The Sindh government has issued a notification dated November 23, 2021, to appoint Dr. Wasif Ali Memon as the chairman of the SRB.
Dr. Wasif was already working in SRB as a senior member. Prior to this assignment, he had served as an officer of the Pakistan Customs Service (PCS) for 31 years in various capacities including chief collector and director-general.
The contribution of Dr. Wasi Ali at the SRB in the capacity of a senior member (legal, audit, and IT) is worth mentioning as he expedited the process of effective litigation management, risk-based audit system besides introducing innovations in the digitalization of SRB.
He worked in active coordination with other provincial revenue authorities and the Federal Board of Revenue (FBR) and participated in activities under the auspices of the National Tax Council.
He also remained in close coordination with International Donors and Development Agencies.
Given the relevant skillset and capacities gathered over his illustrious career of 32 years, as a thorough professional, SRB and the provincial government expect to hugely benefit from his services.
The KSE-100 index closed at 44,949 points as against the previous day’s closing of 45,745 points, showing a decrease of 796 points.
Analysts at Arif Habib Limited said that today again, Bears ruled over the bulls as investors were unable to digest the hawkish stance of the last Monetary Policy Committee (MPC) which resulted in double-digit six-month KIBOR.
A hefty increase in the finance cost of leveraged businesses will eventually lower profits as a major portion of borrowing appears from KIBOR-led lending.
The second day of roll-over week became under pressure as investors took a cautious side and opted for squaring of roll-over positions. In the last trading hour, a bloodbath session was witnessed as selling came across the board.
Sectors contributing to the performance include Technology (-178 points), Cement (-145 points), Commercial Banks (-94 points), E&P (-64 points) and OMC’s (-44 points).
Volumes increased from 261.9 million shares to 264.6 million shares (-1.0 per cent DoD). The traded value decreased by 11.1 per cent to reach US$ 55.8 million as against US$ 62.8 million.
Stocks that contributed significantly to the volumes include TRG, WTL, BYCO, GTECH and HASCOL.
Currency analysts said that a day earlier Shaukat Tarin, adviser to the prime minister on finance, made clarity on IMF program and had given date for the approval of IMF tranche.
Pakistan’s current account deficit sharply widened to $5.08 billion during first four months (July – October) of the current fiscal year as compared to a surplus of $1.31 billion in the same period of the last year.
Through this collaboration, MMBL and Daraz will provide adequate opportunities to promote Small and Medium Size Enterprises (SMEs), more so now as the e-commerce platform is going through an all-time boom via the 11.11 sale.
Both the organizations are firmly committed to promoting women’s financial inclusion through the provision of enabling digital financial ecosystem that contributes directly towards empowering this underserved, yet influential segment, which comprises almost half of the country’s population.
MMBL’s flagship program, Women Inspirational Network (WIN), and Daraz’s Ibtida would together provide an incredible boost to our joint mission of upskilling women entrepreneurs and provide them easy access to digitally equipped growth opportunities.
Sharing his enthusiasm, Ehsan Saya, Managing Director at DarazPakistan, said: “We strongly believe women are not only the cornerstone of our society but instrumental in securing a better future for Pakistan. One of the most amazing things about our platform is how easily female entrepreneurs can sell their products all over Pakistan – empowering them is the epitome of uplifting communities.”
This partnership will allow freshly onboarded MMBL female sellers to be charged zero per cent commission for the first three months, giving them ample time to set up their businesses.
Moreover, female sellers from Daraz will be able to apply for MMBL loans at concessional rates.
KARACHI: The apex trade body of the country has resented the suspension of gas supply to non-export-oriented industries.
Mian Nasser Hyatt Maggo, the president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a statement on Monday expressed his profound concern and disappointment on the government’s decision to suspend gas supply to non-export oriented industries; which will result in losses of billions of rupees, to say the least.
He questioned the government that why no preemptive arrangements were made; while everyone in the government knew full well that there will be a huge gas shortage in the winter months? He regretted that only 10 cargoes of LNG are coming in December 2021 as compared to 12 in December 2020.
Maggo said that the delayed tendering has proven to be extremely expensive and resulted in less than required offers; and, that too, on a very high rate. He added that only 886 MMCFD of LNG will be imported in December 2021and only 950 MMCFD in January 2022, which is 27% less than the LNG imports in December 2020 and January 2021, respectively.
FPCCI President has observed that the responsibility and liability lie with the government for the criminal negligence for practicing delay and procrastination in issuing LNG Cargoes once again. Had the tenders been issued in a planned, coordinated, and timely manner, there would have been no shortage by now, he added.
Maggo added that FPCCI has time and again raised this issue; and, still, industries have to endure gas suspension several times every single year. Had the government come to FPCCI for a consultative process on the issue, we would have provided the guidelines to successfully forfend the gas crisis in a win-win mechanism.
FPCCI Chief has raised the question that why the government does not issue enough LNG import licenses to commercial importers to bridge the gap? Instead, it keeps mismanaging the gas supplies to the industries.
Maggo has called for an immediate and direct intervention of Prime Minister Imran Khan to save the industrial backbone of Pakistan. He proposed that, though difficult, the PM should consider the option of spot tendering with the help of friendly countries. FPCCI extends its full support to PM for the resolution of the issue, once and for all, he added.
FPCCI strongly demands immediate steps to restore gas supply to industries; and, take other remedial & compensatory measures to avoid closure of industrial units and loss of millions of jobs in the non-export oriented industries for the working class of Pakistan, which lives paycheck to paycheck every month.
Karachi, November 22, 2021 – The State Bank of Pakistan (SBP) has announced the official exchange rates for customers, effective as of November 22, 2021.
KARACHI: The Pak Rupee (PKR) on Monday appreciated by 46 paisas against the dollar on Monday following tightening in monetary policy by the central bank.
The appreciation in the rupee value was also supported by a statement issued by the IMF on Monday morning related to the next tranche to Pakistan under Extended Fund Facility (EFF).
The IMF announced that it had reached an agreement with the Pakistani authorities release of next tranche, which would be subject to completing conditions and approval of the IMF executive board.
The PKR hit all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.
