China Affirms Readiness to Collaborate with Pakistan for CPEC Upgrade

China has expressed its preparedness to collaborate with Pakistan to upgrade the China-Pakistan Economic Corridor (CPEC) and advance the establishment of a stronger China-Pakistan community with a shared future in the new era.

Chinese Foreign Ministry Spokesperson Wang Wenbin conveyed this sentiment during his regular briefing on Wednesday, emphasizing China's commitment to working with Pakistan to fulfill the significant common understandings between the leaders of the two countries. The goal is to deepen political mutual trust and expand practical cooperation.

Regarding the recent visit of Chinese Vice Foreign Minister Sun Weidong to Pakistan, Wang Wenbin highlighted that Sun Weidong held courtesy calls with President Arif Alvi, Prime Minister Anwaar-ul-Haq Kakar, Foreign Minister Jalil Abbas Jilani, and top military leadership. The discussions involved in-depth exchanges on bilateral relations and issues of mutual interest.

Wang Wenbin noted that the Chinese vice foreign minister co-chaired the Fourth Meeting of the CPEC Joint Working Group on International Cooperation and Coordination with Foreign Secretary Muhammad Syrus Sajjad Qazi.

Highlighting the enduring strategic cooperation between China and Pakistan as all-weather strategic cooperative partners, Wang Wenbin commended Pakistan's firm commitment to the one-China principle. He affirmed China's support for Pakistan's sovereignty, independence, territorial integrity, unity, stability, development, and prosperity.

During the visit, the Chinese vice foreign minister and Pakistani leaders renewed their commitment to the success of CPEC. They also expressed the mutual desire for enhanced cooperation in areas such as information technology, economy, agriculture, and human resource development.

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IMF Tranche Boosts Pakistan Forex Reserves to $8.27 Billion

The State Bank of Pakistan (SBP) has reported a substantial increase in its foreign exchange reserves, witnessing a rise of $243 million within a week.

As per the data released by the central bank on Thursday, the reserves held by the SBP as of January 19 reached $8.27 billion, compared to $8.027 billion on January 12.

This notable increase is primarily attributed to the receipt of the second tranche of $705 million from the International Monetary Fund (IMF), a crucial component of the broader $3 billion Stand-By Arrangement (SBA) with Pakistan. Additionally, effective management of the government's external debt repayments by the central bank has contributed to this positive trend.

In a broader perspective, the total liquid foreign currency reserves of Pakistan, inclusive of reserves held by banks other than the SBP, reached $13.341 billion. This figure reflects an increase of $196 million compared to the previous week. However, it is noteworthy that the net reserves held by other banks experienced a slight decrease, falling by $47 million to a total of $5.071 billion.

These recent developments underscore Pakistan's adept financial management and active collaboration with international financial entities such as the IMF, contributing to the stability and growth of the country's foreign exchange reserves.

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Rawalpindi Ring Road Set for Grand Inauguration on August 14, 2024

Rawalpindi Ring Road, one of the most eagerly awaited projects in the region, is slated for a grand inauguration on August 14, 2024, as confirmed by Commissioner Rawalpindi, Liaquat Ali Chatta. This development has garnered immense anticipation from investors, real estate consultants, and housing societies, positioning it as a transformative infrastructure initiative for the city.

Commissioner Chatta shared insightful details during a recent announcement. The project, spearheaded by Frontier Works Organization (FWO) and National Logistics Cell (NLC), has completed 18% of the development work. In addition, the Parks and Horticulture Authority (PHA) will be entrusted with the plantation on both sides of Rawalpindi Ring Road.

According to Commissioner Chatta, the ambitious Rawalpindi Ring Road is on track for completion by July 31, 2024. This extensive project encompasses 5 interchanges, 2 bridges, 6 canals, a Railway Bridge, 15 subways, and 11 overpasses, highlighting its scale and significance.

As a 6-lane highway stretching from Baanth to Chakri Interchange on the M-2 Motorway, Rawalpindi Ring Road aims to enhance connectivity and accessibility to distant areas of the city. The project officially commenced development in the last quarter of 2023, overcoming previous delays.

With a total length of 64 kilometers, the current developing patch spans 38 kilometers, with further extensions planned in Phase 2. The government, Commissioner Rawalpindi, Chief Minister Punjab, and development firms are unwaveringly committed to the timely completion of this transformative project.

As the proposed completion date of July 31 approaches, the anticipation grows for the grand inauguration on August 14, marking a potential milestone as one of the fastest-developed projects in Pakistan. The success of Rawalpindi Ring Road signifies a significant leap forward in the region's infrastructure development.

