PM Khan introduces saving scheme for overseas Pakistanis to boost national economy

Pakistan Prime Minister speaks at the launching ceremony of Naya Pakistan Certificates in Islamabad on Nov. 12, 2020. (PID)
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Updated 13 November 2020
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PM Khan introduces saving scheme for overseas Pakistanis to boost national economy

  • Naya Pakistan Certificates will offer up to seven percent to those investing a minimum of $5,000
  • Economists say the new scheme may raise up to $1 billion, but it will not be an economic game changer

ISLAMABAD: Prime Minister Imran Khan on Thursday launched investment certificates for overseas Pakistanis to boost the country’s foreign exchange reserves, stabilize its currency, and help revive the fragile economy.
“We are giving an opportunity to our overseas nationals to bring dollars to Pakistan and help the country,” he said while addressing the inauguration ceremony of the Naya Pakistan Certificates scheme in Islamabad.
Khan’s government has been struggling for the last two years to curtail the current account deficit by attracting maximum remittances from around nine million overseas nationals and boosting the exports to avert a balance-of-payments crisis.
According to the State Bank of Pakistan, the country had $19.9 billion of reserves last week, including $7.16 billion belonging to commercial banks.
The country has to repay about $4.4 billion on account of foreign commercial loans in the coming months of the current fiscal year, forcing the government to raise funds through bonds and investment certificates to maintain Pakistan's current foreign exchange level.
The newly launched certificates offer conventional and Shariah-compliant options, and they can be financially beneficial not only to the non-resident Pakistanis but also those nationals who reside in the country and have declared their assets abroad.
The scheme allows the eligible investors to park their savings in the new certificates in US dollars and Pak rupees for a flexible tenure starting from three months to five years.
The minimum investment in dollar-denominated certificates is $5,000 with no maximum limit, while those investing in Pak rupees can participate in the scheme by paying a minimum amount of Rs100,000, which can be increased by integral multiples of Rs10,000.
People who make the investment in US dollars will get up to seven percent return while those who pay for the certificates in Pak rupees will get 11 percent.
The scheme also allows early encashment with 10 percent withholding tax on the profit.
“The overseas Pakistanis cannot only earn lucrative profit on their investments, but also help in the country’s development,” said the prime minister while claiming that all economic indicators, except for food inflation, were positive.
The non-resident Pakistanis can invest in the certificates through the Roshan Digital Account scheme that was launched last September. The initiative allows the expatriates to remotely open bank accounts in their country without visiting a bank branch, and invest in different sectors, including the real estate.
Economists recognize that the government has offered lucrative returns to overseas Pakistanis, though they also remain skeptical that this will have a major impact on the revival of the country’s economy.
“The interest rates being offered on Naya Pakistan certificates are very lucrative and it is likely to invite reasonable investment which will help the country’s overall reserves,” Syed Atif Zafar, chief economist and director research at the Topline Securities Limited in Karachi, told Arab News.

However, he said that the government may raise $500 million to $1 billion through the certificates, adding that “this will not be a game changer for Pakistan’s economy.”


PSL 2024: Rutherford blitz ensures Quetta snatch last-ball win over Karachi

Updated 29 February 2024
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PSL 2024: Rutherford blitz ensures Quetta snatch last-ball win over Karachi

  • Sherfane Rutherford scores 58 runs from 31 balls to hand Quetta the victory
  • Quetta spinner Abrar Ahmed returns figures of 3/31 to put Karachi Kings at bay

ISLAMABAD: West Indian batter Sherfane Rutherford handed Quetta Gladiators their fourth victory of the Pakistan Super League (PSL) 2024 tournament on Thursday, smashing a fiery half-century as the Gladiators edged out Karachi Kings, the home side, in a last-ball thriller. 
Batting first, the Kings were considerably troubled by the Gladiators’ bowling line-up. Spinner Abrar Ahmed returned figures of 3/31 while Usman Tariq and Akeal Hosein finished with figures of 2/16 and 2/34 respectively.
James Vince top-scored for the Kings, scoring 37 runs from 25 balls while all-rounder Anwar Ali contributed with an impressive 25 runs from 14 balls. The Kings finished with a score of 165-8 from their 20 overs. 
“#PurpleForce breathe.. we have won the thrilling encounter,” the Gladiators wrote on social media platform X after securing the win. 
The Gladiators had a strong start to their batting, with opener Jason Roy scoring 53 runs from 31 balls while left-handed Saud Shakeel scored 24 runs from 20 balls. Middle order batters Khawaja Nafay, former skipper Sarfaraz Ahmed and Gladiators skipper Rilee Rossouw fell in quick succession, all failing to score in the double digits. 
However, an 80-run stand between Rutherford and Hosein proved to be fatal for the Kings, who lost to Quetta by five wickets in the end. 
Rutherford scored 58 runs from 31 balls, smashing six sixes and a four at a strike rate of 187.10. Hosein, on the other hand, scored 22 runs from 17 balls. 
For the Kings, Hasan Ali and Zahid Mahmood were the best bowlers, returning figures of 2/39 and 2/17 respectively. 
The Gladiators remain at number two on the PSL points table, with four wins from their five matches so far. The Kings remain at the number five spot with only two wins from their five matches in this year’s PSL.


