PakVac COVID-19

vaccine passes
rigorous testing
Pakistan has locally finished a coronavirus vaccine
with the help of Chinese experts after raw materials
for the vaccine were transported to Islamabad last
month.

Special Assistant to the Prime Minister on National

Health Services Dr Faisal Sultan took to Twitter and
made the announcement on Monday. 

Dr Sultan congratulated the National Institute of

Health for the achievement, adding that the move will
step up the country's vaccine supply. He added that
the finished vaccine — named PakVac — has passed
rigorous internal quality control checks and testing. 
"Congratulations to the NIH Pak team and its
leadership for successful fill/finish (from concentrate)
of the Cansino vaccine with the help of Cansino Bio
Inc. China. The product has passed rigorous internal
QA testing. An imp step to help in our vaccine supply
line," wrote Dr Sultan.

Back in April, NIH officials had said they would start

the local production of CanSinoBio's coronavirus
vaccine in May. 

According to the NIH official, the raw material for the

vaccine reached Pakistan in early May after which the
production of the vaccine was started immediately.

Pakistan committed
to expeditiously
complete CPEC
projects: PM Imran
Khan
 China’s Ambassador to Pakistan Nong Rong
calls on PM Imran Khan in Islamabad.
 PM Imran Khan appreciates Chinese
leadership and conveys greetings to President
Xi Jinping.
 It was agreed to continue with the momentum
of high-level bilateral exchanges.

Prime Minister Imran Khan reaffirmed on Monday the

highest priority accorded by the government to the
China Pakistan Economic Corridor (CPEC) and the
firm commitment to expeditiously complete its
projects, which would open up tremendous
opportunities for increased economic growth and
development in the region and beyond.
The premier's comments, according to the PM's
Office, came during a meeting between him and
China’s Ambassador to Pakistan Nong Rong in
Islamabad.

Pakistan-China bilateral relations, including CPEC,

the 70th anniversary of the establishment of
diplomatic ties, vaccine cooperation, and high-level
bilateral exchanges were discussed during the
meeting.

The prime minister appreciated the Chinese leadership

and conveyed his warm greetings to President Xi
Jinping and Prime Minister Li Keqiang

Punjab’s Anti-
Corruption
Establishment
begins probe in
Rawalpindi Ring
Road scam
Punjab’s Anti-Corruption Establishment announced
on Monday that it has started an investigation in the
Rawalpindi Ring Road project.

A spokesperson of the department said that the

Director-General Anti-Corruption Mohammad Gohar
has named the investigation team for the project that
includes legal, technical, and economic experts.

“The team has launched a probe into the scandal and

after a thorough investigation, all the facts of the
project will be made public,” said the spokesperson.
Rawalpindi Ring Road scam made Rs130b
in property deals in four years:
investigators

The Rawalpindi Ring Road has taken the political

circles in Pakistan by storm. The allegations have
been so damning that Zulfi Bukhari, whose name was
referenced in the report, has also resigned as SAPM. 

A recent report showed an initial inquiry into the scam

found that over Rs130 billion have been made in
property deals as part of the Rawalpindi Ring Road
project since its conception in 2017.

According to the new official findings, 18 politically

connected individuals and 34 influential builders and
property tycoons have acquired around 64,000 kanals
of land in different deals within the limits of the
Rawalpindi/Attock loop, Paswal Zigzag, GT Road and
Islamabad Margalla Avenue, The News reported.
The value of this land was expected to multiply once
work on the Rawalpindi Ring Road project started.

Read more:  SAPM Zulfi Bukhari resigns over

allegations made in Rawalpindi Ring Road inquiry

An examination of official records, files and initial

findings of investigators linked with the project found
that these 52 individuals, either directly or through
frontmen, collectively acquired over 63,828 kanals of
land by paying an estimated Rs31 billion to the real
owners. Some portions of the lands were allegedly
grabbed in the last four years.

Societies and property tycoons sold around 0.32

million files/pledges of plots by generating an
estimated Rs131 billion from clients, officials
revealed.

According to the publication's news report, dealers

have also yet to pay tax against 67% of the land deals,
which remains at Rs1.7 billion. Around 60% of
societies and builders did not meet the basic
registration criteria.

Hundreds of thousands of land registrations, however,

were being sold to bulk purchasing investors and
potential buyers on 10% to 30% down payments in the
market, revealed off-the-record discussion/interviews
with around a dozen senior officials of the RDA, CDA
and Attock/Rawalpindi/ICT administration.

Were government officials involved in the

Rawalpindi Ring Road property deals?

The possible involvement of more than a dozen

government officials, including ministers, special
assistants to the prime minister, MNAs, senators and
MPAs, with these property deals was reviewed by the
investigators too.

Read more:  Fawad Chaudhry says no cabinet

member involved in Rawalpindi Ring Road scam
They could have been either direct or indirect
beneficiaries of the newly-planned route had the
project been executed.

"Some of them either collectively inherited over

17,110 kanals of land or recently purchased a major
chunk of land, which, apparently, in one way or the
other was close to the jurisdictions of the Rawalpindi
Ring Road. Some of them had already ancestral lands
in the concerned area while others appeared on the
scene after the announcement of the Rawalpindi Ring
Road project," the publication reported.

As many as 18 housing societies and builders

purchased over 11,300 kanals land in nine mauzas, the
investigation found. These were in Moorat, Jungle,
Raman, Ganda, Daulat Pur, Mehlu, Bango, Kanial and
Qutbal and directly or indirectly connected to the
Attock Loop, according to the investigation.

These builders and property tycoons paid around Rs1

billion to the original owners of the land but they
themselves generated over Rs11 billion from clients
by hiking the land price in the last two years.

"Some 10 housing societies acquired over 24,540

kanals of land. Real estate players, thus, paid Rs3
billion to landowners by generating around Rs50
billion after selling files in the past four years,
according to preliminary findings," the publication
reported, adding that six housing societies acquired
10,871 kanals of land and made around Rs35 billion
near the New Islamabad International Airport, GT
Road, Paswal Zigzag and Margalla Avenue. As many
as 19 of the total 34 housing societies and
construction companies were not registered even,
revealed investigation.

