Tag: Asia

  • Pakistan may send experts to replace Afghan brain drain

    Pakistan may send experts to replace Afghan brain drain

    Federal Minister for Finance and Revenue Pakistan, Shaukat Tarin has said that Pakistan may have to send experts to Afghanistan because of the country’s major experts have left the country which has complicated the Taliban’s administration, reports The News.

    While giving an extensive briefing to the Senate Standing Committee on Finance on Thursday, Mr Tarin said that the government was building up strategic reserves of essential food commodities to meet domestic as well as Afghanistan’s requirements.

    According to him, “they [Afghanistan} require assistance and we may have to dispatch experts because of the brain drain in Afghanistan. The situation is fluid and we are analysing it. The West has stopped foreign reserves of Afghanistan to the tune of $10 billion, as the IMF has stopped $400 million and many others so Kabul will be facing a scarcity of foreign exchange. Our bilateral trade will surge but we may have to undertake bilateral trade in the Pak rupee.”

    Talking about Pakistan’s economic situation he stated, “Pakistan’s trade deficit stands at $4 billion and remittances are hovering around $2.5 billion.”

    “On tax revenue, FBR revenues are ahead of target by 23 percent. The track and trace system will be placed for five major sectors. The Point of Sale (POS) will integrate receipts and standardised and frivolous notices will be withdrawn,” he assured.

    More than 120,000 people evacuated from Afghanistan are qualified professionals from civil servants to lawyers.

    Michael Barry, a specialist on Afghanistan who taught at the American University in Kabul, said that many members of the Taliban are from rural areas and lack the knowledge to run the state bureaucracy, as per Agence France-Presse (AFP).

  • Two Pakistani companies make it to Forbes Asia’s ‘Best Under A Billion’ 2020 list

    Two Pakistani companies make it to Forbes Asia’s ‘Best Under A Billion’ 2020 list

    Two Pakistani companies have made it to this year’s Forbes ‘Asia’s 200 Best Under A Billion 2020‘ list.

    The Forbes list recognises 200 small and medium-sized companies which have performed the best in the Asia-Pacific region. The criteria for the companies is to have sales below the $1 billion mark.

    Systems Limited Pakistan and Feroze1888 Mills Ltd made it to the annual list. Adviser to the prime minister on Commerce and Investment Abdul Razak Dawood appreciated and congratulated the companies for making it to the coveted list.

    He praised the companies and expressed confidence that the achievement of these firms would “provide impetus to others to achieve similar laurels.”

    Founded in 1977, Systems Limited Pakistan has the distinction of being the country’s first software technology company, according to a statement on its website.

  • Asia crosses 10 million coronavirus cases after India becomes worst hit after US

    Asia crosses 10 million coronavirus cases after India becomes worst hit after US

    Asia surpassed 10 million infections of coronavirus on Saturday, the second-heaviest regional toll in the world, according to a Reuters tally. Cases continue to mount in India despite a slowdown and sharp declines elsewhere.

    Behind only Latin America, Asia accounts for about one-fourth of the global caseload of 42.1 million of the virus. With over 163,000 deaths, the region accounts for some 14% of the global COVID-19 toll.

    The Reuters tally is based on official reports by different countries. The true numbers of cases and deaths are likely much higher, experts say, given deficiencies in testing and potential underreporting in many countries.

    Despite the Asian spikes, the region overall has reported improvement in handling the pandemic in recent weeks, with daily caseloads slowing in places like India – a sharp contrast to the COVID-19 resurgence seen in Europe and North America.

    Within the region, South Asia led by India is the worst affected, with nearly 21% of the reported global coronavirus cases and 12% of deaths.

    India is the worst-hit country in the world after the United States. India is reporting more than 57,000 cases of the virus a day and averaging 764 COVID-19 deaths a day.

    The country has reported nearly 7.8 million infections, behind the U.S. tally of 8.5 million, and nearly 118,000 deaths, versus 224,128 in the United States. Unlike the recent U.S. surge, however, India’s slowdown saw the lowest daily caseload in nearly three months on Wednesday.

    But India’s infections may surge again, doctors fear, with a holiday approaching and winter bringing more severe pollution from farmers burning stubble, worsening the breathing difficulties that many COVID-19 patients suffer.

    India’s eastern neighbour Bangladesh is Asia’s second-worst hit country, with nearly 400,000 cases. But daily infections have slowed to 1,453, less than 40% of the July peak.

    Despite Asia’s patchy record, a World Health Organization expert said on Monday that Europe and North America should follow the example of Asian states in persevering with anti-COVID measures and quarantine restrictions for infected people.

    Mike Ryan, head of the UN agency’s emergency programme, said the global death toll from COVID-19 could double to 2 million before a successful vaccine is widely used and could be even higher without concerted action to curb the pandemic.

  • Malaysian PM proposes freeing East Asia of US dollar for trade

    Malaysian PM proposes freeing East Asia of US dollar for trade

    Malaysian prime minister (PM) has said that East Asia should consider a common regional trading currency to promote commerce and free the region from relying on dollar transactions, a private media outlet reported Thursday.

    According to reports, Mahathir Bin Mohamad said the proposed currency could be used for regional trade, but would not replace national currencies for use at the domestic level.

    “In the Far East if you want to come together, we should start with a common trading currency, not to be used locally, but for the purpose of settling of trade,” he was quoted as saying.

    “At the moment, we have to depend upon the United States (US) dollar but it is also not stable. So the currency that we propose should be based on gold as it is much more stable.”

    Mahathir, who is serving his second term in office, has a reputation of being a financial maverick.