PSDF celerates ten years as country’s top skill development fund
PSDF is celebrating ten years as the country’s largest skill development fund. Within a decade it has funded training of more than 500,000 men and women in 250 plus trades across all 36 districts of Punjab, implementing trainings on behalf of FCDO (Foreign Commonwealth and Development Office), World Bank and the Government of Punjab. It began operations with just four training service providers (TSPs) in 2010 to execute its trainings and since then has established a network of more than 600 TSPs.
Almost 43% of all PSDF trainees are women and collectively PSDF trainees are generating PKR 21 billion annually.
The organization catalysed engaging the industry in Pakistan’s TVET sector through cost-sharing programs to design, deliver and co-fund training programs — bridging the gap that exists between employers and workers.
PSDF funds trainings in six program areas: E-tayyar, Umeed, Haryali, Uraan, Mahir and Aghaaz. Each program area offers specialized training courses focusing on different professions and trades to nurture the skillsets of trainees so they can successfully access income-generating opportunities.
In 2020, as the pandemic unfolded PSDF swiftly re-aligned its training delivery model, shifting from classroom trainings to digital trainings. It forged successful partnerships with Coursera (the world’s leading e-learning portal) and Gnowbe to offer online courses to teach learners essential skills required to become professional freelancers and start their own businesses. By collaborating with Foodpanda, Uber, Enablers, Jazz and Zong to pilot trainings and develop diverse range of skillsets that are in demand by the present job market.
PSDF has dedicated teams to monitor the quality of trainings and to design programs based on evidence proven to make a positive impact on the learner’s livelihood. It has invested in automating and digitising its operations and is the only development sector organization in the country that uses e-procurement creating a paper-less and transparent system in public procurement. PSDF uses digital verification of its trainees to ensure that only eligible citizens receive trainings and access to resources as per its mandate.
To expand employment opportunities, PSDF has worked on connecting Pakistan’s workforce with international employers through its international Job Placement program, so citizens can benefit from the global demand of skilled workers.
Through its partnership with leading hospitality sector organizations in the Middle East, PSDF graduates are working in UAE, Kuwait, and Saudi Arabia.
PSDF has gained acknowledgment for its growth as an effective organization with a dedicated team of experts.
The organization won the “Best place to work” award in 2019 and most recently was awarded a letter of achievement by the Chief Minister of Punjab for “effectively delivering its mandate and for its outstanding performance”.
PSDF graduates who trained under its Entrepreneurship course which trains learners how to develop business plans and apply for financial loans for their start-ups have received collectively a total of PKR 100 million from HBL under Prime Minister’s Kamyab Jawan scheme aimed at giving citizens with scalable business ventures support.
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Irresponsible spending lead to IMF’s control: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said the share of manufacturing in the national economy is steadily declining which is creating serious problems.
A large portion of capital is going to non-productive sectors, which is benefiting a few while affecting the economy and masses, he said.
Mian Zahid Hussain said that improved production, exports, and employment opportunities will remain a distant dream unless manufacturing is made more profitable than other sectors.
Talking to the business community, the veteran business leader said that investment in manufacturing can be lured to reduce dependence on imports, cut the deficit and tackle unemployment through proper intervention.
He noted that the share of manufacturing in GDP has been declining by an average of 0.1 percent every year for decades. Manufacturing accounted for 15 percent of the GDP in 90s, which has now fallen to 11 percent and is declining further.
The mini-budget will hit the manufacturing sector hard and shrink its volume if the system of refunds is not improved without further delay, he warned.
Mian Zahid Hussain further said that too much dependence on imports in absence of good manufacturing leads to a trade deficit and if the trade deficit continues to rise, then the balance of payments deteriorates, which results in debt.
The situation has reached the point that every government that comes to power has to start its tenure with the IMF program. The government borrows and announces that this is the last loan but soon it has to borrow again to save the country from bankruptcy.
The country that cannot control its spending and violates financial discipline invite IMF to rule it, he said.
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2022 will be more painful for people than 2021: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said 2022 will be more painful for the people than 2021.Pakistan will continue to be among the most expensive countries in the world in 2022 while political and economic instability, inflation, and exchange rate erosion will set new records, he said.
Mian Zahid Hussain said that the price of petrol, gas, and electricity will continue to rise while political and economic stability will continue to damage the economy in 2020 making life difficult for the people.
