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  • Need stressed on integrated approach for SDGs

    Need stressed on integrated approach for SDGs

    ISLAMABAD: Highlighting the important role of Voluntary National Review process towards achieving Sustainable Development Goals (SDGs), the participants stressed the importance of an integrated & participatory approach towards making of Voluntary National Review (VNR) Report.

    The process adopted by Planning Commission of Pakistan was inclusive and broad-based, however the official VNR report does not reflect the progress on critical SDGs that related to basic social services including education, human rights, women & gender rights, peace, democracy and accountability mechanisms.

    These thoughts were expressed in Pre – HLPF CSOs Consultation session on Voluntary National Review (VNR) process and report, organized by AwazCDS-Pakistan and Malala Fund in Islamabad.

    Presented every year at the UN High-level Political Forum on Sustainable Development (HLPF), VNRs provide the opportunity for countries to share their individual experiences, including successes, challenges and lessons learned, with a view to accelerating SDG implementation. The review process and report also discusses the governing framework and policies supporting the development process.

    Chief Executive Awaz CDS Pakistan, Zia ur Rehman appreciated government for setting up institutional structures like Parliamentary Task Forces and SDGs Units at national, provincial and regional levels to facilitate and oversight the implementation processes towards the achievement of SDGs.

    He expressed concern that the official VNR report apparently focuses on the SDGs other than the five priority SDGs for this year’s HLPF review, including Goals 4 (Quality Education), 5 (Gender Equality) 14 (Life Below Water), 15(Life on Land), and 17 (Partnership for the Goals). He expressed his dismay for not reflecting progress on quality education and gender equality as standalone segments.

    According to him the report also failed to capture and highlight the stakeholders input on VNR process and progress on SDGs collected through stakeholders’ consultations held across Pakistan.

    Manager Programs & Campaigns AwazCDS, Maryam Amjad Khan presented the combined statement of national CSOs on SDGs for HLPF 2022. The statement highlighted the importance of collecting information through Peoples Scorecard and collecting input from the civil society organizations on the subject. According the results of People Scorecard 2022 the average score of progress on SDGs is 27 as compared to the average score of 22 in 2021.

    Pakistan Development Alliance releases the People Scorecard on SDGs every year to measure the progress on SDGs. Global score for Pakistan progress on SDGs is 59.34. The global score is determined through government sponsored secondary data whereas People Scorecard (PSC) is based on the evidence based perception of informed civil society in Pakistan.

    All sessions were interactive to ensure everyone’s participation. Around 35 members from civil society organizations (CSOs) and INGOs including Sightsavers, VSO, Save the Children, Sir Sayyad Deaf Association, Aurat Foundation, Hashoo Foundation, SAPRC, PCHR, SEDA, Society for Sustainable Development and others participated in the consultation, mostly from organizations led by women, youth, transgender, people living with disabilities and minority groups.

  • SBP directs banks to open branches on July 8, 2022

    SBP directs banks to open branches on July 8, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday directed banks to open their branches on July 08, 2022 – the first holiday for Eid-ul-Adha to facilitate people.

    The federal government has announced five days of holidays on the occasion of Eid ul Adha. Subsequently, the SBP also announced holidays from July 8 to July 12, 2022 for banks.

    READ MORE: Bank holidays announced for Eid ul Adha 2022

    However, the central bank said in order to ensure the availability of banking services to trade and industry, in particular and public in general, during the extended holidays on the occasion of Eid-ul-Adha, it has been decided that banks / MFBs shall arrange to open selected branches, only on Friday, July 8, 2022 from 9:00 a.m. to 4:00 p.m., situated in close proximity of cattle markets, big cities, business centers, commercial markets & hubs, ports etc. throughout the country.

    READ MORE: SBP enables banks to get regulatory approval digitally

    It may, however, be noted that RTGS System and Clearing through NIFT will not be available on the afore-mentioned date. Accordingly, all clearing transactions including foreign exchange conversion transactions will be settled on the next working day i.e. Wednesday, July 13, 2022.

    Banks / MFBs should ensure the deployment of minimal number of staff necessary to carry out smooth working at such branches on the above date, the SBP added.

