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Government to introduce one-window facility for foreign, local investors

Abdul Razak Dawood, adviser to prime minister on commerce, textile and industry, and Chairman Board of Investment (BoI) Haroon Sharif addressing a news conference in Islamabad on Wednesday. (Photo courtesy: PID)
Updated 30 January 2019
Aamir Shah
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Government to introduce one-window facility for foreign, local investors

  • Pakistan ranks 136 in list of 190 economies for ease of doing business
  • Saudi Arabia, UAE to invest in hotels, resorts and food processing units
Updated 30 January 2019
Aamir Shah

ISLAMABAD: Pakistan government said on Wednesday that it would introduce a one-stop shop for entrepreneurs to attract investments to the country, with plans to set up ease of doing business centers in all four provinces in the next three months.  

Adviser to Prime Minister on Commerce, Abdul Razak Dawood, made the announcement while addressing a news conference along with the Chairman of the Board of Investment (BoI), Haroon Sharif.

“Our efforts are focused on improving the ranking of the country in terms of doing business,” Dawood said, adding that the process of industrialization has started in the country which will create job opportunities for the youth.

Pakistan is currently ranked 136 among 190 economies of the world in terms of its ease of doing business. The government is now struggling to improve the ranking to 100 in the current financial year.

Dawood said that work was also underway to issue promissory notes to exporters to clear their outstanding tax refunds amounting to around Rs200 billion. “This will resolve the liquidity issue of the exporters and help boost our exports as well,” he added.

Speaking on the occasion, Sharif said that regional countries including Saudi Arabia, the United Arab Emirates, and Malaysia had expressed “great interest” for investments in different sectors of the economy.

He said that Saudi Arabia was setting up an oil refinery in the deep sea port of Gwadar, while Pak-Arab Refinery Limited Company (PARCO) was also planning to set up a similar facility in Pakistan. “These countries have also expressed an interest for investment in hotels, resorts, and the food processing units,” he said.

Sharif said that under the new tourism policy of the government, there is no restricted area in the country and businessmen can invest in Gilgit-Baltistan, Azad Kashmir, and Balochistan, too.

“We are issuing business visas in 24 hours now,” he said, adding that “businessmen can now apply for a visa online without going to Pakistan’s embassies."

He said that the online visa facility would be extended to 60 countries of the world.

Talking about taxes, he said that the government has simplified the tax payment procedures for businessmen while the number of taxes have also been reduced from 47 to 16.

“Businessmen can now pay their taxes online as well,” he said, adding that laws will also be framed to ensure that the businesses have “easy access to banking credit."

Topics: Pakistan Saudi Arabia UAE Pakistan Saudi Ties Pakistan-UAE Islamabad

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Citi expects Pakistan to strike new $8 billion IMF deal by end-July

Updated 5 sec ago
Reuters
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Citi expects Pakistan to strike new $8 billion IMF deal by end-July

  • Pakistan last month completed a short-term $3 billion program, which helped stave off a sovereign default 
  • But the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program
Updated 5 sec ago
Reuters

LONDON: Wall Street Bank Citi expects Pakistan to reach an agreement with the International Monetary Fund for a new four year of up to $8 billion program by end-July, and recommends going long on the country’s 2027 international bond.

Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer term program.

“While longer-term challenges pertain, we see several positive catalysts supporting the Eurobonds,” Nikola Apostolov at Citi wrote in a note to clients.

“First, a larger and longer IMF EFF (Extended Fund Facility) program could be finalized by July – possibly a $7-8 billion 4-year program and secondly and a possible inflow of Saudi investments,” Apostolov said after a team from Citi visited Pakistan and met policymakers, including Finance Minister Muhammad Aurangzeb.

An IMF mission is expected to visit Pakistan this month to discuss the financial year 2025 budget, policies, and reforms under a potential new program, according to the Fund.

Citi said it expected Pakistan’s international 2027 bond to offer a sweet spot to investors with sufficient liquidity and large upside as risks of default dissipate further.

The 2027 maturity trades at 87.292 cents in the dollar, according to Tradeweb data.

The country’s shorter-dated bonds — maturing 2025 and 2026 — are trading at 91-96 cents following a sharp rally since late last year. Pakistan’s international bonds had sunken to as little as mid-20 cents in the dollar in 2022. 

Topics: International Monetary Fund

Pakistan to send qualified, trained nurses to Saudi Arabia

Updated 38 min 39 sec ago
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Pakistan to send qualified, trained nurses to Saudi Arabia

  • Official says the Kingdom requires nurses in various fields on an ‘urgent basis’
  • Overseas Employment Corporation has advertised qualification, experience of nurses
Updated 38 min 39 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan’s Overseas Employment Corporation (OEC) will be sending qualified and trained nurses to Saudi Arabia, Pakistani state media reported on Monday, citing an official of the Ministry of Overseas Pakistanis.

