Development roadmap: Leading universities to help Pakistan develop 2025 vision

Pakistan 2025 Programme will be developed with the assistance of leading universities and research experts in policy formulation. PHOTO: EXPRESS/ FILE

ISLAMABAD: Federal Minister for Planning, Development and Reforms Ahsan Iqbal has said that the Pakistan 2025 Programme will transform the country into a strong economy that will be ranked amongst middle-income countries.

Delivering a lecture at Harvard University, Iqbal said international projects are aimed at making Pakistan a hub of regional integration comprising South Asian economies, China and Central Asia.

He said the Pakistan 2025 Programme will be developed with the assistance of leading universities and research experts in an effort to gain an edge in policy formulation. Under the programme, data will be provided to researchers, businesses and technology entrepreneurs for its application.

Iqbal told the audience that in the past Pakistan’s human capital had been neglected, however, now there is an increased emphasis on harnessing its talented youth population.

“We plan to use biotechnology in development of the economy and leading Pakistani professionals in the US have volunteered to help,” he remarked.

The government has launched a public sector reform programme aimed at improving services to citizens and performance of government departments. State officials and departments will be assessed on the basis of key performance indicators.

“Either people improve their performance or move out of the way of younger professionals,” he said.

He stressed that the government has zero tolerance for corruption and is focused on reviving the economy. The security challenge is being addressed on priority basis, he said.

Blaming dictatorships for ethnic, sectarian and linguistic violence, he said there is no room for militancy and that the government is committed to creating a peaceful society for all Pakistanis regardless of race or ethnic differences.

Loophole in bailout: IMF says Pakistan has to borrow $2 billion more

IMF says Pakistan has to borrow $2 billion more. PHOTO: REUTERS

ISLAMABAD: 

In the course of its recently concluded Pakistan visit, the International Monetary Fund (IMF) revealed that Pakistan will have to borrow an additional $2 billion on war footing due to a major loophole in the design of the $6.7 billion bailout package.

Sources in the finance ministry told The Express Tribune on Tuesday that the adjustment was made during a revision of the current account deficit forecast, which currently stands at $3.2 billion for the fiscal year 2013-14.

In July this year, the current account deficit – the difference between external payments and receipts – had been projected at $1.3 billion, they added.

The IMF has now projected that the current account deficit will be 1.5% of the Gross Domestic Product (GDP), as compared with the earlier projection of just 0.6% of GDP. The $1.3 billion, or 0.6% of the annual GDP projection, became irrelevant as the limit was reached in just three months of the package’s approval on September 4, casting doubts on the IMF’s working.

The IMF’s projection of the balance of payments came under criticism immediately after the approval of the $6.7 billion assistance under the three-year Extended Fund Facility.

Noted economist Dr Hafiz Pasha termed the IMF’s earlier projections incorrect while arguing that the deficit will remain close to $2.7 billion. The State Bank of Pakistan (SBP) had originally projected a $2.6 billion current account deficit, but had to understate the number under IMF pressure.

Independent economists had argued that initial rosy projections would ease short-term borrowing requirements but bring foreign currency reserves under severe strains when financing requirements will be much more than projections in May and June next year.

In the aftermath of the adjustments, sources said the IMF has now lowered its projections for growth in exports and increased estimates of imports. It has also revised the economic growth projection to 2.8% as against earlier estimate of just 2.5%.

Sources added that the IMF has also slightly lowered the requirements of building gross official foreign currency reserves, which had earlier been fixed at $9.6 billion.

The SBP did not respond to questions of revised current account deficit and lowered reserves requirements.

Filling the gap

To raise the additional $2 billion, Pakistan has assured the IMF that it will look to international markets. It has planned to borrow $500 million from the Overseas Private Investment Corporation (OPIC) in addition to expensive commercial borrowing of another $500 million, ministry of finance officials disclosed.

Islamabad has also told the IMF that it will raise $500 million by floating a Eurobond, and that process for it has already been started. The remaining $500 million requirement will be met by other sources, such as the UK’s Department for International Development (DFID) and the Islamic Development Bank.

However, due to the country’s credibility crisis, serious questions of debt sustainability and the conditions attached with these loans frequently arise. For this reason, there is often a mismatch between the government’s plans and what is eventually disbursed.

According to statistics provided by the Economic Affairs Division, for the current fiscal year, the government had originally planned to receive $5.5 billion in foreign assistance, but only managed $590 million in the first three months.

