Tag: funds

  • Family ties; PML-N candidate list favours relatives

    Family ties; PML-N candidate list favours relatives

    As the general elections loom closer, the Pakistan Muslim League-Nawaz (PML-N) has disclosed its roster of candidates for both the National and Punjab Assemblies, drawing attention for granting tickets to more than 30 family members, as reported by The News.

    The announcement was made by Ishaq Dar, PML-N’s Head of Election Cell, marking a pivotal moment in the party’s preparations for the upcoming political showdown.

    In a notable revelation, 36 candidates have familial ties, including father-son, father-daughter, husband-wife, brother-in-law, mother-son, father-in-law, and uncle-nephew relationships among them.

    PML-N stalwarts Nawaz Sharif and his daughter Maryam Nawaz are set to contest the National Assembly polls from Lahore, while PML-N President Shehbaz Sharif and his son Hamza Shehbaz will participate in both the National Assembly and provincial assembly polls.

    Malik Saif ul Mulook Khokhar, the President of PML-N Lahore, and his son Faisal Ayub, have secured tickets for the National and provincial assemblies, respectively.

    Afzal Khokhar and his nephew Irfan Shafi Khokhar from Lahore are also contesting on PML-N tickets.

    From Dera Ghazi Khan, former minister Awais Leghari and his son Amar Leghari are nominated for National Assembly seats in Rajanpur.

    Additionally, former minister Khawaja Saad Rafique is vying for a National Assembly seat, while his brother Salman Rafiq is contesting for a provincial assembly seat, both from Lahore.

    In Muzaffargarh, former minister Syed Basit Bukhari and his daughter Syeda Shahr Bano Bukhari have been fielded as candidates.

    From Bahawalpur, Iqbal Chanar is nominated for a National Assembly seat, with his son Zaheer Iqbal Chanar is contending for a provincial assembly seat.

    Chaudhry Khalid Javed Waraich and his son Uqba Waraich are PML-N’s candidates for the National and provincial assemblies from Toba Tek Singh, respectively.

    Yaqoob Shaikh is contesting for the National Assembly from Jhang, while his wife Rashida Yaqoob is running for a provincial assembly seat.

    Notable leaders like Daniyal Aziz didn’t make it to the list.

    PML-N ticket distribution extends to various regions, including Kasur, Vehari, Dera Ghazi Khan, Taunsa, Lodhran, Khanewal, and Sheikhupura, with candidates such as Rana Hayat, Begum Tahmina Daultana, Amjad Farooq Khosa, Siddique Baloch, and Mian Javed Latif, among others.

    Notably, the PML-N has introduced eight new faces in Punjab for National Assembly tickets, including Bilal Azhar Kayani and Attaullah Tarar. The party has also allocated tickets to six women for the National Assembly and three for the provincial assembly in Punjab, showcasing a diverse candidate pool.

  • Who is going to run under a PML-N ticket? Key announcements suggest surprising political shift

    Who is going to run under a PML-N ticket? Key announcements suggest surprising political shift

    In a strategic move ahead of the 2024 general elections, the Pakistan Muslim League-Nawaz (PML-N) has officially revealed its powerhouse lineup. The announcement was made by Ishaq Dar, who is the PML-N’s Head of Election Cell, marks a pivotal moment in the party’s preparations for the upcoming political showdown.

    Tickets fiasco?

    Former federal minister Daniyal Aziz, after his differences with the party, has decided to contest the 2024 elections as an independent candidate. His decision comes after PML-N released its list of election candidates.

    X (former Twitter) user Dilawar Hussain wrote, “Disappointed with PML N’s decision not to grant a party ticket to Daniyal Aziz in Narowal. His courage in facing oppression and commitment to party deserves acknowledgment. Wishing for a reconsideration at the senior party level. ”

    The only elected woman MNA from the PML-N in 2018, Mehnaz Akbar Aziz, didn’t get a ticket this time from Narowal (NA 77). Mehnaz Akbar has announced to contest the election as an independent candidate in NA 75, Shakargarh.

    Former PML-N MNA Ch Jaffar Iqbal from NA 106 didn’t get the ticket this time. Instead it was given to the air chief’s brother Naseer Sidhu as per Alag Digital.

