Category: Business

Pakistan’s Cotton Arrivals have reached 6.79 million bales till October 31, 2023, reporting an 83.2 percent increase from 3.708 million bales during the same period last year.

Sindh has interestingly contributed the major share (56 percent) with total arrivals clocking at 3.79 million bales up a massive 132 percent from last year’s figures while Punjab’s arrivals clocked at nearly 3 million bales, recording an increase of 44.5 percent from SPLY.

Arrivals in Balochistan stood at 163,300 bales also reporting a notable rise of 112 percent. Traders and exporters have bought 279,026 bales while more than 5.8 million bales have been sold to textile mills. Around 0.71 million bales unsold are present in stock and 594 ginning factories are operational in total.

Sindh’s Cotton Arrivals were led by Hyderabad (1.63 million bales), Mirpur Khas (490,273 million bales), Sanghar (317,900 million bales), Nawabshah (307,403) and Naushero Feroz (215,700).

Punjab’s Cotton arrivals were led Multan (688,760 bales), Lodhran (405,112 bales), Khanewal (372,180 bales), Muzaffargarh (259,982 bales) and Dera Ghazi Khan (201,575 bales).

The Federal Committee of Agriculture (FCA) recently cut the annual production target to 11.7 million bales while independent analysts expect the final production to clock at 9-10 million bales. While it’s significantly higher than last year’s historically low and flood-ridden production of 4.9 million bales, it is still far behind the production target of 12.4 million bales set at the commencement of the season.

According to analysts, the interesting or rather dismal trend has been Punjab’s Cotton arrivals remaining significantly lower than Sindh despite contributing more than two-thirds of Cotton production of 8.3 million bales during 2021-22. The prime reason is said to be Sindh’s Cotton being able to better adjust to the need for earlier sowing (Feb-Mar) that protects the crop from floods, whiteflies, and other pest attacks which have been responsible for the decline in Cotton production.

Source: Pro Pakistani

Who doesn’t like a good sale when it arrives at one’s doorstep? A chance to get your favorite smart devices like mobile phones, smartwatches, and wireless earbuds at a low price? Only a fool would miss an opportunity like this one. Luckily, Wise Market Pakistan keeps making such sales to make sure that you get the devices you want at the prices you need. One such sale that they are doing is the 11.11 sale, which is right around the corner. They’re giving up to 75% off on all smart devices.

Now, some of you might not be aware of what or when this sale might be happening but don’t you worry because we’ve got your back. Here are all the topics that we’re gonna cover in this blog.

What is an 11.11 Sale

What is Wise Market Pakistan

What kind of smart devices will be available in this sale

Now, Let’s start by going over what exactly is the 11.11 Sale.

What Is an 11.11 Sale?

It’s like a shopaholic’s dream come true. Imagine Black Friday, Cyber Monday, and a massive clearance sale all rolled into one, but with a unique Pakistani twist.

It’s a day filled with incredible discounts and unbeatable deals. Imagine a day when your favorite brands, both local and international, come together to offer jaw-dropping discounts that will make your heart skip a beat.

This day isn’t just about scoring fantastic deals; it’s a celebration of the joy of shopping. It’s an experience where you can get the latest smart devices like Apple iPhone or Samsung smartwatches, revamp your home, and pamper yourself without breaking the bank.

Keep an eye out for flash sales and limited-time offers. It’s a chance to snag those coveted items you’ve been eyeing for months at prices that’ll leave you pleasantly surprised.

Many of you might be wondering when this sale will begin on Wise Market PK. As the name suggests, it begins on the 11th of November, hence the 11.11 Sale. As soon as the clock strikes 12:00 AM and the 11th of November begins, the sale will begin. You’ll be able to get your favorite smart device at the best possible price in Pakistan.

What Is Wise Market Pakistan?

Speaking of Wise Market, some of you might not be aware of this amazing online marketplace. It’s actually a one-stop shop that was envisioned by 2 visionaries, Mr. Hamza Majeed and Mr. Bilal Zahid. After having major success in countries like Dubai, Australia, and New Zealand, they’ve brought this amazing platform to the Pakistani market.

They have a plethora of amazing tech gadgets ranging from mobile phones to lifestyle devices. They were the first company to bring the Apple iPhone 15 Pro Max to Pakistan. Plus, they’re known for giving some of the lowest prices in Pakistan and add that to the fact they’re doing an 11.11 Sale, and it’s something you won’t want to miss out on.

What Kind of Smart Devices Will Be Available in This Sale?

