Search This Blog, New posts and older post

Showing posts with label pakistan. Show all posts
Showing posts with label pakistan. Show all posts

Jul 24, 2023

International Monetary Fund IMF criticizes the State Bank of Pakistan (SBP) for the inflation curve.

 by web desk

International Monetary Fund IMF criticizes the State Bank of Pakistan (SBP) for the inflation curve

The International Monetary Fund (IMF) has slammed the State Bank of Pakistan (SBP) for its delayed response in dealing with inflationary pressures from 2020, saying monetary policy has fallen behind the curve. Following the approval of the US$3 billion standby program for Pakistan, the IMF staff report highlighted that the SBP's loose monetary policy conditions and several pauses in the rate tightening cycle had contributed to unanchored inflation expectations, resulting in five-decade high inflation.

To combat persistent inflation, the IMF urged the SBP to maintain a tight, proactive and data-driven monetary policy. The recent hike in key interest rates has been welcomed, but further tightening may be necessary to reduce inflation and achieve the SBP's medium-term inflation targets. The IMF emphasized the need for stronger independence of the SBP and the gradual introduction of refinancing schemes to improve the traction and transparency of monetary policy.

While some authorities remained optimistic about the easing of inflationary pressures, the IMF forecast increased inflation, mainly due to delayed monetary tightening measures. The report said inflation is expected to remain above 25 percent in FY24, with a gradual slowdown in subsequent years.

In the past six months, rising food prices, exchange rate depreciation and a lack of supply have contributed to soaring inflation, which has greatly affected the vulnerable population. The SBP's actions were perceived as lacking clarity, with rate hikes occurring sporadically.

Experts have acknowledged the stubborn nature of inflation in Pakistan, attributing it to various factors such as depreciation, supply shocks caused by natural disasters such as floods, fiscal slippages and delayed responses to monetary policy tightening. To effectively deal with inflation, they suggested maintaining a real positive interest rate and solving fiscal and administrative problems along with a focus on expenditure management, productivity and economic efficiency.

It is clear that controlling inflation requires a comprehensive and innovative approach involving both monetary and fiscal measures to stabilize the economy and protect people's well-being.

Jun 22, 2023

Pakistani youth can earn up to Rs. 500,000 as Google launches free IT training

 

by marana


Pakistani youth can earn up to Rs. 500,000 as Google launches free IT training

In partnership with Punjab Information Technology Board (PITB) and Tech Valley, Google has announced free IT training for Pakistani youth, which provides a great opportunity to earn up to Rs. 500,000 per month through skill learning.

The training will cover many important skills with regard to the demands of today's world, including IT support, UX design, project management, IT automation, advanced data analysis, digital marketing and e-commerce, data analysis, Business Intelligence and cyber security.

Governor Sindh Kamran Tessori took the initiative for the youth of Sindh. Training will be imparted to 500,000 individuals at the historic Governor's Building in Karachi. Kamran Khan Tessori aims to transform Karachi into a successful IT hub by training the youth in futuristic technologies including cloud computing, artificial intelligence, metaverse and web 03.

Students will be selected through an aptitude test to be held at the Governor House. Kamran Tessori claims that after this training the youth will be able to earn around Rs. 500,000 to Rs. 600,000.

IT experts, Daniyal Nagori and Sir Zia and JDC will also be a part of the training and support the Sindh Governor's initiatives.

Requisites for registration are hereby metioned:

  1. Visit wesbsite WWW.GOVERNORSINDH.COM
  2. Do registration
  3. Entry test will be conducted in governor house sind karachi
  4. Eligible candidates will inform by email

Apr 27, 2023

PAKISTAN FACING SEVERE POLITICAL CRISIS IN APRIL 2023

 By marana

Now a days the Pakistan Democratic Movement (PDM) coalition government of around eleven political parties is in power until August 2023. Imran Khan was ousted from power in April 2022 after losing a no-confidence vote, becoming the first Pakistani Prime Minister to be elected . issued by the National Assembly. Since his ouster, he has been calling for snap polls in the country to remove what he called an "imported government" led by Prime Minister Shehbaz Sharif. Meanwhile, a Pakistani court granted Imran Khan interim bail in seven cases.

The current crisis stemmed from Imran Khan's decision to dissolve the provincial assemblies of Punjab and Khyber-Pakhtunkhwa in January 2023. PTI was in power in both provinces. According to the constitution, elections were supposed to be held in 90 days, but the federal government was reluctant to hold them. As expected, the PDM ruling coalition did not succumb to PTI pressure. Imran Khan led the rally in an unsuccessful attempt to get Sharif to agree to early elections, which are scheduled for later in 2023. Khan has been holding protest rallies across the country to demand early elections, but his successor as prime minister, Shehbaz Sharif, has rejected Khan's demands . Since then, Pakistan has been falling into polarization and one crisis after another. Pakistan faces constitutional crisis over Imran's desire for early elections: The blame game continues as expected.

The federal government opposes early elections. He says elections should be held on the same day the incumbent government completes its constitutional term. The ruling party says that holding elections separately would increase the political crisis. However, both sides admit that the stalemate has led to political instability and a worsening of the economic situation.

The political conflict may lead to a decisive police operation against the Tehreek-e-Insaf (PTI), which may lead to further violence. The PDM government is somehow trying to reduce the great popularity of the PTI party. In March, the oversight committee suo motu pointed out the delay and ordered the Election Commission of Pakistan (ECP) to hold elections in Punjab and K-Initially, the date for the Punjab elections was set on April 30, but the ECP postponed it to October 8. However, this only deepened the crisis , because the parliament refused to bear the costs of the election.

