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  • PKR devaluation against dollar continues despite strict monitoring

    PKR devaluation against dollar continues despite strict monitoring

    KARACHI: Pakistani Rupee (PKR) continued to devalue against the dollar on Thursday as the interbank foreign exchange market ended at PKR 224.37 to the foreign currency.

    The exchange rate recorded a decline of 21 paisas in rupee value to end at PKR 224.37 to the dollar from previous day’s closing of PKR 224.16 in the interbank foreign exchange market.

    READ MORE: Dollar advances to PKR 224.16 at interbank closing on Dec 07

    Currency experts said that the central bank through strict monitoring and measures controlled the exchange rate otherwise the actual value was much higher.

    They said that the exchange gap between open market and the interbank market is over 18-20 rupee.

    Last day a former senior central banker at a private TV channel the SBP had not much stock of dollars to intervene into the market to support the local currency. However, the central bank is artificially controlling the exchange rate through regulatory measures and strict monitoring.

    READ MORE: Dollar hits PKR 224.11 amid foreign payment demands

    According to the experts, lack of foreign inflows through official channels was encouraging hawala and hundi and most of the senders were preferring informal channels to get higher rates for their greenbacks.

    They said that falling foreign exchange and mounting scheduled repayment against foreign debt also escalated volatility in the foreign exchange market.

    Last week the rupee showed resilience against the dollar due to rollover approval of $3 billion by the Saudi government.

    However, recent payment of over a billion dollars against Sukuk by the government to international commercial investors also put pressure on the exchange rate.

    READ MORE: Rupee declines 22 paisas to dollar amid payment demand

    The currency experts said that tightening of monetary policy and contraction in import payment demand helped the rupee to make recovery.

    They said that the SBP should be more vigilant because latest efforts were not enough as Pakistan’s external sector was facing huge challenges.

    Latest investment data revealed the foreign direct investment plunged by 52 per cent in first four months of the current fiscal year.

    The current account deficit recorded a contraction in the first four months of the current fiscal year, but it swelled when compared with the previous month.

    Pakistan needs foreign inflows on urgent basis to avoid balance of payment crisis. The foreign exchange reserves of Pakistan fell sharply during past few months making it difficult for the government to fulfill its foreign repayment commitments.

    READ MORE: PKR ends stable to dollar on $3 billion Saudi rollover

    Official foreign exchange reserves of State Bank of Pakistan (SBP) have depleted by $327 million by week ended November 25, 2022 leaving import cover of only one and half months.

    The official foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by week ended November 25, 2022 as compared with $7.826 billion a week ago.

    The import bill of the country was at $4.71 billion in October 2022, according to Pakistan Bureau of Statistics (PBS). According to the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.56 months import payment.

    The central bank attributed the decline in official reserves to repayment against external debt.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.647 billion.

    The total reserves of the country fell by $267 million to $13.378 billion by week ended November 25, 2022 as compared with $13.645 billion a week ago.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.850 billion.

  • Non-filers will not be included in ATL 2022

    Non-filers will not be included in ATL 2022

    KARACHI: Non-filers of income tax return will not be included in the Active Taxpayers List (ATL) 2022, officials in the Federal Board of Revenue (FBR) said.

    The last date for filing income tax returns for tax year 2022 is December 2022. The date has already been extended twice. The actual last date for filing income tax return for tax year 2022 was September 30, 2022. But it was extended up to October 31, 2022 and then up to November 30, 2022.

    READ MORE: FBR directs BS-21 officers to submit declaration of assets

    The FBR officials said that according to tax laws persons failing to file annual returns would not be included in the ATL.

    The ATL for tax year 2022 will be issued on March 01, 2023.

    Section 182A of the Income Tax Ordinance, 2001 explained repercussions of return not filed within due date.

    READ MORE: Customs Intelligence Gwadar auctions motor vehicles on December 12

    The text of the section is as follow:

    182A. Return not filed within due date.—(1) Notwithstanding anything contained in this Ordinance, where a person fails to file a return of income under section 114 by the due date as specified in section 118 or by the date as extended by the Board under section 214A or extended by the Commissioner under section 119, as the case may be, such person shall—

    (a) not be included in the active taxpayers’ list for the year for which return was not filed within the due date:

    READ MORE: Separate property declaration under Section 7E only for returns already filed

    Provided that without prejudice to any other liability under this Ordinance, the person shall be included in the active taxpayer ‘ list on filing return after the due date, if the person pays surcharge at Rupees-

    (i) twenty thousand in case of a company;

    (ii) ten thousand in case of an association of persons;

    (iii) one thousand in case of an individual.

