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Pakistan palm oil stocks enough to last two months after Indonesia bans export — processors

A Pakistani consumer comes out from the cooking oil shop in Rawalpindi, Pakistan, on April 6, 2008. (AFP/File)
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Updated 06 May 2022
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Pakistan palm oil stocks enough to last two months after Indonesia bans export — processors

  • Edible oil refiners rule out panic-like situation as Pakistan holds around half a million tons in stock
  • Pakistan has imported 2.2 million metric tons of palm oil worth $2.7 billion so far this fiscal year
Updated 06 May 2022
KHURSHID AHMED   

KARACHI: Pakistan’s edible oil processors on Friday ruled out any panic-like situation and said the country had enough stockpiles for two months, a week after Indonesia, the world's largest palm oil producer, banned exports to calm down prices in the local market. 

Indonesia’s President Joko Widodo last Friday imposed a ban on the export of edible oils in order to reduce domestic shortages and rein in burgeoning prices to avoid unrest at home. 

Indonesia is the world’s largest producer of palm oil. The demand of the commodity has quadrupled over the years, especially after a demand surge in major markets in India and China. Pakistan imports around 82 percent of its palm oil from Indonesia and 18 percent from Malaysia.  

“The stock of palm oil is at a comfortable level for the next two months (around 0.5 million metric ton),” Abdul Rasheed Jan Muhammad, chairman of the Pakistan Edible Oil Refiners Association (PEORA), told Arab News on Friday. 

“They (Indonesian president) have taken a unilateral decision that is worrisome, because it does not happen that a trade is banned on a notice of three to four days. There would be an impact if the ban lingered on and it would not only affect Pakistan but the whole world.”   

Indonesia's ban on oil exports comes amid disruptions due to the Russian invaion of Ukraine, which has blocked the supply of Russian and Ukrainian sunflower oil to the international market and led to a sharp rise in prices in Indonesia and other countries. 

Pakistani edible oil refiners say prices in the local market are not expected to increase due to the availability of sufficient stocks.   

“There is no price escalation expected because an abundant stock is available at domestic level,” Jan Muhammad said. "If there would be any price impact, it would be because of the [Pakistani] currency fluctuation." 

Pakistani edible oil processors hope the island country would lift the ban on oil exports after Islamabad officially approached authorities in Jakarta. “[We] hope that sanity would prevail as the issue has been take up at the government level,” the PEORA chief said. 

Last week, Pakistan's commerce minister Naveed Qamar informed that Prime Minister Shehbaz Sharif had constituted a task force to ensure there were no disruptions in the supply of palm oil to the Pakistani market.   

The minister said the supply of palm oil had been temporarily halted owing to Indonesia's domestic issues. He, however, said he was reassured by his Indonesian counterpart that the supply will be resumed by the third week of May. 

Pakistan will more oil from Malaysia, besides exploring other options and cracking down on hoarding and smuggling of the commodity, according to the minister. 

Pakistani edible oil processors hoped Indonesia would lift the ban next week as the island nation faces an inventory buildup. 

“We expect that Indonesia will lift the ban after a meeting that is to be held on May 09, because the stock continues to build up in the country,” Abdul Waheed, a member of the executive committee of Pakistan Vanaspati Manufacturers Association (PVMA), told Arab News.   

“It would be devastating if the ban is not lifted but we have enough palm oil stocks to last for 45 to 60 days. They will lift the ban as they are running out of space.”  

In Pakistan, palm oil is mainly used for the manufacturing of ghee or vanaspati as compared to the soft oil or cooking oil extracted from other sources, including soybean. 

The per capita consumption of edible oil in Pakistan currently stands at around 24 kilograms per year, while the global average consumption stands little higher at 28 kilograms per year.  

Edible oil and oilseeds are among the largest food and feed imports to Pakistan. The South Asian country imported 209,990 metric tons of palm oil in March, which was over 10 percent lower than the month of February and over 23 percent from March 2021.   

Pakistan imported palm oil worth $290.5 million in March, which is 5.43 percent higher than previous year mainly due to the high international commodity prices.  

