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OpiniOn: Reaching an agReement with imF will Only pOstpOne the cRisis
wR I T I N G for Dawn author Zubair Khan explains that Pakistan is on the verge of default despite its engagement with the IMF at the end of a three-year program The country s economic issues stem from its own flawed policies but the IMF s stabilization programs have also failed to put Pakistan on a sustainable path
In fact, the IMF has escaped scrutiny for its 22 unsuccessful attempts to address Pakistan's financial troubles IMF programs have built reserves through borrowing funds paying off previous debts with new loans and arranging financing for foreign exchange shortfalls from various sources However each time the programs ended crises re-emerged soon after as the fundamental issue of increasing foreign exchange earnings remained unaddressed
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The author is of the view that IMF programs have focused narrowly on re-
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ducing fiscal imbalances through revenue measures without considering the impact of these measures on investment economic activity export promotion and income distribution This has resulted in stagnant exports, low investment rates, and collapsing SMEs, leading to rampant unemployment Increasing allocations for income support programs is not sustainable nor a substitute for policies that support the robust growth of SMEs and agriculture
During the current 22nd program Pakistan has followed the IMF stabilization program but both governments during the program period failed to contain expenditures which exceed 20% of GDP The IMF insisted on complex tax measures ignoring their impact on economic activity and resource allocation to the detriment of growth and competitiveness As a result, growth has slumped, exports are declining, inflation has risen steadily and interest rates have increased to a historical high of 40%
The IMF s dogmatic reliance on higher interest rates to contain inflation and attract capital inflows has proved unsuccessful and high interest rates have crippled industry and increased the burden on the budget Despite high interest rates, inflation has steadily risen, raising the cost of doing business and dampening investment and exports The IMF's prescription to protect interest incomes of banks and creditors from inflation erosion has rewarded the rich but failed to protect the poor from inflation s burden Pakistan s Staff Level Agreement (SLA) with the International Monetary Fund (IMF) is still pending with some issues related to gross financing needs and currency intervention remaining unresolved The SLA is expected to be completed in the next few days, followed by board approval, the 9th re-
CDA chief constitutes committee to evolve system for kiosks allotment in c apital
islamabad: Chairman Capital Development Authority
ISLAMABAD P R
Trade cultural and political relations between Pakistan and Iran are improving and it is heartening that every government in Pakistan irrespective of its political affiliation and ideology has worked for improvement of relation between the two brother Islamic countries said the Ambassador of Islamic Republic of Iran to Pakistan, H E Mr Seyed Mohammad Ali Hosseini at the signing ceremony of Memorandum of Understanding (MoU) between Allama Iqbal Open University (AIOU) and Islamic Azad University The Iranian ambassador further said that both universities have very strong capabilities and infrastructure that can promote educational cooperation in a good way
Vice Chancellor AIOU Prof Dr Nasir Mehmood said that Iran and Pakistan have deep ties of religion civilization and culture He said that AIOU will play a role to strengthen the relationship between Pakistan and Iran through education Dr Nasir said that not only geographically but we are also connected through culture civilization and religion and we do not need any other support Dr Nasir said that there are vast learning opportunities for the faculty members of AIOU in Islamic Azad University Vice Chancellor for International Affairs and Foreign Students, Islamic Azad University, Dr Jalal Dorakhshah that there are relations between the people and governments of the two countries and now these relations will continue at the university level as well Dr Zahid Majeed, Director, International Collaboration and Exchange Program gave a detailed briefing on the profile of AIOU and said that our relationship with Iran s universities is as strong as PAK-IRAN friendship
