Pakistan’s inflation rate to drop further in upcoming weeks

Pakistan's inflation rate to drop further in upcoming weeks

According to a recent report by Arif Habib Ltd (AHL), inflation is expected to decrease in the coming months, reaching an average of 0.99 percent month-on-month by December 2023. The report suggests that inflation will hover between 23-29 percent between June and December, primarily due to high base effects. Additionally, the report predicts that real interest rates will turn positive in the second half of FY24, with a potential reduction of 400-500 basis points in the policy rate.

The report attributes the high headline inflation of 38 percent to factors such as last year’s floods, higher taxes, the removal of subsidies, and exchange rate depreciation. However, it states that further increasing interest rates will not be beneficial and calls for a holistic approach to address the underlying fundamentals.

The Monetary Policy Committee (MPC) is scheduled to meet on June 12th to determine the future economic direction of the country. The report advises against further policy rate increases, highlighting the negative impact of monetary tightening on the economy. The survey conducted by AHL among various sectors indicates that 77.3 percent of respondents expect the policy rate to remain unchanged at 21.0 percent, while 22.7 percent anticipate a 100 basis points increase.

Regarding the fiscal situation, the report reveals that approximately 84 percent of deposits in domestic banks have been extended to the government. The servicing of domestic debt has risen by 69 percent, reaching 3.6 trillion by March 2023, primarily due to the significant increase in the policy rate. The report cautions against further interest rate hikes as it would exacerbate the existing economic challenges.

The report also mentions that investors are adopting a “wait and see” approach, as the primary yield market has remained relatively stable since the April 2023 monetary policy. Yield curve inversion has been observed, with long-term bond yields falling below those of shorter-term bonds. This suggests that stakeholders anticipate uncertain economic scenarios despite the expected policy rate cuts.

Gold Price in Pakistan Increases Significantly

Gold Price in Pakistan Increases Significantly

The price of gold in Pakistan experienced a significant rebound on Friday after unexpected losses earlier in the week. According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold increased by Rs. 4,000 per tola, reaching Rs. 233,000, while the price of 10 grams rose by Rs. 3,429, closing at Rs. 199,760.

This increase comes after a week of fluctuating prices. The week began with consecutive declines of Rs. 1,700 per tola on Monday and Tuesday, followed by a Rs. 1,600 increase per tola on Wednesday. However, the price experienced a sharp drop of over Rs. 5,000 per tola on Thursday.

Despite the fluctuations, the cumulative effect of these price movements shows that the precious metal has cut its losses to Rs. 3,200 per tola during the week so far.

In the international market, spot gold saw a 0.1 percent gain, reaching $1,978.77 per ounce by 12:06 GMT, while US gold futures remained flat at $1,996.00.

Pakistan’s Weekly Inflation Finally Falls Below 45%

According to the Pakistan Bureau of Statistics (PBS), the Sensitive Price Indicator (SPI)-based inflation for the week ending June 1, 2023, increased by 0.03 percent. This was primarily due to higher prices of various food items, including onions, potatoes, chicken, tea prepared, tomatoes, salt powdered, and non-food item energy savers.

On a year-on-year basis, there was a significant increase of 42.67 percent in inflation, mainly driven by rising prices of cigarettes, Lipton tea, gas charges, wheat flour, bananas, potatoes, rice (irri-6/9 and basmati broken), pulses (moong and mash), bread, eggs, washing soap, petrol, and diesel. However, prices of tomatoes and onions experienced a decrease.

The latest data from the PBS revealed that the SPI for the week stood at 254.13 points, slightly higher than the previous week’s 254.05 points. Out of the 51 items monitored, 19 items saw price increases, 14 items witnessed price decreases, and 18 items remained stable.

Moreover, the SPI varied across different consumption groups. The consumption group up to Rs. 17,732 and Rs. 17,732-22,888 experienced a slight decrease, while the groups Rs. 22,889-29,517, Rs. 29,518-44,175, and above Rs. 44,175 saw slight increases in the SPI.

