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Pakistan economy under the PDM government & now the caretaker administration

offstump said:
I think this economic crisis is a bit too much to handle for underpass project manager shehbaz.
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I don't think Shehbaz and gang care one bit about it. They simply want to those IMF dollars to land into the govt account and then into their pockets. This is all what it's about.


The bottom line, the corrupt, haram khore, beighairut and dumb voting pool among our public who voted for all these chores in PDM, is making the shareef, hard working and halal earning people in the country, pay!
Simple as that.

Haram khores at every level, will simply increase their haram khori rate to cope with this inflation, while the shareef, izzat daar and halal earning people are thrown under the bus. This is all what it is.
 
Colorblind Genius said:
I don't think Shehbaz and gang care one bit about it. They simply want to those IMF dollars to land into the govt account and then into their pockets. This is all what it's about.


The bottom line, the corrupt, haram khore, beighairut and dumb voting pool among our public who voted for all these chores in PDM, is making the shareef, hard working and halal earning people in the country, pay!
Simple as that.

Haram khores at every level, will simply increase their haram khori rate to cope with this inflation, while the shareef, izzat daar and halal earning people are thrown under the bus. This is all what it is.
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Yep. Only way to resolve the situation is people to come out on the streets.
 
Weekly inflation soars 3.3pc on fuel price hikes


ISLAMABAD: Inflation measured by the Sensitive Price Index (SPI) increased by 3.38 per cent from the previous week mainly due to highest ever increase in petroleum products prices, according to the Pakistan Bureau of Statistics (PBS) data released on Friday.

The increase in the weekly inflation is the highest since the change of the base year for measuring the SPI. Petrol and diesel prices were raised by Rs84 and Rs115 per litre, respectively, while electricity tariffs were raised by 50pc.

During the week under review, the year-on-year increase in SPI was 27.82pc.

Taking to the social media platform Twitter, former finance minister Shaukat Tarin said, “Despite increasing petrol/ diesel prices by Rs84/115 per litre, power/ electricity prices by 50pc, you have not been able to satisfy IMF. Latest economic survey released by your govt validates our strong economic performance, so stop blaming us and improve performance of your govt”.

In another tweet, Mr Tarin said, “Petrol/diesel/electricity price increase so far has impacted households. Don’t know how they will cope with this and forthcoming inflation tsunami.” His post contained a graph for the basic monthly budget of a four-member family which rose to nearly Rs13,000 since March 31, 2022.

In the basket, Mr Tarin mentioned the use of petrol in a motorcycle, the electricity bill, food without meat, school fees, etc. “I am worried about how a poor man in Pakistan will survive in this situation,” he said.

The government has already announced in the budget that it will revive sales tax on petroleum products as well as impose a petroleum development levy in a phased manner.

The government projected a modest inflationary annual target of 11.5pc for FY23 in the budget documents. However, the Federal Board of Revenue, which uses inflation as one of the measures to gather extra tax from consumers, has projected inflation at 12.8pc.

Mr Tarin projected that annual inflation would be in the range of 25pc to 30pc.

Soon after coming into power, the new government disbanded the dedicated National Price Monitoring Committee, which was led by the finance minister, while provinces were represented by provincial chief secretaries. The committee meets every Monday to monitor the prices of essential food commodities.

The PBS data shows that the prices of 36 essential food items increased during the week under review compared to the previous week.

The price of chicken was up 12.10pc, potatoes 6.89pc, cooked daal 5.90pc, pulse gram 5.29pc, cooked beef 5.19pc, vegetable ghee 4.95pc, bread plain 4.37pc, pulse masoor 3.50pc, cooking oil 2.87pc, pulse mash 1.7pc, beef with bone 1.50pc. Other food items like rice, pulses, and milk also saw an increase in their prices.

In the non-food items, the price of high-speed diesel increased 28.91pc, gents sponge chappal 26.76pc, gents sandal 15.40pc, petrol 11.43pc, electricity charges 6.60 pc and cigarettes 6.27pc.

The SPI increased by 2.85pc for the lowest income group (i.e., people earning below Rs17,732 per month) and by 3.10pc for the group with a monthly income of above Rs44,175.

Published in Dawn,June 18th, 2022

https://www.dawn.com/news/1695383/weekly-inflation-soars-33pc-on-fuel-price-hikes
 
Jo 175 kay dollar pay Khan ko gaaliyan dehtay thay aj wohi log 211 ka dollar khushi khushi lien gaye.


Allah ki shaan
 
Syed1 said:
Jo 175 kay dollar pay Khan ko gaaliyan dehtay thay aj wohi log 211 ka dollar khushi khushi lien gaye.


Allah ki shaan
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In ka anjam aglee dunya mai hoga

<iframe width="400" height="500" frameborder="0" src="https://www.bbc.com/news/av-embeds/61845940"></iframe>
 
PDM lobbying for Isreal recognition the last nail in their coffin tomorrow Pti's protest hopefully there will be massive numbers
 
I have been bit busy and haven't posted on Pakpassion in a while and how things have changed, pinned thread moved from "Economy under PTI govt to PDM govt" :)

Few months ago, no amount of explanation was enough to explain to certain people that PTI was managing the Economy really well given the unprecedented challenges but now those who simply refused to listen to those clarifications are actually giving similar clarifications like "International oil prices, hyper inflation" etc etc and all i can say is "this is poetic justice" :)

As much as i feel pain of average Pakistani, unfortunately there was no other way they could understand what the world was going through and how well Imran Khan was managing the Economy (6% Growth, 10% LSM, 4% Agriculture Growth, highest ever Exports & remittances, FATF, etc)

PDM did the best thing ever to make people understand they are good for nothing, not only corrupt but absolutely incompetent and biggest frauds in our history. Their GOVERNANCE and experienced teams theories had to be quashed one day and finally it happened. Feel so sorry for their supporters and apologists who always considered these PDM crooks as DEMOCRATIC & experienced economists.

Allah is the best of planners :)
 
Waseem said:
I have been bit busy and haven't posted on Pakpassion in a while and how things have changed, pinned thread moved from "Economy under PTI govt to PDM govt" :)

Few months ago, no amount of explanation was enough to explain to certain people that PTI was managing the Economy really well given the unprecedented challenges but now those who simply refused to listen to those clarifications are actually giving similar clarifications like "International oil prices, hyper inflation" etc etc and all i can say is "this is poetic justice" :)

As much as i feel pain of average Pakistani, unfortunately there was no other way they could understand what the world was going through and how well Imran Khan was managing the Economy (6% Growth, 10% LSM, 4% Agriculture Growth, highest ever Exports & remittances, FATF, etc)

PDM did the best thing ever to make people understand they are good for nothing, not only corrupt but absolutely incompetent and biggest frauds in our history. Their GOVERNANCE and experienced teams theories had to be quashed one day and finally it happened. Feel so sorry for their supporters and apologists who always considered these PDM crooks as DEMOCRATIC & experienced economists.

Allah is the best of planners :)
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Nice to see you back, your contributions are informative and add depth to our understanding. And I whole heartedly agree with your assessment. And those that mouthed off daily have to be tagged in to make a contribution. "The proper PM" is running around like a clown meeting criminals and their last hope is the IMF loan.
 
Bewal Express said:
Nice to see you back, your contributions are informative and add depth to our understanding. And I whole heartedly agree with your assessment. And those that mouthed off daily have to be tagged in to make a contribution. "The proper PM" is running around like a clown meeting criminals and their last hope is the IMF loan.
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Thanks bro, good to see you contributing as well as before. My focus has shifted to Twitter so a break from PP after 18 years :)
I can see certain culprits still defending their EXPERIENCED crooks after jaw dropping performance by PDM. As for the best CM in the world, Mr speed has set a world record in increasing petrol prices and his supporters will remember this speed forever. And to think Showbaaz was the one giving parchis to his more experienced elder brother with "deeper than ocean and sweeter than honey" kind statements.

All our lives, we heard non stop from these scammers "Why don't we allow PMs to complete their term" and then they shamelessly conspire with neutrals (so called anti establishment warriors lol) buying opponents, mingling with US embassy staff and they even call this all "DEMOCRATIC" WOW :facepalm:
 
Waseem said:
Thanks bro, good to see you contributing as well as before. My focus has shifted to Twitter so a break from PP after 18 years :)
I can see certain culprits still defending their EXPERIENCED crooks after jaw dropping performance by PDM. As for the best CM in the world, Mr speed has set a world record in increasing petrol prices and his supporters will remember this speed forever. And to think Showbaaz was the one giving parchis to his more experienced elder brother with "deeper than ocean and sweeter than honey" kind statements.

All our lives, we heard non stop from these scammers "Why don't we allow PMs to complete their term" and then they shamelessly conspire with neutrals (so called anti establishment warriors lol) buying opponents, mingling with US embassy staff and they even call this all "DEMOCRATIC" WOW :facepalm:
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The hypocrisy of the mafia supporters has led to a total humiliation for the losers. They have gone against everything they faked to stand for. We dont like the Generals- well Bajwa runs their govt, we dont want puppets, well SS is a puppet, we dont like Mullahs- well Fazlu is one of their leaders, we want democracy- well, we do as long as Kaptaan is banned and isnt allowed to win, we want freedom of speech, well as long as its not the PTI Journalists, we dont believe in the blasphemy laws- well isnt it great all the PTI are being charged, we want want freedom to march, but you the PTI will be beaten to pulp and Rana the Qatil will deal with you, if you dare think about it and the best one of all, Women should have equal rights and be protected from violence but if its your women, they need a good beating( [MENTION=131701]Mamoon[/MENTION]). Is it any wonder these hypocrites dont have the cajones to debate.
 
Textile exports declining by $500M due to gas and power shortages. So much hard work down the drain. Economy is nearly destroyed.
 
Markets to be closed at 9pm so much for the love of traders Danke PDM
 
Bewal Express said:
The hypocrisy of the mafia supporters has led to a total humiliation for the losers. They have gone against everything they faked to stand for. We dont like the Generals- well Bajwa runs their govt, we dont want puppets, well SS is a puppet, we dont like Mullahs- well Fazlu is one of their leaders, we want democracy- well, we do as long as Kaptaan is banned and isnt allowed to win, we want freedom of speech, well as long as its not the PTI Journalists, we dont believe in the blasphemy laws- well isnt it great all the PTI are being charged, we want want freedom to march, but you the PTI will be beaten to pulp and Rana the Qatil will deal with you, if you dare think about it and the best one of all, Women should have equal rights and be protected from violence but if its your women, they need a good beating( [MENTION=131701]Mamoon[/MENTION]). Is it any wonder these hypocrites dont have the cajones to debate.
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Khuda ka khoof khatam ho chuka hai inme lakin yeh jaan le Allah ki laathi be awaz hai, inka hisab iss zindagi mein bhi hoga aur aakhirat mein bhi.
 
Manager101 said:
Khuda ka khoof khatam ho chuka hai inme lakin yeh jaan le Allah ki laathi be awaz hai, inka hisab iss zindagi mein bhi hoga aur aakhirat mein bhi.
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Their hypocrites celebrated for a few days and today they can't run fast enough. They don't fear Allah, its the $ they worship.
 
