A large number of people attend the main procession to mark the Youm-e-Ali (RA) as the Martyrdom day of Hazrat Ali (RA) observed in the city
Meeting held to discuss matters relating to SECP
ISLAMABAD, Apr 12 (APP): Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Wednesday chaired a meeting and discussed matters relating to Securities and Exchange Commission of Pakistan (SECP).
The SAPM on Finance Tariq Bajwa, Chairman SECP Akif Saeed and senior officers from Finance Division attended the meeting.
The meeting discussed and reviewed the progress of Securities Exchange Commission of Pakistan (SECP) related to the role of Pakistan Development Fund (PDF) and State Owned Enterprises (SOEs).
The meeting also discussed modalities for bringing improvement in the governance of SOEs and line ministries and restructuring of PDF in order to re-vitalize its role to promote infrastructure in the country in the context of SOE Act 2023.
Finance Minister Senator Ishaq Dar stressed reinvigorating the role of PDF and SOEs considering the business plan, governance structure and financial viability with the concept of accountability to safeguard public assets.
Dar attends IMF, World Bank Spring meetings through Zoom
ISLAMABAD, Apr 12 (APP):Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar attended IMF/World Bank Spring meetings through Zoom with high level IMF team headed by Jihad Azour Director Middle East and Central Asia Department (MCD).
Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha attended the meeting virtually, said a press release issued here.
Whereas Ambassador of Pakistan to the USA Masood Ahmad Khan, Governor SBP Jamil Ahmad, Secretary Finance, Secretary EAD attended in person.
The two sides discussed the progress made with the ongoing IMF program, particularly talks held with the IMF Mission during their visit to Pakistan and implementation of prior actions.
Finance Minister Senator Mohammad Ishaq Dar mentioned that due to local important commitments, Prime Minister Shehbaz Sharif has asked him to stay in Pakistan due to which he had to cancel his scheduled visit to Washington DC and therefore he is attending the IMF/World Bank Spring meetings via zoom from Pakistan.
Dar apprised IMF team about the economic challenges being faced by the country. He further shared the GoP’s vision for bringing about macroeconomic stability in the country.
He also informed that all prior actions for 9th Review under the Extended Fund Facility have already been completed and Government of Pakistan is fully committed to fulfil its obligations as agreed with the IMF.
Dar mentioned that the only IMF Program completed successfully was under his previous tenure as Finance Minister.
Jihad Azour, Director, IMF expressed his confidence that Staff Level Agreement (SLA) will be signed soon followed by the IMF Board’s approval.
He hoped that Pakistan would continue towards its progress on the reforms in various sectors and complete the IMF Programme in time and IMF will play its positive role in bringing economic stability in Pakistan.
Finance Minister thanked Director Jihad Azour and his IMF team for support extended in completing 9th Review.
Govt increases BISP allocation from Rs250 bn to Rs400 bn
ISLAMABAD, Apr 12 (APP):Federal Minister for Poverty Alleviation and Social Safety and Chairperson Benazir Income Support Programme (BISP) Ms. Shazia Marri was informed that during the last one year, the government has increased the budgetary allocation of Benazir Income Support Programme from Rs 250 billion to Rs 400 billion which is 60% increase in this budget.
She was presiding over a meeting to review the progress of BISP initiatives at its HQ on Wednesday.
The Secretary BISP, Yusuf Khan and DGs of the Programme briefed the minister on the progress on various initiatives.
The meeting was briefed that Rs 70 billion were disbursed among 2.8 million flood-affected families at the rate of
Rs 25,000 per family. Moreover, Rs 16.7 billion were also given as fuel subsidy among 81 lakh families at the rate
of Rs. 2000 per family.
The Chairperson BISP was further briefed that the Government has also increased Benazir Kafaalat funds by 25 percent for the deserving people of the country. These quarterly stipends has been enhanced from Rs. 7000 to Rs. 8750.
Currently, Rs 8500 are being disbursed against the quarterly installment of January to March, while Rs 9000 will be paid for the installment of April to June. The number of beneficiaries of Benazir Kafaalat has also been increased from 7.6 million households to 9 million households.
The minister was further informed that the total number of students under the Benazir Taleemi Wazaif Programme has reached 7.1 million.
