Tag: Pakistan

Pakistan reaffirms commitment to work closely with Russia

ISLAMABAD: Pakistan on Thursday reaffirmed its commitment to work closely with Russia to further strengthen cooperation between the two countries.

Prime Minister Mian Muhammad Shehbaz Sharif held a warm and cordial meeting with President of the Russian Federation Vladimir V. Putin on the sidelines of the Shanghai Cooperation Organization (SCO) Council of Heads of State in Samarkand.

READ MORE: Pakistan premier arrives Russia after two decades

The two leaders discussed bilateral ties and exchanged views on regional and international issues.

The Prime Minister thanked President Putin for Russia’s expression of solidarity and support for the people affected by the massive floods in Pakistan. The Prime Minister also shared details of the devastating impact of this climate induced calamity.

The Prime Minister expressed satisfaction at steady growth of Pakistan-Russia relations, which were marked by strong mutual trust and understanding.

The Prime Minister reaffirmed Pakistan’s commitment to work closely with Russia to further expand and strengthen cooperation between the two countries across all areas of mutual benefit including food security, trade & investment, energy, defence and security.

It was agreed to convene the next meeting of the Inter-Governmental Commission (IGC) in Islamabad at an early date. Appreciating Russia’s constructive role in Afghanistan, the Prime Minister said that both Pakistan and Russia had vital stakes in a peaceful and stable Afghanistan.

The Prime Minister said that it was essential to intensify the pace of international engagement on Afghanistan and reaffirmed Pakistan’s commitment to support all regional and international efforts to stabilize Afghanistan.

Prime Minister Muhammad Shehbaz Sharif also met President of Iran Seyed Ebrahim Raisi on the sidelines of the SCO Council of Heads of State meeting in Samarkand on Thursday.

The Prime Minister extended his gratitude to President Raisi and to the people of Iran for their solidarity and support with the Pakistani nation during the massive floods in the country.

The Prime Minister highlighted the devastating impact of the floods caused by climate change, and underscored that Pakistan with the least carbon emissions was bearing the cost of something for which it was not responsible.

He stressed the importance of tangible international action to help address the challenges that climatically vulnerable countries like Pakistan were facing.

READ MORE: Presidents of Pakistan, Iran discuss trade, economy

During the meeting, the two leaders positively evaluated the outcome of the Pakistan-Iran Joint Economic Commission and agreed to further promote bilateral relations in diverse fields.

Both sides also affirmed the desire to strengthen cooperation in economic, trade, connectivity, energy, culture and people-to-people links.

The Prime Minister underscored the need for closer bilateral engagement for boosting economic and energy cooperation, operationalizing barter trade, opening border sustenance markets, and facilitation of Pakistani Zaireen.

It was agreed that Pakistan would be sending a delegation to discuss measures for expanded cooperation in bilateral trade and energy sectors. The Prime Minister reiterated his invitation to President Raisi to visit Pakistan at the earliest convenience. President Raisi renewed his invitation to the Prime Minister to visit Iran.

September 15, 2022
Suzuki Pakistan launches new Alto VXR

KARACHI: Suzuki Pakistan launched the all new Alto VXR with improved controls, better fuel efficiency, optimal power-to-weight ratio and a spacious body. The car has been designed as an excellent hatchback car offering its young audience enhanced performance, quality and reliability.

The all new Suzuki Alto is revving up to add pace in life. From economy to aesthetics and from spaciousness to technology, the new model gives you everything in one car, so that you are in control of life. The all new Alto offers an exuberant experience for the young generation and also for those who are young at heart.

The aerodynamics design with unique lines and curves gives the car a young and vibrant look. The design of all the panels, the wheelbase and the cabin will certainly please your senses. The aesthetically designed door panels accentuate the richness of the sharp design as well as gives the car a lively appearance.

The unique rear and design inspires a moment of awe and appreciation. The back door emphasizes the shape of the rear end while the tail lamps fitted in the rear bumper complete the compact design. The all new Alto comes in a variety of colors and you might find it difficult to settle for a choice.

The all new Alto is the perfect blend of form and function. Whether you are looking for convenience or liveliness, this car has everything for you. All the lines and panels, the front mask and the interior are stylishly set while the headlamps in a bold design instantly grab your attention.

