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NBP Launches Seamless Raast QR Licensing Fee Collection Solution for NHMP
Pakistan

NBP Launches Seamless Raast QR Licensing Fee Collection Solution for NHMP

Karachi, May 13, 2026: NBP onboards the National Highways & Motorway Police for Raast QR-based licensing fee collections, marking another key milestone in the National Bank of Pakistan’s public sector digitisation journey. The signing ceremony formalised the mandate to enable on-the-spot, seamless and cashless payments for licensing services through Raast QR – bringing greater convenience for citizens while improving collection efficiency and transparency for NHMP. The initiative was spearheaded by Mr. Ahmad Ali Athar Wing, Head DBG North, supervised by Mr. Farhan Durrani, SVP/DBG, with the agreement signed by Mr. Muhammad Saqib, Regional Head, Islamabad and Mr. Shahbaz Alam, SP/NHMP. Present at the ceremony were Mr. Imran Gull, GM Islamabad, NBP, Mr. Amir Sohail, RE Liabilities, Islamabad, NBP, Mr. Hassan Waseem, DTO/DBG, Mr. Asghar Ali Yousafzai, DIG/NHMP and other senior officials from NHMP – reflecting strong alignment and commitment from both sides. This engagement further reinforces NBP’s leadership in driving digital payment solutions within government institutions and opens avenues for broader collaboration, including employee banking, other financial services and countrywide Raast QR based collections of driving license fees.

Pakistan, Gambia Move Towards Rice Trade Partnership Under New MoU
Business

Pakistan, Gambia Move Towards Rice Trade Partnership Under New MoU

Pakistan is moving closer to expanding its agricultural exports to West Africa as the Ministry of Commerce has sought federal cabinet approval to sign a Memorandum of Understanding (MoU) with The Gambia for stronger bilateral cooperation in agricultural trade, particularly rice exports. The proposed agreement comes after the Gambian government approached the Trading Corporation of Pakistan (TCP) to establish formal government-to-government (G2G) cooperation for the import of agricultural commodities from Pakistan. Officials said the move could open a major new export market for Pakistani rice and strengthen trade ties between the two countries. Gambia Shows Strong Interest in Pakistani Rice According to officials familiar with the development, recent engagements facilitated by the Trade Development Authority of Pakistan played an important role in advancing discussions between the two sides. During these meetings, Gambian officials reportedly expressed strong interest in importing Pakistani rice due to its quality and competitive pricing in international markets. Sources said The Gambia has indicated a demand of around 145,000 metric tons of rice. The expected imports could provide a significant boost to Pakistan’s rice export sector, which remains one of the country’s largest foreign exchange earners. Pakistan is among the world’s leading rice exporters, especially known for its basmati and non-basmati varieties. Exporters believe that expanding into African markets could help diversify export destinations and reduce dependence on traditional buyers. Cabinet Approval Sought for MoU The Ministry of Commerce has now forwarded a summary to the federal cabinet seeking approval to formally sign the MoU with the Gambian side. Officials said the agreement aims to establish a structured framework for agricultural cooperation and streamline trade between the two governments. The proposed arrangement is also expected to improve coordination between relevant institutions and facilitate long-term commodity supply agreements. The Trading Corporation of Pakistan is expected to play a central role in implementing the agreement once approved. Industry stakeholders believe the government-to-government model could strengthen confidence among buyers and ensure stable exports. Pakistan Expanding Presence in African Markets Pakistan has recently intensified efforts to expand trade relations with African countries under its “Look Africa” policy. Authorities are encouraging exporters to explore emerging markets across the continent for food products, textiles, pharmaceuticals, and other goods. Trade experts say Africa’s growing population and rising food demand present significant opportunities for Pakistani exporters. Rice exporters have also welcomed the proposed agreement with The Gambia, saying it could pave the way for similar arrangements with other African nations. They added that Pakistan’s rice sector has the capacity to meet large international orders while maintaining competitive prices. Rice Exports Remain Vital for Economy Rice exports continue to play a crucial role in Pakistan’s economy. The sector contributes billions of dollars annually in export earnings and supports thousands of farmers, millers, and exporters across the country. Officials hope that stronger cooperation with African markets will further increase export volumes and improve foreign exchange inflows at a time when Pakistan is seeking to stabilize its external sector. If approved by the federal cabinet, the MoU is expected to mark another step in Pakistan’s broader strategy to strengthen economic diplomacy and expand agricultural exports globally.

