World Bank lowers growth forecast for Pakistan’s economy in FY23, urging government to implement effective policies

The World Bank has lowered its growth forecast for Pakistan’s economy in the current fiscal year (FY23), from 2 percent to only 0.4 percent. This reflects subdued private sector activity, import controls, belated fiscal tightening, and the impacts of the unprecedented floods of summer 2022, according to the bank’s Pakistan Development Update released on Tuesday.

The lower growth forecast indicates the challenges faced by the Pakistani economy and the urgent need for the government to implement effective policies to address them. The government needs to focus on improving confidence in the private sector and easing import controls to stimulate economic activity. Additionally, fiscal tightening measures should be implemented promptly to ensure the sustainability of the country’s economic growth.

This is a critical time for Pakistan’s economy, and the government must take proactive measures to ensure its stability and growth. The World Bank’s revised forecast highlights the importance of implementing effective policies and strategies to address the challenges faced by the economy and promote sustainable growth.

Pakistan’s economic growth has been revised down to 0.4 percent for FY23, highlighting the urgent need for the government to implement effective policies to stimulate economic activity and improve investor confidence. The government should focus on easing import controls, implementing fiscal tightening measures, and promoting private sector growth to support the country’s economic recovery.

Latest Gold Price in Pakistan will amaze you

On Tuesday, the price of gold in Pakistan reached a new all-time high, increasing by Rs. 5,000 per tola, according to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of gold (24 carats) rose to Rs. 214,500 per tola, while the price of 10 grams increased by Rs. 4,288 to Rs. 183,900.

Gold has seen a cumulative gain of over Rs. 6,000 per tola in the last two sessions alone (Monday-Tuesday), with the price of gold rising by Rs. 1,200 per tola on Tuesday.

However, in the international market, spot gold fell by 0.2 percent to $1,979.69 per ounce by 1131 GMT, while US gold futures also dropped to $1,996.40.

Meanwhile, the Pakistani rupee hit a new all-time low of Rs. 287.29 against the US dollar in the interbank market on the same day. The rupee slipped as uncertainty persists around the revival of the International Monetary Fund (IMF) program, with no clear indication from the government on when a staff-level agreement will be signed.

This surge in the price of gold in Pakistan and the drop in the value of the Pakistani rupee are indications of the ongoing economic challenges faced by the country. The government needs to take measures to address these challenges and stabilize the economy, such as implementing effective monetary and fiscal policies.

While the price of gold may have surged to a new all-time high in Pakistan, it is important to consider the bigger picture and the underlying economic factors that have led to this development. The government must take necessary actions to address these challenges and improve the country’s economic outlook.

5 reasons why you should not believe what you see on Instagram Life

Instagram has become one of the most popular social media platforms, with over 1 billion active users. It has created a culture where people share their lives, and it can be easy to get caught up in the images and videos that people post. However, it is important to remember that what you see on Instagram is not always a true reflection of reality. Here are five reasons why you should not believe what you see on Instagram life.

People only share the highlights

Instagram is a platform where people showcase the best parts of their lives. They share the highlights, such as vacations, special events, and achievements. It is easy to believe that these moments represent someone’s entire life, but this is not the case. People don’t share the mundane or difficult parts of their lives, so it is important to remember that Instagram only shows a small part of someone’s life.

Filters and editing can be deceiving

Instagram filters and editing tools can make a photo look completely different from reality. It is easy to manipulate images to make them look more appealing or to hide flaws. Just because a photo looks perfect does not mean it accurately represents reality. It is important to keep this in mind when viewing images on Instagram.

Sponsored content can be misleading

Many Instagram influencers and celebrities make money from sponsored content. They promote products or services in exchange for payment. While this is a legitimate way for influencers to make money, it can be misleading for their followers. They may promote a product that they don’t actually use or that doesn’t work as advertised.

Comparison can be damaging

Social media can be damaging to mental health, especially when people compare themselves to others. It is easy to feel inferior when scrolling through Instagram and seeing other people’s seemingly perfect lives. It is important to remember that what you see on Instagram is not the full picture and that comparison can be harmful.

Validation-seeking behavior

Some people use Instagram as a way to seek validation from others. They post photos and videos to get likes and comments, which can be addictive. It is important to remember that seeking validation from others is not a healthy behavior and can lead to anxiety and low self-esteem.

