3 die in road mishap
Power shutdown notified for areas of Peshawar
SBP injects over Rs900 billion into market
KARACHI, Aug 16 (APP): The State Bank of Pakistan (SBP) injected Rs901.6 billion in the market on Friday through reverse repo purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO).
According to OMO results issued here, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on August 16, 2024 for 7-day and 28-day tenors and accepted 12 bids cumulatively amounting to Rs755.6 billion.
The central bank received 7 bids for 7-day tenor cumulatively offering an amount of Rs719.9 billion at the rate of return ranging between 19.58 to 19.59 percent while 13 bids were received for the 28-day tenor offering an amount of Rs318.6 billion at the rate of return ranging between 19.57 to 19.60%.
The SBP accepted 6 quotes for 7-day tenor amounting to Rs550 billion at 19.59 % rate of return while 6 quotes for 28-day tenor amounting to Rs205.6 billion were accepted at 19.59% rate of return.
Meanwhile, the central bank also conducted Shariah Compliant Mudarabah based Open Market Operation for 7-day and 28-day tenors and injected Rs146 billion in the market.
For the 7-day tenor, the SBP received two bids amounting to Rs146 billion (face value of collateral) at the rate of return ranging between 19.58 to 19.60 % while no bid was received for 28-day tenor. The central bank accepted both the offered bids for 7-day tenor at 19.58% cut-off rate.
SRSO celebrates Arshad’s achievement in Olympic
PM decides reforms to promote gemstones exports, industry
ISLAMABAD, Aug 16 (APP): Prime Minister Shehbaz Sharif on Friday decided to carry out reforms in the gemstones sector to promote the industry and enhance its exports.
The prime minister, chairing a meeting to discuss the matters pertaining to the reforms in gemstones sector, said that he would personally head the steering committee to promote the industry and its reformation.
He tasked Privatisation Minister Abdul Aleem Khan to ensure the implementation of reforms.
He said the government would launch a project in Gilgit Baltistan to elevate the standards of mining, chiseling and value addition of gemstones industry, assuring the federal government’s support to GB government in this regard.
The prime minister said that unfortunately the gemstone sector was neglected during last 77 years and the precious asset was being wasted through conventional mining methods.
He directed the authorities concerned to formulate an action plan of international standard within a month and take measures for its implementation. He also sought a report on the practical measures for reforms in the gemstone sector and their outcome.
He told the participants that the government would not allow smuggling of the gemstones and sought a report on the subject within a week, after consultation with the GB government.
The prime minister also called for the priority measures to achieve the international certification of Pakistan’s gemstones.
In the briefing, it was told that a total of 178 licenses had so far been issued for mining of gemstones.
It was told that the 80 percent of Pakistan’s gemstones exports consisted of raw materials and the promotion of the industry would help boost country’s exports and create jobs.
The prime minister also called for a comprehensive action plan for the skill training of Pakistani manpower in modern mining, polishing, chiseling and value addition.
The meeting was told that GB, Khyber Pakhtunkhwa and Azad Jammu and Kashmir had huge reserves of gemstones but conventional methods were being used there causing the wastage of the asset.
It was told that raw material was mostly smuggled and exported from other countries after value addition. Despite huge reserves, Pakistan’s gemstones exports stood at few million dollars.
In the meeting, proposals were put forward for reforms in the gemstone sector besides the development of a gemstones cluster in GB
The prime minister tasked the privatisation minister to implement the proposals and launch a pilot project in GB within a week.
Federal ministers Jam Kamal Khan, Khalid Maqbool Siddiqui, Ahad Khan Cheema, Muhammad Aurangzeb, Rana Tanveer Hussain, Dr Musaddik Malik, State Bank Governor Jameel Ahmed, PM’s Coordinator Rana Ehsan Afzal, chief secretaries of GB, AJK and KP, and relevant senior officers attended the meeting.
PTA launches OASIS for Telecom licensing
Pakistan decries Israeli settlers’ assault on Al-Aqsa Mosque: FO
ISLAMABAD, Aug 16 (APP): Pakistan on Friday strongly condemned the illegal storming of Al-Aqsa Mosque by hundreds of extremist settlers, led by officials from the Israeli occupation authorities, Foreign Office spokesperson Mumtaz Zahra Baloch said.
In her preliminary remarks during the weekly briefing, she stated that the desecration of one of Islam’s holiest sites and the obstruction of worshippers’ rights have deeply hurt Muslims worldwide. She described this act as a violation of the Geneva Conventions and a blatant disregard for several United Nations Security Council (UNSC) resolutions concerning the historical city of Jerusalem.
The FO Spokesperson urged the international community, particularly the United Nations Security Council, to take immediate action to end the serious and repeated violations of the sanctity of holy sites in Jerusalem. The call included protecting the Islamic character of Al-Aqsa and ensuring the freedom of worship for the Palestinian people.
“We share the concerns of the Organization of Islamic Cooperation about the peril posed by the Israeli occupation’s policies, aimed at altering the Arab and Islamic character of the occupied city of Jerusalem,” she said.
“Yesterday marked a tragic milestone in the ongoing conflict affecting the people of Gaza,” she said, adding that Israeli occupation forces have killed 40,000 individuals, the majority of whom were women and children. The ongoing genocide in Gaza must cease, and Israel should be held accountable for its war crimes and crimes against humanity.
The spokesperson stated that Pakistan would continue to extend political, diplomatic, and moral support to the Kashmiri people for a just and peaceful resolution of the Jammu and Kashmir dispute, in accordance with UN Security Council Resolutions.
Strongly condemning the killing of four Kashmiri youths by Indian troops in the Doda district of Indian-occupied Jammu and Kashmir (IIOJK), she said this brutal action by the Indian occupation authorities served as yet another example of their illegal and oppressive measures against Kashmiri people.
“We urge the international community to take immediate and decisive action to hold India accountable for its egregious human rights violations in IIOJK and to take steps to protect the rights and freedoms of the Kashmiri people.”
Foreign Office spokesperson said that the 7th session of the Pakistan-Türkiye Bilateral Political Consultations (BPC) was held in Islamabad last week. Foreign Secretary Muhammad Syrus Sajjad Qazi led the Pakistani delegation, while the Turkish side was led by Deputy Minister of Foreign Affairs Nuh Yilmaz.
She said the discussions covered all facets of bilateral cooperation between Pakistan and Türkiye. The two sides agreed to bolster high-level bilateral engagement, fully implement existing agreements, and upgrade the Pakistan-Türkiye Strategic Economic Framework (SEF).
They also committed to enhancing cooperation in areas such as trade and investment, energy, security and defense, information technology, culture and tourism, education, and consular matters.









