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ISLAMABAD: The Ministry of Commerce and the World Bank have agreed to form a joint working group on trade to capitalise on the country’s true export potential.

The understanding was reached during a meeting of Commerce Minister Jam Kamal Khan with a team from the World Bank. Both sides agreed that the working group would meet periodically to advance the goal of realising Pakistan’s export potential of $60 billion.

An official announcement said both sides discussed Pakistan’s export reform agenda, focusing on strategies to enhance export competitiveness and streamline enabling policies.

The discussion also addressed how the World Bank can support these initiatives under the broader country programme.

Mr Kamal highlighted the whole-of-government approach to export enhancement, which promotes a unified policy framework to improve competitiveness and the Ease of Doing Business for exporters.

This strategy emphasises export-led growth by providing crucial enabling factors such as financing, liquidity support, reduced input costs, and regulatory facilitation to empower Pakistan’s export sector.

Published in Dawn, November 14th, 2024

KARACHI: The stock market bounced back on Wednesday as investors indulged in value-hunting, helping the benchmark KSE 100 index partially recover overnight losses.

Ali Najib, Head of Sales at Insight Securities, attributed the market’s positive performance to continued buying activity from high-net-worth individuals and mutual funds, supported by improvements on the macroeconomic front, a stable rupee, and a decline in bond market yields.

In early trade, the benchmark KSE-100 index lost 281.49 points to 92,943.59 but rebounded on renewed buying interest, adding 579.02 points to hit an all-time high at 93,803.59 intraday. How­ever, the index settled at 93,355.43 with a trimmed gain of 130.86 points or 0.14pc day-on-day.

Ahsan Mehanti of Arif Habib Corporation said stocks showed recovery led by second and third-tier scrips on strong valuations.

He added that upbeat data on car sales surging 112pc year-on-year in October and the FBR assurance to IMF for dropping contingency measures on revenue, reversing fears about mini-budget were other factors that supported the positive performance at PSX.

Topline Securities Ltd said the market exhibited a consolidation phase, with the index reaching a peak of 93,804 and dipping to a low of 92,943.

The index was boosted by positive contributions from Mari Petroleum, Lucky Cement, The Searle, Engro Corporation, and POL, which collectively added 461 points. Conv­ersely, Oil and Gas Dev­elop­ment Company, Fauji Fertiliser, and Meezan Bank experienced some profit-taking, resulting in a combined loss of 213 points to the index.

The trading volume was up 1.78pc to 807.06m shares, and its value by 2.92pc to Rs31.68.

Stocks contributing significantly to the traded volume included WorldCall Tele­com (43.29m shares), Waves Home Appliances (33.20m shares), Pakistan Refinery (31.52m shares), K-Electric (27.45m shares) and Pak Elektron (26.99m shares).

The shares registering the most significant incre­ases in their prices in absolute terms were Rafhan Maize (Rs64.96), Philip Morris (Rs38.17), Mari Pet­ro­leum (Rs30.13), Lucky Cement (Rs28.64) and Packages Ltd (Rs28.37).

Foreigners remained net sellers as they offloaded shares worth $5.01m.

Published in Dawn, November 14th, 2024

ISLAMABAD: The Space and Upper Atmo­sphere Research Comm­ission (Suparco) annou­nced on Wednesday its collaboration on a groundbreaking lunar exploration mission in partnership with China’s Chang’e 8 mission, set to launch in 2028.

“This collaboration marks a significant milestone for Pakistan’s space programme, as Suparco’s indigenous rover will be part of the mission to explore the lunar surface,” said a press release issued the commission.

The collaboration underscores the strong bilateral relations between Pakistan and China and their shared vision for advancing space exploration. Suparco’s rover, weighing approximately 35 kilogrammes, will join the Chang’e 8 mission, which is part of the larger International Lunar Research Station (ILRS) initiative.

The rover will land on the Moon’s south pole, an area renowned for its challenging terrain and potential for groundbreaking scientific discoveries. The mission’s objectives include exploring the lunar surface, conducting scientific experiments, and testing new technologies for future lunar and planetary exploration.

Key experiments will include the study of lunar soil, the mapping of the lunar surface, and the testing of sustainable technologies for human presence on the Moon.