Conclusion

Instagram is a fun platform to use and can be a great way to connect with others. However, it is important to remember that what you see on Instagram is not always a true reflection of reality. People only share the highlights, filters and editing can be deceiving, sponsored content can be misleading, comparison can be damaging, and validation-seeking behavior can be harmful. By keeping these things in mind, you can use Instagram in a healthy and positive way.

Kim Kardashian Is Selling Her Pre-Owned Collection on ‘Kardashian Kloset’

Image: The Cut

This is no secret that Kim Kardashian leads a luxury lifestyle because of her love for designer clothing, jewelry and other accessories. However, instead of hoarding all these luxury items, Kim has decided to get rid of them while earning some extra money from them. Smart move indeed, isn’t it?

The reality TV star will use the Kardashian Kloset platform to sell her and her family’s personal collection. The store will offer a wide range of shoes, handbags, clothing, and accessories from high-end designers and brands like Balmain, Gucci and Givenchy.

Kim has been putting up personal items for selling on this website at a lower price than the original one. Not only is this a sustainable way to recycle things, it also allows her fans to have access to her Kim’s favourite collection. Meanwhile, Kim also uses this platform for generate funds for charitable causes.

Apple to Layoff Employees In Corporate Retail Teams

Apple to Layoff Employees In Corporate Retail Teams

image: Apple Brasil

Inside sources at Apple Inc (AAPL.O) told Bloomberg that the tech giant is about to get rid of a small number of employees from its corporate retail teams. These layoffs are likely to happen in the development and preservation teams and would be very small.

No one from Apple has commented on the news so far.

Apple to Layoff Employees In Corporate Retail Teams

Arslan Ash Wins Tekken 7 at EVO Japan 2023: A Pakistani Prodigy’s Big Win

Arslan Ash Wins Tekken 7 at EVO Japan 2023: A Pakistani Prodigy's Big Win

Arslan Ash Siddique, a Pakistani gamer, won the Tekken 7 competition at EVO Japan 2023 on Sunday by defeating South Korea’s Meo-IL. This was Ash’s third EVO title, with his first win coming in 2019. Winning EVO Japan was important to Ash because it was where he began his gaming journey. He won his first title in 2019, and last year, he finished third in the EVO 2022 Tekken 7 competition.

In the EVO Japan 2023 final, Ash played as Zafina and dominated Meo-IL, using Geese Howard, 3-0 in the final leg. He eliminated Meo-IL with the character Zafina in the tournament final on Friday. The winning moment was a dream come true for Arslan Ash, who had been waiting for it for a long time.

Arslan Ash has become a household name in the gaming world, and his consecutive wins in gaming have cemented his position at the top. He has also given hope to the youth of Pakistan that it is possible to become a top-level competitive gamer, even if you are from Pakistan.

EVO is the world’s largest fighting game tournament where players from around the world gather in Las Vegas to compete against each other. EVO Japan is another world championship in the same spirit as the main EVO tournament. Another Pakistani gamer, Atif Butt, emerged as the new “King of the Iron Fist” in February after winning the Tekken World Tour 2022 videogame tournament in Amsterdam, Netherlands. Butt was a member of the team founded by Ash himself.

Fake Pakistan Army Major Apprehended Smuggling 60kg of Weed in Nowshera

Fake Pakistan Army Major Apprehended Smuggling 60kg of Weed in Nowshera

Excise Taxation and Narcotics Control Mardan conducted an operation in Nowshera on Sunday and apprehended a fake Pakistan Army Major who was smuggling a large quantity of drugs. The accused, identified as Iqbal Ali, was caught in possession of 60kg of weed worth millions of rupees. The contraband was packed in five sacks and concealed in his green number plate vehicle with tinted glasses.

The excise police had set up a picket on the road after receiving a tip-off about drug smuggling. When the fake major spotted the police, he tried to flee and hit the excise police station’s mobile vehicle, causing significant damage. The police eventually caught up with him near the gate of PAF Academy Risalpur after a long chase.