Notably, some of the items that saw an increase in average prices included onions, potatoes, chicken, energy saver Philips, tea prepared, tomatoes, salt powdered, beef with bone, rice irri-6/9, cooked beef, mutton, fresh milk, plain bread, gur, curd, pulse mash, pulse masoor, powdered milk nido, and sugar. Conversely, LPG, wheat flour, bananas, petrol super, eggs, hi-speed diesel, vegetable ghee (Dalda/Habib), mustard oil, cooking oil, pulse moong, garlic, and rice basmati broken experienced price decreases.

Google Scholarships for Pakistanis: A Great Opportunity to Learn Digital Skills

Google Scholarships for Pakistanis: A Great Opportunity to Learn Digital Skills
Credit: gettyimages

If you are a Pakistani who wants to learn digital skills and get a job-ready certificate, you might be interested in the Google Career Certificates (GCC) program. Google has announced that it will provide 44,500 scholarships to Pakistanis by the end of 2023, to help them access online courses in high-demand fields such as Business Intelligence, Advanced Data Analytics, and Cybersecurity. These courses are designed to teach you the skills that employers are looking for, and you can complete them in less than six months.

The Google Career Certificates program was launched in October 2022, and since then, thousands of Pakistanis have enrolled in the courses. The program is open to anyone, regardless of their educational background or experience. You can learn at your own pace, and get support from mentors and peers along the way. You will also get access to a network of employers who are hiring for roles that require these skills.

Google has partnered with IRM and TechValley to deliver the program in Pakistan and has committed to giving 50% of the scholarships to women. This is part of Google’s effort to create an inclusive digital economy in Pakistan and to empower the youth and women of the country. According to a study by the Economist supported by Google, Pakistan needs more digital skills to remain competitive in the local and global markets. The study also shows that digital skills can help employees gain confidence and improve their communication, analysis, and critical thinking abilities.

If you are interested in applying for a scholarship, you can visit this website:

https://buildyourfuture.withgoogle.com/internships

You can also find more information about the program and the courses on this website. Don’t miss this opportunity to learn new skills and boost your career prospects with Google!

Twitterverse is Bombarded With Hilarious Responses to This Tweet

A tweet asking users to share historic battles without using Google has garnered over 311.5 million reach with more than 35k quotes and replies.

The original tweet said, “WITHOUT GOOGLING Name a famous historic battle,” and people started sharing their unique and hilarious responses to it.

Though some users deviated completely from the given instructions, there responses have made the whole Twitterverse laugh.

One of such “battles” is an interaction between the politicians Khwaja Asif and Imran Khan of PTI.

Someone also found this heated argument between two anchors “a historic battle”

This user found it necessary to mention the famous “gol gappa fight” between Anushka Sharma and Shahrukh Khan from the movie “Rabb Ne Bana Di Jodi.”

The responses on this tweet may have overshadowed the real question asked, however, it shows how the users on this social media platform can turn any serious question into fun with their responses.

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Kasur’s Munna Bhai MBBS Arrested; The Fake Doctor Was Treating Patients Without a Degree

The police in Kasur has arrested a fake doctor who was treating patients without a proper degree or license. Multiple complaints were filed against the doctor who was playing with the lives of people I’m Mandi Usman Wala of Kasur District.

The District Health Officer (DHO) took notice of the complaints and got himself checked by the fake doctor. The DHO was pretending to be a patient and up on visiting the fake doctor, arrested him in the presence of the police.

Pakistan Records Highest-Ever Inflation at 38% in May 2023

Pakistan Records Highest-Ever Inflation at 38% in May 2023

According to the Pakistan Bureau of Statistics (PBS), the Consumer Price Index (CPI)-based inflation in Pakistan surged to a record-breaking 38% on a year-on-year basis in May 2023. This marks a significant increase from the previous month’s inflation rate of 36.4% and the 13.8% recorded in May 2022.

The inflation reading for May sets a new milestone, surpassing the previous record of 36.4% set in April. On a month-on-month (MoM) basis, inflation increased by 1.6% in May 2023, compared to a 2.4% increase in the previous month and a 0.4% increase in May 2022.

The average CPI inflation for July 2022 to May 2023 stood at 29.16%, significantly higher than the 11.29% recorded during the same period last year.

