Day: May 23, 2022

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FM attends Annual Meeting of WEF in Davos

ISLAMABAD: Foreign Minister Bilawal Bhutto Zardari will attend the Annual Meeting of World Economic Forum (WEF) from today (Monday) to Thursday in Davos, Switzerland on the invitation of President of the WEF.

This year the Forum is being organized under the theme, “History at a Turning Point: Government Policies and Business Strategies”. The Foreign Minister will be accompanied by the Minister of State for Foreign Affairs, Ms Hina Rabbani Khar. Both the Foreign Minister and the Minister of State will participate in a number of WEF events on contemporary global and regional issues.

The Foreign Minister will share Pakistan’s perspective on the economic and social impacts of the evolving geopolitical developments as well as the challenges arising from the COVID-19 pandemic, food and energy security, and climate change. He will also meet his counterparts attending the annual meeting and interact with the media.

The World Economic Forum annually brings together political and business leaders as well as representatives from international organizations, civil society and youth representations from across the world to deliberate and identify pathways to overcome economic, social and environmental challenges.

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Agreement with IMF to be in best interest of country: Miftah

ISLAMABAD: Finance Minister Miftah Ismail has said the nation is paying price of wrong policies and agreements signed by previous government with the international monetary organizations.

According to a Radio report, taking to media persons in Karachi before leaving for Doha for talks with the International Monetary Fund (IMF) on Monday, he said tough conditions of withdrawing subsidies and imposing tax on petroleum products is the result of agreements of previous government with IMF.

The Finance Minister said as per agreements of previous government, the diesel price is to be increased by 150 rupees per liter and petrol by 100 rupees per liter but the present government does not want to carry it forward as it will result in heavy financial burden on the masses.

He said Imran Khan has always created impediments in the path of development of the country. He said Imran Khan’s 2014 sit-in caused postponement of Chinese President’s visit to Pakistan and today IMF team that was due in Islamabad for talks has declined to visit because of Imran Khan’s sit-ins. The Finance Minister expressed the hope that in next two days he will succeed in having agreement with IMF in the best interest of the country and the people.

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PM restores Pakistan Kidney and Liver Institute Board

ISLAMABAD: Prime Minister Shehbaz Sharif has restored the Pakistan Kidney and Liver Institute (PKLI) Board and reappointed Dr Saeed Akhtar as Chairman of the institute.

The Prime Minister chaired a meeting of the Board of Governors of PKLI and announced major decisions. Four years ago, Dr Saeed Akhtar proceeded back to the United States after court proceedings and other issues. Inspired by the vision of Shehbaz Sharif, Dr Saeed Akhtar left everything in America and came to Pakistan.

Prime Minister Shehbaz Sharif personally played a role in bringing back Dr Saeed Akhtar. PKLI is the first state-of-the-art and world-class institution of kidney and liver transplantation procedures. Prime Minister Shehbaz Sharif, as the Chief Minister Punjab, had devised this plan to save liver and kidney patients from the high cost of treatment and travel difficulties abroad. The last government subjected this project to political vendetta.

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Next general election to be announced by Govt in consensus with allied parties: Marriyum

ISLAMABAD: Minister for Information and Broadcasting Marriyum Aurangzeb on Monday said the next general election would be announced by the government in consensus with all the allied parties.

Responding to Pakistan Tehreek-e-Insaf (PTI) Chief Imran Khan’s announcement of long march and demand for snap polls, she said Imran Khan has no authority to dictate the dates of the next general election as it is the sole prerogative of the united government and its allied parties.

The Information Minister said Imran Khan’s announcement of the long march on Wednesday is a direct effort to sabotage Pakistan’s negotiations with the International Monetary Fund (IMF). Earlier speaking to a news channel, Marriyum Aurangzeb said Imran Khan in his lust for power is triggering anarchy in the country.

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Brooklyn Chamber to promote US-Pakistan trade

Islamabad, May 23, 2022 (PPI-OT):Brooklyn Chamber of Commerce will extend all-out cooperation to promote bilateral trade between the US and Pakistan. The chamber will also help Pakistani businessmen to explore investment opportunities in the US, said President and CEO of Brooklyn Chamber of Commerce Randy Peers.

Talking to President of United Business Group (UBG) Zubair Tufail, President US-Pakistan International Chamber of Commerce (USPICC) Sajjad Qamar and Secretary-General USPICC Malik Sohail Hussain, he said that the US offers splendid opportunities for Pakistan exporters and importers. He said that some sectors of cooperation include apparel and textiles, biotechnology, food processing, halal foods, biryani festivals, arranging fashion weeks to promote Pakistani clothing and promotion of Pakistani handicrafts.

Randy Peers said that the US has about 21,000 companies in the food processing sector having $750 billion in revenue while worldwide processed food sales are total about $2 trillion, so the US accounts for 37.5% of all sales, he informed. Highlighting the contributions of the US towards the socio-economic development of Pakistan, he said that the US has always devoted significant resources to support Pakistan’s economy.