During preliminary investigation, the imposter confessed to having smuggled drugs to Punjab on ten previous occasions. A case has been registered against the accused for drug smuggling, damaging government property, and defaming Pakistan Army. The excise police has handed over the accused and the recovered drugs to the concerned authorities for further legal proceedings.

This incident highlights the issue of drug smuggling and the use of disguises by criminals to evade detection. It is a reminder of the need for continued efforts to combat the drug trade and bring those involved in it to justice.

Enaam Ahmed Becomes First Karting World Champion of Pakistani Origin

Enaam Ahmed Becomes First Karting World Champion of Pakistani Origin

Enaam Ahmed, a young go-karting prodigy from Pakistan, has made history by becoming the first-ever karting world champion of Pakistani origin. Enaam’s accomplishments in the sport are noteworthy, as he has beaten the records set by highly popular and successful Formula One (F1) racing drivers such as Lewis Hamilton and Max Verstappen.

Enaam is also the first high-level Formula championship winner from Pakistan, having won the British Formula 3 championship and beating the record of 13 races in one season held by F1 legend Ayrton Senna.

Enaam has been a rising star in motorsport since the age of 14, winning five championships in one year, including the European Championship in go-karting. At 17, he became the British Formula 3 champion, becoming the most successful British Formula 3 driver and the most successful Pakistani heritage racing driver in motorsport history.

In an interview with Geo News, Enaam expressed his pride in beating the records of accomplished F1 legends such as Lewis Hamilton and Ayrton Senna, while wearing the Pakistani flag on his racewear. He also shared his plans for the future, stating his aim to finish the current season and race in the Indianapolis 500 next year, becoming the first Pakistani to do so. He then plans to set his sights on getting into Formula 1.

Enaam’s achievements in motorsport are a source of inspiration and pride for Pakistan, and his success serves as a reminder of the immense talent and potential that exists within the country.

Missing Karachi Girl Found “Married to Kidnapper”

Image: Pakistan Today

A teenage girl from Karachi who went missing from the city a month ago was recently found in Lahore. The girl’s family has also lodged an FIR and nominated Abdullah from Lahore as her kidnaper.

The 12-13 year-old-girl was missing from 13th February and raids were conducted in Peshawar and Lahore to find her. However, in a new turn of events, the police said that the missing girl is foud and is “married to the suspect.”

Sajid Amir Sadozai, SSP Korangi said that the girl married the suspect with her own “free consent”.

Last year, another girl, Dua Zehra, was missing from Karachi and was later found “married to a boy” in Lahore.

Government to Issue 1 Million Work Permit Visas

Sajid Hussain Turi, Minister for Overseas Pakistanis revealed that the government plans to send one million Pakistanis to different countries for employment opportunities.

Turi was invited to an exclusive interview at a private TV Channel where he said, “Saudi authorities will be visiting Pakistan soon to issue work permit visas and new agreements are being signed with 50 other countries, including Germany, Greece, and Romania.”

The Minister for Overseas Pakistanis also said that those who will.pass their technical training test will get their work visa for Saudi Arabia.

He also said that lately Japan has also issued work visas to skilled Pakistanis. Meanwhile South Korea also intends to call 10,000 skilled Pakistanis to their country.

Turi also mentioned that Pakistanis are also getting work visas for Germany and Romania.

How many people from Pakistan are likely to go on Hajj this year?

Image: PIA

Pakistan’s government is reportedly considering surrendering 40,000 seats out of the total 179,210 Hajj quota assigned to Pakistan by Saudi Arabia for this year’s Hajj due to a shortage of foreign exchange reserves. The decision was discussed during a meeting chaired by Finance Minister Ishaq Dar to review progress on the Hajj Scheme for the current year. The government is contemplating this proposal as Hajj expenses this year are expected to be over $270 million, which is significantly higher than earlier expectations of $90 million.

The government had introduced a scheme to pay Hajj expenses in US dollars to reduce reliance on the reserves held by the State Bank of Pakistan (SBP). However, the scheme failed to live up to expectations, and only 15% of the seats offered through this scheme have been availed so far. The government has already extended the last date for submission of Hajj applications under the sponsorship scheme to April 7 in a bid to attract more applicants.

