KARACHI: A senior member of the ruling Pakistan Tehreek-e-Insaf (PTI) government, which has been chasing PayPal Holdings Inc to start Pakistan operations, said the country was still in talks with the worldwide payments processor and “hopeful” it would launch services soon in the South Asian nation of 208 million.
As of this year, PayPal operates in about 200 markets and has 277 million registered accounts, allowing customers to send, receive, and hold funds in 25 currencies. Around 200,000 freelancers and over 7,000 registered small and medium enterprises (SMEs) would benefit if PayPal entered the Pakistani market.
The online payment industry is pegged to grow ten-fold to $500 billion by 2020, but last week, Senator Mian Mohammad Ateeq Shaikh told the Senate Standing Committee on Information and Technology that PayPal was afraid to enter Pakistan in the absence of laws to protect the company’s interests.
“The issue is under consideration, and we are hopeful [PayPal will enter Pakistan],” Muhammad Abdul Ghafar Wattoo, member of the National Assembly’s Standing Committee on Information Technology and Telecommunication, told Arab News.
PayPal, an Elon Musk-founded company, will allow Pakistani consumers to use the platform to shop online at some of the country’s most popular businesses. Merchants accepting PayPal will also be able to process both local and global payments through PayPal, getting access to the payment processor’s more than 218 million customers around the world and in Pakistan.
Industry insiders say one of the major bottlenecks to PayPal coming into Pakistan is a central bank-mandated $2 million license fee.
“For a company like PayPal, which earns between 2% to 3% on transactions, even a $100 million transaction a year could not justify a $2 million license fee,” Dawn reported this week.
Freelancer graphic designer Zoha Kaml Azmi said she was disappointed when she heard PayPal was refusing to start Pakistan operations.
“I had found a really good freelance site based in England but the client couldn’t pay me as I didn't have a PayPal account,” Azmi said. “I was very happy I could get myself registered on those freelance sites. PayPal is a global gateway that connects to the larger world. There are many freelance opportunities that I am missing because PayPal doesn’t exist in Pakistan.”
In the absence of PayPal or another internationally recognized payment gateways, Pakistani freelancers and SMEs have hacked other ways of providing services and being paid from abroad, according to the Secretary-General of the Pakistan Software Houses Association, Shehryar Hydri. Many SMEs and freelancers open accounts abroad through their relatives or friends and receive payments there, he said.
“From the government’s point of view, this is a major leakage in the system when people are forced to keep their money abroad,” Hydri said.
Pakistani technology company owners say Paypal launching operations in Pakistan could also solve the problem of stuck up payments abroad.
“Mostly clients in the US and Europe use PayPal,” said Mashal Amir, who heads Octopus Private Limited, a call center. “Whenever they float the project online they attach the conditions of having a PayPal account as well for payment. In Pakistan’s case, we miss opportunities due to non-existence of the facility and due to the payments remaining stuck for many years.”
He added: “The clients often question why they should open new account just for us on other networks when entire world works on PayPal.”
SM Arif, a financial and banking technologist, said the presence of global players like PayPal would allow access for Pakistani freelancers and companies to international markets.
“Otherwise it looks like they are operating in isolation,” Arif said. “To deal with foreigners in the international market you show the world that a conducive environment exists in your country. The big player boost the confidence of all players in that market. It makes you a part of the global economy, the world.”
Pakistan still ‘hopeful’ online payment giant PayPal will play ball
Pakistan still ‘hopeful’ online payment giant PayPal will play ball
- Around 200,000 freelancers, 7,000 small and medium enterprises will benefit if PayPal started operations in Pakistan
- Last week, a parliamentary committee said PayPal was afraid to enter Pakistan in absence of laws to protect company’s interests
Top five Pakistani women who led the way as trailblazers in 2024
- Pakistan’s Ayla Majid became first Muslim and South Asian to get elected president of global accountancy body ACCA
- Maryam Nawaz became the first woman chief minister of a Pakistani province after contentious elections in February
ISLAMABAD: As the world prepares to bid farewell to an eventful 2024 and welcome the new year, here is a list of five Pakistani women who shattered stereotypes and made history by dominating in their respective fields ranging from politics to mountaineering, and sports to music.
