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

YEF session in FAST Islamabad

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

YEF members at Sustainable Development Goals Session with Parliamentarians

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

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

Youth Voices of Political Economy Report Launch

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

Former Finance Minister Mr Asad Umar at Youth Economic Forum

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

YEF session in FAST Islamabad

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

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.

YEF members at Sustainable Development Goals Session with Parliamentarians

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BankIslami, one of the leading Islamic banks of Pa

BankIslami, one of the leading Islamic banks of Pakistan with a network of more than 340 branches in over 123 cities, has entered into an agreement with M3 Technologies Pakistan (Pvt) Ltd, one of Asia’s premier communication services providers for business and telecom operators.

WhatsApp Business will enable BankIslami customers around the world to use the power of the digital platform’s APIs in 180 countries around the world to offer a wide variety of customer-oriented communication on WhatsApp.

BankIslami will be rolling out a large number of communication solutions for its customers on the underlining WhatsApp Business APIs, which will allow automation of communication processes and will help accelerate the development of personalized, robotic, and AI-based Customer Support Services.

Bilal Fiaz, Group Head Consumer Banking, BankIslami, commented, “We aim to offer our valued customers optimal digital convenience through leveraging state-of-the-art digital platforms and WhatsApp Business is one such initiative.”

Source: propakistani

Pakistan imported mobile phones worth $494.60 mill

Pakistan imported mobile phones worth $494.60 million during the first quarter of 2021 as compared to $492.893 million during the same period last year, registering a minor growth of 0.42 percent.

This development was drawn from data from the Pakistan Bureau of Statistics.

The overall telecom imports into the country during the period under review (July-September 2021) increased by 8.06 percent by climbing from $590.255 million in July-September 2020 to $637.817 million in July-September 2021.

Source: propakistani

Pakistan and the International Monetary Fund’s r

Pakistan and the International Monetary Fund’s review of Pakistan’s performance under the latter’s $6 billion program will resume today, according to the spokesperson for the Ministry of Finance.

“There is no truth in the news of the failure of talks with the IMF. The talks will resume on Monday uninterrupted from where they were on Friday,” the spokesperson clarified in a press release.

Media reports from over the weekend suggested that the talks had broken down due to disagreements on key issues.

The spokesperson said that Minister for Finance, Shaukat Tarin, and his team are still in Washington, DC, and have meetings with the International Monetary Fund (IMF) scheduled throughout the week.

“Negotiations between Pakistan and IMF are moving forward positively,” the press release read.

It also detailed that the “Secretary Finance Division is leading the talks in Washington DC while the technical teams from both sides are continuing detailed discussions in virtual format after [an] exchange of relevant data sets”.

Source: propakistani

Shaukat Tarin has been appointed Adviser to the Pr

Shaukat Tarin has been appointed Adviser to the Prime Minister on Finance and Revenue, according to a press notification issued by the cabinet division.

The press statement said that the president, on the advice of the prime minister, “has been pleased to appoint, with immediate effect, Mr. Shaukat Fayaz Ahmed Tarin as Adviser to the Prime Minister on Finance and Revenue, with the status of Federal Minister.”

Tarin’s constitutional term as Finance Minister expired on October 16. He had taken on the role of Minister of Finance on April 17, 2021. The government was due to elect him as a Member of the Parliament within the stipulated time period of six months but were not able to in time.

As Adviser to PM on Finance and Revenues, Tarin’s political powers may be reduced. For example, he will not be able to chair cabinet committee meetings, including the Economic Coordination Committee, Executive Committee of National Economic Council, Cabinet Committee on Privatization, etc.

Source: propakistani

The country’s textile group exports witnessed 27

The country’s textile group exports witnessed 27.41 percent growth during the first quarter (July-September) of the current fiscal year and remained $4.420 billion compared to $3.469 billion during the same period of last fiscal year, says the Pakistan Bureau of Statistics (PBS).

The exports and imports data released by the PBS revealed that textile group exports on a month-on-month basis witnessed 1.69 percent growth and remained $1.487 billion in September 2021 compared to $1.462 billion in August 2021. On a year-on-year basis, textile group exports witnessed 25.01 percent in September 2021 when compared to $1.189 billion in September 2020.