The ruling coalition also took the position that the court's decision would not stand as four of the seven-member panel rejected the suo motu notice. Now the matter is back at the Supreme Court, where a three-judge panel has called for political dialogue to resolve the issue. The Supreme Court then again granted the PTI's plea against postponing the elections and directed the ECP, the election watchdog, to hold the elections on May 14 in any case.

The Supreme Court ruled that its judgment given in the election postponement petition has already fixed the date of Punjab Assembly elections on 14 May 2023. “This judgment stands and therefore its decision is binding on all the judiciary and executive in the country under Article 189 and Article 190 of the Constitution," the order stated. Currently, both the executive and the judiciary have reached an impasse due to the government's difficulty in implementing the Supreme Court verdict ordering the May 14 Punjab Assembly elections.

In its April 4 order, the Supreme Court directed the government to provide Rs 21 billion to the ECP to conduct elections in Punjab and Khyber Pakhtunkhwa by April 10 and directed the ECP to submit a report to the court on whether the government followed Order 11. April. However, the government referred the matter to the parliament, which defied the orders of the ÚS and refused to release the funds.

pakistan political crisis

The court then issued notices to the Finance Secretary, Governor SBP, Attorney General for Pakistan (AGP) and the ECP, directing them to appear before the bench on April 14. It also directed the SBP to provide a record and details of all federal government money under or under the control, management or direction of the bank. After hearings in chambers, the court issued an order directing the SBP to release Rs 21 billion from the FCF for the elections.[5]

The court also saw that the required funds could be made available to the Election Commission of Pakistan (ECP) "immediately and within a day". It also noted that there were "absolutely no difficulties or hiccups, whether financial or procedural or in terms of the relevant authorization by and under the Constitution" in the immediate release of the funds in question.[6] Later, on 19 April 2023, while hearing a petition for holding general elections to national and provincial assemblies simultaneously across the country, the Chief Justice of Pakistan (CJP) asked political leaders to negotiate to end the impasse.

The PDM government and the extremely powerful army do not want the election on the appointed day at all. So the election deadline can be extended to make elections possible. Otherwise, it may not even be May 14. Today, the Supreme Court also summoned the leaders or representatives of all political parties. There is still room for some political compromise. Due to the immense power of the military, it must also be involved behind the scenes in a major compromise. The focus must be on peaceful, fair and just elections. Meanwhile, time is running out for Pakistan's ruling elite. Only external intervention can now solve the country's significant crisis. The court called elections in Punjab for May 14 after declaring the postponement of the vote unconstitutional and rejecting the defense ministry's request that elections be held simultaneously across the country at a later date instead, amid worsening security and economic conditions.

pakistan economic crisis 2023

Today, Pakistan is at a historic crossroads like never before in history. Pakistan is facing a serious political crisis. Only court verdicts calmed the volatile situation. Regardless of the apparent inclination of Pakistan's PDM government not to hold elections as per the Supreme Court verdict, people are demanding them in accordance with the law. Attempts to crush opposition forces no longer make sense. Is Pakistan falling into direct military rule? National institutions are fighting over the issue of regional elections and the powers of the President of the Supreme Court. The legal fraternity of Pakistan expressed its full support to the Constitution and the Supreme Court of Pakistan and demanded that the elections to the Punjab and KP Assemblies be held immediately, in accordance with the dictates of the Constitution and the orders of the Supreme Court. The Welcome development legal initiative is also supported by a number of human rights groups. However, the PDM government and the military think otherwise. High tension in Pakistan

#pakistan vs india


Apr 14, 2023

UAE confirms gift of $1 billion bilateral support to Pakistan to IMF:

 by web desk

UAE confirms gift of $1 billion bilateral support to Pakistan to IMF:

The finance minister says that Pakistan is now dealing with the necessary documentation to take over the advance from the UAE authorities Finance Minister Ishaq Dar announced on Friday that the United Arab Emirates (UAE) has confirmed $1 billion in bilateral support to Pakistan to the International Monetary Fund (IMF), the final condition for finalizing staff-level agreements with the IMF.

The finance czar said on his official Twitter account that the State Bank of Pakistan is now "engaged with the necessary documentation to take over the said advance from the UAE authorities".

Meeting of the IMF term and conditions

At an earlier meeting, Pakistan had strongly urged the IMF to show some flexibility and sign a staff-level agreement, but failed to agree a date despite Islamabad's growing fears of the fallout from a worsening economic crisis.

The request was made by Finance Minister Ishaq Dar in a virtual meeting with Jihad Azour, director of the IMF's Middle East and Central Asia Department. However, the minister could not achieve the desired result, as the IMF again raised the issue of gasoline subsidies and possible fiscal leakages due to the implementation of the subsidy plan.

UAE confirms gift of $1 billion bilateral support to Pakistan to IMF:

The two sides shared their positions on external funding requirements of $6 billion – the amount Pakistan needed between now and June to avoid default.

The IMF was informed that Saudi Arabia had confirmed a $2 billion loan to Pakistan and Dar assured that the UAE would soon confirm its commitment to provide $1 billion.

$6 billion funding plan remains elusive

The two sides also discussed the progress made in the IMF programme, particularly the talks held with the IMF mission during its visit to Pakistan, and the implementation of previous measures, a press statement issued by the finance ministry said.

During the first eight months of this fiscal year, the current account deficit remained at $3.9 billion. Dar assured the IMF that Pakistan would secure an additional $2 billion loan from the World Bank, Asian Infrastructure Investment Bank and commercial banks if the fund signs a staff-level agreement.

UAE confirms gift of $1 billion bilateral support to Pakistan to IMF:


Featured Posts

Affiliate Marketing in 2025 – Complete Beginner’s Guide to Earning Online

 by Marana 3 minutes read Aug 28, 2025 What is Affiliate Marketing? Affiliate marketing is one of the most popular ways to earn money onlin...

Most viewed Posts