    Ch Hamid Hameed from Sargodha didn’t get the ticket. User Mehr Mohsin wrote, “He
    @ChHamidHameed has 40 year’s affiliation with @pmln_org and has been victimised several times for his loyalty with party – I also witnessed 2018 – but no ticket in 2024, what you have learned through your political experience? @MaryamNSharif @NawazSharifMNS @CMShehbaz.”

    User Ali Zain commented, “Hamid Hameed has been winning elections with massive margins in NA 84 (Sargodha City) for the past two elections and yet #PMLN didn’t award a ticket to their best candidate!! This is a huge opportunity for #PTI now to win this seat!”

    User Samraiz Ali pointed out that Khawar Maneka’s brother has been awarded a ticket, “PMLN Ticket of NA 139 Ahmad Raza Maneka. Khawar Maneka’s brother Ahmad Raza Maneka is currently a member of the National Assembly of Pakistan, and is affiliated with the PML-N.”

    While criticising the PML-N’s decision on awarding of the ticket to Ghulam Sarwar, user Najam Ali said, “This man bankrupted PIA and he gets the nod. I am speechless.”

    User Rowdy Rana said, “Nominated PMLN ticket holder PP-197 Sardar Masab Ali Dogar is still on bail in 9th May Terrorism FIR case pending.”

    User Israr Ahmed pointed out, “@pmln_org Supreme Leader @NawazSharifMNS awarded party ticket from PP-10 to illegal Blue World City Director Ch Nahim Ijaz for #GE2024 despite the candidate is involved in more than 200 criminals cases registered with @RwpPolice under multiple charges including terrorism, kidnapping, dacoity, robbery, firing on policemen, possessing illegal weapons and land grabbing. PML-N candidate is nominated in 49 FIRs out of 200.”

    Tickets Details

    Islamabad Capital Territory NA 46 Anjum Aqeel Khan, NA 48 Dr. Tariq Fazal Chaudhry

    Rawalpindi Division

    District Attock NA 49 Sheikh Aftab Ahmed, PP 1 Jahangir Khanzada, PP 2 Iftikhar Ahmed Khan, PP 3 Hameed Akbar, NA 50 Malik Sohail Khan, PP 4 Sher Ali Khan, PP 5 Malik Aitebar Khan.

    District Rawalpindi NA 51 Raja Osama Sarwar, PP 6 Mohammad Bilal Yamin, PP 7 Raja Saghir Ahmed, NA 52 Raja Muhammad Javed Ikhlas, PP 8 Iftikhar Ahmad, PP 9 Shaukat Raja (Raja Shaukat Aziz Bhatti), NA 53 Raja Qamar ul Islam, PP 10 Chaudhry Naeem Ejaz, PP 11 Imran Ilyas Chaudhary, NA 55 Malik Ibrar Ahmed, PP 14 Malik Iftikhar Ahmed, PP 15 Malik Mansoor Afsar, NA 56 Mohammad Hanif Abbasi, PP 16 Zia Ullah Shah, PP 17 Raja Abdul Hanif, NA 57 Danyal Chaudhary, PP 18 Sajjad Khan, PP 19 Haji Pervaiz Khan, PP 13 Malik Umar Farooq.

    District Chakwal NA 58 Maj. (Rid) Tahir Iqbal, PP 20 Sultan Haider Ali Khan, PP 21 Tanvir Aslam Malik.

    District Talagang NA 59 Sardar Ghulam Abbas, PP 23 Shehryar Mailk.

    District Jehlum PP 25 Chaudhary Nadeem Khadim, PP 26 Nasir Mahmood Lilla

    Gujranwala Division

    District Gujrat NA 62 Chaudhary Abid Raza, PP 27 Muhammad Hanif Malik, PP 28 Shabbir Ahmed, NA 63 Nawabzada Ghanznfar Ali Gul, PP 29 Nawabzada Haider Mehdi, PP 30, Maj (Rtd) Moin Nawaz Warraich, NA 65, Chaudhary Naseer Ahmed Abbas Siddhu, PP 33 Mohammad Ali, PP 34 Mian Tariq Mehmood.

    District Wazirabad NA 66 Nisar Ahmed Cheema, PP 35 Waqar Ahmed Cheema, PP 36 Adnan Afzal Chattha.