OIC’s COMSTECH joins hands with Pakistan hospital for eye surgeries in Somalia

Updated 29 February 2024
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OIC’s COMSTECH joins hands with Pakistan hospital for eye surgeries in Somalia

  • COMSTECH, Al-Shifa Eye Trust Hospital to set up free cataract eye surgery camp in Mogadishu from March 1-10
  • Initiative aims to eliminate “avoidable blindness” with free cataract eye surgeries to those in need, says state media

ISLAMABAD: The Organization of Islamic Cooperation’s (OIC) Ministerial Standing Committee on Scientific and Technological Cooperation (COMSTECH) has joined hands with a leading Pakistani hospital to provide free cataract eye surgeries in Mogadishu, Somalia, from next month, state-run media reported on Thursday. 
COMSTECH and Pakistan’s Al-Shifa Trust Eye Hospital are collaborating with Al-Nur Foundation Somali and the Benadir University Somalia to organize a free cataract eye surgery camp in Mogadishu from March 1-10, the Associated Press of Pakistan (APP) said in a report. 
“The goal of this initiative is to eliminate avoidable blindness by providing free cataract surgeries to those in need,” the report said, adding the camp would be organized at the Dalmar Specialized and Teaching Hospital in Mogadishu. 
APP said that the eye surgery camp is poised to make a “significant impact” on the lives of individuals in need. 
“By offering free medical consultations, medications, eyeglasses, and surgeries to address cataract-related issues, the camp aims to alleviate the burden of visual impairment and improve the overall quality of life for participants,” APP said. 
Headquartered in Pakistan’s capital Islamabad, COMSTECH aims to strengthen cooperation among OIC member states in science and technology, and enhance their capabilities through training in emerging areas.


Pakistan’s stock market records gain as National Assembly holds maiden sitting

Updated 29 February 2024
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Pakistan’s stock market records gain as National Assembly holds maiden sitting

  • Analysts say maiden National Assembly session boosted investors’ confidence in Pakistan’s stock market
  • After much political uncertainty and rigging accusations, Pakistani legislators will elect a new premier on Sunday

KARACHI: Pakistan’s stock market continued its bullish run on Thursday, extending its previous day’s gains to close with an increase of 1.3 percent, as political uncertainty somewhat decreased after the country’s National Assembly convened its maiden session following controversial polls this month.
The stock market’s benchmark KSE100 index gained 875 points to close at the 64,579 level on Thursday, official data showed. On Wednesday, the KSE100 index had gained by 484 points to close at 63,703 points. 
Pakistan has been wracked with political uncertainty due to countrywide protests by political parties, who say the national polls of Feb. 8 were heavily rigged. However, financial analysts noted that investors’ confidence in the market increased as Pakistan’s National Assembly held its maiden session on Thursday, indicating that the country would soon be led by a new democratic government. 
“Stocks closed bullish after the president summoned the National Assembly session himself for the formation of a government,” Ahsan Mehanti, the chief executive officer of Arif Habib Corporation, told Arab News. 
“The move is easing political noise.” 
The Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) parties have announced joining hands to form their government at the center. The two parties have the required number of seats to form a coalition government. They also have the support of smaller parties in the assembly and have announced former premier Shehbaz Sharif as their candidate for prime minister. 
Sheheryar Butt, portfolio manager at Pakistani securities brokerage company Darson Securities, said the market had continued its bullish trend from Wednesday amid growing anticipation of the PML-N forming the next government. 
“The next government will have to negotiate with IMF (International Monetary Fund) and the manifesto of the PML-N is compatible with the IMF,” Butt noted. 
He said that Pakistani investors expect the new government will continue to implement the measures undertaken by the caretaker administration to secure a new long-term program from the IMF.
One of the principal tasks of the new government would be to secure a long-term bailout program from the international lender, as its short-term program expires next month. Pakistan’s fragile $350-billion economy is in desperate need of external financing to shore its up its foreign exchange reserves and escape its economic crisis. 
“Pakistan needs a long-term program for at least three years to ensure economic stability, so the market expects that the PML-N will follow the footprint of the caretaker government,” he explained.
Butt was confident Pakistan would secure the last tranche from the IMF under the $3 billion short-term financing agreement it reached with the lender last summer. 
Pakistan’s National Assembly will elect the country’s prime minister on March 3 while elections for the speaker and deputy speaker’s posts are scheduled to be held on Friday, March 1.