Talking to the business community, the veteran business leader said that 2022 was welcomed by raising the price of petrol to a record level in the country’s history.
Inflation has broken the back of the masses but at the same time Pakistan is being called one of the cheapest countries in the world but the issue of falling per capita income is conveniently ignored which is a joke, he added.
He said that circular debt is rapidly increasing and touching the level of two and a half trillion rupees. The government is borrowing heavily and getting new loans to repay the old ones, which has increased the influence of the IMF and other institutions in the country to a dangerous level.
Mian Zahid Hussain further said that according to the claims of the government, the growth rate will be 4.5 percent, the World Bank estimates that Pakistan’s growth rate will be 3.4 percent but some experts see it falling at 2 percent.
It will be impossible to absorb three million youth moving to the labor market every year unless a growth rate of seven percent is ensured.
He noted that the government is reducing social, and development expenditure to reduce debt while it is also increasing the burden on taxpayers, but imports and the government’s administrative expenditure are increasing rapidly which is a recipe for disaster.
During the last three years, four finance ministers and six finance secretaries have been replaced, while the situation of the FBR and other important departments is no different, with the average person suffering the consequences, he said.
Mian Zahid Hussain further said that the government is also in trouble on the political front, it has faced defeat in the local body elections and the bomb of foreign funding case could explode any time. The opposition is also preparing for a movement, which will also have a negative impact on the economy.
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Falcon-I becomes ‘Analytics Partner’ with Quetta Gladiators for HBL PSL-7
Falcon-i has partnered with Quetta Gladiators for the HBL Pakistan Super League (PSL) Season 7. The top fleet management company of Pakistan will be the ‘Official Analytics Partner’ of the Champion of HBL PSL of Season-4.
The world is progressing towards technology, and analytics has emerged as the prime tool to gauge the performance of any organization, person, or entity. This helps with the optimization of the resources, hoping to achieve the best results ensuring maximum efficiency.
With the trust of 190,000 customers and has over 200 corporate enterprises, Falcon-i’s usage of analytics and telematics support is directly in line with the vision of Quetta Gladiators who also use data analytics to measure the players’ performance to extract optimum results from the team, allowing fans to enjoy quality cricket.
Saad Salman, Falcon-i’s CEO said, “The first-ever radio commentary for cricket happened in 1922. Technology’s come a very long way since then. From on-field tech to player analyses the game has evolved to a much more enjoyable, engaging level. And we’re thrilled to be a part of it”
On the successful collaboration with Falcon-i, Director Quetta Gladiators, Mr. Hasan Omar expressed his views that it shows the success of the Pakistan Super League as a brand that more companies are getting into folds to partner with the franchises and Falcon-i has partnered with the Champions of the Pakistan Super League, The Gladiators which will definitely boost their presence in the market and let Quetta Gladiators have an opportunity to attract more fans and its followings all around Pakistan.
The partnership has also made Falcon-i the first-ever fleet management company to collaborate with any PSL team. It will also help Falcon-i in offering better deals to its customers and Quetta Gladiators’ fans. Falcon-i will continue its valiant efforts to strengthen Pakistan cricket and play its part to serve the nation.
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PSX holds gong ceremony to mark the launch of fifth ETF
Pakistan Stock Exchange (PSX) held a gong ceremony to officially mark the launch of JS Momentum Factor Exchange Traded Fund (JSMFETF). This ETF which is the fifth ETF on PSX was launched on January 7, 2022. The participants of the ceremony included Chairperson PSX, Dr Shamshad Akhtar; MD & CEO PSX, Mr. Farrukh H. Khan; CEO JS Investments Ltd., Ms. Iffat Zehra Mankani; CEO & President JS Bank, Mr. Basir Shamsie; CEO JS Global, Mr. Kamran Nasir along with other esteemed dignitaries, heads of banking and non-banking financial institutions including brokerage houses, insurance companies and other financial services & media personnel.
Speaking at the occasion, the MD PSX, Mr. Farrukh Khan, stated, “ETFs are an important product in global capital markets and it is exciting to see new and innovative ETFs being launched on PSX. Globally, ETFs command a large asset base worth over $9 trillion. It is an exciting development that we have the fifth ETF listed on Pakistan Stock Exchange. The JS Momentum Factor ETF which does not track a market-capitalisation based index is a valuable addition on the ETF sector of the bourse for attracting retail and institutional investors. I congratulate JS Investments on launching this innovative new ETF.”
