24/06/2022
SBP has unveiled the working sample of Rs. 75 currency note for the 75th Independence Day of Pakistan 🇵🇰
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06/06/2022
Another day with another Pakistani has made our hearts proud, this time by Nouserra artist Pir Hamid Ali who has come to the world art show with his work.
In today’s issue of the achievements of Pakistani artists, Pir Hamid Ali, a painter from the Kheshgi region of Khyber Pakhtunkhwa, Nowshera, has been selected by the Italian firm for an international watercolor exhibition.
This is not the first time Ali has brought such respect to the country, but the third chance to represent Pakistan internationally through his paintings, he has won numerous local and international awards to his name.
Ali, an assistant professor of art at Abdul Wali Khan University in Mardan, has had a passion for painting since childhood and first made portraits of his father at the age of 10. Continuing his passion, Ali graduated in fine arts. Degree in animation from the National College of Arts.
Regarding choice, Ali believes this is a great opportunity to promote KPK culture and tourist attractions globally through his work.
“In most of my work, I prefer to show Pakistani culture to the world,” Ali said when asked about the subject of his paintings.
Ali also spoke about participating in an online competition hosted by the IWS (International Watercolor Society), which highlighted his work among art lovers internationally, which resulted in him gaining a place in the exhibition.
06/06/2022
Pakistan: FIA seeks PM Shahbaz Sharif and son Hamza Shehbaz's arrest in money-laundering case; court extends bail
Pakistan's Federal Investigation Agency (FIA) on Saturday requested a court to arrest Pakistan Prime Minister Shahbaz Sharif and his son Hamza Shehbaz in connection with an alleged money-laundering case. The court, however, extended their pre-arrest bail until June 11.
Notably, the FIA is investigating Pakistan PM Shahbaz Sharif and his son and Punjab's Chief Minister Hamza Shehbaz in a multi-billion (Pakistani) rupees money-laundering case.
An interim investigation report against PM Shahbaz Sharif and others was also filed by the FIA in the Rs 14 billion money-laundering case against them.
On the other hand, PM Shahbaz Sharif's counsel Advocate Amjad Pervez raised objections to the FIA's plea and called it a 'false assertion of the agency.' Advocate Amjad Pervez further added that FIA had already investigated the father-son duo while they were in Lahore jail and that not only did they join the probe, but they also appeared before the investigators at the FIA office.
The Pakistan PM's advocate went on to insinuate that the case against him was 'politically motivated' and instituted by the previous government of Imran Khan's Pakistan Tehreek-e-Insaf (PTI).
'This case of money laundering has been instituted against me and my sons on political grounds'
"What to talk about money laundering allegations against me, I never received salary and other perks when I was chief minister of Punjab for 10 years or so. God has made me the prime minister of this country. This case of money laundering has been instituted against me and my sons on political grounds as money laundering charges against us have no basis and evidence," Shahbaz Sharif told the court last week.
After the hearing, Judge Ijaz Awan reissued the arrest warrant for Shahbaz Sharif's other son Suleman Shehbaz in connection with the case and adjourned the hearing till June 11.
06/06/2022
GWADAR: Opening of 20-km East Bay Expressway linking Gwadar Port to the Makran Coastal Highway is an important early harvest project under the China-Pakistan Economic Corridor ( ) |
06/06/2022
Climate shocks have started to shake the agricultural system of Pakistan. This year, the wheat crop has felt the severe impact of abrupt fluctuations in temperature. Wheat grain requires 10-12 days for maturity but a sudden change in temperature reduces the period to four days, which leads to the reduction in size and weight of the grain. It is anticipated that the staple crop will face 4-6% production loss this year.
Pakistan is already struggling to meet domestic demand for wheat and this loss will further aggravate the situation. Furthermore, the impact of climate change is also evident in the case of mango production. Owing to harsh weather, Pakistan will miss the production target this year. Apart from these, the water scarcity has had the worst impact as many parts of Pakistan are suffering from chronic shortages. Cholistan is one of the most affected areas, which is going through acute shortages of water. People are suffering and losing their sources of livelihood, eg livestock.
05/06/2022
Price of Bread(Roti) Increased to Rs. 20 in Karachi due Increased Flour Rates across country.
05/06/2022
Pakistan Became Great Economy across the World after Covid Outbreak: Governor State Bank
05/06/2022
Mari Petroleum Company Limited (MPCL) has discovered a big gas reservoir of one trillion cubic feet in North Waziristan which will be helpful in saving the country’s foreign remittance of approximately $1.5 billion per annum.
According to sources, this is a big discovery of MPCL and with this discovery the country’s foreign remittance of approximately $1.5 billion per annum will be saved.
“This is good news, after a long time, for an energy starved country as it is estimated that this reservoir will produce approximately 15 percent of the total gas production of the country,” said a source privy to the development.
