The Financial Daily : 2020-08-21

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Continuati­ons Friday, August 21, 2020 unde r r eview, t he exports f r om t he country i ncreas ed by 6.10 percent, f r om $ 1. 886 bi l l i on l ast year t o $ 2.00 1 bil l i on during t he current year. On t he other hand, t he i mports witness ed a de cline of 0. 70 per cen t by f allin g fr om $ 3.713 bil l i on l as t yea r t o $ 3. 687 bill i on t hi s year. Market sources attributed the rise in import of mobile phones to huge demand during lockdown and after ease in lockdown due to rising financial transactio­ns through mobile phones. They also attributed the significan­t growth in rupee terms due to depreciati­on of local currency. The average exchange rate in July 2020 was at Rs166.76 to the dollar as compared with Rs158.82 to the dollar in July 2019. Further, the market sources said that the government has provided relief through duty and taxes on import of mobile phones to promote financial inclusion. - TLTP mate change have earned appreciati­on for the country at internatio­nal level. Minister of State for Parliament­ary Affairs Ali Muhammad Khan said that record legislatio­n was made in the parliament by ensuring working relationsh­ip with the opposition despite political difference­s. He said the parliament unanimousl­y approved making it compulsory to write Khatimun Nabeen before the name of Holy Prophet Muhammad ( PBUH) in every government documents. He said that legislatio­n was made on teaching of the Holy Quran in Urdu, Naya Pakistan Housing Authority, Billion Tree Tsunami and to bring Pakistan out of Financial Action Task Force's ( FATF) grey list. Meanwhile, Adviser to the Prime Minister on Commerce, Abdul Razak Dawood has reiterated the government's resolve to strengthen trade and investment relations among ECO ( Economic Cooperatio­n Organizati­on) member countries. Addressing the Virtual Internatio­nal Trade Forum ( ECO chapter), organized by the Rawalpindi Chamber of Commerce and Industry ( RCCI) here on Thursday, the advisor said that he would visit Afghanista­n soon, probably next month, to remove obstacles in bilateral trade and transit trade. - TLTP Continued from page 8 Continued from page 1 No # 12 No # 1 regarding the timeline for the completion of the muchtouted ML- 1 project after he was informed that the multibilli­on dollar project, being built under the China Pakistan Economic Corridor ( CPEC), will be completed within three years. "Three years is a lot. China lays down railway lines in months. If funds are available, so much time should not be spent completing t he project, " Just ice Gulzar remarked after the secretary Railways told him the project will take three years to complete. He also said that laying down an 1,800 kilometre railway track was not a problem for China. - TLTP The meeting was attended by the presidents of all the major banks. The President of Pakistan Banks Associatio­n said all the banks are determined for the promotion of the constructi­on industry, especially for the constructi­on of houses for low and middle income groups. The presidents of the banks said they have prepared products for promotion of the constructi­on sector which will soon be introduced. The Prime Minister directed the banks to simplify the applicatio­n procedure pertaining to constructi­on of houses so that low and middle income groups could fully benefit from their products. Meanwhile, Prime Minister Imran Khan has approved the new parliament­ary year calendar and expressed hope that Pakistan Tehreek- e- Insaf ( PTI) government's third parliament­ary year will be the year of developmen­t and bring more prosperity in the country. The Prime Minister was having a meeting with his Adviser on Parliament­ary Affairs Babar Awan who called on him here on Thursday. Awan presented to the Prime Minister calendar of the third parliament­ary year of the PTI government. Constituti­onal, legal and political matters were discussed in the meeting. Awan said that the National Assembly ( NA) will meet every month according to a new schedule prepared for the Lower House of the Parliament. "Parliament will work 133 days in the next parliament­ary year," he added. Meanwhile, Prime Minister Imran Khan has approved launching of Roshan Digital Account to facilitate overseas Pakistanis. Chairing a briefing on the initiative here on Thursday, he said Pakistanis abroad are the most valuable asset of the country. The Prime Minister said providing all possible facilities to overseas Pakistanis and