    District Hafizabad NA 67 Saira Afzal Tarrar, PP 37 Mian Shahid Hussain Khan, PP 38 Sheikh Gulzar Ahmed, PP 39 Mohammad Aoun Jahangir.

    District Mandi Bahauddin NA 68 Mushahid Raza, PP 40 Hameeda Mian, PP 41 Syed Tariq Yaqoob, NA 69 Nasir Iqbal Bosal, PP 42 Khalid Mehmood Ranjha, PP 43 Chaudhary Akhtar Abbas Bosal.

    District Sialkot NA 70 Chaudhary Armaghan Subhani, PP 44 Arif Iqbal, PP 45 Tariq Subhani, NA 71 Khawaja Muhammad Asif, PP 47 Mansha Ullah Butt, NA 72 Ali Zahid, PP 48 Rana Liaqat Ali, PP 49 Rana Muhammad Afzal, NA 73 Nosheen Iftikhar, PP 50 Chaudhary Naveed Ashraf, PP 51 Zeeshan Rafique, NA 74 Rama Shameem Ahmed Khan, PP 52 Chaudhary Arshad Javed Warraich, PP 53 Rana Abdul Sattar.

    District Narowal NA 75 Chaudhry Anwaar ul Haq, PP 54 Ahsan Iqbal, NA 76 Ahsan Iqbal, PP 56 Mannan Khan, PP 57, Khawaja Muhammad Waseem PP 58 Bilal Akbar Khan.

    District Gujranwala NA 77 Chaudhary Muhammad Bashir Virk, PP 59 Bilal Farooq Tarrar, PP 63 Muhammad Taufeeq Butt, PP 64 Umer Farooq Dar, PP 68 Chaudhary Muhammad Iqbal, PP 70 Amanullah Warraich, NA 78 Khurram Dastagir Khan, PP 60
    Moazzam Rauf Mughal, PP 61 Imran Khalid Butt, PP 65 Sahibzada Ghulam Fareed, NA 79 Zulfiqar Ali Bhindar, PP 66, Qaiser Iqbal Sindhu, PP 67 Akhtar Ali Khan, NA 80 Shahid Usman, PP 62 Muhammad Nawaz Chohan, NA 81Azhar Qayyun Nehra, PP 69 Irfan Bashir Gujjar.

    Faisalabad Division

    District Chiniot NA 93 Syed Muhammad Raza Bukhari, PP 94 Mehr Shah Behram Baral, NA 94 Qaiser Ahmed Sheikh, PP 95 Muhammad Ilyas, PP 97 Muhammad Saqlain Anwar Sipra.

    District Faisalabad NA 95 Azad Ali Tabassum, PP 99 Muhammad Shoaib Idrees, NA 97 Ali Gohar Khan, PP102 Jaffar Ali Hocha, PP103 Muhammad Safdar Shakir, NA 98 Chaudhary Muhammad Shahbaz Babar, PP104 Arif Mahmood Gill, PP 105 Rao Kashif Rahim Khan, NA 99 Mohammad Qasim Farooq, PP 107 Khalid Pervaiz Gill, NA 100 Rana Sana Ullah Khan, PP 108 Muhammad Ajmal, PP 109 Chaudhary Zafar Iqbal Nagra, NA 101 Irfan Manan, PP 111 Chaudhary Fugir Hussain Dogar, PP 113 Ali Abbas Khan, PP 114 Sheikh Mohammad Yousaf, NA 102 Chaudhary Abid Sher Ali, PP 115 Mohammad Tahir Pervaiz, PP 116 Ahmed Shehryar, NA103 Haji Muhammad Akram Ansari, PP117 Malik Muhammad Nawaz, PP 118 Sheikh Ejaz Ahmad, NA 104 Raja Riaz Ahmed, PP 110
    Mehr Hamid Rasheed, PP 112 Israr Ahmad Khan.

    District Toba Tek Singh NA105 Chaudhary Khalid Javaid, PP 119 Uqbah Ali, PP 120 Abdul Qadeer Alvi, NA 106 Muhammad Junaid Anwaar Chaudhary, PP 121
    Amjad Ali, PP 122 Col. (Rtd) Muhammad Ayub Gadhi, NA107 Chaudhary Asad ur Rehman, PP 123 Nazia Raheel, PP124 Syed Qutab Ali Shah.

