Pakistan Economy: News & Discussion

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Brexit leads to decline in remittances from UK
LONDON: Britain’s decision to leave the European Union contributed to a sharp decline in the amount of workers’ remittances sent to Pakistan last month. Brexit caused a rapid fall in the value of sterling in international markets which, in turn, has reduced the value of money Pakistani beneficiaries are receiving from relatives in the UK.
The pound lost nine per cent against the dollar in the first two days after Brexit and has subsequently fallen further. Against the rupee it has fallen 13 per cent from Rs156 on June 23 when the vote took place to its current rate of around Rs135.
According to figures of the State Bank of Pakistan (SBP), $309 million was remitted from the UK to Pakistan in June this year. In July that fell to $143m.
But not all the decline was due to Brexit. Typically, remittances speed up before Eid and then slow down afterwards when banking facilities are not available.
“The decline in workers’ remittances during July 2016 is largely seasonal and attributed to the impact of Ramazan,” the SBP said in a statement.
According to SBP figures, remittances fell from $309 million in June to $143m last month
“This was further augmented due to extended closure of banking services during July 2016; for instance, banks were closed on 1st July and from 5th July to 8th July in Pakistan, whereas US banking system was closed on 4th, 9th and 10th July.”
The relative importance of the Brexit and Eid factors is hard to assess. “Brexit is certainly playing some role, but I think it is too early to pin this whole decline on the referendum result,” said Matt Colin of the Centre for Global Development.
Taking 2015 as a whole Pakistan received $1.4 billion from the UK and $1.1bn from the US. These figures are dwarfed by the $4.8bn that came from the UAE and $5bn from Saudi Arabia. In recent years remittance flows from the Middle East have risen more sharply than those from Western countries.
India receives far more remittances than Pakistan. In 2015 India’s $72bn total inflow compared with $20bn for Pakistan. The funds are a significant contribution to Pakistan’s GDP of $280bn.
The total remittances for Pakistan have been going up rapidly in recent years with some annual double-digit percentage increases being registered.
There is some evidence that migrants work harder when faced with a falling currency but their increased efforts are unlikely to make up the shortfall caused by such a marked devaluation as has been experienced in the UK. Furthermore, if there is a post-Brexit recession as some predict, that will further depress earnings and remittance flows.
Pro-Brexit ministers in the British government are yet to spell out in any detail what kind of break with the European Union they are hoping to achieve. One of the key issues is whether or not they will try to remain inside the single European market. Should they opt to leave the single market then it is likely that financial services companies in the city of London would lose their so-called passporting rights that enable them to operate freely across the EU.
That in turn will affect their capacity to offer remittance-related products to move money from the UK to EU member states.
Globally it is estimated that remittances are three times bigger than aid flows. For Pakistan, in line with many other developing countries, remittances are a far more valuable source of foreign exchange than aid money.
Not only are the volumes greater but remittances are generally a more reliable revenue stream. Aid budgets can be affected at short notice not only by sanctions but also by budgetary constraints in the donor country.
 

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Brexit leads to decline in remittances from UK
LONDON: Britain’s decision to leave the European Union contributed to a sharp decline in the amount of workers’ remittances sent to Pakistan last month. Brexit caused a rapid fall in the value of sterling in international markets which, in turn, has reduced the value of money Pakistani beneficiaries are receiving from relatives in the UK.
The pound lost nine per cent against the dollar in the first two days after Brexit and has subsequently fallen further. Against the rupee it has fallen 13 per cent from Rs156 on June 23 when the vote took place to its current rate of around Rs135.
According to figures of the State Bank of Pakistan (SBP), $309 million was remitted from the UK to Pakistan in June this year. In July that fell to $143m.
But not all the decline was due to Brexit. Typically, remittances speed up before Eid and then slow down afterwards when banking facilities are not available.
“The decline in workers’ remittances during July 2016 is largely seasonal and attributed to the impact of Ramazan,” the SBP said in a statement.
According to SBP figures, remittances fell from $309 million in June to $143m last month
“This was further augmented due to extended closure of banking services during July 2016; for instance, banks were closed on 1st July and from 5th July to 8th July in Pakistan, whereas US banking system was closed on 4th, 9th and 10th July.”
The relative importance of the Brexit and Eid factors is hard to assess. “Brexit is certainly playing some role, but I think it is too early to pin this whole decline on the referendum result,” said Matt Colin of the Centre for Global Development.
Taking 2015 as a whole Pakistan received $1.4 billion from the UK and $1.1bn from the US. These figures are dwarfed by the $4.8bn that came from the UAE and $5bn from Saudi Arabia. In recent years remittance flows from the Middle East have risen more sharply than those from Western countries.
India receives far more remittances than Pakistan. In 2015 India’s $72bn total inflow compared with $20bn for Pakistan. The funds are a significant contribution to Pakistan’s GDP of $280bn.
The total remittances for Pakistan have been going up rapidly in recent years with some annual double-digit percentage increases being registered.
There is some evidence that migrants work harder when faced with a falling currency but their increased efforts are unlikely to make up the shortfall caused by such a marked devaluation as has been experienced in the UK. Furthermore, if there is a post-Brexit recession as some predict, that will further depress earnings and remittance flows.
Pro-Brexit ministers in the British government are yet to spell out in any detail what kind of break with the European Union they are hoping to achieve. One of the key issues is whether or not they will try to remain inside the single European market. Should they opt to leave the single market then it is likely that financial services companies in the city of London would lose their so-called passporting rights that enable them to operate freely across the EU.
That in turn will affect their capacity to offer remittance-related products to move money from the UK to EU member states.
Globally it is estimated that remittances are three times bigger than aid flows. For Pakistan, in line with many other developing countries, remittances are a far more valuable source of foreign exchange than aid money.
Not only are the volumes greater but remittances are generally a more reliable revenue stream. Aid budgets can be affected at short notice not only by sanctions but also by budgetary constraints in the donor country.
 

