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Former Finance Minister Mr Asad Umar at Youth Economic Forum

CEO JDW Sugar Mills Mr Jahangir Tareen addressing the audience at YEF session

Mr Ali Salman of Policy Research Institute of Market Economy adn Mr Hammad Siddiqui of Center for International Private Enterprise at YEF session

Advisor to YEF Mr Amir Jahangir with Economic Officer US Embassy Brandon Possin

YEF session in FAST Islamabad

YEF members at Sustainable Development Goals Session with Parliamentarians

Qasim Shamim , YEF raising voice on employment issues of youth of Pakistan

Mr. Shahid Naeem, SDG’s Chief, Ministry of Planning, Development and Reforms talked about National Coordination Mechanism on a session held at PIPS on April 16th, 2019. He suggested to improve the interlinkages between SDGs and formation of monitoring and evaluation framework for better reporting.

Youth Voices of Political Economy Report Launch

Mr. Shahid Naeem, SDG’s Chief, Ministry of Planning, Development and Reforms talked about National Coordination Mechanism on a session held at PIPS on April 16th, 2019. He suggested to improve the interlinkages between SDGs and formation of monitoring and evaluation framework for better reporting.

Former Finance Minister Mr Asad Umar at Youth Economic Forum

CEO JDW Sugar Mills Mr Jahangir Tareen addressing the audience at YEF session

YEF members at Sustainable Development Goals Session with Parliamentarians

YEF session in FAST Islamabad

Advisor to YEF Mr Amir Jahangir with Economic Officer US Embassy Brandon Possin

Qasim Shamim , YEF raising voice on employment issues of youth of Pakistan

Mr Ali Salman of Policy Research Institute of Market Economy adn Mr Hammad Siddiqui of Center for International Private Enterprise at YEF session

Youth Voices of Political Economy Report Launch

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The Pakistani rupee (PKR) continued its fall again

The Pakistani rupee (PKR) continued its fall against the US Dollar after Eid Holidays as it breached the Rs. 162 mark.

This is the lowest that the PKR has been in the interbank market in nine months.

The PKR dropped to Rs. 162.32 against the USD for the first time since mid-October 2020. Today, it traded between Rs. 160.75 and Rs. 161.21 before closing much higher at Rs. 162.32 to the USD (23 July), down from Monday’s (19 July) exchange rate of Rs. 161.48 to the USD.

The continuous deterioration is being attributed to the rising demand for natural import payments and the increasing strength of the US Dollar in the international market.

Source: propakistani

The natural gas supplies to various sectors surpas

The natural gas supplies to various sectors surpassed the 4,000 million cubic feet per day (MMCFD) mark in Pakistan due to a constant increase in demand and consumption.

According to the data updated by the Oil and Gas Regulatory Authority (OGRA) in a report, the natural gas supplies in the country have reached 4,052 MMCFD, which are met through gas fields located in different provinces, and the emerging source of imported Re-gasified Liquid Natural Gas (RLNG).

The major fields of the country that produce gas include Mari, Sui, Uch, Qadirpur, Kandhkot, Maramzai. In addition, Pakistan has been importing LNG since 2015, whereby the RLNG has contributed significantly to mitigating the natural gas shortage in the country.

Source: propakistani

The President of Pakistan, Dr. Arif Alvi, has issu

The President of Pakistan, Dr. Arif Alvi, has issued an order in favor of the declarants of the Tax Amnesty Scheme 2019 (assets declaration scheme) who had deposited a tax of billions of rupees under the Tax Amnesty Scheme 2019 (assets declaration scheme) but had been unable to upload their declarations on the deadline of 3 July 2019 due to the failure of the Federal Board of Revenue’s (FBR) IT system.

He has directed the FBR to take immediate measures to resolve the matter of the filing of declarations by the aggrieved persons who had deposited a tax of billions of rupees under the Tax Amnesty Scheme 2019.

In this regard, Dr. Alvi has upheld the order of the Federal Tax Ombudsman (FTO) and disposed of the appeals/representations referred by the FBR against the landmark order issued by the FTO. He has also referred to Section 17 of the Assets Declaration Ordinance under which the federal government can resolve the matter and remove the difficulties.

Source: propakistani

Dastgyr, a B2B marketplace connecting suppliers to

Dastgyr, a B2B marketplace connecting suppliers to mom-and-pop retailers in Pakistan, announced that it has raised a $3.5 million seed round led by SOSV.