Karachi Court Grants Physical Remand of Alleged Cocaine Dealer Anmol ‘Pinky’
Pakistan

Karachi Court Grants Physical Remand of Alleged Cocaine Dealer Anmol ‘Pinky’

A local court in Karachi has approved a three-day physical remand of alleged cocaine dealer Anmol, also known as Pinky, in connection with narcotics and attempted murder cases. Police presented the suspect before the City Court under tight security arrangements as investigators sought custody to further probe the case. Authorities said the accused is allegedly linked to cocaine supply operations and other serious criminal activities across Karachi. Court Hands Suspect Over to Police According to police officials, investigators requested physical remand to complete interrogation and gather further evidence related to the case. The court approved the request and handed Anmol alias Pinky over to police custody for three days. Officials stated that several criminal cases have already been registered against the suspect at different police stations in Karachi. These cases reportedly include narcotics trafficking, cocaine dealing, and attempted murder charges. The case has drawn significant attention due to the suspect’s alleged links to a wider drug network operating in the city. DIG South Confirms Ongoing Investigation Speaking to the media, DIG South Asad Raza confirmed that the suspect was produced before the court amid strict security measures. He stated that investigators would question Anmol alias Pinky about other individuals allegedly connected to the network. Police are attempting to trace the broader chain involved in the supply and distribution of narcotics in Karachi. The senior police officer added that law enforcement agencies are continuing operations against major drug dealers as part of efforts to curb narcotics-related crimes in the city. More Arrests Likely in Drug Network Probe Police officials indicated that additional arrests are expected as the investigation progresses. Authorities believe information obtained during interrogation could help uncover other members involved in the alleged drug trade network. DIG South Asad Raza said the crackdown against large-scale drug dealers would continue in order to eliminate the growing menace of narcotics from Karachi. Law enforcement agencies in Karachi have intensified anti-narcotics operations in recent months amid concerns over the spread of illegal drugs among young people and the rise in organized criminal activity linked to narcotics trafficking.

PM Shehbaz Orders Uninterrupted Fertiliser Supply Amid Global Crisis
Pakistan

PM Shehbaz Orders Uninterrupted Fertiliser Supply Amid Global Crisis

Prime Minister Shehbaz Sharif on Tuesday directed authorities to ensure the timely provision of fertiliser to farmers at all costs and ordered continuous monitoring of fertiliser supplies to safeguard the country’s food security amid rising global concerns over supply disruptions. The prime minister chaired a high-level meeting on food security and fertiliser reserves, according to a statement issued by the Prime Minister’s Office. The meeting focused on ensuring stable fertiliser availability for farmers during the ongoing Kharif season and upcoming Rabi crops. Global Fertiliser Crisis Raises Alarm The development comes as farmers worldwide face another sharp rise in fertiliser prices due to tensions linked to the Iran conflict. According to Reuters, the war has disrupted supply chains and triggered fears of reduced global food production. The Middle East remains one of the world’s largest fertiliser production hubs, while much of the global fertiliser trade passes through the strategically important Strait of Hormuz. Shipping activity in the region has slowed significantly because of escalating tensions. Supplies of urea from major production facilities in Qatar have reportedly been affected, while exports of sulphur and ammonia — critical raw materials used in fertiliser manufacturing — have also declined. Experts warn that rising fertiliser costs and supply shortages could impact crop yields globally, especially in developing countries heavily dependent on imports. Government Prioritises Agricultural Sector During the meeting, Prime Minister Shehbaz Sharif stressed that fulfilling the agricultural sector’s needs remained the government’s top priority to protect national food security. He directed relevant ministries and institutions to prepare contingency plans for alternative fertiliser imports from Central Asian states in case supply chains from Gulf countries face further disruptions. The prime minister also instructed officials to ensure sufficient fertiliser stocks for both Kharif and Rabi crop seasons. He emphasised accelerating work on projects aimed at increasing local fertiliser production through the installation of new plants. Officials briefed the meeting that adequate fertiliser reserves were currently available for Kharif crops and that uninterrupted gas supplies to fertiliser factories were continuing according to national requirements. Crackdown Against Hoarding Ordered Prime Minister Shehbaz Sharif also ordered strict action against artificial shortages and hoarding of fertiliser to prevent exploitation of farmers and maintain price stability in the market. Authorities have been directed to closely monitor the distribution and availability of fertiliser across the country as concerns grow over potential global shortages. The meeting was attended by Federal Ministers Rana Tanveer Hussain, Ahad Khan Cheema, and Ali Pervaiz Malik, along with Minister of State Bilal Azhar Kayani, Special Assistant Haroon Akhtar, and senior government officials. Pakistan Diverts Gas Supplies to Fertiliser Plants Separately, Pakistan has redirected gas supplies away from households and industries toward fertiliser factories to avoid a possible food production crisis. According to reports presented before the Senate Standing Committee on Petroleum, authorities diverted gas to urea plants after war-related shipping disruptions limited Pakistan’s ability to import DAP fertiliser. The committee, chaired by Umer Farooq, reviewed the country’s fuel supply situation, LPG prices, gas access issues, and the suspension of CNG services in parts of Khyber Pakhtunkhwa. Officials informed lawmakers that the government was carefully managing stocks of crude oil, petrol, diesel, LNG, and LPG amid uncertainty in international markets. Analysts believe that maintaining stable fertiliser supplies will remain critical for Pakistan’s agricultural economy as global geopolitical tensions continue to impact trade and energy routes.