Almost 60% of societies and builders are selling

ownership titles of land in bulk through
advertisements by showing the proximity of the
society with the Rawalpindi Ring Road project, the
investigation found.
Some 309 individuals and 11 firms have gone into
litigation against these real estate tycoons while NAB
started an inquiry against seven housing societies and
15 individuals. Some 31 government officials and
around a dozen retired officers of armed forces were
also allegedly abetting those involved in these land
dealings as well as in framing the desired Rawalpindi
Ring Road alignments.

FIA, NAB, ACE to probe influential

persons involved in Rawalpindi Ring
Road scam

Federal Investigation Agency, National

Accountability Bureau and Punjab ACE investigators
will look at the influential persons who directly or
indirectly got the new Rawalpindi Ring Road project
alignment approved for favourable road links.

Read more:  Punjab removes six officers for alleged

involvement in Rawalpindi Ring Road scam
The new roads links could possibly benefit 34 plots of
a former government influential and his family in
Sectors C-15/16, Islamabad, and in one way or the
other to 1,310 kanals land situated in the surroundings
of Attock, investigators told Geo News.

The new alignment can possibly benefit a former

PML-N senator who owns over 4,700 kanals in
Fatehjang, Attock and Mauza Rajar, according to
official findings. Meanwhile, two PPP MNAs own
2,460 kanals of land in Sangani, Islamabad, which is
apparently a proposed jurisdiction of the Rawalpindi
Ring Road project.

Two federal ministers allegedly owned over 1,531

kanals of land in Fatehjang and some parts of the
Attock border linked to the project's routes, revealed
the investigation. A son of a federal minister also
allegedly has shares in a private housing society that
finds its feet in the jurisdiction of the project in
Attock, claimed investigators.
Another PML-N MNA owned over 1,100 kanals of
land near the road in Fatehjang and other parts of
district Attock, investigators found, while two PML-N
MPAs own over 1,400 kanals of land in Attock, close
to the Rawalpindi Ring Road routes.

A PTI MNA and two PTI MPAs were also part of the
group.

Six PTI MPAs allegedly owned hundreds of kanals

land in the village of Qazi, 4,000 kanals in Gaggan
Tehsil Jand Attock, over 600 kanals of land in Sector
B-17, Islamabad, and Paswal and six kanals of land in
Sector E-13 in Islamabad, along with multiple
proposed link roads associated with the Rawalpindi
Ring Road, according to the investigation.

No political influence
found in Ehsaas
progamme, says PM
Imran Khan
Video Player is loading.

 PM Imran Khan says so far no political influence

has been found in govt's Ehsaas programme. 
 Says no nation could progress unless it empowers
its weaker segments.
 Says across the world, the pandemic has pushed
millions of people below the poverty line,
however, Pakistan’s Ehsaas socio-welfare project
succeeded in reaching out to the poor.

ISLAMABAD: Prime Minister Imran Khan said

Monday that so far, no political influence has been
found in the government's flagship Ehsaas programme
as not a single complaint has been received of anyone
benefitting or being harmed on political grounds through
it.
 Addressing the launch of the Ehsaas Saving Wallets
(ESW) initiative, the prime minister said no nation could
progress unless it empowers its weaker segments.

"The financial mainstreaming of women is important to

end poverty at a faster pace, thus ultimately contributing
to the economic development of the country," said the
premier.

The ESW, an essential component of Ehsaas Financial

Inclusion Strategy, was launched by Prime Minister
Imran Khan in the presence of Queen Maxima of the
Netherlands during her visit to Pakistan in November
2019.

Related items
 PM Imran Khan congratulates Sania Nishtar, Ehsaas
team after World Bank acknowledgement
 World Bank lists Ehsaas Cash Programme among
top global social protection measures
 PM Imran Khan launches 'Ehsaas Koi Bhooka Na
Soye Programme' in Punjab, KP
The prime minister said Ehsaas Saving Wallets was in
line with the worldwide proven fact that inclusion of
women in the financial system could help them run
independent businesses and save money to overcome the
economic crisis.

He mentioned that the Ehsaas programme was

acknowledged by World Bank as the fourth effective
programme to provide a safety net to the poor and
deserving during the coronavirus pandemic.

Imran Khan said that across the world, the pandemic has
pushed millions of people below the poverty line,
however, Pakistan’s Ehsaas socio-welfare project
succeeded in reaching out to the poor inspired by the
principles of compassion of the State of Medina.

He thanked Queen Maxima for especially coming to

Pakistan as UN Secretary General’s Special Advocate
for Inclusive Finance for Development and support the
project, aimed at the financial empowerment of women.
The prime minister mentioned that Pakistan also desired
to follow the model of China that helped 700 million
come out of extreme poverty.

He expressed confidence that Ehsaas Saving Wallets

initiative would prove an effective step forward to help
households better manage financial shocks, meet
emergency needs and invest to increase their earnings.

The Dutch ambassador, on the occasion, read out the

message of Queen Maxima, expressing her satisfaction
with the implementation of the initiative.

The prime minister interacted with beneficiary women

of Ehsaas Wallet programme and issued directions to
resolve their grievances.

Special Assistant to the Prime Minister Dr Sania Nishtar

also spoke during the event and said that the Ehsaas
Saving Wallets Initiative would lead to digital and
financial inclusion of women and open avenues for them
to take better advantage of opportunities offered under
the Ehsaas National Poverty Graduation Initiative. 
Chaudhry Nisar
unable to take oath
as member of
Punjab Assembly
 Chaudhry Nisar Ali Khan says he is not part of
any political game but decided to take the oath
because of political development.
 Says govt plans to introduce an ordinance that
eyes disqualification of members.
 Says the qualification and disqualification of
members are included in the Constitution of
Pakistan.
Former interior minister Chaudhry Nisar Ali Khan on
Monday could not take an oath as a member of the
Punjab Assembly. 

Chaudhry Nisar reached the Punjab Assembly after

three years to take the oath for the assembly's
membership but could not do so due to the "absence
of the speaker and deputy speaker."

Speaking to the media as he arrived to take oath as a

lawmaker in the Punjab Assembly, he said that the day
for his oath-taking was fixed but he was later
informed that swearing-in was not possible in the
absence of the speaker and deputy speaker of the
assembly. 

"As you all know, I had won the election on the

provincial assembly seat in the 2018 general elections
by a lead of 34,000," said Nisar.

