PM reiterates on creating business friendly environment

Prime Minister Imran Khan has directed the authorities concerned to take all necessary measures to exploit full potential of exports diversification in salt and pharmaceutical sectors.

Chairing a meeting of National Export Development Board in Islamabad, he reiterated that the government is focused on creating business friendly environment in the country for further strengthening the economy and increasing employment opportunities.

The Prime Minister emphasized that business community should adopt modern technologies to achieve maximum value addition.

The Prime Minister was briefed on the potential of diversification of exports, especially in salt and pharmaceutical sectors.

He was told that Pakistan is lucky to be blessed with all types of salt available in the world. These include rock salt, sea salt and lake salt.

With a reserve size of 6.2 billion tons, Khewra Salt Mine is the second largest salt range in the world. Pakistan has also sea salt reserves along 1050 KM long coastline.

Almost 60 percent of total 350 million tons global salt consumption is made by the chemical industry.

Moreover, it was told that currently Pakistan’s pharmaceutical exports are worth 275 million dollars with a growth potential of 74.3 billion dollars.

Source: Radio Pakistan

Federal Excise Office’s Revenue Has Doubled Since March 2019

With a total of 1.4 million vehicles registered in Islamabad with the Excise and Taxation Office (ETO), the revenue stream of the Excise and Taxation Office (ETO) has increased from Rs. 4.5 billion to Rs. 8 billion despite the prevalence of the COVID-9 pandemic.

This information surfaced during a briefing of ETO of the Islamabad Capital Territory Administration to a meeting of the Senate Standing Committee on Interior chaired by Senator Mohsin Aziz in Islamabad on Thursday.

In his briefing, an ETO Director said ETO’s revenue was earlier Rs. 4.5 billion, adding that the revenue reached Rs. 8 billion since March 2019 despite the pandemic. He informed the Committee that about 1.4 million vehicles were registered with the office in Islamabad.

Senator Mohsin Aziz, the Chairman of the panel, said a lot of complaints were being received regarding malfunctions in ETO. He also sought from ETO the details of stolen vehicles within five days.

The committee provided questionnaires to ETO officials, asking them to submit their responses in the next meeting.

Source: Pro Pakistani

Rupee Makes Gains Against the US Dollar on a Friday Again

The Pakistani Rupee recovered from yesterday’s record low against the US Dollar today. Following the trend from previous weeks, the rupee closed the week with small gains and appreciated by 18 paisas against the dollar to close at 170.48.

The local currency appreciated after logging consecutive record lows over the last few days. On Thursday, it slid to a new all-time low against the US Dollar (USD) at 170.66 after closing the day at over 170 for the first time ever on Wednesday.

The market research firm Capital Stakes said that the Pakistani Rupee (PKR) has depreciated by 61 percent since 2015. It added that the PKR has lost 0.83 percent and 6.66 percent in value on week-over-week and year-to-date bases respectively.

Pakistan’s foreign exchange reserves declined by $252 million in the week that ended on 24 September, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Fitch Ratings published a report saying that it expects the rupee to depreciate even further in 2022. It downgraded its forecasts for the PKR’s average rate against the USD to 180 in 2022 as compared to its prior projection of 165.

Chase Manhattan Bank’s former Treasury Head, Asad Rizvi, tweeted that the decline in the SBP’s foreign exchange reserves could mean a further widening of the current account deficit.

The PKR also gained 32 paisas against the Pound Sterling (GBP), and 13 paisas against the Australian Dollar (AUD).

In contrast, it depreciated 69 paisas against the Euro, two paisas against the Canadian Dollar (CAD), and five paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).

Source: Pro Pakistani

CDC Group Invests in Fatima Gobi Ventures to Fund Pakistani Startups

A UK-based financial institution called CDC Group has announced that it has made an anchor investment in Techxila Fund I — a fund managed by venture capital firm Fatima Gobi Ventures.

The institution said that it aims to help Fatima Gobi Ventures (FGV) promote domestic venture capitalist markets and direct funding to early-stage startups.

It said in a statement that its commitment will “help to boost Techxila Fund I investments in Pakistan-focused early stage startups, helping to drive transformational impact and spurring economic and social development in the country”.

CDC Group revealed that it seeks to expand FGV’s investment portfolio across a diverse range of verticals. It also aims to support FGV in focusing on Environmental, Social and Governance (ESG) practices in its investments. It added that FGV has already invested in more than 40 percent of Pakistan’s recent record-breaking funding deals.