From July 2021 to March 2022, Pakistan imported 2.2 million metric tons of palm oil that was worth $2.7 billion. The quantity of imported oil was only 8 percent higher than the previous year, but the value of the commodity was 46.7 percent higher than the previous year's, according to the official data. 

Topics: palm oil Indonesia

Pakistan PM’s recent Saudi visit ‘most successful in decades’ — information minister

Updated 16 min 49 sec ago
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Pakistan PM’s recent Saudi visit ‘most successful in decades’ — information minister

  • Shehbaz Sharif was in Saudi Arabia from April 27-30 where he met crown prince, several top Saudi ministers
  • “High-powered” delegation of Saudi businessmen due in Pakistan in “few days” to discuss private sector investments 
Updated 16 min 49 sec ago
Arab News Pakistan

ISLAMABAD: Pakistani Information Minister Attaullah Tarar said on Friday Prime Minister Shehbaz Sharif’s recent visit to Saudi Arabia was the most successful tour to the Kingdom in decades by a Pakistani leader, with the premier holding at least twelve meetings, including with the crown prince.

Sharif was in Riyadh from Apr. 27-30 to attend a special two-day meeting of the World Economic Forum on global collaboration, growth and energy. On the sidelines of the WEF conference, Sharif met and discussed bilateral investment and economic partnerships with Crown Prince Mohammed bin Salman and various top officials from the Kingdom. 

This was Sharif’s second meeting with the crown prince in a month. Before that he also met him when he last traveled to the Kindom on April 6-8.

“Such a successful tour of Saudi Arabia has not been seen in decades,” Tarar told a press briefing on Friday, speaking about Sharif’s recent trip to Riyadh for the WEF special meeting. “With Saudi ministers, the process of meetings went on for two days.”

Among those Sharif met were the Saudi ministers of finance, industries, investment, energy, climate and economy and planning, the adviser of the Saudi-Pakistan Supreme Coordination Council and the presidents of the Saudi central bank and Islamic Development Bank.

“PM had twelve meetings in two days which has not happened in history,” Tarar said. “And in the meetings every minister came and told us that it was the order of Crown Prince Mohammed bin Salman that they had to do efforts for Pakistan and cooperate with Pakistan and we have come to tell you we will do whatever we can for investments in Pakistan.”

Tarar said a “high-powered” delegation of Saudi business people and heads of major Saudi companies would be in Islamabad in the “next few days.” 

“Delegation is coming to islamabad and we have planned a big program for investment in the private sector,” the information minister added. 

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.

Both Pakistan and Saudi Arabia have been closely working to increase bilateral trade and investment deals in recent weeks, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.

Cash-strapped Pakistan desperately needs to shore up its foreign reserves and signal to the International Monetary Fund (IMF) that it can continue to meet requirements for foreign financing which has been a key demand in previous bailout packages. 

Saudi Arabia has often come to Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up forex reserves.

Topics: Pakistan Saudi Ties Attaullah Tarar

PIA operations to Dubai, Sharjah ‘severely affected’ due to UAE rains

Updated 02 May 2024
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PIA operations to Dubai, Sharjah ‘severely affected’ due to UAE rains

  • Extreme weather in UAE expected to continue until Friday, authorities have issued safety advisories for residents
  • Latest rains come two weeks after Dubai was hit by unprecedented storms that paralyzed the emirate for days
Updated 02 May 2024
NAIMAT KHAN

KARACHI: Pakistan’s national carrier PIA said on Thursday its operations to Dubai and Sharjah had been “severely affected” by a latest spell of heavy rains in the UAE and would remain suspended until further notice.

UAE residents woke up to heavy rain, thunderstorms, and strong winds on Thursday morning, as predicted by the UAE’s National Center of Meteorology (NCM) on Wednesday, May 1. The extreme weather is expected to continue until Friday, May 3, and authorities have issued safety adviseries for residents.

The latest rains come two weeks after Dubai was hit by unprecedented storms that paralyzed the emirate for days.

“Air operations to Dubai and Sharjah are severely affected due to heavy rains in UAE,” PIA said in a statement. “Air operations of other airlines including PIA will remain suspended for the time being.”