"I had decided to take oath after a political

development took place. The government plans to
 introduce an ordinance that eyes disqualification of
members; however, the qualification and
disqualification of members are included in the
Constitution of Pakistan," he said.

He said that he had a stance from the beginning which

he still adheres to, adding that he is not part of any
political game. 

Related items
 Former interior minister Chaudhry Nisar takes
oath as Punjab MPA today
 Chaudhry Nisar took decision according to
conscience: Marvi Memon
 Not part of PML-N anymore: Chaudhry Nisar

"Imran Khan should tone down [his aggressiveness]

towards the Opposition. The government should take
into account all political viewpoints as this country
needs increased understanding. This nation needs to
unite, not divide," he said. 
Nisar also said that news about his meeting with
Shahbaz Sharif is only based on speculations. 

It should be noted that speaker Chaudhry Pervaiz

Elahi is currently the acting governor in the absence
of Chaudhry Muhammad Sarwar. He is not attending
the assembly session.

Deputy Speaker Sardar Dost Mohammad Mazari is

not attending either due to personal engagements,
sources in the Punjab Assembly said.

Sources had earlier said that Nisar's close friends had

advised him to take oath a few days later.

The final decision on taking oath from the panel of

chairmen will be taken by Nisar, the sources said.

Nisar met Punjab Assembly Secretary Muhammad

Khan Bhatti and presented him with a copy of the
rules.
Nisar, who used to be one of the most influential
leaders in the PML-N, contested the 2018 elections as
an independent candidate from two national and two
provincial assembly seats after developing differences
with former prime minister Nawaz Sharif.

Never stopped Nisar from taking oath:

Muhammad Khan Bhatti

Issuing a clarification, Secretary of the Punjab

Assembly Muhammad Khan Bhatti said that no one
had stopped Nisar from taking an oath, adding that
three applications in this regard have been filed to the
Rawalpindi bench while two other applications have
been filed at the Lahore High Court. 

"We have asked for two days to check if there are no

stay orders in response to the applications," he said.
"We don't want Nisar to take the oath if there is a stay
order otherwise that would be a contempt of court."

He said that once a legal opinion has been sought,

Nisar would be allowed to take the oath.
Govt has nothing to do with Nisar's
oath-taking: Raja Basharat
The government has nothing to do with the swearing-
in of Chaudhry Nisar, Punjab Law Minister Raja
Basharat said.

He said Nisar had "destroyed the constituency in the

last three years, adding that millions of rupees were
lost because Nisar had not taken oath earlier."

Chaudhry Nisar's announcement

Sources close to Nisar believe that the move has its

roots in the proposed legislation on electoral reforms
by the federal government, envisaging a time frame
for the elected members to take the oath, The News
reported.

Nisar had also given the update about his oath on

Twitter. He, however, clarified that he had not
changed his stance and would neither take salary nor
avail perks.
This move is not a result of any political development,
but a need of the time, sources were quoted as saying
by the publication.

The sources said the government is planning to amend

the electoral laws and may include a clause that those
not taking oath for a specific time period would be de-
seated.

After Nisar’s announcement, several conspiracy

theories had started doing the rounds in print and
social media that ‘someone’ wanted to give Nisar a
bigger role and that’s why he was taking the oath after
almost 2.5 years, the sources said.

The theory is: Nisar will take oath as an independent

candidate and may later join PTI and replace Usman
Buzdar.

Sources said this might be a hurdle race for Nisar. He

would first have to make himself acceptable as the
CM in the PTI and then deal with Chaudhry Pervaiz
Elahi, who also wants to control the province.
What are the PML-N and PPP saying?

The PML-N and PPP are closely monitoring the

development.

Senior PML-N leader Muhammad Zubair denied the

party had any role to play in this development.

“Ch Nisar left the party saying he will not work under
Maryam Nawaz,” Zubair said, adding that Maryam
had emerged as a national leader so the reason for
which Nisar left the party was there and even in a
bigger role.

Responding to a question on the close relationship

between Nisar and Shehbaz Sharif, Zubair said
personal relations were different from politics.

He said Sharif family was together and so far the

party’s high command had not taken any decision on
bringing in Nisar or supporting him for the slot of the
chief minister. Zubair said he didn't know why Nisar
had suddenly announced to take the oath.
PPP parliamentary secretary Syed Hassan Murtaza,
meanwhile, says the party is "closely watching" the
development. He said Nisar didn’t take oath for 2.5
years, which means he had deprived the people of his
constituency of their right of representation.

Pakistan's
remittances rise to
all-time high of
$2.8b in April
 Prime Minister Imran Khan thanked Tuesday
overseas Pakistanis for an all-time high of
$2.8b remittances in April.
 He also paid gratitude to the expats for their
faith in Naya Pakistan.
 Pakistan records 56% higher remittances than
last year.
Prime Minister Imran Khan thanked on Tuesday
overseas Pakistanis once again for ensuring that the
country recorded remittances at an all-time high of
$2.8 billion in April, 56% higher than last year.

"I have always believed Overseas Pakistanis to be our

greatest asset. In April, your remittances rose to an
all-time high of $2.8bn. Remitting $24.2bn in the first
10 mths of FY21, you have broken the record level
achieved in the entire FY20," the premier wrote on
Twitter.

He also thanked the expats for their faith in Naya

Pakistan.

Read more:  Pakistan records remittances over $2b

for 10th consecutive month

Meanwhile, the state bank of Pakistan also tweeted the

update. "At $24.2bn during Jul-Apr FY21, up 29%
from last year, these have also surpassed the full FY20
level by over $1bn, creating a new record," the central
bank said on Twitter.

Pakistan had seen an increase of 26% in remittances,

with a record run of above $2 billion in remittances
for the 10th consecutive month in March.

"At $2.7bn, the remittances were up 20% compared to

February and 43% compared to March 20.
Cumulatively, the remittances have risen to $21.5bn
during July-March FY21, up 26% over the same
period last year," the central bank had said on Twitter.

Govt to boost
development
spending by 40% in
2021-22: Shaukat
Tarin
Even as it grapples with the coronavirus pandemic,
Pakistan plans on boosting expenditure by 40% for
large infrastructure projects to provide more jobs and
raise productivity.

This was revealed by Minister for Finance Shaukat

Tarin to Bloomberg in an interview on Thursday.

