KARACHI: Announcing his decision to make NA-249 a permanent constituency, Chairman of the Pak Sarzameen Party (PSP) Syed Mustafa Kamal on Monday said his party’s popularity had increased significantly compared to the 2018 general election. He said the political parties that ruled the Central and Sindh has united on one agenda points to beat him in the recent by-elections in constituencies by any means. He added that after PSP tightened the noose around the hydrant mafia as soon as it made its mark in the electoral district, the ruling parties that supported water theft became worried and united against their party. Kamal said Pakistan Tehreek-e-Insaf (PTI) posted banners against PSP across constituencies during the voting campaign. “The PTI should hold the ‘proper’ Muttahida Qaumi-Pakistan Movement to account. [MQM-P] minister for Bladia City’s deadly hell, but can’t do it because he has to protect his government at the Center, ”he said. “It would be better if PTI and MQM did nothing for Karachi but together they have stabbed Karachi in the back with the approval of a controversial census.” He said people listened to PSP messages and got connected to him. “We have a solution to the problems faced by people in this country,” he said. “If people give us a chance, we will not just make lofty claims because we will serve the people to the best of our ability and people will witness the change themselves.”
KARACHI: The rupee, which has been under pressure lately, is expected to trade in a range bound next week, although traders say the likelihood of a small depreciation is likely.
Fears of an economic slowdown resulting from a nationwide resurgence of coronavirus cases could hurt rupee sentiment, as the government has signaled it will shut down major cities if the outbreak gets out of hand.
“We anticipate that demand from importers will remain high, especially as it approaches the end of the month. Supply is expected to be insufficient to meet demand. Overall the rupee is likely to hover with a slight downside possibility, “said one foreign exchange trader.
The rupee lost 94 paisas, or 0.61 percent, to close at 153.87 against the dollar in the upcoming week.
“Even though the macro is deteriorating, next week the rupee will be more or less range bound, unless we witness sharp weakness in regional currencies or adverse publication of REER. [Real Effective Exchange Rate] numbers, “Tresmark said in his weekly report on Saturday.
COVID-19 made its presence felt in the rupee, which fell sharply, trading as low as 154.15 before pairing some losses, as exporters sold ahead towards the rally.
While the pandemic helped fuel this rally, traders claimed that large deals related to coupon payments for Eurodollars were the main reason for the spike.
Market volatility is consistent with regional markets, which have become more volatile due to the sharp increase in daily cases. In India, the rupee is trading above the 75 / $ level after being range bound at the 72 level just a few weeks ago, “he said.
The current account posted a deficit of $ 47 million in March, making it the fourth month in a row. Foreign exchange reserves also decreased slightly.
Pakistan’s foreign reserves fell slightly to $ 23.212 billion in the week ended April 16 from $ 23.220 billion last week.
Foreign reserves held by the State Bank of Pakistan (SBP) fell $ 63 million to $ 16.043 billion.
“The biggest casualty is the bond market where yields fell materially, said the report, adding that traders who had previously expected interest rates to rise, finally reversed their views as they realized that the impact related to COVID-19 may remain. for months to come. “
As a result, Pakistan was also able to raise Rs700 billion a few pips lower than the previous auction. Analysts expect interest rates to remain unchanged throughout 2021.
The government is creating a new category “very high risk countries” to reduce the number of infected people entering New Zealand.
New Zealand permanent residents from the four countries where Covid is rampant will be blocked from coming directly to New Zealand under changes designed to reduce the number of infected arrivals.
New Zealand citizens, parents, spouses and children of Kiwis can still return home from these countries – India, Brazil, Pakistan and Papua New Guinea.
The new rules – effective from midnight next Wednesday, April 28 – are expected to reduce the number of travelers to New Zealand from these countries by up to 75 percent, while also respecting the right of overseas citizens to return.
That means, there will be about 140 fewer arrivals per week from India compared to the traffic volume from early March to mid-April.
NZ permanent residents in the four countries can still come to New Zealand, but must spend at least 14 days in a country that is not at high risk before coming to New Zealand.
Covid-19 Minister Chris Hipkins, in announcing the changes, said it was always difficult to balance travel restrictions with the plight of people in countries struggling to contain the virus.
“The government does not take this decision lightly. We recognize that it has an impact on people’s freedom.
“There will be an exemption process on humanitarian grounds.”
