NOT-BY- PROFIT Pakistan uPgraded to middle-income country but struggles with debt issues

islamabad news desk mobilizinglocal financing for infrastructure projects will enhance the country's economic development

Writing for Express Tribune, author Salman Siddiqui points out that Pakistan has recently been upgraded to a middle-income country, but it faces numerous challenges in its economic development.

The author explains that the country's infrastructure and human development have been compromised by piling debt for non-development purposes, resulting in devastating floods in 2022 and decelerating economic growth. Pakistan has now begun mobilizing infrastructure investment from local banks to address these challenges, as foreign investment remains choked and awaits the revival of the international Monetary Fund (iMF) loan program worth $6.5 billion.

At the "infrastructure Summit 2023 - building for impact," organ-

FBR chief visits LTO Lahore

iSLaMaBaD: Chairman Federal Board of Revenue Mr. Asim Ahmad visited the Large Taxpayers Office (LTO) Lahore where he held a detailed meeting with the Chief Commissioner and Commissioners of LTO Lahore.

During the meeting, revenue collection for the period of July to February 2023 was discussed at length vis a vis targets assigned. A detailed discussion was held on challenges being faced in various sectors alongwith strategy to be adopted to achieve budgetary target for remaining months of the financial year. The Chairman directed the LTO team to ensure that the new budgetary measures are enforced in letter and spirit. The sugar sector was specifically discussed at length to ensure collection of due taxes in the coming months. PR

CDA to organize 3-day literary festival from Friday

iSLaMaBaD: A three day literary festival is being organized in Islamabad under the umbrella of Capital Development Authority. The literary festival will remain continue from March 17 to March 19 in Islamabad. The objective of the Literary Festival is to provide a platform to citizens for the promotion of literature, culture, art and especially books reading

The three-day literary festival organized by the Capital Development Authority has been divided into 2 different parts for the first time. Various programs have been arranged on all three days at 4 PM including Mushaira, Heer Goai, Manzil-BaManzil Islamabad, theater including panel discussion, cultural dance and musical nights.Panel discussion on Pakistani languages have also been made a part of the festival. PR

Hashoo School of Hospitality Management collaborates with Iqra University, Karachi

iSLaMaBaD: Hashoo School of Hospitality Management

(HSHM) has recently signed an Agreement with the Iqra University, Karachi (IU) for hospitality educational based projects and skill development programs for the youth, in Karachi, Pakistan. The agreement was signed by Mr. Haseeb Gardezi, Chief Operating Officer, Hospitality and Education Division, Hashoo Group, and Dr. Mirza Amin

Ullah Haq, Registrar, Iqra University, Main Campus, during a special ceremony, attended by Mr. Naveed Lakhani, Chairman, Iqra University, Dr. Zaki Rashidi, Director of Bahria Campus, along with the senior management of Hashoo Group and Iqra University faculty members. “Today is a very important day in the history of HSHM as we are partnering with the most iconic institute of Pakistan, Iqra University” said Mr. Haseeb Gardezi. “The shortage of skilled and experienced leaders in the hospitality and tourism industry is a pressing issue in Pakistan. PR ized by the nutshell group and infrazamin, State bank of Pakistan governor Jameel Ahmad spoke about the importance of infrastructure spending in Pakistan. He highlighted that the country's current spending of 2.1% of gross Domestic Product (gDP) is amongst the lowest in the region and well below the national gDP level requirement of 8% to 10%. According to Ahmad, investing in infrastructure like energy, telecommunications, safe drinking water and sanitation, transportation network, health, and education helps increase competitiveness, improve productivity, facilitate economic development, and enhance social well being of the society.

