National

Aamir Ibrahim CEO - JAZZ The Economic Affairs had a privilege to talk to Mr. Amir Ibrahim, CEO Jazz, who shared how the company has revolutionized the telecommunication sector in Pakistan. Following is the transcript of the interview; The Economic Affairs: How has Jazz contributed to the economy of Pakistan in terms of employment, investment, and taxes? Aamir Ibrahim: In the last 27 years, Jazz has invested US$10.3 billion in Pakistan. During the first quarter of 2022 alone, PKR 14.9 billion were invested to forward our '4G for all' ambition. The money we have invested has gone into upgrading and expanding our network across the country as we move forward in our journey to accelerate Digital Pakistan ambition through a robus...

November 30, 2022 at 11:01 am | Economic Affairs

Muhammad Aurangzeb President & CEO – HBL Profile: Prior to this responsibility at HBL, Mr. Aurangzeb was the CEO for JP Morgan's Global Corporate Bank based in Asia, with a rich international banking experience of over 30 years in other senior management roles at ABN AMRO and RBS based in Amsterdam and Singapore. Mr. Aurangzeb is the only Pakistani to be invited to the exclusive membership of the Global CEO Council organized by WSJ / DowJones group. He is also the Chairman of the Pakistan Banks Association, Chairman of the Pakistan Business Council, and Council Member at the Institute of Bankers Pakistan. Mr. Aurangzeb received his BS and MBA degrees from The Wharton School (University ofennsylvania). An Overview of HB...

November 30, 2022 at 10:48 am | Economic Affairs

Waqar Malik CEO - FAUJI FOUNDATION The Economic Affairs feels honoured to talk to Mr. Waqar Malik, who sheds light on the unparalleled role of the Pakistan Army-run institutions in the social-economic development of the country. Following is the transcript of the interview; The Economic Affairs: Sir, would you like to share the success story of Fauji Foundation since it was founded in 1954, and highlight achievements of its subsidiary companies as well. Waqar Malik: Fauji Foundation (FF or “The Foundation”) is a charitable trust founded in 1954 and incorporated under The Charitable Endowment Act 1890. The raison d'etre of Foundation is “Earn to Serve”. The Foundation operates as a Hybrid Social Enterprise, where its ...

November 30, 2022 at 10:42 am | Economic Affairs

28 November 2022 Islamabad(PR) The Ambassador of Indonesia Mr. Adam M. Tugio emphasized the need to accelerate collaborative efforts among the OIC countries for the development of Traditional Herbal Medicine (THM) in the wake of growing popularity of natural remedy methods and global awareness to protect environment for ensuring ‘Greener Future’. Addressing an “International Seminar on Herbal and Traditional Medicine: A Sustainable Alternate for the Greener Future” organized by the Embassy of Indonesia Islamabad and COMSTECH Islamabad, the Ambassador said that THM offer tremendous economic opportunities and innovation for the OIC countries since more than 80% people in developing countries and around 10 to 50% people living in t...

November 28, 2022 at 4:40 pm | Economic Affairs

Japan’s Bank Nomar has placed Pakistan in the list of the seven countries of the world including Romania, Egypt, Sri Lanka, Turkey, Czech Republic and Hungary, which are currently suffering from a dangerous currency crisis By Ghulam Haider Bankruptcy speculations have been fueled by the widening of the credit-debit swap (CDS) of Pakistan in the international market as the country has to pay one billion dollars worth of Eurobonds on the 5th of December next month, issued five years ago, to become eligible for borrowing from international market. Financial research houses and experts have termed the increase in CDS as dangerous, and expressed concerns about Pakistan's chances of default, but, Federal Finance Minister Ishaq Dar, in...

November 26, 2022 at 6:35 pm | Economic Affairs

Japan’s Bank Nomar has placed Pakistan in the list of the seven countries of the world including Romania, Egypt, Sri Lanka, Turkey, Czech Republic and Hungary, which are currently suffering from a dangerous currency crisis By Ghulam Haider Bankruptcy speculations have been fueled by the widening of the credit-debit swap (CDS) of Pakistan in the international market as the country has to pay one billion dollars worth of Eurobonds on the 5th of December next month, issued five years ago, to become eligible for borrowing from international market. Financial research houses and experts have termed the increase in CDS as dangerous, and expressed concerns about Pakistan's chances of default, but, Federal Finance Minister Ishaq Dar, in...

November 26, 2022 at 6:28 pm | Economic Affairs

Currently, dollar rate in Peshawar market is up to Rs. 240 while in Karachi it is up to Rs. 237. A difference of up to Rs 15 to a dollar makes the gray market more attractive to remitters. By Ghulam Haider Remittances by overseas Pakistanis have recorded a continuous decline in the current financial year and in the month of October this year, remittances were about 16 per cent less than in the same month last year. According to the data released by the Central Bank of Pakistan, October 2022 also saw a decrease of nine per cent compared to September 2022 and if the four months of the current financial year are compared with the same months of the previous financial year, a decrease of more than eight and a half per cent was observe...

November 26, 2022 at 6:23 pm | Economic Affairs

Economists say that when a country is unable to pay the installments of its external debt and the interest on it, then this country is declared bankrupt By Ghulam Haider According to media reports, the former chairman of the Federal Board of Revenue (FBR), the federal agency that collects taxes in Pakistan, Shabbar Zaidi, declared the country bankrupt based on the economic conditions of Pakistan. However, later he explained in his message on Twitter that the media has taken his statement out of context. Thus, Shabar Zaidi has explained his statement, but there is still a lot of discussion on this issue. Economists believe that although Pakistan's economic indicators are suffering from a bad situation, there is currently no possibi...

