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Flood impacted Pakistan’s economy by $10b: Miftah Ismail

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  • Minister of Finance Miftah Ismail says flash floods caused at least $10 billion in damage.
  • Says various sectors of country’s already struggling economy have been impacted.
  • Islamabad will first seek financial assistance from the international community.

Minister of Finance Miftah Ismail has said that the flash floods have caused at least $10 billion in damages to various sectors of the country’s already struggling economy.

Talking to the media, Miftah said that these were preliminary assessments that could change after conducting field surveys. Miftah stated that he does not currently have details on the losses suffered by each sector of the economy.

When asked if the country had taken the donors’ initial assessment of damage seriously, the minister replied in the negative. According to top officials, Islamabad will first seek financial assistance from the international community, and then it will assess the damages separately or jointly with the donors to determine the exact figures, but first and foremost, the government will focus on all-out relief efforts to rescue the victims.

In 2005 earthquake and 2010 floods, Pakistan and donors assessed the losses caused to different sectors of economy, and then the donors helped Islamabad during the reconstruction phase after relief and rehabilitation.

Now, the same strategy would be adopted. Initial assessments show that more than 1,000 people and millions of livestock have died in different parts of the country, besides damage to an untold number of houses, hotels and roods in major flood-hit areas of Punjab, Sindh, Balochistan and KP.

Miftah says PTI has put country’s economy at risk for politicking; hits back at Fawad, Hammad; says IK’s lust for power knows no bounds News Desk adds: Federal Minister for Finance and Revenue Miftah Ismail on Sunday fired back at PTI leaders Chaudhry Fawad Hussain and Hammad Azhar, saying the Pakistan Tehreek-e-Insaf (PTI) has put the country’s economy at risk and PTI Chairman Imran Khan’s lust for power has no bounds.

The finance minister, firing back at PTI leader Chaudhry Fawad Hussain for his critical remarks, tweeted: “Chaudhry sb, you have endangered Pakistan’s economy just for the sake of politics. This is very saddening. You were not like this before but the PTI has left very bad impact on you.”

Earlier, PTI leader Chaudhry Fawad Hussain tweeted: “It is simple that we can’t chop off our hands and give them to the IMF. No one trusts your corrupt government. Therefore put all the conditions of IMF programme before the nation. After getting the loans, you will run away, while the nation will have to bear the brunt. Therefore, there should be full disclosure of the IMF programme.”

Hitting back at PTI leader Hammad Azhar, Miftah tweeted: “You know this is absolutely untrue. Fawad said on TV a day before that such letters would be coming. Your successor called KP’s & Punjab’s finance ministries for these letters. Punjab refused. KP complied. Then, PTI leaked it. Shame really. IK’s lust for power knows no bounds.”

Earlier, Hammad Azhar tweeted: “From Miftah leaking Jhagra’s letter just before IMF meeting to the entire PDM doing nothing but photoshoots on the flood catastrophe. These artificial rulers are not only incompetent but also disgraceful.”

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Here is the date and information for Google Pay’s launch in Pakistan!

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Google Pay is set to formally arrive in Pakistan by mid-March 2025, bringing its popular contactless payment system to the local market.

This advancement signifies a crucial milestone in Pakistan’s expanding digital payments ecosystem.

Sources acquainted with the situation indicated that the technology conglomerate’s entry into the Pakistani market was verified in November 2024, with Visa and Mastercard enabling the implementation.

The service will allow customers to connect their bank-issued debit and credit cards to Google Pay through the Google Wallet app, which will also be accessible to users in Pakistan.

The primary emphasis will be on facilitating contactless payments, but the full suite of Google Wallet functionalities, including loyalty cards and public transit passes, will not be incorporated in the initial phase.

Industry insiders disclosed that preparations are underway, with four to six prominent banks partnering with Visa and Mastercard to fulfill technical specifications and guarantee service compatibility. These initiatives seek to establish Pakistan as a pivotal market for Google’s digital payment solutions.

Pakistan’s payment infrastructure is well prepared to facilitate the launch. The State Bank of Pakistan reports that the nation has 133,000 point-of-sale (POS) terminals, with 99 percent equipped to take mobile contactless payments.

Experts assert that the introduction of Google Pay will enhance the adoption rates of digital payments in Pakistan, which have shown substantial growth in recent years. A top financial official involved in the project stated, “This development corresponds with the growing trend of cashless transactions in Pakistan.”

Essential Information Regarding Google Wallet

Google Wallet, formerly referred to as Google Pay, is a digital wallet and payment system enabling users to store and manage various documents, payment methods, and essential credentials on their Android devices.

