The Federal Investigation Agency (FIA) has asked the Capital Development Authority (CDA) to turn over records related to a 2007 agreement it had with the Defence Housing Authority (DHA).
The Pakistan Day military parade has been cancelled this year due to the unfavourable weather conditions in Islamabad.
The State Bank of Pakistan (SBP) has directed 14 authorised banks to keep all their designated branches open from 9:00 a.m. to 2:00 p.m.
ISLAMABAD: The Supreme Court Bar Association condemned the Election Commission of Pakistan’s (ECP) decision to postpone the Punjab elections on Thursday, calling it a “absolute abrogation of the Constitution.”
ISLAMABAD: The International Monetary Fund (IMF) rejected Pakistan’s claim that its programme conditions were one of the reasons for the postponement of elections in two provinces,
ISLAMABAD: On Pakistan Day (March 23), President Dr. Arif Alvi presented civil awards to 135 citizens and foreign nationals in recognition of their excellence and gallantry in their respective fields.
ISLAMABAD: Information Minister Marriyum Aurangzeb lauded the Election Commission of Pakistan’s (ECP) decision to postpone provincial assembly elections in Punjab as “in the best interests of the country.”
ISLAMABAD: The Pakistan Day parade, which was supposed to take place today, has been rescheduled due to inclement weather, according to the President’s Office.
ISLAMABAD: As part of the government’s austerity efforts, the army has decided to hold the traditional military parade on Pakistan Day on a smaller scale in order to reduce costs
Cotton scarcity and restrictions on opening Letters of Credit (LCs) for imports have harmed the textile industry’s exports, resulting in widespread unemployment.
The issue was recently raised by the All Pakistan Textile Mills Association (APTMA) in a letter to State Bank of Pakistan (SBP) Governor Jameel Ahmad. According to the association, the textile industry is on the verge of bankruptcy because production and earnings are far below potential.
The Association expressed concern that the closure of the industry would result in the layoff of over 10 million people and a loss of more than $10 billion in annual export revenue.
It further mentioned that due to last year’s floods and heavy rains, local cotton production has remained at less than 5 million bales in the current season.
The APTMA wrote, “The textile sector is closed in the current unfavorable conditions. Consequently, there will be massive unemployment in the country,” adding that “the textile industry will have to import at least one million bales of cotton to meet its requirement. However, banks were not opening LCs for import of the required quantity of cotton”.
The Association has warned that mills are running out of cotton stocks, forcing the industry to halt production due to a lack of raw materials. It has urged the governor of the SBP to open LCs for cotton imports, citing the fact that import consignments were stranded at ports and needed to be released as soon as possible.
The general elections in Punjab that were supposed to take place on April 30 have been postponed by the Pakistani Election Commission due to the recent wave of terrorist attacks across the nation.
On Wednesday, police in Islamabad Capital Territory (ICT) said they had arrested at least 316 Pakistan Tehreek-e-Insaf (PTI) workers for “rioting,” as party chief Imran Khan appeared in court in the Toshakhana case on March 18.
