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Economy

SECP Reviews Stock Market Situation with SROs

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The Securities and Exchange Commission of Pakistan’s (SECP) team lead by the Chairman SECP and Commissioner(SM) held a detailed meeting with the CEOs of Pakistan Stock Exchange, National Clearing Company and Central Depository Company (SelfRegulatory Organizations – SROs) this morning, to review and discuss the stock market situation, risk management and business continuity.The index-based market halts were triggered for the third time during this week.

This cooling-off the period gave an opportunity for investors to align their trading strategy and collection of margins by the Clearing Company. The participants of the meeting affirmed that the risk management system was functioning efficiently and margins were being collected timely. The Market operations were running smoothly as a whole.

The SROs further apprised that their business continuity plans and disaster recovery setup were in place based on SECP’s earlier instructions. The Chairman SECP emphasized on conducting drills to ensure remote operations of trading, clearing, settlement and custody services while allowing remote access of market participants to such systems in case onsite operations or physical access was impacted.

He also suggested the adoption of further preventive measures against the spread of coronavirus. The SECP advised SROs to remain vigilant, continue to provide uninterrupted access to market participants and ensure effective risk management while maintaining active engagement with their boards of directors and committees for close coordination.

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Afghanistan

How to Prevent Famine in Afghanistan

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As Afghanistan slides further into a devastating economic and humanitarian crisis, the United Nations is the one global actor that can help the country pull through. The international community must deliver aid where it is most needed, and support national reconciliation and peace processes for as long as necessary.

In August, the world watched in shock as the Western-backed Afghan government rapidly collapsed and the country spiralled into chaos, culminating in the Taliban’s takeover of the capital, Kabul, and return to power after nearly 20 years.

Since then, Afghanistan has faded from global view. But almost nine million Afghans are now at risk of famine, and a further 14 million are facing acute hunger, owing to a drought and an economic collapse triggered by the sudden suspension of foreign aid. The World Health Organization warns that one million Afghan children are at risk of dying this winter.

In December, the United Nations Security Council passed a resolution exempting humanitarian aid from sanctions against the Taliban. But that is just one piece of the puzzle in addressing the humanitarian and economic crisis in Afghanistan. The global community is facing an urgent challenge to prevent mass starvation and avoid a complete collapse of basic services.

The Council on State Fragility, of which I am a member alongside prominent global leaders, is calling on the international community not to abandon the people of Afghanistan, and to act now to head off imminent famine. Specifically, we urge world leaders to focus on three key imperatives.

First, as Afghanistan slides further into a devastating economic and humanitarian crisis, the UN – the one global actor that can help the country pull through – can still support Afghans, even as its member states continue to debate whether to recognize the Taliban government. UN Secretary-General António Guterres, acting with the full backing of the Security Council, should strengthen the mandate of the UN Assistance Mission in Afghanistan, and send a special envoy to be based in Kabul with UN agencies’ staff. Furthermore, Guterres should task the UNAMA with maintaining clear and consistent communication channels with the Taliban leadership and ensuring an integrated approach to humanitarian, development, and peace efforts.

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The UN and its agencies are not new to such challenges. Similarly strong and coordinated UN responses have had a clear impact in other difficult contexts, including in North KoreaYemen, and Sudan. In Afghanistan, UN agencies have excellent local staff: well-trained, experienced, and devoted men and women, many of whom successfully delivered aid programs under the Taliban’s previous regime in the 1990s. They have done the same in Taliban-controlled areas in the recent past.

Second, inclusivity is essential to a stable, lasting peace. An inclusive political settlement in Afghanistan remains as necessary today as it was before the Taliban retook control of the country. Rather than writing off the Afghan peace process as dead in the water, the international community should view it as a multi-year, adaptive, and ongoing process of bringing all sides together to build bridges and reach a common understanding regarding the country’s future.

