Tag: Pakistan

  • Karachi Chamber demands declaring rain emergency

    Karachi Chamber demands declaring rain emergency

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the government of declaring an emergency after human and financial losses in the city during torrential rains in past few days.

    READ MORE: KCCI demands release of stuck up containers

    KCCI President Muhammad Idrees in statement urged Prime Minister Shehbaz Sharif to take immediate measures to prevent further human and financial losses in the city as more rains had been predicted.

    Idrees lamented the present situation in Karachi after heavy downpour especially during the past 24 hours. He said the provincial and local authorities had failed to relief and take measures to control the flooding like situation.

    READ MORE: KCCI demands implementation of Riba free banking

    “The city collects about 70 per cent revenue for the national exchequer. But the present situation has created insecurity amongst the people of the metropolis,” he said.

    “The Wall Street of Pakistan i.e. I. I. Chundrigar Road is completely vanished due to flooding. Besides, the old city area were also showing disaster everywhere,” he added.

    The KCCI President urged the Prime Minister to announce compensation to the losses and also grant duty and tax relief for the business community.

    READ MORE: KCCI appeals rescuing small traders in Catch-22 situation

    He pointed out that there was no allocation in the budget 2022/2023 for the financial hub. He further pointed out that the previous government had allocated around Rs1.1 trillion for the city but no development project was seen.

    Idrees demanded the federal government to take control of the city and provide maximum relief to avoid further losses in expected rains.

    READ MORE: Energy price hike jolts trade, industry: Businessmen Panel

  • US calls for strengthening bilateral trade with Pakistan

    US calls for strengthening bilateral trade with Pakistan

    KARACHI: US Special Representative for commercial and business affairs Dilawar Syed has visited Pakistan to strengthen trade ties between the two countries.

    Syed visited Karachi July 6-9 as part of a visit to Pakistan that also included stops in Islamabad, Lahore, and Sialkot. 

    In Karachi, Special Representative Syed met with government officials, industry leaders, innovators, entrepreneurs, and business journalists to further strengthen the economic partnership and bilateral trade between Pakistan and the United States. 

    “I am pleased to be in Karachi, a dynamic and diverse financial and commercial hub,” said Special Representative Syed. “I am in Pakistan to reaffirm the U.S. government’s commitment to building our economic ties and to explore ways to expand trade and investment between our two countries. Our economic ties are decades long and I’m excited to focus on this relationship as we are celebrating 75 years of relations between the United States and Pakistan.”

    During his visit to Karachi, Special Representative Syed met with Foreign Minister Bilawal Bhutto, Minister of Climate Change Sherry Rehman, Minister of Information Technology and Telecommunication Syed Amin ul Haque, Minister of Maritime Affairs Faisal Subzwari, Sindh Chief Minister Syed Murad Ali Shah, Sindh Cabinet Members, and municipal and provincial officials to discuss how the United States and Pakistan can continue to work together to facilitate broad-based, equitable, and sustainable economic growth for both nations. Special Representative Syed also met with Acting Director of the State Bank of Pakistan Dr. Murtaza Syed and other state bank officials about financial inclusion for women and underserved communities and the importance of improving Pakistan’s business climate for U.S. companies and investors to spur greater economic growth.

    Special Representative Syed met with numerous industry leaders to explore how to increase Pakistan’s trade balance in critical areas that will provide benefits to both Pakistanis and Americans. 

    They discussed how the government and private sector can work together to promote a better investment climate in Pakistan and increase women’s economic empowerment, sustainability, workforce development, and corporate social responsibility. Currently, the United States is Pakistan’s largest single country export market and one of the largest sources of foreign investment. U.S. companies and their local affiliates are among Pakistan’s largest employers, with roughly 80 U.S. companies directly employing more than 120,000 Pakistanis. Special Representative Syed also visited Gatron Novatex, a company with strong trade relations with the United States, where he learned more about their recently launched electronic vehicle Ecodost and recycling initiatives.

    One of the highlights of Special Representative Syed’s time in Karachi was a visit to the National Incubation Center Karachi (NICK) at NED University where he participated in a panel discussion about promoting U.S.-Pakistan innovation and investment. 

    While at NICK, Special Representative Syed discussed how the United States and Pakistan can cooperate to strengthen the entrepreneurial ecosystem. “The United States believes that a strong, prosperous, democratic Pakistan is vitally important for the region,” Special Representative Syed noted. “Entrepreneurship, gender equity in all sectors, and education and capacity-building opportunities are key ingredients to reaching that goal.”

  • Pakistan records 33.66% rise in prices of essential items

    Pakistan records 33.66% rise in prices of essential items

    KARACHI: Pakistan has recorded a massive increase of 33.66 per cent in prices of essential items by week ended July 06, 2022 when compared with same week last year, according to official data released on Friday.

