The Swiss National Bank’s annual report has made a startling revelation, depicting a fall of 34% since 2017 in money deposited by Pakistanis in Switzerland. The value of CHF 724 million or $738 million calculated in 2018, has decreased 49% since 2015, when Pakistan and Switzerland finalised a revised taxation treaty. This is the lowest amount of deposits since 1996.
The United Kingdom (UK) has decided to increase its funding from 400 million pounds to one billion pounds, in order to finance projects and encourage British firms to set up in Pakistan. As Pakistan’s rating improves on the World Bank’s ease of doing business index, UK will provide direct lending into projects like infrastructure, roads, hospitals, and schools.
Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh in an official Tweet has revealed that during his two-day visit to Pakistan, the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani announced $3 billion in deposits and direct investments for Pakistan. The break up of the $3 billion aid was not provided by the ministry.
A Chinese environmental company is ready to invest $3 billion in the clean drinking water and sanitation system in Lahore, said PBIT Chairman Sardar Tanveer IIyas Khan. Although he did not disclose the name of the company saying negotiations were at early stages, he revealed that the same company had already completed a couple of hydro projects in Pakistan.
Domestic one tola and 10 gram gold prices hit fresh peak of Rs78,100 per tola and Rs66,958 per 10 grams, respectively, as international bullion prices surpassed $1,400 before retreating, still holding near a six-year high on the US central bank’s dovish stance on monetary policy. Locally, gold prices saw a surge of Rs800 per told and Rs686 per 10 grams over Thursday’s rate.
Prime Minister Imran Khan has directed the Ministry of Finance to increase superannuation age limit of civil servants and early retirement of dead wood within two days. Current superannuation age of civil servants is 60 years, but due to increase in average life expectancy to 69 years, at least three years can be added to retirement age.
Pakistani currency weakened to a record low of Rs156 to the US dollar at the inter-bank market on Friday. The currency freshly lost Rs3.10 from yesterday’s close. A long list of import orders, which were not processed by banks due to Eid holidays, and external debt and interest payment in June end, are the cause of this latest devaluation.
Hasan Zaidi, an editor for Dawn magazine, had complained to the bank to take strict action against an employee who had been repeatedly using abusive language on Twitter. However, social media users were particularly not happy with the bank’s decision to terminate an employee based upon his personal actions.
The government, in order tighten the grip around offshore tax-evaders, have proposed that concealment of offshore assets worth above Rs100,000 would be deemed an offence punishable with imprisonment up to seven years or fine up to 200% of tax evaded amount or both. Names of individuals, who have evaded tax worth above Rs. 2.5m, will also be published in media.
Baluchistan has a huge potential for solar energy generation, and to tap this unexplored potential, the Government of Pakistan is in talks with Saudi Arabia for investment in the solar energy sector in Baluchistan. According to Power and Petroleum Minister, Omer Ayub Khan, talks are underway to attract investment worth $4 billion to uplift the energy sector in Baluchistan.