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  • PM Imran reduces, freezes POL prices

    PM Imran reduces, freezes POL prices

    ISLAMABAD: Prime Minister Imran Khan on Monday announced reduction in prices of petroleum products and electricity tariff and further announced to freeze the reduced rates till upcoming federal budget.

    The Prime Minister provided the relief by slashing prices of petroleum and electricity to provide massive relief to the people.

    In his address to the nation on Monday, he said prices of petrol and diesel will be reduced by ten rupees per litre and electricity by five rupees per unit.

    The Prime Minister also announced to award internship to all jobless graduates worth 30,000 rupees per month. He said 26,000 scholarships, costing 38 billion rupees will be given to students.

    He said his recent visits to China and Russia will have far reaching impact on country’s economy.

    The Prime Minister said we are going to import two million tons of wheat and gas from Russia, while we have better understanding on the second phase of China-Pakistan Economic Corridor.

    Imran Khan said he believes in an independent policy in the best interest of the people of Pakistan.

    He urged the people to not vote for a party, whose leader is involved in corruption as such parties cannot pursue an independent foreign policy.

    PM Imran, President Putin discuss regional development
  • Notification issued for implementing 15% salary increase

    Notification issued for implementing 15% salary increase

    ISLAMABAD: The finance ministry has notified an office memorandum for the increase of 15 per cent in the salary of federal government employees from March 01, 2022.

    According the memorandum dated February 23, 2022, the employees of the federal government will get disparity reduction allowance at 15 per cent of the basic pay scales 2017 with effect from March 01, 2022.

    The federal government on February 10, 2022 announced an increase of 15 per cent in salaries of employees from BS-1 to BS-19.

    READ MORE: Federal government announces 15% increase in salaries

    The latest memorandum stated that the allowance shall be admissible to civil employees in BPS-1 to BPS-19 of the federal government, (including employees of the federal secretariat, attached departments and subordinate offices) who have never been allowed additional allowance / allowances equal to or more than 100 per cent of the basic pay (whether frozen or not) or performance allowance subject to the following conditions:

    READ MORE: Withholding tax rates on salary income for 2021-2022

    a. This allowance will not be admissible to the employees of the organizations who are drawing additional allowance/allowances equal to or more than 100 per cent of the basic pay (whether frozen or otherwise);

    b. This allowance will be frozen at the level drawn on March 01, 2022;

    c. This allowance will be subject to Income Tax;

    d. This allowance will be admissible during leave and entire period of LPR except during extra ordinary leave;

    e. This allowance will not be treated as part of emoluments for the purpose of calculation of pension/gratuity and recovery of house rent;

    READ MORE: Employers to deduct tax on salary income

    f. This allowance will not be admissible to the employees during the tenure of their posting/deputation abroad;

    g. This allowance will be admissible to the employees on their repatriation from posting/deputation abroad at the rate and amount which would have been admissible to them, had they not been posted abroad;

    READ MORE: Tax on salary income of earlier year

    h. This allowance will be admissible during the period of suspension;

    i. The term ‘basic pay’ will also include the amount of personal pay granted on account of annual increment (s) beyond the maximum of the existing pay scales.

  • Pak-Afghan commerce ministers to meet on February 28

    Pak-Afghan commerce ministers to meet on February 28

    ISLAMABAD: The commerce ministers of Pakistan and Afghanistan will meet on Sunday February 28, 2022 to witness cross border movement of pedestrians and vehicles, according to a statement issued on Friday.

    A high powered delegation led by Adviser to the Prime Minister on Commerce, Textile, Industry and Production, and Investment, Abdul Razak Dawood, accompanied by Pakistan’s Special Representative for Afghanistan Mohammad Sadiq, is scheduled to meet Afghan Minister of Commerce and his team at Torkham border on February 28.

    READ MORE: List of goods export to Afghanistan in PKR, no E-form

    This was informed during the meeting of Afghanistan Inter-Ministerial Coordination Cell (AICC). The two delegations will visit the Torkham border to witness cross border movement of pedestrians and vehicles.

    The scheduled meeting will discuss various important matters related to smooth movement of people and patients across the border, issuance of temporary admission documents, increase in timings of border crossing points, establishment of joint border infrastructure, training of Afghan nominees for trade related capacity building courses and smooth crossing of humanitarian assistance to Afghanistan.

    READ MORE: Pakistan establishes Afghanistan relief fund

    Time frame for reinitiating the stalled Torkham-Jalalabad road project and start of luxury bus service between Peshawar-Jalalabad and Quetta-Kandhar will also be part of discussion.

    Prime Minister Imran Khan has announced Rs. 5 billion package to assist Afghanistan in addressing the impending humanitarian and economic crisis.

    READ MORE: Pakistan donates 50,000MT wheat to Afghanistan

    Under the package several initiatives have been taken by AICC including supply of lifesaving medicines and technical assistance for restoration and functioning of hospitals.

    In addition to PM’s Relief Package, Pakistan is also sending relief goods and food supplies to Afghanistan on daily basis.