Regarding Benazir Nashonuma Program, Shazia Marri was informed that the initiative has been expanded to every district of the country under which 510,000 pregnant and lactating mothers and newborn babies across Pakistan are receiving benefits through 472 Nashonuma Centers.
It was also informed that 92,000 students have been awarded scholarships under another initiative called Benazir Scholarships for undergraduate.
She was further apprised that Transgender Person have also been included in Benazir Kafaalat Programme.
Ms. Shazia Marri was also apprised of the latest developments on the new Dynamic Registry initiative launched on 25th February 2023 which will update the existing beneficiary data, whereas this survey, which is free of cost, will also enable new/ eligible families to be registered in the programme.
Deputy Governor Madinah honours seven Hufaz, Hafizat emerging victorious in competition
ISLAMABAD, Apr 12 (APP):Deputy Governor of Madinah Munwarah, Prince Saud bin Khalid Al-Faisal graced the annual function of Jamia Khairiya for memorization of the Holy Quran, which was organized in honour of 400 Hufaz of the Book of Allah.
The event took place amidst great enthusiasm and religious fervour, said a statement received here on Wednesday.
During the ceremony, Prince Saud bin Khalid Al-Faisal felicitated and honored seven Hufaz and Hafizat who emerged victorious in the Khadim Haramain Sharifain Shah Salman bin Abdulaziz Al Saud competition. This recognition of their talent was a significant milestone for the young learners and a source of pride for their families.
In addition, Prince Saud bin Khalid Al-Faisal also awarded two students who had excelled in the Shah Abdul Mulk competition and one student who secured a position in the world memorization of the Holy Quran competition held in Dubai.
The event was a testament to the commitment of the Saudi government to promote the learning and memorization of the Holy Quran. The dedication of the young learners, along with the support of their families and the patronage of esteemed personalities such as Prince Saud bin Khalid Al-Faisal, will undoubtedly continue to fuel the growth of Islamic knowledge and culture in the region.
In a significant development, a ceremony was held at the premises of Masjid Nabawi to honor the young Hufaz of the Holy Quran. The event was organized with great enthusiasm and was attended by prominent personalities of the region.
The Deputy Governor of Madinah, who graced the occasion as the chief guest, congratulated the students for their impressive feat of memorizing the Holy Quran.
He advised them to adhere to the teachings of the Holy Quran and strive to embody its morals in their daily lives. His inspiring words left a deep impact on the young learners, and they vowed to follow in his footsteps.
Furthermore, Dr Ali Al-Ubaid, the President of Jamia Khairiya for memorizing the Quran in Madinah, expressed his gratitude to the deputy governor for his valuable time and support.
He also spoke highly of Jamia Khairiya and its efforts towards achieving its goals and responsibilities. He acknowledged the technical supervision provided by the Ministry of Islamic Affairs and the financial and administrative supervision of the central government that has contributed to the organization’s steady progress.
This event was held in the framework of the organization’s efforts to promote the learning and memorization of the Holy Quran while simultaneously striving to achieve its broader goals.
Jamia Khairiya’s commitment to excellence in teaching and promoting the Quranic teachings was evident from the impressive display of talent and dedication exhibited by the young learners. The annual function was a celebration of their hard work and success, and it served as an inspiration for others to follow in their footsteps.
Through its efforts, Jamia Khairiya is making significant contributions to the promotion of Islamic knowledge and culture in the region. With the continued support of the Ministry of Islamic Affairs and the central government, the organization is poised to achieve even greater success in the future.
UN calls for bold int’l action to avert another lost decade for debt-ridden developing countries
UNITED NATIONS, Apr 12 (APP):The United Nations Trade and Development Conference (UNCTAD) has warned that developing countries are facing years of difficulty as the global economy slows down amid heightened financial turbulence.
In its latest Trade and Development report, released Wednesday, UNCTAD, a Geneva-based UN body said the annual growth across large parts of the global economy will fall below the performance registered before the pandemic and well below the decade of strong growth before the global financial crisis.
The UN trade body estimates that interest rate hikes will cost developing countries more than $800 billion in foregone income over the coming years. UNCTAD expects global growth in 2023 to drop to 2.1%, compared to the 2.2% projected in September 2022, assuming the financial fallout from higher interest rates is contained in the bank runs and bailouts of the first quarter.