GO celebrates International Women’s D ay
pr Gas & Oil Pakistan Limited (GO) Pakistan s fastest growing oil marketing company celebrated International Women s Day with great enthusiasm and passion
The event was marked by a cake-cutting ceremony at GO Corporate Office in Lahore, along with the presentation of bouquet to female employees at Lahore & Karachi Offices The occasion was attended by the Chief Commercial Officer - Syed Hassan Mehmood Zaidi, Chief Strategy Officer - Mr Ammar Ali Talaat, and General Manager Corporate - Mr Shaukat Ghumman, in addition to the female employees present In his address the Chief Operating Officer Mr
ISLAMABAD P R
N P L ) f e a t u r e At t h e s a m e t i m e M & P w i l l o f f e r a n e x p r e s s d e l i ve r y f e a t u r e t o e n s u r e t i m e l y p r o d u c t d e l i ve r y This collaboration will facilitate the development of an efficient delivery process and provide benefits to both Bank Alfalah and M&P Additionally M&P will offer stock management and warehousing solutions for all products purchased through AlfaMall AlfaMall provides customers access to thousands of genuine products from reliable and trusted vendors at the best prices and offers BNPL payment options Customers can use the platform to make online purchases either by paying upfront or in easy installments P R
3rd Women’s Power Run-Marathon for Women Exclusively tomorrow
The
Public auction of commercial shops of PHAF Officers Residency Kuri Road Islamabad is going to be held by Ministry of Housing and Works PHA Found a t i o n T h e a u c t i o n w i l l b e h e l d o n S u n d a y M a r c h 1 2 2 0 2 3 a t 1 0 A M a t P H A F O ff i c e r s R e s i d e n c y K u r i R o a d A l l P a k i s t a n i c i t i z e
Innovation, digitalisation and investments critic al to tackling power sec tor challenges: Exper ts
islamabad: The University Advancement Office and the US-Pak Centre for Advanced Studies in Energy (USPCAS-E) at NUST in collaboration with Pakistan Renewable Energy Coalition organised a dialogue titled "Resolving Energy Sector Crisis through Digitalisation & Innovation " The event brought together experts from the energy sector policymakers and representatives from various industries to discuss the energy challenges of Pakistan and their potential solutions through digitalisation and innovation Principal USPCAS-E Dr
Adeel Waqas Ahmed highlighted the importance of the dialogue in addressing the current challenges facing the energy sector of Pakistan Dr Ashfaq Hasan Khan, Principal NUST School of Social Sciences & Humanities (S3H), shared his insights on the policy, and Ms Sadia Dada, Chief Marketing & Communications Officer KElectric, talked about KE's operational turnaround through innovation and digitalisation The event also featured
Zeeshan Tayyeb, stated, We gather to celebrate International Women s Day, a day to honour the social, economic, cultural, and political achievements of women around the world
As we reflect on the progress made in advancing gender equality we must also acknowledge the work that still needs to be done As a society it is our responsibility to ensure that women are given equal opportunities respect and recognition He further said On this International Women s Day GO pledges to support and uplift women in our communities to amplify their voices and advocate for their rights GO has also set gender diversity targets to help create a world where every woman can live and work freely and proudly as herself
Captain Noor Ul Amin Mengal has constituted a committee to make a proper system for allotment of kiosks in Islamabad The committee comprised upon Director Urban Planning Deputy Director Master Plan and Director DMA According to the details the committee will identify the places for construction of kiosks which will be in accordance with Islamabad Master Plan Similarly kiosks will be allotted on lease through open auction at the recommended sites It is pertinent to mention here that prior to this, there was no clear system for allotment of kiosks in Islamabad