Suparco’s rover, equipped with state-of-the-art scientific instruments, will play a crucial role in collecting data that could pave the way for future lunar missions.

Published in Dawn, November 14th, 2024

PESHAWAR: Khyber Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur on Wednesday said his government is committed to providing maximum opportunities to girls to excel in education and sports.

He said that perseverance was key to success in life and that striving forward with determination and high spirits ultimately led to success.

He was speaking at the concluding ceremony of All Pakistan Inter-Boards Girls Cricket and Tennis Championship held at the Board of Intermediate and Secondary Education, Peshawar, according to a statement issued from the chief minister’s secretariat on Wednesday.

The competitions commenced on Nov 9, featuring teams from KP and various other educational boards from across the country.

Mr Gandapur welcomed the participants from other provinces and emphasised the importance of organising sports alongside academic activities.

“The purpose of holding such events is to polish the skills of our youth, and get them prepared for practical life ahead,” the statement quoted Mr Gandapur as saying. “Challenges are part of the journey to success and should be faced head-on,” he added.

“A person becomes great when he dreams big,” he said while quoting PTI founder Imran Khan, adding that one must set ambitious goals and move forward with courage.

The chief minister congratulated the Lahore Board’s cricket team on its victory, and affirmed the importance of investing in youth.

Mr Gandapur also announced cash prizes of Rs50,000 for each participating team.

He also distributed trophies and shields among the players.

In tennis, the Lahore Board secured the first position followed by Mardan, while Peshawar Board and Punjab Board of Technical Education, Lahore, shared the third position.

Similarly, the Lahore Board clinched the first position in the cricket tournament, while Peshawar remained the runner-up.

The chief minister also inaugurated a newly-constructed gymnasium at the Peshawar BISE, which has been established at a cost of Rs160 million. The facility includes boxing, karate, taekwondo, wrestling rings, a table tennis court and a fitness gym.

Published in Dawn, November 14th, 2024

RAWALPINDI: Pakistan Intern­ational Airlines (PIA) will transport 35,000 Haj pilgrims to the holy land under a government scheme in 2025.

A spokesman for PIA said the Ministry of Religious Affairs and PIA have signed an agreement, under which the national flag carrier will operate special flights from six cities — Karachi, Islamabad, Lahore, Quetta, Multan and Sukkur — to transport 35,000 Haj pilgrims to the holy land in 2025.

The agreement was signed by PIA CEO Air Vice Marshal Aamir Hayat and additional religious affairs secretary Dr Syed Ata-ur-Rehman.

The PIA CEO reaffirmed his organisation’s commitment to provide best possible services to the Haj pilgrims.

The federal cabinet recently approved the Haj Policy for 2025, setting the cost for pilgrimage between Rs1,075,000 and Rs1,175,000. The sacrifice amount of Rs55,000 will be in addition to Haj expenses. This year’s Haj quota for Pakistan is 179,210, divided equally between government and private sector. Children under the age of 12 will not be allowed to travel for Haj.

The “Road to Makkah” facility will be available at Islamabad and Karachi airports. Haj group organisers will sign service provider agreements with the ministry of religious affairs, and these organisers will be closely monitored for provision of services.

Published in Dawn, November 14th, 2024

• Hike in petroleum levy, imposition of GST on petroleum products not expected anytime soon
• Govt sees economic activity picking up next month due to stable rupee, lower policy rate
• Senate body points to issues in Islamic banking, fraudulent POS receipts, fake ATM notes
• 10pc levy on transport with Iran has left over 600 trucks stalled

ISLAMABAD: The Inter­national Monetary Fund (IMF) is reported to have expressed satisfaction over the increase in the tax-to-GDP ratio by nearly 1.5 percentage points, relieving the authorities from any push for additional tax measures through a mini-budget.

According to sources closely involved in ongoing discussions with the visiting IMF mission, the Federal Board of Revenue’s (FBR) revenue collection target for the current fiscal year will remain unchanged at Rs12.97 trillion. Authorities have ruled out the need for additional taxes or a mini-budget, citing the IMF’s positive response.

Officials said that economic activity is expected to pick up by December in view of a stable exchange rate and a reduction in the State Bank’s policy rate, likely offsetting a tax shortfall of around Rs190 billion recorded in the first four months (July to October) of the fiscal year.

