Author: newsdesk

  • Govt plans to increase gas and electricity prices in January

    Govt plans to increase gas and electricity prices in January

    The interim Finance Minister, Dr Shamshad Akhtar, announced during a press conference that the caretaker government is planning to increase electricity and gas tariffs in January to address the circular debt issue, in line with the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA). 

    The circular debt in the power and gas sectors, currently exceeding 4 per cent of the Gross Domestic Product, requires urgent action for reduction. 

    Dr Akhtar also discussed tariff revisions with the IMF and the potential imposition of additional taxes on sectors like real estate and retail, emphasizing that final decisions are pending. 

    She highlighted the necessity for a new short-term IMF program and anticipated a medium-term program under the Extended Fund Facility (EFF) after the SBA concludes. 

    Regarding the external financing gap, Finance Secretary Imdad Bosal expressed optimism that a successful IMF review would unlock programme and project loans from multilateral lenders. 

    He anticipated approvals in December for loans from the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank, and Islamic Development Bank. 

    Bosal assured that there is no external financing gap, and the improved ratings post-review would attract foreign loans. 

    Dr Akhtar stated that the World Bank is expected to disburse $2 billion during the current fiscal year, contributing to foreign exchange reserves along with the $700 million tranche approval from the IMF, bringing the total disbursement under the SBA to $1.9 billion out of $3 billion. 

    The approval for the second tranche from the IMF’s Executive Board is anticipated within a month.

  • Naseem Shah decides to leave Quetta Gladiators

    Naseem Shah decides to leave Quetta Gladiators

    Pakistan fast bowler Naseem Shah has announced his departure from the Quetta Gladiators franchise for the upcoming season of the Pakistan Super League (PSL). According to sources, Naseem Shah has decided to leave Quetta Gladiators after spending 5 years in the franchise, achieving major milestones in his time there.

    The 20-year-old fast bowler is now entering the drafting or trading process, with both Islamabad United and Peshawar Zalmi showing interest in signing him on.

    Shah suffered an injury during the Asia Cup in September, getting ruled out of the Pakistan squad for the Cricket World Cup 2023, a major setback for the team.

    It is still not clear whether Naseem will be fit to play in the ninth edition of PSL or not. Despite this setback, there are strong indications that Naseem Shah could find a place in Peshawar Zalmi for the upcoming PSL season, a development that is expected to generate excitement for the league’s fans and management.

  • ‘Grace is a quality few have’: Indian designer Masaba Gupta shuts down Ramiz Raja over racism

    ‘Grace is a quality few have’: Indian designer Masaba Gupta shuts down Ramiz Raja over racism

    Pakistani commentator and former cricketer Ramiz Raja landed in a storm of controversy when a viral video showed him laughing at a racist joke about West Indies cricketer Sir Viv Richards and his former partner actress Neena Gupta.

    The clip was from Cricket Mastiyan on Suno News HD where Ramiz was seen laughing about a racist joke regarding Vivian’s skin color. One of the hosts said: “I do watch cricket matches and my heart broke when Vivian Richards went into a relationship with Neena Gupta. I wrote a couplet then. ‘Jo ladkiyan khud ko kehti hain malika-e-aliya, Unko fir milta hai Mr Kaliya.’”

    The couple’s daughter, fashion designer Masaba Gupta slammed Ramiz, calling him out in a tweet on X (formerly Twitter)

    “Dear Ramiz Raja (sir) grace is a quality few have. My father, mother, and I have it in spades. You have none. Sickening to see you laugh on national TV in Pakistan at something the world stopped laughing at about 30 years back. Step into the future. All 3 of us are here with our chin up.”

    Sharing her tweet on her Instagram account, Masaba wrote she will never stop calling out those who target her mother with racist comments.

    “It’s nearly 2024 – no matter who you are I will call you out on racism and shaming my mother on television. Won’t have it. That is still my fight.”

    The incident follows the scandal of former cricketer Abdul Razzaq who was slammed for a misogynistic comment about Bollywood actress Aishwarya Rai during a panel. Shahid Afridi, sitting next to Razzaq, laughed at the distasteful comment.

    Razzaq has since issued an apology.

    Social media users applauded Masaba for calling out sexist behavior, and slammed Pakistani cricket players for using women as punching bags to score points.

  • Bilawal Bhutto wants ‘old politicians’ to go home

    Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari said on Thursday that the country needs new political leadership, adding that “old politicians will have to be sent home.”