MSCI Adds Habib Metro Bank to Frontier Markets Index in May 2026 Review
Pakistan

MSCI Adds Habib Metro Bank to Frontier Markets Index in May 2026 Review

Morgan Stanley Capital International (MSCI) has announced changes to its Frontier Markets indexes as part of the May 2026 review, adding one Pakistani company to the MSCI Frontier Markets Index and three companies to the Frontier Markets Small Cap Index. According to MSCI’s latest review, Habib Metro Bank has been added to the MSCI Frontier Markets Index, while The Searle Company Limited has been removed from the standard Frontier Markets Index. The revised changes will take effect after the market closes on May 29, 2026. Three Pakistani Companies Added to Small Cap Index MSCI also announced additions to its Frontier Markets Small Cap Index. The Pakistani companies included in the small cap category are: Crescent Textile MillsHighnoon LaboratoriesThe Searle Company Limited Meanwhile, Murree Brewery has been removed from the MSCI Frontier Markets Small Cap Index. The MSCI Frontier Markets Index tracks large and mid-cap companies across frontier economies and covers nearly 85% of the free float-adjusted market capitalization in each participating country. Pakistan Market Shows Strong Performance Brokerage house Arif Habib Limited stated in a market note that Pakistan’s stock market has outperformed the MSCI Frontier Markets Index by 4.1% during FY26 to date. The firm further estimated that Pakistan’s weight in the MSCI Frontier Markets standard index is expected to stand around 5.8% following the latest review adjustments. Market analysts believe inclusion in MSCI indexes can improve international investor visibility and attract foreign portfolio inflows into Pakistan’s equity market. Pakistan’s MSCI Journey Pakistan was downgraded from Emerging Market status back to Frontier Market status by MSCI in September 2021, slightly more than four years after it had been upgraded. At the time, MSCI stated that while Pakistan continued to meet accessibility requirements for Emerging Markets, the country no longer fulfilled the necessary standards related to market size and liquidity. The downgrade had impacted foreign investor participation and reduced Pakistan’s weighting in global benchmark indexes. However, analysts say recent market stability, improving macroeconomic indicators, and stronger stock market performance could help improve Pakistan’s standing among frontier market investors. The latest MSCI review is being closely watched by investors, fund managers, and brokerage firms, as index inclusion often influences capital flows and investment strategies in emerging and frontier economies.