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Pakistan is a star pick for foreign investments, The Wall Street Journal

The Wall Street Journal, New York based international business daily, has stated that Pakistan is among the most profitable markets for the foreign investments. It further mentioned that Pakistan is a ‘Star Pick‘ for foreign multi-billion dollar companies to invest.

The story, Hunt for Returns Reaches Pakistan, published in The Wall Street Journal mentioned that more than $67 billion was invested in 30 emerging markets since this March. Pakistan wasn’t a country with an emerging market status until this year, but that didn’t stop Ross Teverson, the head of emerging market strategy at Jupiter Asset Management, a $49 billion company, to plunge into risk and invest in Pakistan, the report mentioned. In Pakistan, Jupiter currently has a major investment in Habib Bank.

The Wall Street Journal further described that Pakistan has not disappointed Ross in any way. Pakistan’s benchmark KSE-100 index spiked by as much as 20% in terms of Dollar during the current year. Mr Teverson’s faith in Pakistan has earned his funds a 17% gain that too within this year till June.“Emerging markets have been broadly out of favor with global investors for the better part of four years”, the report quoted Mr Teverson.

The writers, Mia and Cui, mentioned that developed economies see ‘Sluggish‘ growth, due to which central banks decrease the interest rates by manifolds. Investors looking for reasonable profit, then have to resort to low-ranked economies, like the countries with Frontier Market status, which despite political fluctuations may prove to be quite rewarding.

Pakistan’s economy has been setting some concrete milestones. Pakistan was given ‘Emerging Market’ status just a few months back and just after the classification the Pakistan Stock Exchange made to Asia’s best performer. Several companies from countries like Germany, China, Italy, and Middle East are actively investing in Pakistan.
https://www.techjuice.pk/pakistan-is-a-star-pick-for-foreign-investments-the-wall-street-journal/
 

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Pakistan PPP GDP Nears Trillion Dollar Mark in 2015

Pakistan's PPP GDP is nearing trillion US$ mark in 2015, according to the latest figures available from the International Monetary Fund.

Nominal GDP based on current exchange rates is reported at $270 billion in 2015, up from $246 billion in 2014, an increase of $24 Billion. Pakistan's per capita nominal GDP for 2015 is $1,427.085, up from $1,325.790 in 2014.


The nation's PPP GDP increased from $884 billion to $930 billion, an increase of $46 billion. Pakistan per capita PPP GDP is $4,902 for 2015, up from $4,749 in 2014, according to the IMF.

A dramatic decline in terrorist violence in Pakistan since the launch of Pakistan Army's Operation Zarb-e-Azb and a big drop in international oil prices have helped drive the country's economic recovery in recent months.

Among the clearest signs of recovery are increasing auto sales, growing smartphone purchases and cement consumption.

Pakistan auto industry is booming. Toyota, Suzuki and Honda factories are working around the clock in the southern port city of Karachi and eastern city of Lahore -- yet customers can still wait for up to four months for new vehicles to be delivered, according to media reports. At the same time, increased construction activity is visible everywhere in the country. First 5 months of the current fiscal year have seen sales of93,570 cars, an increase of 66% over the same period last year.

Over 2 million 3G subscriptions and a corresponding number of smartphones are being bought every month in the country. More than half the people in Pakistan are expected to own a smartphone within the next few years.

Domestic cement sales have jumped by a phenomenal 16.89% to 4.29 million tons during July and August 2015 from 3.67 million tons shipped in the same period last year.

After its September meeting, the State Bank of Pakistan (SBP) said the rise in fixed investment financing in the energy generation and distribution, chemicals and services sectors signal possible increase in their productive activity in coming months. “The implementation of infrastructure development and energy projects under the China-Pakistan Economic Corridor (CPEC) will further enhance the improving investment environment. Therefore, there is anticipation of higher economic activity in 2015-16, which is expected to boost credit uptake,” it said.

