Business Archives - Page 23 of 24

Pakistani microfinance organization Owner wins Asia’s Nobel

1Sep

By Abdullah3 Comments

Business

Pakistani microfinance organization Owner wins Asia’s Nobel

Muhammad Amjad Saqib won the 'Ramon Magsaysay' award on Tuesday for his efforts in the Pakistan microfinance Industry. Saqib's organization named 'Akhuwat' is the biggest microfinance in the world. Muhammad Amjad Saqib started Akhuwat as an interest free microfinance organization in 2001 LAHORE, PAKISTAN - On Tuesday 31st August, Muhammad Amjad Saqib, the owner of Akhuwat Foundation, won the 'Ramon Magsaysay' award. The Ramon Magsaysay award is the Asian Equivalent of the Nobel Prize and is often termed as 'Asian Nobel'. Amjad Saqib received the award for developing and carrying Akhuwat to become the nation's largest microfinance organization. Akhuwat is interest and collateral free thus being the first of its kind, it has helped a lot of the Pakistani lower class. Muhamma...

IMF to disburse $2.77 Billion COVID 19 fund in Pakistan

14Aug

By Abdullah1 Comment

Business

IMF to disburse $2.77 Billion COVID 19 fund in Pakistan

Minister 'Shaukat Tarin' announced that that the IMF would disburse $2.77b unconditional loan at zero mark-up by August 23, 2021. This will help Pakistan with losses amid the COVID 19 situation. On Thursday 12th August, Minister for Finance and Revenue 'Shaukat Tarin' announced that on 23rd August Pakistan will receive $2.77 billion from the International Monetary Fund (IMF). This disbursement of amount is a part of IMF's general allocation of $650 billion. IMF is taking this initiative to boost global liquidity affected due to wide spread of COVID 19 virus. IMF will distribute the general allocation amongst all its members , it will be a great help to those badly affected. Shaukat Tarin talked about the situation in a press conference. He said that the amount will be directly tran...

Jeff Bezos offers NASA $2 billion for Moon mission contract

28Jul

By Abdullah1 Comment

Business

Jeff Bezos offers NASA $2 billion for Moon mission contract

Billionaire Jeff Bezos made the offer after his company ‘Blue Origin’ lost the contract to Elon Musk’s ‘SpaceX’ UNITED STATES OF AMERICA - Jeff Bezos recently sent out a letter to NASA. In his letter Jeff said that he would give NASA a total of $2 Billion. He said that he would do so if the US space reverses their decision and choose Blue Origin to make the space craft that lands astronauts onto the moon in NASA’s moon mission. Jeff Bezos in the letter criticized NASA’s decision to give out the contract to Jeff’s rival company SpaceX. He also urged NASA to reconsider its decision. He said that Blue Origin would give the promised $2 Billion within the same fiscal year, if they are given the contract. SpaceX selection for the contract and the rivalry between Jeff Bezos and Elon Mu...

FATF decides to continue keeping Pakistan on FATF Grey list

28Jun

By Maru J1 Comment

Business

FATF decides to continue keeping Pakistan on FATF Grey list

Dr Marcus Pleyer said that Pakistan remains under "Increased Monitoring". PARIS, FRANCE - Financial Action Task Force (FATF) on Friday announced that Pakistan has been able to successfully comply with 26 of the 27 points by them. However they will still continue keeping Pakistan on FATF Grey list. This decision was taken because one of the most important points given by FATF - related to combating the financing of terrorism silll needs work. https://twitter.com/FATFNews/status/1408417689979207680 Addressing a press conference after the June 21-25 plenary meeting concluded in Paris on Friday, FATF President Dr Marcus Pleyer said that Pakistan remains under "Increased Monitoring". ''The Pakistani government has made substantial progress in making its counter-terrorist financi...

FATF APG: Pakistan cleared 22 more FATF recommendations.

7Jun

By SherNo Comments

Business

FATF APG: Pakistan cleared 22 more FATF recommendations.

On June 4, FATF in it follow-up report against Pakistan accepted 22 more recommendations got compliant making it to the total of 31 of 40 recommendation largely compliant. FATF over the anti-money laundering and counter terrorism assessments, announced that Pakistan has compliant on 22 more of the points recommended by the FATA APG body. FATF APG body issued a follow-up report stating the countable improvements and measures are carried out by Pakistan against the allegation in financing terrorism financing and money laundering, finally making it to the total of 31 of the 40 recommendations followed. This improvement will help Pakistan in near future to come out of the Grey list. In the APGs report, it is now accepted that Pakistan has compliant with most of the recommendations as...