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Category: National

National news coverage from Pakistan including politics, economy, society, and major developments shaping events across the country.

TVET SSP provides electrician toolkits to promote self-employment

ISLAMABAD: TVET Sector Support Programme (TVET SSP) has provided toolkits at a ceremony which was organized in Islamabad to provide electrician toolkits to more than 60 returning migrants and local people of Pakistan.

TVET Sector Support Programme (TVET SSP) is facilitating the reintegration of returnees under its component, ‘Reintegration of Returnees in Pakistan’, which is funded by the German Federal Ministry for Economic Cooperation and Development (BMZ).

Olaf Handloegten, Head of TVET Sector Support Programme and Cluster Coordinator Sustainable Economic Development, Training and Employment (CASEDTE) GIZ Pakistan, expressed his views while addressing the beneficiaries,

“The German Development Cooperation has always considered skills development in Pakistan to be essential and the impact it can create on the social and economic development of this country is potentially immense.

“A steady economy depends on the economic stability of its workers, specifically in the informal sector. Supporting small businesses and self-employment through the provision of in-kind support is definitely a step in the right direction.

“We are hopeful that our intervention areas related to Career & Entrepreneurship Advisory Services, and Employment Promotion will continue to be fruitful for the beneficiaries in Pakistan.”

TVET Sector Support Programme is being implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in partnership with the National Vocational and Technical Training Commission (NAVTTC), and in close collaboration with the provincial Technical Education and Vocational Training Authorities (TEVTAs) and several not-for-profit, public, and private sector organisations.

The beneficiaries were trained in a full-day workshop on Career & Entrepreneurship Advisory prior to the in-kind support handover ceremony. Beneficiaries from Punjab and KP, who participated in the workshop, will now be able to start their own businesses upon their return to their hometowns.

Muhammad Nazir Khan, a returnee from Oman, while collecting his electrician toolkit at the event said, “Whenever people like us come back to Pakistan, we struggle – there aren’t too many opportunities or support services available for returning migrants. This initiative sounds promising and the toolkits we are receiving today will enable us to run businesses and become financially stable.”

Director General National Vocational & Technical Training Commission, Mujeeb ur Rehman also partook in the event and addressed the beneficiaries.

“The support we have received from German Development Cooperation is substantial and it is an absolutely satisfying sight to see practical measures being taken to reintegrate returnees. Training people on how to start new businesses and providing them with toolkits as a follow-up measure will ensure that the beneficiaries become independent in the long run,” he said.

The ‘Reintegration of Returnees in Pakistan’ component of TVET SSP, aims to facilitate the socio-economic development of Pakistani returnees and the locals by offering them quick and effective start-up opportunities, especially in Punjab, as it is one of the regions most affected by return migration.

The component will support 15,000 individuals, including 6,500 returnees from Germany and Gulf Cooperation Council (GCC) countries through various support measures including Career and Entrepreneurship Advisory Services, Competency-based Training & Assessments (CBT&A), Recognition of Prior Learning, and Employment Promotion.

August 18, 2022
Pakistan makes currency declaration must at air ticket booking

KARACHI: Pakistan has made it must for all international air passengers to declare foreign currency at the time of ticket booking.

The country has taken the decision to comply with the conditions of Financial Action Task Force (FATF) for preventing money laundering and terror financing.

READ MORE: Pakistan launches online currency declaration

Sources in Civil Aviation Authority of Pakistan (CAA) told PkRevenue.com on Thursday that all the passengers intending to go abroad are required to declare currency at the time of booking the international air ticket.

For outbound flights, airlines may also direct their staff/travel agents to ensure that they provide a copy of the declaration at the time of booking of ticket.

READ MORE: FPCCI suggests amnesty for cryptocurrency declaration

“At check-in counters, airlines are directed to issue boarding pass only once the passengers have deposited the declaration with them,” according to a statement issued by the CAA.

It further said that Pakistan Customs are required to deploy their staff along with airline staff to supervise/assist the passengers at the dedicated facilitation counter inside the check-in hall.

The airline staff will collect the declarations and hand over the same to the customs staff after the closure of the flight along with the passenger’s manifest.