Out of the total quota assigned to Pakistan, the government equally divided the quota between private Haj operators and the government’s scheme. However, contrary to the low interest in the sponsorship scheme, the government has received an overwhelming response for the regular scheme, receiving 72,869 applications against 44,190 seats.

One proposal put forth by the religious affairs ministry is to accommodate pilgrims who have applied for the regular scheme on the unutilized quota of the sponsorship scheme. However, this will only happen if the finance ministry covers the expenses in US dollars.

The Ministry of Religious Affairs and Interfaith Harmony and the Ministry of Finance are deliberating over options to resolve the situation and no final decision has been made yet. The shortage of foreign exchange reserves is not a new problem for Pakistan, and it has struggled to meet its import bills and debt repayments over the last few years.

In conclusion, the Pakistani government’s consideration of surrendering 40,000 seats out of its quota of 179,210 this year assigned by Saudi Arabia for Hajj due to foreign exchange shortage is a worrisome development. It remains to be seen what decision the government will make, but it is clear that it faces significant financial challenges in meeting its Hajj expenses.

Pakistan braces for heavy rain and hailstorms, PMD warns of potential damage

Pakistan braces for heavy rain and hailstorms, PMD warns of potential damage

The Pakistan Meteorological Department (PMD) has predicted that another westerly wave will enter western parts of the country on 2 April and is likely to intensify in upper parts on Monday, bringing with it rain-wind/thunderstorm, hailstorms, and isolated heavy falls. The weather system is expected to affect several regions of the country from 2-4 April.

According to the PMD, the Kashmir region, including Neelum valley, Muzaffarabad, Poonch, Hattian, Bagh, Haveli, Sudhanoti, Kotli, Bhimber, and Mirpur, as well as Gilgit-Baltistan’s Diamir, Astore, Ghizer, Skardu, Hunza, Gilgit, Ghanche, and Shigar, are likely to experience heavy rainfall and hailstorms during this period. Peshawar, Charsadda, Nowshera, Swabi, Mardan, Bajaur, Kurram, Waziristan, Kohat, Karak, Bannu, Dera Ismail Khan, Chitral, Dir, Swat, Mansehra, Buner, Kohistan, Shangla, Haripur, and Abbottabad are also expected to be affected.

Furthermore, Islamabad, Murree, Galliyat, Rawalpindi, Attock, Chakwal, Jhelum, Khushab, Mianwali, Sargodha, Gujranwala, Gujrat, Hafizabad, Mandi Bahauddin, Sialkot, Narowal, Lahore, Faisalabad, Toba Tek Singh, Jhang, Kasur, Sheikhupura, and Nankana Sahib are expected to receive rain-wind/thunderstorm and hailstorms during this period.

Northeast Balochistan, including Quetta, Zhob, Barkhan, Qila Saifullah, and Qillah Abdullah, and South Punjab, including Multan, D.G. Khan, Bahawalnagar, and Sahiwal, are expected to receive isolated rain-wind/thunderstorm on 2-3 April.

The PMD has warned that strong winds and hailstorms may cause damage to loose infrastructure and standing crops, particularly wheat crops, across the country. The potential for flash floods exists in several regions, including Swabi, Mardan, Peshawar, Mansehra, Abbottabad, Dir, Swat, Kohistan, Nowshera, Waziristan, Bajaur, Kurram, and Kashmir during the forecast period. The risk of landslides also exists in hilly areas of Khyber Pakhtunkhwa, Gilgit-Baltistan, Kashmir, Murree, and Galliyat during this period.

Tourists have been advised to exercise caution during this period, and the PMD has alerted all concerned authorities to take necessary measures to avoid any untoward situations.

In summary, Pakistan is bracing for heavy rainfall and hailstorms, which could potentially cause damage to crops and infrastructure. The PMD has issued warnings for several regions, and all concerned authorities have been advised to take necessary precautions to avoid any adverse effects during the forecast period.

Pakistan’s New Sports Policy to Promote Women’s and Transgender Sports

The Prime Minister of Pakistan has given the go-ahead for a new sports policy, which will be implemented from 2023 until 2027. This policy is aimed at reforming the sports sector by promoting transparency, inclusivity, and efficiency in sports administration to bring about positive changes.