With the improved R series engine (R06A Type), high power-to-weight ratio, increased strength and the aerodynamic shape, the all new Alto is a highly reliable and fuel-efficient hatchback vehicle.

The all new Alto has a 660cc three-cylinder petrol engine known as the R06A. Whether you are driving through streets full of traffic or cruising up the highway, this highly efficient engine provides you with the power, reliability, fuel economy and control you need.

The innovative transmission system minimizes torque loss, providing smooth transition and acceleration through all of its five gears. The setting of clutch and ECU/ECM optimizes the control operations of the engine’s working and contributes to better fuel efficiency.

The all new Alto is a highly efficient performance car that makes your daily shopping and outings a pleasant experience. Spacious cabin and storage accessories of the new model ensure complete comfort for you and your family.

The all new Alto offers sufficient storage space with additional console drink holders that are a part of the standard offering.

A luggage under the box offers storage space of umbrellas and other objects.

The dashboard panel has an integrated media player with a touch screen that you can conveniently use while driving. It has screen mirroring option, Bluetooth calling, auxiliary cable and USB support functions.

When the immobilizer engine is started, the ID code on the portable remote control side and the vehicle side is electronically authenticated. The engine will not start of there is no match and the immobilizer will effectively suppress vehicle theft.

During sudden braking on slippery surfaces, four-wheel Anti-lock Brake System (ABS) is activated. It prevents tyre locks, stabilizers the car body, and helps handle obstacles by steering. Furthermore, it is equipped with an Electronic Brake force Distribution ER Impact Mitigation Structure (EBD) that automatically helps maintain control by sending the optimum amount of force to the front and rear wheels.

When the security alarm system is activated and the door is unlocked by an operation other than the request or keyless entry, a hazard theft alarm and a horn alert you.

September 15, 2022
Lucky Cement installs 25.3 MW solar energy plant at Karachi

KARACHI: Lucky Cement Limited on Wednesday announced a signing of an agreement for installation of a 25.3 megawatts captive solar power project at an estimated cost of Rs3 billion.

In a communication sent to Pakistan Stock Exchange (PSX), Lucky Cement informed that it had entered into an arrangement with Orient Energy System (Private) Limited for the supply and installation of a 25.3 MW captive solar power project at its Karachi plant.

READ MORE: Lucky Cement posts record Rs36.42 billion profit

The estimated cost of the project is Rs3 billion and the company is in the process of establishing LCs for import of equipment which is subject to receiving approval from the State Bank of Pakistan (SBP).

The project is expected to be completed in approximately eight months after the establishment of the LC.

The company further said that the information is in addition to the earlier announced 34 MW captive solar project with a 5.589 MW Reflex energy storage at the company’s plant in Pezu, Lakki Marwat.

READ MORE: Lucky Cement announces Rs26.53 billion 9M profit

Sustainability and adoption of clean energy has remained a cornerstone of the company’s strategy and it was one of the first cement companies to install waste heat recovery (WHR) units at both its plant sites.

The company’s initiative for investment in renewable energy projects will play a key role in cost savings as well as reduction of the country’s reliance on imported fuel.

READ MORE: Lucky Cement installs 34MW solar power project

September 14, 2022
Pakistan to review petroleum prices on September 15, 2022

ISLAMABAD: Pakistan is likely to review petroleum prices on Thursday September 15, 2022 for the next fortnight starting from September 16, 2022.

The country reviews domestic oil prices after every 15 days to adjust rise and fall of prices in the international market and changes occurred in the exchange rates.

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

Experts believe that Pakistan may increase the petroleum prices for the fortnight starting from September 16, 2022 because of massive decline in rupee value during past 15 days besides the expected imposition of sales tax and further increase in petroleum levy.

The government on August 31, 2022 decided to increase the prices of petroleum products effective from September 01, 2022. The decision was strongly criticized by the stakeholders because the international markets had seen fall in oil prices.

The finance division notified the new prices of petroleum products with effect from September 01, 2022.