Zubair Tufail, Sajjad Qamar and Malik Sohail said that the US is an incredibly important country for Pakistan. It is one of the top investment partners and export destinations for Pakistan, they said. Relations between Pakistan and the US have endured the test of time and we are here to cement the bilateral ties through trade, they said.

The business leaders said that Brooklyn is known for its developed food industry and we will explore opportunities for exports, imports and joint ventures. They welcomed the recent statement by a State Department spokesperson who assured Pakistan of strong US support for their efforts to rebuild the Pakistani economy.

For more information, contact:
Secretary General,
US-Pakistan International Chamber of Commerce (USPICC)
Former Chairman Coordination FPCCI
Former Chairman Coordination SAARC Chamber
Chief Coordinator United Business Group
Former SVP, Islamabad Chamber of Commerce
Tel: +92-333-5155300

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IIA lauds the services of Chairman CDA

Islamabad, May 23, 2022 (PPI-OT):Chairman Capital Development Authority (CDA) Amir Ali Ahmed has said that industrialists are the backbone of the economy therefore their problems would be resolved on preference. He said that CDA will provide every possible facility to industrialists so that they can work with peace of mind.

The Chairman CDA said this while talking to a delegation of the Islamabad Industrial Association (IIA) led by its President Zikria Akbar Zia. Mian Waqas Masood, SVP of IIA, Mian Akram Farid, Mian Shaukat Masood, Tariq Sadiq, Nasir Qureshi, Aamir Waheed, Karim Aziz, Tahir Ayub and others were also present at the occasion.

Amir Ali Ahmed said that he is always available for the resolution of problems of the business community and that he will continue to strive for the betterment of Capital city. Speaking at the occasion, President IIA Zikria Akbar Zia. thanked the Chairman CDA for his interest in developing the city and its infrastructure.

He discussed different issues including renewal of the lease of industrial plots, change of trade, completion of the double road of Khyabane Johar, traffic blockage in the front of Dry Port, increase in rates of property, availability of water, trade licences and Annual Ground Rent collection system. The Chairman CDA heard the demands patiently and assured resolution of problems. He nominated Member Estate CDA Naveed Elahi as a focal person for liaison with IIA along with DG Services Mian Muhammad.

Chairman CDA informed the delegation that traffic flow on Islamabad Expressway will be improved by widening it from PWD to G.T. Road to provide relief to commuters. Two more routes of Metro lines are on the cards which would be operational soon and linked to Rawalpindi-Islamabad (red line) and airport (orange line) metros, he added. He informed that the road has already been widened till Koral and PWD stop but after PWD, traffic gets congested as the road from this point onwards narrows to two lanes.

For more information, contact:
President,
Islamabad Industrial Association (IIA)
Islamabad, Pakistan
Tel: +92-333-5148181

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Govt first decision to save country termed disappointing

Islamabad, May 23, 2022 (PPI-OT):The Pakistan Economy Watch (PEW) on Saturday said the first major decision of the government to save foreign exchange turned out to be disappointing. A simple ban on some unnecessary imports will not improve the current precarious situation as it would reduce the monthly import bill by barely one to one and a half per cent, it said.

A five-day workweek and closing markets by sunset would have been better options as keeping the markets open till midnight by generating electricity from borrowed oil is shocking and an apparent violation of national interests, said Dr. Murtaza Mughal, President of PEW. He said that the local manufacturers of the banned items should not be allowed to increase the price by taking advantage of the opportunity nor should the smuggling of these items be allowed.

Dr. Murtaza Mughal said that oil imports were 8.7 billion during the first ten months of the last fiscal but now it has almost doubled to 17 billion dollars making the balance of payments situation worrisome. He said that it is difficult to save a country from bankruptcy unless unnecessary imports are completely banned and energy subsidies are abolished.

He said that imposition of financial emergency, immediate increase in petrol price by Rs 30-50 per litre, reversing corporate sector exemptions of Rs 800 billion, and minimum tax of Rs100 billion on agricultural income are necessary. He suggested a special emergency tax of Rs500,000 on heavy vehicles to generate additional income of Rs20 billion, power tariff for houses larger than 800 square yards should be doubled, land allotment should be banned, prompt sale of failed state-owned companies and reduction in the non-developmental budget will also improve the situation.

He said that useless departments should be closed down. At present, 42 divisions are functioning in the central government under various ministries, including National Harmony, National Code, and National Heritage divisions which have no function at all. He noted that the term of the governor of the central bank expired on May 4, but despite the current turbulent situation, the government has not appointed a full-time governor in his place, which is stoking worries.

He said that the situation could not be improved without the elimination of energy subsidies for which the government was waiting for the signal of the powerful quarters which should be granted otherwise the government will have to resign which will sink the country deeper into the quagmire of instability.

For more information, contact:
President,
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
Fax: +92-51-2802449
Cell: +92-321-5157671
Email: president@pakistaneconomywatch.com
Web: www.pakistaneconomywatch.com