READ MORE: FPCCI demands reducing income tax slabs to five

For Inbound Flights, airlines are required to ensure in-flight announcement by the flight crew for every inbound flight for submission of subject declaration wherein the passengers will mention the currency under the regulatory requirements of FATF.

The airline crew will distribute the declaration during the flight to all the passengers, irrespective of their nationality. The said declaration will be deposited at the customs counter before the immigration desks at International Arrival.

CAA will provide space and counters for the collection of all declaration forms.

READ MORE: FBR tightens monitoring to prevent currency smuggling

August 18, 2022
AVALON – The Most Tech-Enable Real Estate Project In Islamabad

ISLAMABAD: With so many real estate projects in Pakistan on the rise, it’s close to impossible to find the most futuristic & tech-enabled, sustainable, and state-of-the-art project that’s worth investing without breaking the bank while also being trust-worthy.

Having said that, we’ve recently spotted a project that’s taking Islamabad by storm. Their streamers and outdoor billboard are literally everywhere we go.

We did a little digging and found out about this real estate giant, namely AVALON City. The masterplan is in development as Pakistan’s first technological city. This is a state-of-the-art infrastructure designed and idealised as the Future of Real State in Pakistan. Embracing their tagline, they truly want you to ‘Envision Your Lifestyle’.

We found out this project sits at an ideal location of Chakri Road, adjacent to M2 Motorway, ensuring a convenient residence and commercial success for its residents and investors. Have you ever thought about having Smart Homes, Wi-Fi trees, 3D and Virtual Theatres, Electric Bikes, Automated Traffic Control? Well, AVALON City has got it all.

We know what you’re thinking. With all these offerings, they must be expensive as anything but after doing a thorough price comparison, we found out that their prices are very affordable compared to other projects in the vicinity.

The hashtag #AvalonCityIslamabad was trending on social media for the past couple of days.

Don’t believe us? Well, Netizens on social media are going nuts about this.

Some people are comparing it to Saudi Arabia’s The Line project.

While others are just excited that something progressive is coming to Pakistan.

If you’re interested in investing or just getting to know about them, we recommend getting in touch with them directly @ [email protected], +92 (51) 6120517 or www.theavaloncity.com

August 17, 2022
Miftah presents key points for Pakistan growth

ISLAMABAD: Dr. Miftah Ismail, minister for finance and revenue, has presented four points for taking Pakistan on path of growth and prosperity.

The Finance Minister Dr. Miftah Ismail alongwith the Federal Minister for Climate Change Sherry Rehman attended the 5^th edition titled “Imagineering The Future” as chief guest. The Finance Minister unveiled 4 point agenda to put Pakistan on path of prosperity.

The Summit is jointly hosted by Nutshell Group and Martin Dow, in strategic partnership with Overseas Investors Chamber of Commerce & Industry (OICCI).

Miftah Ismail stated: “The government is considering to promote exports of the country at an aggressive level through an incentive of significant tax waiver to companies which could enhance their exports by 10 per cent of its productions.’’

He said that the government will provide full support to companies having plans for exporting their products to different countries because it is a daunting task that must be taken as a challenge.

Various business groups in Pakistan are performing outstandingly and contributing to the national economy through taxes and different ways but they spend $200 million on imports every year which needs to be addressed by enhancing our exports.

He further said, ‘’If you make something, sell it abroad, if you build, go construct abroad, if you offer a service, offer it abroad. The nation should set the direction to the promotion of exports.’’

Businesses in Pakistan should think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition.

Containing the expenses in imports can stabilize the budget deficit including the trade deficit and current account deficit in tandem.

The government may not enhance the export overnight but it did control imports of non-essential goods which impacted inflows of foreign exchange to the tune of $700-800 million in the interbank market in the last few months while the country also paid its scheduled debt-servicing in the first week of August.

Federal Minister for Climate Change Senator Sherry Rahman spoke about the urgency of required action to combat climate change.

She said climate change is a matter of national security which have affected adversely food and energy security, supply chain, infrastructure, and precious lives of the citizens across the country.