    District Jhang NA108 Makhdoom Syed Faisal Saleh Hayat, PP 125 Makhdoom Syed Faisal Saleh Hayat, PP 126 Mehr Muhammad Aslam Bharwana, PP 128 Khalid Muhammad Sargana, NA 110 Muhammad Asif Muawia, PP 129 Khalid Ghani, PP 130 Ameer Abbas Sial, PP131Faisal Hayat

    Lahore Division

    Nankana Sahib NA 11 Chaudhary Muhammad Barjees Tahir, PP 132 Mian Ijaz Hussain Bhatti, PP 133 Rana Muhammad Arshad, NA 112 Dr. Shezra Mansab Ali Khan Kharral, PP 134 Mehr Kashif, PP 135 Agha Haider Ali Khan.

    District Sheikhupura NA 113 Ahmed Attique Anwar, PP 136 Muhammad Hassan Riaz, PP 137 Muhammad Arshad, NA 114, Rana Tanvir Hussain, PP 138 Pir Muhammad Ashraf Rasool, PP 139, Rana Tanveer Hussain, PP 140 Mian Abdul Rauf, NA 115 Mian Javed Latif, PP 141 Amjad Latif, NA 116, Sardar Muhammad Irfan Dogar, PP 142 Mehmood ul Haq, PP 143 Mumtaz Mehmood Khan, PP 144 Chaudhry Sajjad Haider Guijar.

    District Kasur NA 131 Saad Waseem Sheikh, PP 176 Chaudhary Muhammad Ilyas Khan, PP 177, Muhammad Naeem Safdar, PP 178, Malik Ahmed Saeed Khan, PP 179 Malik Mohammad Ahmad Khan, NA 133, Rana Mohammad Ishaq Khan, PP 181Sheikh Alla Uddin, PP 182 Mehmood Anwar, NA 134 Rana Mohammad Hayat Khan, PP 183 Rana Sikandar Hayat, PP 184 Rana Mohammad Iqbal Khan.

    Sahiwal Division

    District Okara NA 135 Nadeem Abbas Rabera, PP 185 Javed Allauddin Sajjid, PP
    192 Ghulam Raza Rabera, NA136 Riaz ul Haq, PP 190 Mian Yawar Zaman, PP 191 Mian Mohammad Munir, NA137 Rao Muhammad Aimal Khan, PP 186 Syed Ashiq Hussain Kirmani, PP 189 Ali Abbas, NA138 Mohammad Moeen Watto, PP 187 Chaudhry IRikhar Hussain Chachar, PP 188 Noor ul Amin Watto.

    District Pakpattan NA 139 Ahmad Raza Maneka, PP 197 Sardar Mansab Ali Dogar, NA 140 Rana Iradat Sharif, PP 195 Kashif Ali Chishti, PP 196 Farrukh Javed.

    District Sahiwal NA141 Syed Imran Ahmad Shah, PP 198, Walayat Shah, PP 199
    Qasim Nadeem, PP 200 Muhammad Arshad Malik, NA 142 Chaudhry Muhammad Ashraf, PP 201 Naveed Aslam Khan Lodhi.

    Sargodha Division

    District Sargodha NA 82 Doctor Mukhtar Ahmed Malik, PP 71 Sohaib Ahmad Malik, PP 72 Mansoor Azam Sindhu, NA 83 Mohsin Nawaz Ranjha, PP 73 Mian Manzar Hussain Ranjha, NA 84 Doctor Liaqat Ali Khan, PP 75 Abdul Razzaq Dhillon, PP 76 Mahr Ghulam Dastgir Lak, NA 85 Doctor Zulfiqar Ali Bhatti, PP 78 Rana Munawar Hussain, NA 86 Syed Javaid Hussain, PP 79 Taimoor Ali Khan Baloch, PP 80 Sardar Mohammad Asim Sher Maken.

    District Khushab NA 87 Malik Shakir Bashir Awan, PP 82 Malik Mohammad Asif Bha Awan, PP 83 Muhammad Moazzam Sher, PP 84 Karam Elahi Bandial

    District Mianwali NA 89 Obaid Ullah Khan Shadikhel, PP 85 Amanat Ullah Khan, NA 90 Humair Hayat Khan Rokari, PP 87 Inam ullah Khan Niazi, PP 88 Malik Muhammad Feroz Joya.