Tarin, who was recently given the helm of Pakistan's

financial matters, is due to present the budget next
month.

He said in the new fiscal year, the government will set

aside as much as Rs900 billion ($6 billion) for
development expenditure.

According to Bloomberg, Tarin said that the economy

needs to expand by 5%.
“That’s the bare minimum we need for a country this
size,” he said. “There are almost 110 million youth.”

“We need 2 million jobs every year,” he said. “If we

do not go into growth mode, we will have a major
crisis on the streets.”

Bloomberg's report said that Tarin's plan, therefore

features a new approach. It notes that his predecessor's
move was to lower spending so the growing deficit
can be arrested. Tarin has estimated the budget deficit
to be " a little above 7% of gross domestic product in
the current fiscal year through June, against 8.1% in
the previous year".

Therefore, the deficit in FY2021-22 will reduce by 1

or 1.5 percentage points.

Under the $6bn loan programme with the IMF,

balancing the budget will be key for the government
and Tarin has asked the Fund to ease tough
conditions, the report notes.
IMF's strict conditions also have a political cost:
Shaukat Tarin

IMF has projected 4% GDP but the government has

aimed for a percentage point higher in the coming
fiscal year and Tarin plans on raising it to 6% in the
year after.

Tarin also told Bloomberg that he is targeting a larger

tax revenue collection in FY22 — Rs6 trillion versus
this year's target of Rs4.75 tr.

“Unless we get more revenues, forget about any

incentives to boost the economy.”

Talks with IMF

Speaking more about his talks with the IMF, Tarin

said: “All we are saying is that we are just basically
going to give them alternate ways of achieving the
same objective.”
This includes a greater focus on revenue generation
and reduction of energy debt.

Tarin said the aim is for this programme to be "the last

IMF bailout in Pakistan’s history".

Other avenues

The finance minister will also be making use of $20bn

in tapped funds from Asian Development Bank and
World Bank.

Tech exports are planned to go up to $8bn in two

years. This year they are estimated to have clocked in
at $2 billion.

Pakistan will also be selling global sukuk bonds soon.

Amazon has added

Pakistan to its
approved seller list:
Shahbaz Gill
 SAPM Gill gives credit to PTI government for
the achievement.
 Says Pakistan has now joined the global
market which will create billions of investment
and employment opportunities in the country.
 Amazon account can be created by using
Pakistani details.

ISLAMABAD: Special Assistant to Prime Minister on

Political Affairs (SAPM) Shahbaz Gill announced the
news that US e-commerce giant Amazon has added
Pakistan to its approved seller list.

Crediting the PTI government for the development,

Prime Minister Imran Khan’s aide tweeted: “What
could not be achieved during the last 10 years in the
history of Pakistan, has finally been done by the
present government.”

Gill said Pakistan has now joined the global market

which will result in billions for the country in the
form of investment and employment opportunities.

“Thank you Imran Khan.”

According to TechJuice.pk, after Pakistan's addition to

Amazon approved selling countries, accounts can be
made using Pakistani details.

"This milestone will drastically change the game and

result in a new era of economic growth as more sellers
will visit the platform than ever before," read a post
on the website.

A webinar was also organised by the Consulate

General of Pakistan, Los Angeles and Ministry of
Commerce of Pakistan with senior executives of  a
few Pakistani companies.
Omar Gajial, former senior executive of Amazon,
shared with the participants what sort of opportunities
will be available to Pakistani business to sell their
products on Amazon and how they can derive
maximum benefit from this opportunity once Amazon
opens its Seller Registration for Pakistan.

IMF committed
grave injustice
against Pakistan':
Finance Minister
Shaukat Tarin
 Newly-appointed Finance Minister Shaukat
Tarin says the demand to increase the
electricity tariff by IMF is unjustified.
  Finance minister says increase in tariff is
leading to a rise in inflation in Pakistan. 

 Tarin says if current govt is not able to take

GDP growth to 5%, then the country will be at
God’s mercy for next “four years”.

Newly-appointed Finance Minister Shaukat Tarin on

Monday said that the International Monetary Fund
(IMF) committed grave “injustice” against Pakistan in
terms of the Extended Fund Facility offered to the
country.

Tarin remarks came during a meeting of the National

Assembly’s Standing Committee on Finance,
Revenue, and Economic Affairs. The meeting was
chaired by the committee chairman, Faiz Ullah
Kamoka.

“IMF did injustice to Pakistan, the demand to increase

the electricity tariff is unjustified,” said the minister,
adding that due to the move, the economy has stopped
moving forward, while corruption is on the rise.

Read more:  Waqar Masood’s role expanded,

redesignated as SAPM on Finance, Revenues

The minister told the lawmakers that if the current

government is not able to take the GDP growth to 5%,
then the country will be at "God’s mercy for the next
four years”. He assured the lawmakers that he is
trying to explain the situation to the IMF.

“The increase in tariff is leading to a rise in inflation.

We have told the IMF that we will reduce the circular
debt but increasing the tariff is unexplainable,” said
the minister. 

He also told the lawmakers that even though the

revenue has risen in the last two months, the
government still has to make tough decisions to revive
the economy.
“Instead of introducing taxes, there is a need to
increase the tax net. Our country lacks short-term,
medium-term and long-term policies,” deplored Tarin.
He cited the example of China, Turkey, and India
where there are consistent economic policies in place.

The minister said he is of the view that there is a need

to improve policies in agriculture, industries, the
housing sector, and price control.

Read more:  IMF approves $500 million

disbursement to Pakistan

Tarin told the lawmakers that mortgage in the country

is at 0.25%, adding that if the housing sector is
revived, then 20 other industries will start working.

"The government should privatise all institutions that

it is unable to run," Tarin said, adding that there very
little amount is spent on education and health.

The minister, while speaking to the media after

making an appearance before the committee, said that
at this point, the government should see what relief
can be obtained from the IMF as inflation is rising and
urgent measures are needed to control it.

What did Shaukat Tarin say about

Pakistan's economy before becoming
finance minister?
The minister's criticism of the government policies is
not something new, as before taking charge of the
ministry, he had slammed the policies pursued by his
predecessors. 

Shaukat Tarin was sworn in as the county's new

finance minister on April 17, after he replaced federal
minister Hammad Azhar, who had just been on the job
for less than a month.