It says that this will “further deepen the cost-of-living crisis that their citizens are currently facing and magnify inequalities worldwide”.
In 2022, borrowing costs, measured through sovereign bond yields, increased from 5.3 per cent to 8.5 per cent for 68 emerging markets.
The report says that over the last decade, debt servicing costs have consistently outpaced public expenditure on essential services, and that “the number of countries spending more on external public debt service than healthcare increased from 34 to 62 during this period”.
Last year, UN Deputy Secretary-General Amina Mohammed warned against this dynamic, calling it “a trade-off between investments in debt and investments in people”.
Public investment in developing countries will continue to suffer as countries pay more to their external creditors than they receive in new loans. This was the case in 39 countries in 2022, with potentially devastating consequences for development, social protection and the broader fight against inequalities, UNCTAD noted.
Meanwhile, international liquidity is drying up for developing economies. The report found that 81 developing countries (excluding China) lost $241 billion in international reserves in 2022, or seven per cent on average.
UNCTAD says that more than 20 countries experienced a drop of over 10 per cent, “in many cases exhausting their recent addition of Special Drawing Rights”.
Special Drawing Rights (SDRs) are an international reserve asset created by the International Monetary Fund (IMF) to supplement the official foreign exchange reserves of its member countries and help provide them with liquidity. The largest-ever allocation of SDRs, worth $650 billion, was carried out by the IMF in August 2021 to support countries through the economic crisis due to COVID-19.
Amid the liquidity shortfall, UNCTAD warns that 500 million people living in 37 countries “are likely to continue suffering for years to come from the consequences of a global financial system unable to respond at the scale and at the speed needed to face the systemic shocks affecting the developing world”.
The report highlights that food inflation remains rampant in developing countries in early 2023, contributing to a high cost of living.
This echoes the latest assessment of the UN Food and Agriculture Organization (FAO), which said that despite 12 consecutive months of decreases as of March 2023, global food prices remain 30 per cent higher today compared to the average level observed in 2020, and many low and middle-income countries are experiencing double-digit food price inflation.
High food prices put food security in peril, “particularly in net food-importing developing countries, with the situation aggravated by the depreciation of their currencies against the US dollar or the Euro and mounting debt burden”, according to FAO Chief Economist Maximo Torero.
UNCTAD further warns that high-interest rates and inflated food and energy prices will continue to weaken household spending and business investment.
Among its recommendations, UNCTAD says that an “urgent focus” on the reform of global debt architecture is required to adequately address developing countries’ needs.
Shipping companies are working towards sustainable maritime transport as part of the Sustainable Development Goals.
Among the UN trade body’s recommendations is the establishment of a multilateral “debt workout mechanism”, a registry of validated data on debt transactions from both lenders and borrowers and improved debt sustainability analyses which take into account development and climate finance needs.
These recommendations echo UN Secretary-General Antonio Guterres’ call earlier this year to take action against the high cost of debt and scale up long-term financing for development.
Back in February, Guterres proposed an annual stimulus package to bridge the “great financial divide” between developed and developing nations and help achieve the Sustainable Development Goals (SDGs) by 2030.
The “SDG Stimulus” proposal also insisted on expanding contingency financing to countries in need and more automatically issuing Special Drawing Rights in times of crisis.
UNCTAD’s report says that issuing new Special Drawing Rights “worth at least $650 billion” would be a “positive first step in helping to alleviate the heavy debt burdens” that are putting development in jeopardy.
The report will be part of the contribution the UN trade body is making to the international discussions currently underway in Washington DC at the IMF/World Bank meetings, including on debt and financing.
The UN trade body said it viewed the meetings as “a valuable opportunity” to strengthen development finance and improve liquidity prospects.
Nation’s future to be in safe hands due to students’ profound interest in Constitution : Rana Tanveer
ISLAMABAD, Apr 12 (APP):Federal Minister for Education and Professional Training Rana Tanveer Hussain on Wednesday expressed the optimism nation’s future would be in safe hands due to profound interest and deep knowledge of the students about the Constitution.
He said the Constitution had now been made a part of the national curriculum, keeping in view of students’ interest in the subject.
