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Tag: Pakistan

  • Pakistan’s merchandise exports dive for ninth consecutive month, drop by 16.69% in May

    Pakistan’s merchandise exports continue to decline for the ninth consecutive month, plunging by 16.69 per cent year-on-year to $2.18 billion in May, according to data released by the Pakistan Bureau of Statistics.

    The downward trend has persisted throughout the first 11 months (July to May) of the 2022-23 fiscal year, with exports experiencing a dip of 12.14 per cent to $25.36 billion compared to $28.87 billion during the same period the previous year.

    The decline in export proceeds can be attributed to a combination of internal and external factors, raising concerns about the potential closure of industrial units, particularly within the textile and clothing sector.

    In line with this, imports also experienced a significant decrease of 36.76 per cent to $4.27 billion in May compared to $6.76 billion in the corresponding month last year. From July to May, imports fell by 29.22 per cent to $51.15 billion, down from $72.28 billion during the same period last year.

    The government has implemented restrictions on luxury and non-essential goods while promoting imports of raw materials, semi-finished products, pharmaceuticals, food, and energy products. This policy shift has resulted in a substantial decline in the import bill over the past 11 months.

    As a result of these developments, the trade deficit has narrowed by over 40 per cent, reaching $25.79 billion between July and May of the fiscal year 2022-23, compared to $43.40 billion during the corresponding months of the previous year. In May, the trade deficit saw a year-on-year decline of 49.49 per cent to $2.08 billion.

    According to Dawn, the textile and clothing sector, which constitutes over 60 per cent of total exports, has been severely affected, making it challenging for the government to achieve its export target for the current fiscal year. Exporters have pointed out that the federal government lacks a clear strategy and effective prioritization, leading to a decline in textile exports.

    Exporters have also highlighted several root causes contributing to the export decline. These include shortages in working capital and liquidity, delayed refunds of taxes and levies, technology upgradation fund, and duty drawbacks.

    The promised faster refund system has not functioned as intended, resulting in refund processing times of 3-5 months instead of the expected 72 hours. The sector is also grappling with increased financial and energy costs.

    In addition, exporters are facing challenges in procuring raw materials and other inputs, both domestically and through imports. The State Bank of Pakistan’s hurdles in opening letters of credit have further contributed to the decline in exports.

    The negative growth in exports, except for a slight increase in August due to backlog clearance, poses a significant concern as it threatens the balance of the country’s external account.

    The government needs to address these issues promptly and formulate effective policies to revive the export sector and stimulate economic growth.

  • Sharmeen Obaid directs Gucci campaign starring Julia Roberts, Alia Bhatt, Serena Williams

    Sharmeen Obaid directs Gucci campaign starring Julia Roberts, Alia Bhatt, Serena Williams

    Just being the boss she is

    Powerhouse Pakistani director Sharmeen Obaid Chinoy keeps setting new milestones like becoming the first Pakistani to win two Oscars, then going on to helm a Marvel show about a Pakistani-Canadian girl with incredible powers, and now she is also marking the 10th anniversary of Gucci Chime, an initiative set up by fashion house Gucci, by directing a series of videos featuring celebrities like Idris Elba, Julia Roberts and even other activists on what they chime for.

    Breaking the news on social media, Chinoy wrote:

    “When we got everyone in their chairs and the cameras started rolling the conversations always ended with people saying we have to ensure that the world moves towards gender equality! In the fight for a more gender equal world who do you chime for? @gucci @gucciequilibrium“

    The Gucci CHIME campaign was founded ten years ago in partnership with singer Beyonce and Pinault. Gucci hosted The Sound Of Change: Live in London which featured artists like Beyoncé, Florence Welch, John Legend and Jennifer Lopez. It was broadcast to one billion viewers and raised over $3.9 million to support girls and women worldwide.