SME retailers are the backbone of Pakistan’s economy and represent a combined market of roughly $125 billion dollars, which is about 30-40 percent of the country’s GDP. Dastgyr aims to empower and uplift this segment with a near-perfect supply chain and financial inclusion to increase that contribution.

It also aims to connect over 2 million underserved retailers in Pakistan and millions more in similar emerging markets directly to manufacturers, distributors, and wholesalers.

Source: propakistani

Pakistan is establishing its first-ever Amazon Ful

Pakistan is establishing its first-ever Amazon Fulfillment and Facilitation Centre in Multan after Eid ul Azha to allow small and medium enterprises (SMEs) businesses to market their products worldwide and boost the country’s exports.

According to the Pakistan Bureau of Statistics (PBS), Pakistan’s merchandise exports in the fiscal year 2020-21 grew by 18 percent from $21.4 billion a year earlier to $25.3 billion this year, and the imports also grew from $44.5 billion a year earlier to $56.3 billion this fiscal year, creating a trade deficit of $31 billion.

Pakistan needs to enhance its exports and contain its imports in order to manage this trade deficit.

Source: propakistani

Pakistan’s IT sector made a giant stride in the

Pakistan’s IT sector made a giant stride in the outgoing financial year with an impressive penetration in the exporting countries, which resulted in a massive growth in export values, crossing the mark of $2 billion for the first time.

According to the State Bank of Pakistan, the exports of IT and IT-enabled services surged to $2.1 billion in the financial year 202-21, as compared to $1.44 billion reported in the previous financial year, showing an impressive growth rate of 47% year-on-year.

Industry players told Propakistani that the robust performance of the local IT companies attracted long-term exports orders from USA, UK, EU, and Middle East countries, as the demand for automation and eCommerce recorded an unprecedented uptick across the world as a result of the prevention of Covid-19 pandemic.

Source: propakistani

The federal government is likely to approve the po

The federal government is likely to approve the policy directive for the auction of Next Generation Mobile Services (NGMS) Spectrum in Pakistan, Azad Jammu & Kashmir and Gilgit-Baltistan on July 27, 2021.

Sources told Propakistani that ECC’s last meeting gave approval to the policy directive for the auction of NGMS Spectrum in Pakistan and AJk & GB, and the cabinet will rectify the decision after Eid-ul Adha.

Pakistan Telecommunication Authority (PTA) is likely to complete the spectrum auction process during the first quarter of the current fiscal year 2021-22, sources added. Sources further said that the government will raise more than $1 billion through auctioning of the spectrum.

Source: propakistani

Pakistan incurred a foreign debt of $14.282 billio

Pakistan incurred a foreign debt of $14.282 billion from multiple financing sources during the fiscal year 2020-21, including $4.721 billion from foreign commercial banks (33 percent) against the total budgeted external loans of $12.233 billion.

The Economic Affairs Division (EAD) data, released on Monday, showed that in June 2021, the country received $2.115 billion external inflows from multiple financing sources including $1.112 billion (53 percent) from foreign commercial banks.

According to the data, public grants and loans stood at $3.044 billion during 2020-21, while publicly guaranteed stood $1.238 billion during the fiscal year 2020-21.

In the corresponding period (July-June) of the fiscal year 2019-20, the external inflows were $10.662 billion against the budgeted amount of $12.958 billion.

The data shows that project aid remained at $1.820 billion, while non-project aid was $11.223 billion during the fiscal year 2020-21.

Source: propakistani

The federal government has set an Rs. 27.15 billio

The federal government has set an Rs. 27.15 billion export target for the current fiscal year 2021-22 in the proposed Strategic Trade Policy Framework.

Sources told Propakistani that the Ministry of Commerce has set a Rs 27.15 billion export target for the current fiscal year 2021-22 in the proposed STPF 2020-25.

The exports during the year 2020-21 amounted to Rs. 25.36 billion with major contributions of the textile sector, while the export target was Rs. 24.14 billion.

Sources said that MoC has finalized the Strategic Trade Policy Framework after addressing the reservations of the State Bank of Pakistan (SBP) and the Federal Board of Revenue.

Source: propakistani

The government of Pakistan estimated growth at 3.9

The government of Pakistan estimated growth at 3.9 percent in fiscal year 2021, the improvement underpinned by strong growth in industry and services and steady remittance inflow, says the Asian Development Bank (ADB).