READ MORE: Pakistan to increase petroleum prices from September 01, 2022

The price of petrol has been increased by Rs2.07 per liter to Rs235.98 from Rs233.91.

The price of high speed diesel has been increased by Rs2.99 per liter to Rs247.43 from Rs244.44.

The rate of kerosene oil has been raised by Rs10.92 per liter to Rs210.32 from Rs199.40.

The price of light diesel oil has been increased by Rs9.79 per liter to Rs201.54 from Rs191.75.

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 petroleum prices in Pakistan from August 16, 2022

The benchmark Brent crude is below $100 dollars. Brent crude futures were at $92.84 per barrel in New York trade on September 09, 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 to July 31. 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.

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 August 1, 2022

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.

The exchange rate has seen massive decline in rupee value during past week despite inflows received from the International Monetary Fund (IMF).

Pakistani Rupee (PKR) has plunged by Rs9.43 against the US dollar since the country received tranche from the International Monetary Fund (IMF). The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.

The government was hopeful of improvement in economic indicators once the money is received from the IMF. However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).

The exchange rate was Rs218.75 to the dollar on August 31, 2022, the day when the money was received by Pakistan. However, since then the rupee fell by Rs9.43 or 4.31 per cent to Rs228.18 to the dollar on September 09, 2022 in interbank foreign exchange market.

September 12, 2022
Audi raises car prices in Pakistan

KARACHI: Audi has increased the car prices in Pakistan which are applicable in Pakistan from September 09, 2022.

Following are the new rates of Audi cars in Pakistan.

Audi e-tron 50, the price has been increased to Rs32.45 million from Rs17.20 million, showing an increase of 15.25 million.

Audi e-tron 55, the price has been increased to Rs38 million from Rs21 million, showing an increase of Rs17 million.

Audi e-tron SB, the price has been increased to Rs36.15 million from 19.40 million, showing an increase of Rs16.75 million.

Audi e-tron GT, the price has been increased to Rs48.33 million from Rs21.15 million, showing an increase of 27.18 million.

Audi RS e-tron GT, the price has been increased to Rs68 million from Rs29.6 million, showing an increase of 38.41 million.

September 11, 2022
Google career certification program launched in Pakistan

ISLAMABAD: The Institute of Rural Management (IRM) and Ignite on September 09, 2022 launched the Google Career Certification program in Pakistan.

IRM and Ignite have signed Memorandum of Understanding (MoU) here in Islamabad to achieve the Google Career Certification targets.

At the signing ceremony CEO Ignite Asim Shahryar Hussain said “This agreement shall provide both Ignite and IRM with a framework to achieve Google Career Certification goals in the best possible way.”

CEO IRM Dr. Roomi S. Hayat said that “Youth are the destiny driver of the nation Google Career Certification program would function as a catalyst to open a new paradigm of opportunities for them.”

If you are exploring a new career in Google career certification, gain in-demand skills that can lead to jobs in high-growth fields of project management, UX design, data analytics, and much more.

Enroll and Complete Google career certificate online designed by Google. The program starting this month September 22 is taught by Google.

The certification offers less than 10 hours study each week in six month at your own place and time to help accelerate your career to enhance the skills needed to thrive in the digital workforce.

September 9, 2022
Xiaomi donates $0.1 million for Pakistan flood victims

PAKISTAN: Xiaomi Foundation has donated $0.1 million to UNHCR, the UN Refugee Agency for flood victims in Pakisan.

Since June, Pakistan’s landscape has been altered by torrential rain, which has submerged approximately one-third of the country under water, taken the lives of thousands, and forced millions to flee their homes.

Forbes China recognizes Xiaomi for ESG practices

According to the National Disaster Management Authority, more than 33,046,329 individuals have been displaced, and over 1,051,570 houses are damaged because of these devastating floods.

UNHCR is on the ground already distributing life-saving support to affected communities, including many of the 1.3 million Afghan refugees who have been generously hosted in Pakistan for over 40 years. In the worst hit areas of Balochistan and Khyber Pakhtunkhwa provinces.

