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New remittance record thanks to PM overseas Pakistanis.

PM Imran Khan

ISLAMABAD: Prime Minister Imran Khan has thanked overseas Pakistanis for setting a new record for remittances and praised them for their love for their homeland.

On social networking site Twitter, Prime Minister Imran Khan said, “I have always considered overseas Pakistanis as the biggest asset of the country. Remittances from Pakistanis abroad reached a record high of 2. 2.8 billion in April, before fiscal year 2021.” Remittances in 10 months were .2 24.2 billion.

The Prime Minister further said that Pakistanis abroad broke the record of remittances received in the entire financial year 2020. Prime Minister Imran Khan thanked overseas Pakistanis for their confidence in the new Pakistan.

According to a SBP report last month, February remittances were 24.2 percent higher than in February 2020.
During July-February FY21, workers’ remittances reached 18 18.7 billion. July-February remittances were 24.1% higher than the previous fiscal year.
During the first seven months of the year, the country’s total exports stood at Rs 13.89 billion in the fiscal year 2021, from July to January, reflecting the country’s growing reliance on remittances.

During this period, remittances of 3.4 billion were received from the United Arab Emirates, remittance 2.2 billion from the United Kingdom and 4 1.4 billion from the United States.
State Bank of Pakistan are constantly facilitating remittances.
The steady increase in remittances largely reflects the increasing use of banking resources. Efforts by the government and the SBP to promote remittances from formal sources include the introduction of new regulations in the money exchange markets, resulting in remittances Money is rising.

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ISLAMABAD Amazon adds Pakistan to cell list.

Amazon Connect Pakistan

Business Advisor Abdul Razzaq Dawood has announced that Amazon, a world-renowned online retail company, will add Pakistan to its list of sellers in a few days.

According to details, trade adviser Abdul Razzaq Dawood said that talks with Amazon had been going on since last year and now it is being formally completed. Will Amazon add Pakistan to its list of sellers in a few days. It is a great opportunity for our young SMEs and women entrepreneurs. he said.

The Business Advisor said that an important milestone in the e-commerce policy is being achieved. The inclusion of Amazon in the list is the result of teamwork.

On the occasion, Special Assistant to the Prime Minister for Political Affairs Shahbaz Gul also shared the news on Twitter and expressed happiness, saying that what has not been done The history of Pakistan for the last ten years has finally been done by the present government. He thanked the Prime Minister and said that it would create billions of investment and employment opportunities.

Joining the list will boost e-commerce in Pakistan and provide quality products to consumers. Amazon, one of the world’s leading online retailers, is believed to be one of the most valuable companies in the world. Jeff Bezos.

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Pakistan has no intention of withdrawing from the IMF program.

ISLAMABAD: Finance Minister Shaukat Tareen has said that the current IMF program was very difficult. We will not opt ​​out of the IMF program but we will change its methodology. Will increase

Giving a press briefing in Islamabad, Finance Minister Shaukat Tareen said that we do not have the capacity to increase the tariff. Talks are underway with the IMF team on the tariff. Revolving credit is increasing. The Prime Minister is not in favor of raising the tariff. We will take similar steps and increase it. However, we cannot increase it suddenly. We can go ahead and try to explain it to the IMF.

The Federal Minister said that the biggest challenge to the country is the current account deficit and the government had to go to the IMF due to difficult circumstances. The IMF kept strict conditions which have political value even before my time. When they went to the IMF, the world was facing terrorism and they did not get a friendly environment from the IMF in which there were no conditions, but now when the government went to the IMF, conditions were imposed.
The Finance Minister said that our exports have zero FTIs and we also took money from our friend Saudi Arabia. We were moving towards economic stability when Corona came. He said that the growth due to Corona was 92% to 57%. But now we have to move from economic stability to growth. In the 70’s we used to do economic planning.