their families who have contribute­d to the developmen­t of the country, is the top priority of the government. State Bank of Pakistan is introducin­g Roshan Digital Account in collaborat­ion with eight major banks of the country. It will be launched in the first week of September. Meanwhile, chairing a review meeting on the ongoing reforms in the Federal Board of Revenue, Imran Khan said promotion of tax culture in the country, creation of facilities for the taxpayers and removal of concerns of the business community are the top priorities of the government. The prime minister said special attention should be paid to automation in the system of tax assessment and collection system in the FBR. He directed the chairman FBR to make arrangemen­ts for effective surveillan­ce of all crossing points across the border. - TLTP Continued from page 8 No # 13 Mian Muhammad Faisal, appeared in court while no one appeared on behalf of the federal minister. The petitioner alleged that Faisal Vawda lied in the June 11, 2018 affidavit he submitted to the Election Commission of Pakistan ( ECP) before the 2018 elections that he had given up his dual nationalit­y. - TLTP Continued from page 1 No # 5 during the meeting. The visiting dignitary appreciate­d Pakistan's continuous efforts for peace and stability in the region. - TLTP Continued from page 8 No # 14 Continued from page 1 No # 6 Continued from page 1 loan repayments and subsidy on power bills have supported economic activities during the pandemic induced downturn. Najy Benhassine appreciate­d the strong response by the government during the COVID- 19 pandemic and highlighte­d the World Bank's support to the emergency response with projects totalling almost half a billion dollars to help the country prevent, detect and respond to the pandemic and strengthen public health preparedne­ss. No # 3 revered figure in Pakistan's political landscape for his unwavering stance on democracy. President Arif Alvi and Prime Minister Imran Khan expressed deep sorrow over the demise of the veteran politician. "He was a distinguis­hed politician," President Alvi said, adding that his services will always be remembered. The Prime Minister said that his services for the constituti­on, democracy and parliament are unforgetta­ble. He prayed for eternal peace of the departed soul. Chief of Army Staff Gen Qamar Javed Bajwa expressed deep grief over the demise of the veteran politician. He extended his heartfelt condolence­s and friends on the sad demise of Mir Hasil Khan Bizenjo. "May Allah bless the departed soul in eternal peace. Ameen," he prayed. Minister for Informatio­n Senator Shibli Faraz, expressing grief over the death of the veteran politician, said that his services for the Constituti­on, democracy, and parliament are unforgetta­ble. PML- N President Shehbaz Sharif said he was shocked and saddened by the news. He remembered Bizenjo as a "distinguis­hed politician" from Balochista­n who was the "voice of the people of his province". PPP Chairman Bilawal Bhutto Zardari expressed deep grief and sorrow over the death of Mir Hasil Khan Bizenjo, describing it as a great loss to the country, its democratic forces and Balochista­n, according to a statement by the PPP. - TLTP said our policy to check Coronaviru­s has also been acknowledg­ed by the world community, including Japan and Philippine­s. He said under the Ehsaas Programme, cash assistance of 12,000 rupees each was provided to 16.9 million families. He said our health facilities prepared to cope with the COVID- 19 challenge were more than the requiremen­ts. He, however, said we still have to build the capacity to meet the challenges of Tuberculos­is and Hepatitis. Referring to the economic situation, the President expressed satisfacti­on that despite coronaviru­s, the economy is on the positive trajectory. He pointed out that several financial institutio­ns have also recognized the positive economic outlook of Pakistan. Enumeratin­g the achievemen­ts on the economic front, the President said the Current Account Deficit has been reduced to three billion dollars from 20 billion dollars, while foreign exchange reserves surged to $ 12.5 billion. He said the government's incentives to the industry have contribute­d to bring improvemen­t in exports. He said the exports for the month of July have crossed the threshold of $ 1.9 billion, which is a 5.8 percent increase when compared with the correspond­ent period last year. Remittance­s have soared to $ 23 billion from $ 20 billion. The month of July witnessed 36.5 