He said permanent residents own a country other than New Zealand which they call home.
“The fewer cases that get in, the lower the risk.”
Arrivals will also be recorded in flight groups arriving within the 96 hour window. The cohort will be sent to the MIQ facility until it is full, and then it will be locked up for two weeks.
This will prevent the potential for mixing and mingling between those who will leave MIQ and those who have just arrived.
A very high risk country is one that has more than 50 cases per thousand arrivals in New Zealand, and has more than 15 arrivals per month.
The proportion of people from India who have tested positive in recent weeks ranges between 100 and 150 per thousand.
It comes as part of the Government’s response after banning flights to and from India two weeks ago to stem the wave of infected passengers arriving with Covid-19.
Hipkins said the border was the first line of defense against Covid-19, and about 135,000 people had arrived in New Zealand during the pandemic – including about 800 cases.
“It’s been very successful.”
But the system is always being monitored to minimize the risk of spreading the virus, he said.
“Travel restrictions can help us manage that risk.”
The number of returned and infected people traveling from the sub-continent jumped in New Zealand earlier this month despite testing before departure.
It is estimated that cases in India have nearly tripled since the travel suspension was announced.
Even yesterday, the Health Ministry reported a new case detected on the 17th day in connection with a person arriving from India before the travel ban was enforced.
The world’s second most populous country is struggling with a second wave, raising more concerns about its overwhelmed health care system.
It has nearly 16 million confirmed cases, second only to the US.
Hipkins said travelers from the US and UK were 10 times less likely to catch Covid-19 when they arrived in New Zealand than those from very high-risk countries.
New group rules start May 16
The new clustering rules will take effect from May 16 – although five MIQ facilities have adopted them.
The 96 hour clustering will apply to many people’s planes, not their country of departure.
The MIQ facility will then be locked for 14 days once it is full. This means that there will be several rooms free of charge, given how unlikely that many people will fit perfectly into the number of rooms available.
He said 10 to 15 percent of the 4,000 per two-week MIQ space would be vacant because of group changes.
Most MIQ facilities are suitable for accommodating groups, he said, but because negotiations are ongoing, he is unwilling to go into which one is not appropriate.
Around the world, countries are enforcing stricter rules affecting travel to and from India amid concerns over an increase in cases.
Australian Prime Minister Scott Morrison said the number of flights between the two countries would be cut, while Britain had added India to the red list, restricted travel and entered a hotel quarantine for all arrivals from India from today.
This week the Prime Minister said the continued India ban was not reserved for New Zealanders.
“We cannot consider a person stateless. If a New Zealander is abroad, the only official place they can live, by default, is New Zealand. So we need to allow them to be able to travel home if they need to., “said Jacinda Ardern.
“We have Bora (Bill of Rights Act) obligations that we need to uphold.”
India broke the global infection record, with 15.9 million cases and 184,657 deaths.
The latest boom has pushed India’s fragile healthcare system to a breaking point, with understaffed hospitals overflowing with patients. Limited medical oxygen supply and a full intensive care unit.
KARACHI: The rupee is expected to remain stable against the dollar next week, with inflows from remittances and the Roshan Digital Account (RDA) expected to meet importers’ demand, traders said on Saturday.
“We expect a stable rupee in the coming week helped by strong remittances, and increased inflows to the RDA. “Strong foreign reserves and a continued recovery in exports will help hold the rupee against the dollar,” said a forex trader with a commercial bank.
“The rupee is likely to trade in a range of 152.60 and 152.80 against the dollar in the coming weeks,” he added.
The local unit follows a range-bound trading pattern, hovering 152.75 to 152.81 against the dollar on the interbank market during the upcoming week. This is supported by higher foreign exchange reserves.
“We do not see any downside pressure on the rupee in the near term due to a large increase in Pakistan’s foreign exchange reserves amid continued foreign inflows and remittances of workers,” said another trader.
The country’s foreign reserves reached a five-year high of $ 23.22 billion as of April 9; following a $ 2.5 billion inflow of Eurobonds issuance on international capital markets.
Foreign reserves held by the State Bank of Pakistan (SBP) rose to $ 16.106 billion – last seen in July 2017. With a $ 2.579 billion increase in central bank reserves, import protection has now been increased to 3.5 months.
A Ramadan-related spike in remittances is also expected to bode well for the rupee in the coming days.
