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 Govt to Invite PayPal to Pakistan Next Week The new government goes to initiate efforts to carry PayPal — an American company working a global on line price gadget to offer on-line charge solutions — to Pakistan. An respectable supply instructed ProPakistani that Prime Minister (PM) Shehbaz Sharif will attend the once a year assembly of the World Economic Forum in Davos, Switzerland next week wherein he's going to meet global leaders, the CEOs of power sectors, and trade delegations. He may even meet with PayPal representatives and invite the business enterprise to launch its offerings in Pakistan. They added that the Ministries of Finance and the Ministry of Information Technology and Telecommunication (MoITT) are learning the endeavor and the assembly can also be attended by the representatives of at least one of the ministries. During the meeting of the Cabinet nowadays, PM Sharif sought a briefing from the MoITT on the reforms inside the IT area and the motives why PayPal has ...

 Pakistan Records its Highest Ever IT Exports in 9 Months of FY 2022 IT export remittances which include telecommunication, laptop, and statistics offerings from July 2021 to March 2022 have surged to $1.948 billion developing through 29.26% in evaluation to $1.507 billion in the course of the identical period in FY 2020-21. According to the Ministry of Information Technology and Telecommunication’s statistics, in March 2022, ICT export remittances were $259 million at a increase rate of 23.Ninety two% whilst in comparison to $209 million suggested in March 2021. They were also $58 million higher than export remittances of $201 million throughout the previous month of February 2022. Net exports for the period July 2021 to March 2022 throughout FY2021-22 were $1.472 billion that's seventy five.Fifty six% of the whole $1.948 billion in ICT exports. Last yr, for the equal duration the internet exports have been $1.126 billion which become 74.72% of $1.507 billion in exports. Federal M...

 China and Pakistan have studied the development of the CPEC and Special Economic Zones Pakistan and China yesterday reviewed the progress of the Sino-Pakistan Economic Corridor (CPEC) and Special Economic Zones (SEZs) and discussed future plans to complete these projects. Both parties examined the progress of the CPEC and the SEZ, and in particular the Rashakai, Allama Iqbal, Dhabedji and Bostan SEZ. According to the official statement of the Investment Board (BOI), they also expressed satisfaction with the performance so far. The sixth meeting of the Joint Working Group (JWG) was co-sponsored by Yare Xiong, Secretary of the Investment Council (BOI) Fareena Mazhar and Director-General of the National Commission for Development and Reform (NDRC). Representatives of the Pakistan Embassy in Beijing and the Chinese Embassy in Islamabad also attended the meeting with other JWG members. Unlike previous JWG meetings, the sixth JWG meeting will actively participate and the presentation of...

 ADB loan to support small cotton and rice growers in Pakistan The loan will support LDC operations in India, Indonesia, Pakistan, Thailand and Vietnam by financing coffee, cotton and rice stocks for more than 50,000 small farmers in those countries. This will help ensure food supply chains and a reliable income for small farmers and help balance the impact of supply chain disruptions due to a pandemic. Ashok Lavasa, ADB's vice president of private sector operations and public-private partnerships, said: "Small farmers, who are already vulnerable to climate change, are facing increasing difficulties due to the pandemic, leading to loss of income and crop waste. and food and supply chain disruption ’. He added that "ADB's assistance will help ensure a reliable loss of farmers, provide a direct way to maintain their livelihoods and resources, and at the same time be able to invest in climate-sustainable agriculture. Practices". The accompanying Technical Assistance...

 Rupe Bloodbath results in the largest one-day loss to the US dollar in more than a year The Pakistan Rupee (PKR) continued its record decline against the US dollar (USD) and today reported losses on the interbank market. The local currency lost Rs. 2.09 against the dollar at the end of today's meeting. This is the largest loss of one day reported in local currency in more than a year. Against the USD fell 1.09 percent and closed at Rs. 188.18 today after losing 89 paisas and closing at Rs. 186.13 on the interbank market on Wednesday, April 6 The domestic currency reached an intraday low of Rs. $ 189.00 during today's open auction. So far, PKR has lost Rs. 11.67 against the USD in the calendar year 2022. Based on the fiscal year to date (FYTD), the local unit decreased by 19.45 percent or Rs. exchanged for $ 30.63. Economic Analyst, A.H.H. Soomro, said ProPakistani, There is a free fall in the money market. A serious form of uncertainty has taken over the country. There is no a...