He added that the price of this indigenous gas will be around $4 per Million British Thermal Unit (MMBTU) while the country is already bearing the brunt of $25 per MMBTU Liquefied Natural Gas (LNG).
According to the MPCL, production of 25 million cubic feet of gas has been started from ST-1 exploration well drilled in Bannu west block, located in North Waziristan, Khyber Pakhtunkhwa. And, more gas supply from other wells will be 200 million cubic feet per day (MMCFD). Similarly, crude oil production from Bannu west block has also started.
As per MPCL, the said well was spud-in on June 06, 2021 and successfully drilled down to the depth of 4,915 metres. The Drill Stem Tests carried out in Lockhart Limestone formation flowed gas at a rate of around 25 Million Standard Cubic Feet Per Day (MMSCFD) with wellhead flowing pressure (WHFP) of 4339 Psi and around 300 Barrels per Day condensate at 32/64-inch choke size (Pre-acid job
01/06/2022
Motorway part of project opened for the Traffic 3 years ago. Now the Chinese company will construct the Sukker Hyderbad motorway very soon.
31/05/2022
The government has revised the RekoDiq agreement.
1. $6 billion fine will be waived off (No fine will be paid).
2. Pakistan will get 50% of the profits instead of the previously negotiated 25%.
29/05/2022
China has proposed to Pakistan to set up RMB Capital Circulation System to promote trade and transactions in the Chinese currency.
In this regard, it was suggested that the State Bank of Pakistan (SBP) hold talks with the Bank of China. The government asked the finance ministry and the central bank to review the proposal of the Chinese authorities and take practical steps. It is expected that significant progress will be made soon and formal talks will be started between the two countries on this issue.
A letter sent to the government by the Bank of China’s Karachi branch said that the companies were generally not allowed to keep their own foreign currency and that foreign exchange, as well as foreign direct investment, was supposed to be converted into the rupee within a period of three days.
The documents available stated that for the promotion of the trade in the Chinese currency, a pilot project encompassing the introduction of the ‘RMB pricing’ should be introduced in the first phase. In the second phase, the RMB settlement and financing policies should be focused on.
The exchange rate between the currencies of both countries should be set in the China Foreign Exchange Trading System (CFETS) and in authorized banks declared as cross-border currency markets in China and Pakistan, according to the documents.
It urged the Pakistani government to allow free exchange between Pakistani and the Chinese currencies along with the RMB Capital Circulation System to facilitate the cross-border flows of the currencies under the current account.
The document further stated that Pakistani and Chinese investors will be able to invest in both countries under the same mechanism of the exchange rate regarding the Pakistani Rupee and Chinese Yuan.
29/05/2022
Cotton yarn exports from the country increased by 22.11 percent in the first ten months of this fiscal year compared to the same time the previous year.
According to Pakistan Bureau of Statistics statistics, between July and April 2021-22, roughly 284,670 metric tons of cotton yarn worth $1.006 billion were exported, compared to 327,519 metric tons worth $832.952 million during the same time previous year.
27/05/2022
Russia Promised us to Give Petrol, Making a Difference of Rs. 50 said Ex-Finance Minister
27/05/2022
Beautiful Clean and Green Islamabad Under Dark Clouds
27/05/2022
Infrastructure work in full swing at Chitral Zone.
KhyberPakhtunkhwa Economic Zone Development and Management Company - KPEZDMC
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26/05/2022
Section 144 imposed in major cities; PTI claims over 1,200 leaders, activists ‘picked up’
• Lahore and Islamabad sealed with containers; M1, M2 and GT Road blocked at different points
• Policeman shot during overnight raids laid to rest
LAHORE/ISLAMABAD: After deciding not to allow Imran Khan’s ‘Azadi March’ on the capital, the government on Tuesday rounded up over 1,000 PTI leaders and workers in a crackdown designed to derail the party’s plans for a massive power show in Islamabad.
Section 144 was imposed in Lahore, the twin cities of Rawalpindi and Islamabad and Karachi, as well as other major cities in the country, while the Punjab government sought the deployment of Rangers to control the law and order situation.
Punjab Home Secretary Syed Ali Murtaza confirmed that assistance of Rangers personnel had been requisitioned.
Traffic plying between Lahore and the twin cities was also brought to a standstill after all entry and exit points leading towards Islamabad were closed down.
According to the Lahore district administration, no one would be allowed to cross its district boundary and containers and barricades were installed on all major roads including link roads leading toward motorways and GT Road.
The government has also directed transporters not to provide buses, cars and vans to PTI workers.
The Attock Bridge on GT Road has also been closed, while the M1 motorway has been closed near Swabi. Containers have also been placed on the Ravi Toll Plaza, leading to the M2 motorway from Lahore.