The winner-takes-all politics that has long plagued Afghanistan must be avoided at all costs, because exclusion will only fuel endless cycles of conflict. National consensus-building mechanisms, chief among them a well-prepared and well-led Loya Jirga – a traditional gathering of ethnic, tribal, and religious leaders – can help to foster agreement among the country’s communities and lead to the patient construction of the new dispensation Afghanistan needs.

Lastly, Afghanistan’s immediate neighbors and near-neighbors – primarily Iran, Pakistan, China, and India, as well as key regional actors such as Qatar and Turkey – have a critical role to play in stabilizing the country. The international community should urge these countries to contribute to peace efforts in Afghanistan, and support existing constructive engagement by regional players, such as Qatar, that have established a track record as trusted interlocutors between the Taliban and the outside world.

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The humanitarian crisis in Afghanistan is severe, and millions of lives are at stake this winter. The international community, with strong UN leadership, can and should step up to support Afghans at this challenging time. The world must deliver aid where it is most needed, and support national reconciliation and peace processes for as long as necessary.

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Diplomacy

For The First Time In 74 Years, Pakistan is Going To Turn Gems, Jewelry And Minerals Into An Export Industry: PM

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Prime Minister Imran Khan chaired a meeting of the Gems, Jewellery and Minerals Task Force. The meeting was attended by Federal Minister for Industry Makhdoom Khusro Bakhtiar, Special Assistant Dr. Shahbaz Gill, Chairman Gems and Jewellery Task Force Engineer Gull Asghar Khan, Atif Khan, members of the task force and relevant senior officers. During the meeting, recommendations were made to the Prime Minister on the restructuring of the Gems, Jewellery and Minerals Division of the Task Force and the proposed Mineral City.

The meeting was informed that Pakistan has a potential of USD 5 billion annually in terms of exports of precious stones which will have a positive impact on the national economy and create millions of jobs. Pakistan currently has reserves of 99 types of precious stones and is the eighth largest producer in the world. Moreover, according to conservative estimates, Pakistan consumes 200 tons of gold annually. With effective legislation and better management of this sector, it will be transformed into a major export industry.

The meeting was informed that Gems and Jewellery have been given industry status and its implementation will be ensured as per the strategy of the task force. In order to increase exports, special attention will be given to export promotion for which assistance will also be sought from Pakistani embassies. In addition, a Gems and Jewellery City will be set up to pool resources, provide one-window operations to address the problems the sector is facing and provide incentives to investors. Initially, a public-private partnership model will be adopted using existing resources.

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Pakistan will also actively seek sector-related certifications for access to international markets. It will not only improve the standards of not only precious stones but also precious metals but will bring the current standards at par with internationally recognized standards. The meeting was also informed that despite the availability of research resources in this field, no significant progress has been made. According to the strategy, all modern standards will be introduced by utilizing the research sector. The meeting was also given a detailed briefing on the establishment of Mineral City.

An area has been identified for the chemical and mineral industry in Pakistan where industrial value addition from crude minerals will not only help reduce imports but also increase foreign exchange from exports. The Prime Minister said on the occasion that the government was restructuring the sector with modern technology by changing the traditional practices of the minerals and precious stones sector. The Prime Minister further directed that all the resources that are being wasted should be utilized and a schedule should be worked out for the implementation of this strategy with clear-cut timelines as well as the existing barriers for investors should be eradicated.

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Canada

Socio-Economic Implications of Canadian Border Closure With U.S

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After doing a  detailed analysis of the situation emerging from the closure of the border between    Canada and  US, it could be assessed that how damaging the decision is for the  Economy of Canada, and how beneficial, it will be for Canada, if it decides to re-open the Border which is closed over the fears of an outbreak of Covid-19 Pandemic.

Since, some people think that given the maximum number of  Covid-19 cases and several deaths worldwide, the decision should stay as there are thousands of cases and deaths over covid-19 in the US. They deem it a good step to keep the border shut over the fears of  Novel Corona Virus with the US and Mexico. 