But, what was Tarin's perception of the country's

economic policy before he was appointed?

While speaking in Geo News' programme "Aaj

Shahzeb Khanzada Kay Saath", he had presented a
charge sheet against the government's economic
policy.

Read more:  Govt not to increase petrol price in May,

says Finance Ministry

"We don't know where the economy is heading [...]

We will have to put our house in order," the newly-
appointed finance minister had said back then.

The captain of the ship has to stand firm and be strong

or the vessel won't move ahead, he said.

"We have to change the NAB (National

Accountability Bureau) rules to bring in people from
the private sector," Tarin had added.

Speaking on another TV show, he had said achieving

Pakistan's current economic goals was a difficult task,
but not an impossible one.

"The Pakistani nation is not afraid of difficulties," he

had said.
Read more:  PM Imran Khan reconstitutes Economic
Advisory Council, finance minister to chair in his
absence

Tarin had said if the Federal Board of Revenue (FBR)

does not increase its revenue to 15%, then the country
will run out of money to spend.

"The FBR will have to bring revenue to 20% in 5-7

years [...] otherwise the country will not be able to
achieve an economic growth rate of 7-8%," he added.

Annual consumer
inflation increases to
11.1% in April
 Annual consumer inflation shoots up to 11.1%
in April from 9.1% in March.
  The April outrun is in contrast to the
government’s forecast.
 CPI inflation increased by 1% in April 2021 as
compared to an increase of 0.4% in the
previous month.

ISLAMABAD: Due to a rise in prices of food and

energy posing a downside risk to the economic growth
recovering from the pandemic, the annual consumer
inflation has shot up to 11.1% in April from 9.1% in
March, The News, citing official data, reported on
Sunday.

The April outrun is in contrast to the government’s

forecast, as the Ministry of Finance expected inflation
to remain between 8 - 9.5% in April.

However, from the beginning of the next fiscal year,

assuming the absence of any new supply shocks,
favourable base effects may start to drive annual
inflation to lower levels, the ministry said.
On a month-on-month basis, consumer price index
(CPI) inflation increased by 1% in April 2021 as
compared to an increase of 0.4% in the previous
month and a decrease of 0.8% in April 2020.

Read more:  Pakistan annual inflation dropped to

5.65% in January

Prices of food with nearly 35% weight in CPI basket

increased 15.9% year-on-year in April. 

Mainly, the food inflation was driven by non-

perishable food prices that rose by 18.36%. Prices of
housing, water, electricity, and fuels increased to
9.68% year-on-year in April compared to 0.51% in
March.

Tahir Abbas, head of Research at Karachi-based Arif

Habib Limited said usually CPI for Ramadan month is
on the higher side.

“Government is taking initiative to lower food

inflation which is the primary cause of concern at the
moment and it is due to supply-side shock,” Abbas
said. “CPI is expected to gradually lower from Jul21
onwards.”

Govt bets on Ramadan package

The government is betting on the Ramadan package

that is a negligible percentage of development
spending to avert the evident inflationary pressures
amid the rise in prices of commodities in the
international market.

“Rise in international commodities prices may build

inflationary pressure in Pakistan. Vigilant government
policies to control inflation through the smooth
domestic supply of essential goods along with Rs7.8
billion of Ramadan package will mitigate the risk,”
the finance ministry said in the latest monthly
economic outlook.

Inflationary pressures are rising worldwide as a surge

in demand is accompanied by widespread supply
constraints in the provision of goods and services. 
A steep rise in consumer price inflation across the
world in coming months is expected, most notably in
the US, where prices charged for consumer goods rose
sharply, it said, citing the World Bank Commodities
Price Data that showed energy commodities increased
0.9% and non-energy prices rose 0.8% in March. 

Among subgroups, fertilisers rose 4.1% and precious

metals fell 5.1%.

Pakistan in better prospectives of global

economic recovery

In the context of Pakistan, the better prospects of

global economic recovery will help in accelerating
exports and workers' remittances.

CPI inflation urban increased by 11% year-on-year in

April 2021 as compared to an increase of 8.7% in the
previous month and 7.7% in April 2020. 
On a month-on-month basis, it increased by 1.3% in
April 2021 as compared to an increase of 0.3% in the
previous month and a decrease of 0.7% in April 2020.

Read more:  ADB says Pakistan's GDP to shrink,

inflation to be in double digits for 2020

CPI inflation rural increased by 11.3% year-on-year in

April 2021 as compared to an increase of 9.5% in the
previous month and 9.8% in April 2020. On a month-
on-month basis, it increased by 0.6% in April 2021 as
compared to an increase of 0.5% in the previous
month and a decrease of 1.1% in April 2020.

The government agreed with the International

Monetary Fund that monetary policy should remain
data-driven on a forward-looking basis to anchor
inflation within the SBP’s target range of 5-7% over
the medium term.

The average CPI in July and April eased from 11.22%

last year to 8.62% this year, near the upper range of
the SBP’s forecast for this fiscal year.
What did Shaukat
Tarin say about
Pakistan's economy
before becoming
finance minister?
 Tarin had presented a charge sheet against the
country's economic policies.
 We don't know where the economy is heading,
he had said.
 Achieving Pakistan's current economic goals is
a difficult task, he had said.

Shaukat Tarin was sworn in today as the county's new

finance minister  after he replaced federal minister
 Hammad Azhar, who had just been on the job for less
than a month.

But, what was Tarin's perception of the country's

economic policy before he was appointed?

A few days ago while speaking in Geo

News programme "Aaj Shahzeb Khanzada Kay
Saath", he had presented a charge sheet against the
government's economic policy.

Related items
 Shibli Faraz, Shaukat Tarin sworn in as federal
ministers by President Arif Alvi
 PM reshuffles cabinet, appoints Shaukat Tareen
new finance minister
 Changes in govt officials' portfolios: when and
where did they happen?

"We don't know where the economy is heading [...]

We will have to put our house in order," the newly-
appointed finance minister had said back then.
The captain of the ship has to stand firm and be strong
or the vessel won't move ahead, he said.

"We have to change the NAB (National

Accountability Bureau) rules to bring in people from
the private sector," Tarin had added.

Two days ago, speaking on another TV show, he had

said achieving Pakistan's current economic goals was
a difficult task, but not an impossible one.