According to police sources, 150 freight shipping containers have been placed on road sides to block the roads in Rawalpindi district while 4,000 police from Multan, Lahore, Farooqabad and Sargodha have been called to assist Rawalpindi and Attock police.
25/05/2022
Amid external account challenges, Pakistan borrowed more than $15.5bn in foreign loans in the first 10 months of the current fiscal year, about 70pc more than borrowing from foreign sources in the same period last year.
In its monthly report on foreign economic assistance, the Ministry of Economic Affairs said it received about $13.03bn foreign assistance in 10MFY2022.
The ministry’s monthly report on foreign inflows showed that the government crossed almost 92.5pc of the $14.09bn target for foreign assistance set for the whole fiscal.
This does not include more than $1.5bn of expensive foreign debt in Naya Pakistan Certificates from overseas Pakistanis or the over $1bn secured from the International Monetary Fund, which arrived in February. Both these loans are reported separately by the State Bank of Pakistan.
As a result, the total foreign debt from external sources since 2018 has reached $51.03bn. The total foreign loans jumped to $55.13bn when slightly more than $4.5bn in IMF funds were also taken into account during the same period.
The data showed that the size of foreign loans had been steadily increasing over the last three and half years; from $10.59bn in FY2018-19 to $10.662bn in FY2019-20 and then reaching $14.28bn in FY2020-21 followed by $13.03bn in the first 10 months of the current fiscal year.
While the annual budget target for foreign debt in 2021-22 was set at $14.088bn, the government borrowed ended up $13.03bn in the first 10 months alone.
There were four major sources of foreign inflows, including $4.05bn from multilateral lenders, followed by $3bn of time deposit from Saudi Arabia, about $2.623bn in commercial loans from private banks and $2.041bn worth of international bonds.
The largest among the bilateral loans came from Saudi Arabia at $201 million, followed by China at $153 million and $64 million from the United States. Total loans from bilateral lenders stood at $486 million in 10 months.
24/05/2022
Primary school started a few years back has undergone remarkable development and now has been upgraded to the level of high school for girls. The meritorious efforts of Zhang Baozhong, Chairman & CEO COPHC and the Chinese Embassy in this regard are unrivaled🇨🇳🇵🇰
24/05/2022
According to Pakistan Telecommunication Authority (PTA), the local manufacturing plants have manufactured/assembled 9.72 million phone handsets during the first four months (January-April) of 2022 compared to 0.86 million imported commercially, says Pakistan Telecommunication Authority (PTA).
The local manufacturing plants have manufactured/assembled 2.56 million mobile phone handsets in April 2022 against 0.25 million commercially imported.
The manufactured/assembled mobile phone handsets by local manufacturing plants during the calendar year 2021 stood at 24.66 million compared to 13.05 million in 2020, i.e. 88 percent increase.
The commercial imports of mobile phone handsets stood at 10.26 million in 2021 compared to 24.51 million in 2020, revealed the official data of PTA.
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23/05/2022
The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has listed 12 countries of the region, including Pakistan, which are classified as countries in special situations, and are deemed more exposed to the ongoing war in Ukraine than others. A policy brief on “the War in Ukraine: Impacts, Exposure and Policy Issues in Asia and the Pacific” — which was made available online on Sunday — feared that these 12 countries could be hit harder because their economic structure and conditions are more exposed to higher energy and food prices, smaller external financial inflows, rising financial costs and a sudden shift in business sentiments.
The countries are: Armenia, Cambodia, Georgia, Kazakhstan, Kiribati, the Maldives, Pakistan, Samoa, Solomon Islands, Sri Lanka, Tajikistan and Vanuatu.
In terms of energy, the policy paper says Cambodia, Pakistan, Solomon Islands and Vanuatu are considered more exposed to rising energy prices than other Asia-Pacific countries. In case of both Pakistan and Sri Lanka, the external debt stock and debt service ratios exceed the threshold values. Pakistan is more exposed to external debt and banking sector, it says.
UN policy paper fears 12 countries could be hit hard because of their economic structure
ESCAP is already engaged with many Asia-Pacific countries that are considered more exposed to the war in Ukraine. These include, among others, a readiness assessment for cross-border paperless trade in Armenia and Kazakhstan; training for women entrepreneurs in e-commerce and digital marketing in the Maldives, Pakistan and Sri Lanka; assessment of the Covid-19 pandemic’s impacts on supply chain connectivity in Kazakhstan and Tajikistan; policy advice on sustainable freight transport in Sri Lanka; and policy options to enhance the fiscal space in Kazakhstan, Pakistan, Samoa, Sri Lanka and Tajikistan.
Surging global energy and food prices are pushing up consumer inflation, which will disproportionately hurt poor households. At the same time, rising interest rates amid surging inflation are impairing households’ balance sheets, investor confidence and governments’ debt service ability.