When it comes to devices in this 11.11 Sale, Wise Market PK is giving a massive discount of up to 75% off on all of their devices. Now, the jackpot question swirling in your mind right now is, “What devices can I buy, and are they cheap?” and the short answer is “Anything and Yes!”

Let’s go over all the different categories of devices that Wise Market Pakistan is selling.

Mobile Phone:

Smartphones are the main category of Wise Market that has the best. Looking for the brand new Apple iPhone 15 Pro Max or the Tecno Camon 20 Premier 5G? They’ve got you covered. Wise Market has a plethora of famous brands like Samsung, iPhone, Xiaomi, Infinix, Vivo, Realme, Itel, and many more. It’s a mobile phone lover’s paradise.

Laptops:

If you’re in the market for an amazing laptop, then you’re in luck because this 11.11 Sale, you can get your favorite laptop at some of the best prices in Pakistan. Two of the hottest laptops that they just listed on their site are the Lenovo Legion S7 and the Acer Nitro 5. They also have several famous brands like Dell, HP, Lenovo, Toshiba, and Acer. No matter if you’re looking for a laptop for your office or simply one for your gaming, Wise Market has got you covered.

Smart Watches:

Slowly but surely, smartwatches have evolved from being a simple accessory to a vital part of one’s ecosystem. Almost every person who owns a premium mobile phone owns a smartwatch, which not only helps that person stay up to date with notifications but also monitors one’s health. Wise Market PK has quite a few watches that you can get for yourself in this 11.11 Sale. Some of these most popular watches are the Apple Watch Series 9 and Samsung Galaxy Watch 4 Classic. They also have brands like Haylou, Mibro, Amazfit, and Oppo, so do check them out.

Tablets:

They also have a wide assortment of tablets, each of which is capable of bringing out your creativity. Some of these tablets are Samsung Galaxy Tab S8 X700 and Redmi Pad SE, which are fan favorites. Plus, tabs aren’t only limited to adults. If you have a small child in your home, then you know the headache of listening to children’s songs all day long, but you can’t give your office tab to them. That’s why Wise Market PK also features a brand called G-Tide, which makes tablets for children. One model that many parents love is the G-Tide Klap T1 Kids Tablet.

Wireless Earbuds:

Music lovers rejoice because, in this 11.11 Mega Sale on Wise Market, you get to pick your favorite pair of wireless earbuds at the best possible price. Be it AirPods Pro 2nd Generation or Soundpeats Wings 2 Wireless Sport Earphones, they have it all. So, better mark your calendars because one sale you don’t want to miss out on.

Accessories:

We’re not finished because Wise Market Pakistan has more to offer than just the above-mentioned devices. That’s right! During this 11.11 Sale, you can pick off your favorite accessories like a charger, power bank, or even wired earphones. Speaking of power banks, one of their latest additions to their roster is the Beme Explorer Mini 22.5W 5000mAh Power Bank. Beme is known for making some of the best power banks in Pakistan, and you get them at an affordable price from Wise Market PK.

Home And Lifestyle:

If you’re someone who’s looking for some amazing smart devices or home/kitchen appliances this month, then wait for the 11.11 Sale by Wise Market Pakistan. They have a huge (and we mean HUGE) collection of smart devices and home appliances. One of the recent additions to their site is an Anex brand, which is known for making high-quality home and kitchen appliances. Plus, for those who’re looking to make their lifestyle a bit more smart, Xiaomi and Realme smart devices for your home are also available. Check them out and pick your favorite one.

Gaming:

Last but not least, they also have a section dedicated to all of you gamers out there. They have several handheld consoles and other accessories that make your gaming experience truly amazing. They have products like gaming keyboards and gaming mouse all ready for the upcoming 11.11 Sale.

All in all, this Mega Sale is something that every smart device lover is going to love. So, Get ready to take full advantage of that up to 75% discount. Have your pick of some of the best smart devices at some of the lowest prices in Pakistan. Mark your calendars for the 11th of November and get ready to shop ’til you drop from Wise Market Pakistan.

Source: Pro Pakistani

The International Monetary Fund (IMF) review mission led by Nathan Porter has reached the Ministry of Finance in Pakistan to commence discussions on the first review of the $3 billion stand-by arrangement (SBA).

This marks the beginning of the much-anticipated economic review talks between Pakistan and the IMF, as the nation seeks financial support and guidance from the international organization.

In the first phase of these talks, both parties are set to engage in technical-level negotiations, laying the groundwork for the upcoming discussions.

Ahead of these crucial talks, a late meeting was held at the Finance Division on Wednesday chaired by Caretaker Finance Minister Dr. Shamshad Akhtar, according to sources.