The Kingdom required nursing staff in various fields, including cardiac care, emergency, medical care, obstetrics, pediatrics, critical care, hemodialysis, neonatal care, oncology, surgical care, and intensive care, the state-run APP news agency reported.

“Saudi Arabia required nurses staff on urgent basis and in this regard OEC has advertised the qualifications and experience of required nurses staff for abroad,” the report read.

“Only qualified females would be entertained for final selection who have a Bachelor of Science in Nursing BScN (4-years) or (Post RN), minimum two years of experience in the relevant field, only females, not more than 45.”

The applicants will be entitled to annual air ticket, mid-year benefits such as 10 calendar days post leave and mid-year round trip air ticket, and end-of-service benefits (Saudi service award) i.e. remuneration computed equivalent to the years of service.

Interested applicants could apply via the OEC’s website https://oec.gov.pk/, UAN 0311-0011-632 or email at [email protected].

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top destination for remittances to the cash-strapped South Asian country.

Topics: nurses Medical staff Pakistan Saudi Ties

Pakistan benchmark stock index hits record high of 74,000 points

Updated 13 May 2024
Reuters
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Pakistan benchmark stock index hits record high of 74,000 points

  • Pakistan’s stock index has surged 78.6 percent over past year and is up by 14.1 percent in year to date 
  • Analaysts say stock market evaluations progressing as IMF talks progress, investors show interest
Updated 13 May 2024
Reuters

KARACHI: Pakistan’s benchmark share index closed at a record high of 73,822, up 1 percent, after it touched a lifetime peak on Monday, breaching the key level of 74,000 points.

The index has surged 78.6 percent over the past year and is up 14.1 percent in the year to date.

During intraday trading, the index hit a high of 74,114 points. On Friday, it closed at a record high of 73,085 points, above the key level of 73,000 for the first time.

Pakistan last month completed a short-term $3 billion International Monetary Fund (IMF) loan program, which helped stave off sovereign default, but the government has stressed the need for a fresh, longer-term program.

An IMF mission led by its chief will meet with authorities in Pakistan this week to discuss a new program, ahead of Islamabad beginning its annual budget-making process for the next financial year, the IMF resident representative for Pakistan said on Saturday.

Amreen Soorani, head of research at JS Global Capital, said stock market valuations were recovering as talks with the IMF and reforms progressed, and foreign investors showed interest.
She said slowing inflation had also helped the rally.

Pakistan’s consumer price inflation slowed to 17.3 percent in April from a year earlier, the lowest reading in nearly two years and below the finance ministry’s projections.

The country has struggled with inflation above 20 percent since May 2022. Inflation jumped as high as 38 percent in May 2023, as Pakistan navigated reforms as part of an IMF bailout program. 

“Corporate profits are strong, the market’s (price-earning) multiple is still only around 4, which is well below the historical average of 6, including the distressed times in this average,” she added.

Despite that, on Friday in its staff report on the country ahead of talks on a longer term program, the IMF said downside risks for the Pakistani economy remained exceptionally high, and “political uncertainty remains significant.”
 

Topics: Pakistan Stock Exchange

Pakistani filmmaker launches ‘central hub’ for local films at Cannes Film Festival

Updated 13 May 2024
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Pakistani filmmaker launches ‘central hub’ for local films at Cannes Film Festival

  • Pakistan Crescent Collective will represent Pakistan’s official presence at the 77th annual Cannes Film Festival 
  • PCC will serve as “central hub” at week-long event at Cannes from May 14-20, promote Pakistani and diaspora films
Updated 13 May 2024
Arab News Pakistan

Three-time Emmy-nominated filmmaker and Pakistani Academy Selection Committee Chairman Mohammed Ali Naqvi has launched the Pakistan Crescent Collective (PCC), representing Pakistan’s official presence at the 77th annual Cannes Film Festival and marking the first time the country will have a central hub at the global event, a press release said on Monday. 

The PCC will serve as a “central hub” in a week-long event at Cannes from May 14-20 “to discover and nurture the next generation of talent, preserve films and promote Pakistani and diaspora films globally, thereby advancing Pakistan’s visual culture.”

“As one of the only countries without a central hub at Cannes, it’s imperative to launch initiatives like The Crescent Collective,” Naqvi was quoted as saying in a press release by Modoxy Media. “We are dedicated to championing Pakistani cinema and talent, both at home and abroad. It’s time to celebrate our own.”

Pakistan has made a significant impact at Cannes in recent years through the films Joyland in 2022 and last year’s In Flames, which were the country’s official submissions to the Academy Awards.