He further stated, “While I would urge brokers and AMCs to produce research and educate investors about this unique and attractive investment product, I would really emphasise upon the broker community to encourage and promote the ETFs to their current and new investors. This will add depth & liquidity to the market whilst presenting a suitable investment option for investors who want to diversify their portfolios cost-effectively. ETFs also allow savvy investors to focus on specific sectors or attributes of the market.”
Speaking at the launch of the new ETF, the CEO of JS Investments, Ms. Iffat Mankani, said, “JS MOMENTUM FACTOR ETF is Pakistan’s first Smart Beta Exchange Traded Fund and its launch would pave the way to a durable investment style that displays both active and passive investment management features. JSMFETF follows a Factor Investing approach that tilt exposure towards ‘factors’ in a rules-based portfolio-building process that systematically selects, weights, and rebalances portfolio holdings based on factors or characteristics versus a market capitalization approach. Some of the examples of the factors are dividend yield, value defined by low P/E ratios of P/B multiple or. ‘Momentum’ as in the case of this fund and have been proven historically to capture market inefficiencies and in turn has been able to deliver attractive risk-adjusted returns, enhanced efficiency, and transparency. The evidence for momentum in markets is very strong and is supported by almost two decades of academic research in US equities as well as markets outside the U.S, our back tests of the ETF strategy reveal that momentum has also outperformed our local stock index i.e. KSE-All-share index by 6% annualized over 2001-2021.”
The ETF is an investment product which combines the characteristics of both mutual funds and individual securities. In other words, ETF offers the opportunity to invest in a portfolio of securities that provides the same diversification benefits of mutual funds with the liquidity & trading flexibility of stocks.
JS MOMENTUM FACTOR ETF (JSMFETF) seeks to track the investment results of JS Momentum Factor Index (JSMFI), composed of PSX large- and mid-capitalization stocks exhibiting relatively higher price momentum. This is based on the premise that stocks with positive momentum tend to continue to outperform the KSE-All Share Index. JS Momentum ETF is an approved investment product by the Securities & Exchange Commission of Pakistan (SECP) and is traded on the stock exchange under the ticker ‘JSMFETF’.
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IRC Calls Attention Towards Enhancing Girls’ Access to Secondary Education
The International Rescue Committee (IRC) issued a statement urging for governmental and non-governmental stakeholders to collaborate to enhance girls’ access to education across Pakistan while commemorating International Education Day 2022. The emphasis for a joint effort was to focus on provinces such as Balochistan where an extensive lag vis-à-vis education indicators was evident.
‘Balochistan is host to the highest proportion of out of school children in the country. An estimated 1.07 million children are out of school of which 53% are girls,’ shared Mr. Zain Ul Abedin, Acting Country Director, International Rescue Committee. He pointed to the alarmingly low enrollment rate at the post-primary levels while stressing the importance of enhancing girls’ participation at all educational levels.
Numerous demand and supply-side barriers continue to limit girls’ access to education, more specifically at the post-primary level of education. On the demand side, these include poverty, early marriages, and regressive social norms that frown upon girls’ education. On the supply-side a lack of girls’ secondary and higher secondary schools, missing facilities within schools, and a lack of female and subject specialist teachers are just some of the barriers that continue to limit girls’ access to formal education.
A few important steps that could facilitate girls’ retention in schools, transition to post-primary schools and potentially improve completion rates include awareness raising and advocacy to discourage early marriages and dilute biases against girls’ education while scaffolding cost of education.
Ensuring redressal of supply-side barriers by the provision of basic facilities at schools such as clean water, inclusive latrines, electricity, and boundary walls can go a long way to provide a child-friendly and safe learning environment. This is equally important for teachers and students alike particularly women and girls. Commencement of second shifts in existing primary schools, developing alternative learning pathways, up-gradation of existing primary schools, and construction of new girls’ only post-primary schools present short- and long-term solutions.
International Rescue Committee has launched an initiative -Teach and Educate Adolescent Girls with Community Help (TEACH) designed to overcome prominent barriers to education for girls in Balochistan. TEACH aims to raise nationwide awareness about binding constraints that continue to contribute deprivation of constitutional right to education for more than 13 million girls across Pakistan.