The airline said passengers of affected flights should contact PIA call center 786 786 111 for their flight information and alternative arrangements.

Last month, Dubai had to endure the towering task of clearing its water clogged roads and drying out flooded homes after a record storm saw a year’s rainfall in a day. Dubai International Airport, a major travel hub, also struggled for days to clear a backlog of flights and many roads were still flooded in the aftermath of the deluge.

The rains were the heaviest experienced by the United Arab Emirates in the 75 years that records have been kept. They brought much of the country to a standstill and caused significant damage, flooding trapped residents in traffic, offices and homes and overrunning malls and roads. 
 

Topics: PIA PIA flights Dubai

In scenic Abbottabad, an old church tells a tale of religious unity, colonial heritage

Updated 02 May 2024
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In scenic Abbottabad, an old church tells a tale of religious unity, colonial heritage

  • St. Luke’s Church was built in 1864 on land donated by Queen Victoria, empress of India
  • Can seat up to 150 worshippers, expanding into outdoor area to host larger crowds
Updated 02 May 2024
Yusra Jabeen

ABBOTTABAD: Located in Abbottabad, a picturesque city set against the mountainous terrain of Pakistan’s northwestern Khyber Pakhtunkhwa province, the 160-year-old St. Luke’s Church has a tale to tell of religious unity and the region’s colonial history. 

Built in 1864 during British rule, the Anglican-Protestant church was established to serve British officials serving in the Indian subcontinent. Construction of St. Luke’s commenced in 1854-55, with initial delays due to slow fund-raising and then a brief interruption due to the Indian Rebellion of 1857. It was completed and then consecrated by the Bishop of Calcutta in 1864. 

Despite disruptions during the partition of British India in 1947 and the birth of Pakistan, the church has continued to host mass and retained many of its original architectural elements.

“During its construction, the church’s exterior was built with stones that were cut and laid by hand,” Rev. Rafiq Javed, a priest at the church appointed by the Diocese of Peshawar, told Arab News this week, explaining the history of St. Luke’s Church.

“The inner part [of the church] is built using mud, lentils, jute, sawdust, and paste made of eggs. The eggs were provided by the local people.”

St. Luke’s Church retains many elements from the time of its construction, such as stained-glass windows and old locks and their gigantic keys. A pipe organ stands in the church foyer.

Javed said the musical instrument had become unusable due to water damage some 50 years ago but its sound was once well known across the Abbottabad valley.

The church walls display plaques dating back to 1865 and serving as a memory of fallen British soldiers. One also comes across a metallic device permanently fixed on one of the stairs at the church’s entrance that was used by British troops to remove mud from their shoes before going to the main hall for worship.

The local Christian community says the church property was donated by Queen Victoria, empress of India, and one of its gates was named after her. The church property comprises the vicar’s home as well as staff quarters for caretakers of the building.

The church seats up to 150 worshippers, expanding into the outdoor area to accommodate larger crowds during special occasions such as Christmas and Easter.

Christianity, the third largest religion in Muslim-majority Pakistan, is followed by 1.27 percent of the population, according to the 2017 Census. The community has roughly equal proportions of Catholics and Protestants, with a small number of Eastern Orthodox and Oriental Orthodox Christians as well. There are around 4,000 Christians in Abbottabad, according to local estimates.

Javed the priest said the building of the church was a community effort:

“At the time, the people who lived here included Hindus and our Muslim brothers as well and they also lent a hand in building this church. The eggs [to make paste] were provided by the local Hindu and Muslim communities.”

Topics: Abbottabad Church Pakistan St. Luke’s Church Arab News Pakistan

Google to establish fifty AI-equipped smart schools in Pakistani capital

Updated 02 May 2024
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Google to establish fifty AI-equipped smart schools in Pakistani capital

  • Smart schools incorporate technology and innovation in teaching and learning processes to improve quality of education
  • Smart schools in Islamabad will be equipped with 30,000 Google for Education IDs with AI features and digital tools 
Updated 02 May 2024
Arab News Pakistan

ISLAMABAD: US tech giant Google is all set to establish 50 smart schools in Pakistan’s federal capital offering AI features and a suite of digital tools for “enhanced collaboration and productivity,” Pakistani state media reported this week. 

