Category: bussines

At Bitcoin Vegas 2025, Pakistan’s Minister for Crypto and Blockchain, Bilal Bin Saqib, made a groundbreaking declaration by introducing the nation’s first state-backed Strategic Bitcoin Reserve — a move that signals a transformative shift in Pakistan’s digital and economic trajectory. Addressing a global audience that included US Vice President JD Vance, Eric Trump, and Donald Trump Jr, Bilal Bin Saqib positioned Pakistan as a forward-looking digital hub, powered by its tech-savvy youth and strengthened by a shift toward decentralised finance. “I’m not just here as a minister,” he said during…

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The World Bank has raised concerns that Pakistan’s continued tariff-heavy approach is weakening its export performance and putting its economic future at risk. Exports have shrunk to just over 10% of GDP in 2024, down from more than 15% in the 1990s — one of the lowest shares in the region and among middle-income economies. In the report titled ‘From Inward to Outward: Pakistan’s Shift Towards Export-led Growth’, the World Bank said the slide reflects worsening constraints on businesses, compounded by recent policy shifts towards higher tariffs. “Pakistan’s tariff structure…

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Finance Minister Muhammad Aurangzeb has indicated that the forthcoming federal budget, scheduled for June 10, will feature tax concessions aimed at reducing the financial strain on salaried individuals. Speaking at an event in Islamabad on Monday, the finance minister said the government is actively working to reduce the tax burden on salaried persons, adding that their income is taxed as soon as it is credited into their accounts. He stressed the need for a strategic direction in the budget, not just a statement of income and expenditure. “We are taking…

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The bulls lost momentum at the bourse on Monday, as budget-related uncertainty and unresolved talks with the International Monetary Fund (IMF) cast a shadow over investor sentiment. “Delay in Budget announcement and lack of clarity on IMF conditions related to budget pushing investors to trim their exposure,” said Muhammad Sohail, CEO of Topline Securities. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 118,221.12 points, down 881.55 points, or -0.74%, at close. The index climbed to an intraday high of 119,290.94 points, gaining 188.27 points, or 0.16%, from the previous…

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Bilal Bin Saqib has been appointed as the Special Assistant to the PM (SAPM) on Blockchain and Crypto, with the status of state minister by Prime Minister Shehbaz Sharif. Pakistan was positioned among an elite group of 7-9 nations, including the United States, El Salvador, and the UAE, with dedicated leadership for cryptocurrency and blockchain, signalling a bold commitment to leading the global digital economy, by this groundbreaking decision. Saqib also serves as the Chief Executive Officer of the Pakistan Crypto Council (PCC) and Chief Advisor to the Finance Minister.…

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In a significant move to drive Pakistan’s digital transformation, the government has earmarked 2,000 megawatts (MW) of electricity in the first phase of a national strategy aimed at supporting Bitcoin mining and artificial intelligence (AI) data centres. According to a statement issued by the Finance Division, the initiative is spearheaded by the Pakistan Crypto Council (PCC) — a government-backed body under the Ministry of Finance — as part of a broader strategy to monetise surplus electricity, create high-tech jobs, attract billions of dollars in foreign direct investment, and generate billions…

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Bilal Bin Saqib, the CEO of the Pakistan Crypto Council (PCC), has called on US senators Bill Hagerty and Rick Scott during his visit to New York. The meeting highlights Pakistan’s increasing involvement in global crypto discussions and the changing world of digital finance. Through talks with US lawmakers, PCC hopes to help create crypto rules in Pakistan that match global standards, support innovation, and include everyone. Senator Hagerty, a key proponent of responsible financial innovation, is the lead sponsor of the GENIUS Act of 2025 (Guiding and Establishing National…

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The International Monetary Fund (IMF) announced that discussions on Pakistan’s fiscal year 2026 (FY26) budget will continue in the coming days, following the conclusion of a staff-level mission led by Nathan Porter. The mission’s conclusion comes hours after the federal government announced it would now present the Budget 2025-26 on June 10, a delay from the earlier announced date of June 2, showing that it was struggling to finalise fiscal targets with the IMF. The Economic Survey FY2025, a report card of the performance of various sectors of the economy…

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Due to ongoing difficulties finalising fiscal targets with the International Monetary Fund (IMF), the federal government has postponed the presentation of the Federal Budget 2025-26 to June 10, pushing back the earlier scheduled date of June 2, officials said. The News reported on May 9 that the federal government is set to present the budget for the next fiscal on June 2, with Rs921 billion allocated for development projects, far short of the Rs1,600 billion minimum deemed necessary by the Ministry of Planning. The Economic Survey FY2025, a report card…

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The International Monetary Fund (IMF) on Thursday firmly defended its latest loan tranche approval for Pakistan, brushing aside Indian objections and making clear the EFF funds are secure and can’t be misused. The IMF executive board approved on May 9 a fresh $1.4 billion loan to Pakistan under its climate resilience fund and approved the first review of its $7 billion programme, freeing about $1 billion in cash. Addressing a presser, the IMF spokesperson Julie Kozack said, “Board approved the disbursement after finding that Pakistan had met all performance targets…

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