Maryam Nawaz Sharif
Maryam Nawaz Sharif, the daughter of three-time former prime minister Nawaz Sharif, made history in February after she was elected as the first woman chief minister of a Pakistani province.
After her Pakistan Muslim League-Nawaz (PML-N) party won the highest number of seats after a contentious election in February, Sharif was elected as the chief minister of the country’s richest and most populous Punjab province.
She formally joined politics in 2012 and became increasingly involved in politics during her father’s four-year, self-imposed exile in the United Kingdom from 2019 to 2023. In 2019, she was appointed vice president of the PML-N, leading anti-government rallies throughout the country against then prime minister Imran Khan’s government.
Political opponents and critics, however, say her election to the chief minister’s post is an example of the enduring influence of feudal politics in Pakistan.
Ayla Majid
In November, Ayla Majid became the first South Asian and Muslim to be elected president of the Association of Chartered Certified Accountants (ACCA), a global accountancy body.
Majid is the chief executive officer of a firm that advises on decarbonization, sustainability, and energy transition. Majid is leading more than 252,500 members and 526,000 future members of ACCA across 180 countries during her year-long term in office.
She has over 20 years of experience in energy, transaction advisory, mergers and acquisitions, investments and corporate governance. Majid holds a Master of Business Administration degree from the Lahore University of Management Sciences (LUMS) and a Bachelor of Law degree from the University of London.
Arooj Aftab
Pakistani singer Arooj Aftab earned Grammy nominations for the fourth time in a row in November. Her single “Raat Ki Rani” earned a nomination in the Best Global Music Performance, category while her album, “Night Reign” has earned a nomination for the Best Alternative Jazz Album category.
This category honors vocal or instrumental albums where new alternative jazz recordings comprise more than 75 percent of the playing time.
In 2022, Aftab became the first Pakistani singer to win a Grammy for her song ‘Mohabbat’ in the Best Global Music Performance category.
Naila Kiani
In May, Dubai-based mountaineer Naila Kiani became the first Pakistani woman to summit Mount Makalu, the fifth-highest mountain in the world. The tremendous achievement also brought another feather to Kiani’s cap, as it made her the first and only Pakistani woman to summit 11 out of 14 mountains that stand 8,000 meters above sea level.
Kiani had previously summited Broad Peak (8,047 meters), Annapurna (8,091 meters), K2 (8,611 meters), Lhotse (8,516 meters), Gasherbrum 1 (8,068 meters), Gasherbrum II (8,035 meters), Nanga Parbat (8,125 meters), Mount Everest (8,849 meters), Manaslu (8,156 meters) and Cho Oyu (8,201 meters) mountains.
The mother of two, who is also a banker by profession, garnered fame in 2018 after her wedding photos from K2’s base camp were widely shared on social media. She is also a recipient of the Sitara-e-Imtiaz, Pakistan’s third-highest civilian award, which she received in March 2024 for climbing Mount Everest.
Saleema Imtiaz
Saleema Imtiaz became the first Pakistani woman to be nominated to the International Cricket Council’s International Panel of Development Umpires in September. The nomination qualifies Imtiaz, 52, to officiate in women’s bilateral international matches and ICC Women’s Events.
Imtiaz, mother of Pakistan women’s international player Kainat Imtiaz, began her umpiring career with the Pakistan Cricket Board Women’s Umpires Panel in 2008. Her extensive experience includes officiating in high-profile events under the Asian Cricket Council such as the 2022 and 2024 ACC Women’s T20 Asia Cup and the 2023 ACC Emerging Women’s Cup in Hong Kong.
Pakistan begins construction of $3.5 billion Chinese-designed nuclear energy project
- The Chashma-5 nuclear power plant is being constructed along the left embankment of the fast-flowing Indus River in Mianwali
- Beijing is building roads, bridges, power plants, and railways in Pakistan to link its far west with Gwadar port on Indian Ocean
ISLAMABAD: Pakistan has begun construction of a $3.5 billion Chinese-designed nuclear energy project, which would produce 1,200 megawatts of electricity, Prime Minister Shehbaz Sharif said on Monday.