    Speaking to The Hollywood Reporter on why she chose to become an advisory member for Gucci Chime, the director revealed that she was inspired by the work the organisation had done to promote gender equality around the world:

    “I joined Chime for Change in 2013 because of its mission to promote gender equality and empower women and girls around the world. My career as a social justice filmmaker aligned itself with Chime’s three key pillars of education, health and justice. I have seen firsthand how the money raised through Chime improves the lives of women and strengthens communities.

    In my own home country of Pakistan, Chime helped build a girls school. I have seen the work put into key projects in Africa and South America, but what speaks to me the most is that Chime builds partnerships. It invests in women, not simply with funding, but also with advocacy, enabling them to then further champion other women. [Chime’s] model is unique and so many of the women they have championed now sit on its board. The work they have accomplished over the past decade reminds us of the importance of advocating for those striving to make a difference.”

    Since the post was uploaded yesterday, Pakistani celebrities like Mahira Khan, Mehreen Syed and Azfar Rehman have offered congratulations to Chinoy for the presitigious win.

  • PM Shehbaz, FM Bilawal express sorrow on Indian train accident

    Prime Minister (PM) Shehbaz Sharif has expressed sorrow over the loss of lives in Friday’s horrific train accident in Odisha, India.

    Foreign Minister Bilawal Bhutto Zardari has also sent condolences to the families of the victims.

    “Saddened to learn of the high death toll in the tragic train accident in Odisha, India. Our condolences for the families of the victims. Wish speedy recovery to the injured,” the foreign minister tweeted.

    At least 233 people have been killed as the result of the train accident, while scores more are injured.

    As per local authorities, the death toll is expected to rise.

    “Officials said several carriages from the Shalimar-Chennai Coromandel Express derailed in Balasore district, hit a stationary goods train and several of its coaches ended up on the opposite track”, BBC has reported.

    “Another train – the Howrah Superfast Express travelling from Yesvantpur to Howrah – then hit the overturned carriages.”

    The exact reason for the accident is still unclear.

  • FIA Interpol arrests three wanted men from UAE

    FIA Interpol arrests three wanted men from UAE

    The Federal Investigation Agency (FIA) Interpol arrested three suspects wanted by Faisalabad Police from United Arab Emirates (UAE) on Saturday.

    The FIA brought the three wanted men back to Pakistan, handing them over to local police at Faisalabad airport.
    Among the arrested suspects are Muhammad Zeeshan, Muhammad Usman and Muhammad Saqlain.

    FIA officials said cases of kidnapping and sexual assault were registered against the suspects. Interpol Pakistan had also issued red notices for their arrest.

    The suspects had been hiding in UAE since a long time.

  • Consumer suffering intensifies: Pakistan’s weekly inflation skyrockets to 42.67%

    Consumer suffering intensifies: Pakistan’s weekly inflation skyrockets to 42.67%

    Inflation in Pakistan continues to surge as the Sensitive Price Indicator (SPI) recorded a significant increase, jumping to 42.67 per cent on a year-on-year basis for the week ending on June 1, according to official data released by the Pakistan Bureau of Statistics (PBS). The weekly inflation showed a marginal increase of 0.03 per cent compared to the previous week.

    The short-term inflation, measured by the SPI, reached an all-time high of 48.35 per cent for the period ending on May 4, highlighting the ongoing challenges faced by the economy. The Combined Index, a comprehensive measure of inflation, stood at 254.13 compared to 254.05 on May 25, 2023, and marked a significant increase from 178.12 recorded on June 2, 2022.

    The PBS report revealed that out of the 51 monitored items, the average prices of 19 items increased, 14 items witnessed a decrease, while 18 items remained unchanged during the week under review. This data indicates the volatile nature of prices in the current market.

    Analyzing the SPI change across different income groups, the weekly percentage change showed a mixed trend, ranging between -0.1 per cent and 0.12 per cent. However, on a yearly basis, the SPI increased across all quantiles, ranging between 40.2 per cent and 43.49 per cent, suggesting the broad impact of inflation across various income segments.

