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  • PM Imran directs facilitating Chinese industrialists

    PM Imran directs facilitating Chinese industrialists

    ISLAMABAD: Prime Minister Imran Khan on Saturday directed the authorities to ensure all facilities on a priority basis to Chinese industrialists, who are ready to start operation in the country.

    In a meeting with Chinese businessmen, the prime minister said the country will support Chinese businesses in Pakistan on a priority basis and are grateful to them for their keen interest in accelerating their investment in Special Economic Zones (SEZs).

    The Chinese business delegation led by Chen Yan from Challenge Fashion (Pvt) Ltd.

    During the meeting, the prime minister was told that Chinese businessmen are almost ready to start operations in the glass, ceramics and information technology sectors.

    The prime minister said that Pakistan and China were connected not only in the past or present but would remain united through their future generations too.

    “We appreciate the valuable relationship of the peoples of the two countries,” he added.

    It is worth mentioning that OPPO, one of the leading tech manufacturers in the world, is going to establish a local mobile manufacturing unit and a research and development centre in Pakistan.

    It would not only save a lot of foreign exchange reserves on the import of smartphones annually but would also create employment opportunities for our tech graduates.

    The meeting was also attended by Energy Minister Muhammad Hammad Azhar, Advisor on Commerce Abdul Razzak Dawood, SAPM on Political Communication Dr Shahbaz Gill, SAPM on CPEC Affairs Khalid Mansoor and Chinese Ambassador Nong Rong along with senior officers concerned.

    In his remarks, Chinese Ambassador in Pakistan Nong Rong said that he was very happy as since the prime minister’s previous meeting with the Chinese businessmen on September 13, a lot of issues had been resolved and great progress had been achieved.

    He said that the Chinese entrepreneurs were encouraged and hoping great progress after this meeting.

    “We will send more positive information to China to encourage more Chinese businessmen to make decision to invest in Pakistan,” he commented.

    A Chinese entrepreneur representing OPPO, said that the company had already been present in Pakistan for more than seven years and had made around $150 million investment in the country.

    He said like other companies, for OPPO too, it was a very good environment in Pakistan to continue to invest there and the interaction with the prime minister helped the swift resolution of the issues.

    He thanked the prime minister for helping the Chinese businessmen by extending facilitation to them.

    “If anybody comes to me and ask should they invest in Pakistan, I will say yes,” he remarked.

    PM Imran launches automation of power of attorney
  • SPI inflation of essential items climbs up by 18.34%

    SPI inflation of essential items climbs up by 18.34%

    KARACHI: The inflation based on Sensitive Price Indicator (SPI) has increased by 18.34 per cent for the week ended November 18, 2021 over the same week a year ago, according to data issued by the Pakistan Bureau of Statistics (PBS) issued on Friday.

    The year on year trend depicts increase of 18.34 per cent, LPG (76.12 per cent), Electricity for Q1 (75.32 per cent), Vegetable Ghee 1 Kg (56.94 per cent), Cooking Oil 5 litre (56.28), Mustard Oil (55.42 per cent), Vegetable Ghee 2.5 Kg (52.94 per cent), Petrol (44.35 per cent), Diesel (40.21 per cent), Washing Soap (37.70 per cent) and Chilies Powdered (34.18 per cent).

    Major decrease in prices observed in Onions (38.61 per cent), Pulse Moong (28.80 per cent), Potatoes (26.55 per cent), Tomatoes (6.34 per cent) and Sugar (3.51 per cent).

    The SPI for the current week ended on November 18, 2021 recorded an increase of 1.07 per cent. Increase in the  prices of Chicken (8.26 per cent), Cooking Oil 5 litre (4.72 per cent), Bananas (4.18 per cent), Washing Soap (3.94 per cent), Vegetable Ghee 2.5 kg (3.15 per cent), Vegetable Ghee 1 kg (2.38 per cent), Rice Irri (1.76 per cent), Pulse Moong (1.62 per cent), Eggs (1.52 per cent), Fire Wood (1.24 per cent) and Tea Prepared (1.21 per cent), was observed with joint impact of (0.78 per cent) into the overall SPI for combined group of (1.07 per cent).

    On the other hand, decrease observed in the prices of Tomatoes (5.77 per cent), Sugar (4.25 per cent), Onions (2.14 per cent), Gur (1.48 per cent), Potatoes (1.36 per cent), Pulse Masoor (0.43 per cent), Garlic (0.13 per cent), Wheat Flour & LPG (0.08 per cent) each and Pulse Gram (0.02 per cent).

    During the week, out of 51 items, prices of 27 (52.94 per cent) items increased 10 (19.61 per cent) items decreased and 14 (27.45 per cent) items remained stable.

    Inflation of essential items rises by 17.37% YoY
  • Pakistan, Iran barter trade to start in a month

    Pakistan, Iran barter trade to start in a month

    ISLAMABAD: Pakistan and Iran have reached an agreement and barter trade between the two countries will start in a month, a top official said on Thursday.