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Construction of new gas terminals be linked to storage
State-run gas companies should store gas across the country
Dozens of countries are stockpiling gas: Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said construction of new gas terminals and expansion in the existing terminals should be made conditional to the gas storage facility.
He said that the private sector should be allowed to import gas and state-run gas companies should be required to set up gas storage facilities across the country in order to avoid a crisis in case of shortage of gas or interruption in supply.
Talking to the business community, the veteran business leader said that the demand for gas in the country has been steadily increasing while the local gas supply has been declining at an annual rate of 9% which is affecting domestic, commercial and industrial consumers.
The demand for gas decreases in summer while its price in the world market also decreases which can be imported and stored so that it can be used during the winter, he said.
He said that gas is also stored along with oil in many countries; Pakistan has the capacity to store oil for 20 days but there is no capacity to store even one hour of gas which affects energy security.
The United States has had enough gas reserves for ten years, In Europe, Germany and then Italy have the largest gas reserves while Japan, China and India are also showing good activity in this regard, he informed.
Mian Zahid Hussain said that in the past, suggestions regarding gas storage have never been taken seriously which is a reason behind energy uncertainty.
He further said that at present the demand for gas in the country is 6 billion cubic feet per day while production is 3.8 billion cubic feet per day and .11 billion cubic feet per day LNG is being imported which can be imported cheaply in summer.
LNG can be stored to protect consumers from any emergencies or fluctuations in the global market therefore there is an urgent need to build new terminals, expand old terminals, stop conspiracies against business groups seeking to import gas, bring back oil and gas exploration companies that have left the country, and reform state-owned gas companies so that energy security can be ensured.
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Haleeb Foods organized a donation drive for Akhuwat Foundation in collaboration with UMT
Haleeb Foods Limited recently joined hands with the University of Management & Technology (UMT) to conduct a Winter Clothing Donation Drive for Akhuwat Foundation. This donation drive was held for 3 days, highlighting the importance of helping out and giving back to society, encouraging students to donate winter clothing for the underprivileged.
Akhuwat Foundation’s clothing bank helps many families in need and HFL takes pride in being associated with this charitable cause. Sharing her view on this collaboration the Corporate Communications Manager, Haleeb Foods – Ms. Amur Nadeem said: “We at HFL are thankful to the donors who actively participated to help the people suffering in these severe weather conditions. Haleeb Foods is highly committed towards the wellbeing and betterment of the society, helping the local community and supporting social causes.”
The company continues in its mission to lend a helping hand to the community and give back to the society as part of their multiple CSR initiatives.
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Standard Chartered Bank and Haball Enter a Corporate Alliance Agreement to Digitize Value Chain
Standard Chartered Bank Pakistan Limited (SCBPL) once again combines its international expertise in digital space with its local knowledge to bring together a unique offering unlike any in the market. SCBPL has entered in a partnership with Haball, Pakistan’s first B2B Fintech with the aim to digitise supply chain collections for its clients and bring efficiencies in clients’ business processes.
SCBPL recognises that digital connectivity is a catalyst for business growth. Through partnerships, deals and collaboration, SCBPL will continue to invest in and accelerate digital offerings, working hand-in-hand with leading fintech innovators to foster fresh ideas throughout the markets. The collaboration aims to build an enabling environment to increase the uptake of digital payments using institutional vehicles. This will create digital financial inclusion in the distribution and retail space in Pakistan. Haball is the first Fintech in Pakistan to be associated with SCBPL, supported by a goal of enabling efficiency and growth in supply chain for large corporates with faster transactions.
Haball is currently working with clients of the Bank in multiple industry verticals to digitise their value chain collections, down to the retailer leg. Its services allow manufacturers and service providers to effectively reduce the reliance on cash-based transactions and automate the reconciliation process. Haball has augmented the adoption of digital payments and continues to contribute to the digital economy.
Shiraz Hyder, Head of Transaction Banking, SCBPL stated, “Standard Chartered is pleased to partner with Haball Pvt. Ltd.” He further said, “Technology is an enabler, and partnerships between fintechs and banks can create opportunities that neither party could deliver alone. Our partnership with Haball will enable corporates to effectively digitize their order-to-collections cycle, while providing end-to-end visibility across the value chain, through a truly bank agnostic solution.”
