Hong Kong Orders Mandatory COVID-19 Tests for All Residents

HONG KONG — Hong Kong will test its entire population of 7.5 million people for COVID-19 in March, the city’s leader said Tuesday, as it grapples with its worst outbreak driven by the omicron variant.

The population will be tested three times in March, Hong Kong Chief Executive Carrie Lam said.

She said testing capacity will be boosted to 1 million a day or more.

“Since we have a population of some 7 million people, testing will take about seven days,” she said.

Hong Kong has reported about 5,000 new daily infections since Feb. 15, with the cases threatening to overwhelm its healthcare system. Since the current surge began at the beginning of the year, the city has recorded nearly 54,000 cases and 145 deaths.

The order for citywide testing comes after mainland Chinese authorities dispatched epidemiologists, health workers and other medical resources last week to help contain the outbreak in the semi-autonomous Chinese city.

Hong Kong has largely aligned itself with mainland China’s “zero-COVID-19” policy, which aims to totally stamp out outbreaks, even as many other countries are shifting their approach to living with the virus.

Lockdowns of entire cities have been imposed in a number of areas of the mainland, but Lam said no such measure is currently being considered in Hong Kong because it is “not realistic.”

She also denied that the central Chinese government is giving instructions to Hong Kong on how to handle the epidemic.

“I reiterate that the central government never issued any instructions on our anti-epidemic work,” she said. “The central government will offer support as needed or upon our request, but of course we will always exchange our views.”

The “zero-COVID-19” strategy means that Hong Kong authorities often take measures such as locking down residential estates for mass testing when positive cases are detected, imposing strict quarantine requirements on travelers and ordering the shuttering of businesses.

The rapid surge of infections in the city has threatened to overwhelm its healthcare system.

Health officials said last week that hospitals were already at 90% of capacity and isolation facilities were full. People who test positive for the virus in Hong Kong must either be admitted to a hospital or a quarantine facility.

Lam acknowledged on Tuesday that the city’s isolation facilities are “severely inadequate” and that it is “working very hard with the full support of the central authorities” to build more.

Current social-distancing measures, such as a ban on dining at restaurants after 6 p.m. and the closure of businesses such as gyms and bars, will be extended until April 20.

“This is not good news to the sectors affected, but really at this stage of the pandemic we have no choice but to take these measures,” Lam said.

She said the city hopes to boost its vaccination rate to 90% by early March.

Other measures announced Tuesday include ending the school year early and moving the normal July-August summer holidays forward to March and April so that schools can be turned into facilities for testing, isolation and vaccination.

Flight bans from countries classified as high risk, including Australia, Canada, India, Nepal, Pakistan, the Philippines, Britain and the U.S., will be extended to April 20.

Source: Voice of America

Internet Speed Still Down With Submarine Cable Yet to be Restored

According to Pakistan Telecommunication Authority, Transworld has successfully shifted international traffic to SMW5’s available capacity and plans to add more bandwidth to SMW5 in the next 48 hours.

PTA spokesperson told ProPakistani that the Consortium which manages TW-1 will soon announce the date for the restoration of the TW-1 link. It should be noted that more than 26 hours have passed and the cable is yet to be restored.

A cable cut was reported in TWI submarine cable on Monday evening due to which internet speed was affected in Pakistan. According to PTA, the cable cut has been reported in the TransWorld submarine cable system at a distance of approximately 400km off the coast of Pakistan. This fault has caused an outage of international bandwidth and resulted in the degradation of internet services for users of Transworld.

According to PTA Spokesperson, the consortium which manages TW-1 is working to identify the fault and its intensity, after which the restoration date will be announced.

Source: Pro Pakistani

K-Electric Asks NEPRA for a Massive Increase in Electricity Tariff

K-Electric has demanded the National Electric Power Regulatory Authority (NEPRA) endorse an increase of Rs. 3.406 per unit in the rate of electricity in lieu of monthly fuel cost adjustment (FCA) for January 2022.

In two separate petitions submitted to NEPRA, the KE has sought the increase on account of monthly FCA. Nonetheless, under quarterly adjustments, KE has demanded a decrease of 30 paisas.

In case NEPRA accedes to the demand for the monthly increase, KE will collect a total of Rs. 3.727 billion from its consumers in their monthly power bill of April 2022.

Similarly, KE has also requested the power regulator that the company may pay back Rs. 0.302/unit under quarterly adjustments to its consumers for the second quarter (October 2021-December 2021).

To this effect, KE has submitted a petition to NEPRA that it will hold a public hearing on March 1, 2022. The regulator will discuss if the monthly and quarterly fuel price variation is justified and the company has followed the economic merit order (EMO) while giving dispatch to its power plants and power purchases from external sources.

It is to be noted that for December 2021, NEPRA notified about Rs. 2.60/unit relief to consumers of KE on account of lower fuel cost. It approved a negative FCA of Rs. 2.5953/kWh for December 2021, with an impact of Rs. 3.038 billion to be passed on in the bills of March.