    “Explanation.—For the removal of doubt it is clarified that the provisions of this section shall apply from tax year 2018 and onwards for which the first Active Taxpayers List is to be issued on first day of March, 2019 under Income Tax Rules, 2002; and

    READ MORE: Tax on deemed income from immovable property under Section 7E

    (b) not be allowed, for that tax year, to carry forward any loss under Part VIII of Chapter IV;

    (c) not be issued refund during the period the person is not included in the active taxpayers’ list; and

    (d) not be entitled to additional payment for delayed refund under section 171 and the period the person is not included in the active taxpayers’ list, shall not be counted for computation of additional payment for delayed refund.

  • Pakistan’s business confidence turns negative: survey

    Pakistan’s business confidence turns negative: survey

    KARACHI: Pakistan’s business confidence turned negative owing to highly challenging political and economic situation, according to a survey conducted by Overseas Investors Chamber of Commerce and Industry (OICCI).

    OICCI, is representative of foreign and multinational companies in Pakistan, announced the results of its comprehensive Business Confidence Index (BCI) Survey – Wave 22, conducted throughout the country during September to October 2022, which revealed that the overall Business Confidence Score (BCS) in Pakistan now stands at negative 4 percent showing a decrease by 21 percent from the previous positive 17 percent in Wave 21 Survey conducted in March to April 2022.

    READ MORE: Over 400 vegetable containers stuck up at ports due to dollar shortage

    The highest drop in confidence was recorded in the “services sector” (24 percent), followed by “Retail & Wholesale trade” (22 percent), and Manufacturing sector (20 percent). The survey sample consisted of 42 percent respondents from Manufacturing sector, 33 percent from the Services sector and 25 percent from the retail/ wholesale trade.

    Despite recording a significant drop in confidence of 20 percent, the Manufacturing sector recorded a net confidence level of positive 3 percent, whereas services and retail sector stood at negative of 8 percent and 14 percent respectively. 

    Commenting on the BCS, Ghias Khan, President OICCI, observed: “The substantial decline in the overall Business Confidence to negative 4 percent is regrettable but not surprising considering the highly challenging political and economic situation during the past six months. Besides very high inflation and increased fuel prices, the significant currency devaluation also dampened the economic activity. The record level of rains during August leading to severe flooding in Sindh and other parts of the country further restricted the business activities”.

    READ MORE: FPCCI demands release of soybean, canola cargoes

    OICCI BCI Survey, conducted periodically face to face, across the country in nine cities, covering 80 percent of the GDP, with higher weightage given to key business centres of Karachi, Lahore, Rawalpindi-Islamabad, and Faisalabad.

    The OICCI Survey feedback covers business environment at regional, national, sectorial, and own business entity levels in the past six months, as well as the anticipated business and investment environment in the next six months. 

    Overall, more than half (56 percent vs 19 percent in previous wave) survey respondents were negative on the business environment in the past six months and going forward only net 2 percent (vs 18 percent in the previous survey) were positive for the next six months.

    Commenting on the business situation for the next six months, the OICCI Vice President Amir Paracha observed, “these are challenging times, and the authorities are doing all they can to navigate the enormous challenges in front including managing inflation, restricted availability of foreign exchange and resource constraints.”

    READ MORE: KATI urges removal of regulatory duty on yarn

    Amir added: “Key stakeholders especially foreign investors will continue to support the authorities in taking long term policy measures to streamline the economic fundamentals including fair taxation for all and facilitate business and investment in the country.”

    The sentiments of the OICCI members, the leading foreign investors, who were randomly included in the survey, stands at positive 6 percent, substantially lower to positive 33 percent in the previous wave.

    Foreign investors have in the past also shown higher confidence than non-members. Commenting on OICCI members survey feedback, Ghias Khan, observed that “foreign investors feedback could have been more positive but for serious concerns on few critical issues like the undue delay in revising the pharma pricing and the extreme delays in overseas remittances for goods, services and dividends. Such actions are seriously counter productive for attracting FDI in the country.”

