‫ڈومینیکا نے شہریت بذریعہ سرمایہ کاری فنڈز کا استعمال کرتے ہوئے نئے پرائمری اسکول کی تعمیر شروع کردی

لندن ، 22 جون ، 2021 / پی آر نیوز وائر / — حکومت ڈومینیکا نے مہاؤٹ پرائمری اسکول کی تعمیر کے آغاز کے موقع پر جزیرے میں حال ہی میں ایک تقریب کے انعقاد کے موقع پر تعلیم کے شعبے سے متعلق اپنے عزم کی تجدید کی ہے۔ تکمیل کے بعد ، اسکول  کی […]

لندن ، 22 جون ، 2021 / پی آر نیوز وائر / — حکومت ڈومینیکا نے مہاؤٹ پرائمری اسکول کی تعمیر کے آغاز کے موقع پر جزیرے میں حال ہی میں ایک تقریب کے انعقاد کے موقع پر تعلیم کے شعبے سے متعلق اپنے عزم کی تجدید کی ہے۔ تکمیل کے بعد ، اسکول  کی جانب سے مقامی بچوں کے لئے نئے مواقع  کے اعلان کی توقع کی جاتی ہےجبکہ اساتذہ اور انتظامیافراد کو ملازمتیں بھی فراہم کی جائیں گی۔ خاص طور پر ، اس منصوبے کو ڈومینیکا کی شہریت بذریہ  سرمایہ کاری (سی بی آئی) پروگرام کے ذریعے مالی تعاون فراہم کیا جائے گا۔ یہ جزیرے کے مختلف شعبوں میں قومی ترقیاتی اقدامات کو تعاون کی فراہمی کا ایک اہم ذریعہ ہے۔

پچھلے کچھ سالوں میں ، ڈومینیکا کے سی بی آئی پروگرام نے بیرون ملک طلبا کی تعلیم کی سرپرستی کرنے ، طلباء کے ساتھ ٹیوٹرز رکھنے اور 2017 میں سمندری طوفان ماریہ سے تباہ ہونے والے 15 اسکولوں کی بحالی کے لئے تقریبا 26 ملین ڈالر کی سرمایہ کاری کی ہے۔ پرائمری اسکول کی تقریب کے دوران وزیر اعظم روزویلٹ اسکیریٹ نے واضح کیا کہ ان کی حکومت جزیرے پر سیکنڈری تعلیم کو 100 فیصد قابل رسائی بنانے ، ڈومینیکا اسٹیٹ کالج کی تعمیر کرنے کی ذمہ دار ہے اور  اس بات کو یقینی بنا رہی ہے کہ یونیفارم اور نصابی کتب کے ساتھ ٹرانسپورٹ بھی باآسانیدستیاب ہو۔

وزیر برائے تعلیم ، آکٹویا الفریڈ نےکہا: “یہ حکومت طلباء ، اساتذہ اور انتظامیہ کے سکون کو یقینی بنانے کے لئے اپنے اسکول کے منصوبوں کی بہتری کے لئے بھاری سرمایہ کاری جاری رکھے گی۔ اساتذہ اور طلبہ کے لئے مناسب جگہ ، مناسب ہوا ، روشنی ، پانی ، بجلی اور انٹرنیٹ سروس جیسی تمام سہولیات سیکھنے کے ایک ماحول کی تشکیل میں معاون ہیں  جہاں طلبا ترقی کرسکیں۔ “

1993 میں بنایا گیا، ڈومینیکا کا سی بی آئی پروگرام ملک کی پائیدار ترقی کے لئے بہت اہمیت کا حامل رہا ہے۔ اس نے نہ صرف تعلیم میں اپنا کردار ادا کیا ہے ، بلکہ صحت سے متعلقاقدامات میں  بھی تعاون کیا ہے ، جن میں ایک جدید ترین اسپتال ، متعدد صحت مراکز ، سمندری طوفان سے محفوظ مکانات اور ماحول دوست ریزورٹس اور ولا زشامل ہیں۔ یہ امر جزیرے کے دنیا کی پہلی آب و ہوا سے مزاحمقوم بننے کے عزم کی تائید کرتاہے ، ایک ایسی کامیابی جس کا اعلان وزیر اعظم اسکیریٹ نے اقوام متحدہ میں 2017 میں کیا تھا۔