    While addressing a worker’s convention in Abbotabad, Bilawal Bhutto said that other political parties are doing old politics, but the PPP has its “doctrine and manifesto”.

    Criticising  Pakistan Muslim League-Nawaz (PML-N), Bilawal Bhutto said that new politics and new leadership are now much needed to bring the country out of crisis.

    “Such a leadership which is not stuck in the past, which thinks about the future, doesn’t get caught up in politics and division,” Bilawal said.

    The PPP chairman also said that Pakistan will not progress unless “the vote is not given respect”

    “If you give me a chance, I promise I will never disappoint you,” Bilawal added.

    Bilawal also said that poverty, unemployment, and inflation are his party’s opponents.

    “We have a plan for ending inflation, give relief to the nation,” he said.

  • Pakistani-American woman who spoke at pro-Israeli rally slammed by fellow citizens

    Pakistani-American woman who spoke at pro-Israeli rally slammed by fellow citizens

    A video of a woman named Anila Ali speaking at a pro-Israel rally in Washington DC about her representing the Muslim American Pakistani community and showing her support for the Israelis has emerged online.

    In the speech, she states that she stands in unison with the Israeli Jewish community.

    “The war to destroy the Jews and Jewish homeland must end once and for all,” says Anila emphatically. She goes on to explain the similarities between Islam and Judaism as both are Abrahamic religions. Explaining that Islam prohibits the horrific acts Hamas committed on October 7, she ends her remarks, by saying, “Am Yisrael Chai.”

    Since the video showed up, Anila Ali has been severely criticised by Pakistanis for her support of Israel. She has since switched her account to a protected one on Twitter.

    Senator Mushtaq Ahmad Khan criticised her in the strongest possible words.

    Actor Hina Khwaja Bayat said, “How DARE she speak on our behalf? How DARE she call herself a Pakistani?”

    Journalist Raja Faisal reminded her that she is standing with Zionism, not Jews.

    It’s not the first time that she has received criticism for her overtures to Israel. Back in 2022, she, along with a delegation, visited Israel claiming to represent Pakistan even though Pakistan does not accept Israel as a state. The Pakistani-American activist who helped organize the visit is the California-based co-founder of the American Muslim and Multifaith Women’s Empowerment Council.

    The group comprised a few other Pakistani American Muslims including journalist Ahmed Quraishi, lawyer Rana Seyd, and Pakistani Jew Fishel BenKhald.

    Ahmed Quraishi is still active on Twitter, advocating Israel’s cause since October 7.

  • Osama Bin Laden’s ‘Letter to America’ is going viral on TikTok

    Osama Bin Laden’s ‘Letter to America’ is going viral on TikTok

    Almost 12 years after he was killed, Osama Bin Laden is back in the mainstream discourse after an essay he wrote in 2000, titled ‘Letter To America’, went viral on TikTok. Users began sharing a link from The Guardian on the social media platform, which the website has now removed. In the widely circulating letter, Osama addressed the American public to explain Al-Qaeda’s militant philosophy. Notably, he talks about Israel’s occupation of Palestine.

    Read the full letter below:

    The letter has since then gone viral on Twitter and TikTok with users declaring the letter has changed their perspective of 9/11 attacks. Users reported the hashtag had gained over 9 million views on the social media platform

    TikTok has said in a statement that they have removed the videos as the trend violates rules about “supporting any form of terrorism.” But the letter and excerpts from TikTok videos are still available on Twitter.

  • IMF, EU officers ‘routinely’ visit Khan in jail, claims Pervez Elahi

    IMF, EU officers ‘routinely’ visit Khan in jail, claims Pervez Elahi

    The incarcerated Preside of Pakistan Tehreek-e-Insaf (PTI), Chaudhry Parvez Elahi, has claimed on Thursday that officers from the International Monetary Fund (IMF) and the European Union “routinely” visit party chief Imran Khan in Adiala jail in Rawalpindi.

    The claim was categorically rejected by the spokesman of Punjab prisons department, declaring it “baseless and against the facts”.

    Speaking to journalists in a courtroom in Lahore, the PTI president said that Imran Khan was locked up in a cell next to his in jail.

    “Representatives from the EU and the IMF [routinely] visit Imran,” he claimed.

    The former chief minister also said, while responding to a question about upcoming elections, that Khan will get unusual votes in the forthcoming polls.

    “There will be no rigging in this election,” he said, adding that the polls’ date was announced at the orders of the top court.