SBP Foreign Exchange Rules Simplified for Overseas Heirs to Transfer Inherited Assets
Pakistan

SBP Foreign Exchange Rules Simplified for Overseas Heirs to Transfer Inherited Assets

Pakistan’s banking sector has introduced a major breakthrough for overseas Pakistanis as the State Bank of Pakistan has eased the process for transferring inherited assets abroad. The latest changes in SBP Foreign Exchange Rules are expected to benefit thousands of non-resident Pakistanis struggling with lengthy legal and banking procedures after inheriting property, bank deposits, or other financial assets in Pakistan. In a significant move, the State Bank of Pakistan has officially recognized Succession Certificates and Letters of Administration issued by National Database and Registration Authority as valid legal documents for remitting inherited funds overseas. The development is being viewed as a major step toward simplifying financial procedures for overseas beneficiaries and reducing bureaucratic hurdles. SBP Foreign Exchange Rules Now Accept NADRA Documents Under the revised policy, authorised banks dealing in foreign exchange can now process inheritance-related remittance applications using NADRA-issued legal documents alongside court-issued certificates. Previously, overseas heirs often faced delays due to complex court verification requirements and documentation hurdles. The revised regulations amend Para 3 of Chapter 16 of Pakistan’s Foreign Exchange Manual and provide clearer instructions for handling legacy remittances. According to the updated framework, overseas beneficiaries applying for fund transfers from Pakistan must provide detailed information regarding the deceased individual. This includes nationality, residence status, and duration of stay in Pakistan where applicable. Applicants are also required to submit either a probated Will or, in cases where no Will exists, a Succession Certificate or Letter of Administration issued either by NADRA or a competent court. The documents must be properly authenticated by relevant authorities including a Notary Public, Judge, Magistrate, or the issuing authority in Pakistan or abroad. Overseas Pakistanis Expected to Benefit from Faster Asset Transfers The new SBP Foreign Exchange Rules are likely to create relief for overseas Pakistani families who frequently encounter legal complications while trying to transfer inherited wealth from Pakistan to their countries of residence. Banking experts believe the move could significantly reduce processing times and improve trust in Pakistan’s financial system among overseas communities. The policy also requires applicants to provide a complete statement of the deceased person’s assets located in Pakistan. This measure aims to improve transparency and ensure proper compliance with foreign exchange laws. Importantly, the State Bank clarified that any amount not approved for remittance will be placed in a blocked account under the name of the executor or administrator in a Pakistani bank. Why the New SBP Foreign Exchange Rules Matter The latest decision comes at a time when Pakistan is actively seeking to strengthen ties with overseas Pakistanis and encourage smoother financial transactions. For many overseas heirs, inheritance procedures in Pakistan have long been associated with delays, legal uncertainty, and excessive paperwork. By formally recognizing NADRA-issued succession documents, the central bank appears to be modernizing the system and aligning it with digital governance reforms. Financial analysts say the decision may also improve remittance confidence and enhance Pakistan’s reputation for facilitating legitimate cross-border financial transfers. Banks Ordered to Ensure Strict Compliance The State Bank has directed all Authorised Dealers in foreign exchange to ensure strict implementation of the revised rules. Banks have been instructed to carefully review all applications and maintain meticulous compliance with the updated framework while processing overseas inheritance remittances. The latest SBP Foreign Exchange Rules are being seen as a practical and business-friendly reform that could make life considerably easier for overseas Pakistanis dealing with inherited assets and estate settlements in Pakistan.

SBP Receives $1.3 Billion from IMF
Pakistan

SBP Receives $1.3 Billion from IMF

The State Bank of Pakistan (SBP) has received approximately US$1.3 billion from the International Monetary Fund (IMF), strengthening the country’s external position amid ongoing economic recovery efforts. Boost to Reserves and Economic Stability This fresh inflow follows the successful completion of the third review under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF). The IMF Executive Board approved the disbursements on May 8, 2026. SBP received the funds valued on May 12, which will reflect in official reserves for the week ending May 15, 2026. Details of the Disbursement The package includes SDR 760 million under the EFF and SDR 154 million under the RSF, totaling SDR 914 million. This brings cumulative disbursements under both programs to around $4.8 billion. The EFF supports broader macroeconomic stability, fiscal discipline, and structural reforms, while the RSF focuses on climate resilience and sustainable growth. Pakistan’s economy has shown resilience with controlled fiscal deficits and improving tax collections in recent months. This timely IMF support is expected to enhance investor confidence and provide breathing room for managing external debt obligations. Analysts believe the injection will help cushion against global uncertainties and support ongoing talks for future financing. With SBP reserves previously hovering around $15.85 billion, this addition marks a significant step toward rebuilding buffers. The development comes as Pakistan continues reforms in taxation, energy, and governance. Markets are likely to react positively with potential stabilization in the rupee and lower borrowing costs.Government officials view this as validation of their economic agenda. The funds will aid in meeting import needs and servicing debt without straining domestic resources. Experts emphasize the need to sustain reform momentum to unlock further tranches and achieve long-term debt sustainability. This tranche reinforces Pakistan’s commitment to the IMF program.

