Officials in the United Arab Emirates (UAE) apprehended ten Pakistani nationals, comprising five women, for the act of begging, as reported by official sources.

The detainees have been incarcerated, and UAE authorities have officially notified their Pakistani counterparts.

Sources from the Federal Investigation Agency (FIA) indicate that the apprehended ladies comprise Amina Bibi, Kausar Bibi, and Farzana Bibi from Vehari, along with Jameela Bibi and Zubaida Bibi from Lahore. They were arrested during many operations executed throughout the UAE.

FIA officers have verified that these women are currently imprisoned, and arrangements are being made for their deportation to Pakistan.

In a same vein, Muhammad Zakariya from Dera Ghazi Khan, Waseem Haider from Bahawalnagar, Muhammad Usman from Lahore, Ejaz Khan from Charsadda, and Abdullah from Peshawar were apprehended on allegations of begging.

The FIA announced that emergency passports had been granted to these five individuals, who will be deported to Pakistan in the forthcoming days. Upon arrival, they will be detained, and legal proceedings will be commenced against them.

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.

The National Electric Power Regulatory Authority (NEPRA) has received a request from the federal government to lower electricity costs.

For three months, from April to June, the tariff subsidy will be increased in order to lower electricity rates. On April 4, the petition subsidy hearing will be held.

All customers, with the exception of lifeline users, will receive the subsidy if it is approved, while DISCOs and K-Electric customers will receive a relief of Rs1.71 paisas per unit.

The Pakistani government was granted permission by the International Monetary Fund (IMF) to lower the electricity rate by Re1 per unit one day prior.

The amount of the relief will be allocated from the money collected from the levy on captive power plants, and it will be included in the base tariff for electricity units. The use of gas by captive power plants is subject to a fee.

A relief package for power users is also being developed by the government; it will be made public after the international lender has given its permission.

The action follows a staff-level agreement between Pakistani authorities and the IMF on the first review under the country’s Extended Fund Facility (EFF) and on