Even as its economy recovers, it is unfortunate that Pakistan continues to lag behind its South Asian neighbors in human development. The latest 2015 human development report from the United Nations Development Program (UNDP) shows that the country's leadership is continuing fail its people, particularly the youth, by its lack of focus and underinvestment in education and health care sectors. There can be no sustainable economic growth without investing in human development. It requires immediate attention.

http://www.riazhaq.com/2015/12/pakistan-ppp-gdp-nears-trillion-dollar.html
 

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post such fake propaganda in Jokes section ...........

Pakistan PPP GDP Nears Trillion Dollar Mark in 2015

Pakistan's PPP GDP is nearing trillion US$ mark in 2015, according to the latest figures available from the International Monetary Fund.

Nominal GDP based on current exchange rates is reported at $270 billion in 2015, up from $246 billion in 2014, an increase of $24 Billion. Pakistan's per capita nominal GDP for 2015 is $1,427.085, up from $1,325.790 in 2014.


The nation's PPP GDP increased from $884 billion to $930 billion, an increase of $46 billion. Pakistan per capita PPP GDP is $4,902 for 2015, up from $4,749 in 2014, according to the IMF.





http://www.riazhaq.com/2015/12/pakistan-ppp-gdp-nears-trillion-dollar.html
[/QUOTE]

Baaki Government lied about GDP

Ishaq Dar boasted about Pakistan’s GDP growth rate touching 4.7% this year while revealing the Economic Survey of Pakistan for 2015-16. This figure, if true, would have been the highest recorded growth in Pakistan since the last eight years.


However, the actual rate as claimed by the SPDC, is 3.1%. It is also considered as the lowest growth rate in seven years.:cruisin2::cruisin2::cruisin2::cruisin2::cruisin2::cruisin2::cruisin2::cruisin2::cruisin2:

https://propakistani.pk/2016/06/08/government-lied-about-gdp-growth-in-budget-2016-17-think-tank/

 

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Pakistan film industry fears 70% loss if ties with India worsen

The overwhelming view in Pakistan’s tinsel world is that for the filmdom there to sustain, at least 50 to 60 films have to be produced in a year which is not happening at present. Pakistan’s cinema industry will take a heavy beating if Indian films are banned as 70 per cent of its business come from Bollywood and Hollywood. | AP
The feeling is a permanent ban on Indian movies will result in theatres, multiplexes shutting down.
Pakistan’s film industry fears it may suffer a 70 per cent business loss if India-Pakistan ties worsen and Bollywood films are banned in the country.
The fear among the industry people has been growing as they feel that if the situation does not improve, there will be calls to ban Indian films eventually.
Bollywood, Hollywood matter
“I don’t want to sound pessimistic but the truth is there has only been a boom in the cinema industry in Pakistan in the last few years because of the release of latest Bollywood and Hollywood films,” says Nadeem Mandviwalla, a known exhibitor, distributor and owner of the Atrium chain of cineplexes.
“I just hope the ties don’t remain tense on long term basis. If there is a temporary ban, we can survive but if there is any permanent ban, you can expect a lot of cinema houses and multiplexes to close down,” he says.
Omair Alavi, a popular film critic, says that due to the increase in cinema screens and revenues, there has also been a resurgence of the Pakistani film industry.
Needed: 50 to 60 films a year
“We have seen a number of Pakistani films release and do well and others are also lined up for release. But for a cinema industry to survive you need to produce at least 50 to 60 films in a year which we are not doing at present,” he says.
Mr. Mandviwalla says 70 per cent of the business comes from Bollywood and Hollywood. “There is no alternative. If the ties worsen, it is going to affect everyone,” he says. He, however, says that previously when Indian films were banned in Pakistan, business flourished underground with the sale of pirated DVDs and other such materials.
“Now you have cable operators as well but I think if there is any ban it will also affect their programming,” he says.
‘Hope there will not be a ban’
Saleem Khan, who has been in the business for years, thinks there will not be a ban but if this happenes cinema owners might have to completely wrap up their business or shut a few screens to cut costs.
“We don’t produce enough films to sustain ourselves throughout the year. We need to produce at least over 50 films annually,” he says.
Former Sindh Board of Film Censors chairman Fakhr-e-Alam says any such ban will result in “going back to the days where our screens were shut down and converted into shopping malls or apartments because there weren’t enough movies.”
He feels there is only one hope for industry people in case of a ban on Bollywood films and that is the Pakistan government must provide funds for production of films.
Option: screen old Pak. films?
Cinepax Cinemas Assistant Marketing Manager Abid Ali Zaidi says if there is a “temporary” ban, the cinema chains will manage for a while by screening old Pakistani films.
“We are already planning to do that from October as an alternative,” Mr. Zaidi said.
Since Indian films were allowed to be imported and screened the cinema industry business has picked up rapidly in Pakistan with some Bollywood blockbusters even grossing the 100-crore rupees mark in Pakistan.
 