Source: Pro Pakistani

HBL & BoP Sign Agreements With Naymat Collateral Company Ltd to Promote Farm Credit

Habib Bank Limited and Bank of Punjab have signed agreements with Naymat Collateral Company Limited to promote farm credit under the initiative of the newly developed system called Electronic Warehouse Receipt Financing (EWRF) for Maize Crop.

The launch of EWRF is in line with the efforts of the State Bank of Pakistan (SB to ensure the availability of adequate credit for agriculture purposes. In this regard, SBP has recently increased credit limits for farmers to meet their input requirements. Earlier, SBP set agriculture credit targets for banks to an all-time high of Rs. 1.7 trillion for FY22.

Addressing the audience at the event held in Habibabad, District Kasur, Governor State Bank of Pakistan Dr Reza Baqir said that banks must extend credit to the farmers to their full potential and make it easier to avail financing as the farmers would now be able to offer banks adequate collateral to avail loans.

He added that the system behind the EWRF is a win-win situation for all the three stakeholders including farmers, banks, and the collateral companies as it offers a smooth and reliable process in terms of storage of the produce, receipts creation, and provision of credit.

He pointed out that last year only 59 percent of the credit needs of the farmers were met through banks, which should now increase substantially. He termed the farmers as the key beneficiaries since they could now manage the risks emanating from price fluctuations in a better way. Farmers are often forced to sell their crops at lower prices during the harvesting season due to the unavailability of storage facilities and to meet their pressing cash requirements. With the availability of EWRF, they will now be able to meet their financing needs from banks. EWRF has also created an incentive for establishing modern storage facilities since it will create the demand for such facilities by farmers.

Taskforce Constituted To Promote EWRF

Dr Baqir also apprised that SBP has established a high-level taskforce for EWRF, comprising key stakeholders, to develop synergies and address bottlenecks and challenges in availing EWRF. This taskforce will be responsible to steer the entire action plan, monitoring performance, and providing strategic direction to boost EWRF in the country.

Besides enhanced credit availability, EWRF will help to improve food security by minimizing post-harvest losses due to the unavailability of modern storage spaces. It will also help in better price discovery that will increase farmers’ profitability and guide in better farming decisions.

President & CEO Habib Bank Limited – the pioneer bank in launching EWR based financing in Pakistan, Muhammad Aurangzeb, said that the launch of this initiative has created a great incentive for banks to extend financing to the farmers. It is the right step towards facilitating the farming community and will help in reaping the massive potential in the agricultural sector to contribute towards the growth of the country. Assuring continued support of the Bank of Punjab (BOP) in facilitating farmers, its President & CEO, Zafar Masud opined that EWRF would not only assist the farmers in their economic well-being but also significantly help avoid post-harvest losses of various crops.

The event was attended by various dignitaries from Federal and Provincial Governments, CEO Naymat Collateral Management Company Ltd., Presidents/CEOs of banks, warehouse operators, and farming community, among others.

Source: Pro Pakistani

Pakistan Received $12 Billion External Loans in First 7 Months of FY22

The federal government has obtained $12 billion foreign debt to meet its external obligations including debt servicing during the first seven months of the current fiscal year.

According to an official document, the government has obtained $12.02 billion debt including a government guarantee during the first seven months of the current fiscal year.

The external loans of the government reached $11.19 billion from different sources during the first seven months of the current fiscal year. According to the document, the government obtained $196 million during the first seven months of the current fiscal year. It has also got $2.04 billion by issuing bonds in July 2021 and January 2022 during the current fiscal year.

The government also obtained $2.62 billion from foreign commercial banks, $3.329 billion from multilateral, and $3.0 billion from time deposits by China and Saudi Arabia during the first seven months of the current fiscal year.

According to the document, the public guarantee was recorded at $832 million including $822 million from bilateral and $10 million for commercial banks’ loans during the first seven months of the current fiscal year.

The document shows that the pace of obtaining external loans accelerated during December 2021 and January 2022. According to the document, the government has got almost $7 billion during the last two months. The government obtained $1.5 billion in July, $793 million in August, $826 million in September, $854 million in October, and $802 million in Nov 2021. It is pertinent to mention here that the loan from the International Monetary Fund is not included in these figures.

Source: Pro Pakistani

OGRA Team Inspects Petrol Filling Stations to Check Quality, Measurement & Rates

In order to curb the sale of sub-standard oil and to check the practice of less filling, the Oil and Gas Regulatory Authority (OGRA) has started inspections of the retail outlets in Karachi. As many as 150 petrol pumps of various Oil Marketing Companies (OMCs) have so far been inspected.

According to OGRA spokesperson, an enforcement team has been continuously inspecting petrol pumps with its third-party inspectors in the southern region to check accurate measurements, quality, and price of oil and to ensure safety standards. The action, he said, has been initiated on the grievances of general public. He said the inspection process will be extended to the whole of Sindh.

He said OGRA takes action against violators as per the law, as it follows a no-tolerance policy on the accuracy of measurement, quality, price, and safety at outlets.

He highlighted that the teams have also been directed to visit other provinces to ensure the supply of petroleum products with accuracy, quality, and sale at prescribed rates.

Source: Pro Pakistani