To shield the poor from rising food prices, governments should step-up provision of subsidies and ensure that existing government assistance and subsidy schemes benefit those in need. This would require, however, strong fiscal positions, which had already deteriorated in many Asia-Pacific economies in the aftermath of the pandemic.
To boost fiscal space and maintain public debt sustainability, various fiscal and financing policy options are available and should be explored on urgent basis.
Amid rising economic uncertainty, global investors are shifting towards safe-haven markets, causing a rise in risk premiums in developing countries worldwide. Through these transmission channels, the war would result in weaker economic growth, wider fiscal and current account deficits and higher financing costs in the region.
Given that most Asia-Pacific countries are net energy and food importers and that food and energy items account for up to 40 per cent of the consumer price index basket in many economies, the region’s average headline inflation rose to 7.3 per cent in March 2022.
Similarly, inflation rate in Pakistan edged up to 13.4 per cent in April 2022, which is more than double the central bank’s inflation target. In addition to weighing down overall household consumption, rising food and energy prices will disproportionately affect poor households
23/05/2022
FM Bilawal Bhutto Zardari met with Chinese Foreign Minister, Wang Yi in Guangzhou.
23/05/2022
There is always opportunities in crises. Today the govt of Pakistan has banned the imports of several items to manage the balance of payment.
This is a great opportunity for local manufacturing industry to fill the vacuum. Many countries in the past have followed the policy of no import till they make the same product of their own and it had worked to develop the local secondary industry.
There are many things which can be made locally however we as nation must promise ourselves to make quality products that last long because Pakistanis products are not known for quality.
Out of 38 items in the list most of them are already produced in Pakistan.
*Ban on Imported Items*
1. Mobile Phones
2. Home Appliances. (local available)
3. Fruits and Dry Fruits (except from Afghanistan) (local available)
4. Crockery (local available)
5. Private Weapons & Ammunition(local available)
6. Shoes (local available)
7. Chandeliers & Lighting (except Energy Savers) (local available)
8. Headphones & Loudspeakers (local available)
9. Sauces, Ketchup etc. (local available)
10. Doors and Window Frames(local available)
11. Travelling Bags and Suitcases(local available)
12. Sanitary ware(local available)
13. Fish & Frozen Fish(local available)
14. Carpets (except from Afghanistan)(local available)
15. Preserved Fruits(local available)
16. Tissue Paper(local available)
17. Furniture(local available)
18. Shampoos(local available)
19. Automobiles
20. Confectionary(local available)
21. Luxury mattresses & sleeping bags(local available)
22. Jams & Jelly(local available)
23. Cornflakes(local available)
24. Bathroom ware / Toiletries(local available)
25. Heaters / Blowers(local available)
26. Sunglasses(local available)
27. Kitchen ware(local available)
28. Aerated water(local available)
29. Frozen Meat(local available except few kinds such as Wagyu meat)
30. Juices(local available)
31. Pasta etc.(local available)
32. Ice cream(local available)
33. Cigarettes(local available)
34. Shaving Goods(local available)
35. Luxury Leather Apparel(local available)
36. Musical Instruments
37. Saloon items like hair dryers etc.(local available)
38. Chocolates(local available)
21/05/2022
🗣️“Economic policies of Imran Khan’s team has resulted in an unmitigated revolution in the growth of Pakistan’s IT sector"
Read full story - Link is in the comments:
21/05/2022
New Gwadar International Airport will be spread over an area of 4,300 acres. It will have the capacity to accommodate narrow-body aircraft such as ATR 72 and Boeing B-737, as well as wide-body aircraft such as Airbus A-380 and Boeing B-747 for domestic and international routes.
“New Gwadar International Airport will also have the provision to build a second runway, which will be located north of the main runway.”
The greenfield airport will feature a modern terminal building, which will be spread over a 14,000m² area. It will have a cargo terminal, which will have an initial handling capacity of 30,000t a year.
The terminal will feature modern facilities and ensure safe operations by improving passenger comfort and convenience.
The China Airport Construction Group informed the Pakistan Civil Aviation Authority (PCAA) about the new time limit for the project, deferring the project funded by the Chinese company.
According to the document obtained by The Express Tribune, the passenger terminal building of the project will be completed by June 2023; work related to air traffic control will be completed by March 2023 while the overall construction of the airport will finish by October 2023.
21/05/2022
Elevated Lahore gets approval.
ایلیویٹڈ ایکسپریس وے پراجیکٹ کی باضابطہ منظوری۔
منصوبے کے لیے 60 ارب روپے مختص کرنے کی منظوری۔ ایلیویٹڈ ایکسپریس وے پراجیکٹ مین بلیو وارڈ گلبرگ سے موٹروے ایم 2 تک بنے گا۔
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#Multan #Sukher Motorway #M5 part of #CPEC project opened for the Traffic 3 years ago. Now the Chinese company #CSCEC will construct the Sukker Hyderbad motorway very soon.
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