Pakistan and China are longtime allies. Beijing is building roads, bridges, power plants, and railways under the China-Pakistan Economic Corridor (CPEC), part of President Xi Jinping’s Belt and Road Initiative, to link its far west with the
Chinese-built Gwadar port on the Indian Ocean in Pakistan’s Balochistan.
The nuclear power plant, known as Chashma-5, is being constructed at a site along the left embankment of the fast-flowing Indus River in Mianwali, a district in the eastern Punjab province. The site is already home to four Chinese-supplied nuclear power plants that were built in recent decades.
In a post on X, Sharif said the Chashma-5 nuclear power plant was another “milestone” in strategic cooperation between the two friendly countries.
“Commencement of construction of the most modern and the biggest, C-5 Nuclear Power Plant is another milestone in strategic cooperation between Pakistan and China. The plant will contribute 1200 MW electricity,” Sharif said.
“I congratulate PAEC (Pakistan Atomic Energy Commission) and CNNC on this remarkable achievement.”
The development comes as Pakistan, which has one of the highest electricity tariffs in the region, is making preparations to stop capacity payments to independent power producers (IPPs), and PM Sharif’s cabinet this month approved settlement agreements with eight bagasse-based IPPs, with the aim to reduce electricity prices and save the national exchequer billions of rupees.
High cost of power is one of the key factors that leads to inflation in the South Asian country.
Pakistan has also been holding talks on reprofiling power sector debt owed to China and structural reforms, but progress has been slow. It has also vowed to stop power sector subsidies.
Pakistan government, ex-PM Khan party to again meet on Jan. 2 in bid to ease political tensions
- Khan’s ouster in a parliamentary vote of no-confidence in 2022 has plunged the country into a prolonged political crisis
- Both sides last week held first round of talks after the ex-premier threatened a civil dissidence movement in the country
ISLAMABAD: Ayaz Sadiq, speaker of the lower house of Pakistan’s parliament, has summoned an in-camera meeting of negotiation teams of the government and the opposition on Jan. 2, the National Assembly Secretariat said on Monday, amid efforts to ease prolonged political tensions in the country.
The development came a week after the government and the opposition Pakistan Tehreek-e-Insaf (PTI) party of former prime minister Imran Khan held the first round of formal negotiations on Dec. 23, with the PTI asked to present its demands in writing at the next session.
Khan’s ouster in a parliamentary no-trust vote in 2022 has plunged Pakistan into a political crisis, particularly since the PTI founder was jailed in August last year on corruption and other charges and remains behind bars. His party and supporters have regularly held protests calling for his release, with many of the demonstrations turning violent.
“The Honorable Speaker, Sardar Ayaz Sadiq, will chair a 2nd meeting (in-camera) on negotiations between Treasury and Opposition on Thursday, the 2nd of January, 2025,” the National Assembly Secretariat said in a notification on Monday.
Khan previously rejected talks with the government, saying his party would only talk to the “real powerbrokers” in Pakistan, the all-powerful army, but earlier this month he set up a negotiating committee of top party members to open a dialogue with the government for the fulfilment of two demands: the release of political prisoners and the establishment of judicial commissions to investigate protests on May 9 last year and Nov. 26 this year, which the government says involved his party supporters, accusing them of attacking military installations and government buildings.
The talks opened days after Khan threatened a civil dissidence movement and amid growing concerns he may face trial by a military court for allegedly inciting attacks on sensitive security installations during the May 9 protests.
Sadiq last week said the first round of talks were held in a “cordial” environment, calling them vital to end “political polarization” in the country.
“Since some members of the opposition could not join the talks today, we have decided to hold the next meeting on Jan. 2,” he said on Dec. 23. “The opposition will also present a charter of demands in the meeting.”
