World Bank Rates Progress on KP’s Human Capital Investment Project Moderately Unsatisfactory

The World Bank has rated the overall implementation progress of Khyber Pakhtunkhwa Human Capital Investment Project worth $200 million moderately unsatisfactory.The objective of the project was to improve availability, utilization, and quality of prima…

The World Bank has rated the overall implementation progress of Khyber Pakhtunkhwa Human Capital Investment Project worth $200 million moderately unsatisfactory.

The objective of the project was to improve availability, utilization, and quality of primary healthcare services and elementary education services in selected districts of Khyber Pakhtunkhwa (KP).

However, progress towards achievement of PDO as well as overall implementation progress is moderately unsatisfactory, official documents of the bank revealed.

The project has three components, component 1- improving delivery of quality primary health care services (cost $77.20 million), component 2–improving availability and quality of education services (cost $109 million), component 3 –strengthening community engagement and accountability (cost $13.80 million). The World Bank’s Board of Executive Directors approved the project in June 2020, while the closing date is 30 June 2025.

Documents further stated that from May 22 – June 2, 2023 an implementation support mission was fielded. Based on the findings of the mission, project ratings were adjusted downwards. A clear set of time-bound actions were agreed upon to bring the project back on track to meet its development objectives.

Immediate and critical next steps include approval of revisions to the Education PC-1 by the Central Development Working Party (CDWP) and subsequent, approval of both Health and Education PC-1s by Executive Committee of the National Economic Council (ECNEC).

This will be followed by completion of the project restructuring as requested by the government. The mission recommended a third party monitoring firm to support project implementation.

Source: Pro Pakistani

World Bank Retracts Statement About Taxing Those Earning Below Rs. 50,000

The World Bank has retracted its statement regarding taxing those with salaries less than Rs. 50,000 a month.According to a report in Tribune, fresh data indicates that the salaried class in Pakistan paid more taxes than those paid by the country’s ric…

The World Bank has retracted its statement regarding taxing those with salaries less than Rs. 50,000 a month.

According to a report in Tribune, fresh data indicates that the salaried class in Pakistan paid more taxes than those paid by the country’s richest exporters and real estate sector combined in the last three months.

For context, the salaried individuals in Pakistan paid Rs. 71 billion in taxes during the period, Rs. 6 billion more than the taxes paid by the exporters and real estate sector. The higher contribution by the salaried class is despite the fact that the income of exporters and the real estate sector is much higher.

The World Bank’s clarification said that its suggestion of slapping taxes on those earning less than Rs. 50,000 a month was based on data from 2019 which needs to be updated.

“The World Bank certainly does not recommend any reduction in the current nominal threshold, and how it was framed above may have indeed been misleading,” said a WB spokesperson.

“Previous analysis included in the Public Expenditure Review using 2019 data suggested that a reformed income tax structure could include a lower exemption threshold for salaried individuals, but this analysis would need to be updated to take account of recent inflation and labor market changes to make sure low incomes are not affected,” the statement added.

Accepting the mistakes, the Bank said that “the recommendation in the Pakistan Development Update should have been clearer on the need for new analysis needed on more recent data to inform this reform.”

It further said that appropriate changes to tax thresholds should be assessed based on new survey data and designed to protect low incomes.

Source: Pro Pakistani

FBR to Audit Retailers, Real Estate Taxpayers

The Federal Board of Revenue (FBR) has decided to audit retailers and real estate taxpayers who filed their income and sales tax returns.Sources told ProPakistani that FBR has made a new strategy against tax evaders and under this, the tax department w…

The Federal Board of Revenue (FBR) has decided to audit retailers and real estate taxpayers who filed their income and sales tax returns.

Sources told ProPakistani that FBR has made a new strategy against tax evaders and under this, the tax department will audit retailers and real estate taxpayers who filed their income tax returns.

The field offices of FBR will audit the income tax and sales tax of retailers. The retailers have also been asked to avoid mistakes in filing Income Tax and Sales Tax returns.

Similarly, a strategy has also been made to detect tax evasion in the real estate sector.

Sources said that the tax offices will also conduct audits of real estate taxpayers at their discretion instead of selecting cases through balloting.

Source: Pro Pakistani

Pakistan’s Debt Increased by Rs. 38 Trillion in Last 5 Years

Pakistan’s gross public debt has increased faster than its gross domestic product (GDP) in the last 20 years.According to Arif Habib Limited, as of fiscal year 2022-23 (FY23), Pakistan’s gross public debt stands at Rs. 62.9 trillion (74.3 percent of GD…

Pakistan’s gross public debt has increased faster than its gross domestic product (GDP) in the last 20 years.