The Legend of Maula Jatt became the highest-grossing Pakistani film ever while Hollywood has also seen increased Pakistani representation, with Naqvi co-executive producing two seasons of the Netflix top ten hit, Turning Point: The Bomb & The Cold War and directing The Accused: Damned or Devoted?- the first Pakistani film nominated for a Primetime Emmy for Exceptional Merit in Documentary Filmmaking. 

Ms. Marvel, the first Muslim-American superhero series, also showcased Pakistani-American talent, while Iram Parveen Bilal’s Wakhiri and Fawzia Mirza’s Queen of My Dreams have also been well received recently. 

“The Pakistan Crescent Collective aims to build on this momentum by launching a robust and comprehensive program for the 77th Cannes Film Festival which includes a filmmaker panel discussion and event following the preview screening for the highly anticipated ‘The Glassworker’,” the statement said, referring to Pakistan first 2D hand-painted traditional film.

The PCC will also be co-hosting the inauguration and reception for the world’s first South Asian Film Market, launched by the Oscar-qualifying Tasveer Film Festival. 

As part of the launch, Tasveer and the Pakistan Crescent Collective will co-host an exclusive speed networking event on the American Pavilion Terrace. Selected filmmaking teams will meet with established film financiers and funders to pitch their next project during a rapid round of networking, followed by a cocktail sundowner reception for all participants. This event is part of American Pavilion’s Global Lens Day.

Topics: Pakistani filmmaker Mohammed Ali Naqvi Pakistan Crescent Collective

Not an ‘exam robot,’ says British-Pakistani girl who broke O-level record with 34 A*s

Updated 13 May 2024
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Not an ‘exam robot,’ says British-Pakistani girl who broke O-level record with 34 A*s

  • Mahnoor Cheema, 17, is said to be Britain’s smartest teen, grabbed headlines last year when she got 34 O-level A*s
  • Cheema has an IQ higher than Stephen Hawking and Einstein, has her sights set on studying at Oxford University
Updated 13 May 2024
Arab News Pakistan

British-Pakistani schoolgirl Mahnoor Cheema, who grabbed headlines last year after scoring a record 34 A*s in O-levels, recently spoke about the ‘misconception’ she was an ‘exam robot,’ saying many of the subjects she was pursuing required analysis and creativity.

Cheema, 17, has an IQ higher than Stephen Hawking and Albert Einstein and has her sights set on studying at Oxford University. After sitting 34 GCSEs, she began sixth form in September last year and enrolled in 28 courses. 

She completed four A-levels in November and scored four A*s in environmental management, marine science, English language and thinking skills. She will be sitting for the final exams for eight more courses next month, including math, further math, chemistry, biology and film studies.

“A big misconception is I’m just an exam robot, but loads of the subjects I do require analysis too,” Cheema said in a recent interview to the South West News Service. “For film studies, I have to create a film, edit, write the script. And with English you have to develop your own critical stance.”

Cheema was born in the UK but moved to Pakistan’s eastern city of Lahore with her parents in 2010 before her family moved back to the UK in 2016. By the age of six, Mahnoor had read all seven Harry Potter books, and, by 11, had memorized the entire Oxford English Dictionary.

She studied 24 GCSEs in her own time alongside 10 at Langley Grammar School and scored 33 nines and one eight — equivalent to 33 A*s and one A/A*.

“I just read the book and it goes into my head. I don’t really take notes, I find them to be a waste of time,” Mahnoor, who dreams of doing a TED talk one day, said. “I don’t think my memory is photographic, but it’s good!”

As a budding medicine student, her favorite subjects are math and sciences but she’s also studying film studies and French:

“The main enjoyment for me is studying the subject and the rich knowledge — the exam is just the qualification.”

Her mother, Tayyaba Cheema, who has a masters in economics, said her daughter was “quite different” from a young age and she had created a study timetable to make sure she made time to see friends, travel and enjoy hobbies. 

And there was no “no pressure” from her or husband Usman Cheema, 48, a barrister, for Mahnoor to do anything more than what she wanted.

“I have given her the choice, I just say ‘whatever you do in life, do it the best you can’,” Tayyaba said. 

“BURNOUT IS A CHOICE”

Cheema said she had no regrets about taking on so many subjects and would be “bored and understimulated” if she only did the standard three A-levels. 

“Absorbing content and analyzing and evaluating things comes naturally to me. I’m busy but I don’t take on so much that it’ll cause me stress or pressure — I try to do everything within my capabilities,” she said, explaining that she took so many subjects because she had “loads of interests.”

“I think if you have the capability to do more, it should be explored.”

“Burnout is a big thing for some people but I’m just motivated and driven and it doesn’t affect me,” the pupil added. “I see burnout as a choice. It’s not burnout if you enjoy what you’re doing.”

Topics: Pakistan mahnoor cheema

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