Speaking to the media after the talks, Khan’s close aide, Asad Qaiser, said the PTI team had asked the government to release all political prisoners, including the former prime minister, and form a judicial commission, comprising senior Supreme Court judges, to probe the May 9 and Nov. 26 protests.
“We should be allowed to hold a meeting with Imran Khan,” Qaiser said. “He is our leader. We will move forward with his instructions.”
The negotiations came days after Pakistan’s military announced prison sentences for 25 people involved in the May 9 protests, which PTI has demanded be investigated. The PTI has also repeatedly said it fears the government and military will try Khan in army courts for the May 9 violence. He is already being tried for the violence in a civilian court.
Pakistan stocks surge by more than 3,000 points on hopes of policy rate cuts
- Investor activity remained vibrant on Monday, with a total volume of 1,058 million shares traded
- Pakistan cut its key policy rate by 200 basis points to 13 percent on Dec. 16, marking fifth straight reduction
ISLAMABAD: The Pakistan Stock Exchange (PSX) opened the week on a positive note and surged by more than 3,000 points on Monday, amid hopes of further policy rate cuts.
The benchmark KSE-100 index soared by 3,907 points, or 3.51 percent percent, to close at 115,258 points, compared to Friday’s close of 111,351 points.
Investor activity remained vibrant, with a total volume of 1,058 million shares traded and a turnover of Rs40.8 billion, while hopes of further policy rate cut boosted market confidence.
“This upward momentum was fueled by optimism surrounding anticipated increases in equity fund allocations by local institutions ahead of the new year,” Topline Securities said in its market review.
“Adding further impetus was a statement from the finance minister over the weekend, suggesting a potential decline in interest rates to single-digit levels in the future.”
Pakistan’s central bank cut its key policy rate by 200 basis points to 13 percent on Dec. 16, it said in a statement. This was a fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing.
The move followed cuts of 150 bps in June, 100 in July, 200 in September, and a record cut of 250 bps in November, that have taken the rate down from an all-time high of 22 percent, set in June 2023 and left unchanged for a year. It takes the total cuts to 900 bps since June.
Pakistan’s economy also grew by 0.92 percent in the first quarter of the fiscal year 2024-25, despite a contraction in the industrial sector, according to data approved by the National Accounts Committee, and released by its Statistics Bureau on Monday.
The growth was driven by positive performances in the agriculture and services sectors, which grew by 1.15 percent and 1.43 percent, respectively, in the first quarter of the fiscal year which ends in June 2025.
Pakistan reports 68th polio case of this year amid virus resurgence
- Pakistan on Monday began a week-long anti-polio vaccination in worst affected Balochistan province
- Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world
ISLAMABAD: Pakistan has reported another case of polio virus in its northwestern Khyber Pakhtunkhwa (KP) province, authorities said on Monday, taking the nationwide tally to 68 this year.
Polio is a paralyzing disease that has no cure. Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five is essential to provide children high immunity against this terrible disease.
The Regional Reference Laboratory for Polio Eradication at the National Institute of Health (NIH) Islamabad confirmed the wild poliovirus type 1 (WPV1) case in KP’s Dera Ismail Khan district. This is the 10th polio case of the district this year.
“Pakistan is responding to the resurgence of WPV1 this year,” the country’s polio program said in a statement. “It is crucial for parents to ensure vaccination for all their children under the age of five to keep them protected.”
Of the 68 cases reported this year, 27 were from Balochistan, 20 from Khyber Pakhtunkhwa, 19 from Sindh, and one each from Punjab and Islamabad, according to the polio program.
It said a sub-national polio vaccination campaign was conducted across Punjab, Sindh, KP, Azad Kashmir, Gilgit-Baltistan and Islamabad on December 16–22, vaccinating over 42 million children.
The Balochistan government had postponed the anti-polio drive for two weeks due to security threats and a lack of preparedness stemming from a boycott of the campaign by provincial health staff.
“The campaign’s second phase started today [Monday] in Balochistan,” the polio program said. “To keep children safe, it is critical for parents to welcome vaccinators among them and bring their children forward for vaccination.”
Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world.