One-fifth of Pakistan is submerged at present due to heavy monsoon rains which have wreaked havoc on the infrastructure in many parts of the country especially Balochistan and Sindh.

Pakistan is at the front of climate change and we would like all corporates to interweave sustainability goals in their mission statements.

She said that greenwashing has to end and genuine efforts have to be made. She also mentioned that they are trying to move the markers for 2050 down to 2030 as climate change is accelerating and our pace needs to match it.

August 17, 2022
Shell Pakistan stops aviation operations across country

KARACHI: Shell Pakistan Limited on Wednesday announced to discontinue its aviation operations across the country.

In a communication submitted to Pakistan Stock Exchange (PSX), the company said that a meeting of board of directors held on August 17, 2022, had taken the decision to discontinue Shell Pakistan Limited (SPL) aviation operations across Pakistan.

Presently, SPL carries out its aviation related operations on the following locations: (i) Jinnah International Airport (JIAP) (ii) Quetta International Airport (QIAP) (iii) Begum Nusrat Bhutto Airport (BNB) (Sukkur) and (iv) Nawabshah Airport (WNS).

Following the expiry of the leases related to the above airports, the Pakistan Civil Aviation (CAA) has floated a joint-tender inviting participants to bid for the operations of six airports; including all four of the airports currently operated by SPL (listed hereinabove) as well as Skardu International Airport (KDU) and Gwadar International Airport (GDU).

The company said that after due consideration of a wide range of factors, including legal compliance, financial and commercial consideration, SPL had taken the decision not to participate in the tender.

SPL is committed to the safe handover of operations to the CAA and/or relevant stakeholder (as appropriate) at the airports at which it is currently operating. The final date of exit from these airports will be communicated after consultation with the CAA.

“SPL remains committed to continuing its other businesses and operations in Pakistan, which remain unaffected,” the company added.

August 17, 2022
Businessmen express shock over petroleum price hike in Pakistan

KARACHI: Businessmen have expresses shock over hike in petroleum prices in Pakistan despite massive reduction in oil prices in international market.

The businessmen are in shock and expressed their serious concern over the hike in petroleum products in Pakistan despite the fact that crude oil prices have plunged to below $90 a barrel while the rupee has jumped by around Rs30 versus dollar during the last fortnight, said a statement issued on Wednesday.

READ MORE: Miftah defends petrol price hike in Pakistan from August 16, 2022

The chairman of Businessmen Panel (BMP) and former president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar reiterated his demand of passing on relief of cut in oil prices in the global market to the industry, besides bringing key policy rate to a regionally competitive level.

On Monday night, the federal government announced a hike of Rs6.72 per litre in the price of petrol for the remaining days of August 2022, according to a notification issued by the Ministry of Finance.

He voiced his concern over the increase in fuel prices despite downward trend in international market. The present government came into power to give relief to the masses, which should be its top priority, as the hike in petroleum prices will trigger inflation in the country.

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

He said that it was beyond comprehension that why prices were raised despite a reduction in oil prices at the international level, adding that the government should have mercy on poor masses and give them some relief.

Mian Anjum said when Russia invaded Ukraine last spring, energy experts were predicting that oil prices could reach $200 a barrel, a price that would send the costs of shipping and transportation into the stratosphere and bring the global economy to its knees.

Now oil prices are lower than they were when the war began, having dropped more than 30 percent in barely two months. The news of a slowing Chinese economy and a cut in Chinese interest rates sent prices down further, to less than $90 a barrel for the American benchmark.

Gasoline prices have fallen every day over the last nine weeks, to an average of less than $4 nationwide, and prices of jet fuel and diesel are easing as well. That should translate eventually to lower prices for things so that cost of production could come down to a regionally competitive level.

READ MORE: New petroleum prices in Pakistan from August 1, 2022

Moreover, a large number of fuel stations remained closed nationwide despite no strike or shortage of petroleum products in the country. He said that oil marketing companies (OMCs) and petroleum dealers have allegedly created an artificial fuel crisis as the coalition government increased petrol prices by Rs6.72 per litre.