Cotton yarn exports registered a growth of 69.30 percent during July-September 2021 and remained at $288.617 million compared to $170.475 million during the same period of last year and increased by 72.08 percent in September 2021 and remained $ 95.228 million when compared to $ 55.339 million during the same month of last year. Raw cotton exports witnessed a 100 percent decline on a month-on-month basis as well as on a year-on-year basis.

Petroleum group imports witnessed an increase of 97.28 percent as it reached $4.592 billion in July-September 2021 compared to $2.328 billion during the same period of last fiscal year and registered 14.29 percent negative growth in September 2021 and remained $ 1.505 billion when compared to $ 1.756 billion in August 2021. On year on year basis, petroleum group imports registered 87.04 growth when compared to $805.086 million during the same month of 2020.

Construction machinery imports have witnessed a growth of 23.48 percent during July-September and remained at $ 38.635 million compared to $31.289 million during July-September 2021.

The construction machinery registered 24.64 percent growth on a year-on-year basis and remained $ 17.976 million in September 2021 compared to $14.422 million in September 2020. However, it registered a growth of 79.96 percent on a month-on-month basis when compared to $ 9.989 million in August 2021.

Source: propakistani

Advisor to the Prime Minister on Commerce and Inve

Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, has expressed satisfaction with the results of the product and geographical export diversification strategy, adopted by the Ministry of Commerce.

The Advisor to PM was given a detailed briefing at the Ministry on the product and geographical export diversification and was informed that diversification of exports was an important pillar of Pakistan’s export strategy.

He was told that the Ministry had launched a number of initiatives aimed at product and market diversification of exports including Look Africa Policy, Reconnect Silk Route policy for Central Asian Republics (CARs), Drawback of Local Taxes and Levies (DLTL), rationalization of tariff on key imports for non-traditional products, second phase of China-Pakistan FTA and other Market Access Initiatives, including EU-GSP Plus scheme, Competitive Energy Prices, Early Opening During COVID-19, STPF Policy Initiatives, and E-Commerce Initiatives, etc.

Source: propakistani

The International Monetary Fund has projected a de

The International Monetary Fund has projected a decline in the government gross debt for Pakistan from 83.4 percent of Gross Domestic Product in 2021 to 80.9 percent in 2022.

According to its report ‘Fiscal Monitor, Strengthening the Credibility of Public Finances’, Pakistan’s net debt is also projected to decline from 74.8 percent of the GDP in 2021 to 74.1 percent in 2022.

The government revenue is projected at 15.4 percent of the GDP for 2022 and 16.6 percent for 2023 against 14.5 percent during the same period in 2021.

The International Monetary Fund has estimated the government primary balance to be -0.4 percent for 2022 against -1.3 percent in 2021. Furthermore, the government’s overall balance is expected to be -6.2 percent for 2022 against -7.1 percent in 2021.

Source: propakistani

Engro Fertilizers Limited has announced a profit o

Engro Fertilizers Limited has announced a profit of Rs. 4.41 billion for the third quarter that ended on September 2021.

The profits declined by 37 percent as compared to Rs. 7.03 billion in the same period last year. This took the company’s nine months profit to Rs. 14.92 billion, up by 30 percent as compared to Rs. 11.49 billion in the same period last year.

Along with the result, Engro Fertilizers Limited (EFERT) announced an interim cash dividend of Rs. 3.50 per share — 35 percent. This is an addition to the interim cash dividend already paid at Rs. 8 per share. A higher payout vis-à-vis earnings is due to the management accounting for non-cash items related to credit loss and the discounting of accounts.

Source: propakistani

The federal Minister for Finance and Revenue, Shau

The federal Minister for Finance and Revenue, Shaukat Tarin, met the Vice President of the World Bank South Asian Region, Hartwig Schafer, and his team at the Embassy of Pakistan in Washington, DC.

The federal Minister for Energy, Mohammad Hammad Azhar,and the federal Minister for Economic Affairs Division, Omar Ayub Khan, and their teams attended the meeting virtually. The Governor of the State Bank of Pakistan, Reza Baqir, Ambassador Asad Majeed Khan, the Secretary of the Finance Division, and senior officials also attended the meeting.

