IMF 'impressed' by Argentina's efforts to improve data

WASHINGTON (AFP): The International Monetary Fund on Friday welcomed efforts by Argentina's new government to improve the reliability of official economic statistics, whose poor quality had prompted an IMF censure.  At the conclusion of a three-day visit to Buenos Aires, an IMF technical team said it had held talks with officials about methodology and underlying data on the country's new official statistics on consumer prices and economic growth. The team "was impressed by the authorities' strong commitment to improving the quality and transparency regarding official data," the IMF said in a statement. The fund censured Argentina in 2013 for failing to meet an IMF requirement for members to provide reliable, basic economic statistics. Critics said Argentina manipulated the data to present a stronger picture of the economy. The IMF measure further frayed relations that were already sour. Argentina often accused the IMF of precipitating its sovereign debt default in 2001.

However, relations have improved since President Mauricio Macri took office in December, pledging economic reforms such as making statistics more credible. The authorities overhauled the methodology for calculating inflation and launched a new price index in June.

The IMF technical team's findings will be incorporated in a report for the institution's executive board, the IMF said, with a board meeting on the issue expected to take place in late August.

The IMF announced in April that it would resume annual economic checkups of Argentina this year after a 10-year hiatus.

 

Pak-Qatar Family Takaful shows 28pc

surplus for 2015

KARACHI (Staff Reporter): Pak-Qatar Family Takaful Limited (PQFTL) has announced the distribution of 28% surplus among its Individual Family Takaful participants (direct business) for the year 2015, consecutively for the eighth year. This surplus reflects the institution’s competitive financial performance during the year 2015. The single-rate method has been adopted to calculate the surplus, and will be distributed amongst the participants, through a defined manner in relation to the “Cumulative Net Contribution” received in the IFTPF (Individual Family Takaful Participant Fund) by each participant. Furthermore, the actual surplus will only be distributed among those participants, who will be leaving the pool during the year 2016, and will be making permanent withdrawals, in case of maturity of their membership or their death. After this important announcement of surplus declaration, Pak-Qatar Family Takaful Limited will now become the only Family Takaful Operator in the country.

, which has been consistently declaring distributable surplus for Individual Family Takaful, every year, over the past eight years of its operations. It is important to note that; in the year 2008 PQFTL had declared a surplus of 10%, which has seen consistent growth to reach 28% in the year 2015.

 

BISP aims at helping Balochistan’s poor women: Marvi

QUETTA (APP): Minister of State and Chairperson Benazir Income Support Programme (BISP), Marvi Memon has said that BISP aimed to help poor women of Balochistan in order to make them financially independent and part of mainstream life. She said this while addressing a gathering of BISP’s beneficiary women in Dalbandin, the district headquarters of Chagai district, on Saturday. She was accompanied by Director General, BISP Balochistan, Abdul Rauf and other officials. She said: “BISP has been playing significant role in poverty eradication across the country, especially in backward areas by financially helping poor women who were registered under BISP program and regularly got their stipend”. She said that she would take stern action against those who would be involved in embezzlement of stipend of BISPs beneficiary women. In reply to a question, the Minister of State said that she would fulfill the task what Prime Minister, Nawaz Sharif and Finance Minister, Ishaq Dar have assigned her.

I was assigned task to implement BISP in letter and spirit so that maximum number of poor segments of the society could become beneficiaries of the program, she said.

She said there was poverty in Chagai district and added that new survey would be started in the region to register more women under BISP. She said the government had been taking solid measures to provide financial assistance and technical training to women.

 

KE extends due date of bills

KARACHI/HYDERABAD (APP): In order to facilitate the customers during Eid holidays, the K-Electric has extended the deadline for payments of June electricity bills. A KE statement on Saturday said that this extension is applicable on bills with due dates falling between 4th July 2016 to 11th July 2016, both days included. These bills can now be submitted latest by the new date of 12th July, 2016, without any late payment surcharge. All banks have been informed to accept the bills previously due on dates 4th July to 11th July without late payment charges. In case of any issue at time of utility bill payment consumers can register their complaints by calling 99000 (dial 021-99000 when calling from mobile), the KE statement added. Meanwhile, Board of Directors of Hyderabad Electric Supply Company has issued strict directives to officers concerned to improve the performance by addressing the complaints of the power consumers of HESCO at the earliest with correction of their electricity bills according to rules.

The HESCO spokesman informed Saturday that in compliance to directives of the Board of Directors, special committees have been formed in the head offices as well as Operation Circles, Divisions and Sub-Divisions with directives to review the complaints and address the same according to rules. The HESCO management has advised to consumers of the region to contact with concerned operation divisions and sub-divisions of HESCO for correction of their bills.