In its latest report “Asian Development Outlook Supplement”, the Bank stated that inflation in Pakistan averaged 8.8 percent in the first 11 months of fiscal year 2021 on rising global commodity prices, especially for food and crude oil.

The supplement to ADB’s flagship economic publication, Asian Development Outlook (ADO) 2021, provides updated projections for the region’s economies and inflation levels amid the COVID-19 pandemic.

ADB has projected 7.2 percent economic growth for developing Asia this year, compared with its 7.3 percent forecast in April, as renewed coronavirus disease (COVID-19) outbreaks slow the recovery in some economies in the region. The growth outlook for 2022 is upgraded to 5.4 percent from 5.3 percent.

Source: propakistani

The country’s textile group exports grew by 22.9

The country’s textile group exports grew by 22.94 percent during the last financial year 2020-21 and remained $15.4 billion as compared to $12.526 billion during 2019-20, according to the Pakistan Bureau of Statistics (PBS).

The PBS data on the exports and imports revealed that the textile group exports registered an increase of 57.81 percent on a month-on-month basis when it reached $1.660 billion in June 2021 as compared to $1.051 billion in May 2021.

Textile exports grew by 73.08 percent on a year-on-year basis and remained $1.660 billion in June 2021 as compared to $959.137 million in June 2020.

Raw cotton exports registered a decline of 95.27 percent during July-June 2020-21 and remained at $0.804 million, compared to $17.002 million during the same period last year. They remained zero during June 2021 like in May 2021.

Source: propakistani

Lucky Cement’s subsidiary company is going to pr

Lucky Cement’s subsidiary company is going to produce mobile phones in Pakistan for the world’s largest smartphone maker, Samsung, by December 2021.

According to a notification submitted to the Pakistan Stock Exchange (PSX) on Friday, Lucky Motor Corporation Limited (LMC) – a subsidiary of Lucky Cement Limited, which is currently engaged in the business of the manufacturing, assembly, marketing, distribution, and sales of Kia and Peugeot branded vehicles, parts, and accessories – has recently entered into an agreement with Samsung Gulf Electronics Co., FZE (‘Samsung’) to produce Samsung branded Mobile Devices in Pakistan.

Source: propakistani

The Ministry of Commerce and Trade Development Aut

The Ministry of Commerce and Trade Development Authority of Pakistan organised the Pak-Uzbek Business Forum in Tashkent, Uzbekistan on 15th July, 2021.

Prime Minister of Pakistan, Mr. Imran Khan, inaugurated the business forum. The purpose of this initiative was to bring the businessmen of Pakistan and Uzbekistan under one roof to explore ways to enhance trade and investment.

Advisor to the Prime Minister on Commerce, Mr. Abdul Razak Dawood, presented bilateral trade opportunities and signed MOUs and the Transit Trade Agreement. He emphasized the importance of cooperation in enhancing trade and investment. He also met with different Uzbek and Pakistani delegates, chambers and associations and discussed possible ways to increase bilateral trade and investment.

As part of the vision of the present government, to make Pakistan a trade, transit and trans-shipment hub, and enhance regional connectivity with Central Asia, Pakistan provides the shortest route for trade.

Source: propakistani

The economic momentum is expected to accelerate fu

The economic momentum is expected to accelerate further during the financial year 2021-2022 increasing the pace of growth of the closing financial year due to the revival of business activities across the country.

The optimistic outlook is thanks to the expanding vaccine roll-out and relatively unhindered continuation of economic activity despite Covid-19. TERF (which provides long-term lending for industrialization), the policy-led surge in construction and housing, and increased Public Sector Development Program (PSDP) spending, are also likely to be key growth drivers, said by SPB in its third quarterly report on The State of Pakistan’s Economy for the fiscal year 2020-21.

Source: propakistani

The federal government has declared an amount of R

The federal government has declared an amount of Rs. 4.261 million as compensation (diyat) for the current financial year 2021-22.

Documents available with Propakistani stated that that the Ministry of Finance has communicated with the State Bank of Pakistan and the Secretary Law and Justice division about the declaration of the diyat amount for the fiscal year 2021-22.

The government has declared Rs. 4.261 million, to be the value of thirty thousand six hundred and thirty (30,630) grams of silver for the financial year 2021-2022 for the purpose of diyat.

The diyat amount is Rs. 1.48 million more than the amount of 2020-21. The government had declared Rs. 2.77 million compensation amount in 2020-21.

Source: propakistani

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