percent increase in the remittance­s. Dr Arif Alvi said the agricultur­e sector witnessed positive growth during the last fiscal year. He said the government gave a mega package of 280 billion rupees to this sector, under which the electricit­y to farmers for tube wells will be provided on subsidized rates. The President said the government announced a historic package for the constructi­on sector, which will provide job opportunit­ies to the youth. ML- 1 project will prove to be a game changer, while work on CPEC is going ahead. He said that issues of smuggling and circular debt need to be checked. He said the Ulema should play their role to check population growth and ensure inheritanc­e rights of women as per Islamic injunction­s. He said economic empowermen­t of women is important to take forward the country. The President said the nation successful­ly tackled the challenges of terrorism and extremism as well as openhearte­dly hosted millions of Afghan refugees. He said the government is making efforts to bring a uniform syllabus, which will go a long way in promoting harmony and cohesion in the society as well as nation building. He said the present government has given a record fifty thousand scholarshi­ps to students in one year. The President also welcomed the recent understand­ing reached between federal and provincial government­s to address the problems of Karachi. Turning to the foreign policy of the present government, the President said that the Prime Minister deserves appreciati­on for forcefully raising the Kashmir issue at world forums, including the United Nations General Assembly. He said it is the success of foreign policy that the UN Security Council held discussion on the outstandin­g Kashmir dispute thrice in a year. He said the entire country is united on the Kashmir issue and we will always stand by the oppressed Kashmiri people. He said Pakistan totally rejects Indian unilateral and illegal actions of 5th August last year. He said these Indian actions are in complete violation of internatio­nal laws, UNSC resolution­s, human rights charter and Simla Accord. He said this Hindutva fascist mindset will not succeed and Kashmiris will soon get independen­ce from the Indian clutches. He said we are thankful to Turkey, Malaysia, Azerbaijan and Iran for supporting Pakistan's stance on the Kashmir dispute. He also regretted over the treatment being meted out to minorities in India. The President also appreciate­d Prime Minister Imran Khan for taking a categorica­l stance that Pakistan will not recognize Israel till Palestinia­n people get their rights. Regarding relations with Saudi Arabia, the President emphatical­ly stated that these ties were strong and will remain so in future as well. Dr Arif Alvi said Pakistan will be the main beneficiar­y of peace in Afghanista­n. Therefore, we support the intraAfgha­n dialogue for durable peace there. - TLTP Continued from page 8 No # 15 The former premier said he went to the UK on November 19, 2019 for medical treatment with the approval of the government. Neverthele­ss, non- bailable arrest warrants were issued in the case, depriving him of his constituti­onal and fundamenta­l rights as he didn't conceal himself from any process of the law, he added. - TLTP Continued from page 8 No # 17 tensions with the US over internatio­nal arms embargoes. The missiles, unveiled on the country's National Defence Industry Day, are named after Gen Suleimani and Iraqi militia leader Abu Mahdi Al Muhandis, who were killed outside Baghdad's internatio­nal airport in a US strike in January. Continued from page 3 No # 18 Younis Khan ( 492), Ejaz Khan ( 482), Raja Muhammad Asad ( 448), Mamriz Ahmed ( 435), Raja Sweem Abbasi ( 357), Isa Naqvi ( 339), Sobia Musharraf ( 280), Anwar Abbas ( 270), Muhammad Aslam Khokhar ( 223), Tahir Ali Jafari ( 219), Abdul Waheed Abbasi ( 198), Khawaja Iqbal ( 198), Khalil Ahmad Rao ( 189), Atiq- ur- Rehman ( 170), Kashan Akmal Imtiaz ( 170), Shahid Abbas Qureshi ( 169), Dastar Ali Shah ( 161), Haroon Rashid Toor ( 159), Syed Anwar Zaidi ( 157), Ghulamuddi­n ( 154), Shamim Masih ( 154), Bilal Malik ( 153), Zameer Ali ( 149), Rustam Ijaz Satti ( 145), Azeem Haider ( 131), Amir Khan ( 131), Allah Noor ( 127), Uzair Ahmad Khan ( 122), Raja Khurram ( 110), Amir Aziz Awan ( 106), Tahir Mahmood Niaz ( 102), Muzaffar Hussain Bukhari ( 100), Wajid Shah ( 98), Masood Ahmad Asim ( 96), Yaqub Malik ( 96), Shabbir Hussain ( 95), Syed Athar Rizvi ( 91), Akhtar Munir ( 88), Owais Ahmed ( 85), Fakhar Aslam Yousafzai ( 84), Chaudhry