    The three major threats to business growth identified in the survey are Inflation (78 percent), High Taxation (71 percent), and currency devaluation (70 percent) which could potentially slow down business growth in Pakistan.

    READ MORE: Pakistan slaps 5pc regulatory duty on yarn import

    Looking ahead, only 18 percent (34 percent in Wave 21) expect expansion in business operations, 2 percent (21 percent in Wave 21) planning new capital investment and 7 percent respondents (positive 16 percent in Wave 21) expect increased employment in their respective businesses.

    The OICCI is the collective voice of major foreign investors in Pakistan. The over 200 OICCI members, from 31 different countries, have a presence in 14 sectors of the economy and contribute around one-third of Pakistan’s total tax revenue, besides facilitating transfer of technology and skills and providing employment to a sizeable number of people.

    About a third of OICCI member companies are listed on the Pakistan Stock Exchange and 40 members are associates of the Global Fortune 500 companies. Besides their business operations the OICCI members realize their corporate social responsibilities and are major contributors to various CSR activities benefitting 34 million persons from underprivileged communities.

  • Finance Division rebuts economic emergency report

    Finance Division rebuts economic emergency report

    ISLAMABAD: Finance Division on Tuesday strongly rebutted the reports regarding proposals under consideration for imposing economic emergency.

    According to a statement issued by the finance division, a false message on supposed economic emergency proposals has been circulating on the social media in recent days.

    READ MORE: Pakistan purchases 450,000 metric tons wheat from Russia

    The finance division not only strongly rebuts the assertions made in the said message and but also categorically denies it and that there is no planning to impose economic emergency.

    The message is unfortunately aimed at creating uncertainty about the economic situation in the country and can only spread by those who do not want to see Pakistan prosper.

    Creation and spread of such false messages is against national interest in these times of economic hardship. A mere reading of the nine points mentioned in the message indicates how far-fetched those suggestions are.

    READ MORE: Saudi Arabia extends term of $3 billion deposit for Pakistan

    It is also quite inappropriate to equate Pakistan with Sri Lanka, given inherent strength and diversity in Pakistan’s economy.

    The present difficult economic situation is mainly the result of exogenous factors like commodity super-cycle, Russia-Ukraine war, global recession, trade headwinds, Fed’s increase in policy rates and devastation wreaked by unprecedented floods.

    The government has been making utmost efforts to minimize the impact of such external factors, even when faced with the economic consequences of unprecedented floods and having to meet IMF conditionalities.

    READ MORE: Pakistan exports plunge 18.34pc in November 2021

    The authorities are committed to completing the IMF program while meeting all external debt repayments on time. In this challenging economic situation, the government has put in place a number of austerity measures with the approval of the Federal Cabinet.

    Such measures are in public knowledge and are aimed at eliminating non-essential expenditures. Similarly, the Government has been deliberating energy conservation mainly aimed at reducing the import bill.

    Such deliberations will continue in the Cabinet and all decisions will be taken in consultation with all stakeholders and in the best national interest. With the efforts of the current government, the IMF program has come back on track and negotiations leading to 9th Review are now at an advanced stage. Government’s recent efforts have resulted, amongst others, in lower current account deficits in recent months and achievement of FBR revenue targets.

    READ MORE: SBP foreign exchange reserves fall to $7.5 billion

    Easing up of pressure on external account is also foreseen in the near future. While there remains the need to make structural adjustments in the mid-term, the economic situation of the country is now moving towards stability.

    Finance Division urges the people of Pakistan to contribute towards economic betterment and stability and not to pay heed to malicious rumors mongering which is against the national interest of Pakistan.

  • Over 400 vegetable containers stuck up at ports due to dollar shortage

    Over 400 vegetable containers stuck up at ports due to dollar shortage

    KARACHI: Over 400 containers of vegetables have been stuck up at ports as commercial banks are not issuing documents due to shortage of dollars.

    All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association in a letter to the commerce ministry sent on Tuesday, stated that the containers of Onion are still held up at the various terminals of Karachi sea port since the commercial banks are not releasing the documents due to non-availability of foreign exchange as per statement of the banks.

    READ MORE: FPCCI demands release of soybean, canola cargoes

    The in-ordinance delay in timely clearance would lead to multiplication of cost of the containers (e.g. terminal charges and shipping charges) with each passing day. The high cost of onion containers would have a serious negative impact on common men making onion out of their reach due to high price and hence the government sincere initiative to provide relief to the common men would be jeopardized.