Waseem said:
I have been bit busy and haven't posted on Pakpassion in a while and how things have changed, pinned thread moved from "Economy under PTI govt to PDM govt" :)

Few months ago, no amount of explanation was enough to explain to certain people that PTI was managing the Economy really well given the unprecedented challenges but now those who simply refused to listen to those clarifications are actually giving similar clarifications like "International oil prices, hyper inflation" etc etc and all i can say is "this is poetic justice" :)

As much as i feel pain of average Pakistani, unfortunately there was no other way they could understand what the world was going through and how well Imran Khan was managing the Economy (6% Growth, 10% LSM, 4% Agriculture Growth, highest ever Exports & remittances, FATF, etc)

PDM did the best thing ever to make people understand they are good for nothing, not only corrupt but absolutely incompetent and biggest frauds in our history. Their GOVERNANCE and experienced teams theories had to be quashed one day and finally it happened. Feel so sorry for their supporters and apologists who always considered these PDM crooks as DEMOCRATIC & experienced economists.

Allah is the best of planners :)
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Respectfully, I don’t agree with the bold part.

Make Shahbaz Shareef or Hamza or Ranasanaullah or Bilwal, or Fazlurehman etc run in the elections again - I mean 100% fair n free elections, and I GUARANTEE you that they will all win again.

The few protests we see are not even 5% of our 220 million population.

What does it tell you when we as a nation, stand at number 140 on the scale honesty?

We are a majority of corrupt to the core nation.

Rampant dishonesty, corruption, rishwat khori, and haram khori everywhere.

May be there are 10% good n honest people left.

Rest are corrupt and dishonest people.
And their logic is very simple,

“meri pasand ka chore should rule the county so that he can do haram khori on his level and I can continue with dishonesty and haram khori on my level”.

I have seen many many many such examples during my college years in Pakistan when I mingled with the supporters of PPP and PML n and few from MQM.

The other smaller portion of the problem are the ultra poor and/or super gullible among us.
They will vote for a plate of biryani or a thousand Rs, or to someone from their biraadari.

And what’s happening now is that poorest of the poor and weakest of weak and the safeed posh type people who either can’t earn haram or don’t want to earn haram are going to suffer from this inflation.

The haram khores will simple increase their rate of haram khori to cope with the inflation.

God does not change the state of a nation that does not want to change itself.

Standing proudly at 140 on the scale of honesty, I don’t a large majority of Pakistani actually want to change themselves.
These naaray baazi n protests, mean nothing!
 
Colorblind Genius said:
Respectfully, I don’t agree with the bold part.

Make Shahbaz Shareef or Hamza or Ranasanaullah or Bilwal, or Fazlurehman etc run in the elections again - I mean 100% fair n free elections, and I GUARANTEE you that they will all win again.

The few protests we see are not even 5% of our 220 million population.

What does it tell you when we as a nation, stand at number 140 on the scale honesty?

We are a majority of corrupt to the core nation.

Rampant dishonesty, corruption, rishwat khori, and haram khori everywhere.

May be there are 10% good n honest people left.

Rest are corrupt and dishonest people.
And their logic is very simple,

“meri pasand ka chore should rule the county so that he can do haram khori on his level and I can continue with dishonesty and haram khori on my level”.

I have seen many many many such examples during my college years in Pakistan when I mingled with the supporters of PPP and PML n and few from MQM.

The other smaller portion of the problem are the ultra poor and/or super gullible among us.
They will vote for a plate of biryani or a thousand Rs, or to someone from their biraadari.

And what’s happening now is that poorest of the poor and weakest of weak and the safeed posh type people who either can’t earn haram or don’t want to earn haram are going to suffer from this inflation.

The haram khores will simple increase their rate of haram khori to cope with the inflation.

God does not change the state of a nation that does not want to change itself.

Standing proudly at 140 on the scale of honesty, I don’t a large majority of Pakistani actually want to change themselves.
These naaray baazi n protests, mean nothing!
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I think if that were the case PDM would happily call election right now as that would take the air out of any momentum PTI has gained. Reality is that democracy is just a myth in Pakistan and once again the current situation has completely exposed who holds the real power.

Also, I don’t believe majority of people in Pakistan wilfully engage in corruption but it’s more so that the circumstances force them into corruption as a method of survival. Pakistan is a country that relies heavily on imports yet the average monthly salary in the country is less that $500USD. It’s really an unfortunate situation.
 
Gayle_Force said:
I think if that were the case PDM would happily call election right now as that would take the air out of any momentum PTI has gained. Reality is that democracy is just a myth in Pakistan and once again the current situation has completely exposed who holds the real power.

Also, I don’t believe majority of people in Pakistan wilfully engage in corruption but it’s more so that the circumstances force them into corruption as a method of survival. Pakistan is a country that relies heavily on imports yet the average monthly salary in the country is less that $500USD. It’s really an unfortunate situation.
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As I said "God does not change the state of a nation that does not want to change itself."


Is there a single PTI supporter or ANY voter of any party, who says that, "OK, I will vote for my favorite candidate with the intention that if he wins or if my supported party comes into power, I will start with earning halal rizq and I will honestly justify my responsibilities in my day to work?

There is not a single person in Pakistan who thinks like this.

Does a milkman consider not to mix water in the milk if PTI and IK runs the country? Not in a million years.

Even million upon millions of supporters of PTI, why are they supporting IK?
Because they want a govt who is more honest? a govt who steals less? because they want to country to prosper? because they want new roads and better public services?

Did you notice, none actually wants to change HIMSELF ... they all just want a govt that steals less - but at his own level, every person is just as corrupt and dishonest with his work as he ever is, REGARDLESS of who is running the PM office and who is he voting for.
 
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Yogurt milk butter eggs flour sugar tea ghee all commodities price sky rocketed Cement bag was being sold @870 in April now 1,000
 
Colorblind Genius said:
Respectfully, I don’t agree with the bold part.

Make Shahbaz Shareef or Hamza or Ranasanaullah or Bilwal, or Fazlurehman etc run in the elections again - I mean 100% fair n free elections, and I GUARANTEE you that they will all win again.

The few protests we see are not even 5% of our 220 million population.

What does it tell you when we as a nation, stand at number 140 on the scale honesty?

We are a majority of corrupt to the core nation.

Rampant dishonesty, corruption, rishwat khori, and haram khori everywhere.

May be there are 10% good n honest people left.

Rest are corrupt and dishonest people.
And their logic is very simple,

“meri pasand ka chore should rule the county so that he can do haram khori on his level and I can continue with dishonesty and haram khori on my level”.

I have seen many many many such examples during my college years in Pakistan when I mingled with the supporters of PPP and PML n and few from MQM.

The other smaller portion of the problem are the ultra poor and/or super gullible among us.
They will vote for a plate of biryani or a thousand Rs, or to someone from their biraadari.

And what’s happening now is that poorest of the poor and weakest of weak and the safeed posh type people who either can’t earn haram or don’t want to earn haram are going to suffer from this inflation.

The haram khores will simple increase their rate of haram khori to cope with the inflation.

God does not change the state of a nation that does not want to change itself.

Standing proudly at 140 on the scale of honesty, I don’t a large majority of Pakistani actually want to change themselves.
These naaray baazi n protests, mean nothing!
Click to expand...

I know where you are coming from but it does make a huge difference; many people in my circle who voted for PTI were unhappy for various reasons (mainly inflation) but almost EVERYONE is back supporting Imran Khan especially after the way Imran Khan govt was toppled and obviously the inflation in last 2 months was enough to make them understand.
Yes the hardcore Noonies & jialay still buy the lollipop that it's still all because of Imran Khan's agreement with IMF but many who didnt vote for Imran Khan now understand these frauds aren't any magicians and inflation is international issue. I've witnessed this change around me (family & friends), someone who fiercely opposed Imran Khan for 15 years went to protests with me against Imran Khan's removal.
 
The Pakistan Stock Exchange's (PSX) benchmark KSE-100 index was up more than 700 points in afternoon trading on Tuesday as investor sentiment was buoyed by the possibility of an announcement revealing Pakistan's deal with the International Monetary Fund (IMF) for the release of $1 billion loan tranche.

According to the PSX website, the index gained was up 786 points, or 1.88 per cent, at 3:05pm.

Raza Jaffrey, head of research at Intermarket Securities, said that there was "rising exuberance" in the market over reports that a staff-level agreement with the Fund was imminent.

"If this happens, it can unlock funding from other sources, lift foreign exchange reserves and help the rupee recover some ground. The stock market appears to be anticipating this chain of events," he told Dawn.com.
 
Kianig89 said:
Anyway back for Pakistan from this ecomic instability at its peak
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This 2-3 month period has pushed Pakistan back several years. Heck situation is worse than 2018. It took 3+ years of IK to bring the economy to a stable footing all the while getting the abuses of the nashukri quam. Even if IK returns today it will not be atleast 3-5 years before we get to the situation we were in January 2022 (record exports, remittances, tax collection, LSM growth, 6% growth, stable ruppee).


The way our quam is nashukri, you can write this down. When IK returns and is taking tough decisions to fix the mess created, these same people will again start abusing him and calling for the return of PDM. Till the time we have PDM/Military as political options our dumb nashukray people will keep calling for them every couple of years. We need single party system like China or milder version of it like Bangladesh, to have any chance of progress.
 
PAKISTAN, IMF ‘REACH DEAL’ FOR RELEASE OF US$1 BN TRANCHE

ISLAMABAD: Pakistan and International Monetary Fund (IMF) have reached a deal for the release of a US$1 billion tranche after the latter gave its nod to the budgetary adjustments for fiscal year 2022-23, ARY NEWS reported.

According to officials of the finance ministry, the Fund has agreed to the budgetary estimates set for the next fiscal year and the economic policies of the country.

“The IMF will soon release a handout confirming the staff level agreement between the two sides,” they said.

The development came in the late-night talks between the IMF and finance ministry officials led by Minister Miftah Ismail.

Yesterday, sources within the Finance Ministry said talks with the IMF can be held online tonight, in which Pakistani officials will brief the fund about so far actions taken by Islamabad for the revival of the economy.

The IMF fund would be briefed that subsidy on the fuel has been completely taken back by the federal government, the sources said and added Pakistan to soon get ‘good news’ from IMF.

Finance Minister Miftah Ismail on Monday expressed hope that the stalled International Monetary Fund’s (IMF) programme would be revived ‘within one or two days’.

Talking to journalists at Parliament House, the federal minister said that he was hopeful that an agreement with the global lender for the revival of the Extended Fund Facility (EFF) would be reached within one or two days.

“IMF has no relation with the increase in salaries. Also, the tax exemption to the people earning below 1.2 million [annually] will remain in place,” the finance minister said.

https://arynews.tv/pakistan-imf-reach-deal-for-release-of-us1-bn-tranche/
 
Govt to plug tax loophole for rich
Will include people who do not stay in foreign country for six months in tax net

ISLAMABAD:
The government may change the definition of resident Pakistani to include all those people in the tax net who do not stay in any foreign country for more than six months, after over 4,000 individuals having $2 billion in bank accounts turned out to be non-resident Pakistanis.

The government on Thursday also considered the option of reducing the advance income tax on cellular services from 15% to around 13% and slashing the proposed duties on low-value handsets.

These measures could be made part of the Finance Act 2022 to be presented in the National Assembly next week.

