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Crescent of Excellence awarded to Umar Farooq Zahoor for securing $700 million in direct international investment.

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President Asif Ali Zardari has awarded Pakistan’s highest civilian honor, the Hilal-e-Imtiaz, to Dubai-based businessman Umar Farooq Zahoor, acknowledging his contributions to the state of Pakistan, particularly for attracting foreign direct investment amounting to hundreds of millions of US dollars.

In August of the previous year, President Asif Ali Zardari granted the Hilal-e-Imtiaz (Crescent of Excellence) to Umar Farooq Zahoor. Farooq was one of more than 100 individuals, both Pakistani and foreign, who were awarded civil honors on Sunday during a special presidential investiture ceremony at the President House in observance of Pakistan Day.

Umar Farooq Zahoor was awarded the civic honor Hilal-e-Imtiaz by the President of Pakistan in recognition of his contributions and exemplary services in attracting hundreds of millions of dollars in direct foreign investment from abroad.

Government sources indicated that Zahoor had facilitated the influx of hundreds of millions in direct foreign investment to Pakistan over the past three years.

This investment has been allocated to infrastructure, ports, and logistics, with projects exceeding $2 billion in diverse sectors, including energy, distribution, agriculture, IT, logistics, and real estate currently under progress.

Zahoor has been instrumental in enhancing bilateral business relations between Pakistan and the Gulf nations, utilizing his extensive regional network and diplomatic acumen to promote investment and economic cooperation.

Upon receiving the Hilal-e-Imtiaz, Umar Farooq Zahoor stated, “This is a moment of great honor and privilege for me.” I take pride in having secured approximately $700 million in direct foreign investment for Pakistan over the past three years. Receiving such a distinguished honor from my homeland is a moment of immense pride for myself, my family, and my friends. I am grateful and humbled by the state of Pakistan for deeming me deserving of this honor. This acknowledges my contributions to Pakistan in attracting investment. I am dedicated to exerting all efforts to bolster Pakistan’s economic development and international stature.

A few months ago, the Intergovernmental Institution for the Use of Micro-algae Spirulina Against Malnutrition (IIMSAM), an autonomous intergovernmental observer to the United Nations Economic and Social Council, appointed Umar Farooq Zahoor as a pro bono ambassador at large to advocate for Spirulina and further the UN Millennium Development Goals in combating global malnutrition.

“Umar Farooq has been appointed Pro Bono Ambassador at Large in the office of the Secretary General,” as stated in a letter from Remigio Maradona, MSA, the Permanent Secretary General.

IIMSAM informed Zahoor that the ambassador will assist in addressing malnutrition by overseeing the global free distribution of Spirulina, particularly in underserved regions, including Pakistan, in accordance with the UN’s Sustainable Development Goals for 2020-2030.

His designation as a pro bono ambassador at large, as stated in the letter from IIMSAM, bolsters the organization’s mission to address malnutrition by enabling the gratuitous distribution of spirulina to underprivileged populations globally, especially in Pakistan, in accordance with the UN’s Sustainable Development Goals for 2020-2030 during the Decade of Action.

IIMSAM operates as an autonomous international observer to the UN Economic and Social Council, a designation conferred by ECOSOC Resolution 2003. The organization is essential in combating worldwide hunger by advocating for and disseminating Spirulina, a very nutritious microalga.

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Following’successful’ climate finance negotiations, Pakistan will get $1.3 billion.

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Julie Kozack, director of communications for the International Monetary Fund (IMF), announced Friday that $1.3 billion would be given to Pakistan as part of climate assistance.

Addressing a press conference, she claimed that talks were held with Pakistan on EFF (Extended Fund Facility) and climate financing. She emphasized that the climate finance negotiations were successful.

In 28 months, $1.3 billion in climate funding will be distributed, she said.

A 37-month EFF program for Pakistan was authorized in September of last year, she said.

According to Ms. Kozack, on March 25, a staff-level agreement was achieved for the fresh loan tranche for Pakistan. Following a successful evaluation process, Pakistan would get a $1 billion EFF tranche.

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Eidul Fitr 2025: PSX observes a week-long holiday in celebration of the festival

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The Pakistan Stock Exchange (PSX) will recommence trading next Thursday following nearly a week-long Eidul Fitr holiday.

Friday typically serves as the final working day of the week at the PSX; nevertheless, the stock trading platform was closed this occasion because to Jumatul Wida.

On Thursday, bullish momentum persisted in the PSX as the benchmark KSE-100 Index hovered at 118,147 after gaining more than 375 points during the early hours.

The day’s minimum was 117,551, after which the market rebounded and ultimately closed at 117,806 points.

Widespread purchasing was noted in essential industries, including commercial banking, fertilisers, power generation, and oil and gas exploration firms.

PEAK LEVEL

On March 21, the PSX resumed its optimal performance by exceeding the 119,000 threshold.

The KSE-100 Index had a peak of 119,405 and a trough of 118,638. The trading activity for the day concluded at 118,442 points.

Previously, the PSX sustained its bullish trajectory, achieving an unprecedented peak of 119,000.

The KSE-100 index increased by 1,330.22 points, reaching a new high of 119,304.24 during intraday trade, reflecting a positive move of 1.13 percent. Subsequently, the principal index concluded the day at 118,769.

FESTIVE ECONOMIC OUTLOOK

Recent market surges have been attributed by analysts to Pakistan’s Staff-Level Agreement with the International Monetary Fund (IMF) regarding the Extended Fund Facility (EFF) and the successful negotiations for a new arrangement under the Resilience and Sustainability Facility (RSF), often referred to as climate debt, which have bolstered investor confidence.

Julie Kozack, Director of Communications at the IMF, revealed on Friday that Pakistan will get $1.3 billion in climate finance.

She stated during a news conference that the discussions on climate money were fruitful, noting that Pakistan would get $1.3 billion within 28 months.

A 37-month Extended Fund Facility programme for Pakistan was agreed in September of the previous year, and the Staff-Level Agreement for the next loan tranche was established on March 25. Pakistan is set to receive a $1 billion disbursement under the Extended Fund Facility (EFF).

Besides, a recent research conducted by the Oil and Gas Development Company (OGDC) and the Pakistan Petroleum Limited (PPL) over the feasibility of the Reko Diq project in Balochistan also sent positive signals to the investors.

Earlier, reports about upgrade of Pakistani banks by Moody’s Ratings and potential resolution of circular debt issue also contributed to investor confidence.

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Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

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According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

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