The venture capital firm’s Techxila Fund I backed logistics startup Airlift’s seed round in August 2019, after which the company raised $85 million in a record-breaking Series B round for a Pakistani startup.

Techxila also backed online marketplace Tajir in June, which raised a US$17 million Series A round led by US VC Kleiner Perkins.

The fund then participated in fintech startup TAG’s $12 million follow-up seed round, the largest seed round in the Middle East, North Africa, Afghanistan, and Pakistan region.

The General Partner for FGV, Ali Mukhtar, said, “We have been the most active investor in Pakistan in 2021 and our companies are also strong ESG proponents, whether it is bringing economies of scale to SME retailers, digitizing local supply chains, or building Pakistan’s first digital retail bank”.

“Now, FGV can leverage CDC’s expertise in ESG, sustainability, and impact matters for the benefit of Techxila’s portfolio companies,” he added.

CDC Group’s Country Director, Pakistan, Habib Yousuf, stated that the institution is excited to work with FGV to support Pakistan’s nascent startup sector.

“Pakistan is a key VC market for CDC, due to the depth of entrepreneurial talent in a large and growing domestic market, with numerous opportunities for delivering impact through tech-enabled business models,” he said.

Source: Pro Pakistani

Medical Students Now Want Another MDCAT on a Single Day

The Medical and Dental Colleges Admission Test (MDCAT) concluded a month ago and a large number of students have been protesting against the Pakistan Medical Commission (PMC) across the country, demanding a retake of the test on a single day for transparency and merit.

A delegation of students met with the Special Assistant to the Prime Minister on Health, Dr. Faisal Sultan, and shared their concerns with him. The Pakistan Medical Association has also demanded the suspension of the Medical and Dental Colleges Admission Test results and has called for the restoration of the defunct Pakistan Medical and Dental Council.

An official from the Pakistan Medical Commission has stated that the MDCAT was transparent as it had been conducted under the best possible system.

The protestors are holding a sit-in at D-Chowk. A parent claimed that the candidates had not been marked as per their expectations, and because there is no system to recheck the answer sheets, the parents are worried but no one is ready to listen to them.

The Secretary-General of the Pakistan Medical Association, Dr. Qaiser Sajjad, said that such tests are conducted on a single day worldwide but the PMC has conducted the MDCAT over a period of one month.

He compared the situation to India where 1.8 million candidates had taken the examination in a single day, whereas only 200,000 candidates had appeared for it in Pakistan. He added there is also the matter of different tests with easy and difficult question papers and out-of-course questions. Some of the test centers had power-outs, and others had dysfunctional tabs and computers. These matters have led stakeholders to assume the possibility of an underlying agenda.

Dr. Sajjad added, “It was another blunder that PMC introduced the online examination system without doing a pilot project and taking stakeholders on board, due to which they are getting information about flaws”.

The previous tests had been held on answer sheets, and carbon copies (of their answers) had been provided to the candidates later on, and an answer key was uploaded to the website, due to which the candidates would not argue, he explained and added that the practice has now ceased.

Transparency International Pakistan had suggested in a letter to the President of the PMC, Dr. Arshad Taqi, in July this year that the government take heed of the violations of the PPRA rules while awarding the MDCAT contract. It highlighted that the council had awarded the contract worth millions to a firm under the Securities & Exchange Commission of Pakistan after the expiry of the advertisement date.

The SAPM told the student body that “the objective of the MDCAT is to ensure that students entering this competitive field of rigorous and lifelong learning have the necessary potential in terms of academic achievement, knowledge and analytic thinking”.

He added that this is to ensure that the public has safe and competent professionals who will reinforce the public’s trust in the system of medical education and the profession.

Dr. Sultan agreed to evaluate a sample of the complaints to address the underlying concerns. He also assured the students that the commission has planned a post-exam analysis that will be conducted by a regulatory body.

The meeting with the student body concluded with the agreement that the SAPM would consult with the PMC for the development of a mechanism for the resolution of systemic grievances for students to register their complaints.

However, a PMC official said that the students had already had a meeting with the PMC management and had been told that their allegations are baseless. He added that the PMC had “reached the conclusion that the students had failed to understand the examination method”.

Source: Pro Pakistani