Latest News

Shehbaz Sharif takes oath as prime minister of Pakistan

Published

2 years ago

Farwa

Senate Chairman Sadiq Sanjarani administers the oath to Shehbaz Sharif.
Shehbaz was elected as the premier after the ouster of PTI Chairman Imran Khan.
President Alvi missed the ceremony after he complained of “discomfort”.

ISLAMABAD: Shehbaz Sharif took oath on Monday as the 23rd prime minister of Pakistan.

He was administered the oath by Senate Chairman Sadiq Sanjarani as President Arif Alvi complained of “discomfort”, according to the president’s Twitter account, hours before the oath-taking ceremony.

Shehbaz was elected as the premier after the ouster of PTI Chairman Imran Khan through a no-confidence motion.

Earlier in the day, Shehbaz secured 174 votes in the NA as opposed to PTI’s candidate Shah Mahmood Qureshi, who received no votes after his party decided to boycott the polling process.

The poll took place under the chairmanship of MNA Ayaz Sadiq, two days after the lower house of Parliament voted in favour of removing Imran Khan from office, following a nearly 14-hour standoff between the Opposition and Khan’s ruling party that started on Saturday morning.

Shehbaz’s profile

Shehbaz is the longest-serving chief minister of the Punjab province, having served on the post three times since he began his political career nearly four decades ago.

Sharif is the son of Mian Muhammad Sharif, a well-known businessman, and the younger brother of Nawaz Sharif, the former prime minister of Pakistan.

Shehbaz is a graduate of the Government College in Lahore. He first came into the spotlight in 1985, when he was appointed the president of the Lahore Chamber of Commerce and Industry.

But his foray into politics began in 1988 when Sharif was elected as a member of the Punjab assembly (MPA). He served for a short stint, till 1990 when the assembly was dissolved.

The same year, he contested and won a national assembly constituency and became a member of the lower house of Pakistan’s parliament. In 1993, he again returned to the Punjab assembly and was appointed leader of the opposition till 1996.

Then in 1997, Sharif won a Punjab constituency for the third time and went on to become the chief minister of Punjab, Pakistan’s most politically important province. However, after the military overthrew the PML-N government, Sharif was imprisoned and later sent into exile for eight years.

Returning in 2008, Sharif was again elected as a member of the Punjab assembly and then became chief minister for a second term. This time he served his full term as chief minister.

After the general polls in 2013, Sharif returned as chief minister of his home province. While in the 2018 polls, he decided to retain his national assembly seat and was nominated as the leader of the Opposition.

In 2019, Shehbaz Sharif declared his net wealth to be Rs100,725,909 to the Election Commission of Pakistan (ECP), including investments in Hudabiya Engineering, Hamza Spinning Mills and Hudabiya Paper Mills as well as agricultural properties in Sheikhupura and Lahore.

Business

Pakistan’s gold prices continue to decline.

Published

4 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

4 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

4 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.