A smart school incorporates technology and innovation in its teaching and learning processes to improve the quality of education. Smart schools use various technologies such as interactive whiteboards, online learning platforms, artificial intelligence and virtual reality to enhance the learning experience of students. 

Experts say smart schools lead to improved student engagement and motivation, personalized learning, access to a wider range of resources, and enhanced communication between teachers, students, and parents. Smart schools also promote collaborative learning, critical thinking, and problem-solving skills among students.

A Google for Education team and its local partner Tech Valley met this week with the Secretary of the Ministry of Federal Education and Professional Training to present its proposals for Pakistan’s education sector, including setting up smart schools. 

“50 Smart schools in Islamabad will be equipped with 30,000 Google for Education IDs which includes features, powered by AI, like practice sets and a suite of digital tools for enhanced collaboration and productivity,” the APP wire agency reported. 

“Discussions extended to several upcoming initiatives, including teacher workshops on Google for Education tools, the establishment of a public Google Reference School, the training of 2,000 youths in job-ready skills through Google Career Certificates, and the potential collaboration on hosting an Edutech event with the Ministry of Federal Education in Pakistan.”

According to the “Global Education 2020” report issued by UNESCO, there has been a significant increase in the use of technology in education worldwide. The report indicated that 90 percent of the world’s countries have launched initiatives to integrate technology into education, and 80 percent of students in advanced countries use technology in education.

As per a report by “Holistics,” a business intelligence and data analytics platform, Smart School technology has also been adopted by many countries in Asia, including Singapore, China, and South Korea, and has proven to be effective in improving the quality of education and learning outcomes.

The size of the Smart School market is expected to reach $73.8 billion by 2025 compared to a market size of $43.6 billion in 2018, marketing research company “Markets and Markets” said in a recent report. 

Topics: Google

Pakistan inflation eases to 22-month low at 17.3% in April amid monetary tightening

Updated 31 min 58 sec ago
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Pakistan inflation eases to 22-month low at 17.3% in April amid monetary tightening

  • Pakistan beset by inflation above 20% since May 2022, registering high of 38% in May 2023 due to high food, energy costs
  • Pakistan is currently navigating strict reforms as part of an International Monetary Fund bailout program
Updated 31 min 58 sec ago
KHURSHID AHMED   

KARACHI: Pakistan’s inflation eased off to 17.3%, the lowest since May 2022, on a year-on-year basis in April 2024 from 20.7% recorded in March 2024 and 36.4% in April 2023, official data issued on Thursday said.

Pakistan has been beset by inflation above 20% since May 2022, registering a high of 38 percent in May 2023 mainly due to high food and energy costs. 

Pakistan’s central bank, which has kept the interest rate steady at 22% since June last year amid tight monetary tightening, had forecasted that ” inflation will continue to remain on downward trajectory further moderation.”

“Besides the coordinated tight monetary and fiscal policy response, other factors that have led to this favorable outcome include lower global commodity prices, improved food supplies and high base effect,” the central bank said in its monetary policy statement issued on Monday.

On a month-on-month basis, inflation decreased to 0.4% in April 2024 as compared to an increase of 1.7% in the previous month and a hike of 2.4% in April 2023, according to the Pakistan Bureau of Statistics (PBS). 

In April on an annual basis the prices of onions increased by 156.16%, tomatoes 126.67%, chicken 33.62% and meat 22.18%. In the non-food category, gas charges surged by 318.74%, electricity charges 71.12%, accommodation services 31.50%, transport services 26.70%, cotton cloth 23.00%, drugs and medicines 22.78%, and footwears 21.38%.

Urban core inflation measured by non-food non-energy items increased to 13.1% on an annual basis in April 2024 as compared to an increase of 12.8% in the previous month and 19.5% in April 2023.

Rural core inflation measured by non-food non-energy items increased to 19.3% on a year-on-year basis in April 2024 as compared to an increase of 20% in the previous month and 24.9% in April 2023.

Topics: Pakistan economy inflation in Pakistan

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