The government could amend the Income Tax Ordinance through the Finance Act 2022 to plug a loophole which is often exploited by the rich Pakistanis to avoid tax payment, according to sources in the Federal Board of Revenue (FBR).

The FBR had also proposed to change the definition through the Finance Bill but it created more confusion, as the proposed change would have resulted in taxing the income of millions of Pakistani labourers working in the Middle East.

Now, it may further amend the definition to broaden the scope to cover only the rich persons by stating in the law that a person for tax purposes will be considered non-resident only if he or she is present in any other country for more than 183 days in a tax year.

It will be the fourth time in as many years that the FBR has tried to plug the loophole but every time it has created a mess.

In 2019, it amended the law and stated that a person will be treated as resident Pakistani and will be liable to pay income tax, if he stays in Pakistan for a minimum of
four months.

Prior to the Finance Act 2019, an individual was treated as a “resident individual” if the person was present in Pakistan for a period of 183 days (over six months) or more in a
tax year.

Then it brought an amendment last year to delete a clause that had been retrospectively applied to calculate 183 days but the FBR again failed to get the desired results.

During the past few years, the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Tehreek-e-Insaf (PTI) governments brought substantial changes to the Income Tax Ordinance 2001 aimed at improving tax recovery from abroad. But so far these changes have not translated into revenues due to the capacity and implementation issues.

Pakistan has so far received information about $35 billion from the Organisation for Economic Cooperation and Development (OECD) but the information about nearly $30 billion turned out to be not actionable.

The OECD data showed that over 4,000 individuals had the non-resident status and they had $2 billion in their bank accounts. The authorities believe that a significant portion of this sum can be brought to the tax net by targeting those individuals who do not stay in one country for more than six months for
tax purposes.

Minister of State for Finance Dr Aisha Pasha on Thursday concluded the debate in the Senate and announced the acceptance of 19 recommendations of the Senate out of the 50 proposed for the budget.

In the budget, the government has also proposed 1% capital value tax on the movable and immovable assets abroad. There was a proposal to introduce the non-filer category for the offshore asset holders and jack up the rates.

The government has also attempted to tax the income of real estate in the budget, including withdrawing 50% capital gains tax exemption for the families of martyred soldiers, ex-servicemen and ex-federal government employees.

There is a possibility that the government may restore the exemption for the families of the martyred and serving personnel.

The government may also amend the clause introduced on June 10 to collect tax on the deemed income from properties. The government will treat these immovable assets as capital assets to avoid legal complications.

The proposed changes may still exclude one capital asset under self-occupation owned by the resident person from the deemed income tax.

Any constructed property in respect of which the completion certificate has been obtained from the concerned authority will also be excluded from the levy.

Sources said that a major exclusion could be the properties given on rent.

The definition of capital asset for this clause can be introduced. The capital asset will not include any stock-in-trade, consumable stores or raw materials held for the purpose of business; any shares, stocks or securities; any property with respect to which the person is entitled to a depreciation deduction or amortisation deduction.

In the budget, the government has withdrawn the option of carrying forward the minimum tax-related losses. There is a possibility that the unadjusted balance of minimum tax paid up to tax year 2022 may be made available for adjustment in the future.

Sources said that the finance minister considered the options to again lower the advance income tax on mobile phone calls amid opposition by the FBR.

https://tribune.com.pk/story/2363025/govt-to-plug-tax-loophole-for-rich
 
Crime minister just added 10 percent super tax to industries..bye bye growth and jobs..welcome bhikari quam..
 
The Pakistan Stock Exchange's (PSX) benchmark KSE-100 index opened in the green on Monday, gaining over 600 points in early morning trade.

According to the PSX website, the bourse witnessed an increase of over 450 points by 9:45am. At 10:40am, the index had reached 41,734.31 points, up 683 points, or 1.66 per cent.

The rally comes after the index crashed on Friday, losing over 2,000 points, or 4.8pc, in the morning session following the government's announcement of a 10pc "super tax" on large-scale industries including cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textile, banking, automobile, chemicals, beverages and cigarettes.
 
In response to Pakistan’s request for multibillion dollars in fresh loans, the United Arab Emirates has offered to buy minority shares in publicly-listed government-owned companies at a negotiated price and a seat on each of the firm’s boards.

The offer, if accepted, could give a big boost to the cash-starved government and will mark a departure from the traditional lender-borrower relationship between Islamabad and Abu Dhabi.

The development comes amid China’s decision to rollover another $2 billion Pakistani debt that matures from June 27 to July 23, providing a sigh of relief after transferring $2.3 billion last week.

Highly-placed sources told The Express Tribune that the UAE government has offered to acquire 10-12% shares in government-owned companies that are listed at the stock market through its sovereign wealth funds.

“There is a proposal from a friendly country to purchase Pakistani companies’ stocks on buy-back basis, which means buying secured-loan based securities,” said Finance Minister Miftah Ismail while talking to The Express Tribune.

The sources said that the UAE had made a clean offer for acquisition of stakes in the firms. But the government wanted to add a provision in any such contract where it will have a right to buy back these stakes after a certain period, they added.

The UAE has made the offer on the lines it invested $2 billion in Egypt through the purchase of stakes in a number of state-owned companies in April this year aimed at bailing out the Egyptian government. The UAE had acquired stakes in the Egyptian companies through the Abu Dhabi Developmental Holding -- a sovereign wealth fund based in Dubai.

The offer came in response to Prime Minister Shehbaz Sharif’s request for a multibillion-dollar bailout package during his visit to the UAE in April. The sources said that in response to the prime minister’s request, the UAE had sent a delegation to Pakistan that met with Shehbaz Sharif in the first week of May in Lahore.

Read Miftah invites UAE investment

However, unlike in Egypt where the UAE sovereign wealth fund had managed to conclude $2 billion deals in less than a month, Pakistani authorities have not been able to come up with a firm response due to confusion over legality of such negotiated transactions.

Like Pakistan, the Egypt economy has been struggling since long and has been surviving due to bailouts extended by the International Monetary Fund and friendly neighbouring countries from time to time.

Pakistan is also trying to revive the IMF programme and waiting for the draft Memorandum for Economic and Financial Policies (MEFP) document before reaching a staff-level deal with the fund.

Yet despite all the assistance that Pakistan and Egypt received from the IMF and many friendly countries, both the countries have not been able to fully turn their economy around and remain deeply vulnerable to external shocks.

The sources said that this time the UAE was not inclined to hand over another cheque of $2 billion to Islamabad, after Pakistan failed to pay back the $2 billion loan received in February 2019. In March this year, the UAE rolled over $2 billion debt for one more year.

The sources said that UAE sovereign funds – the Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company or the Abu Dhabi National Oil Company (ADNOC) -- can take exposure in Pakistan.
Their interest in Pakistan could give a big boost to the share price of about 20 listed public sector companies, including companies controlled by the military’s commercial arms. The sources said that Fauji Foundation companies were also on the plate and the foundation’s managing director recently participated in the meetings.

The top five Saudi sovereign funds from the UAE are: the Abu Dhabi Investment Authority (ADIA), the Investment Corporation of Dubai (ICD), the Mubadala Investment Company, the Abu Dhabi Developmental Holding Company and the Emirates Investment Authority (EIA). The companies are ranked among the top 20 in the top 100 list of the sovereign wealth fund institute.

There are around one-and-a-half dozen government companies that are listed at the stock exchange and open for grabs. The big ones are: Oil and Gas Development Company Limited in which the government has 67% stakes. Pakistan Petroleum Limited (68% GOP share), Sui Southern Gas Company Limited (53%), Pakistan State Oil Company Limited (22%), Sui Northern Gas Pipelines Limited 32% and Mari Petroleum Limited. Fauji Fertilizer Company Limited, Fauji Cement Company Limited along with other companies owned by the military.

The Pakistan Reinsurance Company Limited, Pakistan National Shipping Corporation, Pakistan International Airlines Corporation, National Bank of Pakistan and Pakistan Telecommunication Company Limited are other companies.
The sources said that Pakistan can immediately get an investment of $1 billion to $1.3 billion by selling 10% stakes of the blue chip companies.

But the bureaucracy was reluctant to go ahead with the transaction, delaying the whole process and irritating the UAE government.

“The Privatisation Commission Ordinance of 2000 does not have a provision for a negotiated and non-competitive sale,” according to the Privatisation Commission documents.

They further stated that the rules and regulations of the PC provide further safeguards for undertaking the transparent and competitive process of privatisation.

The ordinance and regulatory framework take negotiated sale out of the purview of the Privatisation Commission that is not the result of a competitive and transparency process.

The commission had recommended a “competitive transaction for the Block Trade of Shares of the listed SOES to institutional investors including government and government entities as per the existing law, rules and regulations without any new legislation.

But the sources said that the UAE was not interested in the bidding process. It has offered Pakistan that both sides should independently appoint financial advisors who should work out their prices and a final price should be decided on the basis of their inputs.

In order to find a solution, the matter may soon land in the federal cabinet, as the time is not on Pakistan’s side.
The Privatisation Commission didn’t comment on the news.

Express Tribune
 
MenInG said:
In response to Pakistan’s request for multibillion dollars in fresh loans, the United Arab Emirates has offered to buy minority shares in publicly-listed government-owned companies at a negotiated price and a seat on each of the firm’s boards.

The offer, if accepted, could give a big boost to the cash-starved government and will mark a departure from the traditional lender-borrower relationship between Islamabad and Abu Dhabi.

The development comes amid China’s decision to rollover another $2 billion Pakistani debt that matures from June 27 to July 23, providing a sigh of relief after transferring $2.3 billion last week.

Highly-placed sources told The Express Tribune that the UAE government has offered to acquire 10-12% shares in government-owned companies that are listed at the stock market through its sovereign wealth funds.

“There is a proposal from a friendly country to purchase Pakistani companies’ stocks on buy-back basis, which means buying secured-loan based securities,” said Finance Minister Miftah Ismail while talking to The Express Tribune.

The sources said that the UAE had made a clean offer for acquisition of stakes in the firms. But the government wanted to add a provision in any such contract where it will have a right to buy back these stakes after a certain period, they added.

The UAE has made the offer on the lines it invested $2 billion in Egypt through the purchase of stakes in a number of state-owned companies in April this year aimed at bailing out the Egyptian government. The UAE had acquired stakes in the Egyptian companies through the Abu Dhabi Developmental Holding -- a sovereign wealth fund based in Dubai.

The offer came in response to Prime Minister Shehbaz Sharif’s request for a multibillion-dollar bailout package during his visit to the UAE in April. The sources said that in response to the prime minister’s request, the UAE had sent a delegation to Pakistan that met with Shehbaz Sharif in the first week of May in Lahore.

Read Miftah invites UAE investment

However, unlike in Egypt where the UAE sovereign wealth fund had managed to conclude $2 billion deals in less than a month, Pakistani authorities have not been able to come up with a firm response due to confusion over legality of such negotiated transactions.

Like Pakistan, the Egypt economy has been struggling since long and has been surviving due to bailouts extended by the International Monetary Fund and friendly neighbouring countries from time to time.

Pakistan is also trying to revive the IMF programme and waiting for the draft Memorandum for Economic and Financial Policies (MEFP) document before reaching a staff-level deal with the fund.

Yet despite all the assistance that Pakistan and Egypt received from the IMF and many friendly countries, both the countries have not been able to fully turn their economy around and remain deeply vulnerable to external shocks.