A senior government official said external accounts will remain under pressure until the $2 billion receipts materialise. The country’s debt burden is also increasing at an alarming rate and with the government’s additional Rs980 billion in its first three months, the total burden adds up to Rs15 trillion. The rupee depreciation has also contributed significantly in increasing the burden.

Next generation: PTA receives seven bids for 3G auction consultant

While the press release didn’t give any time line for hiring the consultant, a PTA official said they are trying to shortlist and hire consultants by the end of November. ILLUSTRATION: MUNIRA ABBAS

KARACHI: 

Pakistan Telecommunication Authority (PTA) received seven bids from various consulting firms in response to its advertisements for the hiring an international consultant for the spectrum auction for next-generation mobile services, the regulator said on Tuesday.

It is a positive start for the telecom regulator that had failed previously on three occasions to proceed with the auction process right from hiring of the consultants.

The proposals submitted by various consultants were opened on Tuesday by the PTA’s special evaluation committee constituted to evaluate of the bids. PTA will finalize the selection of consultants after evaluating the technical and financial proposals in accordance with the relevant rules, PTA said in a statement.

While the press release didn’t give any time line for hiring the consultant, a PTA official said they are trying to shortlist and hire consultants by the end of November.

“It is really an encouraging response from both local and international firms,” said the official who, at one stage, feared no one would submit the bid for the spectrum auction consultancy because of what happened to the three consultants PTA hired last year.

The telecom regulator had hired three individual consultants for the auction: Martin Sims, Dennis Ward and Rob Nicholls. However, their hiring was challenged and their contracts were later on cancelled without notice. They were not paid for the services they had already provided, and that prompted them to initiate legal action against the regulator.

Despite the fact that aforementioned consultants fell victim to the country’s bureaucracy, PTA has managed to get seven bidders – more than twice the number of bidders it received earlier, in response to the last Reference for Proposal (RFP).

It was not easy for the telecom regulator to attract international bidders, especially because of controversial past of the auction process.

“We have made a lot of phone calls, exchanged emails and conducted pre-bid conferences to convince the bidders that the process will be transparent this time,” the official said. PTA did not even extend the deadline for bids, he said. If the deadline was extended, three to four more consultants might have submitted their bids, he said.

Next, PTA will negotiate with the shortlisted consultants and sign the contract, the official said.

The selected consultant, the press release said, would be responsible for providing professional analysis, input, and advice/recommendations on the whole auction process as per PTA’s RFP and Terms of Reference for the successful completion of auction in a transparent manner: averting collusion, ensuring competition and complete transparency in the auction process.

Once the consultants are on board, they will overview the information memorandum – the policy document for the spectrum auction – and finalise it, the official said. After that, he said, PTA will invite bids from telecom firms interested in next-generation mobile services and also hold a mock auction for awareness about the auction process.

In a separate development, Dr Ismail Shah, who was hired as PTA’s member technical and acting chairman, has now been made chairman, says a notification. The move has been taken in response to the Supreme Court’s latest hearing which directed the government to hire a permanent chairman.

This or that?: Bafta’s Beauties

The key word for the evening seemed to be understated glamour, as the stars turned out to honour those who have dedicated their lives to entertainment at the BAFTA LA Britannia Awards held on Saturday.

Starlets Alice Eve and Dree Hemingway proved that with the right accessories, solid colours can be a stellar look for the red carpet.

Dree Hemingway

Hair and make-up

In keeping with the low-key vibe of the evening, Hemingway kept her look natural with mussed up hair and a nude lip. A slick of black eyeliner kept her from looking too washed out, while her free flowing hair stopped her look from being of stuffy.

Outfit

The American model and actor fit right in on the BAFTA red carpet in a conservative yellow skirt suit. If we didn’t know she was born and bred in Idaho, we’d have sworn she was as British as they come.

Accessories & shoes

Hemingway accessorised her outfit with powder pink ankle strap pumps and a blue box clutch which added a pop of color to her outfit. Her best accessory of the evening, however, had to be her sunny smile. It’s a refreshing change to see celebrities on the red carpet who don’t take themselves too seriously.

Alice Eve

Hair and make-up

Alice kept her look minimal with her newly brunette hair in a neat chignon and neutral make-up. Her peachy skin was the perfect backdrop for the colour of her dress to take center stage. A natural lip and naked nails rounded off her beauty look for the evening.