    READ MORE: KATI urges removal of regulatory duty on yarn

    The association said that as of today the wholesale rate of onion is Rs175 per kilogram and retail price is Rs250-270 per kg and with further delay in clearance, these rates are anticipated to further shoot up depriving the common men to buy the daily used vegetable onion.

    READ MORE: Pakistan slaps 5pc regulatory duty on yarn import

    The status of containers of various vegetables held up the various terminals of Karachi sea ports as of today is as follow:

    Onion: 250 containers approximately worth $2.1 million

    Ginger: 63 containers approximately worth $0.82 million

    Garlic: 104 containers approximately worth $2.53 million

    The association demanded the government to take prompt action in the best interest of the common people to provide relief to them and make sincere efforts of the government successful.

    READ MORE: Industries threaten mass protest against gas supply shutdown

  • Dollar hits PKR 224.11 amid foreign payment demands

    Dollar hits PKR 224.11 amid foreign payment demands

    KARACHI: US dollar has made a gain of 20 paisas against Pakistani Rupee (PKR) to reach PKR 224.11 on Tuesday in interbank foreign exchange market.

    The exchange rate were closed at PKR 223.91 to the dollar a day earlier in the interbank foreign exchange market.

    READ MORE: Rupee declines 22 paisas to dollar amid payment demand

    Currency experts said that falling foreign exchange reserves and rising scheduled repayment against foreign debt increased the volatility in the foreign exchange market.

    They said that the market had also witnessed higher dollar demand for import and corporate payments. The experts said that corporate buyers were also seen active for purchasing dollar to make payment of dividends in the month of December.

    Last week the rupee showed resilience against the dollar due to rollover approval of $3 billion by the Saudi government.

    READ MORE: PKR ends stable to dollar on $3 billion Saudi rollover

    The Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of $3 billion to the State Bank of Pakistan.

    However, recent payment of over a billion dollars against Sukuk by the government to international commercial investors also put pressure on the exchange rate.

    Currency experts said that tightening of monetary policy and contraction in import payment demand helped the rupee to make recovery.

    They said that the SBP should be more vigilant because latest efforts were not enough as Pakistan’s external sector was facing huge challenges.

    READ MORE: SBP foreign exchange reserves fall to $7.5 billion

    Latest investment data revealed the foreign direct investment plunged by 52 per cent in first four months of the current fiscal year.

    The current account deficit recorded a contraction in the first four months of the current fiscal year, but it swelled when compared with the previous month.

    Pakistan needs foreign inflows on urgent basis to avoid balance of payment crisis. The foreign exchange reserves of Pakistan fell sharply during past few months making it difficult for the government to fulfill its foreign repayment commitments.

    Official foreign exchange reserves of State Bank of Pakistan (SBP) have depleted by $327 million by week ended November 25, 2022 leaving import cover of only one and half months.

    READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage

    The official foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by week ended November 25, 2022 as compared with $7.826 billion a week ago.

    The import bill of the country was at $4.71 billion in October 2022, according to Pakistan Bureau of Statistics (PBS). According to the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.56 months import payment.

    The central bank attributed the decline in official reserves to repayment against external debt.

    READ MORE: Pakistan forex reserves inch up to $13.796 billion

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.647 billion.

    The total reserves of the country fell by $267 million to $13.378 billion by week ended November 25, 2022 as compared with $13.645 billion a week ago.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.850 billion.

  • Pakistan unable to bear heavy energy import bill amid challenges to economy: PM

    Pakistan unable to bear heavy energy import bill amid challenges to economy: PM

    MANGLA: Prime Minister Shehbaz Sharif on Monday said that Pakistan is unable to bear the cost of heavy energy import bills in a situation when the economy is facing immense challenges.

    He said Pakistan was in dire need of generating cheap electricity as the energy import bill exorbitantly touched $27 billion.

    He was addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant, carried out with the support of the United States Agency for International Development (USAID).

    READ MORE: SBP denies restricting import payment for petroleum products

    PM Shehbaz Sharif said Pakistan, which was already facing immense challenges of economic stability, could not bear the heavy costs of energy import bills and thus needed to utilize alternative sources of electricity production.

