Month: October 2021

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China-SCO Local Economic Cooperation Demonstration Zone in Qingdao ushers in the first overseas investment fund

QINGDAO, China, Oct. 29, 2021 /PRNewswire/ — At the 2021 China-SCO Countries Financial Cooperation and Capital Market Development Forum that opened in Jiaozhou, Qingdao on Oct 28, the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation, which is located in the Jiaozhou Economic and Technological Development Zone, ushered in the first overseas investment fund.

The fund is the first QDLP fund under Qingdao’s Qualified Domestic Limited Partnership (QDLP) scheme. QDLP is a pilot program developed by Chinese local authorities for the purpose of facilitating cross-border asset allocation. It allows global asset managers to raise Renminbi from investors in China to invest in overseas traditional and alternative assets such as hedge funds, private equity funds, and REITs. Qingdao has been assigned a quota of US$ 3 billion for piloting the QDLP scheme.

The China-SCO local economic cooperation demonstration zone will run the fund in collaboration with Sino-Russian Energy Investment Private Equity Fund Management (Qingdao) Co Ltd. At the forum, it also signed agreements with Kazakhstan’s Astana International Financial Centre, CICC Capital and other domestic and overseas capital management organizations to launch cooperation in promoting cross-border capital flows.

Contact：Zhu Yiling
Tel.：0086-532-85911619
Website：http://www.qingdaochina.org
Facebook：https://www.facebook.com/qingdaocity
Twitter：https://twitter.com/loveqingdao

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Pakistan Embassy in Brussels holds 10th virtual ‘Khuli Katchery’

The Embassy of Pakistan, Brussels, organized the 10th ‘Khuli Katchery’ in a virtual format with the Pakistani diaspora in Belgium and Luxembourg.

Speaking on the occasion, Ambassador of Pakistan to Belgium, Luxembourg and the European Union Zaheer A Janjua congratulated the Pakistani community on the occasion of Eid Milad-un-Nabi.

Referring to the recent visits of Governor Punjab Chaudhry Muhammad Sarwar, President Azad Jammu and Kashmir, Barrister Sultan Mehmood Chaudhry and Secretary Commerce Muhammad Sualeh Ahmad Faruqui, the Ambassador underscored that continued engagements provided the opportunity to further strengthen cooperation and convey our perspective on important global and regional issues, including GSP Plus and the situation in Afghanistan.

During the visits, the dignitaries met with influential members of the European Parliament across the political spectrum as well as Belgian Parliamentarians to present Pakistan’s point of view. The visits also enabled interaction with the members of Pakistani diaspora and media.

Briefing the participants about efforts to observe the Kashmir Black Day, the Ambassador elaborated various activities undertaken by the Embassy including engagements with important think tanks, influential opinion makers and media influencers to highlight the ongoing human rights violations by the Indian Occupation forces in Indian Illegally Occupied Jammu and Kashmir.

Recalling the success of the Prime Minister’s Citizen Portal, Ambassador Janjua appraised the diaspora about the upcoming launch of the grievance redressal system for Pakistani diaspora by Foreign Minister Shah Mehmood Qureshi on November 1.

He said that the inauguration ceremony of the Foreign Minister’s Portal will be broadcast live on PTV and on the Face Book page of the Embassy.

The monthly interaction with the Pakistani diaspora was organized in accordance with the vision of Prime Minister Imran Khan and in line with Embassy’s efforts to serve the Pakistani diaspora in an efficient and seamless manner.

The virtual interaction was attended by diaspora members from different walks of life. The community members conveyed their complete satisfaction with the services provided by the Embassy.

Source: Radio Pakistan

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Sindh makes Covid vaccination mandatory for children aged 12

Sindh government has made vaccination of children above the age of 12 as mandatory against COVID-19.

According to a notification, the decision has been taken to ensure that no child is left unvaccinated.

Meanwhile, the University of Sindh Jamshoro has imposed a complete ban on the entrance of the unvaccinated students, teaching and non-teaching staff in the premises of the university.