According to sources, the newly approved policy states that the Pakistan Olympic Association (POA) will continue to have its independent status under the Olympic Charter. However, there will be a limit of two terms for POA officials, each lasting three years, and the age limit for officials contesting elections has been set at 70 years.

To ensure transparency in the election process of boards and associations, an independent election commission will be established for the national federations. A panel of adjudicators will also be available for dispute resolution by mutual consent. Furthermore, a National Sports Council will be formed to promote coordination with all stakeholders.

The responsibility of providing grants, infrastructure, and developing sports facilities will lie with the Pakistan Sports Board (PSB). Special attention will be given to promoting women’s and transgender sports to ensure their growth and development.

Overall, this new sports policy is a significant development in the sports sector in Pakistan, and it is expected to bring about positive changes in sports administration and promote the growth of various sports in the country.

IPL copies PSL’s trophy presenting style

IPL copies PSL's trophy presenting style

The 16th season of the Indian Premier League (IPL) began with a bang as it kicked off with a star-studded opening ceremony at the Narendra Modi Stadium in Ahmedabad.

The event was graced by popular singer Arijit Singh and actors Tamannaah Bhatia and Rashmika Mandanna, who delivered electrifying performances, setting the stage on fire. The IPL, known for its glamour and entertainment quotient, has always been a fan-favorite since its inception.

However, this year’s opening ceremony found itself mired in controversy as netizens accused IPL of copying the opening ceremony of the Pakistan Super League (PSL) 8.

Fans on Twitter were quick to note that IPL had used drone technology to display its trophy, which was first done during the PSL 8 opening ceremony at the Multan Cricket Stadium. While the IPL opening ceremony was well received by cricket fans in India, the PSL 8 opening ceremony was hailed by fans for its high-quality entertainment.

Also, see:

Lahore Qalandars are the Winner of PSL 2023: PSL 8

Desis Share Their Opinions About Joint Family and Divorce

PC: DesiBlitz

Seems like the desi twitter is all about controversial opinions when it comes to divorce and joint family system. Recently, an account asked a simple question, “What’s your hot take on desi culture that would have you in this position?” However, the quoted answers and those in the comment section were not so simple. In fact most of them are debatable and questions the overall desi culture in the subcontinent.

How true is that? Spend your money wisely.

https://twitter.com/chukklingducky/status/1641366964298993664?s=20

Who else agrees with this?

Isn’t this pure cruelty?

https://twitter.com/gayomarlic/status/1641373434897727490?s=20
https://twitter.com/ksj_tempest/status/1641373404673740800?s=20

Yes, please. Keep it simple.

Louder, queen .

Which of these opinions do you agree with?

Pakistani Government Halts Subsidized Flour Distribution by USC, Leaving Public in Disarray

The Utility Store Corporation (USC) has announced the discontinuation of subsidized flour packet distribution to the general public at the behest of the current government. According to a notification issued by the USC administration on Thursday, the distribution of subsidized flour sacks will be suspended for two days.

Previously, a 10kg flour bag could be purchased for Rs. 648 from trucks or utility stores. However, the Punjab government ceased the distribution of subsidized flour bags for more than two weeks and launched a free-of-charge flour campaign. While supplying free flour, the government increased the price of subsidized flour bags to Rs. 1150, causing distress among the public.

USC continued to provide subsidized flour at a fair price of Rs. 640 for a 10kg bag, providing some relief to the public. However, the government has now directed USC management to halt the distribution of subsidized flour bags to the public, leaving the people with little relief.

This move has been met with criticism as the people are already facing severe economic hardships, and the discontinuation of subsidized flour distribution will only exacerbate their plight. It is unclear why the government has ordered the cessation of subsidized flour distribution, but it is hoped that they will reconsider their decision and provide much-needed relief to the public.

In the meantime, USC has stated that it will continue to sell flour at market prices, and the discontinuation of subsidized flour distribution will only be temporary. The public, however, remains skeptical and is calling for urgent government intervention to address the issue.

Overall, this decision by the government has only added to the public’s frustration and has highlighted the need for long-term solutions to alleviate their economic struggles.