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CM Naqvi Leads Project Review and Inspects CBD Boulevard Developments

Lahore: Punjab Caretaker Chief Minister (CM) Mohsin Naqvi conducted a comprehensive review of various ongoing projects on Tuesday, with a specific focus on the Central Business District (CBD) Punjab Boulevard, as reported by a news source on January 24.

The assessment covered projects such as the Walton Railway Crossing Flyover, Major Muhammad Ishaq Shaheed Flyover, and the Walton Road Upgrade. During the review, CM Naqvi directed officials to ensure the opening of the Walton Railway Crossing Flyover for traffic by February 15, 2024. Highlighting the significance of the CBD Punjab Boulevard, stretching from Kalma Chowk to Walton Road, Naqvi emphasized its crucial role in providing convenient access to CBD Punjab, Quaid District, and CBD Punjab Bab District.

Furthermore, CM Naqvi scrutinized the remodelling and upgradation project of Walton Road and ADA Canal. While inspecting the Major Muhammad Ishaq Shaheed Flyover Project, he issued directives for the expeditious completion of the remaining work. Originally designed as two protected U-turns with a cost of PKR 1.200 billion, the flyover project underwent optimization through collaboration between CBD Punjab, NLC, and NESPAK, resulting in a cost-saving of PKR 200 million.

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SBP Introduces FX Matching Platform to Enhance Interbank Forex Trading

The State Bank of Pakistan (SBP) has officially introduced a centralized foreign exchange trading platform for interbank transactions, named FX Matching.

This platform is specifically designed to facilitate real-time and anonymous trading of US dollars against Pakistani rupees among authorized dealers.

By the SBP's Vision 2028 objectives outlined in a recent circular, the introduction of FX Matching aims to innovate and expand the digital financial ecosystem in Pakistan.

The platform represents a crucial step towards enhancing transparency and depth in the interbank foreign exchange market.

Authorized dealers (ADs) have received specific instructions and key components for the FX matching system to initiate trading. The platform sets a minimum trading lot size of $500,000 and its multiples.

Anonymity is a notable feature of the trading process, allowing participants to quote or respond without revealing their identities until a trade match occurs.

Additionally, participants can set credit limits for their counterparts in FX Matching, with the SBP advising the establishment of limits with major market players for optimal quotes.

Starting January 29, 2024, banks are mandated to utilize the forex matching platform for executing interbank foreign exchange transactions affecting the foreign exchange exposure limit.

In situations where the Federal Reserve Bank of New York is closed but the interbank FX market in Pakistan is open, trading on FX Matching will be conducted in Tom value.

This development follows a recent International Monetary Fund (IMF) report urging authorities to avoid exchange rate restrictions. The IMF emphasized that the SBP should limit its FX market interventions to building foreign exchange reserves and not impede the rupee's depreciation driven by market fundamentals.

Authorities are anticipated to intensify efforts to eliminate existing exchange restrictions and multiple currency practices in early 2024.

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FBR Unveils Simplified Tax Scheme to Expand Retail Sector Taxation

The Federal Board of Revenue (FBR) has launched a simplified tax scheme designed to tax the estimated incomes of traders, retailers, and specified individuals as part of an initiative to reduce the size of the informal economy.

This new scheme is anticipated to potentially generate income tax revenue ranging from Rs400 billion to Rs500 billion.

The scheme's details were presented to the federal cabinet for endorsement to calculate the estimated income of traders and retailers.

Taking into account factors such as shop location, value, and rent, the proposal aims to determine indicative incomes. To streamline this process, a specialized mobile application named 'Tajir Dost' has been developed for income calculation and tax collection.

Under this scheme, indicative income will be determined based on a rate three times the rental value, considering the general ratio of rent expenses to income.

Tax payments will be made in 12 monthly installments, and proactive individuals filing tax returns before the first monthly installment will receive a 50% discount.

Moreover, the minimum tax can be adjusted based on self-declaration in the annual return, encouraging timely tax filing.

The primary goal of this initiative is to bring the remaining 3.2 million retailers, mainly located in major cities, into the tax net, thereby expanding the tax base and revenue collection.

Currently, only 300,000 out of an estimated 3.5 million retailers actively file tax returns.

In addition to this tax scheme, the FBR is finalizing the digitization of withholding tax collection through the Synchronized Withholding Administration and Payment System (SWAPS).

