Day: June 6, 2023

The Federal Government has proposed a Rs. 6 billion budget for the Ministry of IT and Telecommunication projects against the demand of 24.25 billion.

Document available with ProPakistani reveals that the Ministry of Information Technology and Telecommunication (MoITT) had demanded a budget of Rs. 24.25 billion for 47 projects for 2023-24. The Government of Pakistan has proposed Rs. 6 billion for 31 schemes of MoITT in the upcoming budget under PSDP.

The Government of Pakistan has rejected the allocation of funds for 12 new schemes of the Ministry of IT and Telecommunication. The MoITT has demanded Rs. 3,372.76 billion for 13 new schemes whereas the Government of Pakistan has allocated only Rs. 10 million for one new scheme for the next financial year.

The Ministry of IT and Telecommunication had demanded a budget for 6 new schemes of the Special Communication Organization, 4 new schemes of the Pakistan Software Export Board, and 3 new schemes of the National Telecommunication Corporation.

Meanwhile, the government has proposed Rs. 10 million for the Digital Economy Enhancement Project (World Bank Funded). This project was approved by ECNEC in February 2023 and the total cost of the project is Rs. 17,470.750 million and it is a foreign-funded project.

Along with rejecting the budget for new schemes by the government, cuts have also been proposed to the budget of old schemes. According to the document, the ministry had demanded Rs. 20,877.62 million for 34 ongoing projects in the next financial year under PSDP.

The Government of Pakistan has recommended only Rs. 5,990 million for 30 ongoing Schemes of the Ministry of IT and Telecommunication.

Planning Division sources said that due to lack of funds, it has been proposed to allocate the budget only for ongoing schemes and most essential new schemes.

Officials of the Ministry of IT say that many schemes will be delayed due to budget cuts, while important projects related to Digital Pakistan will not be able to start if the budget for new schemes is not approved.

Source: Pro Pakistani

Federal Minister for Commerce, Naveed Qamar held a meeting with the leading investment firms in London and shared with them the investment potential of Pakistan in various fields of the economy.

According to a press statement of Commerce Ministry, the Minister highlighted the significant economic reforms undertaken by the government to enhance the ease of doing business and ensure a secure and profitable environment for investors.

The meeting was attended by senior officials of investment firms, including Franklin Templeton, Amundi Asset Management, Neuberger Berman, Ashmore, Wellington Capital, HSBC, ANB Capital Riyadh, Saudi Aramco and BlueBay besides others.

Source: Radio Pakistan

The oil industry has serious concerns about the government’s intention to import oil on behalf of international suppliers through custom bonded storage facilities.

Sources said the system would only work if oil prices were deregulated, and the Oil Companies Advisory Council (OCAC) had rejected it when it was initially proposed in December last year, reported a national daily.

The Economic Coordination Committee (ECC) Monday deliberated on the summary of imports through custom bonded storage facilities by foreign suppliers but put it on hold for the time being. The suggested system was claimed to be unfavorable for the oil industry.

Sources said remittances for imports would not be permitted at the import stage if the summary was approved. They said the impact of foreign exchange outflows would be the same as it is now, and there would be no beneficial impact on the country’s foreign reserves.

International suppliers have the option to hedge their goods, giving them a competitive advantage and making it unfair for oil marketing companies (OMCs) that are not permitted to employ any hedging option. Sources opined that this strategy might potentially endanger local manufacturing by disrupting the supply of local refineries which would have far-reaching economic consequences for the economy.

On another note, imports on foreign suppliers’ accounts would aggravate congestion at the ports, particularly during the agricultural season.

Pertinently, berthing is managed by Port Qasim Authority with no involvement from OCAC, so managing port congestion would become more difficult. Sources argued that OMCs will be letting go of their existing contracts in order to benefit from this proposed arrangement and that the importer may bring in merchandise using a penetration price approach in order to upset existing supply contracts. This is a considerable risk, especially given that re-entering supply contracts at earlier pricing would be impossible.

This structure exposes the government to a significant risk of supply chain breakdown, particularly given the volatile international market environment in the event of reliance on a single supplier.

Sources remarked that the importer is not obligated to import, and they may opt not to do anything of the sort and pay a fine or halt operations just to avoid losses, something that could substantially impact the competitive laws of Pakistan.

Source: Pro Pakistani

UPaisa, a Pakistani digital financial services provider, now offers rewarding discounts on Ufone 4G bundles exclusively for its users.

Both existing and new UPaisa customers can avail discounts on Ufone 4G’s top two bundles, including ‘Sab Se Bari Plus Offer’ and ‘Monthly Social Hero’ to enjoy remarkably large data bundles of 40 GB and 12 GB Social respectively to meet their Call, Data and SMS needs.

The weekly ‘Sab Se Bari Plus Offer,’ which usually costs Rs. 375, is now exclusively available on UPaisa for just Rs. 340, giving users a discount of Rs. 35 per subscription.

It provides 40 GB of data, 200 off-net minutes, and Unlimited On-net minutes for users to enjoy a fun week of voice calling and internet usage.

Likewise, Monthly Social Hero is a data-heavy offer for social sites, which can be availed for just Rs. 199 through UPaisa instead of the regular price of Rs 220. Monthly Social Hero provides 300 On-net minutes, 50 Off-net minutes, and 12 GB of data for social sites like Facebook, Snapchat, and WhatsApp.

These exclusive offers provide exceptional value to UPaisa customers by opening new accounts and using the existing ones enabling them to enjoy uninterrupted voice and data connectivity.

To subscribe to these bundles, customers can follow a simple process on the UPaisa App home screen. They can either go to the “Discounted Bundles” section or navigate to “Load and Bundles” and select “Bundles,” followed by “Ufone,” and finally choose “Discounted Bundles.”

Additionally, existing UPaisa customers on the Ufone 4G network can access the discounted bundles by dialing *786*4*1# through USSD.

Customers can download the UPaisa app from Apple Store or Play Store and start using it right away to experience the ease and convenience provided by cutting-edge financial technology!

Source: Pro Pakistani