    Recently, a delegation of Afghan Chambers also visited Pakistan and held discussions with the business community to explore trade opportunities between the two countries.

    READ MORE: FBR rebuts currency smuggling to Afghanistan

  • Pakistan’s foreign exchange reserves dip to $23.226 bn

    Pakistan’s foreign exchange reserves dip to $23.226 bn

    KARACHI: The liquid foreign exchange reserves of Pakistan declined by $264 million to $23.226 billion by week ended February 18, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $23.49 billion by week ended February 11, 2022.

    The official reserves of the State Bank fell by $289 million to $16.807 billion by week ended February 18, 2022 as compared with $17.096 billion a week ago.

    However, the foreign exchange reserves held by commercial banks increased by $25 million to $6.419 billion by week ended February 18, 2022 as compared with $6.394 billion a week ago.

    Pakistan foreign exchange reserves rise to $23.72 billion
  • Pakistan’s consumer confidence index improves in Q4

    Pakistan’s consumer confidence index improves in Q4

    KARACHI: Dun & Bradstreet Pakistan and Gallup Pakistan have issued their report on ‘Pakistan Consumer Confidence Index (CCI)’ for Q4 2021. The Consumer Confidence Index increased to 77.0 points in Q4 2021, compared to 70.8 points in Q3 2021, translating into 8.8 per cent q-o-q increase.

    This improvement in sentiment is driven primarily by improvement in future expectations as respondents reported a greater increase in Future Expectations (up 13.6 per cent) compared to Current Situation (up 2.3 per cent) in this quarter.

    During the current quarter, all CCI parameters witnessed a slight improvement while still indicating pessimism, driven primarily by increase in future expectations (up 13.6 per cent) Q-o-Q. Overall increase primarily stemmed from improved perceptions regarding Household Savings (up 16.3 per cent).

    Unemployment continues to drag consumers’ enthusiasm and remained the most pessimistic parameter (NI = 55.3). Across all parameters, consumers were only optimistic regarding Future Financial Situation (NI = 109.3). During Q4 2021 survey, 91 per cent consumers believed that daily essentials have continued to become expensive/very expensive in the last 6 months compared to 94 per cent in Q3 2021.

    Nauman Lakhani, Country Lead of Dun & Bradstreet in Pakistan stated, “The eighth issue of Pakistan Consumer Confidence marks the end of the calendar year 2021 and completion of two cycles of CCI. Current Consumer Confidence growth of almost 9 per cent as compared to the sharp decline last quarter is healthy, but consumers remain in the ‘pessimistic’ zone. The slight improvement is a likely indication of normalizing demand, amidst people adapting to the ‘new normal’.”

    Bilal Ijaz Gilani, Executive Director Gallup Pakistan, added, “The current quarter results show improvement in overall consumer sentiment, driven largely by improved expectation for future. Having said this, the overall sentiment remains in the negative with majority rating current and future situation of their finances to be in dire straits. Given the continued pressure of inflation, slow economic growth and disparity between small vs large and those selling to domestic vs international markets growing, the chances of sentiments improving drastically in the short term are low as well. Businesses therefore need to keep this current and short-term forecast in mind while planning for expansion.”

    The CCI report has been developed by assessing Consumers’ Confidence about the economy as well as their personal financial situation. The Index covers four key parameters i.e., Household Financial Situation, Country’s Economic Condition, Unemployment, and Household Savings. The Index reflects ‘Current Situation’ (economic changes witnessed in the last six months), as well as ‘Future Expectations’ (changes expected for next six months) of consumers across the country.

    The CCI ranges from 0 to 200, with 100 as the neutral value. A score of less than 100 indicates pessimism while a score of more than 100 indicates optimism.

  • Tax reduced on POL products to ease inflation: PM Imran

    Tax reduced on POL products to ease inflation: PM Imran

    Prime Minister Imran Khan on Friday said the government has reduced taxes and duties on petroleum products to ease inflationary pressure.

    The Prime Minister Imran Khan said Pakistan has been put on right course with record exports, tax collection and remittances by the expatriates.

    READ MORE: Pakistan’s sensitive price inflation jumps up 18%

    Addressing a public gathering in Mandi Bahauddin, he said the inflation impacting the common man and the government is trying to ebb away its pressure by reducing taxes and duties on petrol import.

    Imran Khan said for the first time, the government also granted overseas Pakistanis voting right, enhanced farmers’ income, ensured the timely payments to sugarcane farmers.

    READ MORE: Pakistan’s inflation climbs up 24-month high in January

    The prime minister said the government is bringing about an IT revolution in the country as 70% rise in IT exports has been recorded. He also said the government was providing interest free loans to the youth and Rs 1 million health insurance to every family in Punjab.

    READ MORE: January headline inflation may clock near 13%

    Imran Khan said this is just the beginning and we have to make Pakistan a welfare state with Sehat Card being the biggest step towards it.

    He said by March, Sehat Card will be available across Punjab for which provincial government has allocated 400 billion rupees.