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CM Naqvi Drives Forward Controlled Access Corridor Band Road Project in Lahore

Lahore: Punjab Caretaker Chief Minister (CM) Mohsin Naqvi is actively advancing the timely completion of the "Controlled Access Corridor Band Road Project," overseeing its progress with significant steps, as reported in a news article on January 23.

During a comprehensive inspection covering 8 kilometers, CM Naqvi assessed various locations of the project, highlighting the successful completion of 55% of Package 2 (Babu Sabu to Sagian) and 74% of Package One (Sagian to Niazi Chowk). He closely monitored the ongoing work on both Package Two and Package One, stressing the need to expedite the construction process.

In particular, CM Naqvi directed an acceleration of progress in Package Two and called for the deployment of additional labor to ensure a prompt completion. Issuing a clear directive, he instructed the completion of work on both packages by the first week of February, emphasizing the utilization of all available resources to open the corridor for traffic.

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Commissioner Announces Key Milestones and Schedule for Rawalpindi Ring Road Project

Rawalpindi: Commissioner Liaquat Ali Chatta has revealed significant updates on the Rawalpindi Ring Road project, stating that it is set to be completed by July 31, as reported on January 22. The ongoing work includes the construction of bridges over the Swan and Sil rivers, along with the remodeling of the Thalian Interchange. Additionally, the traffic network for the Ring Road and Motorway is currently in the modeling phase.

Chatta highlighted that the Parks and Horticulture Authority will provide a comprehensive plantation plan for both sides of the Ring Road. With over 18 percent of the physical work already completed, he assured the project's commitment to high-quality construction. The Ring Road is expected to be fully finished by July 31, with the inauguration scheduled for August 14.

The extensive project encompasses the construction of five interchanges, 11 overpasses, bridges over two rivers, six canals, a railway bridge, and 15 subways.

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Chief Minister Naqvi Reviews Advancements in LRR SL-3, Gujranwala Expressway, and Dadocha Dam Projects

Lahore: Punjab Chief Minister Mohsin Naqvi conducted a comprehensive meeting at the Chief Minister's Office on Friday (Jan 19) to assess the status of ongoing development projects across the province, as reported by a news source. The scrutinized projects included Lahore Ring Road Southern Loop 3, Jhelum Laila Road, Gujranwala Expressway, and Daducha Dam.

Chief Minister Mohsin Naqvi promptly issued directives for action on the Daducha Dam Project and emphasized the immediate commencement of work on the Chan Da Qila Flyover Project. He highlighted the necessity for a thorough review of alternative traffic routes for the project.

Acknowledging the dedication of the Frontier Works Organization (FWO) to ongoing projects benefitting the people of Punjab, Naqvi emphasized the priority of timely completion for public welfare initiatives. He specifically commended the efforts to open Lahore Ring Road Southern Loop 3 for traffic in early February, with round-the-clock endeavors aimed at providing optimal transportation facilities within the stipulated timeframe.

The meeting also delved into the progress of various projects, including Jhelum Laila Road, Amar Chowk of Rawalpindi from Kachhari to Scheme 3, and the JS Headquarters to Kachhari signal-free project. FWO officials provided detailed briefings on the advancement of these projects.

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PM Kakar Emphasizes Pakistan-China Collaboration for CPEC Project Completion

Islamabad: Caretaker Prime Minister Anwaar-ul-Haq Kakar underscored Pakistan's steadfast commitment to the success of the China-Pakistan Economic Corridor (CPEC), as reported in national dailies on January 22. He emphasized the crucial need for close coordination between both nations to ensure the timely completion of ongoing projects.

These sentiments were conveyed during a courtesy call by Chinese Vice Foreign Minister Sun Weidong. The discussions not only covered Pakistan-China relations but also addressed the regional situation.

Welcoming the Chinese Vice Foreign Minister and his delegation, the Prime Minister highlighted the significance of Pakistan's enduring, strategic, and cooperative partnership with China.

Recalling his visit to Beijing for the 3rd Belt and Road Forum in October 2023, the Prime Minister expressed appreciation for the warm sentiments extended by President Xi Jinping and Premier Li Qiang towards Pakistan. He also conveyed best wishes to the Chinese leadership.

In response, the Chinese Vice Foreign Minister expressed gratitude for the courtesy call and provided an overview of various meetings held during the visit. He conveyed special greetings from the Chinese leadership to the Prime Minister, emphasizing the strong fraternal bond between China and Pakistan. The Vice Foreign Minister assured that China would consistently remain a reliable partner in Pakistan's socio-economic progress, affirming the enduring nature of the "iron-brothers" relationship.

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