    He regretted that in 75 years, both democratic and military rulers were responsible for not building sufficient dams to meet the energy needs.

    “Had the water reservoirs built on time, the country’s energy import bill would not have swelled to $27 billion,” he said, pointing out that “powerful lobbies and cartels” did not let materialize the construction of dams and launch of solar power projects.

    READ MORE: New petroleum prices in Pakistan effective from December 01, 2022

    Also, in the wake of recent flash floods in the country, he said, dams were crucial to mitigate the effects of climate change.

    The prime minister termed the assistance of USAID for the refurbishment of the units of Mangla dam as a “wonderful example of cooperation” between Pakistan and the United States.

    He lauded the valuable grant of $150 million by USAID along with the financial support by the Development Agency of France amounting to 90 million euros besides another pledge of 65 million euros. Also, WAPDA (Water and Power Development Authority) contributed $178 million (Rs 20 billion) from its own resources, he said.

    READ MORE: Shell Pakistan signs ABHI for voluntary carbon compensation offer

    He expressed satisfaction over the interest of the U.S. to carry out an extension programme of the country’s largest Tarbela dam.

    Shehbaz Sharif said the 75-years-old friendship and bilateral relationship between Pakistan and the U.S. had further strengthened at the levels of trade and investment.

    United States Ambassador Donald Blome said the Mangla dam was a great symbol of U.S.-Pakistan cooperation and added that the U.S. was also assisting WAPDA in increasing the power generation capacity of the Tarbela and Gomal Zam dams.

    He said maintenance and upgrades of dams were of critical importance in the wake of climate change and expressed hope that the green alliance between the two countries would prove beneficial for the energy and agriculture sectors of Pakistan.

    READ MORE: PYMA urges government not to impose regulatory duty on yarn

    The General Electric Hydro France Project Director said despite the challenges of the COVID-19 pandemic, the suspended projects of refurbishment were carried out effectively.

    He mentioned that six more units of Mangla dam would also be refurbished in the future.

    Chairman Water and Power Development Authority (WAPDA) Lt Gen (retd) Sajjad Ghani said the refurbishment of the units of Mangla dam was in line with the keen interest of the federal government to provide clean, green and cheap energy to the people of the country.

    He said WAPDA had not only initiated new hydropower projects, but also been rehabilitating

    and upgrading its existing hydel power stations including Mangla to maximize the ratio of environment-friendly and low-cost hydel electricity in the national grid.

    Prime Minister of Azad Kashmir Sardar Tanveer Ilyas, Special Assistant to PM Tariq Fatemi, Secretary Water and Power Division Hassan Nisar, and senior officials were present.

    The prime minister also visited the refurbished units of the dam, where he was given a detailed briefing about the project.

  • Pakistan purchases 450,000 metric tons wheat from Russia

    Pakistan purchases 450,000 metric tons wheat from Russia

    ISLAMABAD: Pakistan is purchasing of 450,000 metric tons wheat from Russia as country’s economic coordination committee approved a bid of a Russian company.

    The Economic Coordination Committee (ECC) of the Cabinet met on Monday which was presided over by Finance Minister Ishaq Dar.

    READ MORE: Saudi Arabia extends term of $3 billion deposit for Pakistan

    Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Federal Secretaries and other senior officers attended the meeting in person while Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Musadik Masood Malik, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal and Governor SBP, MD PASSCO joined the meeting through Zoom.

    READ MORE: Pakistan exports plunge 18.34pc in November 2021

    Ministry of National Food Security and Research submitted a summary on Award of 7th International Wheat Tender 2022 opened on November 30, 2022.

    Keeping in view results of 7th International tender and G2G offer, the ECC approved the lowest bid from M/s Cereal Crop Trading LLC at $ 372/MT for supply of 130,000 MT at Karachi ports for the shipment period from 16th December, 2022 8th February, 2023.

    READ MORE: SBP foreign exchange reserves fall to $7.5 billion

    The ECC also granted approval of the offer of M/s Prodintorg , Russia on Government to Government (G2G) basis at $ 372 /MT for supply of 450,000 MT at Gwadar Port for shipment period from 1st February, 2023 to 31st March, 2023.

    It was decided that any additional cost on inland transportation from Gwadar Port will be borne by PASSCO to be recovered from provinces at the time of release of wheat stock.