"The Pakistani nation is not afraid of difficulties," he

had said.

Tarin had said if the Federal Board of Revenue (FBR)

does not increase its revenue to 15%, then the country
will run out of money to spend.

"The FBR will have to bring revenue to 20% in 5-7

years [...] otherwise the country will not be able to
achieve an economic growth rate of 7-8%," he added.
Changes in Ministry of Finance

Tarin has replaced federal minister Hammad Azhar to

become the fourth person to be handed the portfolio of
Minister for Finance. Azhar was removed from the
position less than a month after his appointment.

Prior to Azhar, Asad Umar and Abdul Hafeez Shaikh

were appointed as finance ministers.

Pakistan’s foreign
exchange reserves
hit five-year high
 SBP says increase in reserves attributed to
receipt of proceeds of $2.5 billion against
issuance of Pakistan euro bonds.
 Pakistan's forex reserves hit $23.2 billion - its
highest level since June 30, 2016.
  Analyst Samiullah Tariq says money from
international financial institutions started to
flow after IMF staff agreement.

KARACHI: Pakistan’s foreign exchange reserves hit a

five-year high of $23.2 billion last week with the State
Bank of Pakistan crediting the rise to the country’s
return to the international debt market, reported The
News.

“The increase in reserves is attributed to receipt of

proceeds of $2.5 billion against issuance of Pakistan
euro bonds,” the SBP said in a statement on Thursday.

The country’s forex reserves hit $23.2 billion - the

highest level since June 30, 2016.

The reserves surged by Rs2.5 billion or 12.2% on a

weekly basis. The reserves held by the country stood
at $20.6 billion in the previous week.
Read more:  State Bank of Pakistan's forex reserves
increase to 2.5-year high

The central bank’s reserves rose to $16.1 billion,

marking the highest level since FY2017.

SBP's reserves increased by $2.5 billion week-on-

week and a week ago the reserves were at $13.5
billion.

The reserves held by commercial banks stood at $7.1

billion.

Saad Hashemy, executive director at BMA Capital,

said this is an extremely positive development and
credit goes to the government for swiftly concluding
the issuance of the Eurobonds.

Read more:  Pakistan's forex reserves slump 12% in

just weeks amid coronavirus outbreak
“Given strong remittances, there is no downside risk
to reserves at least in the short to medium term,” said
Hashemy.

Samiullah Tariq, head of Research at Pak-Kuwait

Investment Company, said money from international
financial institutions started to flow after the
International Monetary Fund’s (IMF) staff agreement.

“This includes flows from Euro bonds, other

assistance from multilateral institutions. So, I don’t
think reserves have any downside at present,” said
Tariq. “Flows are also continuously coming from
Roshan digital accounts.”

The reserves remained stable since the second quarter

of the current fiscal year due to a host of factors:
continued official and private inflows, appreciation in
the exchange rate and a manageable current account.

What Is Cryptocurrency? Here’s What You

Should Know
Cryptocurrencies let you buy goods and services, or trade them for profit.
Here's more about what cryptocurrency is, how to buy it and how to protect
yourself.
A cryptocurrency (or “crypto”) is a digital currency that can be used to buy
goods and services, but uses an online ledger with strong cryptography to
secure online transactions. Much of the interest in these unregulated
currencies is to trade for profit, with speculators at times driving prices
skyward.
Here are seven things to ask about cryptocurrency, and what to watch out for.
1. What is cryptocurrency?
Cryptocurrency is a form of payment that can be exchanged online for goods
and services. Many companies have issued their own currencies, often called
tokens, and these can be traded specifically for the good or service that the
company provides. Think of them as you would arcade tokens or casino chips.
You’ll need to exchange real currency for the cryptocurrency to access the
good or service.
Cryptocurrencies work using a technology called blockchain. Blockchain is a
decentralized technology spread across many computers that manages and
records transactions. Part of the appeal of this technology is its security.
 Back to top

2. How many cryptocurrencies are there? What are they worth?

More than 6,700 different cryptocurrencies are traded publicly, according to
CoinMarketCap.com, a market research website. And cryptocurrencies
continue to proliferate, raising money through initial coin offerings, or ICOs.
The total value of all cryptocurrencies on April 13, 2021, was more than $2.2
trillion, according to CoinMarketCap, and the total value of all bitcoins, the
most popular digital currency, was pegged at about $1.2 trillion. (You can
check the current price to buy Bitcoin here.)
Best cryptocurrencies by market capitalization
These are the 10 largest trading cryptocurrencies by market capitalization as
tracked by CoinMarketCap, a cryptocurrency data and analytics provider.
Cryptocurrency Market Capi
Bitcoin $1.2 trillion
Ethereum $263.4 billion
Binance Coin $87 billion
 Cryptocurrency Market Capi
XRP $81.8 billion
Tether $45.4 billion
Cardano $44.7 billion
Polkadot $39.3 billion
Uniswap $18.8 billion
Litecoin $18.1 billion
Stellar $14.9 billion
Data current as of April 13, 2021. 
» Learn more: How to invest in Bitcoin
 Back to top

3. Why are cryptocurrencies so popular?

Cryptocurrencies appeal to their supporters for a variety of reasons. Here are
some of the most popular:
 Supporters see cryptocurrencies such as Bitcoin as the currency of the
future and are racing to buy them now, presumably before they become more
valuable
 Some supporters like the fact that cryptocurrency removes central
banks from managing the money supply, since over time these banks tend to
reduce the value of money via inflation
 Other supporters like the technology behind cryptocurrencies, the
blockchain, because it’s a decentralized processing and recording system and
can be more secure than traditional payment systems
 Some speculators like cryptocurrencies because they’re going up in
value and have no interest in the currencies’ long-term acceptance as a way
to move money
» Learn more: How to buy Ethereum
 Back to top

4. Are cryptocurrencies a good investment?

Cryptocurrencies may go up in value, but many investors see them as mere
speculations, not real investments. The reason? Just like real currencies,
cryptocurrencies generate no cash flow, so for you to profit, someone has to
pay more for the currency than you did.
That’s what’s called “the greater fool” theory of investment. Contrast that to a
well-managed business, which increases its value over time by growing the
profitability and cash flow of the operation.
“For those who see cryptocurrencies such as bitcoin as the currency of the future, it
should be noted that a currency needs stability.”