Source: Radio Pakistan

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Mohammad Rizwan Equals MS Dhoni’s Wicket-Keeping Record

Pakistan’s wicket-keeper batter Mohammad Rizwan is widely regarded as one of the finest wicket-keepers in the world currently. Rizwan has been exceptional for Pakistan both with the bat and with the gloves behind the stumps.

While Rizwan has earned the plaudits for his magnificent form with the bat over the past year, his glove-work has gone a bit unnoticed. Rizwan’s outstanding wicket-keeping has been one of the highlights of the culture of fielding change in Pakistan and his fitness levels have set the standards for the future cricketing stars in the country.

Rizwan has 39 dismissals to his name in 2021 and has equaled the record of Indian legend, MS Dhoni for most dismissals in a calendar year. Dhoni set the record in 2016 as he dismissed 39 batters in 35 matches. Rizwan has also registered 39 dismissals in the calendar year although he has played two more matches than Dhoni.

The 29-year old will have a chance to break the record of MS Dhoni as Pakistan are scheduled to play at least two more T20I matches in the calendar year. The upcoming two encounters against Namibia and Scotland have already been scheduled while Pakistan is more than likely to play in the semi-final of the mega-event as well. With two more months left in the year, Rizwan can create an unbeatable record if he does play more T20 matches, including domestic and franchise league matches, in the year.

Source: Pro Pakistani

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Circular Debt Soared to Rs. 2.37 Trillion in Q1 FY22

The circular debt was recorded at Rs. 2,379 billion in the first quarter of the current fiscal 2021-22.

The power division has informed the Cabinet Committee on Energy (CCoE) that the circular debt reached Rs. 2,379 billion from July to September (Q1) for FY 2022 which includes Rs. 1,375 billion payables to power producers, Rs. 90 billion GENCOs payables to fuel suppliers and Rs. 915 billion parked in PHL.

Sources told ProPakistani that circular debt was Rs. 2,253 billion in Q1 FY 2021 and the increase this year is due to payments of power producers. Sources also said the ministry of power has projected the circular debt to fall to Rs. 1,856 billion from October 2021 to June 2022.

Interestingly, the power division had projected a decrease of Rs. 523 billion in circular debt in the remaining nine months of the current fiscal year however now they believe that the decrease could be Rs. 425 billion owing to payments to IPPs as well as PHL principal payments.

A handout issued by the planning commission states that a meeting of the CCOE was held under the Chairmanship of the Federal Minister for Planning, Development and Special Initiatives Asad Umar here in Islamabad on Friday.

Report on Developing Petroleum Reserves

The Petroleum Division presented a report on the development of strategic petroleum reserves. It was informed at the meeting that a working group comprising OGDCL, PSO, PEPCO, PARCO, TPPL, and PRL was constituted to develop a concept paper and study the strategic reserve requirement in the country. This working group has completed the initial assessment and a detailed feasibility study is being planned based on the recommendations of the working group.

The Maritime Ministry also developed a proposal on this, therefore, CCoE was directed to constitute a committee under OGRA with the Maritime Ministry and Petroleum Division as members for finalizing the proposal and reviewing the detailed framework for the establishment of strategic petroleum reserves.

CCoE also considered the summary presented by Power Division on standard security agreements for small Hydropower projects (up to 50MW) under the Power Generation Policy 2015. It was informed that the policy envisaged the development of large as well as small Hydel projects (SHPPs).

CCoE agreed with the framework for the ongoing and committed power projects. For small dams, the CCoE said that they have already directed and approved the policy for the creation of a market-based system so that the risk and liability do not rest with the taxpayer of Pakistan. These guidelines include the Competitive Trading Bilateral Contracts Market (CTBCM) and “Wheeling Policy” which have both been designed for this very purpose. It was further directed that this policy framework for small dams should be consistent with the overall policy direction.

CCoE also reviewed the Circular Debt Report September 2021 submitted by the Power Division and appreciated the reduced accumulation of circular debt.