Recent practices suggest they usually stop supplies of petrol and diesel to end-consumers for a couple of hours to make additional profit. However, this time around the suspension lasted for almost an entire day. Many petrol pumps had gone dry by Monday evening and new supplies came on Tuesday afternoon.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former president demanded the government to reduce petroleum prices without any delay.

He demanded that the government should slash the prices of the petroleum products immediately as the international oil prices have substantively come down; and, the benefit needs to be shifted to the masses.

He noted with a sigh of relief that oil prices are now under $90 per barrel. The move will bring down the inflation in a much more effective and tangible manner than raising the interest rate to a 14-year high of 15 percent, he added.

Mian Anjum emphasized that the full force of the multiplier effect of the raise of the petroleum products has not yet materialized in Pakistan and inflation will keep rising in coming weeks if the relief from international market is not shifted to the end consumer.

READ MORE: New petroleum prices in Pakistan from July 15, 2022

FPCCI former chief explained that global macroeconomic sentiments are not optimistic and growth forecasts have been significantly lowered to the tune of being recessionary; and, the phenomenon may drive the international oil prices even lower than $90 per barrel in coming weeks. However, he maintained, we have to tread a cautious path and gradually but progressively lower the domestic petroleum prices.

The BMP Chairman called for the prudent and diligent regulation of the markets to allow the country to benefit from the downward trends in international oil prices, edible oils and initial signs of receding supply constraints in some other commodities.

He said that our industry already facing cut-throat competition in both national and international markets, as the industry was directly hit by the fluctuation of oil prices, which also directly increase inflation, he said. Its negative impact can be witnessed in the hike of cargo freight charges, which adds cost to the industrial production at all stages, he said.

August 17, 2022
Miftah defends petrol price hike in Pakistan from August 16, 2022

ISLAMABAD: Finance Minister Dr. Miftah Ismail on Tuesday defended the government decision to increase the prices of petrol that are implemented from August 16, 2022

A day earlier, Prime Minister Shehbaz Sharif approved the summary to increase the price of petrol with nominal decline in other petroleum products.

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

The government announced a significant increase of Rs6.72 per liter in price of petrol to Rs233.91 from Rs227.19 effective from August 16, 2022.

The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95. The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07. The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

The people of Pakistan were expecting a significant decline in petroleum prices in the wake of sharp decline in international oil prices and massive recovery in rupee value against the dollar during the month of August 2022.

READ MORE: New petroleum prices in Pakistan from August 1, 2022

All the quarters have strongly criticized the government for increase price of petrol. The criticism was also came from coalition partners of the present government.

However, Miftah Ismail through Tweet presented a brief explanation on how petrol and diesel prices are set in Pakistan.

Oil and Gas Regulatory Authority (OGRA) takes the average of petroleum prices, adds freight and premium paid by Pakistan State Oil (PSO) on top of these prices, and multiplies that by the exchange rate.

READ MORE: New petroleum prices in Pakistan from July 15, 2022

In addition it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.

“We have not added any new tax or levy to the price. The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged,” Miftah Ismail said.

“Again, not one paisa of new taxes or levies was added,” he repeated.

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

August 16, 2022
New petroleum prices in Pakistan from August 16, 2022

ISLAMABAD: Pakistan has revised prices of petroleum products on Monday with effect from August 16, 2022. The finance division issued following new prices that will implement from August 16, 2022:

The price of petrol has been increased by Rs6.72 per liter to Rs233.91 from Rs227.19.

The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95.

The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07.

READ MORE: New petroleum prices in Pakistan from August 1, 2022

The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

A press release issued by the finance division stated that in the wake of fluctuations in petroleum prices in the international market and exchange rate variation, the government had decided to revise the existing prices of petroleum products to pass on the impact to the consumers.

It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.

It was believed that the government would reduce the prices of petroleum products considering the latest crude oil prices in the international markets and sharp recovery in local currency against the US dollar.

READ MORE: New petroleum prices in Pakistan from July 15, 2022

Some good developments have been seen since the last amendment in prices of petroleum products.