The kiosks will be constructed under a specific design to further enhance the beauty of Islamabad Moreover, Chairman Capital Development Authority Captain Noor Alamin Mengal has also constituted a committee for the allotment of open spaces in the city This committee includes Director Urban Planning, Director Coordination, Director Estate Management II Director Enforcement and SP Traffic Similarly this committee will identify such places where allotment of open spaces will not cause any kind of difficulties to traffic or pedestrians P R
ZTBL, Nadra ink MoU on PM Loan S cheme
islamabad: ZaraiTarqiati Bank Ltd (ZTBL) and National Database and Registration Authority (Nadra) on Thursday signed ceremony on PM s Youth, Business and Agriculture Loan Scheme (PMYBAL) for enhancing digitization for agriculture sector The signing ceremony took place between President ZTBL Asad Ullah Habib and Chairman Nadra Muhammad Tariq Malik here at ZTBL head office
The signing ceremony is aimed at verification of the beneficiaries of PM Youth, Business and Agriculture Loan Scheme who will be granted loans by ZTBL under the scheme Under the PM s Loan Scheme, ZTBL has been assigned the target of disbursing Rs7 billion in Tier 3 So far ZTBL has disbursed Rs480 million whereas bank has received approximately 5500 applications Speaking on the occasion Chairman Nadra said ZTBL was the first bank in Pakistan that underwent digitization in 80s adding there was much room for digitization in the country Mr Malik said Nadra was committed to facilitating subsistent farmers including female in financial inclusion in collaboration with ZTBL and assured to support the agriculture financing bank for national cause P R
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to head SAP Pakistan, Iraq & Afghanistan
d h i s a d d i t i o n a l r o l e a s t h e M a n a g i n g D i r e c t o r Pa k i s t a n , I ra q a n d A f g h a n i s t a n w i t h e f f e c t f r o m M a r c h , 2 0 2 3 T h e n e w r o l e a n d a d d e d r e s p o n s i b i l i t y a r e a r e s u l t o f S a q u i b ’s o u t s t a n d i n g p e r f o r m a n c e H e h a s p l a y e d a s t r o n g l e a d e r s h i p r o l e i n t ra n s f o r m i n g Pa k i s t a n s p u b l i c a n d p r i va t e s e c t o r e n t e r p r i s e s i n t o d i g i t a l l y d r i v e n e n t i t i e s T h e a n n o u n c e m e n t c a m e s o o n a f t e r t h e v i s i t o f A h m e d A l f a i f i , t h e S e n i o r V i c e P r e s i d e n t & M a n a g i n g D i r e c t o r o f M i d d l e E a s t a n d A f r i c a N o r t h t o Pa k i s t a n D u r i n g h i s v i s i t , A l f a i f i m e t w i t h k e y g o v e r n m e n t a n d p u b l i c s e c t o r o f f i c i a l s i n c l u d i n g M r A h s a n I q b a l Fe d e ra l M i n i s t e r f o r P l a n n i n g D e v e l o p m e n t & S p e c i a l I n i t i a t i v e s D r M u k h t a r A h m e d C h a i r m a n H i g h e r E d u c a t i o n C o m m i s s i o n ( H E C ) a n d M a z h a r A l i S h a h S e c r e t a r y Pa k i s t a n Ra i l w a y s A h m e d A l - Fa i f i i n a m e s s a g e o n t h e c o m p a n y ' s i n t e r n a l b o a r d c o n g ra t u l a t e d S a q u i b o n h i s c o n t i n u o u s d e d i c a t i o n t o b r i n g i n g S A P t o n e w h e i g h t s H e c o m m e n d e d S a q u i b ’s e f f o r t s t o a c h i e v e c o m p a n y g o a l s a n d c o n t r i b u t e t o S A P g r o w t h i n Pa k i s t a n P R
PCFR hosts seminar on ‘Justice Delayed Justice Denied: Challenges for Pakistan’s Justice System
K a r a c h i: Pakistan Council on Foreign Relations (PCFR), a non-profit, independent, nonpartisan, and multidimensional forum, organized a seminar on “Justice Delayed Justice Denied: Challenges for Pakistan’s Justice System and Possible Solutions” at a hotel in Karachi Mr Justice Gulzar Ahmed former Chief Justice of Pakistan Mr Anwar Mansoor Khan former Attorney General of Pakistan and Barrister Salahuddin Ahmed former President of Sindh High Court Bar Association addressed the seminar Mr Ahsan Mukhtar Zubairi Secretary General PCFR presented the welcome address In his address Mr Zubairi said that Judiciary has a fundamental role to maintain order in society
While presenting the introductory remarks Ambassador G R Baluch Senior Board member of PCFR said that this is an important subject in contemporary Pakistan as delay in deciding cases has become the core issue in our justice system Ambassador Baluch further highlighted that modern techniques such as artificial intelligence can help deal with the issues judicial system Barrister Salahuddin said that
