Tag: Pakistan

  • Rising petrol prices and rupee devaluation push inflation to 47.23% in Pakistan ahead of Eid

    Rising petrol prices and rupee devaluation push inflation to 47.23% in Pakistan ahead of Eid

    According to data released by the Pakistan Bureau of Statistics (PBS), a steep increase in the prices of essential food items such as chicken and petrol has pushed weekly inflation to 47.23 per cent year-on-year for the week ending on April 19. Inflation has risen 0.51 per cent week-on-week, compared to a 0.60 per cent decrease in the previous week.

    The rising inflation has been attributed to the increase in sensitive price indicators such as LPG, potatoes, petrol, tea, gur, matchbox, bread, chicken, bananas, broken basmati rice, and rice irri-6/9. However, a major decrease was observed in the prices of tomatoes, onions, garlic, sugar, wheat flour, mustard oil, cigarettes, and pulse gram.

    For the week under review, the SPI (Sensitive Price Index) was recorded at 251.83 points, against 250.56 points registered last week and 171.05 points recorded during the week ended April 21, 2022. Fahad Rauf, head of research at Ismail Iqbal Securities, said that SPI experienced an increase mainly driven by a 4 per cent and 2 per cent increase in the prices of petrol and chicken, respectively.

    During the week, the government raised petrol prices by Rs10 per litre, bringing the new price to Rs282 per litre, due to the impact of rising international oil prices and rupee devaluation. Chicken prices have also risen mainly due to increased seasonal demand in Ramadan and the arrival of Eid.

    Prices of commodities have risen significantly over the last year on account of devaluation as well as the massive floods that devastated food crops across most of the fertile plains of the country. Different weights are assigned to various commodities in the SPI basket, and prices of commodities have risen on a year-on-year basis. The PBS compiles the SPI by collecting prices of 51 essential items from 50 markets in 17 cities of the country.

    During the week under review, out of 51 items, prices of 29 (56.86 per cent) items increased, eight (15.69 per cent) items decreased, and prices of 14 (27.45 per cent) items remained unchanged. The PBS data attributed the year-on-year rise in SPI to the jump in the prices of goods such as cigarettes, wheat flour, gas charges for Q1, tea, diesel, potatoes, bananas, eggs, petrol, broken basmati rice, rice irri-6/9, pulse moong, and plain bread. However, a decrease was observed in the prices of tomatoes and chilli powder.

  • ‘ELITE ordered from Daraz’: Trailer for ‘College Gate’ has the internet divided

    On Wednesday, Green Entertainment has released the trailer for ‘College Gate’, an upcoming series about a group of students. Starring Instagram influencers like Mamia Shajaffar and Khaqan Shahnawaz, the series explores the lives of a group of students and how they tackle parental pressure, love, dating and learn to rely on their friends during the tough moments of their lives.

    However, the trailer has divided the internet, with many users thinking that the series is just plagarised from hit Netflix shows like ‘Elite’ and ‘Class’.

    TBH we have the same question on our mind.

    Others pointed out that despite the fact that the trailer seemed a direct copy of a show about the lives of privileged kids, it did seem like a progressive step that Pakistani dramas were starting to focus on the lives of teenagers!

    We can also agree that it’s good for Pakistani dramas to tackle societal pressure and the anxieties of students growing up in this stage, rather than churn out another series focusing on saas bahu conflicts and the satti vs slutty savitri trope.

    So while we can agree with some folks on Twitter here that the storyline is completely unoriginal but lets not drop the ball so quickly? Pakistani dramas are in desperate need of some revival right now, and its good that some people with logical minds had actually thought about discussing what issues students are facing today.

  • Inflation hits Pakistanis hard as they prepare for Eid-ul-Fitr festivities

    Inflation hits Pakistanis hard as they prepare for Eid-ul-Fitr festivities

    Eid-ul-Fitr is an important religious holiday celebrated by Muslims around the world, marking the end of the holy month of Ramadan.