    Additionally, the statistics bureau reported that Pakistan’s annual inflation rose to 37.97 per cent year-on-year in May, further confirming the country’s highest-ever inflationary period. The Consumer Price Index (CPI) recorded 36.4 per cent in April, which at the time was already the highest level according to the bureau’s historical records.

    Furthermore, the month-on-month rise in May was reported to be 1.58 per cent, with the bureau highlighting significant increases in the prices of vegetables, pulses, and chicken. These factors contribute to the overall rise in the cost of living and put additional strain on households and businesses alike.

    The continuous surge in inflation poses significant challenges to the economy, affecting consumers’ purchasing power and increasing the cost of doing business. The government and relevant authorities are urged to take immediate measures to stabilize prices, address supply chain issues, and implement effective policies to alleviate the impact of rising inflation on the population.

    As the situation unfolds, policymakers and economists will closely monitor the inflationary trends, devising strategies to bring stability and mitigate the adverse effects on the economy and the welfare of the people.

  • Pervaiz Elahi arrested after getting released

    Pervaiz Elahi arrested after getting released

    Pakistan Tehreek-e-Insaf (PTI) President Chaudhry Pervaiz Elahi, was arrested again by Anti-Corruption Establishment (ACE) Gujranwala moments after he was released on Friday afternoon.


    He was arrested again from outside a district court in Lahore. He has been arrested in a corruption case registered against him in Gujranwala.
    The district court earlier let Elahi go in the corruption case after he was arrested yesterday. “Pervaiz Elahi should be released if he is not wanted in any other case,” the verdict announced by Judicial Magistrate Ghulam Murtaza Virk read.

    Earlier today, in a video message recorded inside the court, the former Chief Minister said that he has done no harm and trusts the judiciary.
    “I have always been a supporter of the Pakistan Army. However, they should observe the people around them, and reflect on the direction in which they are taking the country.”
    While addressing PTI supporters, Elahi said, “You are on the side of truth, you are standing for what is rig

  • ‘Abduction is not a solution’ Twitter calls for immediate release of Jibran Nasir

    ‘Abduction is not a solution’ Twitter calls for immediate release of Jibran Nasir

    Civil rights activist and lawyer Mohammad Jibran Nasir was picked up by armed individuals on Thursday, from Karachi, his wife, actress Mansha Pasha, has confirmed.

    Pasha has revealed that she and her husband were coming back from dinner when a white Vigo almost crashed into their car. Fifteen men armed with guns came out and took Nasir with them.

    Sindh Chief Minister Syed Murad Ali Shah has taken notice of abduction.

    FIR:

    A First Information Report (FIR) has been registered against the abduction of Lawyer and activist Jibran Nasir.

    The FIR states that the lawyer has been picked up by unidentified people.

    The case has been registered at the Clifton Police Station under two sections of the Pakistan Penal Code — 365 and 34. The FIR has been registered on the complaint of Jibran’s wife Mansha Pasha.

    Social media users are calling for Nasir’s immediate release.

    Who is Jibran Nasir?


    Jibran Nasir is a lawyer by profession, a human rights activist and an independent politician.

    Jibran Nasir participated in 2013 and 2018 general elections as an independent candidate from NA-247 and PS-111 constituencies of Karachi.

    Jibran is known for his strong stance against hate speech and the lawyer has always been vocal about human rights violations.

    Jibran has also worked with different non-profit organizations including, Elaj Trust, advocacy, Never Forget Pakistan.

    After the Army Public School attack in 2014, Jibran took a stand against Taliban apologists. He was among the four people who held a candlelight vigil in front of Lal Masjid against then-chief cleric Abdul Aziz for refusing to condemn the attack.

    Jibran has been at the forefront in different cases of human right violations such as the Khadija Siddiqui stabbing case. He has been part of the counsel for the father of slain aspiring model Naqeebullah Mehsud and against Shahrukh Jatoi.

    He was the creator of the famous #ImagineKashmir campaign.