Maheen Rehman, CEo of infrazamin, also spoke at the summit and discussed the challenges faced by Pakistan's debt issues, which have become increasingly urgent in the absence of the resumption of the iMF loan program. She emphasized the importance of mobilizing local financing for infrastructure projects, citing india and bangladesh as exam- ples of countries that have successfully done so and emerged on the world economic map. Rehman pointed out that mobilizing local financing could help to develop bond markets more significantly and finance projects in the Pakistani currency instead of foreign currency. infrazamin and its parent company, Private infrastructure Development group (PiDg), which is an initiative among six European countries including the UK, provide financial guarantees for local banks and have recently kicked off supporting infrastructure projects. Despite the challenges faced by Pakistan, PiDg has recently begun offering its services in Pakistan with a focus on utilizing local markets and currency financing.

The british High Commission islamabad Development Director, Jo Moir, expressed concern about Pakistan's current economic situation. She highlighted that the british High Commission and PiDg have identified three priority areas for international support, including fostering climate innovation and early-stage

Planes carrying tents for quake victims arrive in Southern Turkey

risk capital, creating innovative financial instruments within the capital markets, and unlocking international climate finance. Moir argued that aid reductions could be viewed positively given Pakistan's progress in becoming a middle-income nation. However, she also emphasized the urgent need for investment in Pakistan's infrastructure, particularly in light of the country's vulnerability to climate risks. in conclusion, Pakistan faces numerous economic challenges, including piling debt, inadequate infrastructure spending, and vulnerability to climate risks. Mobilizing local financing for infrastructure projects could help to address these challenges and enhance the country's economic development. The international community, including PiDg and the british High Commission, have identified priority areas for support in Pakistan and have started working towards addressing them.

To read the full article visit www.tribune.com

Shell Pakistan announces financial results for 2022

Karachi: The Board of Directors of Shell Pakistan Limited (SPL) announced the company’s financial results for the year ended December 31st, 2022. The company posted a loss after tax of PKR 72 million for 2022 compared to the profit of PKR 4,467 million in 2021. During the year, SPL continued its focus on business principles, safety of people and protection of the environment; and remained committed towards operational excellence while keeping costs at a manageable level. In addition, there were significant investments in both infrastructure and brand building to maintain competitive advantage.

SPL increased its footprint and commissioned 31 retail stations, 28 Generation-5 Shell Select outlets and 25 new Shell Car Wash facilities with Tyre Care, augmenting customer experience.

The company led the industry in changing consumer attitudes and behaviours in refuelling safety. PR

Planes from Pakistan carrying tents for quake victims have arrived in the southern Adana province of Turkey.

“Two consignments comprising 2,400 tents arrived at Turkey’s Adana via two chartered planes on March 13. in the last 48 hours, this was the fourth plane that had arrived from Pakistan, each carrying 1,200 tents,” Pakistan’s embassy in Ankara said in a statement.

Pakistan has launched a special chartered flight operation to expedite the transport of 50,000 tents to Turkey by the third week of March, it added. Rana Mashhood Ahmad Khan, a former deputy speaker of the Punjab Assembly, accompanied the plane from Pakistan.

Khan told reporters that Pakistan and Turkey have “a heart-to-heart relationship” that transcends the boundaries of time and geography.

“it is unique in the sense that the strength of one country makes another stronger and the pain of one country is felt by the other. Whether it be floods in Pakistan or earthquake in Turkey, Pakistani and Turkish people have always stood by each other’s side,” he added. burcu Cevik, an official from the Turkish Foreign Ministry, thanked the government and the people of Pakistan for their quick response and solidarity with Turkey in this testing time.

Under the directions of Prime Minister Shehbaz Sharif, earthquake relief supplies, mainly winterized tents, are being transported through air, land, and sea routes. From February 7 to date, 14 aircraft have brought aid to Turkey.

At least 48,448 people have been killed by the earthquakes that struck on February 6, according to official figures.

More than 13 million people have been affected by the powerful quakes that rocked 11 Turkish provinces — Kahramanmaras, Adana, Adiyaman, Diyarbakir, gaziantep, Hatay, Kilis, Malatya, osmaniye, Elazig, and Sanliurfa.