According to Arif Habib Limited, as of fiscal year 2022-23 (FY23), Pakistan’s gross public debt stands at Rs. 62.9 trillion (74.3 percent of GDP). This is a significant increase from debt of Rs. 3.7 trillion (56.1 percent of GDP) in FY23. The increase in debt has been witnessed at a compounded annual growth rate (CAGR) of 15.2 percent during the last two decades.

Over the last 20 years, Pakistan’s domestic debt has grown by a CAGR of 16.3 percent, reaching Rs. 38.8 trillion, while its external debt has increased by a CAGR of 13.8 percent during the same period.

The size of Pakistan’s economy has expanded to Rs. 84.7 trillion in FY23, compared to Rs. 6.6 trillion two decades ago, and has grown by a CAGR of 13.6 percent over the last 20 years.

Out of the total debt increase of Rs. 59.2 trillion over the last two decades, a substantial Rs. 37.9 trillion increase has occurred in the past five years.

Source: Pro Pakistani

Two Terrorists Of Banned Outfit Killed In SW Pakistan

Pakistani police killed two terrorists, during a recent operation in the country’s south-western city of Quetta, the Counter-Terrorism Department (CTD) police said.According to the CTD officials, personnel of the CTD conducted an intelligence-based ope…

Pakistani police killed two terrorists, during a recent operation in the country’s south-western city of Quetta, the Counter-Terrorism Department (CTD) police said.

According to the CTD officials, personnel of the CTD conducted an intelligence-based operation on Friday, in the Hazar Ganji area of Quetta, the provincial capital of Balochistan province.

The CTD received information that two armed militants of the banned outfit, Balochistan Liberation Army, were tasked with carrying out terrorist activity against sensitive installations in Quetta, said officials, adding that, the terrorists fled their hideout on a motorcycle as the police team reached the area to seize them.

“During the course of action, the two motorcyclists were signalled to stop, but they opened indiscriminate fire on the CTD team, forcing officials to return the fire and killing them on the spot,” the officials said.

A huge cache of arms and explosive material was also recovered from their compound

Source: Nam News Network

UNSC to meet today to discuss raging Israeli-Palestinian conflict

The UN Security Council has convened an emergency private meeting later today to discuss the raging Israeli-Palestinian conflict.Meanwhile, the top UN officials said they are “in close contact with all concerned to urge maximum restraint” following “ho…

The UN Security Council has convened an emergency private meeting later today to discuss the raging Israeli-Palestinian conflict.

Meanwhile, the top UN officials said they are “in close contact with all concerned to urge maximum restraint” following “horrific scenes of violence”.

Expressing deep concern for the civilian population and urging maximum restraint, the UN Secretary-General Antonio Guterres said all diplomatic efforts are being made to avoid a wider conflagration.

He said violence cannot provide a solution to the conflict and peace can be achieved only through negotiation that lead to a two-state solution.

Source: Radio Pakistan

NDMA to dispatch relief items to quake-hit Afghanistan

The National Disaster Management Authority has arranged relief items including food, medicines, tents and blankets as well as Search and Rescue Teams to be dispatched on immediate basis to quake-hit Herat Afghanistan.This was briefed at a special sessi…

The National Disaster Management Authority has arranged relief items including food, medicines, tents and blankets as well as Search and Rescue Teams to be dispatched on immediate basis to quake-hit Herat Afghanistan.

This was briefed at a special session of the National Emergency Operations Centre held in Islamabad today with Chairman NDMA Lieutenant General Inam Haider Malik in the chair.

The meeting reviewed the situation and humanitarian assistance package to Afghanistan in the wake of devastating quake in the country.

The Chairman stressed for swift relief assistance for Kabul that should be sent through fastest means available utilizing air and land routes to Afghanistan. He also requested for facilitation and coordination by all the government departments and agencies involved in the process.

Source: Radio Pakistan

Security forces kill one terrorist in North Waziristan

One terrorist was killed in an exchange of fire with security forces in Razmak area of North Waziristan.According to Inter Services Public Relations (ISPR), weapons and ammunition were also recovered from the killed terroristKnown as Azeem Ullah alias …

One terrorist was killed in an exchange of fire with security forces in Razmak area of North Waziristan.

According to Inter Services Public Relations (ISPR), weapons and ammunition were also recovered from the killed terrorist

Known as Azeem Ullah alias 'Ghazi', the killed terrorist remained actively involved in various terror activities against security forces and killing of innocent civilians.

The ISPR said sanitization has been carried out to eliminate any other terrorist in the area. Locals of the area have appreciated the operation.

Source: Radio Pakistan