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Pakistan borrowed $ 19.66 bn loans in four years

F.P. Report

ISLAMABAD: Despite the high claims of PML-N regarding bringing revolution in the economic sector, the federal government had taken loans of $ 19.66 billion in the last four years.

The local media outlet claims that during June 2013 and June 2017 Pakistan borrowed the highest numbers of load from the international institutions including Pakistan borrowed $6.3 bn from International Monetary Fund for period of 13 years, $4.10 bn from Asian Development Bank for period of 20 years and $4.96 bn from International Development Association for period of 26 years.

Meanwhile, telecom sector has deposited a mammoth Rs198.74 bn in national exchequer in terms of tax whereas Foreign Direct Investment (FDI) stands at $14.28 bn during aforementioned period.

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SBP allows commencement of banking business to Bank of China

Naimat Khan

KARACHI: State Bank of Pakistan (SBP) has allowed commencement of banking business to the Bank of China Limited, a spokesman of the central bank told on Monday.

“Earlier, SBP had issued a banking license to the bank in the month of May 2017. The Bank of China Limited has complied with the important regulatory and operational requirements of SBP necessary to commence banking business in Pakistan,” a statement issued by the State Bank reads.

According to spokesman, the Bank of China is a subsidiary of China Central Huijin, investment arm of the Government of China. The Bank of China is the 4th and 5th largest global bank in terms of Tier-1 Capital and total Assets respectively.

“It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. Globally, the footprint of Bank of China is spread across 50 countries out of which, nineteen are located across Chinese “One Belt One Road” initiative.”

The Bank of China is the second Chinese bank, which entered in Pakistan. The Bank of China’s entry into Pakistan will not only further strengthen the bilateral relationship of Pakistan and China but will also represent growing confidence of international investors on the country’s banking sector and the stable economic outlook.

In Pakistan, the Bank of China aims to provide specialized banking services to serve the financing needs of China Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform.


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PM Abbasi directs officials to expands exports to different markets

F.P. Report

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi chaired a meeting of ministry of Commerce to review the balance of trade and measures to increase the exports.

Ministry of Commerce presented several short and medium term alternatives to boost the exports and control the imports. The Prime Minister Shahid Khaqan Abbasi directed the officials to make sure adopted such alternatives which cannot left negative impact on country’s economy growth rate and development.

The meeting focused to increased exports to the European markets. PM Abbasi that Pakistani diplomatic mission abroad needs to focus and work as economic and trade ambassadors of Pakistan.

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Govt to find new markets for meat and dairy product exports

F.P. Report

ISLAMABAD: The federal government is trying to finding new markets for the export of meat and dairy products with the aim to improve the export of meat and dairy products.

Government officials told state run media that several Muslims countries are dependent on imported Halal meat and Pakistan can get advantage from this situations and it can increased the exports of these products if we focus on modern and hygiene slaughter houses as per the international standard for chilled and frozen meat.

Official added that efforts are being made for market access in Russia, China, South Africa, Egypt, Hong Kong and Indonesia besides Middle-East countries for meat and meat products.

The sources said the United Arab Emirates has lifted ban on import of poultry and poultry products from Pakistan. This would go a long way in promoting export of poultry products.



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India ‘the most corrupt country in Asia’: Forbes

ISLAMABAD (Online): A recent survey conducted by the Transparency International declared India as “the most corrupt country in Asia”. The survey was published in March 2017, but the official handle of Forbes tweeted the article on Friday.

The list released by Forbes about five top most corrupt countries in Asia said that India beats Vietnam, Thailand, Pakistan and Myanmar, when it comes to bribery rate.

The Forbes article, which rated India the highest in the list with 69 per cent bribery rate, described India as: “In five of the six public services – schools, hospitals, ID documents, police, and utility services – more than half the respondents have had to pay a bribe.” India was closely followed by Vietnam at 65 per cent bribery rate.

Pakistan stood fourth in the list with 40 per cent bribery rate.

