Digital Pakistan to help us move away from cash economy: PM Imran

Prime Minister Imran Khan said Monday the digital Pakistan initiative would help the country move away from the cash economy.

The premier, speaking at the launch ceremony for the 'Raast' payment system in Islamabad, said that the initiative would help eradicate poverty in Pakistan.

"Cash economy is an obstacle for the people," he said as he stressed that the digitised payments would help Pakistan on its road to prosperity.

Speaking further about the country's economic system, he said that Pakistan's tax collection was extremely low and that out of the 220 million population, only two million paid tax.

"Only 3,000 Pakistanis pay 70% tax," he said, adding that the low tax collection was a major obstacle in the country's development.

Praising the central bank, the prime minister said that a "record" increase was witnessed in remittances. "Account surplus has eased pressure on the rupee."

The launch was attended by State Bank of Pakistan Governor Dr Reza Baqir as well.

The Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses, and government entities instantaneously, according to SBP's website.

The faster payment system will be used to settle small-value retail payments in real-time while at the same time provide cheap and universal access to all players in the financial industry including banks and fintech.

 

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No organised terrorist infrastructure exists in Pakistan: DG ISPR

Director-General Inter-Services Public Relations (DG-ISPR) Major General Babar Iftikhar has said that no organised terrorist infrastructure exists in Pakistan today as the country fought successfully against the internal and external security challenges.

Major General Babar Iftikhar said that he is holding the press conference to highlight the latest situation of the country’s security. He said that in 2020, locust invasion and coronavirus pandemic have created difficulties alongside security challenges to the country.

He said that the state, national institutions, armed forces and the nation become united to coup with the challenges. The DG ISPR said that the overall security situation of the country has improved and comprehensive steps were taken to secure borders with Afghanistan and Iran.

The spokesperson to military’s media wing said that on one side, India was continuing violations of the ceasefire line and on the other side, banned outfits were carrying out activities along Eastern border of the country.

Iftikhar said that the country has always spotted facts regarding internal and external threats besides timely responding it. Following the efforts, no organised terrorist infrastructure exists in Pakistan today.

371,000 operations had been conducted in the last three years under Radd-ul-Fasaad and the armed forces had successfully eliminated the illegal arms and ammunition. The tribal areas are now a part of Khyber Pakhtunkhwa (KP) province and the rate of the terrorist incident was reduced up to 45 per cent in 2020 as compared to the last year.

“Security institutions have foiled more than 50 per cent of terrorist incidents. In 2013, Karachi was standing at the sixth number in crime index which is now 103.”

He detailed that border-fencing along 2,611-kilometre-long Pakistan-Afghanistan border will be completed by the mid-2021, whereas, 37 per cent work on border fencing along Pakistan-Iran border so far which will be completed within one year.

Iftikhar said that the number of ceasefire violations (CFVs) by India recorded highest in 2019 up to 3,097 times on eastern border especially the Line of Control (LoC). Pakistan Army had responded to the Indian provocations in a befitting manner.

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Prince Harry and Meghan quit social media due to 'sexism and racism' of trolls

Prince Harry and Meghan Markle have quit social media after growing disillusioned by the “hate” they have found on sites like Facebook and Twitter, a UK newspaper reported.

The couple were rejecting social media in both a personal and professional capacity as part of their new “progressive role” in the United States, the Sunday Times said.

A source close to the couple told the newspaper they had “no plans” to use social media for their new Archewell Foundation and were “very unlikely” to restart utilising platforms personally.

The Duke and Duchess of Sussex, who moved to California last year after abruptly resigning from British royal duties, have previously had prominent presences online.

They amassed more than 10 million Instagram followers to their Sussex Royal account while they were working royals. But the couple have also previously complained about their treatment on social media, as well as in the British press.

Meghan described past trolling of her as “almost unsurvivable” while Harry issued an unprecedented statement in 2016 denouncing “the racial undertones of comment pieces” and “the sexism and racism of social media trolls”.

Supporters flocked to their support after news broke.

Last year, they launched a wide-ranging non-profit organisation, Archewell, after giving up their “Sussex Royal” brand as part of the terms of their departure from frontline monarchy duties.

They have started other creative ventures, including signing a deal with Spotify to produce podcasts that tell “uplifting and entertaining stories”.

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Saudi crown prince launches zero-carbon city in Neom business zone

Saudi Arabia’s crown prince unveiled plans on Sunday to build a zero-carbon city at Neom, the first major construction project for the $500 billion flagship business zone aimed at diversifying the economy of the world’s largest oil exporter.

Prince Mohammed bin Salman, in a rare televised appearance, said the city, known as “The Line”, would extend over 170 kilometres and be able to house a million residents in “carbon-positive urban developments powered by 100 per cent clean energy”.

“Why should we sacrifice nature for the sake of development?” Prince Mohammed said. “We need to transform the concept of a conventional city into that of a futuristic one.”

The prince later told reporters in the northwestern city of Al Ula that the project was the conclusion of three years of preparation, adding that its infrastructure would cost around $100b to $200b.

“The backbone of investment in ‘The Line’ will come from the $500b support to Neom by the Saudi government, PIF and local and global investors over 10 years,” he added.

The kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), is the cornerstone investor in Neom, a 26,500-square-km high-tech development on the Red Sea with several zones, including industrial and logistics areas, planned for completion in 2025.

There have been few announcements regarding Neom since it was announced by de facto ruler Prince Mohammed to much fanfare in 2017 as a pillar of his Vision 2030 plan to rid Saudi Arabia of its reliance on crude oil revenues.