    During Ramadan, Muslims fast from dawn until sunset and abstain from food, drink, and vices like gossip and lying. It is a period of self-reflection and a reminder to be charitable to the less fortunate.

    Observed first day of Shawwal, the tenth month of the Islamic calendar, Eid-ul-Fitr is a time for Muslims to come together with family and friends to offer prayers, exchange gifts, and share meals. It is also a way for Muslims to show their gratitude to Allah for giving them the strength to fast and to seek forgiveness for any sins committed during the year.

    However, in Pakistan, small shops and businesses are struggling to make ends meet during this year’s Eid-ul-Fitr celebrations. The high levels of inflation, which have hit their highest levels in decades, have left many businesses unable to make enough money to cover their monthly expenses, including rent and utility bills.

    For many small shops and businesses in Pakistan, the last days of Ramadan or before Eid-ul-Fitr used to be a guaranteed earner—a big-spending week that could match the take from the rest of the year. However, this year, many worry they will not even make enough to pay for their monthly expenses.

    A tailor in Canal Bank, Lahore, stated that each year, he was fully booked and had so many orders that he couldn’t take orders after the middle of the month of Ramzan. However, this year, he said, “For the first time, we are accepting orders in the last week of Ramzan as there is not much work.”

    Tailors in Lahore who used to charge Rs1,500 are now charging Rs2,500 or Rs2,200. Even well-known brands or shops are charging more, which is leaving consumers with no option but to go for cheap ready-made clothes or clothes that are available on sale.

    The South Asian country of more than 220 million people saw year-on-year inflation hit 35.4 per cent in March. Food prices surged more than 47 per cent in 12 months, with transport costs rising by 55 per cent.

    Pakistan is deeply in debt and needs to introduce tough reforms to unlock a tranche of a $6.5 billion bailout from the International Monetary Fund in order to avoid default. The economy has been wrecked by years of financial mismanagement and political instability—a situation exacerbated by a global energy crisis and devastating floods that left a third of the country under water last year.

    An artificial jewelry shop owner in Anarkali, Lahore, Zaryab, said, “There is a significant difference between last year’s sales and this year’s. People come to our stall, see 3-4 necklaces or bangles, ask the price, and then leave.”

    The high inflation has significantly reduced the purchasing power of Pakistanis, and people are mostly focusing on fulfilling their essential needs. Noman Khan, an electrical engineer at ACE Pakistan, stated that this Eid, he has not been able to buy clothes for himself as he had to buy clothes for his two kids and wife. He added that “From artificial jewelry to kids’ clothes, everything is so expensive this year that I have no option but to wear old clothes. Although, I made sure that my kids and wife at least get what they want to wear this Eid.”

    In conclusion, the struggle for small businesses in Pakistan during Eid-ul-Fitr celebrations is a stark reminder of the country’s economic challenges. While many Pakistanis are still managing to celebrate the holiday, the high levels of inflation have made it difficult for many to enjoy the festivities.

  • ‘Judiciary cannot re-write Constitution’; PM Shehbaz remains defiant

    ‘Judiciary cannot re-write Constitution’; PM Shehbaz remains defiant

    A defiant Prime Minister (PM) Shehbaz Sharif on Thursday said that the judiciary can only interpret the law, but cannot re-write it.

    “There is no example in the world where the parliament’s law — which has not even come into existence right now and has not taken its applicable shape — was subjected to a stay order,” said PM Shehbaz while addressing the launch ceremony of the constitution’s mobile app in Islamabad.

    “The Constitution has taken birth from the cradle of the parliament. The judiciary can interpret the Constitution — that is their right — but the judiciary cannot rewrite the Constitution,” said the Premier as his government faces off with the Supreme Court.

    “This (rewriting Constitution) is only the parliament’s authority,” he added, warning that the “parliament will use its constitutional and legal rights on this” matter.

    Shehbaz said the country was “standing at crossroads today” and that politicians, including him, had committed numerous mistakes.

    “The ones who stand above others are those who move forward after learning from their mistakes and subordinate themselves to the national interest for the nation’s supreme aim,” he said.