Google Wallet launches in India: Instructions for usage – India Today

The platform enables contactless payments at compatible Point of Sale (POS) terminals, enhancing transaction speed and security. Furthermore, users can consolidate loyalty cards, boarding permits, tickets, and other digital passes, establishing a consolidated repository for all digital credentials.

The application prioritizes security by employing encryption and device security measures to guarantee secure transactions and safeguard personal data. This renders it a dependable choice for anyone seeking to transition from physical cards to the comfort of mobile payments.

Prospective advantages for Pakistan

The introduction of Google Wallet in Pakistan presents significant potential for a nation where the uptake of digital payments has lagged compared to other areas. The application will provide several significant advantages:

Secure and convenient transactions: Google Wallet eliminates the necessity for users to carry actual cards. They can execute secure, contactless payments instantly from their cellphones. The application guarantees encryption and safeguarding via the device’s inherent security functionalities, rendering it a more secure option compared to conventional payment methods.

Financial Inclusion: A significant benefit of Google Wallet in Pakistan is its capacity to enhance financial inclusion. A considerable segment of the population is unbanked, possessing restricted access to official financial institutions. By facilitating digital payments, Google Wallet will provide a conduit for these individuals to participate in the financial ecosystem, thereby addressing the digital divide.

Google Wallet officially returns to supplant Google Pay in most regions | Android Central

Facilitated Travel and Event Participation: For regular travelers and attendees, Google Wallet aims to streamline the organization and maintenance of boarding passes and event tickets. Users can scan their digital passes immediately from their smartphones, thereby removing the necessity for physical documents and mitigating the danger of losing essential travel or event information.

The wallet’s capacity to hold loyalty cards and reward programs will advantage users who often use establishments that provide discounts and special offers. This feature can enhance customer interaction, promote brand loyalty, and strengthen business-to-consumer relationships.

The PayPal conundrum

The introduction of Google Wallet highlights Pakistan’s persistent difficulties with international digital payment systems. Despite persistent speculation over PayPal’s possible market entry, regulatory obstacles have hindered the service’s rollout in Pakistan.

Notwithstanding earlier indications of possible collaborations with firms such as PayPal, PayPal has failed to establish a direct presence in the country owing to apprehensions regarding money laundering and several legal challenges.

The forthcoming introduction of Google Wallet in Pakistan presents a promising prospect for individuals seeking dependable and secure international payment options. The absence of PayPal is a significant barrier for numerous Pakistani consumers participating in international e-commerce; nevertheless, the introduction of Google Wallet may serve as a viable alternative for digital payments, offering a secure and efficient solution for routine transactions.

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On January 16, the price of petrol in Pakistan can increase once more.

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In yet another shock to the people affected by inflation, the administration of Prime Minister Shehbaz Sharif is set to raise the price of gasoline and diesel starting on January 16.

There are worries that the country’s petroleum product prices may rise further as a result of the spike in crude oil prices.

As global crude oil prices continue to rise, predictions indicate that prices will likely jump by Rs 3 to Rs 5 per litre.

For the third consecutive week, Brent crude futures increased by 0.35% to $77.32 a barrel, bringing crude oil prices to a three-month high.

This price change is a result of increased energy consumption and concerns about supply disruptions throughout the winter. Instead of broad economic worry, experts believe that worries about possible disruptions in the supply are the main cause of the increase in oil prices worldwide.

According to the Finance Division and Prime Minister Shehbaz Sharif, the Oil and Gas Regulatory Authority (OGRA) is likely to finalize the updated petroleum product prices. The revised rates will go into effect on January 16, 2025, if they are approved.

Current Pakistani prices for petrol and diesel

This rise follows a pricing adjustment earlier this month by the government. The price of petrol increased by Rs 0.56 on January 1st, reaching Rs 252.66 a litre.

Furthermore, the cost of high-speed diesel increased by Rs 2.96 to Rs 258.34 per liter.

With the government being under increasing pressure to modify rates in accordance with global market trends, the anticipated increase in local fuel costs is mostly being driven by the jump in oil prices worldwide.

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A stock market boom is questioned by an economist who points to few factors.

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According to Muzzammil Aslam, an economic expert, Khyber Pakhtunkhwa has a debt of Rs725 billion.

Regarding financial advancements, he said that a particular fund has been established to handle economic difficulties, with Rs30 billion being provided to it.

Aslam observed that only five companies were mostly responsible for the recent spike on the Pakistan Stock Exchange.

“The boost is due to two fertilizer companies, two petroleum firms, and one bank,” he stated.

He went on to say that just five businesses helped the stock market rise by 35,000 points, underscoring their substantial influence on the performance of the market as a whole.

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