Pakistan concludes 60-hour joint military exercise with Saudi Arabia, US, other nations 

Updated 29 February 2024
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Pakistan concludes 60-hour joint military exercise with Saudi Arabia, US, other nations 

  • The exercise was held at semi-mountainous terrain of Pakistan’s Punjab province from Feb. 25-27
  • Pakistan’s army chief attends closing ceremony, lauds participating teams for their professionalism

ISLAMABAD: Pakistan concluded a three-day, 60-hour joint military training exercise with participating teams from Saudi Arabia, the United States, Jordan and other countries this week, Pakistan Army’s media wing said on Thursday.
Pakistan opened the 7th International Pakistan Army Team Spirit (PATS) Exercise in the northwestern town of Pabbi on Sunday. The exercise, which ran from Feb. 25-27, was aimed at enhancing combat skills through the sharing of innovative ideas and experiences by participants. 
The exercise would also help hone basic soldierly attributes besides interoperability through the sharing of innovative ideas and mutual best practices, the ISPR said last week. 
Seven teams from the Pakistan Army and 15 teams from Bahrain, Jordan, Kazakhstan, Saudi Arabia, Maldives, Morocco, Qatar, the US, Uzbekistan, Srilanka, Thailand and Turkiye participated in the exercise. Azerbaijan, China, Germany, Indonesia, Saudi Arabia and Myanmar witnessed the exercise as observers, the Inter-Services Public Relations (ISPR) said.
“The exercise was conducted from 25-27 Feb 2024 in the semi-mountainous terrain of Punjab,” the ISPR said. “Over the years, the exercise has gained much prominence as a very competitive professional military activity for friendly countries.”
Pakistan’s army chief General Syed Asim Munir attended the event’s closing ceremony at the eastern city of Kharian, the ISPR said. Munir appreciated the participating teams for their professionalism, and for demonstrating physical and mental endurance during the various stages of the exercise.
“At the end, COAS [chief of army staff] gave away individual and team awards to the participants of the exercise,” the ISPR said.
Pakistan routinely holds joint air, ground and sea exercises with friendly nations to foster interoperability and joint deployment concepts to counter threats to global peace.
Several cadets from these nations annually visit the South Asian country, which has fought back militancy for decades, to undergo specialized military training.


Pakistan’s Rawalpindi administration to deploy over 5,000 cops for next month’s PSL matches

Updated 29 February 2024
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Pakistan’s Rawalpindi administration to deploy over 5,000 cops for next month’s PSL matches

  • Pakistan’s eastern Rawalpindi city will host Pakistan Super League matches from March 2-10
  • Snipers, police to be stationed along ‘critical routes’ and at rooftops near stadium says state media

ISLAMABAD: The administration in Pakistan’s Rawalpindi has taken “extensive measures” to provide security to players and citizens as the city gears up to host the remaining matches of the Pakistan Super League (PSL) 2024 tournament next month, state-run media reported on Thursday.
Pakistan’s eastern city of Rawalpindi will host PSL matches from March 2-10. PSL matches every year draw thousands of people to stadiums in Lahore, Multan, Karachi and Rawalpindi, where matches are usually held. The PSL also features apart from local cricket stars, international cricketers of renown. 
The Rawalpindi administration has finalized a security plan ahead of the tournament’s matches, the Associate Press of Pakistan (APP) said in a report, amid a surge in militant attacks across the country. 
“Under the security plan finalized for PSL matches, over 5,000 police personnel, including elite forces, would be deployed to provide foolproof security cover to the matches,” the APP said. 
It said the security plan includes closing stations, managing traffic, and “strict surveillance” to ensure the safety of the cricketers, officials and spectators. 
It said around 750 police officers would be tasked with managing the teams’ movement from the Islamabad airport across the districts of Attock and Rawalpindi.
“Snipers, along with police equipped with advanced security tools, would be stationed along critical routes and rooftops near the stadium,” the report said. “These measures are designed to ensure a secure environment for the event.”
It said Rwalpindi’s traffic police has also developed a traffic management plan to cope with the expected increase in vehicles during the matches. 
Pakistani authorities have been wary of attacks targeting cricketers and cricket events, especially since 2009 when militants attacked the Sri Lankan cricket team in Lahore. The incident scared international teams from touring Pakistan, forcing the South Asian country to choose the UAE as its home ground for several years before international teams started touring the country again.
Pakistan has seen a surge in militant violence, especially in its western regions bordering Afghanistan, since November 2022 after a fragile truce between the state and the Pakistani Taliban broke down.