A Saudi statement said construction would start in the first quarter of 2021 and that the city was expected to contribute $48b to the kingdom’s gross domestic product and create 380,000 jobs.

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SBP governor optimistic about Pakistan's economic outlook despite coronavirus pandemic

Expressing optimism about the country's economic outlook despite the fallout from the coronavirus pandemic, Governor of the State Bank of Pakistan Dr Reza Baqir has said the country is in talks with International Monetary Fund (IMF) to put the fiscal support programme back on track.

With dwindling foreign exchange reserves and struggling economy, Pakistan entered a three-year International Monetary Fund (IMF) programme worth $6 billion in 2019. But its second review remains pending since early last year.

“We hope to have good news for the market and the world that we are putting the programme back on track,” he said at a Reuters Next conference on Monday.

Last year, staff from the IMF and Pakistani authorities reached an agreement to pave the way for disbursement of $450 million in IMF funds pending approval from the global lender’s executive board, which is yet to take place.

Dr Baqir said there was no disagreement on the end goal between the two sides, and that Pakistan needs to increase its low tax to GDP ratio.

Pakistan and the IMF have been working to implement IMF-supported economic reforms, in particular tax collection, aimed at stabilising the economy and shoring up a yawning fiscal deficit.

Though the bailout programme is still pending, Pakistan received $1.4 billion in emergency financing from the IMF to allow it to fund targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact.

Authorities are counting on the IMF bailout package to bolster Pakistan’s fiscal position and increase global confidence in its economy.

“Pakistani authorities and the IMF team remain closely engaged, discussions are going on, both teams are working very hard and non stop to bring the programme review to positive conclusion,” IMF’s Resident Representative to Pakistan, Teresa Dabán Sanchez, told Reuters.

COVID-19 and vaccine

The governor said he is more optimistic about the outlook even as Pakistan battles a second wave of the coronavirus outbreak. “We are prepared for the challenges that may come about. We are already in the middle of COVID without any vaccine and once the vaccine comes, it will only makes this better,” he said

Pakistan’s economy contracted 0.4% in the last fiscal year ended June 30, 2020, as the pandemic disrupted activity.

Dr Baqir added that an economic recovery is underway and the bank’s job is to support the rebound until a vaccine is available. Pakistan is aiming to achieve 1.5% to 2.5% GDP growth in the current fiscal year, he said.

“I think the next two or three years should bring some good news on the economic front.”

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Digital Pakistan to help us move away from cash economy: PM Imran

Prime Minister Imran Khan said Monday the digital Pakistan initiative would help the country move away from the cash economy.

The premier, speaking at the launch ceremony for the 'Raast' payment system in Islamabad, said that the initiative would help eradicate poverty in Pakistan.

"Cash economy is an obstacle for the people," he said as he stressed that the digitised payments would help Pakistan on its road to prosperity.

Speaking further about the country's economic system, he said that Pakistan's tax collection was extremely low and that out of the 220 million population, only two million paid tax.

"Only 3,000 Pakistanis pay 70% tax," he said, adding that the low tax collection was a major obstacle in the country's development.

Praising the central bank, the prime minister said that a "record" increase was witnessed in remittances. "Account surplus has eased pressure on the rupee."

The launch was attended by State Bank of Pakistan Governor Dr Reza Baqir as well.

The Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses, and government entities instantaneously, according to SBP's website.

The faster payment system will be used to settle small-value retail payments in real-time while at the same time provide cheap and universal access to all players in the financial industry including banks and fintech.

 

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No organised terrorist infrastructure exists in Pakistan: DG ISPR

Director-General Inter-Services Public Relations (DG-ISPR) Major General Babar Iftikhar has said that no organised terrorist infrastructure exists in Pakistan today as the country fought successfully against the internal and external security challenges.

Major General Babar Iftikhar said that he is holding the press conference to highlight the latest situation of the country’s security. He said that in 2020, locust invasion and coronavirus pandemic have created difficulties alongside security challenges to the country.

He said that the state, national institutions, armed forces and the nation become united to coup with the challenges. The DG ISPR said that the overall security situation of the country has improved and comprehensive steps were taken to secure borders with Afghanistan and Iran.

The spokesperson to military’s media wing said that on one side, India was continuing violations of the ceasefire line and on the other side, banned outfits were carrying out activities along Eastern border of the country.

Iftikhar said that the country has always spotted facts regarding internal and external threats besides timely responding it. Following the efforts, no organised terrorist infrastructure exists in Pakistan today.

371,000 operations had been conducted in the last three years under Radd-ul-Fasaad and the armed forces had successfully eliminated the illegal arms and ammunition. The tribal areas are now a part of Khyber Pakhtunkhwa (KP) province and the rate of the terrorist incident was reduced up to 45 per cent in 2020 as compared to the last year.

“Security institutions have foiled more than 50 per cent of terrorist incidents. In 2013, Karachi was standing at the sixth number in crime index which is now 103.”

He detailed that border-fencing along 2,611-kilometre-long Pakistan-Afghanistan border will be completed by the mid-2021, whereas, 37 per cent work on border fencing along Pakistan-Iran border so far which will be completed within one year.

Iftikhar said that the number of ceasefire violations (CFVs) by India recorded highest in 2019 up to 3,097 times on eastern border especially the Line of Control (LoC). Pakistan Army had responded to the Indian provocations in a befitting manner.

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