Business

Flood impacted Pakistan’s economy by $10b: Miftah Ismail

Published

2 years ago

Farwa

Minister of Finance Miftah Ismail says flash floods caused at least $10 billion in damage.
Says various sectors of country’s already struggling economy have been impacted.
Islamabad will first seek financial assistance from the international community.

Minister of Finance Miftah Ismail has said that the flash floods have caused at least $10 billion in damages to various sectors of the country’s already struggling economy.

Talking to the media, Miftah said that these were preliminary assessments that could change after conducting field surveys. Miftah stated that he does not currently have details on the losses suffered by each sector of the economy.

When asked if the country had taken the donors’ initial assessment of damage seriously, the minister replied in the negative. According to top officials, Islamabad will first seek financial assistance from the international community, and then it will assess the damages separately or jointly with the donors to determine the exact figures, but first and foremost, the government will focus on all-out relief efforts to rescue the victims.

In 2005 earthquake and 2010 floods, Pakistan and donors assessed the losses caused to different sectors of economy, and then the donors helped Islamabad during the reconstruction phase after relief and rehabilitation.

Now, the same strategy would be adopted. Initial assessments show that more than 1,000 people and millions of livestock have died in different parts of the country, besides damage to an untold number of houses, hotels and roods in major flood-hit areas of Punjab, Sindh, Balochistan and KP.

Miftah says PTI has put country’s economy at risk for politicking; hits back at Fawad, Hammad; says IK’s lust for power knows no bounds News Desk adds: Federal Minister for Finance and Revenue Miftah Ismail on Sunday fired back at PTI leaders Chaudhry Fawad Hussain and Hammad Azhar, saying the Pakistan Tehreek-e-Insaf (PTI) has put the country’s economy at risk and PTI Chairman Imran Khan’s lust for power has no bounds.

The finance minister, firing back at PTI leader Chaudhry Fawad Hussain for his critical remarks, tweeted: “Chaudhry sb, you have endangered Pakistan’s economy just for the sake of politics. This is very saddening. You were not like this before but the PTI has left very bad impact on you.”

Earlier, PTI leader Chaudhry Fawad Hussain tweeted: “It is simple that we can’t chop off our hands and give them to the IMF. No one trusts your corrupt government. Therefore put all the conditions of IMF programme before the nation. After getting the loans, you will run away, while the nation will have to bear the brunt. Therefore, there should be full disclosure of the IMF programme.”

Hitting back at PTI leader Hammad Azhar, Miftah tweeted: “You know this is absolutely untrue. Fawad said on TV a day before that such letters would be coming. Your successor called KP’s & Punjab’s finance ministries for these letters. Punjab refused. KP complied. Then, PTI leaked it. Shame really. IK’s lust for power knows no bounds.”

Earlier, Hammad Azhar tweeted: “From Miftah leaking Jhagra’s letter just before IMF meeting to the entire PDM doing nothing but photoshoots on the flood catastrophe. These artificial rulers are not only incompetent but also disgraceful.”

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

14 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

14 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.