READ MORE: Xiaomi declares increase in revenue to RMB 70.2 billion

UNHCR has already provided refugee villages as well as host communities with more than 71,000 emergency relief items, including tents, plastic tarpaulins, sanitary products, cooking stoves, blankets, solar lamps and sleeping mats. In addition, UNHCR delivered 10,000 sandbags to help households build up defenses around their homes.

State Bank of Pakistan (SBP) has issued a list of IBAN (International Bank Account Number) of Prime Minister Flood Relief Fund 2022 maintained by commercial banks.

READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

Following is the list of banks and IBAN:

01. Allied Bank Limited (ABL), Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58ABPA001009849790015

02. Albaraka Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK11AIIN0000150583517016

03. Askari Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK82ASCM0000020100579916

04. Bank Alfalah Limited, Title of Account # Prime Minister’s Flood Relief Fund Account-2022, IBAN PK60ALFH0005001007990397

05. Bank Al Habib Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK32BAHL1001186690500301

06. Bank Islami Pakistan Limited, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT, 2022, IBAN PK02BKIP0100339720620001

07. Bank of China, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK37BKCH0100002600005375

08. Bank of Khyber, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK66KHYB0001002008277365

09. Bank of Punjab, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK52BPUN6010000181500176

10. Citi Bank, Title of Account PRIME MINISTER’S FLOOD RELIEF FUND, IBAN PK28CITI1000000103660009

READ MORE: SBP issues instructions to banks for flood relief donation awareness

11. Dubai Islamic Bank Limited, Title of Account # PRIME MINISTER FLOOD RELIEF FUND 2022, IBAN PK22DUIB0000000807647001

12. Faysal Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK97FAYS3554Z17000001562

13. FINCA Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK25FINC0223183643011000

14. Habib Metro Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK58MPBL0101027140665909

15. Habib Bank Limited, Title of Account # PM’s Flood Relief Fund Account, 2022, IBAN PK43HABB000042792244003

16 Habib Bank Limited Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK62FMFB0021012862868015

17. ICBC, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK76ICBK0010000000239638

18. JS Bank, Title of Account # PRIME MINISTER’S FLOOD ACCOUNT 2022, IBAN PK56JSBL9001000002029796

19. Khushhali Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK85khbl0000012075443288

20 MCB, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK13MUCB0729483241037873

READ MORE: Tax exemption granted to donations for PM flood relief fund

21. MCB Islamic Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58MCIB0351004196150001

22. Meezan Bank Limited, Title of Account Prime Minister’s Flood Relief Fund Account, IBAN PK39MEZN0001540107020124

23. National Bank of Pakistan, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK92NBPA0002004181048973

24. NRSP Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK60NRSP0000020010002760

25. Samba Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND, 2022, IBAN PK83SAMB0000002000117199

26. Silk Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK68SAUD0000012010847043

27. Sindh Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT,2022, IBAN PK21SIND0003016411713500

28. SME Bank, Title of Account # PRIME MINISTER’s RELIEF FUND, 2022, IBAN PK16SMES1001000664000001

29. Soneri Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK81SONE0000220010110875

30. Standard Chartered Bank, Title of Account Prime Minister’s Flood Relief Fund 2022, IBAN PK75SCBL0000001701259101

31. Summit Bank, Title of Account # PRIME MINISTERS FLOOD RELIEF FUND ACCOUNT -2022, IBAN PK57SUMB0201027140181164

32. U Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK26UMBL0107000093500096

33. United Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK86UNIL0109000286613095

September 4, 2022
Suzuki donates 10 million yens for Pakistan flood victims

JAPAN: Suzuki Motor Corporation on August 31, 2022 announced to donate 10 million yens to provide the support to flood disaster in Pakistan.

The statement issued by the company stated that, Suzuki Motor Corporation would like to express our sincere condolences to those who lost their lives in the floods caused by the heavy rains in Pakistan and offer our heartfelt sympathy to all those affected by the floods.

Suzuki Group has decided to donate 10 million yen as support to the flood disaster in Pakistan.

We wish the people in the affected areas a speedy recovery.

The torrential rains and flash floods across Pakistan have inflicted an estimated loss of $10 billion to the national economy.

READ MORE: SBP issues IBAN list for donations to PM flood relief fund

Federal Minister for Finance and Revenue Miftah Ismail on Thursday said the current devastation of flood in Pakistan is estimated to cost $10 billion.