The sources said that this time the UAE was not inclined to hand over another cheque of $2 billion to Islamabad, after Pakistan failed to pay back the $2 billion loan received in February 2019. In March this year, the UAE rolled over $2 billion debt for one more year.

The sources said that UAE sovereign funds – the Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company or the Abu Dhabi National Oil Company (ADNOC) -- can take exposure in Pakistan.
Their interest in Pakistan could give a big boost to the share price of about 20 listed public sector companies, including companies controlled by the military’s commercial arms. The sources said that Fauji Foundation companies were also on the plate and the foundation’s managing director recently participated in the meetings.

The top five Saudi sovereign funds from the UAE are: the Abu Dhabi Investment Authority (ADIA), the Investment Corporation of Dubai (ICD), the Mubadala Investment Company, the Abu Dhabi Developmental Holding Company and the Emirates Investment Authority (EIA). The companies are ranked among the top 20 in the top 100 list of the sovereign wealth fund institute.

There are around one-and-a-half dozen government companies that are listed at the stock exchange and open for grabs. The big ones are: Oil and Gas Development Company Limited in which the government has 67% stakes. Pakistan Petroleum Limited (68% GOP share), Sui Southern Gas Company Limited (53%), Pakistan State Oil Company Limited (22%), Sui Northern Gas Pipelines Limited 32% and Mari Petroleum Limited. Fauji Fertilizer Company Limited, Fauji Cement Company Limited along with other companies owned by the military.

The Pakistan Reinsurance Company Limited, Pakistan National Shipping Corporation, Pakistan International Airlines Corporation, National Bank of Pakistan and Pakistan Telecommunication Company Limited are other companies.
The sources said that Pakistan can immediately get an investment of $1 billion to $1.3 billion by selling 10% stakes of the blue chip companies.

But the bureaucracy was reluctant to go ahead with the transaction, delaying the whole process and irritating the UAE government.

“The Privatisation Commission Ordinance of 2000 does not have a provision for a negotiated and non-competitive sale,” according to the Privatisation Commission documents.

They further stated that the rules and regulations of the PC provide further safeguards for undertaking the transparent and competitive process of privatisation.

The ordinance and regulatory framework take negotiated sale out of the purview of the Privatisation Commission that is not the result of a competitive and transparency process.

The commission had recommended a “competitive transaction for the Block Trade of Shares of the listed SOES to institutional investors including government and government entities as per the existing law, rules and regulations without any new legislation.

But the sources said that the UAE was not interested in the bidding process. It has offered Pakistan that both sides should independently appoint financial advisors who should work out their prices and a final price should be decided on the basis of their inputs.

In order to find a solution, the matter may soon land in the federal cabinet, as the time is not on Pakistan’s side.
The Privatisation Commission didn’t comment on the news.

Express Tribune
Click to expand...

So basically we are selling our assets to Foreign Govts- just imagine the Rona dona from these crooks if this came from IK.
 
Aek tu itni garmi opar se 2 hours loadshedding every 2 hours, at least that's the scenario at my residence in Isloo.

The biggest keera is inside those people who thought this looter crime minister was a good administrator.
 
Economic Survey of Pakistan 2021-22 confirms that the nation's GDP grew nearly 6% in the current fiscal year, reaching $1.62 Trillion in terms of purchasing power parity (PPP). It first crossed the trillion dollar mark in 2017. In nominal US$ terms, the size of Pakistan's economy is now $383 billion. In terms of the impact of economic growth on average Pakistanis, the per capita average daily calorie intake jumped to 2,735 calories in FY 2021-22 from 2,457 calories in 2019-20. Pakistan experienced broad-based economic growth across all key sectors in FY 21-22; manufacturing posted 9.8% growth, services 6.2% and agriculture 4.4%. The 4.4% growth in agriculture is particularly welcome; it helps reduce rural poverty. The country's per capita income is $1,798 in nominal terms and $7,551 in PPP dollars. These figures do not yet show up in Google searches. Under former Prime Minister Imran Khan's leadership, Pakistan succeeded in achieving outstanding economic growth and nutritional improvements in spite of surging global food prices amid the Covid19 pandemic. Increasing energy consumption and soaring global energy prices have rapidly depleted Pakistan's forex reserves, forcing the country to seek yet another IMF bailout. History tells us that these bailouts have been forced whenever Pakistan's GDP growth has exceeded 5%. The best way for Pakistan to accelerate its growth beyond 5% in a sustainable manner is to boost its exports by investing in export-oriented industries, and by incentivizing higher savings and investments.

The IMF (International Monetary Fund) has updated its website in April, 2022 with data reported for FY 2020-21. It's not unusual for the IMF data reporting to lag by a year or more. Pakistan's Economic Survey 2021-22 was published in June, 2022.

Pakistan experienced broad-based economic growth across all key sectors in FY 21-22; manufacturing posted 9.8% growth, services 6.2% and agriculture 4.4%. The 4.4% growth in agriculture is particularly welcome; it helps reduce rural poverty.

In terms of the impact of economic growth on average Pakistanis, the per capita average daily calorie intake jumped to 2,735 calories in FY 2021-22 from 2,457 calories in 2019-20. The biggest contributor to it is the per capita consumption of fresh fruits and vegetables which soared from 53.6 Kg to 68.3 Kg, less than half of the 144 Kg (400 grams/day) recommended by the World Health Organization. Healthy food helps cut disease burdens and reduces demand on the healthcare system. Under former Prime Minister Imran Khan's leadership, Pakistan succeeded in achieving these nutritional improvements in spite of surging global food prices amid the Covid19 pandemic.

The trend of higher per capita daily calorie consumption has continued since the 1950s. It has risen from about 2,078 in 1949-50 to 2,400 in 2001-02 and 2735 in 2021-22. The per capita per day protein intake in grams increased from 63 to 67 to about 75 during these years. Health experts recommend that women consume at least 1,200 calories a day, and men consume at least 1,500 calories a day, says Harvard Health Publishing. The global average has increased from 2360 kcal/person/day in the mid-1960s to 2900 kcal/person/day currently, according to the Food and Agricultural Organization (FAO). The USDA (United States Department of Agriculture) estimates that most women need 1,600 to 2,400 calories, while the majority of men need 2,000 to 3,000 calories each day to maintain a healthy weight. Global Hunger Index defines food deprivation, or undernourishment, as consumption of fewer than 1,800 calories per day.

The share of overweight or obese adults in Pakistan's population is estimated by the World Health Organization at 28.4%. It is 20% in Bangladesh, 19.7% in India, 32.3% in China, 61.6% in Iran and 68% in the United States.

The latest edition of the Economic Survey of Pakistan estimates that per capita calories come from the annual per capita consumption of 164.7 Kg of cereals, 7.3 Kg of pulses (daal), 28.3 Kg of sugar, 168.8 liters of milk, 22.5 Kg of meat, 2.9 Kg of fish, 8.1 dozen eggs, 14.5 Kg of ghee (cooking oil) and 68.3 Kg of fruits and vegetables. Pakistan's economy grew 5.97% and agriculture outputs increased a record 4.4% in FY 2021-22, according to the Economic Survey. The 4.4% growth in agriculture has boosted consumption and supported Pakistan's rural economy.

The minimum recommended food basket in Pakistan is made up of basic food items (cereals, pulses, fruits, vegetables, meat, milk, edible oils and sugar) to provide 2150 kcal and 60gram protein/day per capita.

https://www.southasiainvestor.com/2022/06/pakistans-fiscal-year-2022-gdp-exceeds.html
 
Congrats to certain PDM supporters. Now they will get petrol for Rs 250/l even though it is down 25% in international market.
 
Syed1 said:
Aek tu itni garmi opar se 2 hours loadshedding every 2 hours, at least that's the scenario at my residence in Isloo.

The biggest keera is inside those people who thought this looter crime minister was a good administrator.
Click to expand...

Syed1 said:
Congrats to certain PDM supporters. Now they will get petrol for Rs 250/l even though it is down 25% in international market.
Click to expand...

Those sentimental and ultra gullible , crying day n night about inflation under IK, must be having the time of their lives now.

However, they will remain the ultra stupid and/or corrupt. This is what the majority of the nation is.

They won’t learn a thing, and forget all of this.

Just watch n see how many millions of votes these same PDM members will get again in the next election.
They will all be in the parliament again.
 
Inflation, as measured by the Consumer Price Index (CPI), rose to 21.32 per cent in June, the highest in over 13 years, data shared by the Pakistan Bureau of Statistics (PBS) revealed on Friday.

Last month, inflation was recorded at 13.76pc. In June, inflation rose 6.34pc month-on-month (MoM) and 21.32pc year-on-year (YoY), which was the highest figure since December 2008 when inflation stood at 23.3pc.

According to the PBS, inflation increased by 19.84pc in urban areas and 23.55pc in rural areas.

Multiple sectors witnessed double-digit inflation but the trend was driven largely by transport, which saw a 62.17pc rise and perishable food items, prices of which increased by 36.34pc.

Other sectors in which inflation was measured in the double digits are:

Non-perishable food items (24.43pc)
Restaurants and hotels (21.85pc)
Furnishing and household equipment maintenance (18.76pc)
Alcoholic beverages and tobacco (17.6pc)
Miscellaneous goods and services (15.83pc)
Recreation and culture (14.35pc)
Clothing and footwear (13.72)
Housing and utilities (13.48pc)
Health (11.3pc)
Education and communication were the only two sectors where inflation was in the single digits at 9.46pc and 1.96pc, respectively.

The PBS press release, while detailing the rise in non-food-related commodities, showed that motor fuel, liquefied hydrocarbons and electricity charges saw massive increases year-on-year, with motor fuel prices rising by at least 95pc.

DAWN
 
Petrol price again increased now at an all time high 249.40 unfathomable who can afford a long drive in pakistan except the goons and crooks
 
Robber Dar aka certified money launderer to return and start the next phase of plunder and loot
 
Inflation hits its highest in 13 years
CPI clocks in at 21.3% due to a steep rise in prices of energy, food groups

In an alarming development, Pakistan’s inflation, as measured by the Consumer Price Index (CPI), broke a 13-year record and skyrocketed to 21.3% in June due to a steep rise in prices of energy and food groups amid chances of a further surge in petroleum, electricity and gas tariffs under the International Monetary Fund (IMF) conditions.

The fresh inflation reading issued by the Pakistan Bureau of Statistics (PBS) on Friday has also augmented the prospects of a further rise in interest rates in the upcoming monetary policy.

The inflation rate swirled to 21.3% in June over a year- the highest pace in over 13 years. Last time, in February 2009, the inflation had been recorded at slightly over 21%.

The pace of increase in the prices beats the expectations of the finance ministry that had just two days ago given a 14.5% to 15.5% inflation range. The markets had projected close to 19% inflation in June due to the government’s decision to increase the prices of petroleum products, electricity and steep currency devaluation.

The monthly inflation rate jumped 6.3% in June over May –probably the highest increase in a single month in the history of Pakistan.

The inflation reading suggests that the government will have to review its strategy to gradually succumb to all the IMF’s demands. The government has not been able to regain any lost ground from the IMF and is giving one after another shocks to the people.

The core inflation, calculated after excluding the volatile energy and food prices, also spiralled to 11.5% last month in urban areas and 13.6% in rural areas, signalling price growth is gathering pace across most categories of goods and services.

