Finance
Budget deficit to balloon to Rs5.6tr in FY22, says Miftah as he slams PTI’s economic policies
Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail, also a former finance minister, on Tuesday informed Pakistan’s budget deficit will hit Rs5,600 billion at the end of the ongoing fiscal year, a record high level, as he slammed economic policies of the ousted government of Pakistan Tehreek-e-Insaf (PTI).
Addressing a press conference at his residence, Miftah – a key member of the PML-N whose president, Shehbaz Sharif, was elected the country’s prime minister on Monday after the ouster of Imran Khan – said the previous government informed us that the country would face a deficit of around Rs4,000 billion.
“However, this deficit will balloon to Rs5,600 billion, which is by far the highest deficit in Pakistan’s history,” said Miftah, who served as finance minister during 2018.
“If we add the Rs800 billion in supplementary grants, the deficit ends up at Rs6,400 billion,” he said, adding that out of Rs800 billion, Rs220 billion alone needs to be given to Sui Northern Gas Pipelines Limited (SNGPL) while another Rs80 billion needs to be disbursed to Gencos to keep them afloat.
Tackling economic issues is one of the main, and most urgent, responsibility of the incoming government, as the South Asian country’s economy faces a number of issues on multiple fronts including a rising inflation rate and depleting foreign exchange reserves.
Terming the Rs373-billion relief package announced by then Prime Minister Imran Khan as a “landmine left for the newly formed government of Shehbaz Sharif”, Miftah said that PTI officials wrongly said that the package could be financed by the government.
“The International Monetary Fund (IMF) has not agreed on the said package, and we would have to renew negotiations with the international lender,” said Miftah.
Rejecting claims, Miftah said that the previous government never achieved a primary surplus.
The PML-N leader added that Pakistan’s trade deficit is expected to hit $45 billion this fiscal year, which is a record.
“Pakistan imports are going to hit a record $75 billion, whereas the country’s exports will reach $30 billion,” he said.
Miftah said that due to the rising current account deficit, foreign exchange reserves are declining. “Last month alone, forex reserves declined by $5 billion, which is the largest single decrease in foreign exchange reserves in the history of Pakistan,” said Miftah.
“Our government’s top priority is to stabilise and increase the foreign exchange reserves,” he said.
Miftah said that in the coming fiscal year Pakistan needs to make payments of $30 billion, for which it is important to take the IMF on board.
Praising announcements made by Prime Minister Shehbaz, Miftah had earlier said that his government increased the pension of pensioners by 10% immediately, and also raised the minimum wage to Rs25,000.
Miftah added that markets reacted positively to Shehbaz Sharif’s ascent to the PM House, as the Pakistan Stock Exchange (PSX) posted massive gains, whereas the dollar, which was trading at 190 just days ago, has gone down to 182 against the rupee.
crypto
Ten Reasons How Blum Will Stun Users with Massive Airdrop
Blum is an innovative Telegram mini-app that has rapidly gained traction in the crypto community since its launch in late April 2024. Combining the best features of centralized and decentralized exchanges, Blum offers users a unique hybrid trading experience directly within the Telegram platform. With over 10 million users in just two months, it has become a viral sensation, engaging users through interactive features like the Drop Game and task-based rewards.As Blum prepares for its official token listing, the excitement surrounding its $BLUM token is palpable. The airdrop campaign, which commenced in June, aims to distribute free tokens to participants, further incentivizing user engagement. Selected for Binance’s Most Valuable Builder (MVB) Accelerator Program, Blum is positioned to transform how users interact with cryptocurrency, making it accessible and enjoyable for everyone.
1. Significant Token Distribution
Blum is set to distribute 30,0000 BLUM tokens to early participants, making it a lucrative opportunity for users to gain substantial assets before trading begins[2].
2. Strategic Timing
The airdrop starts in October, 2024, aligning with a robust marketing campaign to maximize user engagement and visibility[1].
3. High Initial Interest
With a projected initial price of $0.03 to $0.05, early adopters could see their investments multiply significantly as trading begins[2][5].
4. Community Engagement
Blum’s airdrop aims to foster a strong community by encouraging participation through social media tasks, enhancing user interaction and loyalty[2].
5. Potential for Price Surge
Analysts predict that Blum could reach up to $0.20 by the end of 2025, driven by community support and market dynamics[1][3].
6. Comparison to Successful Tokens
Blum is being compared to successful projects like DOGS Coin, suggesting it has the potential for similar explosive growth and market presence[1][2].
7. Future Roadmap
Blum’s strategic roadmap includes launching a decentralized platform and integrating DeFi tools, which could enhance its value proposition and attract more users[1].
8. Broad Exchange Listings
Blum is expected to be listed on major exchanges like Binance by early October, increasing accessibility for traders and investors alike[3][6].
9. Market Cap Potential
With an initial market cap of around $1 billion, Blum’s growth could attract significant investor interest, further driving up its price post-listing[2].
10. Long-Term Value Predictions
Some forecasts suggest that Blum could reach as high as $50 in the long term, making it an attractive option for early investors looking for high returns[4][5].
Conclusion
Blum’s upcoming airdrop and strategic initiatives position it as a promising player in the crypto market. With its significant token distribution, community engagement strategies, and optimistic price predictions, users have compelling reasons to participate in this exciting opportunity.
crypto
Claim Your Share: The Top Airdrops This September That Could Make You Rich!