    READ MORE: Pakistan slaps 5pc regulatory duty on yarn import

    The ECC also approved proposal of Finance Ministry to change the title of the revolving fund account for CPEC Independent Power Producers from “Pakistan Energy Revolving Fund” to “Pakistan Energy Revolving Account”.

  • Pakistan sets up commission to eradicate black economy

    Pakistan sets up commission to eradicate black economy

    Pakistan has constituted a high powered commission for making suggestion to end the black economy or parallel economy. Finance Minister Ishaq Dar last week constituted a high powered tax commission for identifying bottlenecks in tax system and recommending pro-economic policies.

    (more…)
  • Commercial banks urged to withdraw appeals in Riba case

    Commercial banks urged to withdraw appeals in Riba case

    ISLAMABAD: A leading scholar of the country on Sunday urged commercial banks to withdraw their appeals against the order of Federal Shariat Court (FSC).

    The FSC judgment declared that Riba (usury) is Haram and prevailing banking system with interest system should be abolished forthwith.

    READ MORE: State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar

    State Bank of Pakistan (SBP) and National Bank of Pakistan with other six commercial banks filed a review before the Supreme Court against the judgment of the FSC.

    Recently, the SBP and NBP reportedly withdrew the appeals. However, private banks are still in litigation to contest the judgment of FSC.

    “The private banks should withdraw their appeals to annul the judgment of the Federal Shariat Court (FSC) against the Riba (usury),” said Hafiz Muhammad Tahir Mehmood Ashrafi, Prime Minister’s Special Representative for Interfaith Harmony and the Middle East Hafiz Muhammad Tahir Mehmood Ashrafi, while talking to the state media.

    READ MORE: KCCI demands implementation of Riba free banking

    He said the government had taken practical steps by withdrawing appeals of national and state banks from the apex court in a bid to get rid of the interest-based economic system.

    Ashrafi, who is also the chairman of Pakistan Ulema Council, assured the government all-out support of Ulema and Mashaykh in the implementation of FSC’s decision in letter and spirit.

    He proposed all the financial institutions devise a combined strategy to make the country’s economic system free of interest which was totally against the divine commands.

    He also urged the government to take stern action against the people who were allegedly involved in an interest-based system at the local level.

    READ MORE: SBP seeks Supreme Court guidance on Riba case judgement

    He said Pakistan, currently, was facing a critical financial crisis and its solution was lying in political stability and improved law and order situation in the country.

    He urged all the religious and political parties to unite on one platform and help cope with burgeoning polarization, extremism, and the new wave of terrorism with collective efforts.

    He also appealed the Pakistan Tehreek-e-Insaf Chief Imran Khan to come to the table-talk to evolve consensus on the ‘Charter of Pakistan’ as it was the need of the hour and it would help control increasing violence in the society and improve the ailing economy of the country.

    He proposed that the way ‘Message of Pakistan’ was designed to promote religious harmony in all sections of the society, there should be long-term policies on the country’s social, economic, and foreign affairs issues in the shape of ‘Charter of Pakistan’ and it should be implemented by all the governments to come and national institutions in the larger national interest.

    READ MORE: IPS demands implementation of court judgment on Riba

    Ashrafi emphasized that Pakistan had to go out of the box in the matter of its foreign policy as there was a paradigm shift in the external affairs of the Islamic and Arab world.

    He also thanked the Saudi leadership for extending the term of deposit in the State Bank of Pakistan (SBP) from the Saudi Fund for Development.

    Expressing gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz and his Crown Prince Muhammad bin Salman, he said the relationship between Pakistan and Saudi Arabia was like two brothers.

    He said Prime Minister Muhammad Shehbaz Sharif’s meetings with Saudi Crown Prince Mohammed bin Salman would yield further cooperation in the shape of Saudi investment in the days to come ahead in the country.

    “Similarly, other Islamic countries are also increasing trade and economic cooperation with Pakistan,” he said expressing the hope that there would be good news from the United Arab Emirates, Qatar, Turkey and Saudi Arabia in the near future.

    Ashrafi hinted that there was a big hand of the external forces and anti-state elements behind an organized smear campaign against the national security institutions and armed forces.

    “We must counter the concocted propaganda of our arch enemy against our national defense institutions and Pakistan Army with a pragmatic approach instead of becoming part of it,” he maintained.