The meeting was attended by Minister for Finance, Minister for Energy, Advisor to PM on Commerce & Industries, SAPM on CPEC, and representatives of regulatory authorities and senior officials of Ministries/Divisions also participated in the meeting.

Source: Pro Pakistani

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FBR Exceeds October Tax Collection Target by Rs. 31 Billion

The Federal Board of Revenue (FBR) has exceeded the assigned tax collection target of Rs. 397 billion set for the month of October 2021.

It has collected Rs. 428 billion provisionally during this month against the assigned target of Rs. 397 billion until now, reflecting an increase of Rs. 31 billion.

The provisional revenue collection of FBR reached Rs. 428 billion during the first 29 days of October versus Rs. 331 billion collected last October showing a growth of 29 percent. The revenue collection will increase on the compilation of the final figures by the end of October 2021. These figures will continue to improve before the close of the day and after the book adjustments have been taken into account.

FBR’s provisional data shows that it has collected net revenue of Rs. 1,829 billion during July-October (2021-22) against the assigned target of Rs. 1,608 billion, indicating a growth of 14 percent. Its target of Rs. 1,608 billion was amassed before the end of the current month.

On the other hand, the gross collections increased from Rs 1413 billion during July-October, 2020 to Rs 1932 billion in the current Financial Year, showing an increase of 36.7 %. The number of refunds disbursed was Rs 91 billion during July-October, 2021 compared to Rs 66 billion paid last year, showing an increase of 37.7%.

FBR’s provisional tax collection amounted to Rs. 1,829 billion (net) during the first four months of the current fiscal year against Rs. 1,342 billion collected in the corresponding period of 2020-21, showing a handsome growth of 36 percent.

Source: Pro Pakistani

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SPI-Based Weekly Inflation Soars Due to Exorbitant Vegetable Prices

The Sensitive Price Indicator (SPI) based weekly inflation rate has reached 14.31% after an increase of 1.23% on a year-on-year (YoY) basis. According to the Pakistan Bureau of Statistics, the combined index was at 163.44 on October 28, 2021, as compared to 161.46 on October 21, 2021, while the index was recorded at 142.98 a year ago on October 29, 2020.

During the week under review, out of 51 items, prices of 25 (49.02%) items increased, prices of four (7.84%) items decreased and prices of 22 (43.14%) items remained stable.

The SPI for the current week recorded an increase in the prices of tomatoes (11.42%), potatoes (6.05%), LPG (3.89%), sugar (3.74%), eggs (3.16%), electricity for Q1 (2.98%), mustard oil (1.39%), gur (1.36%), chicken (1.09%) and cooking oil 5-liter (1.08%) with the joint impact of (1.18%) into the overall SPI for a combined group of (1.23%).

On the other hand, a decrease was observed in the prices of onions (5.49%), bananas (3.51%), pulse Moong (0.80%), and garlic (0.38%). According to the PBS data, the year on year trend depicts an increase of 14.31%, LPG (80.06%), electricity for Q1 (65.91%), mustard oil (47.88%), vegetable ghee 1-kg (44.61%), cooking oil 5-liter (42.30%), chilies powdered (33.43%), petrol (32.22%), chicken (31.52%), diesel (28.91%), washing soap (27.98%) and garlic (24.37%), while major decrease observed in the prices of tomatoes (47.12%), onions (35.9%), pulse Moong (32.33%), potatoes (19.24%) and pulse Mash (0.79%).

The weekly SPI percentage change by income groups showed that SPI across all quantiles ranged between 1.01% and 1.4%. The lowest income group witnessed a weekly increase of 1.29% while the highest income group recorded an increase of 1.4%. On a yearly basis, analysis of SPI change across different income segments showed that it increased across all quantities ranging between 12.40% and 15.01%.

It is pertinent to note that the weekly inflation went up by 1.38%, 0.20%, and 1.21%, respectively, by weeks ended on October 21, October 14, and October 07.

Source: Pro Pakistani