اپنے اور اپنے خاندان کے لئےایک محفوظ اور مستحکم منزل کے متلاشی سرمایہ کاروں کے لئے ، ڈومینیکا کا سی بی آئی پروگرام دوسری شہریت کے لئے ایک قابل اعتماد راستہ پیش کرتا ہے جسے سالانہ سی بی آئی انڈیکسجیسے  آزاد مطالعے نے بین الاقوامی سطح پر سراہا ہے۔ درخواست دہندگان کو جزیرے کا شہری بننے کے لئے ، اگر وہ ضروری حفاظتی چیک پاس کرلیتے  ہیں،صرف ملک کے اکنامک ڈائورسیفکیشن فنڈ میں معاشی شراکت کرنے یا پری-اَپرُووڈریئل اسٹیٹ خریدنے کی ضرورت ہے ۔

ایک بار شہری بننے کے بعد ، سرمایہ کار140 سے زائد مقامات ، متبادل کاروباری امکانات اور  ایک مستحکم جمہوریت میں دوسرے گھر تک اضافی سفری آزادی اور یونائیٹڈ اسٹیٹس اور یونائیٹڈ کنگڈم جیسے بڑے مراکز کے ساتھ تعلقات تک رسائی حاصل کرلیتے ہیں۔

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Dominica Begins Construction on New Primary School Using Citizenship by Investment Funds

LONDON, June 22, 2021 /PRNewswire/ — The Government of Dominica is reaffirming its commitment to the education sector after a ceremony recently took place on the island to mark the beginning of the Mahaut Primary School construction. Once completed, the school is anticipated to herald new opportunities for local children while also providing jobs with […]

LONDON, June 22, 2021 /PRNewswire/ — The Government of Dominica is reaffirming its commitment to the education sector after a ceremony recently took place on the island to mark the beginning of the Mahaut Primary School construction. Once completed, the school is anticipated to herald new opportunities for local children while also providing jobs with teachers and administrators. Notably, the project will be funded by Dominica’s Citizenship by Investment (CBI) Programme – a vital tool in supporting national development initiatives across the island in various sectors.

Over the last few years, Dominica’s CBI Programme has invested roughly $26 million into sponsoring the education of students abroad, placing tutors with students and rehabilitating 15 schools that were devastated by Hurricane Maria in 2017. During the ceremony for the primary school, Prime Minister Roosevelt Skerrit highlighted that his government was responsible for making secondary education on the island 100 percent accessible, building the Dominica State College and ensuring that transportation along with uniforms and textbooks were also freely available.

Octavia Alfred, the Minister for Education, noted: “This government continues to invest heavily in the improvement of our school plans to ensure the comfort of students, teachers and administrators. Spaces for teachers and students with proper ventilation, lighting, water, electricity, and internet service all contribute to the creation of a learning environment where students can flourish.”

Established in 1993, Dominica’s CBI Programme has been crucial to the nation’s sustainable development. Not only has it contributed to education, but it has also backed healthcare initiatives, including the construction of a state-of-the-art hospital, multiple health centres, hurricane-resistant homes and environmentally friendly resorts and villas. It supports the island’s commitment to becoming the world’s first climate-resilient nation, a feat announced by Prime Minister Skerrit at the United Nations in 2017.

For savvy investors looking for a safe and stable destination for themselves and their families, Dominica’s CBI Programme offers a trusted route to second citizenship that has been internationally hailed by independent studies like the annual CBI Index. Applicants need only make an economic contribution to the country’s Economic Diversification Fund or purchase pre-approved real estate to become citizens of the island – if they pass the necessary security checks.

Once becoming citizens, investors gain access to increased travel freedom to over 140 destinations, alternative business prospects and a second home in a stable democracy with ties to major hubs like the United States and the United Kingdom.

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Pakistan’s Largest Meat Company to Export Meat to Malaysia

Pakistan’s largest meat plant, Fauji Meat Limited, has been granted approval by the Government of Malaysia for exports, the Adviser to the Prime Minister for Commerce, Abdul Razak Dawood, announced on Tuesday.His tweet in this regard read: “This shows …

Pakistan’s largest meat plant, Fauji Meat Limited, has been granted approval by the Government of Malaysia for exports, the Adviser to the Prime Minister for Commerce, Abdul Razak Dawood, announced on Tuesday.