    The prime minister said the government was “working day and night to improve Pakistan’s difficult conditions and will keep doing so”.

  • Pakistan places first order for discounted Russian crude oil

    Pakistan places first order for discounted Russian crude oil

    Pakistan has placed its first order for discounted Russian crude oil under a new deal negotiated between Pakistan and Russia, following months of discussions.

    State Minister for Petroleum, Musadik Malik, confirmed that one cargo will dock at Karachi port in May.

    Pakistan will only purchase crude oil, not refined oil, and imports are expected to reach 100,000 barrels per day if the initial transaction goes smoothly. Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude, with other refineries to be included after a trial run.

    A delegation from Russia arrived in Pakistan earlier this month to discuss the payment mode. During these talks, the Russian side requested that the deal with Moscow be kept secret as they do not want the disclosure to other Russian crude buyer countries.

    Consequently, Pakistan’s top officials decided not to disclose the mode of payment and the exact discount. Russian Energy Minister Nikolay Shulginov led a delegation to Islamabad in January to hold talks on the deal, after which he said oil exports to Pakistan could begin after March.

  • Boycott? PML-N decides not to give tickets for Punjab election

    Boycott? PML-N decides not to give tickets for Punjab election

    Pakistan Muslim League-Nawaz (PML-N) has decided not to issue tickets to any candidate for the general elections in Punjab.

    According to news reports, PML-N leadership has decided that the nomination papers of the party candidates will not be withdrawn for now. The party will give tickets after the Supreme Court gives its verdict. For now, it has been decided not to issue party tickets till the court decision is announced.

    It is also reported that PML-N supremo Nawaz Sharif will decide whether his party will participate in the upcoming elections or not.

    In the light of the court decision, there is a possibility of calling an important consultative meeting after Eid ul Fitr.

    According to the election schedule, the Election Commission of Pakistan (ECP) has to allot party symbols to the candidates today.

  • ‘Trying to update our software’: Khan says reign of terror controlled by other force, not PDM

    ‘Trying to update our software’: Khan says reign of terror controlled by other force, not PDM

    Pakistan Tehreek-e-Insaf (PTI) Chair­man Imran Khan on Wednesday claimed that the “reign of terror” that his party was going through was not controlled by the Pakistan Democratic Movement (PDM) but by another force that sees itself as above the law.

    In a series of tweets Khan said, “The way we have descended into becoming a banana republic where there is no Rule of Law & only law of the jungle, it is clear that this reign of terror is not controlled by PDM puppets but by another force that sees itself totally above the law.”

    “Our ppl are abducted & afterwards sham FIRs are registered. As bail in one FIR is granted, another FIR pops up. I have over 145 FIRs against me. Its a circus of FIRs. My Bani Gala caretaker, my Zaman Park cook, our social media’s Mashwani, Waqas & my security incharge Ghumman – all abducted & tortured to try & update their software.”

    “Ali Amin got bail in one sham case, & another FIR popped up & now another one with police taking him to Lahore.”

    “Despite his falling ill on the way & being taken to hospital, he was removed from hospital before he had stabilised. Now total fascism prevails.”

  • Proposed cross-fuel subsidy plan fails to impress IMF, causing delays in bailout program

    Proposed cross-fuel subsidy plan fails to impress IMF, causing delays in bailout program

    In a bid to fulfil promises made to the International Monetary Fund (IMF), the Ministry of Finance is prepared to strongly oppose a draft summary proposed by the Ministry of Petroleum on the provision of cross-fuel subsidy.

    The proposed subsidy would involve increasing petroleum product prices by Rs75 per litre for all vehicles with engines of 1,000cc or more, in order to subsidize petrol for vehicles of 800cc and motorbikes. The draft summary was circulated among different ministries for comments before the upcoming Economic Coordination Committee meeting.