He was addressing the closing ceremony of the Inter Madaris Declamation Competition “My Constitution- Gurantee of My Freedom”, organized by the Directorate General of Religious Education in connection with the Golden Jubilee of the Constitution of Pakistan.
The Minister of Education said the points raised in the children’s speeches clearly showed that the young generation had special interest in this subjet i e the Constitution. He expressed the hope that future would be prosperous, and progressive.
“Besides safeguarding our rights, the Constitution also confers some duties for people. It is also our duty to protect this Constitution”, he added.
He said awareness of children of Madaras regarding the Constitution, was remarkable.
He said that the Constitution had been made a part of the curriculum so that the young generation fully understood the importance of the Constitution.
He said that the purpose of bringing Madarass into the national stream was to secure these children’s future along with financial support. NAVTTC has organized programmes for imparting various skills to Madrassa children, he added.
Federal Parliamentary Secretary for Education Zaib Jaffer, Directorate General of Religious Education Major General (Rtd) Ghulam Qamar and a large number of teachers and students were present.
Shields and cash prizes were distributed to those who secured prominent positions in the competitions.
Interior Minister urges market committee members to act against artificial inflation
ISLAMABAD, Apr 12 (APP):Interior Minister Rana Sanaullah urged the newly elected office bearers of the Islamabad Capital Territory Market Committee to play their active role in providing relief to the public.
He was addressing the oath-taking ceremony of the market committee members held at the Fruit and Vegetable Market, Islamabad on Wednesday. Information Minister Marriyum Aurangzeb was also present on the occasion.
Rana Sanaullah congratulated the newly-elected committee members and urged them to do their best in curbing artificial inflation.
He also asked the members of the market committee to play a role against elements involved in hoarding, profiteering, smuggling and their facilitators.
Interior Minister said that had the market committee established before the advent of Ramazan, it would have helped a great deal in controlling artificial inflation and profiteering, which would have ultimately given huge relief to the public.
However, he said, “It’s never too late” and the establishment of the committee is welcomed with the hope that it would help act against the elements that are charging exorbitant prices.
Assistant Commissioner Saddar Zone Sanya Hameed Pasha administered oath to newly-elected Chairman M Sajid Abbasi, Vice Chairman Safdar Siddique, and members Farooq Amjad, Naeem Azam Khan, Tahir Ayub, Agha Siraj, Roshdil Khan, Ajmal Abbasi, and Chaudhry Ilyas.
The oath-taking ceremony was attended by MNA Tahira Aurangzeb, and PML-N leaders Hanif Abbasi, Tariq Fazal Chaudhry, Malik Abrar and others. Representatives of the Islamabad Chambers of Commerce and Industry were also in attendance.
Three terrorists killed in Bajaur intelligence-based operation
RAWALPINDI, Apr 12 (APP): The Security Forces have killed three terrorists during intense exchange of fire in an intelligence based operation conducted in general area Loesum, District Bajaur.
According to the Inter Services Public Relations (ISPR) news release on Wednesday, an intense fire exchange took place between the Army troops and terrorists, during the conduct of the operation and resultantly, the killed terrorists were sent to hell.
Weapons and ammunition were also recovered from the killed terrorists, who remained actively involved in multiple terrorist activities against security forces as well as extortion and target killings of innocent citizens.
The locals of the area appreciated the operation and expressed their full support to the security forces, determined to eliminate the menace of terrorism from the area.
PM directs for launching cardiac surgery services at Recep Tayyip Erdogan Hospital
MUZAFFARGARH, Apr 12 (APP):Prime Minister, Muhammad Shehbaz Sharif, on Wednesday directed the officials concerned to launch cardiac surgery services at Recep Tayyip Erdogan Hospital soon.
He said that health facility was one of the mega health projects during his last tenure as Punjab Chief Minister.
He expressed these views during his visit to the Hospital here.
The Prime Minister ordered the Hospital administration to make other departments operational to extend more facilities to the masses.
Flanked by Minister for Information and Broadcasting, Marriyum Aurangzeb, the prime minister inspected emergency, surgical wards, operation theatres, ICU and CSSD and inquired from the patients hailing from Layyah, Bahawlnagar and Multan about the healthcare facilities being extended to them at the health facility.
They expressed satisfaction over the facilities.
The Prime Minister instructed the administration to further improve it.