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Stocks reached record highs, closing at 118,442 points, buoyed by optimism surrounding a staff-level agreement with the IMF. The KSE-100 index is projected to maintain its upward trend, driven by strong earnings in key sectors and expectations of economic stability. Despite foreign selling, local buying from banks and mutual funds supported the market's positive momentum.
The IMF has proposed a tax target exceeding Rs 15 trillion for Pakistan's upcoming budget, aiming to raise the tax-to-GDP ratio to 13%. This recommendation follows the IMF's insistence that Pakistan's Special Investment Facilitation Council refrain from granting tax exemptions to international investment projects, including the significant Chaghi-Gwadar railway project. As discussions progress, the government anticipates a growth rate of over 4% in the next fiscal year, despite challenges in meeting previous tax collection targets.
The global debt crisis is intensifying, with developing nations facing unprecedented challenges as their external debt reached $11.4 trillion in 2023, consuming more than their export earnings. Countries like Sri Lanka and Pakistan exemplify the dire consequences of unsustainable borrowing, leading to defaults and economic turmoil. Urgent reforms and innovative solutions, such as debt-for-climate swaps, are essential for fostering sustainable development and financial stability amidst rising global trade uncertainties.
Bilal Bin Saqib, CEO of Pakistan’s Crypto Council, proposed utilizing the country's excess energy for Bitcoin mining during the council's inaugural meeting on March 21. The council aims to develop regulatory frameworks for cryptocurrencies to attract foreign investment and position Pakistan as a crypto hub. Key attendees included lawmakers, the Bank of Pakistan's governor, and the chairman of the Securities and Exchange Commission.
The CBI's Anti-Corruption Branch in Chennai has initiated an investigation into two Pakistani companies, a New Zealand firm, and Credit Suisse for allegedly defrauding the National Textiles Corporation Ltd of Rs 6 crore. The case stems from a 2015 transaction involving 100 containers of cotton textiles, where NTCL claims it never received payment or the original documents. Following a stalled investigation by local police, the case was transferred to the CBI for further action.
Yango Group has launched a USD 20 million venture fund, Yango Ventures, to support early-stage startups in MENA, Pakistan, Sub-Saharan Africa, and Latin America. The fund will focus on seed to Series B investments in O2O, B2B SaaS, and fintech, aiming to provide not just capital but also expertise to foster sustainable growth. Yango Ventures plans to partner with other firms and may expand its fund size as it seeks to enhance the entrepreneurial ecosystem in these high-growth markets.
Pakistan has increased the petroleum development levy by Rs10 to Rs70 per liter, as part of its efforts to secure a new $1 billion payment from the IMF. The IMF confirmed that Pakistan is making progress toward receiving the second installment of the $7 billion loan agreement established last year.
Valu, Egypt's leading financial super-app, boasts over 700,000 active users and has launched co-branded credit and prepaid cards, achieving 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores. In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services, while companies like MyFatoorah and MNT-Halan are making significant strides in payment solutions and lending, respectively.
Valu, Egypt's leading financial super-app, boasts over 700,000 active users and has launched co-branded credit and prepaid cards, achieving 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores. In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services, while companies like MyFatoorah and MNT-Halan are making significant strides in payment solutions and lending, respectively.
Binance has secured a historic $2 billion investment from UAE-based MGX, highlighting the fintech boom in the MENA region, where 119 startups raised $700 million in 2024. Key players like Tabby, Fawry, and Rasan are leading the charge, with significant growth in digital payments, BNPL services, and insurtech, setting new benchmarks in the global fintech landscape. The future looks promising, with expectations of more unicorns and international expansions on the horizon.
PAK
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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