Business

The World Bank and Pakistan reach consensus on a new partnership framework for reforms.

Published

3 months ago

Farwa

Meetings between Prime Minister (PM) Shehbaz Sharif and a delegation headed by Martin Raiser, Regional Vice President of the World Bank for South Asia, resulted in the agreement.

Praiseing the World Bank’s role in Pakistan’s growth, Prime Minister Shehbaz welcomed Martin Raiser.

After the floods in Pakistan in 2022, the prime minister expressed gratitude for the Bank’s cooperation in constructing climate-resilient infrastructure. He gave the delegation an overview of the government’s reform programme, which included ending child stunting, improving per acre production in agriculture, reforming the power sector, and digitising the entire tax system.

Martin Raiser expressed appreciation for Pakistan’s determined reform programme and stated that the World Bank was prepared to work with the nation to improve its economy in order to achieve sustainable development.

A new Country cooperation Framework with an annual review mechanism to evaluate progress and guarantee results was reached was agreed upon by both parties to initiate a long-term, targeted cooperation.

In order to accommodate future course corrections, the technique will be flexible. On a chosen list of crucial development goals for Pakistan, the new alliance aims to produce transformative effects over a ten-year period.

Structural economic reforms, including tax policy changes and domestic resource mobilisation, mainly through digitalization, were among the first set of goals that were discussed during the summit.

It was also explored how to improve basic learning and reduce child stunting through human capital development.

Reforms pertaining to the energy sector, such as broadening the role of the private sector in transmission and distribution, and shifting to renewable energy sources to make energy more affordable, environmentally friendly, and financially viable, were also deliberated.

Both sides stressed the need for cooperation in climate adaptation in order to effectively handle the increasing scarcity of water and shocks due to climate change.

Pakistan can gain from the Bank’s experience in leveraging digital transformation, building institutional capacity, mobilising global expertise and best practices, and engaging the private sector through the International Finance Corporation, Multilateral Investment Guarantee Agency, and the World Bank’s private sector arm to enhance economic opportunities, including in the agriculture sector.

The federal and provincial governments, as well as academic institutions, legislators, members of civil society, development partners, and the commercial sector, will all be consulted throughout the establishment of the new Country Partnership Framework, the parties agreed.

In order to discuss partnership priorities that are appropriately aligned with the Government of Pakistan’s strategy and top development priorities, the World Bank will work with relevant stakeholders.

Najy Benhassine, the country representative of the World Bank, and Dr. Kazim Niaz, the secretary of the Economic Affairs division, signed a joint communique in this regard, which the prime minister saw.

Business

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

Published

1 day 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

1 day 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.