-Hopeful for good days ahead
-Terms country’s direction on right path
-Stresses on STZs finalization
-Approves funds to buy COVID -19 Vaccine
By Mahnoor Makhdoom
ISLAMABAD: It is when you’re away from your country that you care about it the most and it’s true for Pakistani expatriates who are the biggest investors for the country, Prime Minister Imran Khan said in his address on Thursday.
He noted people living across the oceans loved Pakistan the most and crediting it partly to their remittances and investments, said the economy has started in the right direction.
The Prime Minister said it is delighting to note that Current Account deficit has shrunk comparing it with the time when his government took the reins and CA deficit was a whopping $20 billion.
It is after 17 years that our current account has landed in surplus and we wish to take it further ahead, the PM said.
On the inflation plaguing the country, the PM said untimely heavy rains caused great damage to wheat crops that coupled with food security issues that were heightened by Covid-19 outbreak.
He also said mafias in sugar industry played an instrumental role to cause the crisis and asserted the government will henceforth ensure to put a noose on all the mafias. Imran Khan blamed rupee devaluation for the hike in commodity prices and said when the dollar appreciates against the local rupee, it renders commodities and groceries expensive. But he said the rupee has been doing relatively better now and it’s looking at stability.
It may be noted that Naya Pakistan Certificates (NPCs) which are being introduced to facilitate overseas Pakistanis for opening a Foreign Currency Value Account (FCVA) are for overseas Pakistanis and those who have declared assets abroad with the Federal Board of Revenue (FBR).
Earlier Faisal Javed of the ruling party said NPC holders will get up to 7 per cent return in US dollar and 11 per cent in Pakistani currency, whereas, Islamic Certificates (Shariah-compliant) are also being offered by the central bank.
The certificates will be made available for the period of three months to five years while early encashment is allowed, said Faisal Javed, adding that no tax filing is required for Non-Resident Pakistanis (NRP) and only 10 per cent withholding tax will be charged on profits.
Earlier on Thursday in his tweet PM said the country is moving in the right direction despite the Covid-19 challenge.
His tweet came against the backdrop of what is being dubbed the full revival of Faisalabad’s textile industry after nearly 30 years.
On September 14, international business magazine Bloomberg had said that Pakistan’s economy showed momentum after a decline in coronavirus cases in the country.
In a report, the economic journal said that the country was showing signs of business activity picking up at a faster clip, as worries about new COVID-19 infections fade in an economy that contracted for the first time in seven decades.
“Evidence of momentum returning can be seen from growing cement-to-fuel sales and demand for home appliances to cars.” Cement sales rose 38% from a year ago to 4.8 million tons in July, and near a record level seen in October. A government program to give amnesty to tax evaders, provided they fund construction projects, is expected to fuel activity — and demand for cement — as work resumes after the lockdown.
Meanwhile, chairing a meeting in Islamabad Mr. Khan directed for finalizing special incentives for setting up Special Technology Zones (STZs) in the country in view of attracting precious foreign investments.
He further said that many talented overseas Pakistanis were also interested to invest in the sector.
The prime minister was chairing a meeting here regarding establishment of Special Technology Zones in Pakistan.
He emphasized that Pakistan had immense potential in the Information Technology sector, which needed to be optimally tapped; both for fulfilling country’s domestic requirements as well as exporting IT related products.
The prime minister said that young Pakistani population would get maximum advantages from promoting the neglected IT sector of the country.
The meeting was attended by Dr Abdul Hafeez Sheikh, Advisor to PM, Dr. Waqar Masood Khan, Special Assistant to PM, Dr. Reza Baqir, Governor State Bank of Pakistan and senior government officials.
PM also approved specific funding for the advance purchase of the Covid-19 vaccine, according to a statement released by the Ministry of National Health Services Regulation. The health ministry, in a statement, said PM Imran has shown special interest in ensuring quality vaccines at the earliest and has approved specific funding in this regard.
The ministry said the government has developed a COVID-19 vaccine strategy in response to global best practices.
According to a statement issued by the ministry, under this strategy, the government has prioritized the groups most likely to be the initial recipients of a potential vaccine.
It said an expert committee on the Covid-19 vaccine has been working on technical oversight and review of safety and efficacy data coming in from trials.
The funds were approved after the Ministry of National Health Services Regulations and Coordination had written a letter to PM Imran Khan to seek permission for advance booking of coronavirus vaccines.
Earlier on Nov 4, it was learnt that the health ministry had recommended purchases of potential coronavirus vaccines under last-stage trials and allocation of $100 million funds for its advance booking.
The ministry recommended allocation of $100 million in funds for the purchases of vaccines on an emergency basis for around 10 million nationals. In its first phase, the vaccines will be made available for elderly citizens and health workers.
The National Command and Operation Centre (NCOC) today said that 1,808 new cases of COVID-19 and 34 more deaths were recorded across the country during the last 24 hours. The tally of deaths reached up to 7,055 in Pakistan, whereas, the number of active cases of COVID-19 reached up to 22,088 and the total count of infections stood at 349,992.
36,686 tests were conducted during the last 24 hours and the country has so far carried out 4810182 tests. 784 more patients recovered from the virus, whereas, the total number of recoveries stands at 320,849 patients.