In terms of urban areas, CPI inflation rose to 35.1% YoY in May 2023, compared to a 33.5% increase in the previous month and a 12.4% increase in May 2022. On an MoM basis, urban inflation increased by 1.5% in May 2023, compared to a 2.0% increase in the previous month and a 0.3% increase in May 2022.

For rural areas, CPI inflation soared to 42.2% YoY in May 2023, surpassing the 40.7% increase in the previous month and the 15.9% increase in May 2022. On an MoM basis, rural inflation rose by 1.7% in May 2023, compared to a 3.0% increase in the previous month and a 0.6% increase in May 2022.

Other measures of inflation also witnessed significant increases. The Sensitive Price Index (SPI) inflation reached 43.0% YoY in May 2023, compared to 42.1% in the previous month and 14.1% in May 2022. The Wholesale Price Index (WPI) inflation rose to 32.8% YoY in May 2023, compared to 33.4% in the previous month and 29.6% in May 2022.

Core inflation, measured by non-food non-energy (NFNE), increased by 20.0% YoY in urban areas and 26.9% YoY in rural areas in May 2023.

The surging inflation poses significant challenges for Pakistan’s economy and the purchasing power of its citizens. Efforts to curb inflation and stabilize prices are crucial to alleviate the burden on consumers and ensure economic stability.

Pakistan to Negotiate New IMF Program After Budget: Pending Reviews to be Closed

Pakistan to negotiate new IMF program after budget pending reviews to be closed

The Government of Pakistan plans to initiate negotiations with the International Monetary Fund (IMF) for a new program following the introduction of the new budget. As reported by Geo News, the coalition government intends to close the ongoing $6.5 billion bailout program without completing the pending reviews.

It is deemed impossible to complete the reviews before the end of June, and the government has decided against seeking an extension. However, Pakistan is expected to urgently require an IMF program in September, as the country faces repayments of external debt amounting to approximately $9-11 billion by December 2023.

The economic team has already started working on the new deal, which is anticipated to be more challenging than the previous program. In case the coalition government fails to conclude the negotiations by the end of its term in August, the caretaker administration would take charge of the talks with the IMF.

Recently, Minister of State for Finance and Revenue Aisha Ghaus Pasha criticized the IMF for interfering in Pakistan’s internal affairs, asserting that the lender’s role should not extend to involvement in the country’s domestic matters. Pasha emphasized that if an agreement with the IMF cannot be reached, the Ministry of Finance will consider alternative plans, but their priority remains focused on the IMF program.

The government has been engaging with the IMF since November to revive its bailout program, but issues related to financing have hindered the agreement. Notably, Pakistan is yet to receive the remaining $2.5 billion from the $6.5 billion program, which is set to expire this month.

Punjab Chief Minister Promotes Over 14,000 Teachers: A Milestone in Education

a teacher is teaching using a chalk at the blackboard with some expressions

The School Education Department announced on Wednesday that over 14,000 teachers have been promoted in accordance with the directives of Punjab Chief Minister Syed Mohsin Naqvi. To celebrate this formal announcement of promotions, the Punjab Association of Subject Specialists organized a thanksgiving ceremony in Model Town.

The event witnessed the presence of notable personalities, including Provincial Education Minister Mansoor Qadir, Secretary Schools Education Maqbool Ahmed Dhaula, Punjab Association of Subject Specialists (PASS) Chairman Rana Ata Muhammad, and President Ashfaq Gujjar.

Other attendees included Punjab DPI Secondary Mushtaq Syal, Director Elementary Education Chaudhry Amin, Consultant United Nation Dr. Idrees Rana, Malik Ehsan, Bashir Zahid Guriah, Additional Secretary Syed Tauseef Shah, Chaudhry Zafar, Asim Cheema, Syed Farqan Shah, and Farrukh Shehbaz Waraich.

Ashfaq Gujjar, the President of PASS, expressed gratitude on behalf of the teachers for the decision made by the Punjab Chief Minister to promote the 14,000 teachers. The long-awaited promotions of subject specialists across Punjab were highlighted by PASS Chairman Rana Ata Muhammad, who emphasized that this development has addressed a significant concern for teachers.

The promotions serve as recognition of the teachers’ hard work and dedication to their profession. It is expected that these advancements will motivate and encourage teachers across Punjab to continue their valuable contributions to the education sector.