    This was stated by the Commerce Secretary before the Standing Committee on Commerce of the Senate.

    To the question of Senator Fida Mohammad, the Commerce Secretary apprised the Standing Committee on Commerce, which met here at Parliament House on Thursday under the Chairmanship of Senator Zeeshan Khanzada, that being on the grey list had not any negative concussion on Pakistan’s exports.

    Due to the lack of banking channels with Iran, there exist some issues in trading with Tehran. The barter trade issue with Iran has been resolved, he informed.

    An agreement has been reached with Iran regarding barter trade, he added further. He said that barter trade with Iran would start in a month.

    Commerce Adviser, Razzaq Dawood briefed the Committee on GSP Plus status( Generalised Scheme of Preferences). He noted that Pakistan’s exports to Europe have reached 9 billion dollars.

    The Commerce Adviser informed the committee that the European Union (EU) was assuaged with Pakistan’s implementation of the GSP Plus terms.

    Pakistan had kowtowed with most of the 27 conventions. He underlined that Pakistan had already addressed issues like eradication of Child Labour, Freedom of Speech, Rights of journalists, Rights of Women, and others as per assigned indicators.

    He asserted that the EU asked for expanding the range of exports to European markets but exports to the EU have not inflated as they should have because of weaknesses of our exporters.

    While responding to a question asked by the Chairman Committee, Abdul Razzaq Dawood remarked that under GSP Plus, 66 per cent of Pakistan’s tariff lines were on zero duties. EU exports increased by 47 per cent, he said, adding that trade with the EU is in Pakistan’s interest.

    For maximum participation of all members and inclusive discussion, the detailed deliberation on GSP plus status and briefing by the Pakistan Cotton Standards Institute (PCSI) were recessed for the next meeting.

    The Commerce Adviser also lauded the role of the Senate Standing Committee on Commerce in passing the (Geographical Indications) GI Act.

    Apart from Senator Fida Mohammad, Senator Saleem Mandviwala, the commerce Adviser Abdul Razzaq Dawood, Secretary Commerce, Additional Secretary Commerce, and officials from Pakistan Cotton Standards Institute attended the meeting.

    Pakistan, Iran discuss promoting agriculture cooperation
  • Pakistan’s foreign exchange reserves slip to $23.55 bn

    Pakistan’s foreign exchange reserves slip to $23.55 bn

    KARACHI: The liquid foreign exchange reserves of the country slipped by $476 million to $23.55 billion by the week ended November 12, 2021, the State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $24.026 billion by the week ended November 05, 2021.

    The official reserves of the SBP also fell by $381 million to $16.945 billion by the week ended November 12, 2021, as compared with $17.326 billion a week ago.

    The foreign exchange reserves maintained by commercial banks also declined by $95 million to $6.605 billion by the week ended November 12, 2021, as compared with $6.7 billion a week ago.

    Foreign exchange reserves slightly up to $24.026 billion
  • Miftah Ismail highlights key reasons behind rupee fall

    Miftah Ismail highlights key reasons behind rupee fall

    Miftah Ismail, Former Federal Minister for Finance, has pointed out key reasons behind the massive depreciation in Pak Rupee (PKR) against the dollar.

    (more…)
  • Pakistani workers send $2.52 billion in October 2021

    Pakistani workers send $2.52 billion in October 2021

    KARACHI: Pakistani workers living abroad have sent $2.52 billion as remittances to their homeland in the month of October 2021, State Bank of Pakistan (SBP) said on Sunday.

    The SBP said that the workers’ remittances continued their strong streak as inflows recorded $2.5 billion in October 2021, up 10.2 percent (y/y) and only marginally lower compared to last month (5.7 percent).

    In addition to remaining above $2 billion since June 2020, this is the eighth consecutive month when remittances have been close to or above $2.5 billion.

    On a cumulative basis, remittances have risen to $10.6 billion during the first four months of FY22 (July-October 2021), which is 11.9% higher than the same period last year.

    Remittance inflows during the first four months of FY22 have mainly been sourced from Saudi Arabia ($ 2.7 billion), UAE ($ 2.0 billion), UK ($ 1.5 billion) and USA ($ 1.1 billion).

    Proactive policy measures by the Government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained improvement in remittance inflows since last year.

    Overseas Pakistanis remit $8.03bn in first quarter
  • Inflation of essential items rises by 17.37% YoY

    Inflation of essential items rises by 17.37% YoY

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has recorded 17.37 per cent increase Year on Year (YoY) by week ended November 11, 2021, said Pakistan Bureau of Statistics (PBS) on Friday.

    The SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country.

    SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.

    Analysts said that the SPI inflation is 37-week high level.