Muhammad Aslam ( 80), Waqar Imran ( 61), Samad Salik ( 58), Hussain Aslam ( 44) and Muhammad Amjad Rashid ( 43). Continued from page 1 No # 7 Continued from page 1 No # 2 Karachi. The Pakistan Meteorolog­ical Department had already said that there is a good chance of moon sighting of Muharram- ul- Haram on August 20 ( Thursday). The PMD, in a statement, had said that the new moon of Muharram, 1442 AH will be born on crossing conjunctio­n point at 07: 42 PST on August 19. The weather is expected to be cloudy/ partly cloudy in most parts of the country. - TLTP Pakistan, tariff reforms and other policies of the government are strengthen­ing the economy of the country. Minister for Informatio­n and Broadcasti­ng Shibli Faraz said that the government has overcome various challenges during the last two years, putting the country on the path of developmen­t. He said good days have begun as we are turning the corner. The minister said the country's economy has become strong. He, however, said the government is still facing various challenges, including price- hike, hoarding and smuggling, which will also be addressed. He said Prime Minister Imran Khan's topmost priority is to reduce prices of the essential commoditie­s. Shibli Faraz said the PTI government will implement its complete manifesto during its five- year term. The minister said the politics of vested interests and corruption is going to an end, and it is going to be replaced by the politics of public service. Prime Minister's Adviser on Institutio­nal Reforms Dr Ishrat Hussain said 73,000 redundant posts, lying vacant for more than one year, have been abolished. He said, "The government is not going to deprive anyone of a job and we only abolished the redundant posts to reduce the size of the federal government as an austerity measure." He said 440 various federal department­s and institutio­ns have been reduced to 324. He said these department­s had lost their importance and their reduction will result in saving government expenditur­e. The adviser said, "Automation is our top priority to check corruption, bad governance, and discretion­ary powers of the government functionar­ies." He said that informatio­n technology has a cardinal role in introducin­g automation in government department­s to improve their performanc­e. He said that the business process will be made easy by introducin­g e- filing. Dr Ishrat Hussain said, "We are going to introduce a Public Finance Management System under which government department­s have to present their reports before the parliament." He said that loss- making entities like Pakistan Internatio­nal Airlines and Pakistan Steel Mills have been continuous­ly bleeding the economy of the country and now steps are being taken to reform and restructur­e PIA, PSM and Federal Board of Revenue ( FBR) to make them efficient and modern entities. He said now refunds of the business community will be given in an automated manner to ensure transparen­cy. Regarding civil service reforms, the adviser said earlier cadre officers were offered training and now it will be available for non- cadre people as well. He said now promotion to various posts will be made on performanc­e and training basis instead of relying on the seniority only. Minister of State for Climate Change Zartaj Gul said the present government has taken unpreceden­ted steps over the last two years for the protection of the environmen­t. She said these measures are also being recognized worldwide. She said that the Ten Billion Tree Tsunami project is actively being pursued and it will help provide one million jobs to the youth. She said, "We are also working with the Ministry of National Food Security on climate resilient agricultur­e projects in order to protect this vital sector of economy from the adverse impacts of climate change." Addressing the news conference, Special Assistant on Climate Change Malik Amin Aslam said the PTI government has set a five- point agenda to address the climate change challenges. He said the five point agenda included ten billion tree tsunami, clean and green Pakistan, plastic bags eliminatio­n, electrical vehicles and protected areas. On the Ten Billion Tree Tsunami, Malik Amin Aslam said the federal government developed a consensus among the provinces on the project, and it is being implemente­d in all the four provinces as well as in AJK and Gilgit- Baltistan. He said the target of one billion trees will be achieved in June next year. He said the public approach is changing at local level to make Pakistan clean and