As NerdWallet writers have noted, cryptocurrencies such as Bitcoin may not be

that safe, and some notable voices in the investment community have advised
would-be investors to steer clear of them. Of particular note, legendary
investor Warren Buffett compared Bitcoin to paper checks: “It's a very effective
way of transmitting money and you can do it anonymously and all that. A
check is a way of transmitting money too. Are checks worth a whole lot of
money? Just because they can transmit money?"
For those who see cryptocurrencies such as Bitcoin as the currency of the
future, it should be noted that a currency needs stability so that merchants
and consumers can determine what a fair price is for goods. Bitcoin and other
cryptocurrencies have been anything but stable through much of their history.
For example, while Bitcoin traded at close to $20,000 in December 2017, its
value then dropped to as low as about $3,200 a year later. By December 2020,
it was trading at record levels again.
This price volatility creates a conundrum. If bitcoins might be worth a lot more
in the future, people are less likely to spend and circulate them today, making
them less viable as a currency. Why spend a bitcoin when it could be worth
three times the value next year?
 Back to top

5. How do I buy cryptocurrency?

While some cryptocurrencies, including Bitcoin, are available for purchase with
U.S. dollars, others require that you pay with bitcoins or another
cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold
your currency. Generally, you create an account on an exchange, and then you
can transfer real money to buy cryptocurrencies such as Bitcoin or Ethereum.
Here's more on how to invest in Bitcoin.
Coinbase is one popular cryptocurrency trading exchange where you can create
both a wallet and buy and sell Bitcoin and other cryptocurrencies. Also, a
growing number of online brokers offer cryptocurrencies, such as
eToro, Tradestation and Sofi Active Investing. Robinhood offers free
 cryptocurrency trades (Robinhood Crypto is available in most, but not all, U.S.
states).
» Learn more: Bitcoin wallet: How to choose the best for you.
 Back to top

6. Are cryptocurrencies legal?

There’s no question that they’re legal in the United States, though China has
essentially banned their use, and ultimately whether they’re legal depends on
each individual country. Also be sure to consider how to protect yourself from
fraudsters who see cryptocurrencies as an opportunity to bilk investors. As
always, buyer beware.
 Back to top

7. How do I protect myself?

If you’re looking to buy a cryptocurrency in an ICO, read the fine print in the
company’s prospectus for this information:
 Who owns the company? An identifiable and well-known owner is a
positive sign.
 Are there other major investors who are investing in it? It’s a good sign if
other well-known investors want a piece of the currency.
 Will you own a stake in the company or just currency or tokens? This
distinction is important. Owning a stake means you get to participate in its
earnings (you’re an owner), while buying tokens simply means you're entitled
to use them, like chips in a casino.
 Is the currency already developed, or is the company looking to raise
money to develop it? The further along the product, the less risky it is.
It can take a lot of work to comb through a prospectus; the more detail it has,
the better your chances it’s legitimate. But even legitimacy doesn’t mean the
currency will succeed. That’s an entirely separate question, and that requires a
lot of market savvy.
But beyond those concerns, just having cryptocurrency exposes you to the risk
of theft, as hackers try to penetrate the computer networks that maintain your
assets. One high-profile exchange declared bankruptcy in 2014 after hackers
stole hundreds of millions of dollars in bitcoins. Those aren’t typical risks for
investing in stocks and funds on major U.S. exchanges.
Should you buy cryptocurrency?
Cryptocurrency is an incredibly speculative and volatile buy. Stock trading of
established companies is generally less risky than investing in cryptocurrencies
such as Bitcoin.
 Back to top

What online brokers offer cryptocurrencies?

Of the online brokerages and cryptocurrency exchanges that NerdWallet
reviews, the following current offer cryptocurrencies.
Available for:
Coinbase Access to buy and sell more than 30 cryptocurrencies.
eToro Trading platform with access to 15 cryptocurrencies.
Robinhood Seven cryptocurrencies including Bitcoin, Bitcoin Cash and Ethereum.
SoFi Active Investing Offers three cryptocurrencies for trading: Bitcoin, Ethereum and Litecoin.
TradeStation Offers trading for five cryptocurrencies, including Bitcoin, Bitcoin Cash and Ethere
Webull Offers four cryptocurrencies for trading: Bitcoin, Bitcoin Cash, Ethereum and Litec
Disclosure: The author held no positions in the aforementioned securities at the
time of publication
Impact of Covid-19 on Economy of Pakistan

The pandemic termed the COVID-19 (coronavirus) has

exponentially spread across the globe since the first case was
reported in Wuhan China in late December 2019. The virus
has led to more than 3.1 million cases and 215 thousand
deaths across the world. And the numbers are rising. In
order to ‘flatten the curve’ of growing numbers of infected
people, governments around the world have been forced to
impose complete lockdown of their societies and businesses.
The main concern for the Government of Pakistan (GOP) has
been the economic impact the lockdown will have on the poor
segments of the society, and fragile economy on the whole.
The Pakistani Stock Market’s benchmark KSE-100 Index has
plunged by over 25% in March, and the rupee by over 6%.
Pakistan’s economy is projected to face a loss of up to 4% of
its GDP due to disruptions in trade, potential decline in FDI
and remittances, and fluxes in other sectors such as aviation,
tourism and hospitality, caused by the lockdown imposed in
the country. The dire economic effects can already be seen,
with widespread lockdowns freezing most normal activity,
export orders cancelled and vast numbers of daily workers
suddenly jobless.

Pakistan's forex reserves slumped 12% in the month of

March amid virus outbreak, from $12.8 billion to $11.2
billion. This decline is due to multiple factors, including panic
selling of debt and equities, and reserves are expected to fall
further in coming weeks according to State Bank of Pakistan
(SBP). The policy rate decrease of 2% announced by the SBP
led to a total of about $1.5 billion leaving Pakistani Market
Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs).
The World Bank (WB) has projected a 23% decline in
remittances for Pakistan, totalling about $17 billion in 2020
compared with a total of $22.5 billion in 2019 due to the
economic crisis induced by the pandemic, and lockdowns in
most cities abroad.

As demand in economies across the world stagnates with the

spread of the virus, Pakistan’s exporters will see significantly
fewer orders for their products from buyers abroad, at least
for the next few months. USA and China are Pakistan’s major
export partners, any economic downturn that these
economies may face, would directly affect countries exports
as well as the GDP.