    READ MORE: SBP makes permission mandatory for motor car import

  • Beaconhouse signs agreement for provision in assessment services

    Beaconhouse signs agreement for provision in assessment services

    LAHORE: In a major step toward advancing digital education in Pakistan, Pearson-Edexcel and the Beaconhouse School System signed a Memorandum of Understanding (MoU) on Wednesday to provide world-class assessment services and international academic qualifications to Pakistani students.

    (more…)
  • Bank holidays announced for Eid ul Adha 2022

    Bank holidays announced for Eid ul Adha 2022

    KARACHI: The State Bank of Pakistan (SBP) on Monday announced bank holidays on the occasion of Eid ul Adha 2022.

    In a circular issued to president and chief executives of all banks, development financial institutions and microfinance banks, the central bank said the SBP will remain closed from 8th to 12th July, 2022 (Friday to Tuesday) being public holidays on the occasion of Eid-ul-Adha.

  • Pakistan petroleum sales climb up by 16 per cent in FY22

    Pakistan petroleum sales climb up by 16 per cent in FY22

    KARACHI: The domestic sales of petroleum products in Pakistan have jumped up by 16 per cent to 22,595 metric tons in fiscal year 2021/2022 when compared with the preceding year, a report said on Monday.

    However, Pakistan oil sales declined by 11 per cent MoM to 1.9 million in June 2022 which is mainly driven by 14 per cent MoM dipped in MOGAS and High Speed Diesel (HSD) sales.

    READ MORE: Dealers threaten shutting down petrol pumps from July 18

    “This was due to sharp increase in MOGAS and HSD prices by 31 per cent and 51 per cent in June 2022, respectively,” said analysts at Topline Securities Research.

    This led to reduced demand of petroleum products and rise in usage of public transport/car pooling, they added.

    On YoY basis, oil sales remained flat during the month of June 2022.

    READ MORE: NA approves levy on petroleum products up to Rs50/liter

    MOGAS and HSD sales were down 12 per cent and 16 per cent on MoM basis to 702k tons and 713k tons, respectively. Excluding Furnace Oil (FO), overall petroleum sales volume stood at 1.48 million tons in June 2022, down 13 per cent MoM and 7 per cent YoY.

    “In FY22, Pakistan’s oil sales clocked in at 22.6 million tons, up 16 per cent YoY, which was much better than the last 10-year growth rate,” the analysts said.

    This was mainly led by higher than expected growth in Furnace Oil (FO) sales which reached 4 million tons (highest since FY18) due to high demand in power plants amidst non-availability of RLNG along with low hydel generation.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

    Excluding FO, oil sales were up 13 per cent YoY in FY22 due to uptick in MOGAS and HSD sales.

    Motor Gasoline (MOGAS) and High Speed Diesel (HSD) volumes witnessed jump of 9 per cent YoY and 15 per cent YoY to 8.9 million tons each in FY22. This was driven by (i) strong economic growth including growth in Agriculture sector, and (ii) increase in auto sales.

    Pakistan State Oil (PSO) sales outperformed the sector growing by 29 per cent whereas Attock Petroleum (APL) sales improved by 22 per cent in FY22. Shell Pakistan (SHEL) and Hascol Petroleum (HASCOL) underperformed the market during FY22.

    READ MORE: Petroleum levy to generate Rs750 billion

    Moving forward, we expect oil sales to decline by around 15 per cent YoY in the current fiscal year to due to (i) expected decline in auto sales in FY23, (ii) low growth estimated in agriculture sector (2.5 per cent for FY23F vs. 4.4 per cent in FY22), and (iii) sharp increase in petrol/diesel prices.

  • Dealers threaten shutting down petrol pumps from July 18

    Dealers threaten shutting down petrol pumps from July 18

    KARACHI: Pakistan Petroleum Dealers Association (PPDA) on Saturday announced a complete shutdown of petrol pumps from July 18, 2022 in protest of rise in cost of doing business and falling dealers margin.

    READ MORE: NA approves levy on petroleum products up to Rs50/liter

    Abdul Sami Khan, Chairman, PPDA at a meeting discussed the current dealers margin, which were forcing petroleum dealers to shut down their business. The association demanded that the dealers margin should be enhanced to 6 per cent.

