ISLAMABAD: Pakistan has spent an amount of $400 million on import of COVID-19 vaccines during the month of September 2021 and overall $1 billion during first quarter (July – September) of fiscal year 2021/2022, said a statement issued by the ministry of finance on Wednesday.
Overall, the deficit in the first quarter reported at $3.4billion. It is important to note that the surge in import bill is due to combination of few one-off imports, rising global commodities and energy prices, it said.
Therefore, adjustment with vaccines import, the current account deficit for the quarter has reduced to $2.4 billion.
Moreover, the sudden surge in import bill is function of abnormal surge in commodity prices. Energy prices including oil, LNG or coal prices are following upward trend. While, chemicals, steel and food prices are also on rise. “We expect supply bottlenecks of above-stated items will streamline in the months to follow. This will further reduce pressure on import bill,” said the statement.
On Export front, the trend is increasing on month-on-month basis to $2.64 billion in September 2021 or 12.5 per cent. In the first quarter, exports recorded at $7 billion. It is expected that exports will be close to $31 billion and $6-7 billions services exports in June ending 2022.
Similarly, remittances are right on track to mark $32 billion. Remittances and exports of goods and services combined will be in the range of $70 billion in fiscal year 2021/2022.
Lastly, due to better crop outlook, the import of sugar, wheat and cotton will witness massive slowdown during the second half of fiscal year. This will further reduce the import and in-turn, current account deficit.
The risk to above includes further hike in global commodity and energy prices, the finance minister said.
ISLAMABAD: A task force constituted by Prime Minister Imran Khan has initiated proceedings against individuals whose names were reported in the Pandora papers.
Consequent upon disclosures made by International Consortium of Investigative Journalists (ICIJ) regarding certain Pakistani individuals, their offshore companies, trusts and assets, the Prime Minister of Pakistan tasked Prime Minister’s inspection Commission (PMIC) to examine the matter and propose further action, said a press release received here on Wednesday.
PMIC has commenced its proceedings and has at the outset sought assistance from the lCIJ. Pakistani Journalists who were associated with 1CIJ investigations have also been requested to share information and data which is in their knowledge and possession, necessary cooperation is however still awaited.
Assistance from relevant government agencies has also been requested. PMIC will complete its task and formulate recommendations after a comprehensive review and analysis or relevant record/information.
It will be ensured that the exercise is concluded fairly and objectively. Individuals concerned will be afforded opportunity to clarify their position. PMIC believes in accountability, transparency, good governance and is committed to upholding these principles.
Any input, information and assistance from other organizations and whistleblowers in this regard will be appreciated.
BEIJING: Moin ul Haque, Pakistan Ambassador to China, on Wednesday said that Pakistan is planning to enhance automobile annual production from 0.25 million to eight million units during next five years.
“It is a bit ambitious target but it is possible to achieve this target due to the yearly growth in production as well as interest showed by different automobile companies from across the world especially from China which plans to invest in Pakistan,” he said while addressing Pakistan Automobile Industry Roundtable Seminar held at Pakistan Embassy, Beijing.
The representatives of over 50 renowned automobile companies from different parts of China attended the seminar.
While addressing the participants, the ambassador said that a number of the Chinese companies are already in Pakistan in automobile manufacturing sector while up to 10 new companies have showed interest to invest in Pakistan and are in the process of having joint ventures with their local partners in the private sector.
He informed that the government is formulating a new and very attractive automobile sector policy which will be announced soon, adding, more incentives and concessions in taxes are likely to be offered in the new policy.
Ambassador Haque said that automobile companies including manufacturers of energy vehicles from China will be invited to set up their plants both in the Greenfield and Brownfield sectors.
Giving details about the automobile sector in Pakistan, he said that the automobile is the fastest growing sector in Pakistan because of the large demand in view of the population which is close to 220 million people.
In the past, the Japanese manufacturers had set up their production units but in the recent times the Chinese automobile companies also started looking at the opportunities available in Pakistan.
