Tag: Ramadan

  • Punjab govt imposes ‘complete ban’ on departmental iftar parties due to economic situation

    Punjab govt imposes ‘complete ban’ on departmental iftar parties due to economic situation

    The Services and General Administration Department (S&GAD) of Punjab has recently released a notification that prohibits government departments from organising Iftar parties.

    According to The News, the reason behind this move is the economic crisis faced by the country, and therefore, the government has advised against giving expensive gifts to departmental delegations during Ramzan. The notification, however, exempts diplomats and foreign guests from these bans.

    The notification highlights the significance of simplicity during the holy month and emphasizes the government’s commitment to celebrate it simply. It is essential to recognise Pakistan’s current economic circumstances and avoid hosting costly Iftar celebrations that might put a strain on the country’s financial resources.

    As a result, all government offices have been advised to follow these guidelines and avoid preparing lavish presents for local delegates. The administration acknowledges the importance of observing Ramzan in a more simple and conscientious manner that is consistent with the country’s economic position.

    This move by the Punjab government demonstrates a responsible and prudent approach towards managing the country’s resources during these challenging times. By promoting modest celebrations during Ramzan, the government aims to set an example for citizens and encourage them to prioritise their spending wisely.

    Furthermore, exempting foreign guests and diplomats from the ban ensures that Pakistan’s image remains positive while still taking necessary measures to address economic challenges.

  • Weekly inflation jumps over 46% as wheat flour prices reach all-time high in Pakistan

    Weekly inflation jumps over 46% as wheat flour prices reach all-time high in Pakistan

    The price of wheat flour has hit an all-time high, and this has caused weekly inflation to surge by 1.80 per cent week-on-week and 46.65 per cent year-on-year.

    The Pakistan Bureau of Statistics has attributed this rise in the sensitive price indicator to the increase in prices of several items, including wheat flour, tomatoes, potatoes, and bananas, among others. On the other hand, the PBS has noted a decrease in the prices of chicken, chilli powder, and LPG, among others.

    The increase in the price of wheat flour is due to the government’s change in subsidy mechanism, shifting from general subsidy to a targeted subsidy through the Benazir Income Support Programme. This change has led to a 42 per cent increase in the price of a 20kg bag of wheat flour, which has now reached an all-time high of Rs2,586. As we head into Ramadan, food prices are expected to continue rising, and the March 2023 CPI is expected to come in at 35.5 per cent on a YoY basis.

    Sticky inflation numbers, along with the stalled International Monetary Fund programme, have pushed the State Bank of Pakistan to raise its benchmark interest rate by 300 basis points to a 26-year high. The central bank is expected to raise the policy rate by another 100bps to 21 per cent in its upcoming monetary policy committee meeting on April 4. This rate hike is expected to spread massive poverty among the population.

  • Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    On Friday, gold prices in Pakistan experienced a significant increase due to seasonal demand and the rush to purchase the precious metal during Ramadan and the upcoming wedding season.

    According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold surged by Rs5,600 per tola and Rs4,801 per 10 grammes to settle at Rs207,500 and Rs177,898, respectively.

    In recent sessions, the price of gold had decreased due to a decline in international prices and the appreciation of the Pakistani rupee against the US dollar. However, the bullion sparkled once again on Friday as local markets reopened following a day off for Pakistan Day.

    The price of gold in Pakistan is strongly influenced by the rupee-dollar parity since almost all of the country’s gold demand is met through imports, with traders following international prices to set rates. The metal is imported by jewelers against the US dollar and UAE dirham before its price is converted into rupees.

    The APSGJA also noted that the price of gold in Pakistan was Rs12,000 per tola cheaper than in the Dubai market, indicating that the Pakistani gold market was currently less expensive than the global market.

    Meanwhile, in the international market, gold prices continued to rise on Friday, buoyed by a drop in Treasury yields after the US Federal Reserve hinted at a possible end to its monetary tightening cycle. The per-ounce price settled at $1,997 after a significant increase of $58.

    The longer-term prospects for gold remain positive due to expectations of a pause in US interest rate hikes. In addition, silver prices in the domestic market rose by Rs20 per tola and Rs17.15 per 10 grammes, settling at Rs2,220 per tola and Rs1,903.29 per 10 grammes, respectively.

  • Energy ministry announces uninterrupted power supply during sehr, iftar and taraweeh in Ramzan

    Energy ministry announces uninterrupted power supply during sehr, iftar and taraweeh in Ramzan

    The Ministry of Energy announced on Wednesday that no loadshedding will take place during sehr, iftar and taraweeh in the holy month of Ramzan, in accordance with the instructions of Prime Minister Shehbaz Sharif.

