Tag: economy

  • PTI fudging economic figures, claims PML-N

    A pre-budget seminar was organised by the Pakistan Muslim League-Nawaz (PML-N) on June 3 in Islamabad.

    The seminar was organised by the Economic Advisory Council of the PML-N on the direction of party president Shehbaz Sharif.

    Titled ‘Economy sinking under Imran Khan’s government’, the seminar discussed all the economic issues before the upcoming budget. The main focus was on the economic policies of the Pakistan Tehreek-i-Insaf (PTI) government.

    Graphs shown during the seminar entailed that Pakistan’s gross domestic product (GDP) grew by 5.8 per cent in PML-N’s last year, the highest in 16 years. In addition, GDP growth consistently remained above 4 per cent in each of PML-N’s 5 years. GDP growth has significantly declined during PTI’s tenure with 2.1 per cent growth in 2019.

    PTI is claiming 3.9 per cent growth now in 2021, but this claim is being challenged by independent economists. Whereas, GDP has significantly declined during PTI’s tenure with 2.1 per cent growth in 2019.

    Shehbaz Sharif claimed that the government was pushing out wrong statistics and misinforming the public since the start of the its tenure.

    “The government’s statistics [regarding the budget] have already become a subject of debate,” Shehbaz said while addressing the seminar virtually.

    “Their past is evident and they have been putting forth forged figures,” he said. “This comes on top of the government’s worst performance and major failures.”

    Last week, on Sunday, while addressing the nation live, Prime Minister Imran Khan said the Opposition parties were complaining about the government misleading the nation on the economy as they had not expected it to achieve a growth rate of nearly 4 per cent.

    “The economic growth rate has baffled political opponents who wanted the government to fail in meeting these challenges left behind by our predecessors,” added Khan.

  • Reporter asks Miftah Ismail how Candyland made millions under PTI’s bad economic regime

    Reporter asks Miftah Ismail how Candyland made millions under PTI’s bad economic regime

    Pakistan Muslim League-Nawaz (PML-N) leader and former Finance Minister Miftah Ismail held a press conference on Pakistan’s economy on Wednesday.

    Miftah Ismail said that the Pakistan Tehreek-e-Insaf (PTI) government was responsible for destroying the economy.

    A reporter asked him if the economy was so bad, how did his own company (Ismail Industries Limited) doubled its profits this year.

    “During PML-N’s tenure, your company made Rs 35 crore profits but under PTI, your company’s profits have doubled. How has the economy been destroyed then?”

    Miftah asked: “How are Candyland’s profits or losses related to the country’s economy?”

  • PM ‘worried’ about the Opposition

    PM ‘worried’ about the Opposition

    Prime Minister Imran Khan on Tuesday, while speaking at a ceremony in Ziarat said, “I am worried, whether they [Opposition] will remain as an alliance or not.”

    Khan took a jibe at the Pakistan Democratic Movement (PDM), which faced a setback after the Pakistan People’s Party (PPP) and the Awami National Party (ANP) left it.

    The premier said the country was “getting out of a very difficult time”, adding that the Opposition parties had been “making noise” that his government would fail ever since it came to power.

    “Our opponents have created hue and cry. Even when Pakistan Tehreek-i-Insaf (PTI) had formed the government in 2018, our opponents said that we were bound to fail,” said Khan.

    The Opposition kept reiterating that the country’s economy would suffer, but now, when the growth rate’s statistics were made public, they rejected them, he said.

    “Our opponents want us to fail,” he said, as he stressed the government was doing everything in its power to uplift the economy.

    The premier, shedding light on how his government achieved growth in Khyber Pakhtunkhwa, said the PTI-led government promoted tourism, launched health cards for nearly half of the population.

    Moreover, till this year’s end, Punjab’s population will have a health card and soon enough, all of Pakistan will have this facility. “Even in Balochistan, every family will have a health card.”

    Prime Minister said his government “considers Balochistan ours” in a way that previous governments did not. Previous governments had not spent money on the province’s development, he said, adding that his government would “use all of our resources in this difficult time” to ensure progress.

    The premier said there was a gas issue in Ziarat, and a member of the provincial assembly (MPA) had told the premier that a gas line would be installed to overcome this problem.

    Installing an LPG plant is more feasible in Ziarat, he said, adding in the next fiscal year, he would try his best to get an LPG plant installed in the city.

    “Balochistan is a large province, so developing streets here is quite expensive …. Pakistan’s development will actually take place when the entire country develops,” he said.

    The premier said despite reservations from Punjab and KP that he was being “too generous with Balochistan”, it was the government’s “responsibility to make full efforts” because the province had been ignored in the past.

    “Pakistan’s development will only be in real terms when it is inclusive [and] when the whole country develops,” he reiterated.

    “I will keep coming here and checking the progress. We are giving another package for roads. We will give funds wherever there is room,” the premier concluded.