Pakistani Rupee Bounces Back by Rs 11 Against US Dollar in Open Market

Image: Pakistan Observer

Pakistani ruppee appreciated by Rs 11.5 against the US Dollar in the open market in the early hours of Thursday. According to analysts, the Rupee reached Rs. 299.5 after yhr central bank permitted banks to acquire US dollars from the interbank market for settling their card-based criss-border transactions with the International Payment System.

The State Bank of Pakistan (SBP) has clarified that this is a short-term strategy and will end on July 31st.

Zafar Paracha, General Secretary of Exchange Companies Association of Pakistan says, “The SBP made the right decision at the right time. It will bring down the open market dollar rate by up to Rs20-25. It will also help to narrow the huge gap between the interbank and the open market.”

This Metropolitan City Is Sinking Due to Its Own Weight

Image: Architectural Digest

A study has unveiled that New York City is sinking gradually due to the weight of its skyscrapers. This phenomenon is also making the city to face rising sea levels and coastal flooding due to the climate change.

Researchers have recently published a paper on how the heavy infrastructure of the city is impacting subsidence, a process of sinking of land caused by either human activity like mineral extraction or natural process such as erosion.

Geologists have estimated that New York holds more than one million buildings that weigh more than 762 billion kilograms.

CNN reports that this weight is equivalent to1.9 million completely fuelled Boeing 747-400s. The report further says that New York City city is sinking at a. Average rate of one to two millimetres annually.

A geophysicist at the US Geological Survey says, “The primary cause of subsidence in New York and along much of the Eastern Seaboard is tectonic and cannot be stopped.”

Naila Kiani becomes a source of inspiration for women across the country after her Everest conquest in 2023

Naila Kiani

Have you heard the name Naila Kiani often during the last few days? If yes, you have heard it for all the good reasons. A force to be reckoned with, Kiani is a woman whose extraordinary accomplishments speak volumes about her character. She is an all-in-one versatile individual who has achieved remarkable milestones in various fields, setting an example many can only dream of. Notably, Kiani has emerged as a high-altitude mountaineer, becoming the first Pakistani woman to conquer six peaks above 8,000 metres.

Kiani’s mountain climbing endeavours have been awe-inspiring in the past few years. In 2021, she triumphed over the challenging 8,035-metre Gasherbrum II, ranking as the 13th-highest mountain in the world. Kiani joined an elite group of climbers as one of only two Pakistani women to conquer the majestic 8,611-metre K2, the second-highest peak globally in 2022. In the same year, she fearlessly scaled the towering 8,080-metre Gasherbrum I, securing the 11th spot on the world’s highest mountains list.

Displaying her indomitable spirit, Kiani reached new heights in April 2023, becoming the first Pakistani woman to conquer Annapurna, an imposing mountain at a staggering 8,091 metres in Nepal. Her achievements continued to soar when she gained international recognition for being the second Pakistani woman to successfully conquer the mighty Mount Everest, standing tall at an awe-inspiring 8,848 metres. Not content with resting on her laurels, Kiani continued her ascent, becoming the first Pakistani woman to conquer Mount Lhotse, an 8,516-metre peak known as the fourth highest in the world.

However, Kiani’s extraordinary feats extend beyond her mountaineering triumphs. She wears multiple hats, excelling as an engineer, kickboxer, and devoted mother to her two children, making her an all-rounder. Her versatility and ability to excel in diverse fields embody the spirit of a brand like Sensodyne. 

Sensodyne is proud to have been a part of Naila Kiani’s extraordinary journey. Her achievements inspire others to reach for the stars and reflect the values that Sensodyne upholds. Naila Kiani’s story serves as a reminder that with courage, determination, and a supportive community, one can conquer even the highest peaks, both figuratively and literally.