    READ MORE: Mini-budget likely to push up inflation: SBP

  • Pakistan’s sensitive price inflation jumps up 18%

    Pakistan’s sensitive price inflation jumps up 18%

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) jumped up by 18 per cent by week ended February 17, 2022 as compared with the same week a year ago.

    According to data released by Pakistan Bureau of Statistics (PBS) on Friday, the year on year trend depicts an increase of 18.09 per cent, in Tomatoes (322.87 per cent), Electricity for Q1 (65.79 per cent), Garlic (60.98 per cent), LPG (55.11 per cent), Mustard Oil (48.44 per cent), Petrol (42.28 per cent), Cooking Oil 5 litre (41.81 per cent), Vegetable Ghee 1 Kg (39.13 per cent), Vegetable Ghee 2.5 Kg (38.97 per cent), Washing Soap (38.40 per cent), Pulse Masoor (37.19 per cent) and Diesel (32.26 per cent).

    READ MORE: Pakistan’s inflation climbs up 24-month high in January

    While major decrease observed in the prices of Chillies Powdered (36.30 per cent), Pulse Moong (28.43 per cent), Chicken (9.77 per cent), Sugar (5.72 per cent), Onions (3.84 per cent) and Potatoes (0.38 per cent).

    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.

    READ MORE: January headline inflation may clock near 13%

    The SPI for the current week ended on February 17, 2022 recorded an increase of 0.22 per cent. Increase in the prices of food items Garlic (10.53 per cent), Tomatoes (4.35 per cent), Bananas (4.28 per cent), Chicken (2.89 per cent), Cooked Daal (1.94 per cent) and Vegetable Ghee 2.5kg (1.08 per cent) and non-food items Petrol (8.12 per cent), Diesel (6.52 per cent), Match Box (2.17 per cent) and Long Cloth (1.50 per cent) was observed with joint impact of (1.21 per cent) into the overall SPI for combined group of (0.22 per cent).

    READ MORE: Mini-budget likely to push up inflation: SBP

    On the other hand, decrease is observed in the prices of Chillies Powdered (5.41 per cent), Eggs (5.31 per cent), Electricity for Q1 (5.20 per cent), Onions (1.39 per cent), Potatoes (0.89 per cent), Gur (0.82 per cent), Sugar (0.59 per cent), Wheat Flour (0.27 per cent), LPG (0.17 per cent), Pulse Moong (0.11 per cent), and Pulse Mash (0.08 per cent).

    During the week, out of 51 items, prices of 28 (54.90 per cent) items increased, 11 (21.57 per cent) items decreased and 12 (23.53 per cent) items remained stable.

    READ MORE: Headline inflation rises by 12.3% in December 2021

  • Pakistan’s foreign exchange reserves slip to $23.49 bn

    Pakistan’s foreign exchange reserves slip to $23.49 bn

    KARACHI: The total liquid foreign exchange reserves of Pakistan have declined by $231 million to $23.49 billion by week ended February 11, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $23.721 billion by week ended February 04, 2022.

    The official reserves of the central bank fell by $241 million to $17.096 billion by week ended February 11, 2022 as compared with $17.337 billion a week ago.

    However, the foreign exchange reserves held by commercial banks slightly increased by $10 million to $6.394 billion by week ended February 11, 2022 as compared with $6.384 billion a week ago.

    Pakistan foreign exchange reserves rise to $23.72 billion
  • Foreign investment surges by 176% during July – January

    Foreign investment surges by 176% during July – January

    KARACHI: The overall inflow of foreign investment in the country recorded 176 per cent during first seven months (July – January) 2021/2022 due to the inflows of debt securities to the tune of $1.057 billion received in January 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.

    The total foreign investment increased to $1.817 billion during the first seven months of the current fiscal year as compared with $659 million in the corresponding months of the last fiscal year.

    READ MORE: Pakistan’s foreign investment surges by 73% in 5 months

    The net foreign private investment is showing increase of 5.7 per cent to $859 million during July – January 2021/2022 as compared with $812.4 million.

    The net inflow of foreign direct investment (FDI), a major component of foreign private investment, into Pakistan has recorded 11.3 per cent during first seven months (July – January) of 2021/2022.

    READ MORE: Carrefour enhances Pakistan investment to Rs10.5 billion

    The net inflow of the foreign direct investment increased to $1.17 billion during first seven months of the current fiscal year as compared with $1.05 billion in the corresponding period of the last fiscal year.

    The increase in net inflow of FDI can be attributed to significant contraction in outflow during the period. The outflow fell by 40 per cent to $468.7 million during the period under review as compared with the outflow of $786 million in the same period of the last fiscal year.

    READ MORE: Jazz’s investment in Pakistan crosses $10 billion

    However, the portfolio investment, the other component of foreign private investment, recorded a 31 per cent decline during first seven months of the current fiscal year. The outflow under foreign portfolio investment recorded at $308 million during July – January 2021/2022 as compared with outflow of $236 million in the corresponding period of the last fiscal year.

    READ MORE: Focus on increasing investment in export industry: PM