Chinese Apparel Giants Plan $500M Export Facility Creating 20,000 Jobs
Business

Chinese Apparel Giants Plan $500M Export Facility Creating 20,000 Jobs

‎ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan held a meeting with a Chinese business delegation led by Mr. Huwang, Chairman of Challenges Fashion and Ms. Karen Chen, CEO of Challenge Apparel, to discuss investment in export-oriented manufacturing, industrial facilitation, tariff rationalization, and broader Pakistan-China economic cooperation.‎‎During the meeting, both sides exchanged views on the growing potential for Chinese investment in Pakistan, in the textiles, apparel and other sectors. The delegation briefed the Minister on the progress of their ongoing industrial project in Pakistan, sharing plans for significant expansion in manufacturing capacity, employment generation, and export growth.‎‎Mr. Huwang informed the Minister that the company is establishing a major manufacturing facility in Pakistan under international production standards, with the first phase expected to be completed later this year. He shared that the long-term expansion plan envisions one of the largest industrial operations of its kind, with the potential to create up to 20,000 employment opportunities and generate annual exports of approximately USD 400–500 million.‎‎The Chinese delegation highlighted Pakistan’s strategic advantages, including its competitive workforce, and geographic position linking regional and international trade routes. The investors expressed confidence in Pakistan’s industrial potential and expressed growing interest among Chinese businesses in expanding their presence in the country.‎‎Federal Minister Jam Kamal Khan welcomed the delegation and appreciated growing interest of Chinese companies to invest in Pakistan. He noted that the government is actively working to improve the investment climate, simplify regulatory procedures, and facilitate foreign investors through coordinated institutional support.‎‎The Minister highlighted the Prime Minister’s strong emphasis on attracting productive investment and promoting export-led economic growth, noting that investor facilitation remains a key government priority.‎‎During the discussion, the Minister observed that changing global economic dynamics, evolving supply chains, and growing interest in diversification are creating new opportunities for countries like Pakistan. He emphasized that Pakistan’s strategic location, industrial potential, and regional connectivity make it an increasingly attractive destination for export-oriented investment.‎‎The meeting also included discussion on regional connectivity, logistics, energy access, and the importance of secure and diversified trade corridors. The Minister stated that Pakistan’s position offers long-term opportunities for trade facilitation, industrial growth, and stronger economic integration with regional and international partners.‎‎Chinese representatives shared their positive operational experience in Pakistan while noting that international perceptions sometimes influence business decision-making abroad. Jam Kamal Khan acknowledged that perception remains an important factor and emphasized that Pakistan has made substantial progress in improving its business environment and strengthening investor protection.‎‎He stated that the government and relevant institutions remain fully committed to ensuring a stable and secure business environment, expressing confidence that continued improvements would further strengthen investor confidence.‎‎The delegation also raised specific operational requirements relating to specialized industrial construction materials and inputs that are currently not manufactured locally and to be imported to maintain international manufacturing and safety standards.‎‎Federal Minister Jam Kamal Khan assured the investors that the government remains committed to supporting industrial growth and facilitating industrial requirements. He informed the delegation that Pakistan is currently undertaking a phased tariff rationalization process aimed at improving competitiveness and reducing unnecessary costs for manufacturers.‎‎The Minister invited the delegation to formally submit details of specialized products not produced locally, along with relevant tariff classifications, so the Ministry could examine the matter within the ongoing tariff rationalization framework.‎‎He noted that facilitating such industrial requirements could also create opportunities for future local manufacturing once sufficient market demand emerges.‎‎The meeting also reviewed progress on project implementation, including land approvals, infrastructure matters, utility facilitation, and improvements in Special Economic Zone frameworks. The Minister informed the delegation that reforms are underway to reduce procedural hurdles and improve ease of doing business for industrial investors.