    The Prime Minister has directed for an uninterrupted supply of electricity during Ramzan, and the ministry has subsequently issued directives to power distribution companies to ensure this.

    The ministry has requested that DISCOS ensure the supply of electricity during sehr, iftar, and taraweeh, with zero load management an hour before and after sehr, and one hour before iftar and three hours after.

    According to Geo, control rooms will be established at the operation circle level to guarantee an uninterrupted supply of power. Additionally, special teams have been formed to address grievances at division and sub-division levels.

    In the event of transformer failure, additional transformers and trolleys will be made available. Today (Wednesday), the Central Ruet-e-Hilal Committee will convene in Peshawar for the sighting of the Ramzan ul Mubarak 1444 AH moon.

  • Punjab govt to provide free flour to 15.8 million deserving households during Ramzan

    Punjab govt to provide free flour to 15.8 million deserving households during Ramzan

    Prime Minister (PM) Shehbaz Sharif has announced a scheme to provide free flour to impoverished individuals during the holy month of Ramzan. The premier stated that the distribution of free flour will encompass 15.8 million households throughout Punjab from 25 Sha’ban to 25 Ramzan.

    To ensure effective implementation of the scheme, the Prime Minister directed the utilisation of 8,500 utility stores and the establishment of an additional 20,000 distribution points for public convenience.

    Moreover, PM Shehbaz stressed the need for the transparent and modern distribution of free flour among the poor while also emphasising that the quality of flour provided should be of the highest standards.

    Eligibility for the program can be confirmed through SMS, and the federal government will also support other provinces in this regard.

    During a review meeting to discuss the distribution of free flour under the Ramzan package, chaired by the Prime Minister himself, the Punjab government provided a detailed briefing on the program.

    The meeting was attended by the Caretaker Chief Minister Punjab Syed Mohsin Raza Naqvi, Adviser to the Prime Minister Ahad Cheema, and other relevant senior officials.

    This decision is expected to bring much-needed relief to the underprivileged during the holy month of Ramzan. By utilising modern technology and additional distribution points, the distribution of free flour can be carried out efficiently and transparently, ensuring that the benefits reach those who are most in need.

  • Weekly inflation in Pakistan jumps to 42.3% as prices increase ahead of Ramadan

    Weekly inflation in Pakistan jumps to 42.3% as prices increase ahead of Ramadan

    According to data released by the Pakistan Bureau of Statistics (PBS) on Friday, weekly inflation surged by 1.37 per cent week-on-week and 42.27 per cent year-on-year during the week ended March 9. This marks a 25-week high on an annualized basis, as prices of perishables have started to rise ahead of Ramadan. The surge in the sensitive price indicator (SPI) was attributed to the increase in prices of various commodities, including tomatoes, potatoes, onions, sugar, bananas, cooking oil, wheat flour, vegetable ghee, printed lawn, curd, milk, tea, shirting, broken basmati rice, and powdered salt. Meanwhile, a major decrease was observed in the prices of chicken, garlic, pulse moong, eggs, pulse masoor, LPG, firewood, and pulse gram.

    For the week under review, SPI was recorded at 243.87 points, compared to 240.57 points registered last week and 171.41 points recorded during the week ended March 10, 2022. Brokerage Arif Habib Limited noted that this was the highest weekly YoY number since September 8, 2022, when Pakistan recorded a rise of 42.70 per cent YoY on account of an all-time high in the prices of wheat flour following massive flooding across the fertile plains of Punjab and Sindh.

    The PBS data attributed the YoY rise in SPI to the jump in the prices of onions, cigarettes, gas charges for Q1, diesel, eggs, rice Irri-6/9, petrol, broken basmati rice, bananas, pulse moong, tea, pulse mash, pulse gram, and bread. Inflation has been rising sharply over the past couple of years, with Pakistanis, particularly those from lower and middle-income groups, struggling to make ends meet.

    The sticky inflation numbers, along with the stalled International Monetary Fund (IMF) programme, have pushed the State Bank of Pakistan (SBP) to raise its benchmark interest rate by 300 basis points to a 26-year high. Pakistan is desperately trying to persuade the IMF to disburse critical $1.1 billion funding, but inflation worries have led the central bank to elevate its interest rates by 10 percentage points since January 2022.