Another round of increase in fuel prices is expected next month under the IMF condition to impose Rs10 per litre levy on petrol and Rs5 on diesel. The Minister of State for Petroleum Dr Musaddiq Malik also hinted at a 40% to 45% increase in the gas prices from this month.The PBS reported that the CPI-based inflation rate increased to 19.8% in urban areas –a jump of 7.4% in a single month. In villages and towns, the inflation rate skyrocketed to 23.6% -also an increase of 7.7% in just one month. The 11.5% core inflation in urban areas was the highest pace since October 2012.

The constant double-digit inflation in the country has eroded the people’s purchasing power and the decision to slap more taxes on their salaries may now force them to reprioritise their expenses from health and education to meet essential food needs.

The overall price growth remained double-digit due to an increase in the rates of food items. The pace of food inflation swelled to 24% from 15.5% a month ago in cities and to 27% in villages and towns last month, according to the PBS.The prices of both non-perishable and perishable food products increased significantly last month. The food group prices surged over 26% in June compared to the same month a year ago. Prices of perishable food items increased 36%, according to the PBS.

The low-middle and middle-income groups have started crumbling under an unbearable increase in the cost of living.

The State Bank of Pakistan had increased the key policy rate to 13.75% to curb inflation and correct external sector imbalances. The central bank has so far failed to contain inflation despite almost doubling the interest rates.

The prices of all essential products seemed to slip out of the control of the authorities, particularly crucial kitchen items like edible oil.

The prices of onions jumped 124% last month compared to a year ago, followed by a 121% increase in the rates of potatoes and 82% for various types of ghee and cooking oil, according to PBS.

The prices of pulses increased nearly 58%, chicken by half and meat and vegetable by 40% last month over a year ago.

The rates of petrol were almost double in June over a year ago, followed by 61% growth in liquefied hydrocarbons and 35% in prices of electricity.

Average inflation during the last fiscal year remained at 12.2% -- far higher than the last government’s target of 8% and the initial projection made by the SBP.The unchecked inflation puts a question mark over the central bank’s ability to contain inflation. It should also push the government to review its strategy and try to strike a balance between accepting the IMF’s demands and the people's ability to absorb the price shocks.

Express Tribune
 
Bangladesh's exports just ticked over the $50b psychological barrier. Congrats to our BDeshi friends.


They took independence from Pakistan Army in 1971 and now reaping the rewards of it.

Meanwhile PTI had set a target of $40b for the fiscal year that just ended and we were well on track to meet it but due to regime change operation orchestrated by the army we will fall well sort of that, for example tech exports fell ~30% MoM in May even though they had been showing double digit growth previously.


Mubarak to all PDM supporters and property dealers.
 
Pakistan’s trade deficit ballooned to an all-time high of $48.66 billion in the outgoing fiscal year from $30.96bn a year ago, indicating an increase of 57 per cent on the back of higher-than-expected imports, provisional official data showed on Saturday.

The trade deficit reached such an alarming level despite a ban imposed on more than 800 items in May.

The coalition government’s battle against a bloated trade gap has failed to produce the desired result as it widened by 32.3pc to $4.84bn in June from $3.66bn a year ago. It was largely driven by an almost double increase in imports compared to exports.

The outgoing fiscal year’s trade deficit has crossed the $37bn figure of 2017-18, which was mostly led by imports related to the China-Pakistan Economic Corridor.

In the subsequent years, the trade gap dropped to $31.8bn in 2018-19 and then further to $23.2bn in 2019-20 before bouncing back to $30.8bn in 2020-21 and then a whopping $48.664bn in 2021-22.

The $48.66bn gap between imports & exports in FY22 is significantly higher than the $30.1bn a year ago

The outgoing year’s trade deficit is propelled by the highest-ever increase in oil prices and commodities in the international market.

The trade deficit has been on the rise owing to an unprecedented increase in imports due to a rise in global commodity prices, while exports stagnated at around $2.5bn to $2.8bn a month, mostly those of semi-finished products and raw materials.

The trade deficit came in at $4.04bn in May and $3.78bn in April, which indicates that no let-up was seen in monthly deficits when former prime minister Imran Khan was ousted in April through a vote of no confidence in parliament.

Import bill rises

The import bill increased 43.45pc to $80.51bn during 2021-22, up from $56.12bn a year ago.

In June alone, the import bill edged up to $7.74bn from $6.28bn over the same month last year, reflecting an increase of 23.26pc. Imports increased by 14.32pc month-on-month in June. In May the import bill was recorded at $6.77bn while it stood at $6.67bn in April.

The government imposed a ban on the import of nearly 800 luxury and non-essential goods on May 19.

According to the Pakistan Economic Survey 2021-22, the jump in imports is recorded in all the major groups. Multiple factors have contributed to the steep rise in imports during the period under review. Rising global commodity prices contributed significantly to the increasing import volume.

Disaggregated data on imports indicates that the energy group is the largest source of the increase in imports, contributing to a one-third of the year-on-year increase in imports during the period.

Similarly, price-led pressures were also noted across non-energy commodities imported by Pakistan, such as edible oil (palm and soya bean), sugar, tea, fertiliser and steel. At the same time, the domestic demand for imported raw materials — such as cotton, steel and capital goods — was also elevated in the wake of the policy-induced economic rebound.

Exports pick up

For the first time, not only the export target was achieved but it exceeded the psychological barrier of $30bn. Pakistan’s exports remained below this level for the last decade.

Pakistan’s exports increased 26.6pc to $31.845bn in the just-ended fiscal year, up from $25.160bn a year ago. Exports grew 6.48pc to $2.89bn in June, up from $2.72bn in the previous year.

Exports rose 18pc to $25.3bn in 2020-21, up from $21.4bn the previous year.

In the outgoing fiscal year, the government projected the annual export target for commodities at $31.2bn and services at $7.5bn.

According to an official report, around two-thirds of the increase came from the textile sector, especially from the high value-added segment.

Pakistan’s textile exporters capitalised on the available policy support — including the SBP’s concessionary refinance schemes for working capital and fixed investment, and the regionally competitive energy tariffs — and managed to ship higher volumes to key destinations like the United States, the United Kingdom and the European Union.

Higher cotton prices also helped to increase the export unit prices of both low- and high-value-added textile products. Apart from textiles, rice exports also rebounded during the 2021-22 fiscal year mainly due to the non-basmati variety.

Published in Dawn, July 3rd, 2022
 
From Twitter - According to the latest info, the IMF program is further delayed & this time deadlock is all about anti-corruption laws along with other financial measures of increasing gas & electricity prices.
The govt is ready to adopt all financial measures except reconsideration of NAB laws

[MENTION=1269]Bewal Express[/MENTION] [MENTION=138254]Syed1[/MENTION] [MENTION=140234]DRsohail[/MENTION]
 
Hextro said:
From Twitter - According to the latest info, the IMF program is further delayed & this time deadlock is all about anti-corruption laws along with other financial measures of increasing gas & electricity prices.
The govt is ready to adopt all financial measures except reconsideration of NAB laws

[MENTION=1269]Bewal Express[/MENTION] [MENTION=138254]Syed1[/MENTION] [MENTION=140234]DRsohail[/MENTION]
Click to expand...

No way will they have any law that doesn't legalise their previous or future corruption. Its the reason they are part of Bajwas coup.
 
Bewal Express said:
No way will they have any law that doesn't legalise their previous or future corruption. Its the reason they are part of Bajwas coup.
Click to expand...

PDM has sacrificed a lot of political clout to reach this point. I think strengthening anti-corruption institutions will be a step going too far from PDM's perspective.

It will be interesting to see what PDM does from here on. They seem to be in a deadlock at the moment. There's no way they can back off from the IMF deal now after destroying their own support base with the fuel tax increase.
 
Hextro said:
PDM has sacrificed a lot of political clout to reach this point. I think strengthening anti-corruption institutions will be a step going too far from PDM's perspective.

It will be interesting to see what PDM does from here on. They seem to be in a deadlock at the moment. There's no way they can back off from the IMF deal now after destroying their own support base with the fuel tax increase.
Click to expand...

Things are at a crossroad right now. Worst economy in the country's history. Majority of Pakistanis hate PDM and can't bear the burden of hyper inflation. A few steps in the right direction could very well mean the end of PDM
 
Hextro said:
PDM has sacrificed a lot of political clout to reach this point. I think strengthening anti-corruption institutions will be a step going too far from PDM's perspective.

It will be interesting to see what PDM does from here on. They seem to be in a deadlock at the moment. There's no way they can back off from the IMF deal now after destroying their own support base with the fuel tax increase.
Click to expand...

The IMF will give them the space with the cosmetic changes and all will be sorted. Corruption is in their blood and no power in this world can stop them. The saddest part is that army have been exposed as hypocrites and all the talk was just tripe. Why is it only IKs responsibility to fight Corruption, does our army and the Judiciary not have responsibilities?
 
ARK Rafay said:
Things are at a crossroad right now. Worst economy in the country's history. Majority of Pakistanis hate PDM and can't bear the burden of hyper inflation. A few steps in the right direction could very well mean the end of PDM
Click to expand...

If inflation brings an end to PDM I'd say it was worth it. Let's hope the IMF forces PDM's hand.
 
ARK Rafay said:
Things are at a crossroad right now. Worst economy in the country's history. Majority of Pakistanis hate PDM and can't bear the burden of hyper inflation. A few steps in the right direction could very well mean the end of PDM
Click to expand...

And then what?
The army will take over.
Bajwa will be in the PM house for at least 5 years.

IK is not coming back.
 
Very little chance of imran ever getting back in to Office. The corrupt establishment have virtually sealed the deal to make sure he aint coming back.
 
Manunited18 said:
Very little chance of imran ever getting back in to Office. The corrupt establishment have virtually sealed the deal to make sure he aint coming back.
Click to expand...

I agree with this but the Army have lost its natural support base with its backing of criminals and by giving criminals the NRO they wanted, its a fact that all the looting took place with the full connivance of the Generals. On the other hand, as Harold Mac said events dear boy, events.
 
Colorblind Genius said:
And then what?
The army will take over.
Bajwa will be in the PM house for at least 5 years.

IK is not coming back.
Click to expand...

IK is set to come back. As the days are passing by it is more and more likely that will happen or a revolution but I don't see Army take over under current Army Chief.
 
Manunited18 said:
Very little chance of imran ever getting back in to Office. The corrupt establishment have virtually sealed the deal to make sure he aint coming back.
Click to expand...

No army can survive for long without public support and the way the public is abusing Bajwa and company it is only a matter of time before this house of cards comes crashing down. Heck Bajwa himself is due to retire in November, hard to imagine the next chief to be less beghairat but we can hope.


I'm glad this regime change operation has at least dispelled the fake image we had of the army. These property dealers are only there to fill their pockets and be a burden on our taxes. They will never want to see Pakistan progressing.
 
Petrol mafia to go on strike from18th July onwards a mafia against scilian mafia people have no respite
 
LOL, PDM are now going to provide “free” electricity for poor people. IMF is strictly against energy subsidies, will never happen. I’m not sure Ayatollah Shehbaz understands how electricity usage works in slums of multiple households.
 
