8th & 9th CA Awards in Karachi, Islamabad

Awards Coordinators

Weekly Corporate Ambassador is now organising a series of Awards in different cities of Pakistan. We give awards to organisations, leaders, social workers, individual professionals, journalists and students for their notable achievements. So far more than 170 organisations and individuals have received this prestigious award.

For Awards programme, we are engaging Awards Coordinators in all cities of Pakistan, where we can organise awards in collaboration/support of Coordinators. The Coordinators will be given a certain percentage of the income of awards programme organised with their help in their own city (cities). If you have good contacts in social and business circles in your city, it will be a good opportunity for you to be part of this awards programme and earn money in a respectful manner.

After great success of 7th awards in Islamabad in Feb-2017 at Hotel Crown Plaza, Jinnah Avenue_ two separate awards are being organised _ one in Karachi most probably in first week of April and the other in Islamabad in April/May. Interested persons in joining us as Awards Coordinators or in receiving this award can send email to Javed Mahmood Editor weekly Corporate Ambassador at jchoudhry63@gmail.com or contact him on his cellphone 0334-3939029/0301-4549495 _ What’s App 0334-3939029

Here are group photos of previous awards and pictures of awards winners.

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Below are the members of Corporate Ambassador Awards Jury in Karachi _ From Right-2-Left: Rozina Jalal, Mubasher Mir, Almas Hamirani, Muttahir A. Khan, Aqsa Abdul Haq, Ali Nasir, Alveena Agha, Rumi Syed & Javed Mahmood

Awards Jury Members

Group photo of recent awards

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Click on the link below to see who can opt for Corporate Ambassador Awards

https://weeklycorporateambassador.wordpress.com/2016/07/08/corporate-ambassador-awards-info/

 

Pakistan’s renowned economists expose alarming growth in debt

By Dr. Ashfaque H. Khan, Dr. Hafiz A. Pasha , Dr. Salman Shah and Mr.Sakib Sherani

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Dr Ashfaq Hasan Khan, Dean of NUST School of Social Sciences & Humanities and former economic adviser to Finance Minister sitting on stage (third from right) as chief guest at the 7th Corporate Ambassador Awards.

Pakistan’s Debt: Response to Finance Minister

(Dr Ashfaque H. Khan sent this article to Editor Corporate Ambassador

Javed Mahmood for publishing it online)

The speed at which Pakistan’s debt, both domestic and external, has been rising in recent years, has attracted considerable attention of several independent economists and analysts. Through their writings, they have been stating that if the pace of debt accumulation remains unchecked, Pakistan’s public debt in general and external debt in particular would reach an unsustainable level in the next two to three years.

 

In recent years, we, the authors of this response, have written extensively also on Pakistan’s emerging debt situation with a view to highlighting the very adverse macroeconomic consequences of accumulating large debt, domestic or external. Our writings appear to have had some impact in different quarters .This may have been one of the motivations for the Finance Minister, Senator Ishaq Dar, to react through his article on Pakistan’s debt.

He has charged independent economists with being selective in presenting information, misinterpreting the facts, predicting doomsday scenario for Pakistan, and, most importantly, committing disservice to the nation. In his article, he has emphasized that, contrary to what the independent economists are highlighting, the debt burden has, in fact, been reduced.

 

The Fiscal Responsibility and Debt Limitation Act of 2005 defined public debt as federal government domestic and external debt plus debt from IMF and external liabilities. The last item was excluded from public debt in the money bill for 2016-17. Based on the narrower definition, public debt has risen from Rs 6128 billion in 2007-08 to Rs 20542 billion by September 2016.

 

As a percentage of GDP, debt was 59.8% in 2007-08 and now stands at 67.7%. The corresponding figure for 2012-13 was 63.6% of the GDP. The annual increase in this debt ratio is higher in the tenure of the current PML (N) Government than in the previous Government. More importantly, the ceiling on public debt of 60% of the GDP in the Act has been progressively violated since 2007-08. Given this trend, can we say that the debt burden has declined?

 

The Fiscal Affairs Department of the IMF has emphasized on the need to also use a broader definition of public debt. Ideally, this should include guaranteed debt of public sector enterprises, debt of sub-national governments (like commodity financing) and the other contingent liabilities (like the power sector circular debt). This raises the level of public debt by almost 10%, in relation to the level with the narrower definition, to over Rs 22 trillion.

