Day: May 24, 2023

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Petrol Likely to Become Cheaper as Russian Shipment is Set to Arrive This Month

In a significant development, Pakistan is set to receive its first-ever shipment of oil from Russia within the next three days, offering much-needed relief to the cash-strapped nation and its general public.

Minister of State for Petroleum, Musadik Malik, confirmed the impending arrival of the one-lac-ton shipment during a press conference held in Islamabad.

During the presser, the Minister also highlighted the approval of Pakistan’s new greenfield oil refining policy, which is expected to attract investment and stimulate economic growth.

The policy envisions building new refineries in special economic zones, providing tax exemptions and investor protection under the Foreign Investment Act.

Furthermore, the Minister shared insights into the country’s energy security goals, including the LPG Airmix policy aimed at supplying LPG to areas without gas supply with the help of the private sector.

The Minister emphasized Pakistan’s current annual demand for petrol and diesel, which stands at approximately 20 to 21 million tons. While local refineries account for half of the country’s oil requirements, the consumption of furnace oil is declining. By 2032, it is projected that Pakistan’s annual consumption of petrol and diesel will reach 33 million tons.

As far as the incoming shipment is concerned, the Minister disclosed that the crude oil vessel from Russia is expected to arrive in Oman between May 27 and 28. From there, the oil will be transported to Pakistan using smaller ships. The initial shipment will deliver a hundred thousand tons of oil, marking a significant milestone for the country.

Addressing concerns about potential objections from the International Monetary Fund (IMF) regarding the affordable petrol package for the underprivileged, the Minister expressed confidence that such objections would not arise.

Source: Pro Pakistani

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American Business Council of Pakistan Survey Reveals Apprehensions About Ease of Doing Business

The American Business Council of Pakistan (ABC) conducted its annual survey among 60 companies in its association to assess the current business environment in the country.

The survey findings reveal that the companies have made significant contributions during the Fiscal Year (FY) 2021-2022.

However, significant apprehensions exist about the ease of operating a business in the present and short-term future.

Concerns about Pakistan’s international perception have been raised, emphasizing the need for immediate government support and policies to facilitate the investment and expansion plans of American companies operating in Pakistan for FY 2023 and beyond.

Key findings from the annual survey include:

Contributions

The participating companies have made substantial contributions to the Pakistan economy during the FY 2021-2022. This includes the cumulative revenue of PKR 847Bn, exports worth PKR 81Bn, a capital investment of 57 Bn in the L3Y and national exchequer amounting to PKR 159 Bn.

These companies have also actively engaged in CSR activities, contributing significantly – PKR 1.6 Bn – to various social and community development initiatives. Their commitment to making a positive impact in Pakistan goes beyond business operations.

Future Investment

61% of the companies expect negative GDP growth in FY 2023, and 83% are concerned about operating business smoothly in this current short-term economic scenario.

94% of the companies, however, expect that the situation may turn around eventually and feel more optimistic about the long-term future but not the short-term. Nonetheless, 67% of the companies have plans for further investments and expansion in Pakistan in FY 2023.

Ease of Doing Business

48% of the respondents expressed concerns about a drastic decline in the ease of doing business in Pakistan. Cumbersome regulatory processes, bureaucratic hurdles, and inconsistencies may be causing obstacles that hinder business operations and growth.

International Perception and Business Climate

71% of the surveyed companies expressed concerns over Pakistan’s perception internationally. 79% felt that the overall business climate has worsened, considering the current challenges the country faces. They emphasized the importance of addressing these challenges and creating a favorable environment to attract more foreign investment.

Considering these findings, ABC needs the support of the government of Pakistan to consider the following recommendations:

Streamline regulatory processes, reduce bureaucracy, and enhance efficiency to improve the ease of doing business.

Facilitate a favorable business climate by addressing the concerns raised by American companies regarding Pakistan’s international perception.

“We believe that addressing these key areas identified in the survey will create a more favorable business environment in Pakistan,” said Jamshed Safdar, President of the American Business Council of Pakistan.

He further added:

“Collaborative efforts between Pakistan and American companies can lead to increased investment, job creation, and economic prosperity for Pakistan.”

Source: Pro Pakistani

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NDMA delegation attended Partnership Days Event of World Bank in Washington DC

A two-member delegation comprising of Lt Gen Inam Haider Malik, Chairman NDMA and Mr. Idrees Mehsud, Member Disaster Risk Reduction attended Partnership Days Event of Global Facility for Disaster Reduction and Recovery on invite of World Bank in Washington DC.

The Chairman as panelist highlighted the requirements for making Pakistan a resilient country, “Developing economies critically need innovative DRR approaches based on local challenges and necessities” he mentioned.

Chairman unveiled the way forward for a remodelled NDMA that will be able to tackle upcoming challenges owing to multiple hazards, particularly climate change induced.

