ISLAMABAD: All eyes are on Prime Minister Imran Khan after his Pakistan Tehreek-e-Insaf party announced he would seek a vote of confidence from parliament following a major setback to the government in a landmark senate poll on Wednesday.
Opposition politician Yousuf Raza Gillani defeated finance minister and key Khan aide Hafeez Sheikh, receiving 169 votes to Sheikh’s 164. Gillani’s success suggested some ruling party lawmakers had revolted and didn’t vote for Shaikh for the key seat reserved for the capital Islamabad, analysts said.
“PM Khan will take a vote of confidence from Parliament,” the ruling party said in a tweet, quoting Foreign Minister Shah Mahmood Qureshi.
The announcement came after Pakistan Peoples Party chairman Bilawal Bhutto Zardari urged Khan to accept defeat and resign as the opposition would seek a motion of no confidence against him.
“We will choose our timing when to use the option of no-confidence against the prime minister,” Bilawal said while addressing a press conference along with Gillani after the announcement of results by the Election Commission of Pakistan. “He should morally resign now, but we know he neither did it before nor will do it now … We will now get Yousuf Raza Gillani elected as Chairman Senate.”
Speaking on the occasion, Gillani said credit for his victory goes to “all the democratic forces” in the country.
“It’s a victory of democracy and it’s a victory of the parliament,” he said.
Despite winning the 2018 general election, Khan’s coalition does not have the majority in the upper house of parliament needed to pass key legislation.
The electoral college for the senate elections, which are held every three years on half of the chamber’s strength, comprises Pakistan’s four provincial assemblies and the lower house of parliament. With opposition parties controlling the senate, the government has had to pass interim legislation through presidential ordinances, which expire in 120 days.
The government’s legislators and allies in the lower house of parliament voted to make Khan’s finance minister Shaikh a senator.
At the end of polling, Khan’s ruling party had bagged 18 new seats, the opposition Pakistan Peoples Party got eight new senators elected and the Pakistan Muslim League-Nawaz only won five seats. The Balochistan Awami Party — an ally of the ruling PTI — secured six more seats.
In Pakistan, a senator serves a term of six years, barring resignation, disqualification, or other extraordinary circumstances. Half of the senators are elected at one time, and the other half three years later.
This year, 52 senators elected in 2015 are set to retire; the other 52 will retire in 2024. However, elections are being held only for 48 seats after Pakistan’s northwestern Federally Administered Tribal Areas (FATA) were merged with the Khyber Pakhtunkhwa province in 2018. The senate thus now comprises 100 lawmakers: 23 each from all the provinces and four from Islamabad. The remaining four senators from FATA will retire in 2024.
The Pakistani Supreme Court ruled this Monday that senate elections would continue to be held through a secret ballot as per the constitution but directed the election commission to use technology to check against corrupt practices in the polls.
The court’s 4:1 verdict came in response to a presidential reference filed in December, seeking the court’s opinion on whether voting in senate elections could be held through an open ballot.
The government of PM Khan has argued that open balloting would introduce transparency into a voting process that has long been plagued by irregularities, with national and provincial lawmakers accused of selling their votes.
Leaders of the opposition alliance, the Pakistan Democratic Movement (PDM), have opposed the government’s move to try to hold senate elections through an open ballot.
On Tuesday, the election commission said senate elections this year would be held as “per past practices,” saying it was setting up a monitoring mechanism to identify corrupt practices in the elections.
On Tuesday night, a video surfaced showing the son of Gillani explaining to lawmakers how they can waste their vote during the election. The government has since demanded the election commission declare Gillani ineligible and has filed a reference with the commission seeking his disqualification for being involved in “corrupt practices.”
All eyes on Pakistani prime minister after senate election setback
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All eyes on Pakistani prime minister after senate election setback
- Yousaf Raza Gillani’s success in senate poll suggests some ruling party lawmakers revolted and didn’t vote for Sheikh for key seat reserved for Islamabad
- Foreign Minister Qureshi says Khan will seek a vote of confidence from National Assembly to prove he still enjoys a majority in parliament
US envoy hosts Pakistan cricket team in display of support ahead of T20 World Cup
- Pakistan’s preparations for the mega event that will be co-hosted by the West Indies and the US
- Both Pakistan, US have been slated to play within the same group stage and will compete on June 6
ISLAMABAD: United States (US) Ambassador to Pakistan Donald Blome held a meet-and-greet session with the Pakistan cricket team at the US embassy in Islamabad in a display of support for the ‘Green Shirts’ ahead of the highly anticipated Twenty20 World Cup 2024, the US embassy said on Tuesday.
The development came amid Pakistan’s preparations for the mega event that will be co-hosted by the West Indies and the US in June.