    Pakistan Bureau of Statistics (PBS) said that the inflation based on Sensitive Price Indicator (SPI) recorded 33.66 per cent increase on YoY basis for week ended July 06, 2022.

    READ MORE: Petroleum prices in Pakistan push inflation 13-year high

    According to the bureau, the year on year trend depicts an increase of 33.66 per cent, Diesel (141.46 per cent), Petrol (119.61 per cent), Onions (101.98 per cent), Pulse Masoor (88.16 per cent), Vegetable Ghee 1 Kg (83.03 per cent), Cooking Oil 5 litre (79.29 per cent), Mustard Oil (77.60 per cent), Vegetable Ghee 2.5 Kg (74.87 per cent), Washing Soap (57.43 per cent), Gents Sponge Chappal (52.21 per cent), Pulse Gram (51.80 per cent), LPG (49.11 per cent), Tomatoes (44.71 per cent), Garlic (43.23 per cent) and Chicken (41.09 per cent).

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

    While major decrease observed in the prices of Chillies Powdered (43.42 per cent), Sugar (12.57 per cent), Pulse Moong (3.23 per cent) and Gur (2.57 per cent).

    The SPI for the week ended on July 6, 2022 recorded an increase of 1.32 per cent. Increase observed in the prices of food items, Garlic (5.06 per cent), Potatoes (2.57 per cent), Vegetable Ghee 2.5 Kg (1.64 per cent), Cooked Daal (1.50 per cent), Wheat Flour (1.46 per cent), Pulse Gram (1.32 per cent), Tea Prepared (1.09 per cent) and Pulse Masoor (1.02 per cent), nonfood items Petrol (6.36 per cent), Diesel (5.06 per cent) and LPG (2.33 per cent), with joint impact of (0.85 per cent) into the overall SPI for combined group of (1.32 per cent).

    READ MORE: Average inflation estimated up to 12% in FY22

    On the other hand, decrease observed in the prices of Tomatoes (5.12 per cent), Onions (1.03 per cent), Mustard Oil (0.70 per cent), Bananas (0.43 per cent) and Pulse Mash (0.12 per cent).

    During the week, out of 51 items, prices of 30 (58.82 per cent) items increased, 05 (9.81 per cent) items decreased and 16 (31.37 per cent) items remained stable.

    READ MORE: SBP jacks up policy rate by 6.75% to 13.75%

  • Beaconhouse signs agreement for provision in assessment services

    Beaconhouse signs agreement for provision in assessment services

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

    (more…)
  • Pakistan petroleum sales climb up by 16 per cent in FY22

    Pakistan petroleum sales climb up by 16 per cent in FY22

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    READ MORE: Petroleum levy to generate Rs750 billion

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

  • Pakistan allows duty exemption on coal import from Afghanistan

    Pakistan allows duty exemption on coal import from Afghanistan

    ISLAMABAD: Pakistan has allowed exemption of customs duty on import of coal from Afghanistan.

    The country’s apex revenue authority i.e. Federal Board of Revenue (FBR) issued SRO 968(I)/2022 to exempt customs duty on import of certain items, including coal from Afghanistan.

    Earlier this week Prime Minister Muhammad Shehbaz Sharif approved the import of super-critical quality coal from Afghanistan in Pakistani rupee instead of dollars to help generate low-cost electricity in the country.

    READ MORE: Govt. may exempt customs duty in emergency situation

    The prime minister, chairing a meeting to improve the mechanism for transportation of Afghan coal, expressed concerns over the rising price of coal in the international market.

    He said the rise in coal price was also one of the reasons behind the generation of expensive electricity by the coal power plants operating in the country.

    He viewed that the import of Afghan coal in Pakistani currency would save the foreign exchange.

    The prime minister was told that the import of Afghan coal – initially for Sahiwal and Hub power plants – would save around $2.2 billion annually.

    READ MORE: Rate of customs duty in Pakistan on imports

    The FBR allowed duty exemption on import of following goods: Description (Pakistan Customs Tariff)

    Other Coal (2701.1900)

    Bituminous coal (2701.1200)

    Talc (2526.1010)

    Marble (Crude or roughly trimmed) (2515.1100)

    Plants & parts of plants (including seed & fruit) (1211.9000)

    Seeds of cumin neither crushed nor grounded (0909.3100)

    Sulphur of all kinds, other than sublimed sulphur (2503.0000)

    Yams (Dioscorea spp.) (0714.3000)

    Containers (including containers for the transport of fluids) (8609 0000)

    The FBR said that the SRO would take effect from July 01, 2022.

  • GIZ Pakistan organizes certificate award ceremony

    GIZ Pakistan organizes certificate award ceremony

    LAHORE: Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) Pakistan has organized certificate award and showcasing programme achievements ceremony under clean power purchasing development project.

