Bank Credit to Private Sector in 2021 Was the Highest in 10 Years

Borrowing from banks by the private sector mainly to invest in businesses surged to a remarkable level of over Rs. 1 trillion in the calendar year of 2021.

According to Prime Minister Imran Khan, credit to the private sector by banks surged to over Rs. 1.138 billion in 2021 — the highest in the last 10 years.

He said, “Private sector credit offtake of Rs. 1,138 billion in the calendar year 2021, is the highest in [the] last 10 years. It shows increasing private sector confidence and investment and strong growth momentum in the economy.”

The staggering growth in the uptake of credit to the private sector shows the reopening of the businesses in the economy while the borrowing is a part of the investment either for the expansion or for the recovery of the businesses by corporations of various sizes.

The private sector made banks extensively borrowing during the period when the interest rates were relatively low whereas a majority of the companies availed specialized low markup schemes of the government in the outgoing year.

Besides, major credit disbursements were made through schemes such as Temporary Economic Relief. Credits were also recorded significantly higher in consumer segments including housing and auto loans.

The State Bank of Pakistan (SBP) usually updates the data on the basis of the financial year. Accordingly, the credit to the private sector surged to Rs. 715 billion during the period of July to December 2021 which is five times higher than the similar period of the last financial year.

The conventional banking system made the highest credit offtake of Rs. 498 billion followed by the Islamic banking divisions of conventional banks with Rs. 132 billion, and Islamic bank with Rs. 84 billion respectively.

After the revision of the policy rate to 9.75 percent, it is likely that credit to the private sector may slow down in the coming future.

Source: Pro Pakistani

AGP Assures NBP of Rectifying ‘Factual Errors’ in Audit Report (2012-20)

The Auditor General of Pakistan (AGP) has assured the National Bank of Pakistan (NBP) of reviewing and finalizing the NBP Audit Report (2012-20), as the bank sought clarifications from the former on various statements and data included in the report.

Pointed out by the National Bank of Pakistan, the Auditor General of Pakistan has agreed to rectify the ‘factual errors’ in the Audit Report (2012-20) received to the bank from the Office of the Director-General Commercial Audit & Evaluation (South), Department of AGP, on December 28, 2021. AGP said it was a draft and, as per the process, was to be finalized after deliberations with the NBP management.

According to details, NBP held a meeting with an AGP team at the NBP Head Office, Karachi, to seek clarifications on the statements made and the data quoted in the report. The AGP team was led by Director-General (South) and comprised two other senior members.

During the meeting, the AGP team informed NBP that the said Audit Report should be construed as a compilation of their preliminary observations, which were yet to be reviewed and finalized after deliberations with NBP management.

The NBP management pointed out several factual errors in the report in actual paragraphs and the AGP officers agreed to review and amend them, wherever warranted.

In discussions with NBP senior officers, AGP expressed concerns over a premature release of the referenced confidential draft observation report circulating in the media. The AGP team said AGP was conducting an internal inquiry into the violation of protocols.

The team further revealed that as per the process, whenever the report was finalized after discussion with NBP management, it was to be available in the public domain on the AGP website.

Earlier, NBP had discovered irregularities of Rs. 235 billion in its audit from 2012-2020, which had caused a huge loss to the national exchequer. The audit was carried out by the Director-General Commercial Audit and Evaluation Karachi Wing of AGP.

Source: Pro Pakistani

ProPakistani is Islamabad United’s Digital Media Partner for PSL 2022

For yet another season, Pakistan Super League’s top-performing team, Islamabad United, has signed Pakistan’s foremost digital publisher, ProPakistani, as its digital media partner for the PSL 2022 season.

The signing ceremony took place at ProPakistani headquarters in Islamabad in the presence of M Waseem Jr. – the Best Emerging Player by PCB from Islamabad United, and Bakhtawar Mahmood – Head of Strategic Communications at ProPakistani.

Also in presence were Zukhruff Fida – Media Manager, Islamabad United, and Amir Atta – Founder & CEO at ProPakistani.

ProPakistani was Islamabad United’s digital media partner for the 2020 and 2019 seasons as well. The partnership marks yet another year for collaboration among the two partners for the wildly popular cricket league.

Under the partnership, ProPakistani will be having in-depth interviews and analyses on multiple facets of Islamabad United and the factors that have propelled them to this level of success.

“We’re pleased and excited to have joined hands with Islamabad United for yet another PSL season,” said Aamir Attaa, Founder & CEO of ProPakistani at the signing ceremony.

“PSL is a massive success story and we couldn’t be prouder about how big it has become over the years. We congratulate Islamabad United for being a major team of the event and wish them luck for the upcoming season,” he added.

“This is going to be the 3rd year of our collaboration with ProPakistani as our digital media partners for the PSL series, and we’re excited about it already,” said Ali Naqvi, the owner of Islamabad United.

“Knowing that ProPakistani is the go-to site for millions of Pakistanis to get the latest and trustable updates on sports, tech, and many other subjects, this partnership feels quite natural. Based on our previous experiences with ProPakistani, we can confidently say that this season is going to be an exciting and rewarding one as well,” he added.

Also sharing his thoughts on the development, Ahsan Latif, CEO Islamabad United, said, “Islamabad United focuses on implementing a strategy built around its principle of 4 Es – Excellence, Empowerment, Education, and Environment. And within those parameters, this is a natural partnership for us.”

“We are confident that the partnership with ProPakistani will be a long and fruitful one for both parties,” he added.