There would neither be any increase in the petroleum levy nor would general sales tax (GST) be imposed on petroleum products, the sources said after a meeting of the Senate Standing Committee on Finance and Revenue presided over by PPP Senator Salim Mandviwalla.

They said the tax-to-GDP ratio had increased from 8.8pc to 10.3pc and the IMF was satisfied with this 1.5 percentage point improvement.

The sources reiterated the commitment given to the IMF that tax collection on agriculture income would start from the next fiscal year. They said that tax reforms were progressing and the draft Tax Laws Amendment Ordinance 2024 had been presented to the prime minister for approval. The ordinance contains a new family income tax return system and abolishes the concepts of non-filers and late filers.

The sources, however, hinted at tinkering with the Tajir Dost Scheme to effectively bring in traders into the tax net and said these were being discussed with the IMF mission during the ongoing meetings.

The IMF has been told that the FBR collected Rs12bn from retailers during the first quarter of 2024-25, although only 500,000 potential retailers were the target out of three million small shopkeepers.

‘Slow progress on Islamic banking’

Earlier, the Senate panel decided to call scholars of the Council of Islamic Ideology to have input on the working of Islamic banking operations in Pakistan, for which a special session would be arranged.

The central bank’s deputy governor told the panel that Riba was the main difference between conventional banking and Islamic banking.

Senator Farooq H. Naek pointed out that full implementation of Islamic banking was committed for 2027, but progress had been very slow. The SBP’s deputy governor emphasised the need for continued deliberation on Islamic banking and assured the committee that several banks were actively working towards compliance.

FBR Chairman Rashid Mehmood Langrial told the panel that FBR’s enforcement would be improved in the coming months after approval of a transformation plan, including enhancing the board’s operational expertise, organisational capacities and anti-smuggling measures.

Key discussions during the meeting included the contentious 10pc levy on transport and businesses between Pakistan and Iran, raised by Senator Manzoor Ahmad Kakar in a Senate session. The committee resolved to report to the house that the issue may be referred to the Standing Committee on Communications, noting that the levy, imposed with the federal government’s approval, did not pertain to the Federal Board of Revenue.

While FBR officials emphasised that this specific tax was not their responsibility, Senator Kakar raised concerns that Pakistani trucks were being unfairly taxed, with over 600 trucks currently parked due to the levy. The committee agreed to forward the matter to the Communications Committee for further deliberation.

The committee also discussed concerns raised by Senator Mohsin Aziz regarding the fee collected by FBR for point of sale (POS) services and its utilisation. The FBR chairman confirmed the introduction of a policy to penalise businesses that are issuing fake POS receipts, imposing fines of Rs500,000 and shutting down shops involved in such practices.

Senator Aziz highlighted weaknesses in enforcement, with some fake receipts circulating in the mar­ket, including a bill in Islamabad marked “tentative”. The FBR chairman acknowledged the issue and assured that enforcement mea­sures would be strengthened soon.

A key briefing by the SBP highlighted the performance of banking branches in smaller provinces, revealing that as of June 30, 2024, there were 3,334 banking branches operating in Balochistan, Khyber Pakhtunkhwa, Azad Jammu and Kashmir and Gilgit-Baltistan, accounting for 20pc of the total nationwide branches. Additionally, 199 branches of microfinance banks were serving these regions, representing 13pc of the country’s total microfinance network.

Another pressing issue discussed was the problem of counterfeit currency dispensed from ATMs. Senator Kakar cited a case where a young man received fake Rs5,000 notes from an ATM. The CEO of a commercial bank assured the committee that security measures were being enhanced to address this issue.

Published in Dawn, November 14th, 2024

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1. 'Red Monster' galaxies in early universe challenge current models of galaxy formation  Nanowerk
2. James Webb Space Telescope’s data unveils galaxies that could lead to a dark matter revolution  The Times of India
3. NASA James Webb Telescope Data Points to Dark Matter Alternative: 10 Key Insights  Moneycontrol
4. ‘Red Monster’: Scientists discover three ultra-massive galaxies, challenging previous formation theories  Business Today
5. James Webb Space Telescope finds galaxies pointing toward a dark matter alternative  Space.com