    Sami Khan said that due to high cost of electricity their profit margin declined drastically. Besides, massive hike in prices of petroleum products also affected their business adversely.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

    He further added, the protest shut down would continue till the demands were accepted. He said that fuel stations could not continue supply while sustaining continuous losses. At present the dealers are receiving margin after deduction of tax at Rs3.20 per liter on diesel and Rs3.90 on petrol per liter.

    READ MORE: Petroleum levy to generate Rs750 billion

    He also recalled the promise of increasing margin to 4.5 per cent given by the previous PTI government but due to increased prices of diesel and petrol, the PPDA is facing many problems in operating the fuel stations.

    The chairman threatened the present coalition government led by PML-N to close down the fuel stations if the demand of increasing margin to 6 per cent is not accepted.

    READ MORE: What are new petroleum prices in Pakistan?

  • Petroleum prices in Pakistan push inflation 13-year high

    Petroleum prices in Pakistan push inflation 13-year high

    KARACHI: The continuous rise in petroleum prices in Pakistan have pushed headline inflation up 13-year high at 21 per cent in June 2022.

    (more…)
  • New prices of petroleum products in Pakistan from July 01, 2022

    New prices of petroleum products in Pakistan from July 01, 2022

    ISLAMABAD: The government of Pakistan has announced another raise in prices of petroleum products effective from July 01, 2022.

    The new prices of petrol have been increased by Rs14.85 per liter to Rs248.74 from Rs233.89.

    The rate of high speed diesel has been increased by Rs13.25 per liter to Rs276.54 from Rs263.31.

    The rate of kerosene oil has been increased by Rs18.83 per liter to Rs230.26 from Rs211.43.

    READ MORE: New petroleum prices in Pakistan from June 16, 2022

    Similarly, the rate of light speed diesel has been increased by Rs18.68 per liter to Rs226.15 from Rs207.47.

    The National Assembly on Wednesday passed the Finance Bill 2022, which enabled the government to impose petroleum levy up to Rs50 per liter on petroleum products.

    At present the government is not charging a levy on sale of petroleum products.

    Besides, the sales tax is also at the minimum level of zero per cent on petroleum products.

    READ MORE: Petroleum prices in Pakistan may rise from July 01, 2022

    The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

    However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022.

    Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

    READ MORE: New petroleum prices in Pakistan from June 03, 2022

    The new government of Prime Minister Shehbaz Sharif increased the prices of petroleum products on May 26, 2022, June 02, 2022 and June 15, 2022. Cumulatively, the government increased the price of petrol by 84 per liter in these price hikes.

    The present government in the budget estimated to collect Rs750 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

    Shaukat Tarin, former finance minister during PTI tenure said that on the demand of the International Monetary Fund (IMF) the government was increasing the rates of petroleum products. The government will further increase the prices of petroleum products to Rs300 per liter.

    READ MORE: Petroleum prices in Pakistan from June 01, 2022

    In a Tweet he said: “IMF wants more prior actions before they even consider taking the proposal to their board. Rs 855 billion Petroleum Development Levy (PDL) and 11 per cent sales tax. Will push cost to Rs300+/litre. Immediate increase in electricity prices. Rs800 billion provincial surpluses signed off by provinces, when they showed only Rs80 billion.”

    Previously, the government announced the increase of the price of diesel to Rs263.31 per liter effective from June 16, 2022. The rate of high speed diesel had been increased by Rs59 per liter. The rate of this product was Rs144.16 as of May 26, 2022. A cumulative increase of Rs119 during the past 20 days. Similarly, the price of petrol increased by Rs84 to Rs233.89 from Rs149.89 as of May 26, 2022.

    READ MORE: Petroleum levy to generate Rs750 billion

  • Petroleum prices in Pakistan may rise from July 01, 2022

    Petroleum prices in Pakistan may rise from July 01, 2022

    KARACHI: The prices of petroleum products in Pakistan are likely to increase due to planned implementation of petroleum levy and sales tax from July 01, 2022.

    The National Assembly on Wednesday passed the Finance Bill 2022, which enabled the government to impose petroleum levy up to Rs50 per liter on petroleum products.

    READ MORE: New petroleum prices in Pakistan from June 16, 2022

    At present the government is not charging a levy on sale of petroleum products.

    Besides, the sales tax is also at the minimum level of zero per cent on petroleum products.