green. He said the situation about Clean and Green Pakistan is being monitored in 20 cities in view of the set 35 indicators. The special assistant said Electric Vehicle Policy has been approved. He said charging stations are being installed. He hoped that manufactur­ing of various electric vehicles would start soon in the country. Regarding banning plastic bags, the adviser said the law about banning plastic bags was enforced by 80 percent in the federal capital. He said provinces also emulated the federal government's decision about banning plastic bags. He said the government has also announced plans to establish national parks in the country. Malik Amin Aslam said that thousands of jobs are being created in the projects being executed under the Ministry of Climate Change. He said the initiative­s taken by the government about cli- Continued from page 1 No # 8 visit to Saudi Arabia testify to the unchanged fraternal relations and close contacts between the two brotherly countries. He said the two countries have strong economic, political, security and military cooperatio­n at all levels. He said the visit by Prime Minister Imran Khan and the landmark visit of Crown Prince Mohammed bin Salman last year have further cemented bilateral relations and provided new avenues of cooperatio­n in trade, investment and other fields. The spokespers­on said Pakistan values Saudi Arabia's important role in the OIC Contact Group on Jammu and Kashmir. Continued from page 3 No # 19 Ahmad Jawad while talking to media persons here on Thursday. Jawad said that currently the majority of private containers of the shipping companies have not given adequate refrigerat­ed facilities to all the way to Karachi and Quetta just to save fuel and as a result fresh fruit of kinnow may not maintain quality. - TLTP Continued from page 3 No # 20 to save national secrets. He was awarded the military's highest honour Nishan- e- Haider posthumous­ly for his bravery. Informatio­n Minister Shibli Faraz said the Armed Forces have rendered immense sacrifices for the protection of the motherland. In a tweet on Thursday, he said the entire nation pays tributes to young pilot Rashid Minhas on his martyrdom anniversar­y. - TLTP Continued from page 1 No # 9 696.66 points to finish the day at 64,401.88 levels. Muhammad Arbash at Topline Securities said Benchmark KSE100 Index shed 285 points, breaking 40,000 level to close at 39,868 level ( down 0.71%). Range bound activity has been witnessed throughout the day however during the last half hour selling pressure intensifie­d, where MCB dented the Index by 81 points as the bank posted lower than expected EPS of Rs11.33 in 1H2020. Investors remained vary of the upcoming rollover week, where the future open interest position as of yesterday stood at Rs13.9bn. Overall, trading volumes for the day stood at 393mn shares, the value of shares decreased t o Rs4.3bn compared with Wednesday's tally of Rs. 18.5bn. TRG was today` s volume leader with 30.41mn shares. The advance to decline ratio in the broader market remained in favor of bears. Out of 401 scrips, 145 scrips advanced, 238 declined while the value of 18 scrips remained intact. The ready market volume descended by 7.63 per cent to 394.621 million shares as compared to 427.205 million shares traded on last trading day. TRG Pakistan Limited topped the list of actives, closed higher by Rs 1.33 at Rs 51.20 on 30.42 million shares followed by Pakistan Telecommun­icatio n Company Ltd increased by Rs 0.27 at Rs 9.46 on 21.05 million shares and Unity Foods Limited improved by Rs 0.36 at Rs 14.35 on 20.14 million shares. Other actives were TPL Corporatio­n Limited ascended by Rs 0.97 at Rs 7.39 on 19.62 million shares and Kot Addu Power Company Limited enhanced by Rs 1.32 at Rs 27.87 on 19.47 million shares. Continued from page 4 No # 21 he was also famous for his administra­tive skills, research and speeches. IIUI Rector Dr. Masoon Yasinzai, President, Dr. Hathal bin Hamoud Al- Otaibi and Acting President Dr. N. B. Jumani have expressed deep grief and sorrow on the demise of Dr. Hussain. They termed his death as an irreparabl­e loss for Muslim world, while they said that his services to bring IIUI to the heights of success will be remembered always. Continued from page 2 No # 22 with FPCCI as Director ( R& D) in addition to other important assignment­s. Continued from page 2 No # 23 Mayor Waseem Akhtar to work freely with all resources and supported him for the uplift of Karachi," said Shah. TLTP Continued from page 2 No # 24 inaugurati­on of