    Analysts expect that the recent decisions taken by the government to please the IMF for a meagre $1.1 billion bailout tranche could result in massive poverty, while businesspersons have also not ruled out a default despite fiscal tightening. The YoY SPI increased by 39.09 per cent, 40.98 per cent, 41.79 per cent, 42.53 per cent, and 44.14 per cent respectively for the groups spending up to Rs17,732; Rs17,733-22,888; Rs22,889-29,517; Rs29,518-44,175; and above Rs44,175.

  • Open market: Lemon being sold at Rs1,100 per kg in Lahore

    Open market: Lemon being sold at Rs1,100 per kg in Lahore

    The local price of lemon increased by Rs105 per kg, to Rs770 to 775 per kg, and was sold at an unbelievable price of Rs1,100 per kg in open markets and a few online stores with available stock.

    Due to the district administration’s inability to impose official rates at Ramazan bazaars, consumers are unable to get relief from overbilling and skyrocketing rates of fruits and vegetables in Lahore. 

    High prices of perishable commodities are massively affecting the urban population due to rising production costs and transportation costs from rural production centers to urban areas.

    Read more: Shopkeepers fined in Islamabad for not adhering to DC rates

    Senior administrators and Prime Minister Shehbaz Sharif paid surprise visits to Ramazan bazaars, but shoppers were not relieved. Containing volatility and successfully administering official rate lists to bring inflation relief to the public is a task for the new government.

  • ‘Eid Shopping Festival’ will take place in Lahore from April 28 – May 2

    ‘Eid Shopping Festival’ will take place in Lahore from April 28 – May 2

    From April 28 to May 2, the Lahore Chamber of Commerce and Industry (LCCI), the Tourism Development Corporation of Punjab (TDCP), and the Commissioner’s Office will jointly host “Eid Shopping Festival” in Lahore.

    LCCI President Mian Nauman Kabir announced the Eid Shopping Festival programme at a press conference held on April 26 at the Lahore Chamber of Commerce and Industry.

    He told the media that the LCCI-TDCP major event’s main goal is to not only help revitalise trade and economic activity but also to highlight the country’s positive image.

    Kabir claimed that the event was planned in such a way that it would send a strong message to the international community.

    On the occasion, Senior Vice-President Mian Rehman Aziz Chan, Commissioner Lahore Capt (retd) M Usman, Secretary TDCP Asadullah Faiz, Mardan Ali Zaidi, Ashraf Bhatti, Sohail Butt, Mian Zahid Jawed, representatives from the district government, traffic police, and city markets spoke.

    The ‘Eid Shopping Festival,’ according to the LCCI President, includes a variety of economic and cultural activities such as Shopping Rides, Discounts on Shopping in Anarkali, Liberty, Mall Road, and other city markets, Special Gift Coupons, City Sighting at Night, Qawwali night, and other events.

    Read more: ‘Sasta Ramzan Bazaar’ fails to provide relief in third Ashra

    Commissioner Lahore expressed gratitude to the business community for their support to such initiatives. He stated that the project would continue and that further markets would be added in the future.

    Asadullah Faiz, the Secretary of the TDCP, stated that the TDCP is bringing new trends in the tourist and hospitality industries. He wished for the ‘Eid Shopping Festival’ to be a huge success.

  • ‘Sasta Ramzan Bazaar’ fails to provide relief in third Ashra

    Residents of Rawalpindi are still hoping for some relief at Ramzan Bazaars and utility stores. In the first two Ashras, the ‘Sasta Ramzan Bazaars’ have utterly failed to grab the public‘s interest by offering substandard items at hefty prices.

    People from all walks of life even urged Prime Minister (PM) Shahbaz Sharif to pay unannounced visits to Rawalpindi’s ‘Sasta Ramzan Bazaars’ and other open marketplaces to check the pricing and quality of products being sold in the last ‘Ashra’.

    In fact, all government personnel, even Deputy Commissioners and Commissioners, are expressing minimal concern to provide assistance to the public as they know they will be transferred after the oath of chief minister in Punjab is taken.

    According to trustworthy sources, the Punjab government will deploy strictly professional policemen around the province, especially in Rawalpindi, to bring a positive change despite the fact that the holy month is about to end.

    Read more: Lahore continues to face gas and power outage in Ramzan

    Due to the district government’s incompetence and poor administration, the ‘Sasta Ramazan Bazaars’ organised at Chungi No 22, Jarahi on Adiala Road, Committee Chowk, and Haidri Chowk have all miserably failed to provide assistance to the populace.