    In 2021, Jibran tied the knot with actress Mansha Pasha.

  • ‘Army picked me up from High Court like a terrorist, country under semi-martial law’: Imran Khan on May 9 events

    ‘Army picked me up from High Court like a terrorist, country under semi-martial law’: Imran Khan on May 9 events

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has said in an interview to Independent Urdu, “A semi-martial law is already in place in the country” and “everything is happening on the wishes of those in power”. He passed the remarks while talking about the use of Army Act against civilians.

    When asked whether he is hopeful that he will get the result of an inquiry into the May 9 events, Imran said that it is a simple matter. “CCTV cameras are everywhere.”


    He continued by saying that peaceful protest is everyone’s constitutional right, adding, “The way the army picked me up from the High Court like I was a terrorist, the reaction of the people was expected.”

    He further said that peaceful protest in front of GHQ is not a crime. However, while referring to May 9 events, Imran said that there is no justification of violent protests and neither is it his party’s policy.


    Elaborating further, Khan said that it is very difficult to point out the real culprits in a mob, adding that the events gave a chance to the government to launch a crackdown against PTI.

    Talking about his party members leaving the fold, Imran said that they have been pressured to leave.


    The former prime minister was adamant that there is no law in Pakistan and no one is following the constitution.

  • Government to review bill limiting CJ powers

    Government to review bill limiting CJ powers

    Chief Justice of Pakistan (CJP) Umar Ata Bandial on Thursday adjourned a hearing on a set of petitions against the Supreme Court (Practice & Procedure) Act 2023, aimed at limiting the powers of the head of the apex court.


    The hearing was adjourned after Attorney General for Pakistan (AGP) Mansoor Usman Awan told Chief Justice Umar Ata Bandial that the government has decided to review the bill as certain provisions within the law exhibit overlapping aspects.

    The hearing was conducted by an eight-judge bench comprising the CJP, Justice Ijazul Ahsan, Justice Munib Akhtar, Justice Mazahar Ali Akbar Naqvi, Justice Muhammad Ali Mazhar, Justice Ayesha Malik, Justice Syed Hasan Azhar Rizvi and Justice Shahid Waheed.


    On May 29, during the hearing of the Election Commission of Pakistan’s (ECP) review petition with regard to elections in Punjab, Mansoor Awan told the apex court that President Arif Alvi has passed the Supreme Court (Review of Judgements and Orders) Bill, 2023.


    “The president has signed the Supreme Court (Review of Judgements and Orders) Bill, 2023. Under the new law, a larger bench will hear review petitions,” he told the three judges bench hearing the petition.

    The bill has been the center of debate since it was first presented, as it led to speculation that former Prime Minister Nawaz Sharif will be able to appeal against his disqualification.

  • Pakistani rupee gains ground as State Bank eases cross-border transaction rules

    Pakistani rupee gains ground as State Bank eases cross-border transaction rules

    In a significant turn of events, the Pakistani rupee experienced a notable appreciation against the US dollar in the open-market on Thursday.

    The value of the US dollar dropped to the range of Rs295-300, compared to the previous day’s rate of Rs314. This shift can be attributed to recent changes implemented by the State Bank of Pakistan (SBP) to facilitate cross-border transactions.

    Currency dealers consulted by Business Recorder acknowledged that the supply of US dollars remains limited in the market, as customers are not actively selling their currency. This scarcity could be a contributing factor to the rupee’s recent surge in value.

    According to experts, the recent development is a direct result of the SBP’s decision to allow credit card payments through banks. The SBP, on Wednesday, permitted banks to purchase US dollars from the interbank market for settling card-based cross-border transactions with International Payment Schemes (IPSs).

    Previously, the SBP guidelines only permitted authorized dealers to purchase US dollars from exchange companies for settling card-based cross-border transactions with IPSs such as Visa and MasterCard.

    However, in response to stakeholder feedback, the SBP opted to extend this privilege to banks, allowing them to source dollars from the interbank market for such transactions.