    The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

    READ MORE: New petroleum prices in Pakistan from June 03, 2022

    However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022.

    Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

    The new government of Prime Minister Shehbaz Sharif increased the prices of petroleum products on May 26, 2022, June 02, 2022 and June 15, 2022. Cumulatively, the government increased the price of petrol by 84 per liter in these price hikes.

    READ MORE: Petroleum prices in Pakistan from June 01, 2022

    The present government in the budget estimated to collect Rs750 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

    Shaukat Tarin, former finance minister during PTI tenure said that on the demand of the International Monetary Fund (IMF) the government was increasing the rates of petroleum products. The government will further increase the prices of petroleum products to Rs300 per liter.

    In a Tweet he said: “IMF wants more prior actions before they even consider taking the proposal to their board. Rs 855 billion Petroleum Development Levy (PDL) and 11 per cent sales tax. Will push cost to Rs300+/litre. Immediate increase in electricity prices. Rs800 billion provincial surpluses signed off by provinces, when they showed only Rs80 billion.”

    READ MORE: Petroleum levy to generate Rs750 billion

    Previously, the government announced the increase of the price of diesel to Rs263.31 per liter effective from June 16, 2022. The rate of high speed diesel had been increased by Rs59 per liter. The rate of this product was Rs144.16 as of May 26, 2022. A cumulative increase of Rs119 during the past 20 days. Similarly, the price of petrol increased by Rs84 to Rs233.89 from Rs149.89 as of May 26, 2022.

    New prices of petroleum products with effect from June 16, 2022 are as follows:

    i. MS ( Petrol) Rs. 233.89/Liter

    ii. High Speed Diesel(HSD) Rs. 263.31/Liter

    iii. Kerosene (SKO) Rs. 211.43/Liter

    iv. Light Diesel Oil (LDO) Rs. 207.47/Liter.

  • Pakistan’s central bank launches digital financial literacy for farmers

    Pakistan’s central bank launches digital financial literacy for farmers

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it launched a series of videos about agriculture financing products for farmers.

    The central bank in a statement said it had launched a series of videos in national and regional languages about agriculture financing products and procedures to create awareness among the farming communities across the country, especially in the underserved areas.

    READ MORE: Meezan Bank installs 1000th ATM

    These videos will be disseminated through social media and digital platforms of SBP and all agriculture lending banks.

    Lack of awareness among farmers about agriculture financing products and services remains one of the challenges for banks to access rural markets and extend outreach of formal financial services to the farming communities.

    Capacity building & awareness creation is, therefore, an important area of focus amongst SBP’s various initiatives for promotion and development of agriculture financing in the country.

    READ MORE: Pakistan banks to remain closed on July 01, 2022

    SBP has been organizing various awareness and capacity building programs for farmers; however, farming communities still lack awareness at the grassroots level to avail and optimally utilize formal financial services.

    In order to address this lack of awareness and to broaden the scope of SBP’s campaigns, the potential of digital media is being explored.

    Rapid penetration of internet and increased usage of smartphones across the country has presented an opportunity to harness digital platforms for disseminating information instead of relying on conventional awareness sessions, which have limited outreach.

    The use of digital medium is not only helpful in spreading the message to a wider audience in a timely and cost effective way, but also enables such messages to have higher rate of comprehension and retention.

    The first video in this series covers the overall agriculture financing landscape of the country, SBP’s initiatives and GoP’s schemes, all from a farmer’s perspective.

    READ MORE: Standard Chartered facilitated by BenchMatrix

    Keeping in view the need for enhancing accessibility of credit in the diverse underserved areas, this video has also been translated into three regional languages apart from Urdu, i.e. Sindhi, Balochi and Pashto.

    The next two videos in the series focus on crop and non-crop sector, including information regarding agriculture loan products, and diving deeper into the procedures and documentation required for both segments.

    READ MORE: Pakistan-issued prize bonds expire on June 30, 2022

    It is expected that these videos will help the farming community to overcome their reluctance in availing credit from banks.

    Moreover, to augment SBP’s initiative and achieve greater reach, agriculture lending banks will also share these videos on their respective social and digital media channels which will encourage banks to develop similar informative videos on product and financing opportunities to agro-based businesses as well.