He emphasized need for collaboration to incorporate community centric AI based/tech driven early warning capabilities to forecast disasters, which also could be a key solution to minimize time and again financial assistance by donors in affected regions.

The Chairman, during panel discussion also suggested that the World Bank financial strategy developments for DRR and other frameworks must include spontaneity and shared DRR instruments. He said Pakistan has demonstrated default resilience and adaptation, which requires support in value addition of protocols.

At latter part of the day, the delegation also held productive sessions with Ms. Afreen Akhter, Deputy Assistant Secretary of State, Bureau of South and Central Asian Affairs at the US state Department and Ms. Marcia Wong, Deputy Assistant to the Administrator, in USAID HQs Washington.

During meetings the NDMA delegation discussed crucial need to collate with academia and DM responders of vulnerable countries with global universities, for building forward on existing knowledge and capitalization of existing indigenous capabilities.

They further specified requirement to formulate and connect a team of all DM stakeholders including local/global partners working in silos, for pre identifying risks and preparation of plans of actions for foreseeable potential disasters.

NDMA delegation is currently representing Pakistan in sessions/meetings pertaining to disaster risk management and financing, organized by global partners/stakeholders.

Source: Radio Pakistan

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Khawaja Asif reiterates Pakistan’s desire to strengthen partnership with Azerbaijan

Minister for Defence, Khawaja Muhammad Asif has reiterated Pakistan’s strong desire to strengthen its partnership with Azerbaijan in all fields including defence cooperation.

He was talking to First Deputy Minister of Defence and Chief of General Staff of the Azerbaijan Colonel General Karim Valiyev who called on him in Islamabad on Wednesday.

The Minister said both countries share common religion, culture and history and would continue to support each other on various international fora.

The visiting dignitary said that Azerbaijan considers Pakistan important because of its rich experience in various fields including defence and also desires to work closely with Pakistan.

Both sides agreed to further strengthen the institutional framework for high level bilateral coordination to achieve regional as well as global peace and prosperity.

Source: Radio Pakistan

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Pakistani intending pilgrims expresses satisfaction over arrangements

Pakistani intending pilgrims have expressed their satisfaction and appreciation over the exemplary arrangements by the Government of Pakistan.

In their interactions with Radio Pakistan Correspondent Javed Iqbal in Madinah, they also commended Saudi Government’s initiatives to ensure comfort for the guests of Allah during their stay at the holy land.

The intending pilgrims under Government Hajj Scheme expressed immense satisfaction over the comprehensive facilities, including food, accommodation, transportation, and medicalcare.

They praised the excellent care received by the pilgrims and suggested other pilgrims to seek help from trained Pakistani Moavineen if they face any difficulty during their stay in the holy cities.

The intending pilgrims appreciated the prompt transfer of the amount paid for the sacrifice.

They said four-star accommodation with comfortable rooms is a testament to the government’s Hajj package, which not only offers affordability but also serves as an outstanding facilitator.

Source: Radio Pakistan

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Six terrorists killed during operation in South Waziristan

Six terrorists were killed in an intense exchange of fire between the security forces and militants during an intelligence based operation in Kot Azam area of South Waziristan District yesterday.

According to ISPR, weapons and ammunition were also recovered from the killed terrorists who remained actively involved in terrorist activities against security forces as well as extortion and targeted killing of innocent citizens.

Sanitization of the area is being carried out to eliminate any terrorists found in the area.

Source: Radio Pakistan

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PAF pays tribute to 1965 War Hero Squadron Leader Muniruddin Ahmed Shaheed

Pakistan Air Force (PAF) has released a special promo tribute to the bravery and valour of Squadron Leader Muniruddin Ahmed Shaheed, the hero of the 1965 war.

According to a Spokesperson of Pakistan Air Force, during the war, Squadron Leader Munir Shaheed flew several combat missions causing significant damage to valuable enemy infrastructure.

On 10 September 1965, he led his formation into Indian territory to seek out enemy fighters and shot down an Indian Air Force Gnat fighter jet.

On the eve of 11 September, 1965 he made the supreme sacrifice when his aircraft was fatally hit by the heavy concentration of enemy’s ack-ack guns during a ground attack mission.

In recognition of his utmost professionalism and bravery, the war hero was also honored with the prestigious ‘Sitara-i-Jurat’ posthumously.

Source: Radio Pakistan

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Two soldiers, policeman martyred in suicide attack in North Waziristan

Four people, including two soldiers and a police constable embraced martyrdom when a vehicle borne suicide bomber exploded himself in Datta Khel area of North Waziristan District on Wednesday.

The suicide bomber intended to target a public gathering but swift response by the security forces personnel prevented a major catastrophe.

Resultantly, Naik Said Ullah Shah and Sepoy Jawad Khan, Police Constable Hakeem Jan and an innocent civilian embraced martyrdom.

Source: Radio Pakistan