He said that China is now becoming one of the leaders of automobile manufacturer in the world with very high quality products and expressed the pleasures that the Chinese companies have also entered to the Pakistani automobile market.
While sharing the opportunities under the China Pakistan Economic Corridor (CPEC), he said that the flagship project of the Belt and Road Initiative (BRI) has entered into the second phase which is focusing industrialization, science and technology and agriculture sectors.
“We are setting up special economic zones where we are inviting the Chinese investors to come and set up their manufacturing units,”he added.
Ambassador Haque said that special incentives and policies have been announced for the Chinese companies and so far close to 100 Chinese companies have already established are in the process of establishing their units in the special zones.
He said that the infrastructure like roads, highways and communication network is being upgraded in Pakistan and invited the Chinese companies to take advantage of all these incentives and expand their presence.
Welcoming the representatives of the automobile companies, Commercial Counselor, Badar uz Zaman said that the new automobile policy for years 2021 to 2026 will soon be announced offering more incentives and benefits to local and foreign investors.
He informed that under the current automobile a number of new companies particularly Chinese manufacturers entered in Pakistani market.
Badar said that a number of Chinese companies are already setting up their businesses in Pakistan while some new companies are keen to invest in Pakistan owing to investment friendly policies offered by the present government.
He informed the companies that government has formulated rules and regulations which support the foreign investment in Pakistan.
Badar also shared details of the incentives, concessions in the taxation and easy repatriation of profits.
“Many local companies listed with the stock exchange are very keen and are looking forward to the Chinese partners for the joint ventures,” he added.
He said that there are over 600 auto parts manufacturers who are also supplying the parts to the existing players, adding, “We offer very comprehensive auto financing policies and the banks are very active.
And the amount that has been financed in cars is three times more than the housing finance in Pakistan.”
The commercial counsellor also shared with the companies details of concessions on taxes, duties and particularly cheap labour.
He said that in the current global scenario when there is a supply chain shock, and it is difficult to move things from one place to another place, it is right time for the Chinese investors to take advantage of Pakistan location, low wages and other benefits.
Later, representatives of the companies who are already operating in Pakistan shared their experiences and put forward some useful proposals.
Some new companies which plan to enter into Pakistani automobile industry asked questions and more details about the policies.
The representatives of Anhui Jianghuai Automobile Group, Beijing Henrey Auto, Hozon New Energy Automobile, BAIC Intl, Great Wall Motor Company, Beijing Sanxing Automobile, Foton Motor Group, Tianjin Tianqi Group Meiya Automobile, Zhongtong Bus Holding Co., Youtong Bus, Dongfeng Motor Company, Jiangxi Jiangling Motor, Xiamen Golden Dragon Bus Co., Liaoning Aerospace Automobile Co., Wolkswagen Group, Geely Automobile International Corporation and others attended the seminar.
KARACHI: The US dollar is remained unabated as the greenback reached to a new peak of Rs173 in early day trade. The dollar is being traded at Rs173 in interbank foreign exchange market at 09:45AM. The local currency has lost around 22 paisas against the dollar from Monday’s October 18, 2021 when it closed on the record high of Rs172.78 in the interbank foreign exchange market.
Currency dealers said that the rupee is under pressure due to public holiday observed yesterday. Further, the State Bank of Pakistan (SBP) released balance of payment data on public holiday.
According to balance of payment (BOP) statistics released by the State Bank of Pakistan (SBP) on Tuesday, the current account deficit widened to $3.4 billion during the first quarter of the current fiscal year as compared with a surplus of $865 million in the corresponding period of the last fiscal year.
The country’s trade deficit has swollen by massive 102.10 per cent to $11.75 billion during the quarter under review as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.
The import bill registered a sharp growth of 66.11 per cent to $18.75 billion during July – September of the current fiscal year as compared with $11.29 billion in the same period of the last fiscal year.