Remittances remained above $ 2 billion for the 10th consecutive month in March. At $ 2.7 billion, they are up 20 percent, compared with February, and 43 percent, compared with March 2020.
Cumulatively, they have increased to $ 21.5 billion during July-March FY2021, up 26 percent over the same period last year.
The IMF will discuss the issuance of an additional SDR (Special Drawing Rights) of 460 billion (SDR) or the equivalent of USD650 billion.
The proposal is scheduled to be presented at an executive board meeting in June 2021 for official approval.
The allocation of the new SDR will benefit all member countries, including Pakistan, for supporting the global economic recovery from the COVID-19 crisis and vaccination programs.
This could be the highest SDR issue by the IMF from the start. During the 2009 global financial crisis, SDR182.6 billion was allocated to member countries to provide liquidity to the global economic system, and to supplement member countries’ official reserves.
Previously, during the pandemic the IMF disbursed $ 107 billion to support poor / middle-income countries, including Pakistan, which faces double deficits and earned $ 1.4 billion from this aid.
Under the quota under the IMF, Pakistan holds 0.426 percent of the total SDR. The above developments could generate profits of up to $ 2.5-3 billion, which would provide much needed relief for efficient management of external payments (imports and debt servicing).
Mushtaq Chhapra, one of four members of the board of governors (BoG) set up by the federal government to oversee the affairs of the Jinnah Graduate Medical Center (JPMC), has signaled to withdraw from the BoG if a tug-of-war between the federal and provincial governments over control of the JPMC and two hospitals another in Karachi continues.
He also stated that the other two council members could also quit if the conflict was not resolved. Speaking to The News on Friday, Chhapra, a philanthropist, said he and two other board members believed that Karachi’s three health facilities – JPMC, the National Institute of Cardiovascular Diseases (NICVD) and the National Institute of Children’s Health (NICH)) – should stay under control. province. “We are not political people and we just joined the board of governors set up by the national health services ministry to upgrade health facilities at JPMC. If the tug of war over JPMC control between the federal and provincial governments continues, the three of us, including me [Chhapra], Mrs. Ronaq Lakhani and Irfan Daudi, can resign from the ranks of governors, “he said.
Not a single meeting of the four members of the Board of Commissioners has yet been held although it has been scheduled three times since March when the board was formed.
The BoG was created under the Medical Teaching Institute Act by the federal ministry of national health services. Its members include Chhapra, philanthropist Ronaq Lakhani, consultant surgeon Dr Muhammad Irfan Daudi and Rashid Khan, a businessman. Due to the Sindh government’s rejection of the federal government’s decision to form the BoG, three council meetings scheduled for the election of its chairman have been canceled.
Responding to the BoG constitution, Sindh Health Minister Dr Azra Pechuho wrote a letter to the Special Assistant to the Prime Minister (SAPM) for Health Dr Faisal Sultan, offering that the provincial government could continue to manage and operate the JPMC, NICVD and NICH through an agreement with the federal government.
Chhapra, who heads the Patient Aid Foundation (PAF) at JPMC, stated that they do not expect a strong reaction from the employees and the Sindh government to the federal government’s move to run JPMC through the BoG. He added that he had realized that the JPMC, NICVD and NICH had to remain under provincial control as they functioned effectively.
“The Sindh government has spent more than 100 billion rupees running this facility since 2011 and it has been transformed into a patient-centered health facility. The provincial government is justified in demanding that they be able to run these facilities better than the federal government, “he said.
Commenting on the recent statement from the Chief Minister of Sindh Syed Murad Ali in which he claimed that Prime Minister Imran Khan expressed his wish to solve the three hospital problems as the Sindh government wishes when the former took on the matter during a recent meeting. Chhapra’s Joint Interest Council (CCI) said he believed sanity would prevail and decisions would be made in the best interests of hundreds of thousands of patients from the three facilities.
“I personally believe that at the direction of PM Imran, the federal law minister and the prime minister’s special assistant can provide some solutions to this problem in which these health facilities can continue to function smoothly under provincial control,” Chhapra said.
When asked why he decided to become a member of the federal government-formed BoG, he said he and his fellow councilmen wanted only to upgrade the health facilities at JPMC where thousands of people not only come from all over Pakistan but other countries as well. to seek quality treatment.