Also, see:

We Will Not Go To India, If Indian Team Does Not Come to Pakistan, Says Najam Sethi

PKR Experiences Intraday Losses Against USD Despite China’s Loan Rollover

During intraday trade today, the Pakistani rupee (PKR) experienced a reversal of gains against the US Dollar, leading to losses. The interbank rate of the rupee initially dropped by around Rs. 1, reaching 284.75 by 11 AM, and then later recovered back to the 283 level by 1:25 PM, where it remained. At the close of the market, the PKR had depreciated by 0.05 percent, closing at 283.79 after experiencing a loss of 13 paisas during intraday trade.

Despite Finance Minister Ishaq Dar confirming that China had rolled over a $2 billion loan to Pakistan for another year, the rupee still experienced losses today. Since January 2023, the rupee has decreased by almost Rs. 52. Today’s exchange rate movements indicate that the PKR has lost some ground, experiencing a drop of 13 paisas.

As of March 24th, the foreign currency reserves held by the State Bank of Pakistan (SBP) were recorded at $4.244 billion, which is down by $354 million compared to the figure of $4.599 billion recorded on March 17th. Money changers say that the market players’ loss of faith in the South Asian economy’s current yield-hunting framework, along with a lack of hope for the near-term business outlook, has led to today’s drop.

Additionally, political instability and the use of state institutions to derail elections have not been well received by investors. In today’s interbank currency market, the PKR was bearish against most of the other major currencies, experiencing losses against the Saudi Riyal (SAR), UAE Dirham (AED), Canadian Dollar (CAD), Pound Sterling (GBP), and Euro (EUR), but gaining three paisas against the Australian Dollar (AUD).

We Will Not Go To India, If Indian Team Does Not Come to Pakistan, Says Najam Sethi

PC: AFP

Najam Sethi, Chairman Pakistan Cricket Board (PCB) said on Thursday that Pakistani government may not allow them to visit India if the Indian Team does not come to Pakistan for playing World Cup.

Sethi was talking to the standing committee of senate where he mentioned that right now, PCB is not worried about financial losses as they have gathered enough money via Pakistan Super League.

He further said that they are also planning to launch PSL for women and have also received requests some requests from different groups to buy teams.

According to Sethi, many foreign players have also been invited for the exhibition matches of women in PSL. He also said that they are thinking to increase the number of teams in PSL.

India to Make Biopic of Ali Saleem, Mallika Sherawat to Play the Role

PC: Express Tribune

According to IANS, India plans on making a biopic on Pakistani TV celebrity, Ali Saleem. Saleem is a renowned Pakistani actor, host impressionist and scriptwriter who rose to fame with his mimicry of late Prime Minister Benazir Bhutto. They also became the talk of the town with their character Begum Nawazish Ali on TV screens.

For their biopic, CEO EORTV has announced to case Mallika Sherawat. He said, “This is a strong story, a story of boldness and courage. The character is multifaceted and needed someone as courageous and undaunted as the Begum thyself. I am planning to approach Mallika Sherawat for this role as she would be apt for a fearless performance like this.”

He went on saying that it’s crucial to make content on these people as it will encourage others to open up about their sexuality and preferences. He also appreciated Ali Saleem, especially his appearance in Big Boss 4. Pandey said, “Begum Nawazish Ali’s background and childhood is interesting but the journey he makes in due course of his life is even more interesting. He has interviewed the who’s who from business, politics, [and] entertainment with gusto. He has courted satire and controversy but managed to make a place in the hearts of the common man. His life will make for very compelling content on screen.”

Pakistani and Indian Foodies Fight Over the Origin of Chicken Manchurian

Believe it or not, Twitter fights are the best, especially when they are about food and Pakistan and India are involved in it. A debate started on the social media platform when a New York Times author called it a “stalwart of Pakistani Chinese cooking.”

The tweet was then blew up and foodies from both the countries jumped in to give their opinions. The original tweet said,

“A stalwart of Pakistani Chinese cooking, chicken Manchurian is immensely popular at Chinese restaurants across South Asia.”

Soon after the tweet was posted, we saw people blaming the Pakistani author for being biased.

https://twitter.com/_manishkapoor/status/1640303972467757056?t=tW0cxMc0aGAq3sg1iJqmbQ&s=19

Another user even named the “alleged chef” who introduced the cuisine. Wow.

How can a food debate go on without mentioning BIRYANI!!!

We also saw some people talking sense there!