    An official from the finance ministry stated that the petrol scheme was still at the draft stage, and the ministry was preparing its comments and consulting with the IMF. The official recalled that a similar scheme had been proposed during the Pakistan Tehreek-e-Insaf (PTI) government but could not be implemented.

    Former finance minister Miftah Ismail had also allocated Rs48 billion on account of the Sasta Petrol Scheme in the last budget, but these resources were diverted towards flood-affected areas. The official added that such a scheme could not be implemented transparently in Pakistan, and the ministry would send its official comments soon.

    In March, Prime Minister Shehbaz Sharif announced the government’s plans for fuel pricing. While economists warned the decision could hinder a crucial IMF payout needed to prevent economic collapse, the government said that it was a scheme, not a subsidy.

    The IMF officials were quick to share that the Pakistani government did not consult the global lender on its petrol subsidy for low-income groups before the announcement. The Fund has asked the Pakistani authorities to provide more details about the petrol relief package causing more delay in the signing of the staff-level agreement.

    Pakistan has been trying to convince the Washington-based lender to release the next tranche of the bailout programme since the IMF funding stalled in November, hit by snags over fiscal policy adjustments after officials of the lender visited Islamabad in February for talks. They formed part of a ninth review exercise on a bailout package of $6.5 billion agreed upon in 2019 whose resumption is critical for Pakistan to avoid risking default on external payment obligations.

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  • ‘Enough’; Saeeda Imtiaz slams critics for saying death rumor was publicity stunt

    ‘Enough’; Saeeda Imtiaz slams critics for saying death rumor was publicity stunt

    On Tuesday, actress Saeeda Imtiaz made national headlines when it was reported that she had passed away at her home. Later in the day, the ‘Tamasha ghar’ actor and her legal representative slammed the rumors to confirm that she was alive. The news reports had been released after the actress’ Instagram page posted an announcement of her death.

    Saeeda Imtiaz said that a group of hackers had posted fake news on her Instagram and Facebook accounts leading her family and friends to become extremely upset, as they kept calling her to confirm the news.

    Television host Mathira had slammed Imtiaz for refusing to come forward with details, calling this a badly staged publicity stunt, in a screenshot shared by Galaxy Lollywood.

    Taking to her Instagram account, Imtiaz criticised those who were claiming that this was a publicity stunt, pointing out that the incident was traumatising for her, especially listening to news sources saying that she had passed away. She called for the critics to be mindful of their actions, because no one knows about how their life would turn out.

  • ‘Even as a cricketer, you’re an actor’: Wasim Akram talks to The Current about why he chose to act in ‘Money Back Guarantee’

    ‘Even as a cricketer, you’re an actor’: Wasim Akram talks to The Current about why he chose to act in ‘Money Back Guarantee’

    In an exclusive interview with The Current, cricket great and commentator Wasim Akram along with his wife, philanthropist Shaniera Akram, discussed their upcoming film ‘Money Back Guarantee’.

    The film plays host to a star-studded cast with the names of actors like Fawad Khan, Ali Safina, Ayesha Omar and Mikaal Zulfiqaar on the marquee.

    When asked about why he chose to venture into acting after 25 years in cricket and commentary, Akram opened up about his decision:

    “I have been acting for 25 years not just for television commercial or brands. And before that, even during the time I was a cricketer”, the 56-year-old former captain of the Pakistan team said. “When you’re on the field you have to be mindful about where you have to be angry, where you want to be excited, where you have to have a go at one of your fielders when they have dropped a catch.”

    Akram revealed that he had always enjoyed watching movies and television shows, and was grateful for the opportunity writer and director Faisal Quraishi gave him by casting him in ‘Money Back Guarantee’.

    “I enjoy watching movies…especially on Netflix, Amazon Prime, Stand TV in Australia. I watch very different movies too, so credit goes to Faisal who convinced me to give it a go,” the former pacer told us.

    Akram also shared that this was not something he was making a career out of at this stage, but thought, “Why not, let’s give it a go?”

    The complete interview with Wasim Akram and Shaniera Akram will be released on The Current’s YouTube channel on the first day of Eid.