Pakistan

Transparency in wheat procurement sought | The Express Tribune

Published

5 مہینے ago

اپریل 9, 2024

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KARACHI:

Progressive farmers and business leaders advocate for digitising data of all wheat warehouses in Sindh, a move they believe will benefit consumers and farmers throughout the year. This would also ensure availability of accurate and comprehensive data on all wheat transactions conducted by both the government and private sectors, easily accessible through a designated website, they told The Express Tribune.

Additionally, they noted that approximately 200 wheat procurement centres have been established in Sindh. However, digitising data of these centres will ensure transparency and eliminate corruption and cuts/kickbacks. It would also keep consumers, traders, farmers and government officials updated on related information. Currently, wheat is being sold at between Rs3,400-Rs3,500 per maund/40kg in the local market due to good crop availability. However, the government has fixed a rate of Rs4,000 per maund/40kg, resulting in losses for farmers.

“The Sindh government has 400,000 tonnes of wheat worth around Rs20 to Rs22 billion in warehouses right now and will purchase 900,000 tonnes of wheat through wheat procurement centres from across Sindh during this season. Public and private warehouses of Sindh have a capacity of 1.3 million tonnes of wheat,” said Leading Progressive Farmers and Agriculture Expert Nabi Bux Sathio.

Sathio explained that Sindh expects to get over 5 million tonnes of better wheat yield, while the country will notch around 32 million tonnes of a high wheat yield because of suitable weather conditions following adequate water supply. Moreover, despite setting an initial target of 29 million tonnes of wheat this season, conducive environment and other factors help raise a higher crop yield.

Read Indecision over wheat procurement denied

Highlighting the abundant wheat crop, he noted that the federal government has allowed it to export wheat. However, the expert voiced fear that by the end of October and November this year, wheat shortage could be expected. In a statement, Hyderabad Chamber of Small Traders and Small Industry (HCSTSI) President, Muhammad Farooq Shaikhani, said the official rate for a 100kg sack of wheat has been set at Rs10,000. However, following this decision, the price of wheat in the open market has subsequently decreased, resulting in direct financial setbacks for farmers.

Shaikhani underscored that the systemic mismanagement results in the annual burden of wheat shortages and fluctuating flour prices, which ultimately impacts both the public and traders.

He asked for digitising the inventory of wheat across all warehouses in Sindh, stressing the need to ensure availability of accurate and comprehensive data on all wheat transactions conducted by both the government and private sectors. Moreover, he noted the importance of daily updates to the website to facilitate proactive measures in averting potential food crises.

The HCSTSI president said that collaboration with the private sector diminishes reliance on government entities, ultimately mitigating risks associated with supply chain disruptions and bureaucratic red tape.

Meanwhile, he also stressed the urgency of engaging the private sector in wheat procurement, aligning with Islamic banking principles. Such involvement promises enhanced efficiency in the procurement process, as private enterprises typically boast streamlined operations driven by profit incentives.

He highlighted that incorporating the private sector would foster improved market integration, aligning wheat procurement with demand and supply dynamics for timely distribution and response to market fluctuations. Further, it will incentivise investment in wheat procurement and storage infrastructure and technology, facilitating modernisation of storage facilities, transportation networks, and adoption of contemporary agricultural practices, thereby benefiting the entire wheat supply chain.

Lastly, he emphasised that engaging the private sector would also enhance farmers’ welfare by enabling them to receive competitive rates from private buyers, thereby improving their livelihoods and fostering increased productivity.

Published in The Express Tribune, April 9^th, 2024.

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Related Topics:Express Pakistan procurement sought transparency Tribune wheat wheat procurement

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Pakistan

Pakistan, Russia plan to establish new steel mill in Karachi – Pakistan Observer

Published

14 گھنٹے ago

ستمبر 19, 2024

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ISLAMABAD – The government is considering a proposal to establish a new steel mill in Karachi with Russian cooperation and the both countries agreed to form working groups to move forward on the project.

In this regard, Deputy Minister of Industry and Trade Russian Federation Aleksei Gruzdev met with Minister for Industries, Production and National Food Security Rana Tanveer Hussain.

The minister informed that the government has earmarked 700 acres land of Pakistan Steel Mills for establishing a new steel mill. He said despite being blessed with considerable reserves of iron ore (estimated reserves of 1887 million tons), Pakistan is forced to import around $2.7 billion of iron and steel.

There is perpetual gap between domestic production and demand of iron and steel. For the last year, the gap is estimated at 3.1 million tons, he added.

Pakistan’s per capita steel consumption level is below even those of developing countries indicating significant growth potential over medium and long term.

He said efficiency of Pakistan’s steel industry is limited as it segmented (600 small units) and based on old inefficient technology.

The proposed site is located at Karachi and in closed to Port Qasim that reduces cost of transportation of raw materials.

Pakistan’s industrial and agricultural experts are set to visit Russia, marking a significant step in strengthening bilateral ties between the two nations. During the meeting, they emphasized on balance trade between both countries.

Rana Tanveer stressed the need for modern agricultural machinery to boost crop yields and enhance agricultural productivity.