 The World Bank will approve $ 300 million for KP Rural Investment on Thursday The World Bank Executive Board is likely to consider the $ 300 million Khyber Pakhtunkhwa Rural Investment and Institutional Support Project on Thursday to strengthen the provision of rural and local development services in the province (including the newly merged areas) in an inclusive, sustainable and responsible manner. The proposed project is in line with the World Bank Group Partnership Strategy (CPS, FY15-20) and with the two objectives of ending extreme poverty and promoting shared prosperity. The project will improve the institutional capacity of communities and village councils (VCs) to manage, control and strengthen the provision of physical infrastructure and basic services to the rural population of Khyber Pakhtunkhwa (KP). It will also encourage community participation and monitor citizens of these services against agreed standards. These activities are expected to improve access to and qual...

 The FBR records a 33% increase in sales tax in the sugar sector through the Track & Trace system The Federal Board of Revenue (FBR) collects sales tax of Rs. 26.5 billion in the first four months (December 2021 to March 2022) of the current period of crushing the sugar sector, an increase of 33 percent. The milestone was reached thanks to the successful implementation of the Tracking and Tracing (TTS) system in the sugar sector currently crushing. The new digital sugar production monitoring system has been implemented in more than 79 sugar factories with 151 production lines throughout the country. It is worth noting that the Prime Minister himself launched the TTS for the sugar sector on 23 November 2021. After all, no bags of sugar can be exported from the factory premises and sold on the market without tax stamps. Thanks to this transparent electronic production supervision, all sugar factories are obliged to report their actual break and production in the current break sea...

 Pakistan has the third highest debt service in the CAREC region: ADB According to the Asian Development Bank (ADB) in its latest report, Pakistan has the third highest debt service, at $ 15 billion, or almost 7 percent of the total regional economic cooperation (CAREC) region by 2020. "COVID-19 and the potential economic recovery of the CAREC region. Among the CAREC countries, Pakistan is one of the members that has recently experienced a current account deficit through International Monetary Fund (IMF) lending programs. Pakistan's debt-to-GDP ratio rose from 67 percent to 86 percent between 2017 and 2019. Pakistan's debt-to-GDP ratio is highest in the region, at 86 percent in 2019, and up 88 percent in 2020. CAREC countries need more financial resources to address financial constraints during COVID-19. Governments provide fiscal packages to individuals and businesses to combat the economic turmoil caused by COVID-19, he added. The report states that in the baseline scena...

 The CDWP approves the Hyderabad-Sukkur and Peshawar ring road projects The Central Working Group on Development (CDWP) on Friday recommended four Rs development projects. 352.9 billion to the Executive Committee of the National Economic Council (ECNEC) for approval. The forum covered four projects, including the construction of Hyderabad-Sukkur (306 km), 6 lanes, the construction of the northern part of the road from Warsak Road to Nasir Bagh Road and the restoration and renovation of Gujjar and Orangi Nullahs. . The CDWP recommended the construction of Hyderabad-Sukkur (306 km), a 6-stream separation gate according to the ECNEC BOT standard. The total cost of the project in the amount of Rs. 308.19 billion and the project will be implemented by the NHA. The highway is designed as a high-speed toll facility for efficient and safe transport, starting in Hyderabad (end of the Karachi-Hyderabad M-9 highway) and ending at the Naro canal (beginning of the Sukkur-Multan-M-5 highway). )....

The FBR will ban all cigarettes without a tax stamp using a new tracking and tracing system  The FBR will ban all cigarettes without a tax stamp using a new tracking and tracing system Well-known sources have told Propakistan that the installation of the system at the production site of two multinational companies is nearing completion. Tax stamps are now placed on cigarette packs manufactured by these multinational manufacturing companies. The implementation of the Khyber Tobacco Company system also continues. Four small units in Mardan have been ordered to stop by the Supreme Court of Peshawar on the basis of tripartite agreements signed with the FBR. The remaining small units in Mardan and KPK individually signed the so-called FBR tripartite agreements. The Azad Kashmir tax authorities have also agreed to put in place a tracking and tracing system on units operating under the AJK jurisdiction. The FBR will seize all tax-exempt AJK cigarettes produced in customs areas in other pa...