  • TLP ban: federal cabinet approves formation of a review committee

    TLP ban: federal cabinet approves formation of a review committee

    Information Minister Fawad Chaudhry said in a press conference that a committee has been formed in line with the Anti-Terrorism Act (ATA). It will hear the appeal by Tehreek-e-Labbaik Pakistan (TLP) and send its recommendations to the cabinet.

    CPEC visas, electronic voting, Palestine issue, and economy were some of the few agendas discussed during the federal cabinet meeting.

    The use of electronic voting machines has been approved by the cabinet. Chaudhry said that members of Bar associations and press clubs told him they want to use this technology for their elections. He said the government will help them.

    https://twitter.com/FawadPTIUpdates/status/1397142494803070976

    A special procedure has been approved for visas for Chinese citizens who want to invest in CPEC projects. These work visas will be valid for two years and will be issued within 48 hours. Separate immigration counters will be established for their facilitation.

    https://twitter.com/FawadPTIUpdates/status/1397150396074930176
  • PM carries the ‘begging bowl’ with him everywhere

    PM carries the ‘begging bowl’ with him everywhere

    Pakistan People’s Party (PPP) chairperson Bilawal Bhutto-Zardari on Monday chastised Prime Minister Imran Khan, blaming him for not caring about the common man’s problems in Pakistan.

    In a statement, Bilawal held PM Khan responsible for the dreadful economic situation of the country, adding that “every Pakistani is paying the price of Imran Khan’s ‘Change Tsunami’”

    Speaking about PM’s recent trip to Saudi Arabia, Bilawal said it was unfortunate how the same prime minister, who used to talk about not obtaining loans from other countries, was carrying the “begging bowl” with him everywhere in the world.

    “Mr Prime Minister, surely you hold vast experience in collecting donations. However, countries do not run on donations alone,” said the PPP chairperson.

    “If the money we receive from loans continues to get wasted in corruption, the common man will continue to bear the burden of inflation,” he said, adding: “Imran Khan, you should come out of your palace in Bani Gala.”

    “The Chinese government’s hesitancy [in issuing the funds] is in fact an expression of their lack of confidence in the PTI government,” he said, adding that foreign investors were afraid of investing in Pakistan. 

    The PPP chairperson’s criticism comes after the prime minister returned from the Saudi Arabia visit aimed at strengthening ties between the two countries.

  • Amazon’s entry to Pakistan expected to create thousands of jobs

    Amazon’s entry to Pakistan expected to create thousands of jobs

    Amazon has finally added Pakistan to its list of seller countries with Pakistanis now able to create accounts using Pakistani credentials and details.

    As per details, several officials including Aisha Moriani (Joint Secretary, Ministry of Commerce), Omer Gajial (Ex-Amazon Category Development Head for Amazon North America division), and Shoaib Sarwar (deputy Consul General, Consulate General Pakistan, Los Angeles) along with the team members of NECC (National Ecommerce Council) and Badar Khushnood from Pakistan Software Houses Association have played an important role in this development.

    This is a huge milestone and will transform Pakistan’s economy as more sellers from the country will visit the platform.

    Earlier, advisor to Prime Minister (PM) Iman Khan on Commerce and Trade, Abdul Razak Dawood stressed that e-commerce has changed the business practice and that Pakistan must pay attention to it.

    Besides, after COVID-19 e-commerce practices have increased by many folds, and it is a great oppertunity for women, Small and Medium Enterprises (SMEs) and entrepreneurs.

    On this occasion, Special Assitant to PM, Dr Shahbaz Gill said: “The contemporary government has achieved a milestone that the country had been unable to achieve for more than ten years.”

    “Pakistan will enter into the global market, and it will generate economic activity of millions, that will also create many employment opportunities, thank you, Imran Khan,” he added.

    In addition, Pakistan’s largest EdTech platform, Extreme Commerce has trained millions of people for Amazon selling and trading and complete e-commerce.

    The company has said that “The new era of e-commerce boom for Pakistan is about to start. Get your agencies ready for more business, aa you are about to get flooded with Pakistani manufacturers and brands who would need your services to take them to Amazon. Do your best, do not let the brand Pakistan down ever again, please.”

    In less than 24-48 hours, Pakistan will hopefully show up in the list of allowed countries for Amazon sellers. You…

    Posted by Extreme Commerce on Wednesday, May 5, 2021

  • New pro-IMF State Bank law would leave country bankrupt, lead to Pakistan’s collapse: prominent economist

    Renowned economist Dr Kaiser Bengali has warned that the State Bank of Pakistan (SBP) Ordinance, which is likely to be introduced soon, is anti-national and could lead to no accountability of central bank officials besides ultimately resulting “in the collapse of the country”.

    Speaking to a private media outlet, he said that the law would leave the federal government and subsequently the state paralysed.

    “There would be no money to pay salaries because the top priority would be paying back loans for which new loans will be sought,” Dr Bengali said.

    To a query by host Asma Shirazi, he said the law had no parallel in the modern world, however, a similar one dating back to the Ottoman Era played a key role in the downfall of the House of Osman.