 

Consequently, the broader estimate of public debt has exceeded 73% of the GDP by September 2016. We also have serious reservations over the focus only on public external debt by the Finance Minister. All forms of external debt need to be included because their debt servicing liability also falls on the foreign exchange reserves with the SBP. IMF and other IFIs use the broad definition of external debt in the analysis of debt sustainability.

 

The Finance Minister has indicated that external public debt was $ 51 billion as of June 2016. As opposed to this, the definition of external debt given in 2000 by the high powered Debt Reduction and Management Committee of the Ministry of Finance yields a significantly higher estimate of $ 73 billion. This also includes external debt of public sector enterprises, banks and the private sector. Contrary to the ratios given by the Finance Minister, which show a declining trend, the ratio of total external debt to exports or foreign exchange earnings has increased significantly after 2012-13.

 

The country has added $12.2 billion of external debt and liabilities in three years as against $14.7 billion in the previous five years. As such, the speed of external borrowing has been somewhat higher in recent years. The PML (N) Government has contracted foreign exchange loans of almost $35 billion since induction into power, out of which $20 billion have been disbursed. Our forecast of the level of external debt is well over $100 billion by end-June 2020, inclusive of debt taken for CPEC projects. In the event sovereign guarantees are given to CPEC power projects then legitimately these should also be included in Pakistan’s external debt. Exports will have to, more or less, double if this large volume of debt is to be serviced.

 

Further, there are a number of developments during the current financial year which are worrying. These include the following: (i) The average tenure of domestic debt is on the decline. The outstanding debt in the form of PIBs has declined by Rs 720 billion in the first five months. Simultaneously, short-term debt in the form of MTBs has increased by as much as Rs 1334 billion. This will lead to a significant increase in the refinancing risk. Further, borrowing from the Central Bank has crossed Rs 900 billion, with potential inflationary impact after some lag.

 

(ii) External borrowing has increased in the form of Sukuk Bonds and short-term loans from international commercial banks. These two sources account for over 40% of gross external borrowing in the first five months. This not only increases the cost of borrowing but implies higher risk due to the lumpy repayments.

 

(iii) The anticipated big increase in the current account deficit will raise the external financing requirement for 2016-17 to over $13 billion. If there is a shortfall then reserves will come under pressure. Already, they have declined by $1.7 billion since October 2016. At the end, we take strong exception to the statement by the Finance Minister that independent economists are doing a disservice to the nation. We believe that the right strategy for building a buffer of foreign exchange reserves is not by higher external borrowing but by promoting exports, remittances and FDI and by discouraging non-essential imports. This will contribute to greater self-reliance and sovereignty at a time of greater uncertainty about global developments.

 

Ultimately, nobody has a monopoly over patriotism. In a functioning democracy, there must be space for open debate on major public policy issues.

 

* The authors are respectively the former Director General of the Debt Office, Advisors to the Prime Minister on Finance and Principal Economic Advisor at the Ministry of Finance.

7th Corporate Ambassador Awards _ A Fantastic event in Islamabad

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Friends, here are glimpses of 7th Corporate Ambassador Awards held in Islamabad at OAK Hall, Hotel Crown Plaza, Jinnah Avenue, Islamabad on Feb 3, 2017. Dr Ashfaque Hasan Khan, Dean of NUST School of Social Sciences and Humanities was the Chief Guest while Chairman, Jee Maan Jee Eye Hospital Trust, Shahkot; Imtiaz Gull, Executive Director, Center for Research & Security Studies (CRSS); Afsheen Zeeshan, Social Leader & Visiting Faculty at National Defence University, Islamabad; Arafat Rasheed, young representative of the International Multi-Group of Companies (IMGC); Kinza Abbasi, founder Islamabad Galaxy LEO Club, Youth Ambassador of anti-narcotics force were among the eminent guests. Javed Mahmood, Chief Editor, weekly Corporate Ambassador organised this award. Previously six awards were organised in Karachi from 2012-2016 and this is the first award that had been organised outside Karachi (in Islamabad) and the overall response was FANTASTIC.

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Here is info of each and every award. Guests sitting on stage from Right-2-Left are: Afsheen Zeeshan, Social Leader, Visiting Faculty Member of National Defence University, Islamabad; Kinza Ambassi, Youth Ambassador of Anti-Narcotics Force, a Founder-member of Islamabad Galaxy LEO Club; Dr Ashfaque Hasan Khan (Chief Guest)/Dean of NUST School of Social Sciences & Humanities and former Economic Adviser to Finance Ministry; Imtiaz Gul, Executive Director of security-think tank, Center for Research and Security Studies, Islamabad. He is also a senior journalist and TV analyst; Mian Muhammad Rafiq, Chairman of Jee Maan Jee Eye Hospital Trust in Shahkot and Arafat Rasheed, son of Atif Rasheed, Vice-Chairman of International Multi-Group of Companies. Shama Ghee & Cooking oil is one of the major brand of this group.