The World Trade Organization (WTO) projections show that

world trade could contract by 13% in an optimistic scenario,
and by a third of its value in a pessimistic scenario. Global
markets are down 35%, credit markets have seized up, and
credit spreads have spiked to 2008 levels. According to the
UN Conference on Trade and Development (UNCTAD), the
economic uncertainty that this has sparked will likely cost the
global economy $1 trillion in 2020 and lower the world GDP
to 2% from earlier projected 3%. The economic slowdown in
some of the richest economies of the world has caused
unprecedented damage: in the US and Europe. In China too,
any hopes of a quick recovery are being dampened as the
possibility of new outbreaks cannot be ruled out.

The rapid spread of the Covid-19 virus in Pakistan since

February 2020 has brought economic activity to a near halt.
Most of the country has been placed under a partial
lockdown. The closure of nonessential businesses and
domestic supply chain disruptions are having a significant
impact on wholesale and retail trade and transport, storage
and communication, the largest sub-sectors of the services
sector. UNCTAD also placed Pakistan among the countries
which would be the hardest-hit by the global pandemic of
coronavirus, causing a $2-$3 trillion financing deficit in 170
developing countries over this year and next, therefore a
need for a raft of measures for their relief.

Pakistan, so far, has seen a steady increase in cases with the

government of Pakistan confident that the lockdown it has
put in place has slowed the pace of growth of virus in the
country, with about 14,885 cases and 327 deaths as of April
28. The response measures that the federal and provincial
governments have implemented included quarantining more
than 3 thousand zaireens (religious pilgrims) from Iran,
creating quarantine setups at tablighi (preaching) centres,
closing borders with all neighbouring countries, international
travel restrictions, social distancing measures, and lockdowns
of differing scales across all the provinces of the country.

On the whole, the government’s economic team has

responded admirably by announcing a stimulus package
worth Rs1.25 trillion, partly made up of fiscal measures such
as tax breaks and concessions to the industry. This package
also includes the largest social protection effort in the
country’s history worth nearly $1 billion and targeting over
12 million households across the country under the Ehsaas
Emergency Cash Program. Additionally, SBP has introduced a
refinance facility to incentivize businesses not to lay off
workers. The month of Ramazan, during which remittances
spike every year, may still provide significant remittance
inflows.

The immediate challenge for the GOP is to contain the spread

of the COVID-19 pandemic, while minimizing economic losses
and protecting the poorest. In the medium-to-long term, the
government should remain focused on implementing much
needed structural reforms to boost private investment
sustainably. However, in dealing with the global economy, a
more structured approach should be adopted. Solely
personalized attempts at economic diplomacy seldom work,
which is why the Prime Minister’s well-intentioned appeal to
donors for restructuring foreign debt needs to be followed by
a concerted effort on the economic diplomacy front.

Dwindling exports will be accompanied by a drop in the

import bill, as demand at home falls as a result of lockdowns
in major cities. There will also be some relief from the recent
fall in global crude oil prices. Existing partnerships need to be
strengthened, and new ones based on evolving principles of
the global economy must to be forged. Ongoing efforts must
be complemented with further structural reforms to ensure
that the stabilization measures lead to a sustainable growth
path for the country.
China-Pakistan Economic Corridor
(CPEC)
China-Pakistan Economic Corridor
(CPEC), massive bilateral project to
improve infrastructure within Pakistan for
better trade with China and to
further integrate the countries of the region.
The project was launched on April 20, 2015
when Chinese President Xi Jinping and
Pakistani Prime Minister Nawaz Sharif signed
51 agreements and Memorandums of
Understanding valued at $46 billion. The goal
of CPEC is both to transform Pakistan’s
economy—by modernizing its road, rail, air,
and energy transportation systems—and to
connect the deep-sea Pakistani ports
of Gwadar and Karachi to
China’s Xinjiang province and beyond by
overland routes. (Xinjiang borders the
countries of Mongolia, Russia,
Kazakhstan, Kyrgyzstan, Tajikistan, Afghanist
an, Pakistan, and India, and the ancient Silk
Road ran through its territory.) This would
reduce the time and cost of transporting
goods and energy such as natural gas to China
by circumventing the Straits of Malacca and
the South China Sea. The announcement of
joint space and satellite initiatives between
Pakistan and China, spurred by CPEC,
followed in 2016. CPEC is part of the larger
Belt and Road Initiative—to improve
connectivity, trade, communication, and
cooperation between the countries of Eurasia
—announced by China in 2013. CPEC has
been compared to the Marshall Plan for the
rebuilding of post-World War II Europe in its
potential impact on the region, and numerous
countries have shown interest in participating
in the initiative
China-Pakistan Economic Corridor is a framework of regional
connectivity. CPEC will not only benefit China and Pakistan but
will have positive impact on Iran, Afghanistan, India, Central Asian
Republic, and the region. The enhancement of geographical
linkages having improved road, rail and air transportation system
with frequent and free exchanges of growth and people to people
contact, enhancing understanding through academic, cultural and
regional knowledge and culture, activity of higher volume of flow
of trade and businesses, producing and moving energy to have
more optimal businesses and enhancement of co-operation by
win-win model will result in well connected, integrated region of
shared destiny, harmony and development. 

China Pakistan Economic Corridor is journey towards economic

regionalization in the globalized world. It founded peace,
development, and win-win model for all of them.
 
China Pakistan Economic Corridor is hope of better region of the
future with peace, development and growth of economy.

CPEC Significance/Potential
China-Pakistan Economic Corridor has Significance for the development of the region. Potential areas
of cooperation/development include:

 Regional Connectivity
o Transport Infrastructure
o Energy Hub/flows
o Logistic Hub/flows
o Trade & Commerce
o Peace & development of region
o Connectivity/Harmonization/Integration of civilizations
 Diverse Investment opportunities
 Industrial Cooperation
 Financial Cooperation
 Agricultural Cooperation
 Socio-Economic Development
o Poverty Alleviation
o Education
o Medical Treatment
o Water Supply
o Vocational Training
 Tourism including coastal Tourism
 Educational linkage
 Human resource development
 People to people contact
 Increase in livelihood opportunities
 Enhance Security and stability of the region