During flood, railway lines, roads, bridges, grid stations, power lines and houses etc. were badly damaged, which has to be rehabilitated, the minister added.

The minister said that the United Nation has made a commitment of $160 million and USAID has announced the provision of 30 million dollars.

State Bank of Pakistan (SBP) has issued a list of IBAN (International Bank Account Number) of Prime Minister Flood Relief Fund 2022 maintained by commercial banks.

READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

Following is the list of banks and IBAN:

01. Allied Bank Limited (ABL), Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58ABPA001009849790015

02. Albaraka Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK11AIIN0000150583517016

03. Askari Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK82ASCM0000020100579916

04. Bank Alfalah Limited, Title of Account # Prime Minister’s Flood Relief Fund Account-2022, IBAN PK60ALFH0005001007990397

05. Bank Al Habib Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK32BAHL1001186690500301

06. Bank Islami Pakistan Limited, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT, 2022, IBAN PK02BKIP0100339720620001

07. Bank of China, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK37BKCH0100002600005375

08. Bank of Khyber, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK66KHYB0001002008277365

09. Bank of Punjab, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK52BPUN6010000181500176

10. Citi Bank, Title of Account PRIME MINISTER’S FLOOD RELIEF FUND, IBAN PK28CITI1000000103660009

READ MORE: SBP issues instructions to banks for flood relief donation awareness

11. Dubai Islamic Bank Limited, Title of Account # PRIME MINISTER FLOOD RELIEF FUND 2022, IBAN PK22DUIB0000000807647001

12. Faysal Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK97FAYS3554Z17000001562

13. FINCA Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK25FINC0223183643011000

14. Habib Metro Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK58MPBL0101027140665909

15. Habib Bank Limited, Title of Account # PM’s Flood Relief Fund Account, 2022, IBAN PK43HABB000042792244003

16 Habib Bank Limited Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK62FMFB0021012862868015

17. ICBC, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK76ICBK0010000000239638

18. JS Bank, Title of Account # PRIME MINISTER’S FLOOD ACCOUNT 2022, IBAN PK56JSBL9001000002029796

19. Khushhali Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK85khbl0000012075443288

20 MCB, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK13MUCB0729483241037873

READ MORE: Tax exemption granted to donations for PM flood relief fund

21. MCB Islamic Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58MCIB0351004196150001

22. Meezan Bank Limited, Title of Account Prime Minister’s Flood Relief Fund Account, IBAN PK39MEZN0001540107020124

23. National Bank of Pakistan, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK92NBPA0002004181048973

24. NRSP Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK60NRSP0000020010002760

25. Samba Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND, 2022, IBAN PK83SAMB0000002000117199

26. Silk Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK68SAUD0000012010847043

27. Sindh Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT,2022, IBAN PK21SIND0003016411713500

28. SME Bank, Title of Account # PRIME MINISTER’s RELIEF FUND, 2022, IBAN PK16SMES1001000664000001

29. Soneri Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK81SONE0000220010110875

30. Standard Chartered Bank, Title of Account Prime Minister’s Flood Relief Fund 2022, IBAN PK75SCBL0000001701259101

31. Summit Bank, Title of Account # PRIME MINISTERS FLOOD RELIEF FUND ACCOUNT -2022, IBAN PK57SUMB0201027140181164

32. U Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK26UMBL0107000093500096

33. United Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK86UNIL0109000286613095

September 3, 2022
SBP bars banks from taking service charges on flood donations

KARACHI: The State Bank of Pakistan (SBP) on Friday barred commercial banks from taking service charges on donations under PM Flood Relief Fund 2022.

Earlier, the central bank on August 24 regarding the Prime Minister Relief fund, 2022 and advised the bank to collect funds for helping our fellow citizens devasted by ongoing rains and floods across the country.

The SBP said it has been decided that all issuing and acquiring banks/microfinance banks/payment schemes operating in Pakistan shall not charge any transaction related charges like Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, Scheme Fee, Inter Bank Fund Transfer (IBFT) Fee, or any other payment related fee that may be applicable on transactions made for donations / payments to Prime Minister Relief Fund 2022.

