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Pakistani startup declares war on climate change

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Suftech Innovations, a Pakistani startup, has put on the war paint to launch a groundbreaking assault on climate change by introducing disruptive technology to most efficiently reutilise resources, reduce marine and soil pollution, and plug greenhouse gas emissions to a measure that matters.

Suftech — which leads the transition from a linear plastics economy to a truly circular and sustainable plastics economy — is a climate tech startup with state-of-the-art patent-pending technology that can create pristine polymer from plastic waste. The resultant product is of such a premium quality that it can be used as a replacement for virgin polymer.

This directly takes the firm a step closer to the Net-Zero emissions goal, promotes circularity and sustainability and helps commercial organisations fulfil their commitments related to recycling and reusing plastics responsibly.

It should be noted that the technology is replicable, and scalable and can be relocated to any global destination.

“The reason for doing something related to climate change was very simple, it was something that is very close to our heart,” Ahsan Ejaz, the co-founder and chief executive officer of Suftech Innovations Private Limited, told Geo.tv.

The logo of Suftech Innovations. — Twitter/@suftechi
The logo of Suftech Innovations. — Twitter/@suftechi

With the focus on being able to help solve global environment-related issues, the founders of Suftech believe “the Earth is our only home and if actions weren’t taken now, this home will not be liable for our future generations”.

With no investors on board, the founders of the startup kick-started their operations after they were awarded the Green Challenge Fund by Karandaaz Pakistan, the implementation partner of the UK’s Foreign, Commonwealth & Development Office (FCDO) in 2021.

The funding helped them set up their commercial scale plant and they now aim to make Suftech Innovations as a regional company in the next five years with at least two manufacturing facilities located in the MENA region.

Ejaz claims that Suftech has already brought a revolution within Pakistan and they aim to expand to the US and the UK markets in the next ten years.

He elaborated that within a few months, the firm has prevented 30,000+ kilograms of plastic waste from entering the environment and causing soil/marine pollution. “The technology helped reduce greenhouse gas emissions by a whopping 450,000kg and helped save $60,000 of precious foreign exchange by replacing virgin polymer with our product,” he added.

While most of the startups are struggling to continue operations, Suftech hasn’t been affected by the economic crunch that others are facing.

Ejaz believes every crisis is also an opportunity. “Due to the unfortunate economic scenario in Pakistan that has put restrictions on import and made everything imported extremely expensive it has at the same time created opportunities for businesses that rely on local materials,” he said.

“At Suftech we create virgin-like polymer from plastic waste which is readily available in Pakistan therefore we were not impacted by the shortage of raw materials ensuring the availability of our product and cementing our position as a reliable supplier for our customers,” he added.

The co-founder, however, added that the very high cost of electricity and the taxation system in Pakistan for startups needed to be simplified.

“This would allow startups like ours to reach our potential much more quickly and efficiently,” he maintained.

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“Ready to work with Pakistan’s new government,” the IMF said.

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In response to the former premier’s request, IMF Director of Communications Julie Kozak stated, “I’m not going to comment on ongoing political developments,” during a news conference.

She continued by saying that they “look forward to working on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens with the new government.”

In addition to stating that the plan is “supporting the authority’s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable,” Kozack said the lender increased the total disbursements under the Standby Arrangement (SBA) to $1.9 billion.

This has been accomplished by closely adhering to budgetary constraints and safeguarding the social safety net. In order to keep foreign exchange reserves growing and rein in inflation, a strict monetary policy stance has been maintained, the speaker stated.

The PTI founding chairman decided to write a letter to the international lender, asking it to demand an audit of the election held on February 8 before it proceeds with discussions with Islamabad for a new loan programme. This move prompted the IMF to release its statement.

In response to the former premier’s request, IMF Director of Communications Julie Kozak stated, “I’m not going to comment on ongoing political developments,” during a news conference.

She continued by saying that they “look forward to working on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens with the new government.”

In addition to stating that the plan is “supporting the authority’s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable,” Kozack said the lender increased the total disbursements under the Standby Arrangement (SBA) to $1.9 billion.

This has been accomplished by closely adhering to budgetary constraints and safeguarding the social safety net. In order to keep foreign exchange reserves growing and rein in inflation, a strict monetary policy stance has been maintained, the speaker stated.

The PTI founding chairman decided to write a letter to the international lender, asking it to demand an audit of the election held on February 8 before it proceeds with discussions with Islamabad for a new loan programme. This move prompted the IMF to release its statement.

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In a new IMF agreement, Pakistan would “raise” the FBR tax-to-GDP ratio to 15%.

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The state bank reserves will be maintained at a level equivalent to three months’ worth of import bills, according to sources in the Finance Ministry.

According to sources, the ministry has also set a goal to maintain the primary balance surplus and reduce the current account deficit.

The ministry insisted that once the existing agreement expires, a new one would be negotiated with the IMF, and that the IMF will also be guaranteed that the requirements will be implemented prior to the agreement being finalised.

The founder of Pakistan Tehreek-e-Insaf (PTI) demanded that an audit of the election results be conducted before the International Monetary Fund (IMF) approved any additional loans for Islamabad. However, the IMF showed earlier today that it was eager to cooperate with the new administration in Pakistan by disregarding the demand.

According to Bloomberg News yesterday, Pakistan is to apply for a fresh $6 billion loan from the International Monetary Fund to assist the next government in paying off billions of dollars in debt that comes due this year.

According to the article, the nation would attempt to negotiate an Extended Fund Facility with the IMF, and it was anticipated that discussions with the international lender would begin in March or April.

Thanks to a short-term IMF bailout, Pakistan avoided defaulting last summer. However, the plan expires next month, and the next administration will need to negotiate a long-term deal to keep the $350 billion economy steady.

The IMF forced the South Asian country to enact a number of reforms prior to the rescue, including raising its benchmark interest rate, changing its budget, and raising the cost of natural gas and electricity.

According to a fund spokeswoman, the IMF staff is still in communication with authorities on the necessary longer-term reform initiatives. The fund is also prepared to assist the post-election government in addressing Pakistan’s ongoing issues by means of a new arrangement, should that request be made.

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39% increase in IT exports in January: Dr. Umar Saif

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According to Dr. Umar Saif, the acting minister for information technology and telecommunication, IT exports increased by 39.4% to $265 million in January of this year from $190 million in the same month the previous fiscal year.

The IT sector in Pakistan is expanding and breaking records. The minister wrote on X that “IT exports in January are up by 39.4% to $265 million, compared to $190 million in the same month in 2023.”

The minister also revealed that IT exports to the United States over the first seven months of the current fiscal year (July–January) were $1.7 billion, up 13 percent from $1.5 billion in the same time previous year.

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