Leaders Leaving PTI Have Now Completed a Century

Image: Dunya News

More than 100 PTI leaders have left the party till now. Most of them have denounced the May 9 incident and have left the party as a protest. Some of the prominent names of the leaders who have parted ways with Imran Khan include

Fawad Chaudhry

Asad Umar

Shireen Mazari

Aamir Kayani

Khusro Bakhtiar

Jamshed Cheema

Musarrat Jamshed Cheema

Maleeka Bukhari

MPA from Khanewal Imran Pervez

More than 100 Accounts Suspended Over “Anti-State Activity”

Image: ABC News

More than 100 social media accounts have been suspended in Pakistan for multiple reasons including anti-state, terrorist, anti-Islam activities along with promoting sectarianism.

The request to suspend these accounts on YouTube, Twitter and Facebook was initiated by the Capital Police. The police said that 106 accounts have been suspended so far via Federal Investigation Agency (FIA).

According to police, “The PVE is monitoring the individual’s social media accounts involved in different illegal activities, including sectarianism, anti-state, terrorism, and anti-Islam.”

As of now, the unit has suggested to suspend 203 accounts – 164 of them are on Twitter, 38 on Facebook and one on YouTube.

The Counterterrorism Department has sent all the relevant details including screenshot of the illegal activity to FIA in order to block these accounts.

Imran Khan Serves Rs 10bn Defamation Notice to Health Minister Over Spreading Misleading Information

Image: Twitter

Pakistan Tehreek-e-Insaaf Chairman Imran Khan has sent a defamation notice to health minister Abdul Qadir Patel for his controversial presser in which he said that traces of cocaine and alcohol were found in the ex Prime Minister’s urine sample.

Khan’s lawyer Abuzar Salman Khan Niazi sent the notice under the Defamation Ordinance, 2002 over “dissemination and circulation of wrongful, baseless, false, misleading, erroneous, malicious and defamatory information” against the PTI Chairman in his press conference on May 26. In his presser, Patel said that the medical reports of Imran Khan showed traces of cocaine and alcohol in his urine tests. He further said that Khan’s “mental health” is also “questionable.” The notice raised the question that “How alcohol and cocaine consumption can be traced through a urine test?”

The report emphasises a lot on mental state of our client [Imran Khan]; however, no details of mental state examination have been provided,” it said. According to the notice, the minister made those remarks “knowingly, consciously, willingly, deliberately and maliciously which is highly irrational and negates the principles of ethics and morals”.

Furthermore, it said that those remarks are “also in violation of the standards and ethics which members of [the] Federal Cabinet must possess and display”. It stated, Mr. Patel was “responsible and liable for the defamatory circulation and dissemination” causing “a loss” to the PTI chief’s “goodwill, injury to his reputation and adversely affected his honour. Likewise, you have also caused emotional trauma, mental agony, anguish and distress to our client.”

Imran Khan has asked Abdul Qadir Patel to admit his mistake, retract his comments and tender an unconditional apology over the misleading statements. It also demanded “Rs 10 billion for defaming…and levelling false allegations” and that money would be “donated to Shaukat Khanam Memorial Cancer Hospital.”

Imran Khan Does Not Qualify for Dialogues, Says Shehbaz Sharif

Image: Twitter

Prime Minister Shehbaz Sharif has responded to Pakistan Tehreek-e-Insaf Chairman Imran Khan’s invitation for talks by saying that arsonists and anarchists who damaged the symbols of our state do not qualify for any dialogues.

The Prime Minister shared his opinion via a tweet in which he emphasized on the importance of dialogues in politics and said that talks are deeply embedded in the political process and they help the democracy evolve and mature.

Sharif said that in politics it happens that the leaders sit with each other and then they reach a consensus.

Sharif further said, “However, there is a major difference here, the anarchists & arsonists who wear the garb of politicians and attack the symbols of the State do not qualify for a dialogue.They should rather be held to account for their militant actions. This is the prevalent practice even in developed democracies.”

No Talks With PTI Unless Imran Khan Owns and Apologizes for May 9 Damages Says Ishaq Dar

Image: Business Recorder

The Finance Minister Ishaq Dar while talking to a private TV channel said that no talks are possible with the PTI leader unless he owns up to the May 9 incidents and apologizes for them.

The Finance Minister further said that the Tehreek e Insaaf chairman should accept his mistakes and promise not to repeat them.

Recently, Imran Khan said in a video message that he is ready to talk to the decision makers due to the worsening situation in Pakistan.