Shaukat Tareen said that the government has also taken steps to deal with Corona. At present, remittances are increasing at a record pace. However, we are facing a threat due to Corona but we have to improve the economy. He said that the revenue in March increased by 46 per cent over the previous year and the growth rate was 92 per cent till April 20. However, due to the Corona lockdown at the end of April, it declined to 57 per cent. “We are in danger from Corona, otherwise our economic recovery has begun,” he said.

“At the moment, the biggest focus is on price stability. We want to expand measures in the area of ​​social security,” he said. The reason for not coming into the tax net is also harassment. 62% of the population lives in our villages and their occupation is agriculture. However, this sector has not improved in the last 10 years and we will have to spend money on it. “Our industries are not up to standard. Most of the export industries are family businesses which are divided after two generations,” he said.
He said that in this regard, GDP growth should be kept at least 5%, money should be spent on agriculture, water and other necessities should be taken care of while there is no foreign direct investment in industries by increasing the capacity of industries. Foreign investment can be brought in. Administrative matters of federally owned entities will be handed over to the private sector.

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ISLAMABAD: Finance Minister Shaukat Tareen has hinted at revising the IMF agreement.

FM ST

The National Assembly in meeting Standing Committee on Finance was held under the chairmanship of Faizullah Kamuka.
welcoed Committee the participation of Finance Minister Shaukat Tareen in the meeting.

In the meeting, Finance Minister Shaukat Tareen while pointing out the revision of the IMF agreement said that the IMF has committed atrocities against us. We will talk to the IMF not to increase the tariff.

ST said that it was a mistake to keep the interest rate at 13.25%. The institutions which cannot be run by the government should be privatized. I believe in the supremacy of the parliament. I have always given priority to the parliament.

The FM ST said that if the wheel of the economy turns, then the growth rate will be better. Has Those who do not pay taxes will be brought into the tax net. By increasing electricity rates, more opportunities for corruption are created.

I have been the finance minister for 10 years. I have been harassed for taxes. I will not set foot on anyone’s tail to increase taxes. I don’t see any economic plan in Pakistan. An integrated system should be brought for sustainable economic growth for 20 to 30 years.

ST said that economy in Pakistan is not sustainable even for 3 years. Growth rate can be improved through agro-industry. Pakistan spends 0.25% of its GDP on housing.

The Finance Minister said that the society of the people deprived of 70 years must be improved. 85% of Pakistan’s income is spent in only 9 cities. The what is the fault of the people of Khyber Pakhtunkhwa, Balochistan and South Punjab?

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ISLAMABAD: Inflation has come down overall in a week.

The weekly inflation data released by the Bureau of Statistics shows that the overall rate of inflation has come down in a week.

In the first week of Ramadan, overall inflation eased and prices of various essential commodities remained stable, according to a report released by the Bureau of Statistics.

According to the report, prices of some essential commodities also declined while prices of 26 basic commodities remained stable.

According to the statistics agency, prices of tomatoes, onions, eggs, garlic, sugar, diesel, petrol and LPG have declined in a week, while rates for sugar and 10 kg flour bags have also come down.

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KARACHI: All banks across the country will remain closed for public transactions on the first of Ramadan on the instructions of the State Bank of Pakistan.

According to a statement issued by Bank Daulat Pakistan, all banks will be on holiday on Wednesday, April 14, 2021, the first day of Ramadan 1442 AH.

The SBP has directed all banks to deduct Zakat from savings accounts on the first of Ramadan as per the syllabus.

It may be recalled that the employees of financial institutions, banks and microfinance banks perform their official duties as usual on the first of Ramadan, while transactions with the public are completely closed.

It should be noted that every year on the first day of Ramadan, all bank savings accounts deduct Zakat according to the syllabus of the account holders.
This year, the federal government has fixed the syllabus of Zakat for the Islamic year 1441-42 AH at Rs. 80,933.
In other words, Rs. 2,024 will be deducted from the account of the person who has such amount in his savings account in case of Zakat, while in case of more than that, a deduction of two and a half percent will be made on the total amount.