His tweet in this regard read: “This shows that international acceptability & demand of Pakistani meat is gradually increasing”.

He also appreciated the efforts made by the Ministry of Commerce’s (MOC) Trade & Investment Counselor in Kuala Lumpur, and urged him “to provide maximum facilitation to the country’s meat exporters to obtain similar approvals”.

It is worth mentioning that Pakistan’s exports of meat and meat preparations are gradually penetrating different countries in terms of volume and value as it recorded a staggering increase of over 100 percent over a decade.

Pakistan’s annual meat exports have doubled over the last decade from $152.4 million in FY11 to $304.2 million in FY20.

More recently, in H1-FY21, the export of meat and meat preparations has grown by 3.6 percent to $161.5 million from $155.8 million in H1-FY20, according to a quarterly report by the State Bank of Pakistan (SBP).

By the end of 10 months of the current financial year 2022-2021, the exports of meat and meat preparations have surged to $280 million, which is almost nine percent higher than the corresponding period of the last financial year, according to the Pakistan Bureau of Statistics (PBS).

Source: Pro Pakistani

Govt to Issue Domestic and International Ijara Sukuk Worth $3.5 Billion

The government has decided to issue domestic and international Ijara Sukuk worth $3.5 billion against ‘Unencumbered’ assets of the government including Allama Iqbal Lahore, Islamabad, Multan International Airports and some portions of M-1 and M-3 motor…

The government has decided to issue domestic and international Ijara Sukuk worth $3.5 billion against ‘Unencumbered’ assets of the government including Allama Iqbal Lahore, Islamabad, Multan International Airports and some portions of M-1 and M-3 motorways as well as Islamabad Expressway.

Sources told Propakistani that the federal cabinet will give the approval on Tuesday (today), to utilize these assets for the issuance of domestic and International Ijara Sukuk.

The Finance Division intends to take forward its domestic and international Ijara Sukuk programs to support the government’s budgetary position and promote the Islamic banking industry in-country.

Sukuk are Sharjah compliant borrowing instruments structured to pay returns on investment as rent instead of interest by utilizing an underlying asset. In the case of Ijara Sukuk, tangible assets are utilized to structure the transactions.

Sources said that the Finance Division has undertaken 32 domestic and 4 international Ijara Sukuk transactions amounting to Rs 1,573 billion and $ 3.6 billion to date. Further, the government has also issued two ‘Energy Sukuk’ of Rs 200 billion each in March 2019 and May 2020 of selected government-owned power generation and distribution companies to settle power sector arrears.

Presently, the government has utilized (MI, M2 and M3 Motorway, Jinnah International Airport Karachi) assets for domestic Ijara Sukuk in the past.

The M2 motorway was utilized in January 2005 for international Ijara Sukuk and later on, it was divided into three sections which were utilized from December 2014 onwards. At present, M1 and M3 motorways, the Islamabad Chakwal section of M2 Motorway are unencumbered.

Besides this, the government initiated a domestic Ijara Sukuk program of Rs. 756 billion by utilizing the unencumbered land of Jinnah International Airport (JIA), Karachi in March 2020. The asset is almost fully utilized with the issuance of domestic Ijara Sukuk worth Rs. 636 billion, and structuring of Islamic Naya Pakistan Certificates (INPCs) of around Rs. 59 billion.

As JIA Karachi will be exhausted shortly, there is an urgent need to identify new unencumbered assets to ensure uninterrupted issuance of Ijara Sukuk in the domestic as well as international capital markets.

Sources said that the continuity in the issuance of domestic Sukuk will also enable the government to meet its target of having 10 percent Shariah-compliant instruments in domestic securities by the end of FY23 (Medium-Term Debt Management Strategy 2019/20-2022/23).

At end-December 2020, this was at 3.8 percent. The Federal Cabinet In its meeting dated January 26, 2021 directed the Finance Division to Identify options of underlying assets for Sukuk issuances.

Sources said that the finance division has proposed to raise $3.5 billion out of Rs. 1.2 trillion needed for raising additional resources as per the next year’s domestic and external financing plan.

