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  • 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. 

  • Finance Minister envisions Pakistan’s economy soaring to $2 trillion by 2047 

    Finance Minister envisions Pakistan’s economy soaring to $2 trillion by 2047 

    Dr Shamshad Akhtar, the Caretaker Finance Minister, emphasised Pakistan’s significant economic potential, stating that the country could achieve a $2 trillion economy by 2047, as per a World Bank report.  

    Addressing the Future Summit in Karachi, she underscored the importance of adopting robust economic and sector-specific policies, coupled with a resolute commitment to implementing challenging structural reforms. 

    Dr Akhtar highlighted the need for increased innovation and diversification within the economic framework to ensure sustainable growth.  

    Emphasising the role of Development Finance Institutions (DFIs), she noted that institutions with expertise, efficiency, and flexibility could serve as crucial drivers for the growth and development of the capital market. 

    In a recent meeting with the Chairman of the Securities and Exchange Commission of Pakistan (SECP) and heads of DFIs, Dr Akhtar discussed the progress of establishing a private equity and venture capital (PE and VC) fund.  

    While the DFIs reaffirmed their commitment, they also provided insights into the progress made and challenges encountered in the process. 

    Notably, Pakistan, currently under a caretaker government, successfully reached a staff-level agreement with the International Monetary Fund on the first review of a short-term bailout program.  

    This agreement clears the path for unlocking $700 million, a crucial step in mitigating the looming economic crisis.  

    The caretaker government has implemented various fiscal measures, including an increase in the petrol levy, additional taxes, and significant reforms in the power sector, to address the economic challenges effectively. 

  • World Cup semi-final: Australia defeats South Africa by three wickets

    World Cup semi-final: Australia defeats South Africa by three wickets

    In the second semi-final of the ICC ODI World Cup, 5-time world champions Australia defeated South Africa by 3 wickets after a sensational match and qualified for the final for the 8th time.

    South African team captain Tamba Bavuma won the toss and decided to bat first against Australia.

    South Africa’s inning:

    Four players of South Africa were dismissed for 24 runs, however, due to rain the match was stopped for some time but then the game started again. In such a situation, Henrik Klaasen and David Miller took over the team and made a partnership of 95 runs, but then Klaasen got out after scoring 47 runs.

    David Miller scored a brilliant century while batting responsibly and he also returned to the pavilion after playing an innings of 101 runs in the final overs. Apart from this, Coetzee was dismissed for 19, Maharaj for f,our and Rabada for 10.

    Thus, the entire South African team got out after scoring 212 runs in 49.4 overs.

    For Australia, Mitchell Starc and Pat Cummins took three wickets each while Hazlewood and Travis Head took two wickets each.

    Australia’s inning:

    Australia’s pursuit of South Africa’s target got off to an aggressive start, with openers Travis Head and David Warner putting on a 60-run partnership in seven overs, but then Warner was dismissed for 29 runs.

    Australia suffered another loss in the form of Mitchell Marsh who was out for zero, Travis Head scored 62, Marence Labuchin 18, Steve Smith 30, and Josh Ingles scored 28 and returned to the pavilion.

    After losing 7 wickets at a total score of 193, Starc and Cummins faced the South African bowlers vigorously and remained at the crease with responsible batting and took their team to the final by winning the match.

    Mitchell Starc scored 19 off 38 balls and Cummins remained unbeaten on 14 off 29 balls.

    On behalf of South Africa, Tabriz Shamsi and Coetzee dismissed two players each while Rabada, Eden Markram, and Maharaj took one wicket each.

  • Caretaker cabinet: Kiskay pass kitna paisa

    According to a report published by Geo News, caretaker prime minister Anwarul Haq Kakar owns assets worth 4 crore, 81 lakh, 82 thousand, and 580 rupees, while also owning a share of 50 thousand in Chagai Mining Limited (CML).

    The caretaker Premier has disclosed the value of 10 tola gold at 80 thousand rupees; he also has more than 22 million rupees in two banks. The caretaker prime minister has disclosed the value of his house furniture at four lakh rupees.

    The caretaker finance minister, Shamshad Akhtar, has revealed the price of a house in Karachi DHA Phase 6 as four million and a plot in DHA worth Rs25,000.

    Shamshad Akhtar has shares worth more than three lakh rupees in Pakistan State Oil (PSO).

    The caretaker finance minister has 39 lakh 24 thousand rupees in banks, while his furniture is worth two lakh rupees.