    A certificate award ceremony for Master Trainers in Entrepreneurial Skills trained at the Professional Development Center of National University of Science & Technology (NUST) Islamabad under the Clean Power Purchasing Development project. The project is being implemented by Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) as part of the DeveloPPP.de Programme of German Federal Ministry for Economic Cooperation & Development (BMZ).

    Chief Operating Officer TEVTA Punjab, Zaheer Abbas was the chief guest at the occasion who distributed the certificates to the master trainers along with Ms. Iris Cordelia Rotzoll, Head of Programme TVET Sector Support Programme GIZ, Muhammad Ishaq Bhatti, Chairperson Solar Quality Foundation (SQF), Faisal Mahmood, Regional Coordinator (Punjab) and DV Clean Power Purchasing Development Project, and Haseeb Saadat CEO Allied Solar Private Limited & local partner of Power One for One Germany.  Other senior officials and heads of institutes from Punjab TEVTA were also present at the occasion.

    The DV Clean Power Purchasing Development Project, Faisal Mahmood presented the programme achievements over the last three years. The project has trained 37 Master Trainers on technical skills related to design, installation, O&M of solar PV plants, 30 Assessors in CBT&A to support implementation of National Vocational Qualification in Solar PV, and 40 TVET Professionals from TEVTA Punjab and PVTC on Entrepreneurial Skills to promote entrepreneurship in the Solar PV sector. A 10-kW grid-connected pilot solar PV plant was installed with the support of project partner Power One for One at TEVTA Government Technical Training Institute, Gulberg Lahore for education purpose.

    Addressing to the participants, the Head of TVET Sector Support Programme GIZ, Ms. Iris Cordelia Rotzoll, stated that all these efforts not only lead to a new beginning and small steps toward sustainable energy generation and management, but also open avenues to promote the trend of green skills in Pakistan. The master trainers, trainers and assessors trained in Solar PV technology will create a pathway for internal and external buy-in among more and more TVET trainers and managers.

    Speaking at the ceremony Zaheer Abbas appreciated the role of German cooperation for promotion of clean energy in Pakistan through DeveloPPP Programme. He highlighted the fact that promotion of green skills is inevitable to fight the global climate change and save the environment while also conserving the natural resources. He expressed his resolve that master trainers trained under the project will be utilized to support implementation of solar PV training courses in Punjab and increase the quality & access to trained human resource for solar companies.

  • Govt urged to minimize reliance on LNG import

    Govt urged to minimize reliance on LNG import

    ISLAMABAD: As Pakistan is facing with severe natural gas shortage for the last couple of years, it has started relying heavily on Liquefied Natural Gas (LNG), however, the government needs to explore other energy sources to save environment as well as financial spending on the LNG import.

    There are other green energy options like solar and wind that can provide cheap environment-friendly energy sources and the country needs go for these options.

    This was the crux of one of the two reports “Gas Monitor – Pakistan” & “Tabeer LNG Terminal, Socio-Economic & Environmental Analysis” launched by the Indus Consortium held about the gas provision as an energy source in the country at a ceremony here on Friday.

    The reports launch was attended by representatives of academic institutions, member of GROW Green Network, which is an umbrella of environmental organizations of Pakistan working for the promotion of renewable energy, independent researchers, member of Renewable Energy coalition Pakistan and alliance for climate Justice and clean energy.

    Sharing findings of the Gas Monitor – Pakistan report, Dr. Amanullah Mahar, Director, and Center for Environmental Sciences, University of Sindh, Jamshoro, said that since LNG, fossil gas is a very high carbon intensive fuel and cannot be called “transition” fuel source to a cleaner energy system.

    He explained that fossil gas (methane) can be leaked from the re-gasification, transport, and consumption and processing of it. After carbon dioxide (CO2), methane is the second most abundant anthropogenic greenhouse gas and responsible for 20% of worldwide atmospheric emissions. The methane is 25 times more potent than CO2 at absorbing atmospheric heat.

    While presenting findings of another report on “Tabeer LNG Terminal, Socio-Economic & Environmental Analysis”, an independent sustainability consultant Fatima Fasih said that keeping the global LNG markets and their volatility in consideration, it is clear that LNG is no longer a financially-viable source of fuel.

    She said, “Instead of focusing on short-term monetary gains and quick gains in energy for the economy, public and private institutions should focus on building stronger energy security within Pakistan and develop a greener economy through a just and equitable energy transition towards renewable energy.”

    She suggested that solar and wind power have shown remarkable success in Pakistan from an economic perspective and should be invested in to increase their ratios within the country’s energy mix and help the country transition towards a just and sustainable energy transition.

    Iqbal Hyder, Board member of Indus Consortium and Executive Director Laar Humanitarian Development Program (LHDP), while concluding his remarks, said that the livelihood of population inhabiting along the coastal areas is directly dependent on mangrove forests.