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Pak. loses $7 bn. by avoiding India goods

Pakistan suffered a loss of about $7 billion in 2014 by importing items from other countries at a higher cost instead of sourcing them from India, according to a study by the New Delhi-based Research and Information System for Developing Countries (RIS).
The think-tank in the study, to be released this week, found out that the loss was substantial considering Pakistan’s GDP (nominal, 2015) was only about $270 billion. Prime Minister Narendra Modi is slated to chair a meeting to review trade ties between India and Pakistan on Thursday.
Significantly, the RIS study’s findings are in line with the theme of Modi’s recent speech at Kozhikode (Kerala), where he called upon the people of Pakistan to fight a war on unemployment, poverty and illiteracy.
The RIS study — on ‘Costs of Non-Cooperation’ — covered 5,200 items. These included refined petroleum, palm oil, aviation spirit, motor vehicle parts, edible oil, cotton, milk powder, marine products, machinery as well as chemicals and allied products.
‘Costs of Non-Cooperation’ occurs when a country imports from the global market at prices higher than the price at which the same product is available from the regional market, and thereby incurs an additional foreign exchange expenditure on such imports, the RIS said.
Many products that Pakistan imported from third countries were at least three times more costly than the price of the same item from India in export markets, it added.
“The objective of the study is to show Pakistan that they can save on the foreign exchange front if they cooperate in South Asia,” said Ram Upendra Das, professor, RIS.
Pakistan is a net-importing nation with a trade deficit of $22 billion in 2015. In 2015, it imported around $44 billion, while it exported only items worth $22 billion. India-Pakistan trade is far below potential and negligible.
Trade between both the nations in 2015-16 was just $2.6 billion, while according to various estimates the annual bilateral trade has the potential to surpass $20 billion if both countries cooperate and remove barriers and restrictions. Currently, most of the trade happens indirectly through Dubai, Singapore, port of Bandar Abbas (Iran).
 

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Pakistan Has A Long Way To Go Before Catching Up With India
Pakistan’s equity markets may be beating India’s markets in recent years, but it has long way to go before catching up with India in a key economic metric: Global Competitiveness, as noted in a ranking published by the World Economic Forum.
India has become more competitive in the global economy recently — fast, very fast — climbing by 16 rankings in 2016 to the 39th position after a previous 2015 climb of 16 rankings. The effect was a narrowing of India’s gap with China—see table.
Pakistan has become more competitive, too. But more slowly. It is still at 122th position, near the bottom of the World Forum ranking.
Country 2016 2015
India 39 55

China 28 28

Pakistan 122 126

Source: World Competitiveness Index, World Economic Forum.

Index/Fund
12-month Performance

Global X MSCI Pakistan (NYSE: PAK) 16.90%

iShares S&P India 50 (NASDAQ:INDY) 6.16%

iShares MSCI Emerging Markets (NYSE:EEM)

10.67%
Source: Yahoo. Finance 9/30/2016


The World Economic Forum defines competitiveness as “the set of institutions, policies, and factors that determine the level of productivity of an economy, which in turn sets the level of prosperity that the country can achieve.”
Specifically, the Global Competitiveness Index combines 114 indicators that capture concepts that shape productivity and long-term prosperity, and which are grouped into twelve pillars: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
While India has made great progress in almost every category, Pakistan has failed to make progress in most categories — especially in macroeconomic environment and health and primary education levels — falling behind other South Asian economies.
That raises serious questions about the sustainability of the recent equity market rally, and the wisdom of foreign capital pouring into Pakistan rather than India.
Simply put, the rally in Pakistani equities may be an aberration rather than a trend, and foreign investors are betting on the wrong horse.
To be fair, India’s progress in global competitiveness may not be sustainable either, as the country has made little progress in innovation, lagging behind even Bangladesh and Sri Lanka, and far behind China.
Well, this point is wrong. India is far ahead of Bangladesh, slightly ahead of Sri Lanka (taken population in account). Though, yes, significantly behind PRC but in catch up mode with 16 ranks up again.
And India has yet to produce more than a few world-class products, as has been the case with China.
“There is absolutely no sign anywhere of goods made in India,” explains LIU Professor Udayan Roy. “India’s only success has been in the export of information technology services to Western businesses.”
Again wrong, India has world's 6th largest industrial base, will be 5th next year.
That isn’t sufficient to sustain India’s climb in global competitiveness.
 

LordOfTheUnderworlds

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http://tribune.com.pk/story/1195911/doling-praises-ishaq-dar-declared-finance-minister-year/
Ishaq Dar declared ‘finance minister of the year’

ISLAMABAD: A private publication,Emerging Markets has declared Ishaq Dar as ‘Finance Minister of the year 2016 for South Asia’, said the finance ministry, on Saturday, while presenting it as a big achievement for the country.

Emerging Markets, the newspaper of the IMF/World Bank Annual Meeting, has declared Senator Mohammad Ishaq Dar as ‘Finance Minister of the year 2016 for South Asia’,” reads an official handout. However, people who have worked in the IMF and the WB said the publication does not belong to the IMF or the WB.