READ MORE: Complaints against banks for refusing flood donations

The issuing and acquiring banks/microfinance banks/payment schemes are advised to meticulously comply with these instructions.

According to instructions issued on August 24, the SBP stated that with a view to raise awareness among the potential donors and facilitate them in contributing to the PM’s Flood Relief Fund 2022, banks are advised to undertake following measures on immediate priority and submit compliance by August 30, 2022:

a) Banks shall prominently display banners at all their branches bearing the description “DONATIONS TO THE PRIME MINISTER’S (PM) FLOOD RELIEF FUND ARE ACCEPTED HERE”.

b) Banks shall highlight the IBAN of the Fund at their websites and ATMs screens enabling their clients to donate to the fund digitally.

READ MORE: SBP issues IBAN list for donations to PM flood relief fund

c) Banks shall also send SMS alerts to all their clients informing them about the establishment of the Prime Minister Flood Relief Fund and its IBAN.

d) To facilitate the walk-in customers in making cash deposits in the fund “pre-printed deposit slips” shall be available at the banks’ counters.

e) The banks offering Roshan Digital Account (RDA) shall make the “PM Flood Relief Fund” available on their Roshan Samaji Khidmat page/portal enabling RDA holders to contribute to the Fund in hassle free manner. The donations received through RDA shall be transmitted to SBP along with donations received through other sources on a daily-basis through RTGS as advised earlier.

The Banks are also encouraged to advertise the PM Flood Relief Fund through their social media pages including their webpages, Facebook pages, twitter accounts etc. to create maximum awareness about the fund and the mechanism to make the donations in the fund.

The banks shall ensure that their branch staff has full awareness and understanding of establishment of the fund and the mechanism to collect the donations in the fund account.

September 2, 2022
Pakistan estimates flood devastation to cost $10 billion

ISLAMABAD: The torrential rains and flash floods across Pakistan have inflicted an estimated loss of $10 billion to the national economy.

Federal Minister for Finance and Revenue Miftah Ismail on Thursday said the current devastation of flood in Pakistan is estimated to cost $10 billion.

READ MORE: Pakistan allows tax exemption on tomato, onion imports

During flood, railway lines, roads, bridges, grid stations, power lines and houses etc. were badly damaged, which has to be rehabilitated, the minister added.

The minister said that the United Nation has made a commitment of $160 million and USAID has announced the provision of 30 million dollars.

Miftah added that in addition to this, friendly countries including the United Kingdom, European countries, Australia and Arab countries has provided financial support and also delivered aid materials.

READ MORE: FBR announces tax exemptions for flood relief operation

He said that rehabilitation is a long process which Pakistan will try to complete with the help of its own resources and friendly countries.

The Minister said that the devastating magnitude of the flood was very high and it is a big challenge for us which “we will try our best to tackle.”

In response to a question, he said that the federal and provincial governments are helping the flood victims and adding that the central government is disbursing money, for which a woman in every house is being given an amount of up to Rs 2500.

He said that this amount will be disbursed to 4.2 million women across the country.

READ MORE: Complaints against banks for refusing flood donations

Miftah said that the federal and provincial governments and National Disaster Management Authority are currently busy helping the flood victims and the government is delivering food packets, mosquito nets, tents and medicines to the flood affected areas.

He said that there is no shortage of food, but there is a shortage of onions and tomatoes.

He said that “we are importing tomatoes and onions by reducing the import duty.”

The Minister said that apart from this, several million tons of wheat are being imported and the duties on it are being reduced and are being ordered at subsidy rates.

He said that the goods which will have shortages will be imported so that there is no shortage of essential goods.

READ MORE: US provides Rs6.65 billion for Pakistan flood relief

He said that this is a very challenging situation, crops have been damaged due to flood in Sindh province.

Miftah said that cotton crops have been damaged up to 30% in Sindh province and sugarcane crop has been damaged up to 20 per cent.

He said that wheat will be sown in the next two months and water draining out is a big challenge but it will be resolved so that the farmers can sow their crops.

In response to a question, he said that the government is considering giving incentives to farmers and banks will relax the loans of farmers so that they can cover their losses.

September 1, 2022