    He said cautioned that any additional construction or industrial operations in these areas will exacerbate the declining socio-economic conditions of the local communities. “We need to recognize the valuable indigenous knowledge for local fishing and rejuvenate the current worsening fishing populations.”

    The Gas Monitor – Pakistan report focuses on the case of the development of Pakistan’s gas sector, especially LNG. It discusses how increasing reliance on LNG is posing challenges to the country’s economy on one hand and the release of methane gas emissions is deteriorating the environment on the other.

    The monitor also comes up with a set of recommendations that present a potential way out of this entrenched dependence and its associated impacts.

    An analysis of the socio-economic and environmental impacts of the Tabeer LNG terminal, Port Qasim, Karachi, investigates the Environmental Social Impact Assessment (ESIA) and explores the Corporate Social Responsibility criterion with a set of recommendations.

    Indus Consortium is an umbrella organization of over 60 civil society organizations across Pakistan, working on DRR, climate change, green development, and green finance. It also envisions a democratic and equitable society where all citizens enjoy equal economic, cultural, and political rights, with a mission to work for local communities to enhance their resilience and participation in green development.

  • Pakistan slaps super tax on industries, individuals

    Pakistan slaps super tax on industries, individuals

    ISLAMABAD: Pakistan on Friday imposed a 10 per cent super tax on earnings of certain industrial sectors and on income of high net worth individuals.

    Prime Minister Shehbaz Sharif announced to impose the 10 percent super tax on over 12 large industries and also on affluent persons with more than Rs 150 million annual income with a rate up to four percent.

    Addressing the members of his economic team, he said the imposed taxes would be the “first step towards the country’s financial self-reliance”.

    READ MORE: Key tax measures taken through Finance Bill 2022

    The prime minister said the 10 percent tax aimed at poverty alleviation would be imposed on industries and sectors including cement, fertilizers, steel, sugar, textile, oil and gas, LNG terminals, banking sector, cigarette, chemicals and beverages.

    He said the individuals earning over Rs 150 million a year would pay one percent tax; those earning Rs 200 million will pay two percent, those over Rs 250 million income to pay three percent and the ones earning above Rs 300 million will pay four percent tax.

    The prime minister said he had formed teams to boost tax collection with the help of organs of State institutions and through digital means.

    READ MORE: FPCCI identifies tax anomalies in budget 2022-2023

    He said the step would help the country attain economic stability and push it out of the shakles of loans.

    PM Sharif pointed out that every year, an amount of around Rs 2,000 billion in the country was misappropriated through tax evasion.

    He mentioned that 60 percent of the formal sector was paying taxes, however the rest of 40 percent economy needed to be brought into tax net.

    He said the collected tax would be diverted towards the projects of health, education, skilled training and information technology.

    For the first time in country’s history, he said, a budget had been presented to provide relief to common man, orphans, widows and poor.

    READ MORE: Pakistan announces massive tax reduction for salaried persons

    The prime minister hoped that with hard work and faith in Allah Almighty, the things would ease up.

    The measures taken in the budget will enable the poor overcome their financial challenges, he added.

    PM Sharif said the history was evident that the poor always sacrificed while facing challenges, but now it was the moral obligation upon the affluent to come forward and contribute.

    He expressed confidence that the measures would take Pakistan forward on the path of prosperity, progress and economic stability.

    READ MORE: Rate of super tax for Tax Year 2022

  • Pakistan to stay on FATF grey list till onsite visit

    Pakistan to stay on FATF grey list till onsite visit

    BERLIN: Pakistan will stay on the grey list despite making compliance to all the action plans set by the Financial Action Task Force (FATF). An onsite visit to Pakistan is required to verify the implementation of the country, a statement issued on Friday by the watchdog said.

    However, Pakistan has not been officially removed from the FATF’s grey list.

    READ MORE: FATF retains Pakistan in grey list; admits progress

    The watchdog said that FATF will “monitor the COVID-19 situation and conduct an on-site visit at the earliest possible date”.

    The FATF officials will hold a press briefing shortly on the outcomes of the four-day plenary session of the watchdog that reviewed Pakistan’s action plans.

    READ MORE: Pakistan urges FATF to take action against Indian plot

    A government official had earlier said in a conversation with the BBC that matters will take seven to eight months to settle even after Pakistan has made its way out of the watch list as the FATF team will visit Pakistan for an inspection.

    READ MORE: Pakistan likely to exit from FATF’s grey list

    Pakistan had launched a massive diplomatic effort to get off the FATF grey list. Minister of State for Foreign Affairs Hina Rabbani Khar, who is also the chair of Pakistan’s National FATF Coordination Committee, is leading the Pakistan delegation at the plenary meeting that started on June 14, 2022.

    READ MORE: Pakistan complies with 31 requirement of FATF