Pakistan’s trade deficit increased at an unsustainable pace of over 55% and skyrocketed to a record $48.3 billion in the just ended fiscal year due to an unmanageable increase in imports that beat all official estimates despite a temporary ban on certain goods.

The international trade results for fiscal year 2021-22 have also made the targets of new fiscal year irrelevant, as the government needs to reduce imports drastically in order to achieve the targets.

Exports surpassed the annual target and stood at $31.7 billion, but the increase was not sufficient to bridge the yawning trade gap, showed the trade summary that the Pakistan Bureau of Statistics (PBS) released on Monday.

Against the target of $55.3 billion, the imports surged to a record $80 billion. The resultant $48.3 billion trade deficit breached the official target by a wide margin of nearly $25 billion.

The national data collecting agency reported that the deficit during the last fiscal year was $17.3 billion, or 55.3%, more than the previous fiscal year. In the preceding fiscal year, the country had booked $31 billion trade deficit.

Although former finance minister Shaukat Tarin took the responsibility of personally monitoring the trend, the imports could not be contained. One reason was the unprecedented surge in global commodity prices.

The previous government had revised upwards the import target to $72 billion, which too proved incorrect.

The higher trade deficit took a heavy toll on the foreign exchange reserves that dropped nearly half from their peak of $20 billion in August last year.

In May this year, the coalition government, led by the PML-N, also imposed a temporary ban on the import of goods, including limits on the quantity of imports. Still, the monthly import bill was recorded at $7.7 billion
in June.

Pakistan imports almost everything – from raw materials to intermediary goods as well as grains and agricultural inputs. A World Bank study showed that the share of intermediary goods in the total imports was 53% while one-fourth imports comprised fuels, leaving virtually no space to contain it.

The country needs to start working on measures that may reverse the existing trend of importing everything – from consumption to manufacturing goods – which has exposed Islamabad to many shocks.

The government’s trade policies have been influenced by a few handpicked exporters, who put pressure to take monetary benefits, keeping the export base narrow and restricted to a few sectors.

It is high time that the government reviewed over Rs100 billion annual subsidies being availed by the exporters, mainly the textile sector.

Exports increased nearly 26% in the last fiscal year and stood at $31.7 billion against $25.3 billion in previous year, according to the PBS.

In absolute terms, there was an increase of $6.4 billion in the exports. The exports were nearly $5 billion higher than the target set by the
last government.

In June, the imports were recorded at $7.72 billion, showing an increase of $1.4 billion, or 22%, compared to the same month a year ago, according to the PBS.

The exports of goods stood at $2.9 billion last month, higher by nearly 6%, or $159 million, over the same month of previous year. Consequently, the trade deficit widened over one-third year-on-year to $4.83 billion in June.

On a month-on-month basis, the exports increased 10% to $2.9 billion in June 2022 over the preceding month, showing a surge of $261 million. Imports showed 14% increase or $945 million over the previous month’s level on a month-on-month basis.

As a result, the trade deficit widened to $4.8 billion in June, up nearly 17%, or $684 million, on a month-on-month basis.

For the new fiscal year 2022-23, the government has set the trade deficit target at just $27.8 billion, which requires a reduction of 42% against last year’s deficit. But the government has not put in place policies that may reduce the trade deficit by $20.5 billion or 42% in one year.

The imports target for the new fiscal year is $65.6 billion, which again seems unrealistic. It will require 22% cut in the import bill in this fiscal year that may not be possible due to higher global commodity prices.

Low trade deficit and imports projections would also make the gross external financing requirements projections unrealistic and lead to faster than expected drawdown of the foreign exchange reserves.

The exports are projected to grow to nearly $38 billion in this fiscal year.**

Published in The Express Tribune, July 5th, 2022.
 
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">This was despite the sharp slow down after regime change conspiracy operationalised. In July '21-March '22, under PTI Govt exports grew 27%. In June under cabal of crooks export growth slowed to 5.8%. <a href="https://twitter.com/hashtag/%D8%A7%D9%85%D9%BE%D9%88%D8%B1%D9%B9%DA%88_%D8%AD%DA%A9%D9%88%D9%85%D8%AA_%D9%86%D8%A7%D9%85%D9%86%D8%B8%D9%88%D8%B1?src=hash&ref_src=twsrc%5Etfw">#امپورٹڈ_حکومت_نامنظور</a></p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1544274025450455040?ref_src=twsrc%5Etfw">July 5, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
On the basis of petrol price these slouch N league should be banned as political party a bunch of imbeciles
 
On one hand the electricity price starts at Rs.7/- and on the other hand that rooster trumpeting on free 100 units for Punjab consumers any sense any logic
 
Kianig89 said:
On one hand the electricity price starts at Rs.7/- and on the other hand that rooster trumpeting on free 100 units for Punjab consumers any sense any logic
Click to expand...

Also, the whole patwari clan tells us that petrol & power prices were only increased due to PTI-IMF deal and they were being forced to increase prices & how PTI subsidies had damaged our Economy but now they are giving free units? So IMF has no issues? This subsidy wont damage Economy?
Unbelievable how people can accept these lies!
 
Finance Minister Miftah Ismail said on Thursday that the price of edible oil and ghee has seen a reduction and hoped that the lower prices would translate to an Rs100 - Rs150 reduction in edible oil prices in the local market.

Addressing a press conference along with Ministry of Finance, Privatisation Committee member Bilal Kayani, the finance minister said he was also optimistic about lower prices of petroleum products in the near future and said that as the price of crude in the international market had come down to $100, the people of Pakistan will 'benefit' from lower prices at the 'right time'.

Express Tribune
 
The State Bank of Pakistan announced on Thursday that it had increased the interest rate by 125 basis points (bps) to 15 per cent.

In a press conference after the monetary policy committee (MPC) met to decide on the policy rate, the central bank's Acting Governor Dr Murtaza Syed said the "most important" objective behind the move was to control spiraling inflation.

He attributed the rise in inflation to global reasons, such as the Russia-Ukraine war, and domestic developments, including a "very high economic growth".

Syed said that while a high economic growth rate was usually a good development, Pakistan's economy was structured in a way that it would start facing problems if the rate was six per cent for two years in a row.

DAWN
 
Big relief for Tobacco industry rumours that maryam aurangzeb husband is the rep of tobacco cartel baffoons they are indeed
 
Gas tariff surges by a whopping 235%
ECC approves increase to recover Rs660 billion

ISLAMABAD:
The government on Thursday approved an increase in natural gas prices in the range of 43% to 235% with effect from July 1 in a bid to recover Rs660 billion from the majority of domestic and all other categories of consumers.

Addressing a news conference, Minister of State for Petroleum Dr Musadiq Malik said, “Nearly half of the domestic consumers have been protected from the surge but the burden on the upper class has been massively increased.”

The decision was taken by the Economic Coordination Committee of the Cabinet (ECC) that passed on the maximum burden of 235% onto those domestic consumers who have monthly consumption of up to four cubic meters. They have now been clubbed with up to five cubic meter gas consumers who will also pay the same maximum price of Rs3,712 per MMBTU but for them, the increase will be 154% over the existing prices.

Headed by Finance Minister Miftah Ismail, the ECC also withdrew its two-day-old decision to award a wheat import contract at $439.4 per metric tonne and scrapped the deal due to falling global wheat prices.

“The ECC approved the proposed revision in consumer gas sale prices with direction to further reduce the gas rates for export and non-export industry (captive power) against the proposed rates by Rs100,” according to the Ministry of Finance.

The decision will take effect from July 1, subject to the endorsement by the federal cabinet. Earlier, the ECC had recommended an increase in the electricity prices by Rs7.91 per unit, which Prime Minister Shehbaz Sharif endorsed.

The ECC approved an increase in the gas prices for domestic consumers using up to 0.5 cubic meters per month of gas to Rs173 per MMBTU – an increase of 43%. Their exiting rate is Rs121. For consumers using up to one cubic meter of gas, the prices have been kept unchanged at Rs300 per MMBTU.

The government tried to protect nearly 50% of the consumers from the increase in gas prices, said Malik. He said that those using cooking ranges and multiple heaters and geysers should also pay a price at least closer to what the poor people are paying for Liquefied Petroleum Gas (LPG).

The gas rates for domestic consumers of two to three cubic meters per month have been increased to Rs696 per MMBTU – an increase of Rs143 or 26%.

The consumers of up to three cubic meters of gas will now pay Rs1,856 per MMBTU price, which is higher by Rs1,118 or 152% over the existing prices. The existing rate for this category is Rs738 per MMBTU.

However, a major burden has been passed on to consumers using above three cubic meters of gas a month. As against their existing rate of Rs1,107 and Rs1,460 under two different slabs, a new single slab of Rs3,712 per MMBTU has been introduced for them.

The preceding slab benefit has also been restricted up to one cubic meter consumption, which means that higher consumption will be penalised. The domestic consumers of the two highest slabs will now pay a price that will be closer to the imported RLNG average price.

The government reduced the number of domestic consumer slabs from seven to five by merging the last two slabs and by merging the up to 0.4 cubic meters slab with 0.5 cubic meters. The new rate for the revised first slab is Rs173 per MMBTU.

The highest consumption slab will not be allowed the benefit of the lower slabs. It was decided that if the gas consumption in any of the past 11 months and the billing month exceeded the level of two cubic meters, the rate of the highest slab would be applicable. This mechanism would apply from the consumption of July 2022.

The bulk consumers would be charged at the average prescribed price of Rs928 per MMBTU by the Oil and Gas Regulatory Authority (Ogra).

The prices have been increased after October 2020 and their continuation would have caused a combined revenue loss of Rs165 billion to the two power distribution companies during this fiscal year.

Ogra had determined the prices to recover Rs547 billion from the consumers to save the two gas distribution companies from bankruptcy. However, the government decided to increase the prices to recover a total Rs660 billion.

The Sui Northern Gas Pipelines Limited (SNGPL) would recover an additional Rs331 billion from the consumers as against Ogra’s recommendation of Rs261 billion. The Sui Southern Gas Company Limited (SSGCL) would get an additional Rs335 billion as against Ogra’s recommendation of Rs285 billion.

“The purpose of increasing the prices higher than Ogra’s determination is to stop the buildup of circular debt in the gas sector in this fiscal year,” Dr Musadiq said.

The Petroleum Division said that the gas sector’s circular debt which was Rs299 billion in June 2018, had increased to Rs1.232 trillion on March 31, 2022.

The domestic sector consumes 47% of indigenous gas and only 27% of the population gets piped gas.

The ECC approved to sell gas to tandoors at Rs928 per MMBTU and it abolished the existing slab structure. This will increase the tandoor’s gas price by Rs231 per MMBTU or 33%.

The commercial gas connection prices have been increased by 81% to Rs1,038 per MMBTU but the government said that the proposed rate is still 58% cheaper than the LPG prices.

The captive power and processing consumers of the general industry have been charged at Rs1,550 per MMBTU – up by 47%, and the exporters at Rs1,350 – an increase of 65%.

The gas prices for the cement and CNG sectors have been approved at Rs2,321 per MMBTU, showing an increase of 70% for the CNG sector and 82% for the cement sector.

The export industry in Punjab is proposed to be charged $8.5 per MMBTU. The non-export industry in Punjab will be charged close to the full RLNG price. The government has also readjusted the priority order to provide indigenous gas to exporters and the general industry in Punjab.