    “They didn’t have any money to fight wars or deal with the rebellion after handing control of all the money to the central bank.”

    “This would dissolve Pakistan because there won’t even be enough money to pay the police,” Dr Bengali maintained, adding that it was a bleak picture.

    “The opposition alliance should put its other demands on hold and work towards stopping this legislation,” he concluded. The same was stated by him in a tweet as well.

    Earlier, Pakistan Muslim League-N (PML-N) Secretary General Ahsan Iqbal also claimed the government was enacting such a law which would hand over the State Bank of Pakistan’s (SBP) control to the International Monetary Fund (IMF) and other international financial institutions.

    Addressing a press conference, he said that with the new legislation, the SBP would not be accountable to the parliament, the prime minister or any institution of the country and it would only be answerable to the international institutions.

    He said National Accountability Bureau (NAB), Federal Investigation Agency (FIA) or any other institution would not be able to ask the SBP governor and other officials for any corruption.

    “If the prime minister of Pakistan can appear before NAB, then why can’t the SBP governor?” Ahsan said adding it was only to mortgage Pakistan’s economy with the international institutions.

  • Will Hafeez Shaikh continue as finance minister?

    Will Hafeez Shaikh continue as finance minister?

    The Pakistan Tehreek-e-Insaf (PTI) government will soon be required to pick a new finance minister as Abdul Hafeez Shaikh’s tenure of six months is going to expire in June 2021 following his loss in the Senate election.

    Hafeez Shaikh, who took oath as Minister for Finance on December 11, 2020, was contesting for the Senate seat from Islamabad from the platform of the PTI and it was requisite for him to win the polls to continue the same portfolio since he was an unelected individual to head the ministry. However, under the Constitution, it would not be possible to serve as finance minister as he has been defeated by former prime minister Yousaf Raza Gillani, the joint candidate of the PDM, in yesterday’s Senate race.

    According to reports, PTI lawmakers and allied parties’ lawmakers were not happy with the PM’s decision to award a ticket to his aide on finance as many saw Sheikh as a “parashooter” in the PTI ranks.

    It remains to be seen who will be the next finance minister.

  • Stocks hold gains to cross 45,000 points threshold for first time since May 2018

    The Pakistan Stock Exchange (PSX) gained over 500 points on Wednesday to cross the 45,000-point threshold for the first time since May 2018.

    Global equity markets also showed a positive trend. Profit reported that the buying activity was observed across the board. According to the newspaper, “Exploration & production and oil & gas marketing sectors rebounded strongly, whereas cement and fertilizer sectors continued with previous day’s positive momentum.”

    “International crude oil prices jumped significantly on the conclusion of agreement among OPEC+ countries, which became the basis for an uptick in E&P stocks. Cement sector leaped on the expectation of an increase in cement price in the northern region, while banking sector contributed positively in anticipation of annual results.”

    Express Tribune reported that the trading volumes lifted to 664.5million shares due to strong investors’ interest. The market outlook also remained positive due to the government’s decision to settling circular debt with the independent power producers (IPPs), though partially.

    Moreover, the petroleum product sales that rose in double digits also helped the bullish trend. “Oil sales were up 16% to 1.59 million tons in December 2020 compared to 1.37 million tons in the same month of 2019,” the report said.

    It further stated that the State Bank of Pakistan’s report on the Pakistani economy also played a role in rallying the stock market. According to the central bank, the economic activity in the country has been largely restored to pre-coronavirus levels in the first quarter of the current financial year.

  • Nothing wrong with U-turns if they don’t ‘compromise ideology’: PM

    Nothing wrong with U-turns if they don’t ‘compromise ideology’: PM

    Prime Minister Imran Khan has defended his U-turns once again, saying that going back on one’s words is fine as long as it doesn’t compromise “ideology”.

    This is not the first time Imran has tried to defend the actions that saw him walk away from his promises. In 2018, he had said: “A leader who does not take ‘U-turns’ [in the best interests of the nation] is not a ‘real leader’.”

    APP, the state-run news agency, reported the PM as saying that the idea of making “compromises to reach the ultimate goal was never bad until one compromised the ideology”. “I will never make a compromise on an NRO. The U-turn is when you give up your goal,” he remarked.

    In an interview with Dunya News on Friday, the PM also talked about his statement wherein he had said that he was not prepared to run the country. “My statement that I was not prepared was completely misunderstood,” he said, adding: “I have never made any excuses that I was not prepared.”

    According to the premier, only a “fool would not know about the problems of the country”. The PM said the two years have passed with great “difficulty” but now things are looking better. “Good times are soon to come.” “People will decide about my performance after five years [and] God willing, Pakistan will soon have great times.”

    Speaking about economy, Imran said expenditure is on the rise as opposed to the income. “Reducing expenditure at home can become a pain,” he said, adding that half of tax revenue is spent on debt servicing.

    The current government has paid back $20 billion worth of loans over the past two years and the current account deficit has also been in positive for the past five months, he added.

    The remittances and exports have increased as well, the PM said, referring to a boost in the textile industry.