“The award is recognition of Pakistan’s economic performance at the IMF/World Bank Annual Meeting which is one of the major gatherings of international financial and economic leaders and experts,” said the ministry
The Euromoney – a similar private publication, also declared Governor State Bank of Pakistan, Ashraf Wathra, as ‘Central Bank Governor of the Year 2016’.

“It is just an ordinary routine affair for Emerging Markets to nominate a personality as a top banker, or a finance minister during the annual and spring meetings,” said Dr Ashfaque Hasan Khan, who in the past has dealt with these publications. “Former banker Syed Ali Raza and former finance minister Shaukat Aziz also won such awards in the past,” said Dr Ashfaque.
“While we recognise it has been difficult times in the international financial markets, your stewardship of your nation’s finances has been admirable since taking over,” wrote Toby Fildes, the Managing Editor of Emerging Markets. The Finance Ministry released the letter along with the handout.

“Pakistan has, under your guidance, become an increasingly important regional economy thanks to the focus put on growing FDI (foreign direct investment), the impressive reputation of economic competence, the desire to have a greater presence in the global capital markets, the new securities legislation, the clever merger of the stock exchanges and its increasingly important relationship with China,” Fildes noted in his letter.
 

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State-owned firms ‘funded’ Emerging Markets edition

ISLAMABAD:

The Emerging Markets newspaper does not belong to International Monetary Fund, said Harald Finger, the IMF’s Mission Chief to Pakistan on Thursday amid new revelations that five state-owned firms partially funded the publication’s latest edition.

Last week, the newspaper conferred Best Finance Minister of South Asia Award to Ishaq Dar and Best country in South Asia in infrastructure development to Planning and Development Minister Ahsan Iqbal. Government functionaries jumped to congratulate them for winning such a ‘prestigious’ award.

The ministries of finance and planning and development had claimed that the Emerging Markets is a World Bank and IMF publication and that it was a matter of honour for the country that the publication bestowed these awards to Pakistani political personalities.

“Emerging Markets is an independent publication,” said Harald Finger, the Washington-based chief of the IMF mission for Pakistan, while addressing a press conference from Washington through a video-link. He was responding to a question about whether he congratulated Finance Minister Dar on winning IMF/WB Best South Asia Minister award.

“The IMF is not involved with the Emerging Markets publication,” said Wafa Amr, IMF’s Washington-based media contact person for Pakistan, who was also present at the occasion.

After the finance and planning ministries boasted about their achievements, the country’s top dignitaries rushed to congratulate them for winning the IMF/WB award. Even Prime Minister Nawaz Sharif congratulated Dar for winning the award. “K-P Governor Iqbal Zafar, Sindh Chief Minister Murad Ali Shah and AJK Prime Minister Raja Farooq Hider congratulated the finance minister for achieving the Finance Minister of 2016 for South Asia award,” a finance ministry handout read.

Planning ministry’s claims

The planning ministry not only declared Emerging Markets as a WB/IMF publication but also exaggerated the paper’s standing by claiming that it was an ‘international institution’. “Emerging Markets, which is an international institution, has declared Pakistan the best infrastructure development country in South Asia,” the ministry said. It added that Emerging Markets had invited the Planning Minister Ahsan Iqbal to receive the award in Washington.

Funding

The latest edition of the magazine shows that five Pakistani state-owned enterprises funded the Emerging Markets edition that carried a supplement on Pakistan. It is a United Kingdom-based publication and is a subsidiary of Euromoney Trading Limited/Euromoney Institutional Investor PLC.

However, the management of the newspaper denies that there was a link between the funding and awards.

National Bank of Pakistan (NBP), State Life Insurance Corporation of Pakistan, Zarai Taraqiati Bank Limited (ZTBL), National Insurance Corporation Limited (NICL) and Pak-Arab Refinery Company (PARCO) gave advertisements to the paper last month.

Finance minister of the year

The NBP spokesman insisted that the bank gave the advertisement due to its prestigious global standing. He refused to disclose the cost of advertisement and maintained that nobody from the government pressured the bank to give the advertisement.

The response of the representative of the State Life Insurance Corporation was awaited till the filing of the story. Contacts with the ZTBL could not be established despite repeated attempts.

Newspaper version

“The Pakistan supplement, along with other supplements in the newspaper like Palestine, Vietnam and Argentina are sponsored content,” said Sara Posnasky, the magazine’s head of operations while responding to questions through email. She did not disclose the amount of funding.

“Our awards are entirely independent of all sponsored content and advertisements,” said Posnasky. She said that Emerging Markets has produced 60,000 copies over this year, which suggests that it is not a widely published magazine.

To another question, Posnasky said an editorial committee, chaired by editor Toby Fildes, decides the awards. She promised that Toby would provide more details about selection criteria. However, Toby did not reply till the filing of the story.

http://tribune.com.pk/story/1198623/state-owned-firms-funded-emerging-markets-edition/
 

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State-owned firms ‘funded’ Emerging Markets edition

ISLAMABAD:

The Emerging Markets newspaper does not belong to International Monetary Fund, said Harald Finger, the IMF’s Mission Chief to Pakistan on Thursday amid new revelations that five state-owned firms partially funded the publication’s latest edition.

