food, water, fuel, medicines and other desperately needed items.
Most UNRWA staff are themselves Palestine refugees and so they are also affected by the conditions in Gaza. Some have also sought refuge in shelters while continuing their lifesaving work. More than 100 of their colleagues have been killed to date.
Although Ms. Hijazi’s family were not staying at one of the shelters, she said her parents could not find enough food at local markets.
“We went to the markets, but it’s empty. We found nothing to purchase. We have money, but we have nothing to purchase,†she said.Â
On Monday, Ms. Hijazi and her family fled Gaza for Egypt. She was angry and reluctant to leave her homeland, apartment and job. “Neither my kids, nor any of our Palestinian kids feel safe, secure, and protected. The whole night and day they hear bombing everywhere,†she said.
Ms. Hijazi recalled that before going to bed, her children would ask her if they were going to die like their neighbours and relatives. “I had to hug them and promise them that if we died, we would die altogether, so we won’t feel anything. And if you hear the bombing, then you are safe. The rocket that will kill you, you will not hear its sound,†she said.
Despite the pain of leaving Gaza for Egypt, Ms. Hijazi felt this was the best decision for her children, who are dual nationals. “I need to get this chance for them to sleep and to feel that they are similar to other kids,†she said.
“I can tell you that the whole trip I was crying with my kids because we didn’t want to leave our land, we didn’t want to leave Gaza. But we are forced to do that seeking safety and protection.â€
ECC allows import of 200KMT urea for rabi season
ISLAMABAD, Nov 23 (APP): The Economic Coordination Committee (ECC) of the cabinet here on Thursday decided to allow import of 200 KMT urea fertilizer on G2G/tender basis to meet the demands during Rabi season.
According to press statement issued by the finance ministry, the Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the cabinet committee.
Ministry of Industries & Production had move summary before the committee, the statement said adding ECC approved it in line with normal procedure requested Ministry of Commerce and Industry to direct the Trading Corporation of Pakistan (TCP) to take further necessary action in this context.
On summary by Ministry of National Food Security & Research, the committee decided to approve the Cash Credit Limit (CCL) of Rs. 540 billion for Punjab and Rs. 214 billion for Sindh for the quarter of July-September 2023.
The ECC also advised Punjab and Sindh to settle the unsecured exposure of Commodity debt. Moreover, it was decided that in future, Finance Division may monitor the CCL requirement of Punjab and Sindh with the view that Provinces have been taking steps for settlement of their unsecured exposure and that CCL may be issued to the extent of unsecured exposure and the CCL may be issued to the extent of unsecured exposure as reported on 30th September 2023.
Also, the CCL of the quarter April-June 2023 of Punjab and Sindh, already issued by Finance Division was endorsed too.
Another summary of Ministry of Energy (Petroleum Division) regarding “Application for the Grant of Marginal Policy Pricing Incentives for the Jhal Magsi South Development & Production Lease (D&PL) Covering an Area of 17.71 Sq Kms Located in District Jhal Magsi, Balochistan” was considered by ECC.
It was discussed that the case for declaration of Jhal Magsi South D&PL as Marginal Field under Article D(3) of the Marginal Guidelines has already been reviewed, and it eligibility has also been certified by independent 3rd Party Consultant for the concession.
Therefore, it can be considered eligible for the gas price incentives allowed under the Marginal/Standard Gas Fields-Gas Pricing Criteira and Guidelines 2013 subject to the conditions that OGDCL will submit Supplemental Agreement to Kotra PCA to formally adopt Marginal Policy Price Incentives, and that M/s OGDCL will submit revised field development plan over Jhal Magsi South D&PL.
The summary of Ministry of National Health Services, Regulation, and Coordination regarding approval of increase in MRPs of 262 Drugs under hardship Category as recommended by the Drug Pricing Committee (DPC) in its 56th and 57th Meeting was considered by the ECC.
It was observed that clear recommendations and required analysis was not given by M/o NHSR&C, as such the summary was not approved.
Lastly, a summary of Ministry of Energy (Petroleum Division) regarding “Supply of Gas/RLNG to FATIMAFERT & AGRITECH to meet requirement of Urea” was considered and discussed.
The ECC directed to operate the 2 plants based on RLNG OGRA notified rate. The differential amount was allowed to be recovered through OGRA determined Revenue Requirements (RERR) for SNGPL, the statement added.