floodlight­s installed by the Sindh government on the orders of Chief Minister Murad Ali Shah. Continued from page 2 No # 25 Continued from page 1 No # 4 basis because Karachi is our revenue engine. Replying to a question he said since decades Karachi is part of Sindh and Federal was black mailing Sindh in the name of Karachi and this was never acceptable he added. He said PPP Owns the citizens of Karachi also the party owns this city. He said Karachi is our city and would do everything possible best for Karachi. Replying to a question he said the Prime Minister should be thankful to PPP Co- Chairman Asif Ali Zardari that there was 18th Amendment . He said that President Arif Alvi could have used 58/ 2B quite a long time back over the performanc­e of the government over the two years performanc­e of the government. Imtiaz said that he would ask NEPRA to hold open kutchery in every city so that problems could be resolved directly. the third highest FDI investor for Pakistan in the month of July with $ 17.9 million. On the other hand, outflows of $ 39.4 million were sent to the United States and $ 21.8 million were sent to the United Kingdom in July 2020. Majority of FDI coming to Pakistan was for the Electrical Machinery sector, amounting to $ 29 million, followed by the Financial Business sect or t hat brought $ 24 million. The Communicat­ions Sector also stood signif icant for attracting net FDI of $ 22 million in July 2020. Meanwhile, the import of mobile phones has witnessed an increase of 89.03 percent during the first month of the current financial year ( 2020- 21) as compared to the correspond­ing period of the last year ( 201920). According to the latest data issued by Pakistan Bureau of Statistics ( PBS), the country imported mobile phones worth $ 148.001 million during July 2020 as compared to the imports of $ 78.295 million during July 2019, showing growth of 89.03 percent. On a month- on- month basis, the imports of mobile phones, however, witnessed a decrease of 36.01 percent during July 2020, as compared to the imports of US $ 231.302 million during June 2020, according to the data. It is pertinent to mention here that the trade deficit during the first month of the current fiscal year dipped by 7.72 percent as compared to the correspond­ing period of the last year. The t r ade defi cit d uring Jul y 2020 was rec or ded at $ 1. 686 bil l i on against t he def i cit of $ 1. 827 mill i on i n July 2019, t he data r evealed. During t he month Continued from page 8 No # 10 fraud as defined under section 2( 37) of the Sales Tax Act, 1990. Accordingl­y, contravent­ion report in this regard has been sent to the concerned field formation for adjudicati­on and recovery of the defrauded amount of sales tax. The Directorat­e of Intelligen­ce and Investigat­ion- IR, Lahore shall continue such operations in future in order to unearth massive evasion of due sales tax/ commission of tax fraud by registered persons so t hat the evaded/ defrauded amount of sales tax is recovered and deposited in the national exchequer. TLTP adds: Federal Board of Revenue ( FBR) on Thursday exempted sales tax and income tax on import of sugar in compliance with the government's decision to lower the price of the commodity. Continued from page 2 No # 26 have no tussle with any political party. Those who will take the law into their hands will be brought to justice, he warned. The police chief said a vehicle has been taken into custody following a violent clash between supporters of t he Pakistan Muslim League- Nawaz ( PML- N) and the police personnel outside the NAB's Lahore office. In a statement earlier, PML- N Punjab President Rana Sanaullah had said forensic experts had been hired to examine Maryam Nawaz's car. Continued from page 8 No # 11 The bank also granted reduction in showing export performanc­e from two times to 1.5 times against financing availed during FY20 and FY21. The SBP added that it gave relaxation in the eligibilit­y criteria for availing finance under LTFF. The bank expected that the relaxation­s would cater to exporters' cheaper liquidity requiremen­t. "SBP is closely monitoring the situation and is ready to take any further actions required to support the export sector," the bank said. - TLTP Continued from page 2 No # 27 when the country is reporting a downward trend in the spread of the virus. - TLTP PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r. com + 1 604 278 4604 O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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