The Government’s Poverty Alleviation and Social Security Division sent a notification of the prescribed syllabus to the SBP on April 11, after which the SBP had issued important instructions to other banks regarding the syllabus and deduction of Zakat. Remember that Zakat will not be deducted from the payment account, company account or declaration account.

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Washington: US intelligence report says Pakistan could become the world’s 23rd largest economy by 2040.

According to a report by a foreign news agency, the US Intelligence Council has released a report stating that Pakistan’s current GDP rank is 39 and by 2040 it could become the 23rd largest economy in the world.

According to the report, by 2035, Karachi will become the fourth most populous city in the world and between 2030 and 2040, the trend of global economic activity will be towards Asia.

The US Intelligence Council says tensions between the United States and China could escalate, with changes in military power, including a shift in population to technology and governance models.

Earlier, US policymakers had also announced that Pakistan could become a major economy in the next few years.

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ISLAMABAD: One lakh green jobs will be provided across the country under which the youth across the country will be able to earn Rs 800 to Rs 1,000 daily.

Green

According to the details, the World Bank is ready to provide financial assistance for green jobs in Pakistan. The Ministry of Climate Change will provide one lakh green jobs in the country.

In this regard, Malik Amin Aslam, Special Assistant to the Prime Minister, met with World Bank officials. Among those who met him was the World Bank Country Director.

The meeting discussed in detail the plan of the Prime Minister of Pakistan for green jobs and the World Bank assured assistance of 120 120 million.

Young people across the country will earn income by planting trees in their respective areas. Every young person working in green will be able to earn 800 to 1000 rupees a day.

On the occasion, Special Assistant to the Prime Minister Malik Amin Aslam said that the Prime Minister had announced green jobs during the Corona epidemic and the government had fulfilled its promise that the World Bank would provide assistance.

Under the project, crores of new trees will be planted in the country. Every youth will be able to earn Rs 20,000 to Rs 30,000 per month. The process of giving jobs will be completed within 5 to 6 months.

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KARACHI: The International Monetary Fund (IMF) has confirmed the receipt oa 50 million loan installment.

IMF Pak

A State Bank of Pakistan spokesman confirmed that the million dollar loan had been received from the IMF on Tuesday, March 30.

The SBP, the total value of the IMF loan installment is close to 49 498.7 million.

It may be recalled that the Executive Board of the International Monetary Fund (IMF) had on March 25 approved the release of a loan installment to Pakistan. This installment is being provided to provide financial assistance in the budget.

A statement was also issued by the IMF regarding the approval of the loan amount.
It was stated that the Executive Board, after reviewing the steps taken by Pakistan, approved the payment of 50 million.

The IMF said in a statement that the first tranche of the program was approved in July 2019, with a total of billion provided under the Extended Fund facility.

The statement said that Pakistan’s policies to support the economy have been prudent, while Pakistan has also taken aggressive steps to boost growth and institutional reforms.
IMF statement also stressed the need to improve the performance of state-owned companies.

IMF said further reforms would have to strengthen Pakistan’s economic confidence and private investment and create jobs by improving the business environment. The statement said that Pakistan must fully implement the action plan to curb money laundering and money laundering and meet the demands of anti-corruption agencies.

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Karachi: The biggest fraud in the history of Sui Southern Gas has come to light.

Gas Meter

Sources said that an additional Rs 300 to Rs 400 per bill has been added to the monthly bills of consumers in the name of sticky slow meter.

According to the sources, additional money is being collected from the consumers even on the pretext of fault in the IT system.

Billions of rupees deficit institutions are plundering the pockets of the poor crores of rupees. Citizens of Karachi have demanded immediate investigation from NAB and FIA.

Sources further said that hundreds of people complain about sticky meters every day at all CFC centers but in the bill of some consumers, the money is wasted on the complaint of sticky slow meter, while others keep waiting for their turn.

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