September is a vibrant month for airdrops in the cryptocurrency world, with numerous opportunities available for enthusiasts. Following the successful $DOGS airdrop in August, excitement has surged, prompting various projects to announce their own airdrops, including $CATS, $GOATS, XEmpire, and more.
Upcoming Airdrop Schedule
- W-Coin (September 15)
W-Coin has quickly established itself in the crypto space with its tap-to-earn model, rewarding users for task completion and social media engagement. - $GOATS (September 15)
This new tap-to-earn game, launched shortly after $DOGS, has garnered significant interest due to its unique goat-themed concept. - $CATS (September 16)
Following the success of $DOGS, $CATS has announced its Token Generation Event (TGE) and airdrop, promising exciting rewards for participants. - Catizen AI (September 20)
With the motto “Play For Airdrop, Heal the World,” Catizen AI is launching its Game Centre and airdrop after overcoming initial delays. - Rocky Rabbit (September 23)
This smaller project is generating buzz within its close-knit community, potentially offering higher rewards due to its limited participant pool. - $HMSTR (September 26)
Despite facing delays, the $HMSTR airdrop for Hamster Kombat remains highly anticipated, with many eager to claim their tokens. - XEmpire (September 30)
Inspired by Elon Musk, XEmpire is set to launch its airdrop, combining innovative gameplay with a strong community following.
This month promises to be filled with opportunities for crypto enthusiasts to capitalize on these airdrops.
Citations:
[1] Best Upcoming Crypto Airdrops List September 2024 | CoinEx https://www.coinex.com/en/blog/9076-crypto-airdrops-list-2024
[2] Crypto Airdrops of September 2024: Live and Upcoming https://coinairdrops.com
[3] 3 TON Airdrops For September: Full Details Revealed – BeInCrypto https://beincrypto.com/ton-airdrop-september-full-details/
[4] 5 Telegram Crypto Airdrops Launching This September – YouTube https://www.youtube.com/watch?v=fJ3nPzVZiPM
[5] Crypto Airdrops List September 2024 » Find free airdrops & bounties! https://airdrops.io
[6] Latest Crypto Airdrops September 2024 – Airdrops.io https://airdrops.io/latest/
[7] All actual airdrops of the 2024 year – incrypted https://incrypted.com/en/airdrops/
[8] Telegram Airdrop listing dates: Major, MemeFi, LostDogs, TAP https://www.coingabbar.com/en/crypto-blogs-details/telegram-airdrop-listing-dates-tonstation-lostdogs-catizen-blum
Startups
Unpacking the Debate: UK Pension Fund Investments and Infrastructure Development – Insights from John Armitt
Introduction:
In a recent development, John Armitt, a prominent figure in infrastructure, has raised concerns about the pressure on UK pension funds to increase their investments within the country. This article delves into the complexities of this issue, exploring the perspectives and implications involved.
Understanding the Context:
John Armitt’s stance reflects a broader debate within the financial and infrastructure sectors regarding the allocation of pension fund investments. It raises questions about balancing national interests with global opportunities and optimizing returns for pension holders.
The Role of Pension Funds in Infrastructure Investment:
Pension funds play a crucial role in financing infrastructure projects, providing long-term capital for developments that benefit society and generate returns for investors. However, the allocation of these funds is subject to various considerations.
Benefits of Investing in Infrastructure:
Investing in infrastructure offers stable returns, diversification benefits, and contributes to economic growth and job creation. It also aligns with sustainable development goals and can enhance a country’s competitiveness.
Challenges Faced by Pension Funds:
Pension funds must navigate regulatory requirements, risk management considerations, liquidity needs, and fiduciary responsibilities when making investment decisions. Balancing these factors while maximizing returns is a complex task.
Perspectives on Domestic vs. International Investments:
The debate around whether pension funds should prioritize domestic investments over international opportunities is multifaceted, with valid arguments on both sides.
Arguments for Domestic Investments:
Advocates for domestic investments argue that supporting local infrastructure projects can boost national development, create jobs, and strengthen economic resilience. It also aligns with principles of responsible investing and supports local communities.
Arguments for International Diversification:
On the other hand, proponents of international diversification highlight the need to seek the best investment opportunities globally to optimize returns for pension holders. Diversifying geographically can mitigate risks and enhance portfolio performance.
John Armitt’s Perspective:
John Armitt’s comments emphasize the importance of pension schemes focusing on finding the best possible investment opportunities, regardless of geographical location. His viewpoint underscores the need for strategic decision-making based on maximizing returns while considering broader societal impacts.
Key Takeaways from John Armitt’s Statements:
- Prioritizing investment quality over geographical location
- Emphasizing the importance of due diligence in selecting projects
- Balancing risk and return considerations effectively
Implications for Pension Fund Managers:
The debate surrounding UK pension fund investments has implications for fund managers tasked with optimizing returns while fulfilling their fiduciary duties.
Strategies for Pension Fund Managers:
- Conducting thorough due diligence on potential investments
- Balancing risk factors with return expectations
- Considering both domestic and international opportunities based on merit
- Engaging with stakeholders to align investment decisions with broader objectives
Conclusion:
The discussion sparked by John Armitt’s comments highlights the complexities involved in pension fund investments in infrastructure. Balancing national interests with global opportunities requires thoughtful consideration and strategic decision-making by all stakeholders involved.
In conclusion, finding the right balance between domestic and international investments is essential for pension funds to fulfill their dual mandate of generating returns for investors while contributing to societal development. By navigating these challenges effectively, pension fund managers can optimize their portfolios and support sustainable infrastructure development.
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