 Lahore-based COLABS receives initial funding of $ 3 million COLABS, a Lahore-based startup that enables small and medium-sized businesses, entrepreneurs and freelancers to build and grow their business through their space and technology platform, has raised $ 3 million. The phase is led by Indus Valley Capital, Zayn Capital and Fatima Gobi Ventures. This is the first time that three of Pakistan's leading virtual providers have joined forces to invest in a startup. The rounds were also attended by Shorooq Partners, Kinnow Capital, Muir Capital, Sai Ventures and several key angels, including Turner Novak, William Hockey and Teddy Himler. COLABS was founded in 2019 by Omar Shah, a former private equity and venture capitalist, and his twin, Ali Shah, who runs the long-established real estate and development company SABCON, which designs and builds facilities at COLABS. The team leader also includes Fatima Mazhar (COO), who was one of Careem's first directors and helped measure the...

 Ambitious government GDP tax target Very difficult to achieve: experts The Ministry of Finance has set itself the goal of achieving a tax-to-GDP ratio of 20 percent in the next six to eight years, compared to 10.9 percent in the fiscal year 2020-2021. "Given the shortcomings in the structure of Pakistan's tax system, the current finance minister's commitment to reduce the tax-to-GDP ratio to 20 percent is ambitious and even more difficult," said one expert. The tax-to-GDP ratio in Pakistan is 9.6 percent in 2019-2020, an increase of 10.1 percent in 2018-19. COVID-19 tolerance has affected economic activity and Pakistan's GDP growth rate has become negative for the first time in history, affecting the tax rate, and the effects will continue for the foreseeable future. It is worth noting that the average tax-to-GDP ratio in South Asia is 12 percent. In order to increase the tax-to-GDP ratio in Pakistan, the FBR has been extensively revised several times and efforts...

 Bazaar Raises $70 Million in Series B to Digitize Pakistan’s Digital Retail Karachi-based totally e-trade marketplace, Bazaar, has raised $70 million in Series B funding, bringing the rising startup’s all-time under-writing to above $one hundred million. Karachi-based totally e-commerce market, Bazaar, has raised $70 million in Series B investment, bringing the rising startup’s all-time below-writing to above $one hundred million. Other investors, which performed an active position inside the trendy spherical, include Indus Valley Capital, Defy Partners, Acrew Capital, Wavemaker Partners, B&Y Venture Partners, and Zayn Capital. Founded with the aid of Saad Jangda and Hamza Jawaid in the mid-2020, Bazaar’s goal is to build an operating system for classic retail in Pakistan to help retailers to attach immediately with wholesalers and producers. Its cellular-only B2B e-commerce marketplace has enabled lots of outlets in Karachi and Lahore to without problems procure stock for the...

 Schemes Operators to Develop QR Codes System for Pakistan Payment operators will play a major position to offer a platform to traders and customers using QR code fee structures in Pakistan along with Visa, Mastercard, UnionPay, 1-hyperlink/IBFT, Raast, and so forth. According to the State Bank of Pakistan (SBP), those scheme operators have advanced systems and regulations, and function a platform to permit QR codes as a charge mechanism to their participants (acquirers and issuers). The scheme operators shall devise the format of MAI and share it with the scheme participants. SBP will problem Bank Identification Codes (BICs) to the acquirers and issuers of the scheme. The scheme operator shall also devise the items to be used under Scheme Specific Data objects for the scheme’s acquirers and issuers (if wanted). The scheme operator shall establish, hold and function the scheme through nicely-described gadget/commercial enterprise regulations, fraud management, consumer safety, disp...

 Escorts Investment Bank Receives Another Offer for Majority Stake Escorts Investment Bank has received but every other provide from a collection of buyers to accumulate fifty one percentage shares of the financial institution, which is owned with the aid of Bahria Town Limited. According to a inventory filing, the manager to the provide on behalf of the acquirers, Mian Javaid Akhtar, Mohammad Ali Kazmi, and Mian Zeeshan Javaid, submitted a Public Announcement of Intention to accumulate more than 50 percentage of the issued and paid-up percentage capital of Escorts Investment Bank Limited together with control manipulate. In September 2021, the Escorts Investment Bank had received a Public Announcement of Intention of obtaining shares within the financial institution, which might be held with the aid of Bahria Town (Private) Limited. However, the management of the bank did now not keep the deal and terminated the sale-buy address the involved acquirers — Syed Sabur Rehman (Chairman...