It has identified M-1 and M-3 motorways, Islamabad Expressway, and Islamabad and Multan International Airports and also requested the Ministry of Communications/NHA and the Aviation Division/Civil Aviation Authority (CAA) to grant necessary permissions to utilize these assets for Ijara Sukuk issuances.

As per the details, the Aviation Division/CAA has not responded however the Ministry of Communications, while assuring its cooperation has asked the Finance Division to consider compensating NHA with an appropriate ‘asset utilization fee’ for its assets which is totally unprecedented.

In view of the above and the urgent requirement to continue the government’s domestic and international Sukuk programs and the issuance of Islamic NPCs, the Federal Cabinet is requested to permit Finance Division to utilize the above-mentioned assets without any conditionality in terms of compensation or fee, and for the purpose, necessary NOCs will be sought from entities/provincial governments concerned. Valuation of the assets will be updated once these are made available to the Finance Division.

Source: Pro Pakistani

Pakistani Live Game Show App Raises $400,000 In Seed Funding

Trivizia, a Lahore-based live video streaming platform, has secured $400,000 in seed round funding from 47 Ventures, a Pakistan-based firm focused exclusively on the country’s tech industry.Founded in late 2019, Trivizia’s app-based game show, Jeeto Na…

Trivizia, a Lahore-based live video streaming platform, has secured $400,000 in seed round funding from 47 Ventures, a Pakistan-based firm focused exclusively on the country’s tech industry.

Founded in late 2019, Trivizia’s app-based game show, Jeeto Naaye Andaz Say, goes live at 10 p.m. every day and attracts as many as 10,000 participants. The mobile app has been downloaded more than 500,000 times on the Google Play Store. Participants get a chance to win cash prizes simply by answering a set of ten multiple-choice questions.

Currently, the Trivizia team is working on real-time market research and related solutions for potentially enabling other brands to promote their products with their platform. In this regard, co-founder Wawaas Alvi explained,

The challenges of live streaming media have already been addressed by Youtube Live, Facebook Live, and other social platforms but with Jeeto Naye Andaz Say, we are handling the complexities of interactive live streaming at scale. Our user base is increasing every day, and optimizing the technology to overcome this challenge is something this funding round will help us achieve

With the new funds from 47 Ventures, Trivizia plans on evolving its user-base model to entertain thousands of players simultaneously. Speaking of user-base, the Country Director for 47 Ventures, Khurram Zafar, commended the startup for developing such a neat platform. He remarked,

“We are excited about what lies ahead: more frequent and specialized shows, educational content for younger demographics, and development of a real-time, market research & digital advertisement platform.

Game shows have become quite popular in Pakistan since the early 2015s, and Trivizia plans on re-modeling these events with its mobile-based platform.

To paint a picture, live game shows on television channels are typically joined by a few dozen people in the audience, who then get to play games for a plethora of prizes. With Trivizia’s Jeeto Naye Andaz Say, the platform will essentially become the next best venue for participating in such games, with an improved touch of experience, learning, and rewards.

Source: Pro Pakistani

SBP Extends Suspension of 0.12% Service Charges for Banks

The State Bank of Pakistan (SBP) has extended the temporary suspension of 0.12 percent service charges on the deposit of re-issuable balances for commercial banks.In order to facilitate banks in managing their excess liquidity, consequent to large volu…

The State Bank of Pakistan (SBP) has extended the temporary suspension of 0.12 percent service charges on the deposit of re-issuable balances for commercial banks.

In order to facilitate banks in managing their excess liquidity, consequent to large volumes of withdrawals on the eve of Eid and the pandemic, the SBP has decided to extend the temporary suspension of 0.12 percent service charges on the deposit of re-issuable balances with the SBP BSC offices or NBP chests branches.

Accordingly, banks can deposit re-issuable balances with the SBP BSC offices or NBP chests without levy of 0.12 percent service charges on the deposit of re-issuable balances until 31 December 2021.

The banking regulator used to deduct 0.12 percent service charges on banks against the deposit of re-issuable balances with the SBP BSC offices or NBP chest branches.