The 18-month long survey by Transparency International was concluded after talking to more than 20,000 people in 16 countries, regions and territories in the Asia Pacific. The Berlin-based corruption watchdog had put India at rank 76 out of 168 countries in its Corruption Perception Index last year.

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PM Abbasi to Chair ECC meeting today

F.P. Report

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi will chair a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Tuesday (today).

It is expected that several amendments in Rules of Business of 1973 will be approved and they will also discuss different petroleum projects in the country.

Cabinet Secretariat distributed the agenda of the meeting on August among the members of the ECC.


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Govt wants to improve cooperation with various countries in energy sector

F.P. Report

ISLAMABAD: Government trying to improve and strengthen the cooperation with the various countries of region in the energy sector.

As per the government, quoted by State run media that government have made and signed the agreements with different countries including Turkey, Azerbaijan, Qatar, Iran, China, Russia and Turkmenistan to enhance the cooperation in energy sector.

Sources added that Memorandum of Understanding (MoU) has also been signed with Asia Pacific Corporation of United Kingdom and others countries of the West..


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Withholding tax to be refunded to internet, telephone users: FBR

F.P. Report

KARACHI: Federal Board of Revenue (FBR) informed media that 10% withholding tax which was taken from the all internet and telephone users will now be refunded annually.

As per  details, the consumers of Internet or landlines phones with paying over Rs 1000 every month can now will be received their withholding tax at the end of the year.

FBR added that it charges 10% on internet and landlines bills and this tax will not be applicable for the use with paying the bill below Rs 10000.

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Pakistani American businessman appeals to Chinese officials

Appeal to Excellency Ambassador of China to Pakistan Excellency Ambassador of China to America Police Chief, Tianjin China   My name is Mohammad Khalid Khan. I am Pakistani having business based in America and Pakistan. My American based company, Afpak Consultants LLC recently did a business transaction with Chinese based company in Tianjin namely, Tianjin Huichao International Trading Company Limited. The said Chinese company cheated me for over one hundred thousand US Dollars. I have already registered a police case against the said company in Tianjin, a copy of the police report is below. Excellency, I went to Tianjin China myself in the month of June 2017 and signed a contract with Tianjin Huichao International Trading Company Limited at their office. I then uploaded two containers of copper wire weighing twenty five tons each from the warehouse of the said company. I also transferred the amount of almost one hundred thousand US dollars from my bank in America to the bank account of the above mentioned company at Industrial Bank of Korea (china). The shipment was CIF, which means that the above company, Tianjin Huichao International Trading Company Limited was responsible for shipping the consignment from port of the departure to port of destination, which was Jabal Ali port, UAE. Upon receiving the containers in UAE, it was discovered that my two containers instead of having fifty tons of copper wire had fifteen hundred kg of trash wire. I then again immediately went to Tianjin China in July 2017 and registered my case with the police authorities. After providing the Chinese police with all relevant proofs they have now accepted my case, copy of which is below. It is humbly requested that my financial loss may kindly be recovered at the earliest and restore the confidence of the Pakistani businessmen dealing in China. I fail to understand how such cheaters are allowed to register a company in China, establish an office, establish ware house, open company bank account and hire staff members. Keeping in view the game changer plan, China Pakistan Economic Corridor (CPEC), it is very important that both Pakistan and China give exemplary punishments to those businessmen who are involved in criminal activities. Cheating international businessmen is a crime which should not be tolerated by governments of both the countries. I humbly request you for help and support. Khalid Khan Chairman Afpak Consultant LLC +13012565138

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Lucky Cement cut prices

F.P. Report

KARACHI: Lucky Cement has decreased its prices to Rs 25 per bag in North from the 17 August.

Other cement manufacturers are also offering Rs 15 per bag decrease in prices in North. Cement businessmen increased the prices to Rs 40 in the last month included Federal Excise Duty. The decreased in the prices will cut the Lucky cement profits to estimated 4%..

In the local 80% demands came from the North and companies were compelled to give them some benefits to boost their sales in this all important area of business. so the Cement manufacturers were offering discounts in order to seize more market share in this area.