 PAC Body Urges Oil & Gas Firms Operating in Remote Areas to Hire Local Talent A sub-committee of the Parliament’s Public Accounts Committee (PAC) has burdened the need for according preference to the Pakistanis inside the recruitments of the Exploration and Production (E&P) companies operating inside the oil and gasoline quarter. Member of the National Assembly, Syed Naveed Qamar, convened the committee meeting on the Parliament House on Friday. Syed Hussain Tariq, a committee member, raised the issue and emphasized that the E&P agencies, functioning inside the far off regions of Pakistan, must hire locals. He stated the businesses do not rent the locals and it is an injustice to the area people. The committee unanimously recommended that the oil and fuel exploration and manufacturing corporations should lease local proficient humans so that the culmination of prosperity could be equally allotted. The committee additionally reviewed the audit objections of the Petroleu...

 Formation of Construction Industry Development Board Referred to CCI The formation of the Construction Industry Development Board (CIDB) became in addition not on time because the Planning Commission committee decided that the Council of Common Interest (CCI) would determine the destiny of CIDB. The assembly for this cause was held within the Planning Commission beneath the Chairmanship of the Deputy Chairman Planning Commission. The assembly changed into attended by way of representatives from the Pakistan Engineering Council (PEC), the Ministry of Science and Technology, the Contractors Association of Pakistan (CAP), and different stakeholders. In the assembly, topics regarding the status quo of the CIBD had been discussed, and the sub-committee provided its recommendations to the primary committee. During the assembly, Pakistan Engineering Council raised objections to the mins of the assembly issued by means of the sub-committee of the Planning Commission. PEC representatives s...

 Pakistan’s Exports to Canada Up by way of 24% The Canadian High Commission in Pakistan has said that Pakistan’s exports to Canada increased by means of 24 percentage in 2021. The High Commission of Canada to Pakistan made this announcement in a tweet. “Canada-Pakistan trade handed CAD$1.25 billion in 2021. Canadian exports to Pakistan, which include suitable for eating oilseeds, pulses, and lumber, improved by way of 6% whilst Pakistan exports to Canada, which includes leather items, apparel and textiles, elevated through 24%”, it stated within the tweet. The growth in basic bilateral alternate shows Pakistan’s robust bilateral and political relations with Canada besides the healthy 24 percentage growth of the exports to Canada final yr. According to a document by using the Pakistan Business Council, Canada is Pakistan’s twenty-first biggest export partner, with bilateral alternate exceeding USD $1.Eight billion in 2021. Pakistan’s predominant exports to the North American u . S ....

 Pakistan Requests Financial Assistance of $20.74 Billion From China Pakistan asked China to defer the fee of existing loans well worth $10.735 billion and provide an extra mortgage of $10 billion as a deposit fund, sources informed ProPakistani. If authorized, Pakistan will owe China over $20.74 billion in loans and deposit funds. During Prime Minister Imran Khan’s latest go to to China, the officers of the Finance Ministry proposed the Chinese government to defer the price of secure deposits really worth $4 billion and business loans worth $6.735 upon maturity. A safe deposit well worth $2 billion will mature on 23 March 2022 and a industrial loan really worth $2.235 billion will mature on 25 March 2022. The Finance Ministry had additionally sent the requests for deferring the price of this safe deposit and industrial mortgage in January this yr. The rest of the secure deposits and industrial loans will mature later. Furthermore, the State Bank of Pakistan (SBP) also recommended ...

 Coeus Solutions Postpones $5 Million IPO Amid Market Uncertainty Lahore-based IT organisation, Coeus Solutions Limited, has postponed its ebook constructing in Pakistan Stock Exchange (PSX) due to the current market situation because of global oil prices. It had planned to elevate $5 million through listing at the Pakistan Stock Exchange’s Growth Enterprise Market (GEM) Board. Its notification issued to the PSX special that the margin cash of the registered bidders might be completely refunded inside three working days by way of 10 March. The agency has additionally deliberate a brand new date to list on the GEM board, the notification delivered. Coeus Solutions offers services such as software product development services and complete stop-to-quit trying out offerings for clients based totally in Germany and Europe. Coeus Solutions Ltd. Changed into established in Lahore, Pakistan, and has a distribution office in Berlin, Germany underneath the name Coeus Solutions GmbH. The corp...