Source: Pro Pakistani

Rupee Drops to Its Lowest Against the US Dollar in 4 Months

The rupee fell to its lowest level in four months against the US Dollar as it breached the level of Rs. 158.Today (June 22), PKR jumped above Rs. 158, closing at Rs. 158.18 against the USD, posting a loss of 67 paisas as compared to Rs. 157.51 on Monda…

The rupee fell to its lowest level in four months against the US Dollar as it breached the level of Rs. 158.

Today (June 22), PKR jumped above Rs. 158, closing at Rs. 158.18 against the USD, posting a loss of 67 paisas as compared to Rs. 157.51 on Monday (June 21).

PKR has been posting losses continuously for five weeks, with sporadic improvements.

Higher import payments coupled with the expected delay in the sixth review of the International Monetary Fund’s (IMF) $6 billion loan program are weighing down the rupee in the international currency market.

The steep downfall, seen yesterday and today, is also being attributed to the likely delay in the release of IMF’s next tranche of the extended fund facility (EFF) as Pakistan and IMF remain stuck on details of tariff increases among other fiscal reforms.

Furthermore, the trade deficit is once again entering the danger zone, which, coupled with the strengthening of the USD in the international market, is also putting pressure on all emerging markets, including Pakistan.

Former Treasury Head at Chase Manhattan Bank Asad Rizvi took to Twitter and said that the federal excise duty stance that Pakistan has taken against the global lenders’ demand caused the outflow of foreign funds.

He also warned about the FATF’s upcoming meeting, which also takes a notable impact on the rupee’s parity against the greenback. However, he said that the resumption of Saudi Arabia’s oil facility should help PKR stabilize.

It was not long ago when PKR was labeled as “the world’s best performing currency” after it appreciated the most against the USD during the first three months of the calendar year (January to March 2021). The recent weeks, however, have shown PKR to be among the worst currencies as the local unit became the worst performer in Asia since its recent downhill as it dropped for five straight weeks.

The PKR has also been posting blanket losses against the other major currencies, with rare improvements. Today was no different for the local unit.

It went down by 83 paisas against the Euro, by Rs. 1.46 against the Pound Sterling (GBP), by 47 paisas against the Australian Dollar (AUD), and by Rs. 1.23 against the Canadian Dollar (CAD).

The PKR posted losses against both the UAE Dirham (AED) and the Saudi Riyal (SAR), where it eroded by 18 paisas against both currencies in the interbank currency market today.

Source: Pro Pakistani

Banks Demand Govt to Withdraw Super Tax

Pakistan Banks’ Association (PBA) on Tuesday asked Finance Minister Shaukat Tarin to amend the Finance Bill 2021 to withdraw 4 percent “Super Tax” applicable on banks through the amended Finance Bill 2021.Ministry of Finance has been informed by the ba…

Pakistan Banks’ Association (PBA) on Tuesday asked Finance Minister Shaukat Tarin to amend the Finance Bill 2021 to withdraw 4 percent “Super Tax” applicable on banks through the amended Finance Bill 2021.

Ministry of Finance has been informed by the banking industry here on Tuesday that, “The imposition of the highest tax rate of 35 percent for the banking sector viz-a-viz the corporate sector of 29% and continuation of the super tax rate of 4 percent only on banks will, we believe, not send a positive signal to banks’ local and foreign investors/sponsors, in terms of equitable tax treatment for all sectors of the economy.”

The banking industry has requested to bring down the bank’s tax rate to 29percent, as is applicable for the other sectors of the economy. It is also requested that super tax at 4 percent for banks, being discriminatory, be abolished.

The banking sector, which paid total taxes of Rs. 156 billion for the year ended December 2020 and which collected and paid to FBR, the year ended December 2020, with the total contribution to the withholding tax of Rs. 194 billion for the year ended December 2020, with a total contribution to the exchequer of Rs. 350 billion, with continue to support the government efforts for a strong, growing and vibrant economy.

The banking sector has proposed that “Profit on Debt” be taxed at 15 percent, i.e. at the same rate as for return on investment in shares or units of mutual funds.

The PBA is, therefore, extremely disappointed that not only has our proposal to reduce the tax rate on Profit on Debt to 15 percent been completely disregarded but the annual profit limit of Rs.36 million has been significantly reduced to Rs.5 million, at which such profit would be taxed under the head ” income from other sources”, which can be as high as 35 percent, PBA added.

Source: Pro Pakistani