The rupee continued the gain for the seventh straight session after falling to historic low. The local unit witnessed record low at Rs239.94 against the dollar on July 28, 2022. However, since then the rupee is continuously gaining to the dollar. The local currency gained about Rs18.75 or 7.51 per cent during the past seven trading days till August 10, 2022.

Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.

The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.

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

The benchmark Brent crude is below $100 dollars in the international market. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 2022.

The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.

Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15, 2022. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.

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 16, 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 present government in the budget estimated to collect Rs855 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.

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

August 16, 2022
Australia wishes Pakistan Independence Day

KARACHI: The Australian High Commissioner to Pakistan, Neil Hawkins wished Pakistan on its 75th Independence Day.

In his message, he said that, “Happy Birthday Pakistan. Just 75 years young and much to be proud of and much to celebrate: Your ethnic diversity, rich cultural heritage, fabulous food and spectacular scenery. But the most striking element for me is the warm and welcoming people – always ready with a smile and a salaam aleikum.”

READ MORE: Faysal Bank celebrates 75th Pakistan Independence Day

Australia was one of the first countries to recognise Pakistan in 1947, though our people to people ties go back to the 1800s.

Camel traders from Balochistan were critical in transporting goods across our deserts. Today almost 100,000 Pakistanis call Australia home and make a critical contribution to our multicultural society.

We are also proud to host thousands of Pakistani students enjoying our great cities and world class universities.

READ MORE: Pakistan unveils first locally made electric car

Looking ahead, Pakistan and Australia both face challenges that require us and all nations to cooperate, particularly that of climate change.

Australian expertise in science and technology, especially water management and agricultural research will play a key role.

And who can overlook our common passion for cricket where we look forward to hosting the T20 later this year and Pakistan’s women’s XI early 2023.

READ MORE: Pakistan issues Rs75 banknote to celebrate Independence Day

We were heartened by the typically warm reception given to our cricket team during its Pakistan tour earlier this year.

Finally, we sincerely wish all our Pakistani brothers and sisters increased prosperity and harmony in order to fulfil the vision of the Quaid-i-Azam.

He also said that, “my message to you all is of hope, courage and confidence. Let us mobilise all our resources in a systematic and organised way and tackle the grave issues that confront us with the grim determination and discipline worthy of a great nation.”

READ MORE: Donald Blome visits Karachi to support US-Pakistan trade ties

August 14, 2022
Faysal Bank celebrates 75th Pakistan Independence Day

KARACHI: Faysal Bank Limited (FBL) celebrated Pakistan’s 75^th Independence Day by organizing flag hoisting ceremony on Sunday.

The heartwarming ceremony took place on the bank’s iconic branch located at Abdullah Haroon Road.

The celebrations of the 75th anniversary required a platinum edge, therefore FBL decided to showcase Pakistan’s inclusivity by inviting the Special Olympic athletes to grace the occasion.

READ MORE: Pakistan unveils first locally made electric car

Athletes from Pakistan chapter of Special Olympics were invited to join FBL in this grand celebration of Pakistan’s Independence Day.

FBL is enthusiastic to have these special champions shine with equal resonance. The reverberation of their achievements becomes equally treasurable.

Sports in Pakistan may have carried a national Flag, but their emotional impact far outweighs any other effect.

READ MORE: Pakistan issues Rs75 banknote to celebrate Independence Day

40 members of the athletic team joined the FBL families on Sunday morning to be part of flag hoisting ceremony along with cake cutting ceremony and Prizes were also distributed among special athletes to recognize their efforts in the field of sports despite having challenges. Each person held on to a mini flag to flutter and add cheer to an already vibrant environment.

The President and CEO of FBL said, “Faysal Islami strongly believes in inclusion from all segments of the society.”

READ MORE: Donald Blome visits Karachi to support US-Pakistan trade ties

He also added that, “on this special day of 75th year of our independence it is important to remember that we have to work towards the shining Pakistan, FBL plays its role by providing economic opportunities in a Shariah Compliant manner.’’

He further elaborated on the importance for society to endorse this need for inclusion and allow youth to aim for their dreams irrespective of their challenges.

READ MORE: Pakistan Met office issues thundershower alert from August 14

August 14, 2022