    According to the details of the assets revealed by caretaker interior minister Sarfaraz Bugti, he owns a two-kanal house in Multan worth one crore, while he also owns a flat worth Rs 2.5 million in Multan United Mall. The caretaker interior minister has a house worth three crore and 12 lakh in Islamabad and a plot worth one crore in Quetta.
    Sarfaraz Bugti has Rs 67 lakh 98 thousand in cash, while his account has Rs 635,000. The value of his furniture is Rs 68 lakh. Sarfaraz Bugti has also declared 90 camels, 8,870 sheep, 4060 goats, 400 cows, 80 calves, and 86 buffaloes among his assets; his livestock is worth six crore and 97 lakhs.

    According to the document, the caretaker federal minister of information, Murtaza Solangi, is the owner of assets worth two crore and 32 lakh rupees. Solangi has one crore, 27 lakh rupees, while his wife owns two houses in Islamabad worth 31 lakh rupees besides 18 lakh cash.

  • Pakistan football team faces Saudi Arabia today

    Pakistan football team faces Saudi Arabia today

    Today is an important day in the history of Pakistan football, as the national team faces off against Saudi Arabia in FIFA World Cup Qualifier round two.

    Pakistan has reached the second round of FIFA World Cup Qualifier AFC for the first time in history. The first match of the national football team is against the 57th-ranked team in the world, Saudi Arabia. The match will start at 9:30 PM at Prince Abdullah Bin Jalavi Stadium in Al-Hassa.

    It should be noted that Pakistan defeated Cambodia in round one. The national team has practiced extensively in Saudi Arabia for about a week. The team includes seven players living in different countries, but captain Esa Suleman is not available for the match due to injury.

    The team’s foreign coach Stephen Constantine has said that the players are confident of a good performance.

  • India adopts Pakistan’s policies to achieve success, says Nawaz Sharif

    Pakistan Muslim League-Nawaz (PML-N) head Nawaz Sharif said to the  Lahore Chamber of Commerce and Industry (LCCI) on Thursday that India achieved success by adopting Pakistan’s policies.

    In his address, Nawaz Sharif said that PML-N was aware of the economic challenges faced by the country. He also promised the business community that PML-N would surely take their advice, as it has done before.

    “The business community of Pakistan implemented our policies, and India adopted our policies and achieved economic success,” said Nawaz, who is leading his party’s campaign after returning to the country.

    This was his first interaction with traders since his return after a four-year-long self-imposed exile. The former prime minister mentioned that during his tenure in 2013–2017, Pakistan’s had the 24th-best economy in the world. He also said that at that time, the dollar was at 104.

    “If our development [model] and policies were continued, then the dollar would have been at 40 or 50,” claimed the three-time prime minister.

    Nawaz Sharif also said that Islamic countries began to see us as their protectors when we conducted a nuclear test in 1998.

  • Palestinian content leaves Israel miles behind on social media

    Palestinian content leaves Israel miles behind on social media

    While activists and civilians flood the streets across the world protesting for Palestine, social media is actively reflecting the changing tides. Currently, the hashtag #FreePalestine has over 2 billion views on TikTok, while in contrast the hashtag #standwithIsrael has over 162.8 million views.

    In a statement posted on Monday, the social media platform responded to US Representative (R) Mike Gallagher’s allegations that TikTok was “controlled by America’s s foremost adversary, one that does not share our interests or our values: the Chinese Communist Party (CCP)”, calling for America to ban the app.

    TikTok said the overwhelming support teens have for Palestine is dominating the app’s algorithm.

    “Support for Israel (as compared to sympathy for Palestine) has been lower among younger Americans for some time. This is evidenced by looking at Gallup polling data of millennials dating as far back as 2010, long before TikTok even existed. A March 2023 Gallup poll, before the war, shows young adults have rapidly shifting attitudes towards the Israeli/Palestinian conflict. While an Echelon poll from October 26, 2023 shows that US TikTok users under 40 are more likely to support Israel (33% vs 28% for Palestine), and the proportions broadly reflect the split in the general under 40 population (32% for Israel, 23% for Palestine).”

    Other social media platforms like Facebook and Instagram show more audiences engage with the pro-Palestinian content than with Israel’s. Instagram shows that the hashtag #FreePalestine has over 6 million views, while in comparison #IstandwithIsrael has gained only 233,000 views.

    Instagram was being taken to task by users for censoring and shadow banning prominent pro-Palestinian voices who were reporting on the ongoing genocide in Gaza. Freelance journalist Plestia Alaqad reported her Instagram account was hacked.

    Furthermore, journalist Ahmed reported he was locked out of his Instagram account and was warned it would be shut down for violating the company’s guideline.

    On Facebook, the #FreePalestine hashtag has over 11 million views while in comparison the #IstandwithIsrael hashtag has over 323,000 views.