    Chaudhry Parvez Elahi further said that he is with Imran Khan and will continue to support the former prime minister.

  • FIFA World Cup qualifiers: Saudi Arabia defeats Pakistan by 4-0

    FIFA World Cup qualifiers: Saudi Arabia defeats Pakistan by 4-0

    In the first match of the World Cup Qualifiers Round 2 on Thursday, Saudi Arabia’s football team beat Pakistan by 4-0.

    Saudi Arabia kept pressure on the Pakistan team from the beginning of the match and kept trying to score. The first goal for the host team was scored by Saleh Al Shahri in the sixth minute, Saudi Arabia leading 0-1 against Pakistan at the end of the first half.

    When the second half started, Saudi Arabia’s second goal was scored by Saleh Al Shahri in the 48th minute and Abdul Rahman scored the third goal in the 90th minute. The fourth goal was scored by Abdullah in the last stages of the match.

    Group G of the World Cup Football Qualifiers Round 2 includes Pakistan along with Saudi Arabia, Jordan, and Tajikistan. Pakistan’s next match in Qualifiers Round 2 will be against Tajikistan on November 21.

    Pakistan has qualified for Round 2 of the FIFA World Cup Qualifiers AFC for the first time in history, after defeating Cambodia in round one.

  • Pakistan’s forex reserves dip by $79 million amidst external debt repayments

    Pakistan’s forex reserves dip by $79 million amidst external debt repayments

    Pakistan’s total liquid foreign exchange reserves declined by $79 million in the past week, primarily due to external debt repayments. 

    According to the State Bank of Pakistan (SBP), as of November 10, 2023, the country’s total reserves amounted to $12.535 billion, down from $12.614 billion on November 3, 2023.

    During the reviewed week, SBP’s reserves decreased by $115 million to $7.397 billion due to debt servicing. Conversely, commercial banks’ net foreign reserves increased by $36 million, reaching $5.139 billion by the end of the week.

    In a significant development, the International Monetary Fund (IMF) announced on Wednesday that a staff-level agreement (SLA) has been reached on the first review of a nine-month stand-by arrangement (SBA) totaling $3 billion with Pakistani authorities.

    Pending approval by the IMF Executive Board, the SLA signifies a milestone, and upon approval, an amount of SDR 528 million, approximately a $700 million loan tranche, will be disbursed to Pakistan. 

    This disbursement will bring the total funds received under the IMF SBA to $1.9 billion.

    These incoming funds are expected to contribute to replenishing the country’s diminishing foreign exchange reserves. 

    The IMF team, led by Nathan Porter, conducted discussions in Pakistan from November 2–15, 2023, culminating in the announcement of the SLA upon the completion of the economic review.

  • FBR restructuring: Govt plans to separate Customs and revenue collection system

    FBR restructuring: Govt plans to separate Customs and revenue collection system

    Caretaker Finance Minister Dr Shamshad Akhtar has announced that the government is implementing significant restructuring measures within the Federal Board of Revenue (FBR) to eliminate apparent conflicts of interest in tax collection and enhance overall performance. 

    Speaking at the Future Summit organised by the Nutshell Group, she outlined the action plan for restructuring Pakistan’s tax administration, emphasising the crucial aspect of strengthening the internal governance of the FBR. 

    One notable decision involves separating customs from the revenue collection mechanism. Customs will focus on tracking smuggling and related activities, while revenue collection will remain the exclusive mandate of the FBR. 

    Akhtar noted that a formal notification for this change will be issued next week, with additional notifications expected for further FBR restructuring initiatives. 

    Discussing FBR reforms, Akhtar highlighted the adoption of innovative digital technologies to broaden the tax base, minimise the tax policy and compliance gap, and increase tax collection. 

    The government aims to reduce the share of the shadow economy by more effectively identifying non-filers and those under-reporting incomes or business activities. 

    Furthermore, Akhtar revealed plans to separate the tax policy and revenue division, making it an independent entity reporting directly to the Minister of Finance. 

    According to Brecorder, this move aims to eliminate perceived conflicts of interest in tax collection, emphasising the need for fair, equitable, and productive tax policy design. 

    Collaboration with the National Database and Registration Authority (NADRA) is also underway to upgrade data systems, with a technical committee chaired by NADRA and FBR chairpersons established for this purpose. 

    The overall objective is comprehensive tax administrative reforms and increased efficiency in revenue collection.