November 26, 2022 at 6:18 pm | Economic Affairs

Pakistan is among the few countries in the world where there is a comprehensive population policy and program roadmap at the federal and provincial levels. By Ghulam Haider According to the new statistics released by the United Nations, the world's population has crossed the eight billion mark, and out of this eight billion, almost three percent of the population consists of Pakistan. Pakistan is among the eight countries in the world that will contribute fifty percent to the total population growth in the world by 2050. Apart from Pakistan, these countries include Congo, Egypt, Ethiopia, India, Nigeria, Philippines and Tanzania. Currently, Pakistan is the fifth largest country in the world in terms of population. China, Ind...

November 22, 2022 at 11:08 pm | Economic Affairs

November 21, 2022Islamabad (PR) Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar has taken serious notice of the illegal and unwarranted leakage of tax information of the family members of General Qamar Javed Bajwa, Chief of Army Staff (COAS). This is clearly violative of the complete confidentiality of tax information that the Law provides. In view of this serious lapse on the part of to-date unknown functionaries the Finance minister has directed the SAPM on Revenue Mr. Tariq Mehmood Pasha to personally lead an immediate investigation into the violation of tax law and breach of FBR data, affix responsibility and submit a report within twenty four hours.

November 21, 2022 at 10:47 pm | Economic Affairs

Delay in release of soybean from port threatens industry Businessmen have expressed fear that 30,000 poultry farms will be closed, more than 300 feed mills will be affected and investment of about Rs1,200 billion will be stopped in the poultry sector because of delay in clearance of soybean.  “With the unavailability of soybean meal, a main ingredient in poultry feed, there are chances of scarcity of chicken meat that may threaten the country’s food security,” cautioned Rawalpindi Chamber of Commerce and Industry (RCCI) President Saqib Rafiq. In a statement, Rafiq highlighted that 130,000 tons of soybean worth Rs22 billion was lying in the open sky at port and its clearance had been delayed. The poultry industry meet...

November 21, 2022 at 11:34 am | Economic Affairs

Yield on Pakistan’s Sukuk rises to 98.96% Weighed down by weak economic fundamentals, Pakistani rupee dipped to a six-week low at Rs223.17 to a dollar in the inter-bank market on Friday as importers were unsure whether the flow of the greenback would improve in the near future. Apart from the currency’s fall, the yield on Pakistan’s global Sukuk, maturing next month, rose by 568 basis points to 98.96%, reinforcing a perception that the country might default on the Sukuk worth $1 billion. The downtick in the rupee continued for the sixth consecutive working day, as the currency dropped by 0.22% (or Rs0.50) to close at Rs223.17, according to the State Bank of Pakistan (SBP). It has cumulatively lost 0.79% (or Rs1.75) in the si...

November 21, 2022 at 11:33 am | Economic Affairs

ICCI calls for forging strong business linkages to improveties Turkey and Pakistan enjoy heart-to-heart relations and Ankara is keen to boost bilateral trade to at least up to $5 billion in the next two to three years. The current volume of trade is not reflective of the actual potential of both countries. This was stated by Turkish Ambassador Mehmet Pacaci while addressing the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI). The envoy said that he was assigned by his government to increase Turkey-Pakistan trade to $5 billion in three years as a first step and added that both countries had the potential to go beyond that target. “Turkey wants to enhance cooperation in trade, industry, inv...

November 21, 2022 at 11:31 am | Economic Affairs

18 November 2022Faisalabad: (PR) Indonesia and Pakistan must accelerate bilateral cooperation and research efforts to gain benefits from the flourishing Halal cosmetics market, which is rapidly increasing its share every year and creating number of investment opportunities with healthy future growth prospects. This was said by the Ambassador of Indonesia to Pakistan Mr. Adam M. Tugio while addressing the International Conference on Islamic Economy and Halal Cosmetics organized by the University of Faisalabad (TUF). Ambassador Adam pointed out that the popularity of Halal products is not confined to Muslim countries alone but also attracting a wide range of non-Muslim consumers with its high quality standard and certification methods sup...

November 19, 2022 at 1:52 pm | Economic Affairs

The challenges posed by the climate crisis are enormous. In these extreme challenges, I found hope in Sweden while participating at Stockholm+50 conference this year. In Stockholm, I saw a transparent sky connecting with land in the highest esthetic and romantic way. From drinkable tap water to clean air, Stockholm has attracted millions of young tourists every year. Clean tap drinking water and a healthy natural environment are core indicators of modern day climate diplomacy. This is a hope where we can start our collective struggle to meet the challenges of climate change. Today, Climate Change defines global challenges, and the global south is at a defining moment. From shifting weather patterns and rising sea levels to threatened fo...

November 19, 2022 at 1:49 pm | Economic Affairs

Country’s annual GDP may fall by 18-20% during the same period due to climate change risks By Ghulam Haider The World Bank has forecast that Pakistan’s agricultural yields are projected to drop 50 per cent by 2050 due to the degradation of land, overuse of chemical inputs and water and lack of research in the top most important sector and contributor to the national Gross Domestic Product (GDP) of the country. The World Bank Group’s recently released “Country Climate and Development Report (CCDR) for Pakistan” has further forecast that erratic climate changes coupled with the mayhem instrumented by environmental degradation is set to result in a whopping fall of 18-20 per cent in the GDP by 2050 if the lingering issues p...

November 18, 2022 at 4:53 pm | Economic Affairs