Last week, the newspaper conferred Best Finance Minister of South Asia Award to Ishaq Dar and Best country in South Asia in infrastructure development to Planning and Development Minister Ahsan Iqbal. Government functionaries jumped to congratulate them for winning such a ‘prestigious’ award.
:pound::pound:
The ministries of finance and planning and development had claimed that the Emerging Markets is a World Bank and IMF publication and that it was a matter of honour for the country that the publication bestowed these awards to Pakistani political personalities.

“Emerging Markets is an independent publication,” said Harald Finger, the Washington-based chief of the IMF mission for Pakistan, while addressing a press conference from Washington through a video-link. He was responding to a question about whether he congratulated Finance Minister Dar on winning IMF/WB Best South Asia Minister award.

“The IMF is not involved with the Emerging Markets publication,” said Wafa Amr, IMF’s Washington-based media contact person for Pakistan, who was also present at the occasion.:pound::pound:


After the finance and planning ministries boasted about their achievements, the country’s top dignitaries rushed to congratulate them for winning the IMF/WB award. Even Prime Minister Nawaz Sharif congratulated Dar for winning the award. “K-P Governor Iqbal Zafar, Sindh Chief Minister Murad Ali Shah and AJK Prime Minister Raja Farooq Hider congratulated the finance minister for achieving the Finance Minister of 2016 for South Asia award,” a finance ministry handout read.

http://tribune.com.pk/story/1198623/state-owned-firms-funded-emerging-markets-edition/
This is how pakistan manufactures NEWS and Lies!!!
Again proved that pakistan is a pathological lier.
 

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Govt missed IMF external debt targets by $14 billion

ISLAMABAD: The PML-N government has, over the past three years, borrowed $14 billion more than the projections the International Monetary Fund (IMF) made three years back as authorities have failed to increase exports and attract foreign direct investment (FDI).

By the end of fiscal year 2015-16, the government’s external borrowings stood at $73 billion, $14.2 billion more than the projections IMF made in 2013 before approving the three-year Extended Fund Facility (EFF) for Pakistan, the latest IMF report shows.
http://tribune.com.pk/story/1199751/govt-missed-imf-external-debt-targets-14-billion/
 

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Hard-right religious parties and banned militant groups preparing to hold rallies next week in Islamabad and Pakistan Occupied Kashmir

IN the shadow of the rising tensions between the PTI and the PML-N, an even more foreboding spectacle is readying itself. The Difa-i-Pakistan Council, an umbrella group of hard-right religious parties and banned militant groups, is preparing to hold rallies next week in Islamabad and Azad Kashmir to protest the violence in India-held Kashmir. Undoubtedly, the ongoing crackdown in the latter deserves the strongest condemnation and the plight of the people there ought to be highlighted at every forum. Yet, there is something deeply troubling about the return of the DPC — a delegation of which met the interior minister yesterday — and its determination to once again grab the national spotlight. Where the PTI, the third-largest party in parliament and the second-highest vote-getter in the last general election, has a democratic right to protest, the DPC’s case for doing so is far more ambiguous. To begin with, several of its constituent groups are either banned or their leaders are on various local and international watch lists. Moreover, most of the religious political parties in the DPC have an ambivalent attitude towards democracy, constitutional supremacy and the rule of law.

Arguably, a mass protest by the DPC in the federal capital and in AJK could end up hurting the Kashmir cause internationally more than helping it. An outside world already impatient with Pakistan’s perceived lack of progress in challenging certain militant groups may become even less willing to listen to the country’s historically and morally correct stance on the Kashmir dispute. Locally, too, the DPC rally poses a challenge for a government that is already contending with pressure on multiple political and institutional fronts. What the government should most definitely avoid is to try to politicise the matter, as some of the PML-N’s spokespersons attempted to do on Thursday when suggesting that the PTI and DPC are planning violence in the federal capital. A potentially serious question of national security should not be tarred by the usual brush of politics.

What, then, should the government do? Allowing or disallowing the proposed DPC rallies to go ahead as announced is only a small part of the challenge — the central issue is how an amalgamation such as the DPC is able to both pledge and feel confident about delivering a grand spectacle? The withholding of no-objection certificates for rallies or the imposition of Maintenance of Public Order notifications against sundry DPC leaders will be no more than the flimsiest of band-aids. What the country needs are institutional responses to deep-rooted challenges. The national counter-extremism policy of Pakistan, to be formulated by a committee working under the banner of Nacta as announced recently, can become one of the elements of an organised, institutional response to the extremism challenge in Pakistan today. Entities such as the DPC cannot be wished away or temporarily swept out of sight — a long-term approach is the only viable option.