Key officials including the Minister of Energy, Minister of Privatization, Minister of Planning, and Chairman Federal Board of Revenue (FBR) attended the meeting.

During the meeting, the finance minister provided a detailed briefing on the progress made in achieving the financial targets and the preparations made for negotiations with the lender.

The finance minister issued instructions to other ministers and officials to be thoroughly prepared and ready to engage the IMF.

The economic review, conducted under the $3 billion SBA, is scheduled to kick off today. The IMF mission will be initially presented with a comprehensive report detailing the progress made in implementing the financial targets, shedding light on the current economic landscape of Pakistan. This marks a critical step in the ongoing efforts to address the nation’s economic challenges and seek support from the crisis lender.

Source: Pro Pakistani

Ministry of Finance has revealed that the debt servicing costs have been increased by 45 percent in the first quarter of current fiscal year to Rs. 1.4 trillion.

The Finance Ministry in its Monthly Economic Update and Outlook October 2023 stated the primary concern on the expenditure side is the rise in the cost of servicing public debt, with the rise in SBP policy rates to 22 percent and weaker PKR fueling the rise in servicing costs. Debt servicing costs increased 45 percent in Q1 to Rs. 1.4 trillion.

In addition, the higher markup payments will continue to pose significant challenges for fiscal consolidation efforts which are growing by 45 percent annually.

The government had estimated Rs. 7.3 trillion for debt servicing out of a total budget layout of Rs. 14.48 trillion. The cost of public debt is increasing at a skyrocketing speed due to the constant jacking up of policy rates by the Central Bank.

The report states that despite the increase in debt servicing cost, the government managed to limit growth in expenditures through a prudent reduction in untargeted subsidies and a reduction in spending on new projects and schemes under the PSDP.

The Monthly Economic Indicator (MEI) is developed as a tool to distribute the past annual GDP numbers, reported by the PBS, on a monthly/quarterly basis, and to nowcast GDP growth for the FY in which the National Accounts are not yet available on the same frequency.

It should be noted that some of the data underlying the September 2023 MEI are still provisional and may be revised next month.

The MEI estimated for the month of September 2023 stood positive on the back of improved high-frequency variables such as LSM, exports, and cement dispatches.

MEI is expected to be positive throughout the outgoing fiscal year due to a rebound in domestic economic activities.

The first quarter of FY2024 demonstrates that the economy is yielding positive results from the development and government

stabilization measures. In the real sector of the economy, Cotton and Rice production for 2023-24 has posted exceptional growth of

126.6 and 18.0 percent, respectively.

Similarly, LSM increased by 2.5 percent on a YoY basis in Aug-23, and on a MoM basis, it bounced back by 8.4 percent against the decline of 3.7 percent in July.

Moreover, the external account has improved considerably, and foreign exchange buffers are being built up. At the fiscal front, the government’s commitment to fiscal consolidation efforts and maintaining fiscal discipline is evident through better fiscal accounts during JulAug, FY2024.

In the coming months, it is expected that overall economic activity will remain positive throughout the outgoing fiscal year due to a rebound in domestic economic activities and an improvement in inflationary pressures.

Moreover, recent coordinated efforts by government organizations to address macroeconomic imbalances will gear towards achieving stabilization in the coming months and realizing sustainable and inclusive economic growth in the medium to long term.

Source: Pro Pakistani

Besides retaining the ex-refinery prices of both high-speed diesel (HSD) and MS petrol until November 15, the federal government has jacked up the petroleum levy on Hi-Speed Diesel (HSD) by Rs. 5 to Rs. 60 per liter.

The government has enhanced dealer profit margins by Rs. 0.41 per liter with an additional rise in OMC margins of Rs. 0.47 per liter on petrol and diesel, respectively.

The Inland Freight Equalization Margin (IFEM) on MS has also been increased by 42.5 percent to Rs. 7.71 per liter. The PDL remains intact at Rs. 60 per liter in line with the demands of the International Monetary Fund (IMF).

The dealer and OMC margins for HSD now stand at fixed rates of Rs. 8.64 per liter and Rs. 8.12 per liter, respectively. Meanwhile, the rates revision brings the dealer and OMC margins for MS at Rs. 8.64 per liter and Rs. 7.87 per liter.

Sales tax on both fuel grades remains at zero percent.

These changes in taxes and margins on fuel are part of the caretaker government’s efforts to manage the fiscal situation while addressing concerns of the IMF. The retention of the previous rates at Rs. 283.38 per liter for petrol and Rs. 303.19 for diesel, combined with the adjustments in petroleum levy for HSD and margins for both grades, may offer extended relief for consumers across the country.

Source: Pro Pakistani