He said the government will provides all the facilities to the Russian investor in the country. Aleksei Gruzdev said that his country will provide modern agricultural machinery to Pakistan in order to boost crop yields and enhance agricultural productivity across the country.

The meeting was attended by deputy trade representative of the Russian Federation in Pakistan Denis Nevzorov, secretary for industries and production Saif Anjum, secretary national food security and research Ali Tahir, additional secretary national food security Amir Mohyudin, deputy chief industries and production Abdul Samad and Executive Engineer PSM Engr. Muhammad Shoaib.

Pakistan

Anti-money laundering watchdog urges India to speed up prosecutions

Published

15 گھنٹے ago

ستمبر 19, 2024

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A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India on August 13, 2018. — Reuters

NEW DELHI: Financial Action Task Force (FATF), the global anti-money laundering watchdog, urged India on Thursday to accelerate its prosecutions in financial fraud cases.

FATF, a 40-member task force, in a report has rated India “moderately” effective on its parameter of “money laundering investigation and prosecution”, further adding that the country was compliant in most areas.

The task force sets global standards for national authorities cracking down on illicit funds generated through drug trafficking, illegal arms trade, cyber fraud and other serious crimes.

India became a member in 2010. In its report the task force said the country was “compliant” and “largely compliant” on 37 out of 40 parameters evaluated as part of its assessment.

The number of money laundering convictions over the last five years has been impacted by a series of constitutional challenges and by the saturation of the court system, the global watchdog said in its report on India, released on Thursday. India’s courts have huge backlogs of cases, with many left pending for years.

The Enforcement Directorate, India’s anti-money laundering agency, has seized assets of suspected financial criminals amounting to 9.3 billion euros ($10.4 billion) over the last five years but confiscation based on convictions amounted to less than $5 million, the report said.

“It is critical India addresses these issues in view of accused persons waiting for cases to be tried and prosecutions to be concluded,” it said.

The three areas in which there is partial compliance include bank scrutiny of political figures’ source of wealth and oversight of the finances of non-profit organisations and non-financial businesses and professionals.

The watchdog also noted that India faced financing threats from groups active in the Indian Illegally Occupied Jammu and Kashmir (IIOJK) region and money laundering from illegal activities related to corruption, drug trafficking and cyber crime.

The statement added that India needs to focus on concluding the prosecutions and properly sanction such financiers.

Pakistan

Pakistan, Russia plan free Trade Agreement with Eurasian Economic Union – Pakistan Observer

Published

16 گھنٹے ago

ستمبر 19, 2024

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ISLAMABAD – Pakistan and Russia mulled stern measures to boost economic ties with new trade and energy initiatives, as the Russian Deputy Prime Minister arrived in Islamabad to discuss several key areas of collaboration.

In a press conference with Pakistan’s Deputy PM Dar Ishaq Dar, both sides decide to explore bilateral trade between two countries reached $1 billion last year and highlighted the need to address logistical and other challenges to further enhance trade relations.

Dar stressed that energy cooperation with Russia holds significant promise and expressed Islamabad’s interest to explore more avenues. He underscored importance of developing connectivity projects, including rail and road networks, to strengthen economic ties not just between Pakistan and Russia but extending to other regions as well.

Deputy PM emphasized Pakistan’s view of Russia as a crucial player in West, South, and Central Asia, and reaffirmed that strengthening ties with Russia remains a top priority in Pakistan’s foreign policy. He reiterated Pakistan’s commitment to working with Russia to promote peace and stability in Afghanistan.

In his remarks, he revealed discussions about potential collaboration between Pakistan and the Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Caucasia, and Russia. The two sides explored the possibilities for implementing a free trade agreement involving these five countries and plan to continue discussions to finalize the agreement.

Russian Minister also pointed out that the upcoming inter-governmental commission meeting in Russia will serve as a platform to further enhance trade and economic relations. He further highlighted that both nations share aligned goals within the Shanghai Cooperation Organization (SCO), including in areas such as connectivity, climate action, food security, and energy transition.

Pakistan

Easypaisa introduces Rs99 fee for Biometric, and account upgradation? – Pakistan Observer

Published

19 گھنٹے ago

ستمبر 19, 2024

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EasyPaisa, mobile wallet used by over 9.5 million Pakistanis, lately added Rs99 charges for failed biometric verification with NADRA and account upgradation a fee that lacks clear regulatory justification. Users reported multiple deductions from their accounts after unsuccessful attempts to match their fingerprints.

A recent notification received by Easypaisa users said “Your fingerprints could not be matched with your ID Card from NADRA records”, asking the person to scan fingerprints.

It mentioned you can get your account biometrically verified at your nearest retailer, and that a fee of Rs. 99 will be charges from your account for biometric verfication.

Easypaisa Introduces Rs99 Fee For Biometric And Account Upgradation

The recent move raised question and Easypaisa is yet to share an official statement on the mettter of introducing new charges.

In 2023, the mobile wallet company imposed a monthly SMS alert fee of Rs15, which raised concerns among its vast users. for the unversed, Pakistan’s central bank directed all banks and microbanks to share free SMS and email alerts.