Outfit

The Star Trek Into Darkness actor was perfectly British from head-to-toe in a forest green Burberry Prorsum gown. The modest wrapped bodice kept it classy while the plunging back added a bit of oomph to her look. We love that she’s not trying too hard, which is more than we can say for some on the red carpet that evening (hello Kelly Rowland).

Accessories & shoes

Alice complemented her dress with emerald teardrop earrings and a ring that probably doubles as a paperweight when it’s off her finger. It’s no wonder she skipped carrying a clutch, a ring that stunning deserves the limelight all to itself

Neymar has been spectacular' - Xavi

The veteran midfielder has praised the Brazilian for adapting quickly to life at Camp Nou, while revealing he has turned down the chance to leave the club on several occasions

Barcelona midfielder Xavi has labelled Neymar "spectacular" following the Brazil international's super start to life at Camp Nou.

The €57 million summer signing has been a huge hit at Camp Nou this season and a regular feature in Gerardo Martino's first-team plans, and the club's vice-captain says he is not surprised that the 21-year-old has impressed.

"It's no wonder Neymar [has impressed]," he told beIn Sport. "We have already seen he is a spectacular player who is able to make a difference.

"He's been decisive on many occasions thanks to his goals, his passing, his dribbling and the high level he has demonstrated.

"We had already we had seen how good he is in the Confederations Cup, but we've seen him go up a notch."

Xavi claims he has had many opportunities to leave the Catalans during his career but insisted he never had his heart set on leaving Barca.

"I had the chance, several times, to leave the club for different reasons," the Spain international, 33, added. "But I always decided to stay for personal reasons.

"I'm Barca through-and-through and the final decision was always based on the most passionate and sentimental feelings."

Xavi featured in the Liga leaders' 4-1 win over Betis on Sunday, as goals from Pedro, Neymar and Cesc Fabregas (twice) secured the points against the bottom-of-the-table side.

Watzke: Dortmund could lose Reus because of release clause

Die Schwarzgelben have confirmed that the Germany international would be free to leave Signal Iduna Park should any interested party meet the fee specified in his contract

Borussia Dortmund chief executive Hans-Joachim Watzke has admitted that Marco Reus has a release clause and that the club could easily lose the attacker as a consequence.

The Germany international is one of the most coveted players in world football at the moment and has most recently been linked with Manchester United.

Watzke has refused to disclose the exact details of Reus' current deal with Dortmund, but he did concede that the club could lose the 23-year-old in the same way they lost Mario Gotze to Bayern Munich during the summer.

"Marco Reus possesses a release clause option in his current contract at our club," Watzke toldSPORT1media. "He could leave our club due to that.

"He is, however, the only player in our first-team squad that has such a contract clause."

Dortmund were dismayed when Gotze departed for the Allianz Arena after Bundesliga rivals Bayern agreed to meet the playmaker's €37 million release clause.

Electra, Barton to debut on Indian ramp

The Fashion Weekend is designed to be a platform for global designers and models. PHOTOS: FILE

MUMBAI: From the beaches of Baywatch and The OC to the runways of India, Hollywood actors Carmen Electra and Mischa Barton have come a long way. Electra and Barton are all set to make their debut on the Indian fashion ramp, as model and designer respectively, at the Signature International Fashion Weekend (SIFW). The fashion extravaganza promises to consolidate the best of haute couture from around the world onto a single platform.

The three-day event will start on November 15 in Mumbai and, for the first time in India, will showcase collections by a number of international designers including Barton, Mark Fast, Bora Aksu and Cute Circuit.

Indian designers, including Falguni & Shane Peacock and Drashta, will also be a part of the event. Their designs will be showcased by global celebrities, such as supermodel Irina Shayk.

Bollywood actor Sonam Kapoor, daughter of superstar Anil Kapoor, has been chosen as the face of the event. Kapoor feels a strong connection with the tagline of SIFW campaign — Make an Impression.

“I believe only if you are confident, true to yourself and super comfortable in your own skin, can you make an impression on those around you. SIFW iconises strong, individualistic values of a confident, self-made person and that’s exactly who I am,” she said in a statement.

“The campaign is all about being fashionable and edgy. I love my look, designed especially for me by Rhea; as it’s very contemporary, bold, confident and sexy,” she added.

Kapoor’s enthusiastic approach to SIFW along with numerous international brands, that will be showcased, definitely make it a glamorous event to look forward to.