Meanwhile, the exports have also exhibited a growth of 28 per cent to $6.99 billion during the quarter under review as compared with $5.47 billion in the same period of the last fiscal year.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 20, 2021 (The rates are updated at 09:40 AM):
Currency
Buying
Selling
Australian Dollar (AUD)
125.50
127.00
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
137.00
139.00
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
197.00
199.00
Hong Kong Dollar (HKD)
16.70
16.95
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.70
484.20
Malaysian Ringgit (MYR)
36.45
36.80
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.70
394.70
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
45.45
46.00
Singapore Dollar (SGD)
124.00
125.50
Swedish Korona (SEK)
18.35
18.60
Swiss Franc (CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
47.00
47.50
UK Pound Sterling (GBP)
234.50
237.00
US Dollar (USD)
172.40
173.40
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
KARACHI: Pakistan’s current account deficit has ballooned to $3.4 billion during first quarter (July – September) of the current fiscal year 2021/2022 (1QFY22) owing to significant widening in trade deficit.
According to balance of payment (BOP) statistics released by the State Bank of Pakistan (SBP) on Tuesday, the current account deficit widened to $3.4 billion during the first quarter of the current fiscal year as compared with a surplus of $865 million in the corresponding period of the last fiscal year.
The country’s trade deficit has swollen by massive 102.10 per cent to $11.75 billion during the quarter under review as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.
The import bill registered a sharp growth of 66.11 per cent to $18.75 billion during July – September of the current fiscal year as compared with $11.29 billion in the same period of the last fiscal year.
Meanwhile, the exports have also exhibited a growth of 28 per cent to $6.99 billion during the quarter under review as compared with $5.47 billion in the same period of the last fiscal year.
The home remittances during the first quarter registered a rise of 12.5 per cent when compared with $7.143 billion in the corresponding period of the last fiscal year.
The inflows of remittances were $2.7 billion in September 2021 as compared with $2.28 billion in the same month of the last year, showing an increase of 17.1 per cent.
The current account deficit narrowed in September 2021 to $1.113 billion when compared with the deficit of $1.47 billion in August 2021.
The current account deficit was $1.916 billion in the last fiscal year 2020/2021.
The company has announced its financial results for the nine months period ended on September 30, 2021 at its Board of Directors’ meeting on October 18, 2021.
PTCL Group posted revenue of Rs 102.4Billion in first nine months of 2021 that is 7 per cent higher as compared to the same period of last year.
U Bank continued its growth momentum and has achieved 23 per cent growth in revenue.
PTML (Ufone) also posted revenue growth of 4.6 per cent despite stiff competition in the market.
PTCL Group delivered robust financial and operational performance and posted a net profit of Rs 3.7Billion as compared to Rs 1.6 Billion for the same period of last year.
PTCL’s revenue of Rs 57.3 Billion for the nine months period is 7.3 per cent higher than the same period last year, mainly driven by Broadband and Corporate & Wholesale business segments.
The company has posted operating profit of Rs 3.7 Billion, which is higher by 44.3 per cent compared to the same period of last year.
Net profit of Rs 5.7 Billion has significantly increased by 39.2 per cent from last year.
The company is upgrading its existing infrastructure and network, besides expanding FTTH across the country to offer seamless connectivity for greater customer experience. Prompt deployment of FTTHand strong performance in Corporate and Wholesale segments are the cornerstone in PTCL’s topline growth, which along with focus on cost optimization program, has significantly increased the company’s profitability.
PTCL Consumer Business showed consistent performance as it reports 5th straight quarter of growth. During the 9 months of 2021, company’s Fixed Broadband business grew by 12.7 per cent YoY, whereas PTCL IPTV segment also grew by 13.5 per cent. Within broadband business, the groundbreaking PTCL Flash Fiber, Fiber-to-the-Home (FTTH) service showed a tremendous growth of57.5 per cent, whereas PTCL Charji /Wireless Broadband Segment grew by 17.8 per cent.Voice revenue stream has declined on account of lower voice traffic and continued conversion of customers to OTT services.