NEPRA concludes hearing on K-Electric’s End-of-Term Adjustment claims for its MYT 2017–2023
Pakistan

NEPRA concludes hearing on K-Electric’s End-of-Term Adjustment claims for its MYT 2017–2023

Karachi, May 12, 2026: The National Electric Power Regulatory Authority (NEPRA) concluded a public hearing on K-Electric’s (KE) petition pertaining to End of Term (EoT) adjustments under the approved Multi-Year Tariff (MYT) framework for the control period FY2017– FY2023. The mechanisms for these adjustments were incorporated and approved by NEPRA in MYT determination for the control period FY17-FY23 and Mid-term review determination, which envisaged specific components to be reviewed at the end of the control period through a prescribed regulatory mechanism. During the hearing, KE apprised the Authority that the cumulative EoT adjustment claim amounts to PKR 43.6 billion and includes components relating to the impact of exchange rate variations on the allowed Return on Equity (RoE), investment-related adjustments, and working capital actualization based on actual balances versus projected benchmarks approved under the MYT framework. The utility further informed the Authority that it had also sought approval of pass-through claims relating to taxes paid and claimed strictly in compliance with NEPRA’s MYT determination. KE maintained during the hearing that all submitted claims are fully aligned with the provisions, methodologies, and mechanisms already approved by NEPRA under the MYT framework for FY2017– FY2023.

Payoneer Reports Strong Q1 2026 Results with 11% Revenue Growth Ex-Interest and 44% B2B Surge
Business

Payoneer Reports Strong Q1 2026 Results with 11% Revenue Growth Ex-Interest and 44% B2B Surge

Karachi: Payoneer, the global financial technology company powering business growth across borders, today announced its financial results for the first quarter ended March 31, 2026, reporting continued growth across its SMB and enterprise business segments alongside strong profitability and rising global transaction volumes. Payoneer delivered $262 million in revenue in Q1 2026, representing 6% year-over-year growth, driven by strong momentum across SMB and enterprise customers. Revenue excluding interest income grew 11% year-over-year, while lower global interest rates contributed to a decline in interest income revenue. The company generated nearly $23 billion in total volume during the quarter, up 16% year-over-year, reflecting growing demand for Payoneer’s cross-border payment infrastructure across global trade and digital commerce. The company’s B2B business remained a key growth driver, with B2B volume reaching $3.9 billion during the quarter, marking a 44% year-over-year increase. Volume from SMBs selling on marketplaces reached $11.6 billion, while Checkout volume grew 53% year-over-year to $264 million. Enterprise payouts volume also continued its upward trajectory, nearing $7 billion in Q1 2026 with a 28% year-over-year increase. Payoneer also reported $30 million in operating income and $20 million in net income during the quarter, demonstrating continued operational discipline and profitability. Customer trust in the platform remained strong, with approximately $7.6 billion in customer funds as of March 31, 2026, up 15% year-over-year. Across regions, the company recorded broad-based growth, with Europe, Middle East and Africa revenue increasing 10% year-over-year to $65 million, Asia-Pacific revenue rising 14% to $58 million, and North America revenue growing 10% to $26 million during the quarter.Reflecting confidence in its long-term growth strategy and business momentum, Payoneer also raised its 2026 guidance on May 7, 2026. Commenting on the results, John Caplan, Chief Executive Officer, Payoneer, said: “In Q1 we delivered acceleration across major KPIs: revenue growth ex. interest accelerated to 11%, B2B volume growth more than doubled to 44%, and we delivered another quarter of significant core profitability expansion. We are driving broad-based momentum across our business, supported by differentiated assets that compound as we scale. We have infrastructure built on years of investment and innovation, network effects that strengthen as volumes grow, and platform depth that allows us to meet the needs of how our customers operate globally. We’re a profitable, scaled platform in a multi-trillion-dollar B2B market that’s still in the early innings of digitization, and our strong Q1 results demonstrate we’re capturing share. We are executing consistently, moving fast where we see opportunities, and building a business that’s not just larger, but structurally more valuable, with deeper strategic advantages and stronger customer relationships.” As Pakistan’s freelancer economy, exporters, and digitally enabled SMBs continue to expand globally, Payoneer remains focused on enabling seamless cross-border payments, multi-currency financial services, and international business growth for entrepreneurs and businesses across the country.

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