Tag: #credit

  • Sahir Ali Bagga demands credit from Rahat Fateh Ali Khan for ‘Zaroori Tha’

    Sahir Ali Bagga demands credit from Rahat Fateh Ali Khan for ‘Zaroori Tha’

    The ongoing dispute between Sahir Ali Bagga and Rahat Fateh Ali Khan has escalated to new heights. Bagga has now taken to Facebook to express his grievances, asking for proper credit as the composer of the popular song ‘Zaruri Tha’.

    Despite his apology in the end, Bagga remains firm in his stance, urging Khan to acknowledge his contribution to the project. As tensions continue, the ongoing conflict between these two musical giants keeps grabbing attention in the headlines.
    A few days ago, Bagga made headlines after calling out Rahat Fateh Ali Khan blatantly.

    The singer recently explained why he wrote against Rahat Fateh Ali Khan. He stated that as a committed composer, he seeks proper credit for the composition of the hit song ‘Zaruri Tha’, which has achieved significant success on YouTube.

    “The desire of a star maker is not just money. I am also a composer whom I am very proud of that my ALLAH has given me the ability to work hard for the talent of my country, and there is no doubt that Rahat Fateh Ali Khan is the best talent of Pakistan. I have always tried to make the talent of our Pakistan recognized all over the world, and in helping this initiative, Yousaf Salahudin Sahab helped me in the form of Virsa Heritage, and many stars were also made. I created a song, titled (ZAROORI THAA), this is the song that I myself did not know that I would create this song and it would become a historical song of the Pakistan music industry, today, this song is at the top in terms of Pakistani music industry, and content, it’s very close to 2 billion views on YouTube in one play, and if my right is only to be given as a creator, which only the hero of this project Rahat Fateh Ali Khan can give; and for some reason he is not giving it, he should explain why he is not giving me the credit for this achievement. And if I have called someone a hypocrite, then I have called every person a hypocrite who wants to hide the truth and is trying to kill someone’s right, ALLAH has blessed Rahat Fateh Ali Khan with good abilities, he should give me my right as a humanity. I have many other pieces of evidence with me and on YouTube where Rahat Fateh Ali Khan did not give me credit, I still request that I be given credit because I do not want the juniors who idealize me to face problems in their struggle, and I should be given my right. Apart from this, I have no intention of saying anything bad about anyone. Thank you”

  • 1.5% transaction fee for debit and credit cards abolished by SBP

    1.5% transaction fee for debit and credit cards abolished by SBP

    The mandatory minimum fee of 1.5 per cent that banks were required to charge merchants on financial transactions made with debit and credit cards has been eliminated by the State Bank of Pakistan (SBP), and financial institutions are now permitted to charge even less than that amount to encourage the use of digital banking.

    According to a notification released on Friday, the central bank has kept the fee’s upper ceiling at 2.5 per cent.

    Also, the SBP mandated that all online merchants and payment recipients in Pakistan begin taking card payments no later than June 30, 2023.

    Before, petrol outlets stopped taking payments made with debit and credit cards and asked that the 1.5 per cent fee be eliminated.

    The elimination of the minimal fee has long been demanded.

    Eliminating the minimal fee is a good thing for digital transactions, according to experts. The State Bank’s plan to boost the use of digital cards includes this, as this decision would also improve the documentation of the economy and help decrease cash-based transactions.

    Across the nation, there are about 45 million debit and credit cards. Nonetheless, the majority of cardholders use their cards to make ATM withdrawals. Just 5–10 per cent of POS users utilise cards.

  • Pakistan’s default risk hits a 13-year-high, reflecting foreign investors’ lack of faith

    Pakistan’s default risk hits a 13-year-high, reflecting foreign investors’ lack of faith

    The risk of default for Pakistan, as determined by the 5-year credit default swap (CDS), increased on Tuesday by 3.07 percentage points in a single day to reach a 13-year high of 52.8 per cent, indicating that foreign investors no longer have confidence in the nation.

    Before the Covid-19 outbreak in Pakistan in February 2020, the CDS was between 5 per cent and 6 per cent.

    According to Express Tribune, owing to uncertainties surrounding the renewal of the International Monetary Fund (IMF) loan programme, it peaked at over 30 per cent in the middle of this year.

    Later, as the major lender resumed its $6.5 billion programme in late August 2022 and subsequently released a $1.2 billion tranche, the CDS experienced a small recovery.

    Today, meanwhile, it is rapidly rising once more, indicating that international investors now believe Pakistan will not be able to pay back its maturing debt.

    On December 5, 2022, the country is required to repay $1 billion to overseas investors against the maturity of the 5-year Sukuk.