    District Bhakkar NA 91 Abdul Majeed Khan Khanan Khel, PP 89 Abdul Majeed Khan Khanan Khel.

    Multan Division

    District Khanewal NA 144 Syed Mohammad Mukhtar Hussain, PP 205 Imran Iftikhar Hiraj, PP 212 Irfan Ahmad Alias Rana Irfan Mahmood Khan, NA 145 Mohammad Khan Daha, PP 206 Barrister Chaudhry Osama Afzal, PP 211 Rana Mohammad Saleem, NA
    146 Pir Mohammad Aslam Bodla Siddique, PP 207 Amir Hayat Hiraj, PP 208 Babar Hussain Abid, NA 147 Chaudhry Iftikhar Nazir, PP 209 Chaudhry Zia ur Rahman.

    District Multan NA 148 Ahmad Hussain, PP 214 Mian Shehzad Magbool Bhutta, PP
    215 Shahid Mahmood Khan, PP 218 Salman Naeem, NA 151 Abdul Ghaffar, PP 219 Doctor Mohammad Akhtar Malik, PP 220, Rai Mansab Ali NA, 152 Syed Javed Ali Shah, PP 221 Mian Tariq Abdullah, PP 222 Rana Ejaz Ahmad Noon, NA 153 Rana Mohammad Qasim Noon, PP 223 Mehdi Abbas Khan

    District Lodhran NA 154 Abdul Rahman Khan Kanju, PP 226 Malik Shah Mohammad Joya, NA 155 Siddique Baloch, PP 227 Umair Baloch, PP 228 Syed Mohammad Rafiuddin Bokhari.

    District Vehari NA 156 Chaudhry Nazir Ahmad, PP 229 Chaudhry Mohammad Yousaf Kasela, PP 231 Sardar Khalid Mahmood Dogar, NA 157 Sajid Mehdi, PP 230 Mian Irfan Aqeel Daultan, PP 232 Malik Nousher Khan Anjum Langrial, NA 158 Begum Tehmina Daultana, PP 233 Mian Mohammad Saqib Khursheed, PP 234 Mohammad Naeem Akhtar Khan, NA 159 Saeed Ahmad Minhias, PP 235 Mian Khaliq Nawaz, PP 236 Asif Saeed.

  • Financial crunch in KP: Textbook size to be cut down

    Financial crunch in KP: Textbook size to be cut down

    The caretaker setup in Khyber Pakhtunkhwa has come up with a new plan to make do with the scarcity of funds. According to Dawn, the provincial government did not release the funds required by the Khyber Pakhtunkhwa Textbook Board to publish course books due to the financial crisis in the last three years.

    In the meantime, the government provided books to students free of charge.

    The caretaker government of Khyber Pakhtunkhwa has decided in the last cabinet meeting to reduce the size of textbooks and provide half of schoolchildren with old course books hoping this will save over three billion rupees for printing books.

    The printing of books in the upcoming academic year 2023-24 was estimated to cost Rs8.528 billion but the amount will go down to Rs5.247 billion by cutting the size of textbooks and providing 50 percent of schoolchildren with the books that were collected from the students after their promotion to next grades.

    As per the report, the government is on a saving spree, and for that, 6-12 graders will be given 50 percent of old books to be collected by schools from students promoted to the next grades. The government says that only the books in good condition will be given away to students with the move saving the government Rs1.8 billion, according to the documents.

    The students of grades 4-5 will use 20 percent of the old books saving the government Rs334 million.

    Reducing the textbook size from nursery-grade 12 will save the government Rs. 1.1 billion.

    Dawn’s Muhammad Ashfaq talked to officials in the Education department of the province who stated that downsizing of textbooks and distribution of old books to school children came “under compulsion” as the finance department didn’t release funds for printing textbooks to the board on time. They said that even the total payment of Rs 10 billion to printing companies for the previous year was done in piecemeal. This time around, printing companies have shown no interest although the bid was announced multiple times.

    The officials feared a two-month learning loss for schoolchildren in the next academic year saying the publishers won’t be able to deliver orders by the end of May.

  • Cabinet approves bill seeking parliament validation for election funds

    Cabinet approves bill seeking parliament validation for election funds

    The federal cabinet on Monday approved a summary prepared by the Ministry of Finance seeking to release funds for the Election Commission of Pakistan (ECP) to hold elections in Punjab on May 14 as ordered by the Supreme Court, which will now be forwarded to the parliament.