The ECC on Thursday again could not decide about giving nearly Rs54 billion annual subsidy to the Utility Stores Corporation to provide cheaper wheat flour, edible oil, and sugar.

The finance ministry said that the ECC approved the continuity of distribution of subsidised wheat flour under Prime Minister’s Sasta Atta Initiative on 1,200 additional sale points in Khyber-Pakhtunkhwa for two months – July 1 to August 31, 2022 – with further directions to submit in the next ECC meeting complete mechanism on the distribution of subsidy packages through the USC.

The ECC scrapped the tender for the import of 500,000 metric tonnes of wheat – two days after it had approved to give a tender at $439.4 per tonne. The decision has been taken due to a reduction in the wheat prices in the global market.

The ECC directed the Trading Corporation of Pakistan to float a fresh tender for the import of 300,000 metric tonnes of wheat. Further, a committee has been formed on the directions of the prime minister comprising of ministers of commerce, national food security and research, and finance to ascertain the actual wheat requirement for the country.

The ECC also granted approval for the issuance of the government sovereign guarantees of Rs10 billion for the construction of two units of 660MW super coal power projects, Jamshoro, that is 90% complete, in favour of local banks/financial institutions under Syndicated Term Finance Facility (STFF) agreed with a local bank.

Express Tribune
 
daytrader said:
Gas tariff surges by a whopping 235%
ECC approves increase to recover Rs660 billion

ISLAMABAD:
The government on Thursday approved an increase in natural gas prices in the range of 43% to 235% with effect from July 1 in a bid to recover Rs660 billion from the majority of domestic and all other categories of consumers.

Addressing a news conference, Minister of State for Petroleum Dr Musadiq Malik said, “Nearly half of the domestic consumers have been protected from the surge but the burden on the upper class has been massively increased.”

The decision was taken by the Economic Coordination Committee of the Cabinet (ECC) that passed on the maximum burden of 235% onto those domestic consumers who have monthly consumption of up to four cubic meters. They have now been clubbed with up to five cubic meter gas consumers who will also pay the same maximum price of Rs3,712 per MMBTU but for them, the increase will be 154% over the existing prices.

Headed by Finance Minister Miftah Ismail, the ECC also withdrew its two-day-old decision to award a wheat import contract at $439.4 per metric tonne and scrapped the deal due to falling global wheat prices.

“The ECC approved the proposed revision in consumer gas sale prices with direction to further reduce the gas rates for export and non-export industry (captive power) against the proposed rates by Rs100,” according to the Ministry of Finance.

The decision will take effect from July 1, subject to the endorsement by the federal cabinet. Earlier, the ECC had recommended an increase in the electricity prices by Rs7.91 per unit, which Prime Minister Shehbaz Sharif endorsed.

The ECC approved an increase in the gas prices for domestic consumers using up to 0.5 cubic meters per month of gas to Rs173 per MMBTU – an increase of 43%. Their exiting rate is Rs121. For consumers using up to one cubic meter of gas, the prices have been kept unchanged at Rs300 per MMBTU.

The government tried to protect nearly 50% of the consumers from the increase in gas prices, said Malik. He said that those using cooking ranges and multiple heaters and geysers should also pay a price at least closer to what the poor people are paying for Liquefied Petroleum Gas (LPG).

The gas rates for domestic consumers of two to three cubic meters per month have been increased to Rs696 per MMBTU – an increase of Rs143 or 26%.

The consumers of up to three cubic meters of gas will now pay Rs1,856 per MMBTU price, which is higher by Rs1,118 or 152% over the existing prices. The existing rate for this category is Rs738 per MMBTU.

However, a major burden has been passed on to consumers using above three cubic meters of gas a month. As against their existing rate of Rs1,107 and Rs1,460 under two different slabs, a new single slab of Rs3,712 per MMBTU has been introduced for them.

The preceding slab benefit has also been restricted up to one cubic meter consumption, which means that higher consumption will be penalised. The domestic consumers of the two highest slabs will now pay a price that will be closer to the imported RLNG average price.

The government reduced the number of domestic consumer slabs from seven to five by merging the last two slabs and by merging the up to 0.4 cubic meters slab with 0.5 cubic meters. The new rate for the revised first slab is Rs173 per MMBTU.

The highest consumption slab will not be allowed the benefit of the lower slabs. It was decided that if the gas consumption in any of the past 11 months and the billing month exceeded the level of two cubic meters, the rate of the highest slab would be applicable. This mechanism would apply from the consumption of July 2022.

The bulk consumers would be charged at the average prescribed price of Rs928 per MMBTU by the Oil and Gas Regulatory Authority (Ogra).

The prices have been increased after October 2020 and their continuation would have caused a combined revenue loss of Rs165 billion to the two power distribution companies during this fiscal year.

Ogra had determined the prices to recover Rs547 billion from the consumers to save the two gas distribution companies from bankruptcy. However, the government decided to increase the prices to recover a total Rs660 billion.

The Sui Northern Gas Pipelines Limited (SNGPL) would recover an additional Rs331 billion from the consumers as against Ogra’s recommendation of Rs261 billion. The Sui Southern Gas Company Limited (SSGCL) would get an additional Rs335 billion as against Ogra’s recommendation of Rs285 billion.

“The purpose of increasing the prices higher than Ogra’s determination is to stop the buildup of circular debt in the gas sector in this fiscal year,” Dr Musadiq said.

The Petroleum Division said that the gas sector’s circular debt which was Rs299 billion in June 2018, had increased to Rs1.232 trillion on March 31, 2022.

The domestic sector consumes 47% of indigenous gas and only 27% of the population gets piped gas.

The ECC approved to sell gas to tandoors at Rs928 per MMBTU and it abolished the existing slab structure. This will increase the tandoor’s gas price by Rs231 per MMBTU or 33%.

The commercial gas connection prices have been increased by 81% to Rs1,038 per MMBTU but the government said that the proposed rate is still 58% cheaper than the LPG prices.

The captive power and processing consumers of the general industry have been charged at Rs1,550 per MMBTU – up by 47%, and the exporters at Rs1,350 – an increase of 65%.

The gas prices for the cement and CNG sectors have been approved at Rs2,321 per MMBTU, showing an increase of 70% for the CNG sector and 82% for the cement sector.

The export industry in Punjab is proposed to be charged $8.5 per MMBTU. The non-export industry in Punjab will be charged close to the full RLNG price. The government has also readjusted the priority order to provide indigenous gas to exporters and the general industry in Punjab.

The ECC on Thursday again could not decide about giving nearly Rs54 billion annual subsidy to the Utility Stores Corporation to provide cheaper wheat flour, edible oil, and sugar.

The finance ministry said that the ECC approved the continuity of distribution of subsidised wheat flour under Prime Minister’s Sasta Atta Initiative on 1,200 additional sale points in Khyber-Pakhtunkhwa for two months – July 1 to August 31, 2022 – with further directions to submit in the next ECC meeting complete mechanism on the distribution of subsidy packages through the USC.

The ECC scrapped the tender for the import of 500,000 metric tonnes of wheat – two days after it had approved to give a tender at $439.4 per tonne. The decision has been taken due to a reduction in the wheat prices in the global market.

The ECC directed the Trading Corporation of Pakistan to float a fresh tender for the import of 300,000 metric tonnes of wheat. Further, a committee has been formed on the directions of the prime minister comprising of ministers of commerce, national food security and research, and finance to ascertain the actual wheat requirement for the country.

The ECC also granted approval for the issuance of the government sovereign guarantees of Rs10 billion for the construction of two units of 660MW super coal power projects, Jamshoro, that is 90% complete, in favour of local banks/financial institutions under Syndicated Term Finance Facility (STFF) agreed with a local bank.

Express Tribune
Click to expand...
[MENTION=135038]Major[/MENTION] whats going on?
 
Ahsan Iqbal blown out from Lalaland Chor Chor and guess what it was not at a random street by some wanderers rather an educated family people have woken up
 
If you think the economy is bad now, see what happens if Ishaq Dar comes back and is made Finance Minister. Miftah is at least competent.
 
Auto industry fears massive drop in sales

KARACHI: Auto industry players anticipate a 30 per cent sales drop in 2022-23 in view of uncertainty after the increase in withholding tax on filers and non-filers, imposition of one per cent capital value tax on vehicles exceeding 1,300cc, strict auto financing rules to compress demand, high interest rates and more price shocks on the cards.

Speaking to Dawn, market sources said assemblers are also flexing their muscles to pass on the impact of the continuous rupee devaluation against the dollar and high sea freight rates in the form of price hikes in vehicles after Eidul Azha, with many stressing that the industry is passing through a crisis.

Indus Motor Company (IMC) has already closed down the advance booking of vehicles from May 18, followed by Lucky Motor Corporation Limited (LMCL) from May 20 on Picanto Automatic and Sportage and Pak Suzuki Motor Company Limited (PSMCL) from July 1.

These decisions were taken by the assemblers owing to looming exchange crisis and the SBP’s decision to disallow the opening of letters of credit (LCs) for the import of parts and accessories from May 20, 2022.

New taxes, curbs on auto financing, soaring fuel prices cause anxiety among buyers

Talking to Dawn, IMC CEO Ali Asghar Jamali anticipates at least a 30pc plunge in vehicle sales in FY23 due to rising fuel prices, SBP’s restrictions on opening LCs for auto parts and new taxes imposed from July 1.

On the chances of a price increase after Eid, Mr Jamali said, “We have to jack up prices. No [other] choice.”

According to auto industry insiders, the impact of increase in various taxes, soaring interest rates, vehicle prices, high petrol and diesel prices, LC restrictions, and reduction in consumer financing tenure will be visible in September 2022 vehicle sales data, as assemblers are currently upbeat over thousands of advance booking orders for cars, jeeps, SUVs, and pickup made a few months ago and would be delivered in the next few months.

Around 26pc of total sales of IMC are from auto financing, while the share of consumer financing in total sales of Pak Suzuki stands at 35pc.

Fearing a 25-30pc sales fall in FY23, a Korean vehicle assembler said the company has not increased the prices of Kia vehicles. Some changes have emerged after the Finance Act relating to the implementation of 1pc CVT on vehicles above 1,300cc from July 1. As a result, two Kia Stonic models now have a 1pc CVT for Rs44,250-47,250, three Sportage models for Rs53,000-64,990, and three Sorento models for Rs68,360-74,990.

According to Honda Atlas Cars Limited (HACL), the 1pc CVT on the City 1.5 ranges between Rs35,890-38,990 while on two modes of the Honda BR-V, the CVT hovers between Rs42,490-42,740. The 1pc CVT on six Honda Civic models costs between Rs55,490-66,740.

On withholding tax on filers and non-filers, the HACL official said there is no change in WHT on filers in the Honda product line. However, Rs75,000 is charged for non-filers on purchasing the Honda City 1,200cc, which was Rs50,000. For the 1,301,600cc version, the rate of non-filers is Rs150,000 instead of Rs100,000.

PSMCL has informed its authorised dealers to charge Rs10,000 for Alto (all variants), Bolan and Ravi from filers, which was Rs7,500, while the non-filers will pay Rs30,000 instead of Rs15,000 on the same models.

Income tax filers interested in purchasing a WagonR or Cultus (all variants) will need to pay Rs20,000 instead of Rs15,000, while Swift buyers will pay Rs25,000.