Published in Dawn October 22nd, 2016
 

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Gender gap index puts Pakistan in second-last place
ISLAMABAD: Pakistan has been ranked the second-worst country in the world for gender inequality for the second consecutive year.
According to the World Economic Forum’s (WEF) Global Gender Gap Report 2016, released on Tuesday, Pakistan ranks 143 out of 144 countries in the gender inequality index, way behind Bangladesh and India which rank 72nd and 87th respectively.
Pakistan is also the worst performing state in South Asia and has been for the last couple of years, while Sri Lanka ranks 100th, Nepal 110th, the Maldives 115th and Bhutan 121st.
Declared worst-performing country in South Asia; only Yemen is ranked lower
The only country ranked below Pakistan is Yemen (144), while Syria is one place ahead at 142.
Pakistan ranked 112th in 2006, the first year of the report. Since then, its position has been deteriorating every year. Pakistan ranked 135th in 2013, 141st in 2014 and 143rd in 2015.
The report captures progress towards parity between men and women in four areas: educational attainment, health and survival, economic opportunity and political empowerment.
In its latest edition, the report finds that progress towards parity in the economic pillar has slowed dramatically with the gap — which stands at 59pc — now larger than at any point since 2008.
Iceland took the top spot for the 8th consecutive year, followed by Finland in second and Norway in third place. Several developing and emerging markets have also made it into the top 20, but the United States ranks 45.
Amir Jahangir, CEO of Mishal Pakistan — the partner institute of the WEF’s Global Competitiveness and Benchmarking Network — told Dawn Pakistan was one of the few countries in the world that did not have woman as a federal minister; only two state ministers at the centre are women.
He further said the provinces of Punjab, Sindh and Khyber Pakhtunkhwa, each also had only one woman minister in their cabinet, while Balochistan has no women in the cabinet.
The report notes that while Pakistan is making progress on closing the secondary education enrolment gender gap, and on women’s estimated earned income, but this is partly offset by reversals on wage equality and female-to-male literacy ratio.
Pakistan’s scores on the four pillars have not improved much from past years; its ranking in the Economic Participation and Opportunity and Education Attainment indexes have not changed since 2015.
On the Health and Survival pillar, Pakistan has moved up one rank from 125 last year to 124 this year. However, on Political Empowerment, Pakistan has been ranked 90th as compared to 87th the previous year.
In South Asia, Bangladesh and India are the top-ranked countries, having closed just under 70pc and 68pc of their overall gender gap, respectively, while the lowest-ranked countries are Bhutan and Pakistan, having closed 64pc and 56pc of their overall gender gap, respectively.
No country in the region has fully closed its Educational Attainment gender gap, and only one country, Sri Lanka, has fully closed its Health and Survival gender gap. However, the region is also home to one of the top five climbers over the past decade on the overall Index and on Educational Attainment: Nepal.
 

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Asian Development Bank Declines To Fund Pakistan Dam Project

LAMABAD: The Asian Development Bank (ADB) declined to commit funds for a $14 billion dam project in Pakistan, authorities said.



"We did not really make any commitment. This is a very big project," ADB president Takehiko Nakao said on Wednesday at a joint news conference with Finance Minister Ishaq Dar on the conclusion of the 15th ministerial meeting of the Central Asia Regional Economic Cooperation (CAREC) program.


He said the US Agency for International Development (USAID) was conducting a feasibility study on the Diamer-Bhasha dam on the river Indus in Gilgit-Baltistan, adding that while it was a very important project for Pakistan's energy and irrigation requirements, it called for the formation of more partnerships that could provide funding for the project, Dawn online reported.


"We haven't decided (whether to fund) this project yet because it needs big money," he said, adding that the ADB might consider joining the financing of this project at a later date.

The ADB was originally seen by Pakistan as the lead financier of the strategic project, which would have a water storage capacity of over six million acre-feet and a power output of 4,500MW.

Repeated efforts to rope the World Bank in as a co-lender failed two years ago when the government declined to seek a No Objection Certificate (NoC) from India for the project.

Instead, Finance Minister Ishaq Dar accepted a funding offer from the World Bank to start the Dasu Hydropower project, downstream of Diamer-Bhasha, saying the government would simultaneously go ahead with both projects.


http://www.newindianexpress.com/wor...und-pakistan-dam-project-1532385.html?pm=home
 