    Finance Minister Ishaq Dar presented the bill before parliament today.

    Earlier today, a meeting chaired by Prime Minister (PM) Shehbaz Sharif, decided to send the matter to the parliament, observing that the Lower House was supreme and whatever decision it would make, would be acceptable.

    On Sunday the cabinet decided to refer to parliament the issue of the release of funds to the ECP for holding elections in Punjab.

    The cabinet asked Dar to prepare a summary for the guidance of the Parliament.

    It is pertinent to mention here that the SC has ordered that federal government to release Rs21 billion by April 10 for holding polls in Punjab.

  • SBP expected to increase interest rates again on IMF insistence

    SBP expected to increase interest rates again on IMF insistence

    The State Bank of Pakistan (SBP) is reportedly considering increasing the interest rate by 2 per cent during the upcoming Monetary Policy Committee (MPC) meeting in a bid to unlock the International Monetary Fund (IMF) programme.

    This follows failed negotiations between the Shehbaz Sharif-led government and the IMF, with the latter demanding that Pakistan raise the interest rate by 4 per cent due to its belief that inflation is lower in Pakistan as per the interest rate.

    The SBP had already increased the interest rate by 2 per cent, but now the IMF is reportedly pressuring Islamabad to raise it again by 2 per cent. The MPC is scheduled to meet on April 4 to review the interest rate as per the IMF’s demand.

    According to The News, the SBP has reportedly agreed to raise the interest rate by 2 per cent in accordance with the Fund’s demands. On March 2, the SBP raised the monetary policy rate by 300 basis points to 20 per cent due to a deterioration in inflation outlook and expectations amid recent external and fiscal adjustments.

  • Dollar inflows from next week will increase foreign exchange reserves: SBP governor

    Dollar inflows from next week will increase foreign exchange reserves: SBP governor

    Governor of the State Bank of Pakistan (SBP) Jameel Ahmad expressed hope on Wednesday that the situation of Pakistan’s foreign exchange reserves will improve as the country is anticipated to receive capital inflows in the coming days.

    “We are expecting inflows from next week onwards, which would reduce pressure on our foreign exchange reserves,” the SBP governor said.

    Ahmad reaffirmed his commitment to addressing the concerns of manufacturers and claimed that the nation’s foreign exchange reserves have reached very low levels. But as projects in the pipeline start to take shape, he predicted, “we will see a boom in reserves, which will increase our ability to support businesses.”

    According to the most recent SBP data, the central bank’s foreign exchange reserves dropped significantly by $1.23 billion, to a critically low level of $4.34 billion. SBP’s reserves are at their lowest point since February 2014.

    The country held $10.19 billion in liquid foreign reserves, and commercial banks kept $5.85 billion in net foreign reserves, according to Brecorder.

    To the dismay of many importers and firms in Pakistan, who claimed these limits as the cause for closing or curtailing operations, the SBP restricted imports earlier this year due to the low level of reserves.

    According to Ahmad, the SBP facilitated shipments under the headings of necessities, energy, industries focused on exports, agricultural inputs, deferred payment / self-funded imports, and imports for projects focused on exports that were almost finished.

    Prior to this, the central bank made the decision to remove import restrictions beginning on January 2, 2023.

    “Our capacity to export will build up only after we complete export-oriented projects, thus we have facilitated the timely completion of these projects,” he said.

    “We want to facilitate all the industries, however, we can only do so under our given capacity of inflows. We do not produce dollars locally, they come through exports, remittances, and inflows from lenders,” said Ahmed.

    “We are focusing on improving our capacity, and are also taking administrative intervention to bring our imports on a reasonable level,” he added.

    The SBP chief said evaluating the Letter of Credit (LC) is a time-consuming exercise. “We have cleared 33,000 LC cases,” he said.

    He added that steps had been done to control the current account deficit and that the central bank was aware of issues facing the business community.

    The governor stated that an action plan in this regard will soon be launched after the SBP carefully evaluates the business community’s ideas.

    He assured the business community that the central bank will ensure the approval of 365 days or over LCs from banks. “Similarly, if you have arranged a project loan, and yet the LCs are not being opened, the SBP will ensure it,” he said.