Omer Bin Ahsan, Chief Executive Officer and Founder, Haball said, “This partnership builds the corporate trust that supply chain stakeholders need to process payments digitally. It further drives ahead Standard Chartered’s commitment towards creating a sustainable digital infrastructure for financial services in Pakistan.”
Haball is a B2B Fintech, digitizing supply chain and business payments for large corporations and institutions. Its cloud based, agnostic platform enables corporate finance, corporate sales, distributors and retailers to digitally engage with supply chain especially with ordering, invoicing, shipment, payment and financing. The platform agnostically manages digital payment channels and shariah compliant financing so that supply chain stakeholders can make payments from the digital channels of their choice.
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VEON Group CEO Kaan Terzioğlu inaugurates US$8 million Jazz Digital Park
VEON Group CEO, Kaan Terzioğlu today inaugurated the JazzDigital Park (JDP) that was established with an investment of over US$ 8 million. Located in Islamabad, JDP will accelerate the country’s digital transformation ambition by significantly improving the existing level of IT services being provided to various sectors.
With a current capacity of more than 300 racks, expandable up to 450 racks, and a 3-megawatt power infrastructure, JDP is Pakistan’s largest Telecommunications Industry Association (TIA) Tier-III certified data center in terms of white space and power capacity. Jazz will utilize this digital park to offer secure IT infrastructure and hardware hosting facilities to businesses as well as local startups. JDP will also be hosting the new cloud platform about to be launched by Jazz. The onshore cloud will be a significant step forward in ensuring that data created in Pakistan is hosted within the country.
Speaking at the inauguration, Kaan Terzioğlu said, “Utilising our leadership position in Pakistan and global expertise, we are focused on creating a flourishing digital ecosystem in Pakistan. Jazz Digital Park will serve as a key enabler of our digital operator strategy and is in line with our mission to simplify digital infrastructure challenges for local and regional enterprises.”
According to Aamir Ibrahim, CEO, Jazz, “Since the pandemic and the subsequent acceleration to digital platforms, businesses across various sectors are re-assessing their cloud adoption strategies and cloud readiness. The Jazz Digital Park represents a milestone for the country’s ICT industry as it is expected to simplify digital infrastructure challenges local businesses face. This facility is at the heart of our business strategy and validates our commitment to our customers as they continue their digital transformation journey.”
Jazz also plans to facilitate the Pakistani startup ecosystem by offering cloud credits under its premium startup accelerator program Jazz xlr8 at the National Incubation Center. The cloud infrastructure is not only expected to reduce the entry barrier for upcoming Pakistani startups, but is also expected to enable existing startups to accelerate their scaling up programs.
Jazz Digital Park provides one of the largest IT capacities, enabling businesses, including service providers to co-locate their critical IT infrastructure. It is equipped with four-directional fiber connectivity, 100 per cent. redundancy for all power and cooling systems, a Bus Trunking System, a VESDA smoke detecting system, and a Performance Optimized Data Center solutionto reduce its carbon footprint. These state-of-the-art features fulfill all operational requirements for a business, including 24/7 customer service, security, and system backups.
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Jazz to inspire women returning to work through its ‘She’s Back – Women Returnship Program’
Jazz, Pakistan’s number one 4G operator and the largest internet and broadband service provider, has onboarded twelve women under its ‘She’s Back – Women Returnship Program.’ This is a comprehensive six-month program for women returning to corporate positions after a career break.
After a rigorous recruitment process, these women have been assigned with roles spread across various functions – from People Experience to Product Development, Legal to Sales, Ethics & Compliance to Network Supervision. The returnees are women who have had to pause their careers for more than one and a half years to raise children, care for family members, pursue higher education amidst other reasons. Through this program Jazz aims to facilitate their professional growth by building their confidence, reconnecting them to the workforce, developing their functional and technical skills, and providing them access to other learning opportunities.
“Women enrolled in this program will gain an enriching experience through a number of development and engagement initiatives. The best part of all is that at the end of this program these women will have an opportunity to join Jazz on a permanent basis”, said Wajida Leclerc, Chief People Officer, Jazz.
She’s Back – Women Returnship Program along with a number of other initiatives reaffirms Jazz’s commitment to Diversity and Inclusion.