Though some sections consider the move as a right decision based on the covid0-19 statistics some experts term it very dangerous for  Canadian Economy as it will be affected as major industries such Tourism and Travel, Immigration affected very badly and economic cannot be put on hold for long as the numbers show that  75% to 80% Canadian exports go to the US while 30% to 40% US exports make their way in  Canada.

Thus the economy has been hit very badly due to this prolonged closure and shutdown of Economic activities will ultimately pose a grave threat to falling in Recession and Falling of  Reserves.

The Canadian authorities will have to swallow a hard pill to re-open the b border for essential and non-essential travel since both types of entries in the country contribute to the economy of the country.

At the moment, Canada has limited Covid-19 infections as compared to the US that has a massive number of infections in the world.

According to the Border Management Experts, this could be the only problem that might have prompted  Canadian Prime Minister to extend the closure for another month until some  SOP’s may be developed to ensure on border covid-19 Testing and Scanning so that preventive measures should be taken to keep the infection ratio low in Canada.

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 The World economies are affected very badly over the lockdowns announced to prevent Covid-19 outbreak and their economy has been under pressure already and the financial experts predict the worst type recession shortly. 

The people of both countries are of the view that the Prolonged border closure has caused an economic crisis and several Industries such as Hotel Industry, Travel Tours and Immigration, Food and beverages Industry, sports Industry, Education have been affected very badly and both Canada and the US cannot afford to sustain more jolts to their economy as economic activities have dropped to almost  80%  and ring the alarm bells for the leadership to decide immediately what their next plan will for the border.

Whether they will reopen it in phases or provide restrict access to essential travel such health workers, Airline Crew, Food and Goods services, People visiting ailing relatives and other related activities that fall within the purview of  “ essential”.

Although, the global Pandemic has created a situation like recession which is going from bad to worse each Passing day, yet in such scenario “keeping borders Closed” for trade and Business Opportunities and other travel, entertainment industry, will incur an irreparable loss to the Economy of both Canada and US as both countries have signed several Trade Agreements and US has been losing millions of Dollars in terms ” US Entry Waivers” and this is putting pressure on world’s biggest economy. 

Even it is a great blow to the Immigrants who wish to travel to neighbouring countries.

Both Canada and the United States are providing millions of dollars to people as relief package, Health and social security and other procurements such  Covid-19 testing kits and establishing new isolation and Quarantine centres as the infections surge in the US and worldwide.

In such circumstances halting economic activities are suicidal for  Canada and Virus affected the US  by keeping borders close for non-essential or optional purposes despite putting some curbs on essential travels such putting immigrants in 14 days quarantine and other immigration-related curbs. 

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The economists fear that what would be the consequences if the covid-19 vaccine was unavailable till the end of the year 2021, will they still keep the border closed, sounds like insensible and disastrous for all types Industries and Sectors including  Immigration and Border services. 

So, it would be prudent on the part of Both Canada and US  to think over the re-opening of their border so that people intending to visit their relatives on both sides of borders may have uninterrupted access and they must be facilities at the border checkpoints for covid-19 so that the fears of  Canadian authorities about getting soaring infections may be dispelled by assuring them safety measures at border crossing points.

Furthermore,  the fears cannot be treated with medicines but they could be soothed with confidence-building measures as the statistics show that  65% Canadian fear to get contracted by Virus while over 60% US people have a similar situation for contracting virus.

Despite all this, nobody knows that when these borders will reopen for general people apart from essential travel as most people are in the grip of fear and prefer staying at home as per WHO guidelines, that may be the issue that both Canadian and US Governments are lingering on the issue and prefer extending closure as both nations enjoy cordial relation and the closure is a mutual decision of both countries.

Recently, though some Tour industry groups recorded their protest and demanded to re-open the border. The decision could not be influenced until the general public presses their respective Governments to review the decision and take some bold steps to save their economies falling to prey to this pandemic.

Both Canada and the US  cannot afford to lose millions of Dollars in border trade and border revenues such as Entry waivers, customs etc to boost their economies.

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