Pakistanis are queuing for hours to grab coffee and pastries from Canadian chain Tim Hortons, which opened its first outlet in the South Asian country this week just as its economic crisis took a turn for the worse. Inflation in January spiked to 27% year-on-year, the highest in more than a decade, and the government only has enough foreign reserves to pay for just over three weeks of imports.
The government on Tuesday increased the general sales tax (GST) rate to 18% and drastically enhanced taxes on cigarettes with immediate effect to collect Rs115 billion out of the planned Rs170 billion mini-budget. The government is likely to drop another petrol bomb on the masses on Feb 16 after it already jacked up the prices by Rs35 per litre on Jan 29.
The Peshawar Counter-Terrorism Department (CTD) has announced a Rs10 million reward for anyone providing information about the bomber, who blew himself at a mosque in Peshawar’s Police Lines, and his facilitators. The Peshawar CTD released photographs of the suicide bomber, who could be seen wearing a mask before the attack – that killed over 100 people and injured 169 people.
The Supreme Court directed wealthy organisations, earning over Rs150 million, to deposit 50% of the super tax imposed on them with the Federal Board of Revenue (FBR) within seven days, as IMF tightens the noose around government to ‘do more’ for next bailout. The FBR has projected Rs250bn from the imposition of the super tax in FY23.
Chairman NDMA Lt General Inam Haider Malik has dispatched three tons of emergency relief consignment to Turkiye and Syria through PAF C-130 on orders of Prime Minister Shehbaz Shareef. The confirmed death toll across the two countries has soared above 4,300 after a swarm of strong tremors near the Turkiye-Syria border — the largest of which measured at a massive 7.8-magnitude.
Three of Pakistan’s top richest men now have net worth more than country’s foreign exchange reserves
With the latest drop in Pakistan’s foreign exchange reserves, country’s top three richest men are now richer than the country itself. With a net worth of $8.5 billion, $4.6 billion and $3.7 billion respectively , Shahid Khan, Anwar Parvez and Mian Mansha exceed the country’s foreign exchange reserves of a meagre $3.7 billion, which decreased by $923m during the week due to external debt repayments.
Interior Minister Rana Sanaullah has warned Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan of ‘attack’ from foreign agencies, saying that the former premier’s statements may land him in ‘danger’. Talking to journalists in London, the interior minister said that foreign agencies could take advantage of Imran Khan’s allegations levelled against ‘some people’, adding that they could carry out an attack on the PTI chief.
A record over 675,000 Pakistanis moved abroad for better jobs due to a lack of proper opportunities and worsening economic conditions in the country in 2022. The picture is even grimmer as 95,000 highly educated Pakistanis left the country to look for well-paid jobs elsewhere. The number is a three-fold increase from 2021 when over 3 lac Pakistanis left the country for work.
After almost a decade, Pakistan’s team of qualified racers will participate in the final round of the Dubai Endurance Karting Championship 2022. Up to 42 karting teams, including 15 European national champions, will compete in the event. Formula one world champion Fernando Alonso and former F1 driver Pedro De La Rosa will also participate in the race.
The World Cup in Qatar had thrown up yet another stirring upset and in the first tournament to be held in the Arab world, Morocco’s 1-0 win over Portugal ensured that there will be an Arab-speaking team in its final four. This was a win that would not only be celebrated across Morocco but also across the Arab countries, from Saudi Arabia to Algeria.