The non-filers of Wagon R and Cultus will have to deposit Rs60,000 instead of Rs30,000, while a non-filer will make a payment of Rs75,000 instead of Rs50,000.

An Excise and Taxation Sindh official, who asked not to be named, said the motor vehicle registration charges have been the same in the last two years but the rate of WHT on filer and non-filer and CVT has been raised from July 1.

The motor registration fee payable at the time of registration for cars/jeeps not exceeding 1,000cc is 1pc of the value of the vehicle, followed by 1.25pc on 1,000-1,300cc vehicles, 2.25pc on 1,301-2,500cc vehicles, and 5pc on cars/jeeps exceeding 2,500cc.

A private bank employee dealing in the auto leasing said, “Targets to achieve auto financing are tough due to limited enquiries from the customers.”

Car sales of Pakistan Automotive Manufacturers Association members soared to 210,633 in 11MFY22 from 139,613 units in the same period last fiscal. Sale of LCVs, vans and jeeps swelled to 40,255 from 45,891 units.

DAWN
 
Kianig89 said:
SL film might run in Pakistan also looks likely
Click to expand...

Not the same film. Pakistan is way more important strategically than Lanka.

The iron brother, sweeter than honey, deeper than oceans friend will come to help.
 
daytrader said:
Auto industry fears massive drop in sales

KARACHI: Auto industry players anticipate a 30 per cent sales drop in 2022-23 in view of uncertainty after the increase in withholding tax on filers and non-filers, imposition of one per cent capital value tax on vehicles exceeding 1,300cc, strict auto financing rules to compress demand, high interest rates and more price shocks on the cards.

Speaking to Dawn, market sources said assemblers are also flexing their muscles to pass on the impact of the continuous rupee devaluation against the dollar and high sea freight rates in the form of price hikes in vehicles after Eidul Azha, with many stressing that the industry is passing through a crisis.

Indus Motor Company (IMC) has already closed down the advance booking of vehicles from May 18, followed by Lucky Motor Corporation Limited (LMCL) from May 20 on Picanto Automatic and Sportage and Pak Suzuki Motor Company Limited (PSMCL) from July 1.

These decisions were taken by the assemblers owing to looming exchange crisis and the SBP’s decision to disallow the opening of letters of credit (LCs) for the import of parts and accessories from May 20, 2022.

New taxes, curbs on auto financing, soaring fuel prices cause anxiety among buyers

Talking to Dawn, IMC CEO Ali Asghar Jamali anticipates at least a 30pc plunge in vehicle sales in FY23 due to rising fuel prices, SBP’s restrictions on opening LCs for auto parts and new taxes imposed from July 1.

On the chances of a price increase after Eid, Mr Jamali said, “We have to jack up prices. No [other] choice.”

According to auto industry insiders, the impact of increase in various taxes, soaring interest rates, vehicle prices, high petrol and diesel prices, LC restrictions, and reduction in consumer financing tenure will be visible in September 2022 vehicle sales data, as assemblers are currently upbeat over thousands of advance booking orders for cars, jeeps, SUVs, and pickup made a few months ago and would be delivered in the next few months.

Around 26pc of total sales of IMC are from auto financing, while the share of consumer financing in total sales of Pak Suzuki stands at 35pc.

Fearing a 25-30pc sales fall in FY23, a Korean vehicle assembler said the company has not increased the prices of Kia vehicles. Some changes have emerged after the Finance Act relating to the implementation of 1pc CVT on vehicles above 1,300cc from July 1. As a result, two Kia Stonic models now have a 1pc CVT for Rs44,250-47,250, three Sportage models for Rs53,000-64,990, and three Sorento models for Rs68,360-74,990.

According to Honda Atlas Cars Limited (HACL), the 1pc CVT on the City 1.5 ranges between Rs35,890-38,990 while on two modes of the Honda BR-V, the CVT hovers between Rs42,490-42,740. The 1pc CVT on six Honda Civic models costs between Rs55,490-66,740.

On withholding tax on filers and non-filers, the HACL official said there is no change in WHT on filers in the Honda product line. However, Rs75,000 is charged for non-filers on purchasing the Honda City 1,200cc, which was Rs50,000. For the 1,301,600cc version, the rate of non-filers is Rs150,000 instead of Rs100,000.

PSMCL has informed its authorised dealers to charge Rs10,000 for Alto (all variants), Bolan and Ravi from filers, which was Rs7,500, while the non-filers will pay Rs30,000 instead of Rs15,000 on the same models.

Income tax filers interested in purchasing a WagonR or Cultus (all variants) will need to pay Rs20,000 instead of Rs15,000, while Swift buyers will pay Rs25,000.

The non-filers of Wagon R and Cultus will have to deposit Rs60,000 instead of Rs30,000, while a non-filer will make a payment of Rs75,000 instead of Rs50,000.

An Excise and Taxation Sindh official, who asked not to be named, said the motor vehicle registration charges have been the same in the last two years but the rate of WHT on filer and non-filer and CVT has been raised from July 1.

The motor registration fee payable at the time of registration for cars/jeeps not exceeding 1,000cc is 1pc of the value of the vehicle, followed by 1.25pc on 1,000-1,300cc vehicles, 2.25pc on 1,301-2,500cc vehicles, and 5pc on cars/jeeps exceeding 2,500cc.

A private bank employee dealing in the auto leasing said, “Targets to achieve auto financing are tough due to limited enquiries from the customers.”

Car sales of Pakistan Automotive Manufacturers Association members soared to 210,633 in 11MFY22 from 139,613 units in the same period last fiscal. Sale of LCVs, vans and jeeps swelled to 40,255 from 45,891 units.

DAWN
Click to expand...

Sooner or later Bajwa will have to explain this treacherous act against PK. Only 3 months ago we were stable the Rp was around 175, exports were up, LSM was at double digit growth and the outlook was stable and on the up. Here we are with criminals in charge and the economy crashing.
 
Bewal Express said:
Sooner or later Bajwa will have to explain this treacherous act against PK. Only 3 months ago we were stable the Rp was around 175, exports were up, LSM was at double digit growth and the outlook was stable and on the up. Here we are with criminals in charge and the economy crashing.
Click to expand...

Explain to whom? Hes part of the corrupt establishment, the Mafia, the media, Pakistan is corrupt to the core and unless there's s massive public uprising, nothing will change.
 
Manunited18 said:
Explain to whom? Hes part of the corrupt establishment, the Mafia, the media, Pakistan is corrupt to the core and unless there's s massive public uprising, nothing will change.
Click to expand...

Pakistan doesn't have the appetite for a massive public uprising, unlike Sri Lanka, Iran or even Bangladesh (against the Pakistani military in 1971). Their track record of close to 80 years is testament to this.
 
Varun said:
Pakistan doesn't have the appetite for a massive public uprising, unlike Sri Lanka, Iran or even Bangladesh (against the Pakistani military in 1971). Their track record of close to 80 years is testament to this.
Click to expand...

Sometimes when a large proportion of the Awaam which is jaahil you have to take their blinkers off to guide them. Imran khan did exactly that, and there is a possibility where even they could say enough is enough.
 
Kianig89 said:
Ahsan Iqbal blown out from Lalaland Chor Chor and guess what it was not at a random street by some wanderers rather an educated family people have woken up
Click to expand...

And then the same family is forced to visit him and begged on their knees for forgiveness.

These crooks n all their badmaashi is in full swing primarily because they have army on their back fully supporting them.
 
Confidence in this idiotic government is hitting new lows everyday. Immeasurable amount of venture capital is either exiting the country or avoiding it all together. This has already caused huge setbacks in the tech industry. We are literally going back to the 1980s so a few corrupt, greedy and shameless families can continue to be big fish in a small pond. It’s so bad we haven’t even seen the likes of Mamoon show himself in this thread for weeks.
 
<b>Pakistan finally reaches staff-level agreement with IMF: Bloomberg</b>

• Sources say an official announcement in this regard is expected soon.
• Staff-level agreement will pave way for $1.2b disbursement, which is expected in August.
• Disbursal would offer relief to Islamabad as country's foreign-exchange reserves are depleting.

ISLAMABAD: Pakistan and the executive board of the International Monetary Fund (IMF) on Wednesday reached a staff-level agreement that revived the $6 billion Extended Fund Facility (EFF) programme for the country, Bloomberg reported.

The move comes after the coalition government adhered to all "tough" conditions set by the global lender, including an increase in the price of petroleum products and energy tariffs, among others.

Sources told Geo.tv that the official announcement in this regard is expected soon.

The staff-level agreement will pave way for a $1.2 billion disbursement, which is expected in August.

Bloomberg reported that the disbursal would offer relief to Islamabad as the country's foreign-exchange reserves are depleting so much so that they can only cover less than two months of imports.

In June, Pakistan and the Fund staff achieved substantial progress to strike a consensus on budget 2022-23 after which the IMF shared a draft Memorandum of Economic and Financial Policies (MEFP).

Finance Minister Miftah Ismail on June 28 announced that Pakistan had received the MEFP from the IMF for the combined seventh and eighth reviews.

The IMF in June 2019 approved a three-year, $6 billion loan "to support Pakistan’s economic plan, aimed at returning "sustainable growth to the country’s economy and improving the standards of living".

(Bloomberg)
 
The Pakistan Stock Exchange (PSX) ended the first trading session of the week on a positive note, with the benchmark KSE-100 index registering a gain of over 500 points amid reports that the country had reached a staff-level agreement with the International Monetary Fund (IMF).

After a lacklustre session, the KSE-100 was driven in the final hour by eager investors, seemingly rejoicing on reports that the IMF loan programme would now be revived.

Earlier, the market witnessed range-bound activity throughout the trading session, dropping to an intra-day low of 41,227.84, a fall of 106.17 points.

However, across-the-board buying was witnessed after reports of the IMF staff-level agreement started making the rounds with the KSE-100 hitting 41,970.59, a net increase of 626.58 points.

At close on Wednesday, the benchmark KSE-100 Index settled with a gain of 518.76 points or 1.25% to end at 41,862.77.

KSE-100 extends gains ahead of monetary policy announcement

“Investor-sentiment improved on reports that a staff-level agreement has been reached between Pakistan and the IMF,” said Capital Stake in its post-market comment. “The tranche is expected to be SDR894 million, equal to $1.2 billion,” it added.

A report from Topline Securities stated that initial investor-interest was witnessed in E&Ps as the Economic Coordination Committee (ECC) approved a price increase in the range of 43%-235% for domestic gas consumers and industries where OGDC, PPL and SNGP closed higher.

On the economic front, the rupee posted a significant decline against the US dollar in its first trading session after the Eid break, as the currency closed at the 210 level in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the currency settled at 210.10, a depreciation of Rs2.19 or 1.04%, against the greenback.

Meanwhile, volume on the all-share index inched up to 164.83 million from a mere 99.1 million on Thursday. The value of shares traded jumped to Rs6.49 billion from Rs4.04 billion recorded in the previous session.

TPL Properties was the volume leader with 14.94 million shares, followed by Sui Northern Gas Pipeline with 13.58 million shares, and Oil and Gas Development Company with 9.98 million shares.

Shares of 325 companies were traded on Wednesday, of which 212 registered an increase, 90 recorded a fall, and 23 remained unchanged.

Business Recorder
 
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