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Holdings of govt papers at all-time high
KARACHI: Holdings of government securities by banks and the corporate sector have crossed Rs8 trillion for the first time despite a sharp fall in returns, the State Bank of Pakistan (SBP) reported on Oct 27.
The increase in the investment in government papers by banks as well as the corporate sector indicates that the options for parking their liquidity have been drastically reduced.
It also indicates that domestic investments could not rise despite tall claims by the government.
The SBP report reveals that the corporate sector has increased its investment in government papers. It is the evidence of surplus liquidity being dumped into government securities despite low returns.
Although the holdings of banks are still higher than those of the corporate sector, the latter has also increased its share in government papers to 19.2 per cent. Earlier, the non-bank/corporate sector had a share of around 13-15pc in government securities.
Banks have been criticised for putting 90pc of their investments in government papers. Yet they have kept on investing in risk-free securities at the same pace despite a drastic cut in the interest rate.
The sharp fall in the interest rate and returns on Pakistan Investment Bonds (PIBs) significantly reduced the profits of most banks in the first nine months of the ongoing calendar year.
Data shows the investment in PIBs has declined, but it remains higher than the investment in treasury bills. Holdings of PIBs at the end of September were Rs4.144tr while those of treasury bills were Rs3.495tr.
The investment by non-banks/corporate sector rose to Rs1.537tr, showing their preferred avenues for parking liquidity. The corporate sector should ideally use its funds for the expansion of operations or launch of new ventures.
Holdings of scheduled banks rose to Rs6.466tr, which shows little change from past practices. Banks have relied heavily for more than a decade on government papers that provide a safe and risk-free investment avenue.
In the last couple of years, the corporate sector also started investing in real estate, which is the prime reason behind the increase in land prices across the country.
Massive investments by the corporate sector have made real estate out of the reach of most Pakistanis. Land prices do not show any connection with the income of middle or upper-middle-class Pakistanis anymore.
However, the government recently levied taxes on the real estate business, which surprised investors. The move stopped the flow of liquidity into real estate, which led to increased investments in government securities.
 

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han bc ... idhar udhar ke ghotale kar ke.. Patwari ke Panama accounts ko hide karwa ke or Army ke dallo ko FDI deals karwa ke yeh reward ke layak hoga hi

State-owned firms ‘funded’ Emerging Markets edition

ISLAMABAD:

The Emerging Markets newspaper does not belong to International Monetary Fund, said Harald Finger, the IMF’s Mission Chief to Pakistan on Thursday amid new revelations that five state-owned firms partially funded the publication’s latest edition.

Last week, the newspaper conferred Best Finance Minister of South Asia Award to Ishaq Dar and Best country in South Asia in infrastructure development to Planning and Development Minister Ahsan Iqbal. Government functionaries jumped to congratulate them for winning such a ‘prestigious’ award.

The ministries of finance and planning and development had claimed that the Emerging Markets is a World Bank and IMF publication and that it was a matter of honour for the country that the publication bestowed these awards to Pakistani political personalities.

“Emerging Markets is an independent publication,” said Harald Finger, the Washington-based chief of the IMF mission for Pakistan, while addressing a press conference from Washington through a video-link. He was responding to a question about whether he congratulated Finance Minister Dar on winning IMF/WB Best South Asia Minister award.

“The IMF is not involved with the Emerging Markets publication,” said Wafa Amr, IMF’s Washington-based media contact person for Pakistan, who was also present at the occasion.

After the finance and planning ministries boasted about their achievements, the country’s top dignitaries rushed to congratulate them for winning the IMF/WB award. Even Prime Minister Nawaz Sharif congratulated Dar for winning the award. “K-P Governor Iqbal Zafar, Sindh Chief Minister Murad Ali Shah and AJK Prime Minister Raja Farooq Hider congratulated the finance minister for achieving the Finance Minister of 2016 for South Asia award,” a finance ministry handout read.

Planning ministry’s claims

The planning ministry not only declared Emerging Markets as a WB/IMF publication but also exaggerated the paper’s standing by claiming that it was an ‘international institution’. “Emerging Markets, which is an international institution, has declared Pakistan the best infrastructure development country in South Asia,” the ministry said. It added that Emerging Markets had invited the Planning Minister Ahsan Iqbal to receive the award in Washington.

Funding

The latest edition of the magazine shows that five Pakistani state-owned enterprises funded the Emerging Markets edition that carried a supplement on Pakistan. It is a United Kingdom-based publication and is a subsidiary of Euromoney Trading Limited/Euromoney Institutional Investor PLC.

However, the management of the newspaper denies that there was a link between the funding and awards.

National Bank of Pakistan (NBP), State Life Insurance Corporation of Pakistan, Zarai Taraqiati Bank Limited (ZTBL), National Insurance Corporation Limited (NICL) and Pak-Arab Refinery Company (PARCO) gave advertisements to the paper last month.

Finance minister of the year

The NBP spokesman insisted that the bank gave the advertisement due to its prestigious global standing. He refused to disclose the cost of advertisement and maintained that nobody from the government pressured the bank to give the advertisement.

The response of the representative of the State Life Insurance Corporation was awaited till the filing of the story. Contacts with the ZTBL could not be established despite repeated attempts.

Newspaper version

“The Pakistan supplement, along with other supplements in the newspaper like Palestine, Vietnam and Argentina are sponsored content,” said Sara Posnasky, the magazine’s head of operations while responding to questions through email. She did not disclose the amount of funding.

“Our awards are entirely independent of all sponsored content and advertisements,” said Posnasky. She said that Emerging Markets has produced 60,000 copies over this year, which suggests that it is not a widely published magazine.

To another question, Posnasky said an editorial committee, chaired by editor Toby Fildes, decides the awards. She promised that Toby would provide more details about selection criteria. However, Toby did not reply till the filing of the story.

http://tribune.com.pk/story/1198623/state-owned-firms-funded-emerging-markets-edition/
 

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