Source: propakistani

The government has repaid $1 billion of foreign de

The government has repaid $1 billion of foreign debt incurred in 2016 by issuing an international Sukuk at 5.5 percent, The Express Tribune reported.

According to officials of the Ministry of Finance, on Wednesday, the government settled a $1 billion debt that Pakistan had raised in October 2016.

The ministry is planning to borrow an additional $1 billion by floating a second international Sukuk, the officials added.

Source: propakistani

The government has abolished a 10-year tax exempti

The government has abolished a 10-year tax exemption for existing oil refineries, as reported by a national daily.

The petroleum division has revised its policy regarding incentives to the oil refineries that are currently operating in the country. It has removed a 10-year tax holiday and reduced the government’s contribution to the funding of the upgrading of such refineries to 30 percent from 40 percent.

This followed a meeting of the Cabinet Committee on Energy in which officials had approved a 20-year tax exemption for new, modern oil refineries but had reduced incentives for the existing refineries.

The government contribution that was offered to the existing refineries has to be generated through a 10 percent customs duty on petrol and diesel.

Source: propakistani

Pakistan has been ranked 142 out of 165 countries

Pakistan has been ranked 142 out of 165 countries in the Fraser Institute’s Economic Freedom of the World 2021 index, indicating a significantly low degree of economic freedom.

The Canadian think tank’s report revealed that “the index published in Economic Freedom of the World measures the degree to which the policies and institutions of countries are supportive of economies”.

Pakistan’s composite economic freedom rating came in at 5.95 out of 10, which ranked it 142 in a list of 165 countries based on 2019 data. It had scored 5.86 and ranked 135 in the last report published in 2015.

Govt Exempts Better Work Program From PPRA Rules
Pakistan has scored 3.6 out of 10 in the category of legal and property rights, 5.7 in freedom to trade internationally, and 6.0 in regulation. Within regulation, it has scored 6.9 in credit market regulations, 5.1 in labor market regulations, and 6.2 in business regulations.

Source: propakistani

The Federal Board of Revenue (FBR) has decided to

The Federal Board of Revenue (FBR) has decided to revise and increase the value of the immovable properties to bring them at par with the prevailing market rates.

According to the FBR’s instructions to the field formations, the exercise will be completed by the end of October.

The focal persons in the field office on the valuation of properties have been assigned to update the values after examination of the existing SROs. The updated valuation tables may be shared by the field formations for an upward revision in the relevant SROs of different cities. The FBR has also asked the field formations to specify the areas which were not already part of the SROs on the valuation tables.

The FBR has also asked the field formations to point out anomalies, if any, in the valuation tables of the immovable properties, FBR added.

Source: propakistani

The federal government has exempted the Better Wor

The federal government has exempted the Better Work Program (BWP) from the applicability of the Public Procurement Regulatory Authority (PPRA) rules.

Sources said that the ministry of Overseas Pakistan and Human Resource Development requested the federal cabinet from PPRA rules in respect of Export Development Fund (EDF) for the BWP under section 21 of the PPRA ordinance 2002.

Federal government many consider grant of exemption to the EDF for the BWP from the applicability of the PPRA rules under section 21 of the PPRA ordinance 2002, in the national interest subject to the condition that the project cost of $251,564 is not exceeded and the procurement for the project shall be undertaken by the ILO in accordance with its rules, regulations, directives, and procedures.

Source: propakistani

The federal cabinet gave the approval to include C

The federal cabinet gave the approval to include China Pakistan Economic Corridor (CPEC) authority as the main stakeholder for the visa category in the Pakistan Online Visa System (POVS).

Sources told ProPakistani that the Cabinet approved the provision of the Pakistan Online Visa facility for foreigners working on CPEC projects. The Ministry of Interior presented the summary pertaining to the inclusion of CPEC authority as the main stakeholder for CPEC category visas in POVS.

Sources said that the cabinet had approved the revised visa policy for Chinese working on CPEC projects and a separate category for work entry/ extension of visa for Chinese working on CPEC projects was added in the POVS.

The CPEC authority was not in existence at the time of the revised CPEC visa regime approval but has been formed now, sources added.

Source: propakistani

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