Connect with us

Business

USAID, US Pakistani entities sign MoUs to promote technology, digital investment

Published

on

USAID, US Pakistani entities sign MoUs to promote technology, digital investment

 The U.S. Agency for International Development (USAID) Wednesday signed four partnership memoranda of understandings with U.S.-Pakistani diaspora entities to promote technology and digital investments in Pakistan.

The USAID signed MoUs with the Organization of Pakistani Entrepreneurs of North America, Silicon Valley to promote technology and digital investments in Pakistan and support Pakistani startups; SARCMedIQ to improve the health digital ecosystem in Pakistan.

It also signed the Understandings with The Crescent Charity Foundation to support physical infrastructure in flood-affected areas of Pakistan; and PakFoods to improve humanitarian and social development outcomes for Pakistan.

The MoUs were signed at a U.S.-Pakistani diaspora conference here where the United States Embassy Deputy Chief of Mission Andrew Schofer highlighted the valuable contributions of the U.S.-Pakistani diaspora, which is a key partner in the humanitarian, social, and commercial sectors in Pakistan.

Advertisement

Deputy Chief of Mission Schofer highlighted the longstanding U.S.-Pakistan partnership to advance Pakistan’s economic growth and emphasized continued opportunities for future partnership. “As the Green Revolution improved lives in the past, a ‘Green Alliance’ between the United States and Pakistan will help us jointly strengthen climate resilience, develop clean energy alternatives, and foster economic growth,” he said.

At the conference, which was sponsored by the U.S. Mission in Pakistan in close coordination with the U.S.-Pakistani diaspora entity Organization of Pakistani Entrepreneurs of North America, Silicon Valley fundamental challenges and opportunities in the technology sector of Pakistan were discussed and deliberated.

More than 300 participants attended in-person, including members of the U.S.-Pakistani diaspora, prominent local business leaders, and Pakistani officials, including Federal Minister for Commerce Syed Naveed Qamar, and Zeeshaan Shah, the Prime Minister’s Ambassador at Large for Investments.

USAID Mission Director Reed Aeschliman said, “The conference was an opportunity to highlight some of the contributions and investments already made by the Pakistani diaspora, facilitate collaborations between Pakistani diaspora entities, and develop a road map for collective action to address the current economic, humanitarian and social challenges in Pakistan.”

The United States remains firmly committed to engaging and partnering with the U.S.-Pakistani diaspora to address Pakistan’s challenges in the technology, humanitarian, social and commercial sectors and to further Pakistan’s development goals.

Advertisement

Business

Finance ministry cites higher inflation, external debt payments as risks

Published

on

By

Finance ministry cites higher inflation, external debt payments as risks

 The Ministry of Finance has again warned that Pakistan will continue facing multiple challenges mainly because of higher inflation and external debt repayments.

In its monthly economic update and outlook for May, the ministry, however, hoped that the inflation would peak at 34 percent to 36 per cent and start easing thanks to reduction in international commodity prices – thus absorbing the negative impact of currency depreciation.

The global commodity prices witnessed a 14 per cent reduction in the first quarter of 2023 and were roughly 30 per cent lower than their historic peak in June 2022 by March-end.

Moreover, the better crop outlook resulting from measures like Kissan Package and the recent reduction in POL prices would help achieve price stability.

Advertisement

However, the continued rise in prices during May is due to flood damages, disruptions in supply chains, devaluation brought by the macro-economic imbalances and political uncertainty.

Pakistan’s economy experienced 0.29 per cent provisional GDP growth in the fiscal year 2022-23 on account of many challenges emanating from the uncertain external and domestic economic environment, the ministry noted.

“The challenges triggered CPI inflation to remain on a higher trajectory despite monetary tightening primarily due to the rupee depreciation. External payments also remained burdened due to lesser foreign exchange inflows.”

According to the ministry, tax collection by the Federal Board of Revenue (FBR) by 16.1 per cent during the July-April period but remained less than the target.

Advertisement
Continue Reading

Business

NEPRA approves Rs1.60 hike in power tariff for April

Published

on

By

NEPRA approves Rs1.60 hike in power tariff for April

 The National Electric Power Regulatory Authority (NEPRA) on Wednesday approved an increase of Rs1.60 per unit in the electricity prices.

The price hike comes in shape of monthly Fuel Charges Adjustment (FCA) for April after the Central Power Purchasing Agency (CPPA) requested an increase of Rs2.01. However, the NEPRA ascertained an Rs.160 per unit upward adjustment.

All the consumers of various power distribution companies (Discos) except those falling in the lifeline category would be affected by the move.

Moreover, the latest price hike isn’t applicable to the consumers covered by K-electric, which supplies electricity to Karachi and some surrounding areas.

Advertisement

Continue Reading

Business

Pakistan censures IMF for interfering in domestic affairs

Published

on

By

Pakistan censures IMF for interfering in domestic affairs

State Minister for Finance and Revenue Dr Aisha Ghaus Pasha on Wednesday censured the International Monetary Fund (IMF) over its “interference” in Pakistan’s internal matters, a day after the comments passed by a top official of the international lender.

She described terming IMF Mission Chief for Pakistan Nathan Porter’s statement — regarding the political situation in the country — “extraordinary”. Pakistan’s conduct was in line with the law, the state minister said.

However, Dr Pasha Dr Pasha confirmed that Prime Minister Shehbaz Sharif contacted IMF Managing Director Kristalina Georgieva and assured her that Pakistan would meet all the obligations.

When asked about Pakistan’s plan of action in case it fails to convince the fund before the expiry of the programme on June 30, she said the finance ministry was not sitting with its eyes closed.

Advertisement

“There is always a Plan B but out priority is to revive the IMF programme,” Dr Pasha said, adding that the delay in agreement was not in the interests of both Pakistan and the IMF.

On Tuesday, Porter had said, “We take note of recent political developments, and while we do not comment on domestic politics, we do hope that a peaceful way forward is found in line with the Constitution and the rule of law.”

He also said that they were engaging with Pakistan to pave the way for the international lender’s board meeting and talks would focus on the budget for next financial year.

Porter’s statement also had a long list of demands including restoration of foreign exchange proper market functioning, keeping in mind programme goals in preparation of the upcoming budget, and adequate financing.

He said broadly speaking, “overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.”

Advertisement

Continue Reading

Trending

Copyright © GLOBAL TIMES PAKISTAN