Pakistan and Saudi Arabia About Import and Export

Pakistan and Saudi Arabia formally agreed the value of goods for import and export to control under and over invoicing as part of the Financial Action Task Force (FATF) recommendation. Saudi Arabia will become Pakistan's 23rd major trading partner and will agree to monitor and control illegal financial flows and currency smuggling as part of an advisory from money laundering watchers.

Pakistan has already entered into agreements

The FATF recommended that drugs, smuggling, invoicing, and invoicing are the main causes of illegal financial flows (IFFs), which are inherently global phenomena. Excessive invoicing is a serious threat and a tool used to whiten black money. Pakistan has already entered into agreements with 22 countries, including the United States, China, Malaysia and the UAE, to share information online in real time, suppressing invoices and claims on invoices.

On Tuesday, five delegations of Saudi Customs, led by Undersecretary of Security for Muhammad AlNuaim, talked with Pakistan's top customs officials of Shabbar Zaidi, Chairman of the Federal Board of Revenue (FBR), to discuss their mutual interests. The two sides agreed to exchange real-time information on the value of goods produced in the two countries.

Along with sharing experiences in the area of ​​law enforcement, and agreed to explore future ways of cooperation in areas such as information-based exchange of information to prevent illegal information leakage. I did. currency. The two countries will also share profiling of advance passenger information. Encourage customs cooperation to arrest senders and drug recipients.

Arrest and arrest investigations

Designation of a contact person for mutual cooperation and capacity building for the automation / harmony of customs procedures. Member Customs Operations Jawwad Agha details the details of the National Single Window (NSW) and the National Targeting Center (NTC) and how these initiatives provide a complete framework for cooperation between institutions within Pakistan.

The delegation was reported to have evolved at the national level after the Risk-Based Mitigation Secretary (RBMS) gathered the opinions of all stakeholder bodies, including the Federal Investigation Agency (FIA), antinarcotics, airport security and Pakistan customs.

To address the risk of cash smuggling under the RBMS, an entirely new institutional body was established with dedicated directors such as cross-border currency movements within the Customs and Investigation Bureau. The two sides unanimously agreed that there was a wide range of enhanced cooperation that would help solve a wide range of issues arising from currency smuggling, drugs and false declarations.

CDWP organized 13 development projects

On Tuesday, the Planning Committee's Central Development Working Party (CDWP) organized 13 development projects worth 122.4 billion rupees, including five renewable energy projects in Punjab, and the Karachi City Movement Project was referred to as Ecnec. The CDWP has approved seven projects worth 10 billion rupees and recommended six large projects of 252 billion rupees to Ecnec. For approval, Karachi Urban Mobility projects up to Rcn56bn were recommended to Ecnec at Rcn56bn.

The Punjab government has submitted seven projects related to renewable energy, five of which have been approved and two have gone ahead of Ecnec. The approved project included the construction of a Deg-Out drop hydel power plant amounting to 2.65 billion rupees. Pakpattan hydel power plant on Pakpattan canal at Rs1.81bn; Okara hydel power plant of Rs2.49bn; Feasibility Rs388.55 m Strengthening the energy department's capacity for the construction of hydrothermal power plants and conducting feasibility studies in Punjab.

Feasibility studies were conducted for five additional Heidel power plants in Punjab, costing Rs46m. See the Chianwali hydel power plant project Rs3.642bn in Gujranwala and the Marala hydel power plant Rs4.621bn Rececec in Sialkot. In the physical planning and housing sector, the Rhore water and wastewater management project was recommended to Ecnec with the goal of building a surface water treatment plant worth Rs 19.951bn in BRd Canal.

In the education sector

The CDWP has approved the reconstruction of a completely damaged school in Bara, with the support of China, worth 23.6 billion rupees. The Rs400m worth of Punjabi Sustainable Development Project is approved by the CDWP. Construction costs for the Peshawar-Torkham Morotway project, part of the Khyber-Pass Economic Corridor in the transportation and telecommunications sector, were recommended to Ecnec for approval.

In the field of science and technology, we reviewed Rs11.567bn Pakistan's higher education development project and referenced Ecnec for further approval. According to a press release published by the Planning Committee, there are seven projects funded by the Asian Development Bank, three projects by the World Bank, and one by AIIB, based in Beijing, with Chinese subsidies.

The shares endured volatility throughout

On Wednesday, the shares endured volatility throughout the day and were settled with a loss of 247.61 points (0.82%) and closed at 29,809.68. The market opened positively, gaining the previous day's gains as the highest point of 190 points, suffering sales pressure and dropping 318 points during the day. Buying at the last time could reduce some losses, and the market has no positive factors to attract long-term investors.

The fact that the geopolitical situation took precedence and that Saudi Foreign Minister Adel bin Ahmed Al-Jubeir visited Pakistan for a day and arrived in Islamabad was considered a success of the country's diplomatic efforts. But analysts at Intermarket Securities said investors still have major concerns about key economic indicators (especially rising fiscal deficits and falling GDP-to-tax ratios) and high interest rates.

The fear of reviewing the scheduled Financial Action Task Force in Bangkok (scheduled from September 8 to 10) kept investors cautious. Rejoicing in Pakistan's Reform Package Securities and Exchange Commission over the weekend occurred in a short period of time as liquidity dried up. The volume traded at 66.39 million shares, down 17pc from the previous day, and the price dropped to $ 15.6 million, down 6pc.

Maple Leaf Cement, World Cole Telecom, Unity Food, TRG Pakistan, Oil & Gas Development Company (OGDC) provided a total turnover of 34pc. The cement, fertilizer and banking sectors added fuel to sales pressure. Pakistan's oil exploration OGDC exploration and production sectors initially performed well, but as oil prices declined, investors decided to make a profit and then plunged stocks.

Scripts that mostly pulled down the index include Hub Power, 2.48pc, Lucky Cement 3.13pc, MCB 1.76pc, PPL 1.52pc, Meezan Bank 2.71pc, Searle Company 4.86pc, Bank Al Habib 2.71pc, Colgate Palmolive Pakistan 4.97pc . , DG Khan Cement 3.83pc and OGDC 0.57pc.

In the first month of this fiscal year

The outflow of profits and dividends did not change much. According to data from the State Bank of Pakistan, released on Tuesday, profits and dividends repatriated from the country in July rose slightly to $ 175 million, compared with $ 136.7 million in the same month last year. Foreign investment in the country has been declining for several years, which has also led to a decrease in profit outflows. Details show the biggest Hong Kong outflow of $ 42.9 million, which surged from $ 0.7m last July.

Profit outflows to the UK, meanwhile, fell sharply to $ 5.2 million in July, compared to $ 41.4 million in the same period last year, followed by the US at $ 45.7 million to $ 379 million. Repatriation to China was meager at $ 0.6m in July compared to $ 0.1 million last month. The Northeastern neighborhood is the largest investor in Pakistan, but data confirms that the investment is not yet profitable.

The highest outflow by sector amounted to about $ 30 million in oil and gas exploration, compared to zero last month. The financial sector posted $ 27 million in leaks, higher than $ 6.8 million last month, while the transportation sector remained behind in July with $ 28 million in repatriation. The chemicals outflow was recorded at $ 24.3 million, an increase of 62.68pc to more than $ 6.7 million over the comparison period last year.

On the other hand, repatriation from food dropped from $ 35.3 million to zero during the month under review. Similar trends have been seen in beverages whose outflows have dropped from $ 35.4 million in July to $ 10.3 million. The outflow of transport equipment (cars) was only $ 0.2 m in July, compared to 24.5 m.
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