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AWARDS WINNERS

Eminent Guests are ready to distribute awards _ From Left-2-Right are: Afsheen Zeeshan, Kinza Abbasi, Dr Ashfaque Hasan Khan, Imtiaz Gul and Mian Muhammad Rafiq.

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CEO Flash Security Company Col. (Retd) Ali Raza Mir is receiving award for his company. Best Trustworthy Security Company Award was given to the Flash Security Company in Islamabad. CEO of the company is receiving his award (below)

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Mr Ahmed Raza Khan Kirmani received Agricultural Youth Leadership Award for his efforts of promoting agricultural development among youth.

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Mr Shahbaz Ali Abbasi is receiving ‘Youth Leadership Award (Media).

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Shahbaz Ali Abbasi is offering “Tilawat” 

Raja Javed Akhtar, Editor weekly Sheher-Nama was given Media Ambassador Award

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Muhammad Zeeshan Khan is receiving his “Mobile Phones Software & Tech Expert Award”. He is expert of mobile-phone technology and software.

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Next award _ Social Welfare Ambassador was awarded to Islamabad Galaxy LEO Club. Ms Kinza Mumtaz Abbasi and other members of the club are receiving this award

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Kinza Abbasi receiving Award of Islamabad Galaxy LEO Club. Other members of the Club also joined her

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Mr Marufjon Abdurahmon, Cultural and Economic Counselor of Tajikistan Embassy in Islamabad received Cultural & Economic Ambassador Award. You will be surprised to know that Mr Marufjon speaks Punjabi, Urdu, English and other languages.

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Imtiaz Ahmed Abbasi, Chairman Safron Events Lawn was given Corporate Pride For Pakistan Award. His son received award on behalf of his father.

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Next Award goes to Jee Maan Jee Eye Hospital Trust, Shahkot. Mr Nadeem Yasin, Director of the hospital received Pride for Pakistan Award

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Mr Aqeel Shigri, an expert of corporate communications is receiving his

Corporate Ambassador Award

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Next Award _ Quality & Standard Award goes to Hafeez Ghee and General Mills, Owned by International Multi-Group of Companies. Recently the Supreme Court has taken suo moto against supply of substandard ghee and cooking oil at Utility Stores Corporation. A couple of companies have been black-listed for supplying substandard cooking oil and ghee to the USC. Hafeez Ghee & General Mills is also supplying cooking oil and ghee to Utility Stores Corporation and the company’s ghee and cooking oil have been found of fine quality and fit for human consumption as a result of which the company is being honoured with this award. Mr Arafat Rasheed, son of Atif Rasheed, Vice-Chairman of the IMGC received award.

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Mian Muhammad Rafiq, Chairman, Jee Ma’an Jee Eye Hospital Trust, Shahkot, received Social Welfare Ambassador Award for dedicating his life and resources to serve thousands of deserving patients in Shahkot near Faisalabad.

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Afsheen Zeeshan, Social Leader & Visiting Faculty at National Defence University, Islamabad is receiving her “Pride For Pakistan Award”.

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Next Pride for Pakistan Award goes to the Center for Research & Security Studies (CRSS), Islamabad. Mr Imtiaz Gul, Executive Director of the CRSS is requested to receive this award.

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Next Pride For Pakistan Award is for Mr Anjum Bashir, former federal secretary and consultant IMGCC. Mr Naveed of IMGC received this award on behalf of Mr Anjum Bashir.

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Next Award _ Trusworthy Security Company was given to Flash Security Company in Islamabad. CEO of the company Colonel Retired Mr Ali Raza Mir received this award

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Corporate Pride For Pakistan Award was given to the Associated Industries Limited, Nowshera, Khyber Pakhtunkhwa for being the Top Corporate Tax-payer in Khyber Pakhtunkhwa in financial year 2016. Mr Arafat Rasheed received this award.

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Chief Guest and Pakistan’s renowned economist Dr Ashfaque Hasan Khan is receiving his Pride for Pakistan Award. Chairman of today’s award Mian Muhammad Rafiq, CRSS Executive Director Mr Imtiaz Gul presented this award to Dr Ashfaque sahib.

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