    The year on year trend depicts increase of 17.37 per cent, LPG (74.70 per cent), Electricity for Q1 (75.32 per cent), LPG (74.82 per cent), Mustard Oil (54.71 per cent), Vegetable Ghee 1 Kg (53.29 per cent), Cooking Oil 5 litre (49.24 per cent), Vegetable Ghee 2.5 Kg (48.27 per cent), Petrol (41.94 per cent) and Diesel (37.78 per cent)

    The major item that witnessed decrease in prices YoY basis are included: decrease observed in the prices of Onions (40.40 per cent), Pulse Moong (30.50 per cent), Potatoes (19.64 per cent), Sugar (2.22 per cent) and Pulse Mash (1.50 per cent).

    The SPI for the current week ended on November 11, 2021 recorded an increase of 1.81 per cent over the previous week. Increase in the prices of Tomatoes (18.70 per cent), Diesel (6.04 per cent), Petrol (5.78 per cent), Cooking Oil 5 litre (4.27 per cent), Vegetable Ghee 2.5 kg (3.37 per cent), Vegetable Ghee 1kg (3.28 per cent), Banana (3.04 per cent), Bread (2.84 per cent), Electricity for Q1 (2.74 per cent), Eggs (1.82 per cent),  Potatoes (1.77 per cent), Washing Soap (1.58 per cent), Onions (1.51 per cent), Energy Saver (1.30 per cent) and Mustard Oil (1.21 per cent) was observed with joint impact of (1.61 per cent) into the overall SPI for combined group of (1.81 per cent).

    On the other hand, decrease observed in the prices of Sugar (9.35 per cent), Pulse Mash (0.45 per cent), Pulse Moong (0.42 per cent), Pulse Gram (0.29 per cent), Wheat Flour Bag (0.26 per cent) and Garlic (0.04 per cent).

    During the week, out of 51 items, prices of 30 (58.82 per cent) items increased 06 (11.76 per cent) items decreased and 15 (29.42 per cent) items remained stable.

    The analysts said that looking at the trend of SPI inflation, the headline inflation based on Consumer Price Index (CPI) likely to enter double digit in November 2021. The average inflation for the current fiscal year could be in double digit as well, they added.

    Headline inflation increases by 9.2% in October
  • Saudi financial assistance to Pakistan in few days: envoy

    Saudi financial assistance to Pakistan in few days: envoy

    ISLAMABAD: Saudi Arabia will disburse cash deposits to Pakistan under assistance package pledged on October 26, 2021, Saudi diplomat said on Thursday.

    While talking to the Pakistan’s state media Saudi Ambassador Nawaf Bin Said Al-Malki said Saudi Arabia will disburse cash deposits under the pledged financial assistance after approval of the Royal Court and signing of a Memorandum of Understanding (MoU) in a few days.

    “This will be soon InshaAllah. There will be the agreement from the Royal Court and the MoU will be signed in a few days for the payment, and also for the deferred oil payment [facility],” the Saudi envoy said in an exclusive interview with APP, during his visit to the headquarters.

    Saudi Arabia had recently announced to provide Pakistan $3 billion as a cash deposit with the State Bank to address its balance-of-payments crisis. Also, the Kingdom had pledged a one-year deferred payment facility for the import of oil, worth up to another $1.2 billion.

    Ambassador Al-Malki said the government of Saudi Arabia considered Pakistan as “a dear country” with a very deep and strong relationship.

    He said Saudia Arabia always stood with Pakistan and extended support to it on multiple occasions, adding that the relationship with Pakistan was regardless of any government in power.

    “Our connection is with the Pakistani flag and we consider it our brotherly country,” he said, adding that he saw a “very bright future of Pakistan”.

    The Saudi ambassador mentioned the camaraderie between the Saudi Crown Prince Mohammed Bin Salman and Prime Minister Imran Khan and expressed confidence that the relationship would strengthen in the future.

    In three years, the six visits of PM Imran Khan to the Kingdom reflect the level of relationship, he added.

    The Saudi envoy said Pakistani people loved the Kingdom of Saudi Arabia from the core of their hearts and held in high esteem the Custodian of the holy mosques.

    Saudi Arabia places $3bn with Pakistan’s central bank
  • Foreign exchange reserves slightly up to $24.026 billion

    Foreign exchange reserves slightly up to $24.026 billion

    KARACHI: Pakistan’s foreign exchange reserves have increased by $100 million to $24.026 billion by the week ended November 05, 2021, as compared with $23.926 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The official foreign exchange reserves of the central bank increased by $126 million to $17.326 billion by the week ended November 05, 2021when compared with $17.2 billion a week ago.

    Meanwhile, the foreign exchange reserves held by the commercial banks fell by $26 million to $6.7 billion by week ended November 05, 2021 as compared with $6.726 billion a week ago

    Forex exchange reserves fall to $16.19 billion on sovereign bond repayment