    The SBP had recommended banks to compel the retention of 35% of their export receipts in special foreign currency accounts in order to encourage IT companies and independent contractors to bring their foreign exchange earnings into the nation.

    “We are hopeful that the problems of the IT sector will be addressed, and as a consequence, our exports from the IT sector will increase,” said Ahmed in his address.

  • Pakistan receives $500 million from Asian Infrastructure Investment Bank

    Pakistan receives $500 million from Asian Infrastructure Investment Bank

    The government of Pakistan on Tuesday received $500 million from Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance announced on Tuesday.

    “Government of Pakistan has today received $500 million from AIIB. The funds are deposited with the State Bank of Pakistan (SBP) and will augment our reserves,” the ministry said.

    The funds by AIIB are crucial for the cash-strapped country, which has seen its foreign exchange reserves dwindle in recent months. The country’s reserves stood at $7.8 billion as of November 18.

    “During the week ended on November 18, 2022, SBP’s reserves decreased by $134 million to $7,825.7 million due to external debt repayment,” said the SBP on Friday.

    It is important to note that on October 26, 2022, the SBP got $1.5 billion from ADB as a loan disbursement for the government of Pakistan.

    An agreement between the ADB and Pakistan was inked last month to offer a $1.5 billion loan for budgetary support as well as assistance with flood-related repair and reconstruction efforts.

    The government’s $2.3 billion countercyclical development spending programme, created to lessen the effects of external shocks like the Russian invasion of Ukraine, was funded in part by a loan issued under the BRACE Program.

  • PSX surpasses 43,000-mark on hopes of inflows from friendly countries

    PSX surpasses 43,000-mark on hopes of inflows from friendly countries

    The news that the country will get a financial package from friendly countries led to another bullish session at the Pakistan Stock Exchange on Friday.

    The benchmark index started the pre-Friday prayer session in the green, according to Arif Habib Ltd, but lacklustre activity caused the index to drop 96.39 points at the end of the session.

    However, as trading started again, the benchmark recovered. Following Finance Minister Ishaq Dar’s announcement of a $13 billion package from China and Saudi Arabia, investors started looking for equities. While significant activity was seen in the oil and exploration sector, volumes overall remained stable.

    The KSE-100 index settled at 43,092.95 points, up 191.68 points or 0.45 per cent from the preceding session.

    The trading volume decre­ased 20.8 per cent to 232.8m shares while the traded value went down 25.4 per cent to $34.4m on a day-on-day basis.

    Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (21.1m shares), WorldCall Telecom Ltd (17.9m shares), TPL Properties Ltd (15.1m shares), Pakistan Refinery Ltd (14.8m shares) and Oil and Gas Development Company Ltd (12.5m shares).

    Sectors that contributed to the index performance were exploration and production (129.3 points), technology and communication (98.4 points), oil marketing (22.8 points), tobacco (13.1 points) and food and personal care products (12.8 points).

  • Pakistan to receive $13 billion in financial assistance from China and Saudi Arabia

    Pakistan to receive $13 billion in financial assistance from China and Saudi Arabia

    Ishaq Dar, Federal Minister of Finance, has said that Pakistan’s two closest friends, China and Saudi Arabia, will contribute a multibillion-dollar financial package to assist Pakistan with its shaky economy.

    According to the Finance Minister, both countries will grant Pakistan a $13 billion package.

    According to The News, Dar went on to say that China intends to contribute $8.8 billion in assistance, including loan rollovers, during the current fiscal year, and that it will also roll over $4 billion in deposit returns.

    In addition, Ishaq Dar indicated that it will provide $3.3 billion in commercial loans and $1.45 billion in additional financing.

    Meanwhile, Saudi Arabia is expected to contribute an extra $4.2 billion in aid, including $3 billion in new reserves and a delayed payment oil facility, according to the Finance Minister. He declared that the Kingdom would construct a petrochemical facility in Gwadar.

    Furthermore, the Minister stated that both countries have guaranteed Pakistan’s Prime Minister (PM), Shehbaz Sharif, of their support and will continue to do so till June 2023.

    Furthermore, China has promised that construction on CPEC’s key railway projects, Main Line 1 (ML-1) and Karachi Circular Railway (KCR), will begin shortly.

  • 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.”