    The 5-year Third Pakistan International Sukuk’s yield (rate of return) is quite high, hovering at 145 per cent. Before the Covid-19 epidemic, it was around 10 per cent.

    In addition, the yield on bonds due in 2024 and 2025 is currently high at 90 per cent and 57.5 per cent, respectively, up from a low of 10 per cent in the past.

    The country’s foreign exchange reserves have decreased by about $9 billion over the past 10 months, which has caused alarm among the foreign investors.

    They are currently only covering about 1.10 months’ worth of imports at $7.6 billion, down from $20 billion (three months’ worth of imports) in August 2021.

    Ishaq Dar, the finance minister, and Miftah Ismail, his predecessor, have taken every precaution to avoid the likely default.

    They have repeatedly reassured the foreign investors that when the time came, the nation would easily repay the maturing $1 billion in December as well as fulfil other international payment obligations.

    Foreign investors are receiving warnings from the situation that the nation may default.

    However, the leadership of the nation has fully secured the $36–40 billion needed from international lenders for the current fiscal year 2023 to pay off the nation’s approximately $21 billion in foreign debt, finance approximately $10–12 billion current account deficit, and increase its foreign exchange reserves to approximately $16 billion by June 30.

    According to experts, the country’s foreign exchange reserves will increase and confidence among foreign investors will be restored with the arrival of $1.5 billion from the Asian Development Bank (ADB) in a few days and another $500 million from the Asian Infrastructure Investment Bank (AIIB) in the current month.

    They continued by saying that the inflows should also aid in lowering bond and CDS yields.

    Experts said that Saudi Arabia was the destination of Prime Minister Shehbaz Sharif’s official visit. The host nation has declared that it is resuming its investment ambitions, which include establishing an oil refinery in Pakistan for an investment of $10 billion.

    The Kingdom’s investment choice coming to fruition will also aid in regaining the trust of foreign investors in Pakistan.

    When PM Shehbaz travels to the second-largest economy in the world in November, the nation is also anticipated to get a rollover loan from China worth $6.3 billion, they claimed.

  • Pakistan’s removal from FATF grey list to help with its reputation and IMF’s next review

    Pakistan’s removal from FATF grey list to help with its reputation and IMF’s next review

    Experts predict that the country’s reputation would recover and it would get a credit rating upgrade from international agencies as Pakistan was taken off the Financial Action Task Force (FATF) list of nations under increased monitoring.

    According to Geo, the removal will allow Pakistan to smoothly complete the forthcoming review of the IMF’s Extended Fund Facility since the International Monetary Fund (IMF) used the execution of FATF action plans as a structural benchmark.

    Pakistan has been removed off the FATF’s “grey list,” as was to be expected, but the nation will continue to cooperate with the organisation and the Asia Pacific Group to strengthen its anti-money laundering (AML) and counter-terrorist financing (CFT) framework. FATF made this announcement following the conclusion of its two-day meeting in Paris on Friday.

    Fitch downgrades Pakistan’s rating to CCC+

    Yet on the other side, Fitch Ratings lowered Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to “CCC+” from “B-” on Friday, which experts believe is bad news for the nation’s recovery from the mega floods. The reversal comes as the country’s fragile economy continues to face challenges from all directions.

    The company claims that sovereign states with a grade of “CCC+” or lower do not normally receive outlooks. The primary factors that contributed to a downgrading, according to the agency, were increasing liquidity and policy concerns.

    “The downgrade reflects further deterioration in Pakistan’s external liquidity and funding conditions, and the decline of foreign exchange reserves,” Fitch Ratings said. “This is partly a result of widespread floods, which will undermine Pakistan’s efforts to rein in twin fiscal and current account deficits.”

  • PM Khan allegedly shares photos without giving credit

    PM Khan allegedly shares photos without giving credit

    Prime Minister Imran Khan recently took to Twitter to reveal “one of my favorite places on earth”.

    The prime minister shared some very beautiful pictures of  Gilgit-Baltistan with the caption: “The colours of Gilgit Baltistan just before the onset of winter. One of my favourite places on this earth.”

    Soon after the premier’s post, a Twitter user, Asmar’s Photography, requested the PM to give him credits for his photos.

    The photographer tagged the PM and said: “Thank you, sir Imran Khan, for sharing my picture but it would have been great if my watermark haven’t being cropped & credits may have been given to me.”

    PM recently inaugurated Himalaya and Nanga Parbat National Parks during his visit to GB region.

    Later, Asmar Hussain claimed that the PM Office had apologized for the error in not giving him credit for the pictures. “Would like to present this image to PM Imran Khan personally,” he added.