Business services segment continued its momentum sustaining market leadership in IP Bandwidth, Cloud, Data Center and other ICT services segments. PTCL’s Corporate business grew by 12.9 per cent as compared to the same period last year, while Carrier and Wholesale business continued its growth momentum and achieved 10.3 per cent overall revenue growth. International voice revenue has shown declining trend like domestic voice revenue.
Being the national telecom carrier and connectivity backbone in Pakistan, PTCL Group strives to provide innovative solutions to accelerate growth for a ‘Digital Pakistan’ through robust telecommunication infrastructure and enhanced customer experience.
On the wireless portfolio, PTML (Ufone) acquired additional 9 MHz 4G spectrum in the 1800 MHz Band in NGMS spectrum auction in September 2021, fulfilling its commitment to provide enhanced customer experience through quality services across Pakistan. The additional spectrum will meet the increasing demand for wireless data products amongst the consumers in Pakistan in addition to providing innovative products and services.
After acquisition of 4G spectrum, Ufone intends to fully modernize its network and further enhance its coverage across Pakistan. The network upgradation and modernization has already started paying dividends with significant improvement in data user experience for customers.
In addition to the acquisition of 4G spectrum in Pakistan, Ufone has also renewed and acquired more spectrum in Azad Jammu & Kashmir/Gilgit Baltistan to bolster its existing service. Through this, it has reaffirmed its commitment to provide quality data services to the people of Pakistan and AJK/GB.
UBank, the microfinance and branchless banking subsidiary of PTCL, continued its growth trajectory and has achieved 23 per cent growth in its revenue over the corresponding period last year, by increasing its advances portfolio and treasury investments. The bank grew its funding book to a PKR 70 Billion by leveraging on its deposit and corporate finance arms, which is in line with the bank’s ambition to maintain its superior liquidity position. Major strategic initiatives undertaken by the bank include venturing into the Low-Cost Housing, International Remittance, and Islamic Banking space. The bank plans to invest in technology to make the most of the opportunities available on the digital banking front.
PTCL Razakaar, PTCL’s employee volunteer force, arranged open-air picnics for over a thousand children across 17 locations in Pakistan in collaboration with schools, orphan homes and charity organizations.
PTCL Group has so far vaccinated 98 per cent of its employees in one of the largest staff vaccination drive by a corporate company in the country, demonstrating duty of care to its people and ensuring the safety of people it serves.
This is a continuation of an earlier arrangement between ITMinds and PPL through which ITMinds had been successfully providing these BPO services to PPL, a statement said on Monday.
Through this arrangement, ITMinds will facilitate PPL for the accounting and administration of PPL’s Retirement Funds, including Pension, Provident and Gratuity funds, allowing PPL to focus on its investment decisions by leveraging ITMinds’ state of the art back office system and IT infrastructure while reaping the benefits of economies of scale.
Commenting on the occasion, Syed Rahat Hussain Naqvi, Senior Manager Finance-PPL, emphasized the importance of automation of back-office services for retirement funds for both process improvement as well as cost optimisation. He further appreciated how this arrangement with ITMinds in the last three years has helped to provide uninterrupted services, especially during the pandemic induced circumstances.
Also commenting on the occasion, Iqleem-uz-Zaman Khan, CEO – ITMinds, said that considering this is an era of specialization, ITMinds’ BPO services of fund accounting and administration enable companies to outsource their back office functions to a competent and reliable BPO partner while achieving efficiency, scalability and transparency of processes.
The event was also attended by, Shariq Jafrani CFO-CDC, Waqas Ashraf CFO- ITMinds, Muneer Hussain Manager Shared Services-PPL, M. Tarique Sheikh Senior Accountant-PPL and Salman Iqbal, Manager- ITMinds.
The PTA said that after dismissal of a petition from Islamabad High Court, PTA has renewed Jazz License due for renewal since 2019.
Renewed License has enhanced terms and conditions for coverage and Quality of Service, as established during the recent Pakistan Spectrum Auction.
The license signing was held at PTA Headquarters on Monday.
The license is renewed at a price of $449.2 Million out of which Jazz has already paid $333.64 million on account of license renewal fee and applicable markup.
