Pakistan changes budget to secure delayed funds from IMF

Morning! Mutton Karahi, the long weekend, Beef Biryani, the long weekend, Seekh Kebab, the long weekend, Beef Nihari, the long weekend, Hunter beef, the long weekend, Mutton Pulao, the long weekend.

Just some of the things that kept us going till now 🤷‍♀️...

P.S. Eid Mubarak in advance ❤️

In this week’s edition:

🥩 Meat without slaughter

✌ One last attempt

🔐 Reality safety check

🦈 Shark tank Pakistan?

- The Itla Squad 💼

Business

Global 🌎️

The era of chicken that’s not quite chicken is upon us..

Keeping up with the meaty theme: It looks like soon, there won’t be a need to wait for eggs to hatch or feathers to ruffle as two California-based startups, Upside Foods, and Good Meat, have made history as U.S. regulators granted them approval to bring lab-grown poultry to US plates.

• What is lab-grown meat? Lab-grown meat, also called cell-based or slaughter-free meat, is produced by cultivating animal cells in large bioreactors. The production process takes place in facilities resembling breweries, with scientists overseeing the growth of meat cells in large vats.

• Why even bother with lab-grown meat? It has its perks: no ethical concerns with animal slaughter, the potential for reduced greenhouse gas emissions, and a more sustainable food system.

• It ain’t gonna come to US local grocery stores anytime soon .. but Americans can expect it to come to their local restaurants as lab-grown meat pioneers have selected specific restaurants to introduce their products and will gather customer feedback.

TLDR: California startups, Upside Foods, and Good Meat, has gained approval to offer lab-grown poultry in the US. Lab-grown meat is produced by cultivating animal cells in brewery-like facilities. Initially available in select restaurants, the companies plan to gather feedback and eventually bring lab-grown meat to grocery stores at affordable prices.

What else is new in news

✶ Someone in Honda Motors is about to get fired. In response to a potential problem with the rearview camera image, Honda Motors is initiating a global recall of 1.3 million vehicles.

Local 🇵🇰

Brb crying (IMF’s Version)

Just like a budget-conscious brown dad always switching off lights to save on the electric bill, the International Monetary Fund (IMF) is putting pressure on Pakistan to cut down its spending and mess up our lives.

What happened? In a final effort to secure a much-delayed rescue package from the International Monetary Fund (IMF), Pakistan's Finance Minister Ishaq Dar has announced major fiscal adjustments worth Rs300 billion for the upcoming fiscal year budget.

*Pak tightening the purse strings* Some major changes are:

• Increased provincial fund allocation from Rs5.276 trillion to Rs5.399 trillion.

• Imposition of Rs215 billion in additional taxes (which includes the very painful increase in income tax for salaried individuals 💔)

• Reduction of expenditures by Rs85 billion, excluding Public Sector Development Program PSDP, government employees' salaries, and pensions.

• When people buy fuel for their vehicles, a portion of the money they pay per liter goes towards taxes. The fuel tax cap has now been raised from 50 rupees per liter to 60 rupees per liter.

• Removal of import restrictions, facilitating the industrial sector, and meeting IMF conditions.

What now? Pakistan now expects to secure at least $1.1 billion in funding from the fund before its current program expires on June 30. Dar is calling this ‘Pakistan’s making one final effort to revive its program’..

TLDR: Pakistan is making major fiscal adjustments, including increased taxes, reduced expenditures, and removal of import restrictions, in a final effort to secure a rescue package from the IMF. They hope to secure $1.1 billion in funding before the current program expires on June 30.

News Flash

✶ Want to find out how much tax you will pay on your salary after the new budget? Dawn released an Income Tax Calculator 2023-2024 that will help you do just that.

Tech

Global 🌎️

Giving the future of tech a reality safety check

The Atlantic Council's Democracy + Tech Initiative, which develops policy practices regarding human rights and democracy in tech, has recently unveiled a report titled "Scaling Trust on the Web," which is the result of a dynamic team of over 40 tech experts from Discord, OpenAI, Twitter, and even the United States government.

Key insights: After five months of intense brainstorming, they're ready to spill the beans and offer invaluable insights on building trust, safety, and human dignity in online spaces.

1. Stop putting tech on a pedestal: The report highlights the limitations of technology in addressing deep-rooted societal issues like racism, sexism, and power struggles. It emphasizes that lasting solutions require more than just technological advancements.

2. Online space is moving too fast: The digital world is evolving rapidly with AI advancements (like Chat-GPT), decentralized platforms (like Mastodon), and immersive environments (Apple’s VisionOS). However, there is a lack of consensus on defining a "good" digital world.

3. Put the money where your mouth is: The report highlights the importance of developing content moderation tools, such as image blurring and promoting trust and safety educational programs to address harmful online content and educate users about risks.

4. Share information: It calls for the development of content moderation tools, such as image blurring, to tackle harmful online content effectively. It also emphasizes the need for trust and safety educational programs to educate users about online risks and promote responsible behavior.

5. Go beyond the tech sector: Academia, media, and civil society possess crucial expertise in shaping online spaces. Collaborating across sectors is essential, challenging the notion that tech problems require tech-centric solutions.

TLDR: A report "Scaling Trust on the Web" highlights the limitations of technology in addressing societal issues and emphasizes the importance of comprehensive solutions. It acknowledges the rapid evolution of the digital landscape without a clear definition of an ideal digital world.

What else is new in news

✶Turns out that Meta would rather block access to news than pay local news outlets. In reaction to the Canadian Online News Act, legislation requiring tech companies to compensate domestic media outlets for linking to their content in search or feeds, Meta has decided to disable access to news on Facebook and Instagram in Canada.

Local 🇵🇰 

Shark tank Pakistan?

The Pakistani government is championing innovation and entrepreneurship by shortlisting 95 candidates from a pool of 1,000 applicants to present their groundbreaking ideas under Pakistan Innovation Fund (PIF) program.

• Around 60 of the startups and small businesses will receive seed funding ranging from Rs5 million to Rs20 million through the PIF program.

• In addition to providing financial support, the PIF program emphasizes the importance of mentorship and guidance for the selected candidates.

• Candidates hail from various fields, including agriculture, education, technology, mobile apps, and health.

• Right now, the planning ministry is conducting interviews with the shortlisted candidates.

On the other hand.. While conducting these programs is cool and all, it is important that the government supports the business community by creating policies and institutions that specifically help startups and young businesses.

TLDR: The Pakistani government is promoting innovation and entrepreneurship by selecting 95 candidates to pitch their ideas under the Pakistan Innovation Fund (PIF) program. Up to 60 startups and small businesses will receive funding, and mentorship is also emphasized.

Tech tour of news

✶The long-awaited launch of 5G internet services in Pakistan, originally planned for July 2023, has experienced yet another unfortunate delay. In order to ensure a solid foundation, authorities have decided to prioritize achieving a minimum 60 percent 4G penetration before proceeding with the introduction of 5G services.

More interesting Itla (اطلاع) we consumed:

🏡 Join Emily on this episode of ‘The Circuit’ as she dives into the super inspiring and informative story of Airbnb CEO Brian Chesky. Chesky shares how he went from gluing cereal boxes to pay off his startup’s debt to running a multibillion-dollar business.

🍕 We watched probably the most visually stunning pizza-making video ever and it is almost enough for us to completely ignore the summer heat and go to our kitchen and bake. Thanks, Eater, for the gem.