Khadija Shah Apologizes for Attacking Jinnah House

Image: FILE

Renowned fashion designer and a political activist Khadija Shah was a prime suspect in the May 9th attack at the Jinnah House.

Khadija has been an active member of PTI and was taken into custody for her involvement in the controversial events that took place on May 9th. Earlier Khadija has also tweeted against the top military officials.

However, recently Khadija appeared in a video clip in which she has apologized for her involvement in the attack and the tweet against military’s high command.

It is not yet known whether the video is new or old.

It has been reported that Khadija has been unwell and is suffering from stomach issues for the last two days. She voluntarily surrendered herself at Lahore’s Iqbal Town police station on May 23rd and has been in a judicial custody by an anti-terrorism court.

Khadija belongs to an influential family. Her father is the ex interim finance minister, Salman Shan, her grandfather is General (retd) Asif Nawaz Janjua.

She owns the clothing brands “Elan,” and “Zaha.”

Prime Minister Youth Program to Reinstate Laptop Scheme and Promote Youth Engagement

The Prime Minister Youth Program is set to reintroduce the laptop scheme this year, as announced by Shaza Fatima Khawaja, the Special Assistant to the Prime Minister (SAPM) on Youth Affairs. During a recent press conference, the SAPM revealed the government’s plan to provide 100,000 laptops to the youth.

Expressing regret over the scheme’s discontinuation by the previous government, the SAPM highlighted the significance of laptops in facilitating education and remote work, especially during the challenging times of the COVID-19 pandemic. The laptops previously distributed under the Pakistan Muslim League-Nawaz government played a vital role in ensuring continuity in education and work.

In addition to the laptop scheme, the government has launched the National Innovation Award to promote a culture of startups among the youth. This award aims to recognize and encourage innovative ideas and initiatives.

The SAPM also emphasized the government’s commitment to promoting healthy activities among the youth. Sports activities have seen substantial participation, with approximately 54,000 children taking part over the past year. Hockey trials were conducted in twenty-five regions, while volleyball trials were held in twenty-eight regions.

Furthermore, the SAPM announced the commencement of nationwide registration for football trials, offering a platform for talented individuals from all across Pakistan to showcase their skills in the sport.

These initiatives collectively reflect the government’s focus on empowering and engaging the youth. By providing educational opportunities, encouraging innovation, and promoting a healthy and active lifestyle, the government aims to create a promising future for the youth of Pakistan.

Pakistan Prepares to Host Asian Rugby Championship Division 1 with Hopes of World Cup Qualification

Pakistan Prepares to Host Asian Rugby Championship Division 1 with Hopes of World Cup Qualification

Pakistan is eagerly gearing up to host the prestigious Asian Rugby Championship Division 1 in July, presenting a golden opportunity for the national rugby team, known as the Men in Green, to secure a coveted spot in the Asian Rugby Championship and move one step closer to their dream of qualifying for the World Cup.

Under the seasoned guidance of experienced coach Gert Mulder from South Africa, the Pakistani rugby team is primed to deliver a strong performance in the upcoming tournament. Mulder’s coaching prowess has been instrumental in the team’s past successes, including leading them to victory in Division 2 and triumphing over formidable opponents like Thailand.

The tournament will feature two pivotal matches for Pakistan against the United Arab Emirates (UAE), scheduled to take place on the 4th and 8th of July in Lahore. These matches hold immense significance as the team that accumulates the most points in these encounters will secure a coveted berth in the Asian Rugby Championship, propelling them closer to their ultimate dream of participating in the prestigious World Cup.

With the advantage of playing on their home turf, the Pakistani team is hopeful of leveraging the unwavering support of their passionate fans and exhibiting their exceptional skills on the rugby field. The tournament serves as a remarkable platform for Pakistan to establish its presence in the regional rugby landscape and elevate the profile of the sport within the country.

The Asian Rugby Championship Division 1 provides an excellent opportunity for Pakistan to showcase its talent, dedication, and determination on a grand stage. The team aims to make a resounding impact, not only in terms of performance but also in promoting rugby as a flourishing sport in the nation. As they prepare to lock horns with the UAE, the Men in Green are focused and driven, ready to seize this momentous occasion and etch their names in the annals of rugby history.