Islamabad United is one of the most successful teams in PSL history with two PSL titles to their name already. Islamabad United is set against Peshawar Zalmi on 30th January at National Stadium Karachi. The rest of the PSL 2022 schedule can be viewed here.

Source: Pro Pakistani

Moeen Ali Reveals the Best Coach He Has Ever Worked With

England all-rounder, Moeen Ali has lauded the impact of former Pakistan spinner, Saqlain Mushtaq, on his career and termed him the best coach he has ever worked with. Moeen said that it was outstanding to work with Saqlain in the England national team and said that Saqlain’s vision of coaching was brilliant.

Saqlain worked with England national team on multiple occasions and it was during his tenure that England’s spin bowlers, Moeen Ali and Adil Rashid, rose to prominence. The 45-year old worked wonders as England started to rely heavily on the spin department particularly in limited-overs cricket.

Moeen appreciated the positive impact Saqlain had on his career and said that he resonated with the coaching style brought forward by Saqlain. Moeen added that Saqlain’s way of coaching is very different from normal coaches and his philosophy really opened new doors for him.

“He would tell me something like an English coach to tell me like arm up to pull down cracker. He would tell me in a different way. I just prefer that type of coaching,” Moeen stated.

Saqlain recently stepped down from his role as the interim head coach of the Pakistan national team. Under his coaching, Pakistan qualified for their first T20 World Cup semi-final since 2012, whitewashed Bangladesh in Tests and T20Is in Bangladesh, and whitewashed West Indies in T20Is.

Source: Pro Pakistani

Australian and England Greats Want Australia to Tour Pakistan

Former Australian leg-spinner, Shane Warne and former England captain, Michael Vaughan believe that Australia’s tour of Pakistan should go ahead as it will play a major role in the promotion of the game.

Warne and Vaughan are of the view that the onus lies on top international cricket teams to tour Pakistan and it is the responsibility of the International Cricket Council (ICC) to promote the game by ensuring that the tour goes ahead.

The duo talked about the upcoming tour on Fox Cricket after the conclusion of the fourth Ashes Test between Australia and England. Warne said that the upcoming tour is extremely important and added that top international teams such as Australia, England, New Zealand, and India should frequently tour Pakistan, Bangladesh, and Sri Lanka as it will be beneficial for cricket.

“The excitement, then the money comes in from the revenue of TV rights. It’s really important for teams to go there,” Warne added.

Warne said that he is hopeful that the security situation in Pakistan will remain the same and Australia will tour the country. He added that it is sad to see that Pakistani players have been unable to play Test cricket at home and experienced players have not been able to play cricket in front of their families and home crowds.

Vaughan also presented his point of view on the situation and also regretted England’s decision to call off their tour last year.

“England pulled out of a Pakistan trip. I think they were going for a week to play 3 T20Is. It was pulled about 4 or 5 days before they were meant to go and it’s not just a great look for the game,” Vaughan stated.

Vaughan added that Australia’s upcoming tour is a great opportunity to reintegrate Pakistan as a host nation and said that Australia needs to do everything in their power to tour the country as it will be great for cricket.

Australia is scheduled to tour Pakistan to play a three-match Test series, three-match ODI series, and one T20I in March and April. The tour is set to commence from 3 March with the first Test match, scheduled to be played at National Stadium Karachi. This will be Australia’s first tour of the country since 1998.

Source: Pro Pakistani

Trials of 73rd Punjab Games Underway in All Nine Divisions

The trials of different games have started in all nine divisions of the province on the directions of Director General Sports Punjab, Javed Chohan, for the selection of various divisional male and female teams for participation in the 73rd Punjab Games scheduled to be held at different venues of Nishtar Park Sports Complex from January 24-27, 2022.

Director General Sports Punjab, Javed Chohan, in a statement on Monday said male and female players from all divisions are being chosen purely on merit for Punjab Games because there is no room for anti-merit tactics in our setup. “Sports Board Punjab is providing sufficient playing opportunities to all talented male and female players belonging to all games,” he said.

He said that all the participating players are expected to excel in the upcoming 73rd Punjab Games in which competitions of 27 games will be held including seven games for women players.

The trials of wushu (kung-fu) players were held at Nishtar Park Sports Complex Gymnasium Hall on Monday. As many as 40 players participated in the trials. The trials process was monitored by Malik Iftikhar, Ambreen Malik, M Imran, Sajid Ali, Samreen Altaf, and M Rohail.

The male and female trials of Lahore Division Cycling players were conducted at Cycling Velodrome, Nishtar Park Sports Complex on Monday. As many as 58 boys and 51 girl cyclists participated in the cycling trials.

The baseball trials of Lahore players were held at Bahria Town Stadium. As many as 18 players have been selected out of 39 participants. The baseball trials for Multan players took place at Muslim School Nishtar Road, Sahiwal players at Depalpur Stadium, Bahawalpur players at Dring Stadium, Faisalabad players at Borhan Wala Ground near Jinnah Park, and those for Sargodha players were held at Technology College PAF Road.

The trials of kabaddi, athletics, pentathlon, and cycling were held in the Multan division.

The trials of Rawalpindi players will be held at DPS School Shamasabad on January 11 (Tuesday), Gujranwala players at Jinnah Stadium on January 12 (Wednesday), and DG Khan players at Cricket Stadium DG Khan on the same day.

The trials of taekwondo, karate, kickboxing players were held in the Rawalpindi division on Monday while the trials of archery, baseball will be held on January 11.

Source: Pro Pakistani