Ambassador Blome welcomed the Pakistan team and cricket board chairman, Mohsin Naqvi, at his residence and extended his best wishes for the matches in the US.
“In dual gestures of sports diplomacy, Ambassador Blome presented the team members with a commemorative embassy cricket ball and autographed softball bat,” the US embassy said in a statement.
“The Pakistani team reciprocated by presenting the Ambassador with a signed cricket bat and team jersey.”
The US envoy later participated in an impromptu cricket demonstration with members of the Pakistan side.
Both Pakistan and the US have been slated to play within the same group stage and will compete in a highly anticipated game scheduled for June 6.
Organizers of the T20 World Cup games in the US have said that early ticket sales showed there was a huge demand for the sport in the country.
The highly anticipated clash in New York between cricket rivals Pakistan and India was over-subscribed by 200 times in the public ballot for tickets, the International Cricket Council said in Feb.
The 34,000-seat temporary venue, Nassau County International Cricket Stadium on Long Island, is already assured of a sell-out crowd for the June 9 encounter.
Pakistan says inflation expected to drop to 17.5 percent in May amid signs of economic recovery
- Finance ministry says Pakistan to achieve modest growth this year, enabling improved performance in the next fiscal
- It acknowledges higher fuel prices, saying they will be offset by the government’s initiative to reduce wheat flour prices
ISLAMABAD: Pakistan’s finance ministry said on Tuesday the country’s economy was showing signs of recovery, highlighting a downward inflationary trend that could reach 17.5 percent in the upcoming month of May.
The statement comes at a time when Pakistan received a disbursement of $1.1 billion from the International Monetary Fund (IMF) as the second and final tranche under a $3 billion standby arrangement secured last summer to avert a sovereign default.
Prime Minister Shehbaz Sharif said earlier in the day the money would help the country achieve greater economic stability, with his government striving for a bigger loan program for a longer duration.
The finance ministry said in its Monthly Economic Update and Outlook for April 2024 that the economy was “on a resilient track to achieve modest growth this year, setting the basis for better performance in the upcoming fiscal year.”
“Headline inflation observed the lowest reading after 21 months,” it noted. “In March, CPI [consumer price index] inflation recorded the third consecutive YoY [year-on-year] decline, dropping to 20.7 percent from 35.4 percent last year. This decrease was observed throughout the third quarter of FY2024.”
It added the inflation outlook for April 2024 continued a downward trajectory, with the government determined to reduce it by taking strict administrative measures.
The outlook report said the increasing crude oil prices in the international market had prompted the government to raise domestic fuel prices. However, the rise in these rates was expected to be offset by the government initiative to reduce wheat flour prices.
“Inflation is projected to hover around 18.519.5 percent in April 2024,” it continued. “However, there are expectations of a gradual easing further to 17.5-18.5 percent in May 2024.”
Pakistan’s economy witnessed a major inflationary pressure in recent years after its governments sought IMF assistance amid dwindling foreign currency reserves and depreciating national currency.
The international lender urged the country to carry out economic reforms – such as removal of subsidies and increase in fuel charges and power tariffs – which led to spiraling inflation and pushed about 40 percent of its population below the poverty line.
Last year in February, financial experts warned of spiraling inflation of up to 40 percent after official data revealed that weekly inflation had touched 38.4 percent on an annual basis.
However, the situation has gradually improved, though inflationary pressure still continues to remain on the higher side.
Saudi business delegates to soon visit Pakistan, help expedite economic cooperation — PM Sharif
- Pakistan is currently making rigorous efforts to attract investment from Saudi Arabia, other Gulf nations to support dwindling economy
- PM Shehbaz Sharif expresses resolve to work hard to implement consensus achieved in meetings with Saudi leadership on WEF sidelines
ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday that a delegation of Saudi businessmen would soon visit Pakistan, which would help expedite economic cooperation between the two brotherly countries.
The statement came at the end of PM Sharif’s visit to Riyadh, where he attended a two-day World Economic Forum (WEF) summit on Global Collaboration, Growth and Energy for Development on April 28-29.
On the sidelines of the summit, the prime minister held meetings with Crown Prince Mohammed bin Salman as well as Saudi ministers of energy, economy and planning, and environment, water, and agriculture.
Sharif, upon the completion of his visit, said bilateral relations and economic partnership between Saudi Arabia and Pakistan were getting “stronger and stronger.”
“A delegation of businessmen from Saudi Arabia is visiting Pakistan in the next few days,” he was quoted as saying in a statement issued from his office.
“The speed of economic partnership between the two countries will be accelerated by the visit of the Saudi Arabian businessmen.”
He expressed his resolve to work hard to implement the consensus achieved at the leadership level between the two countries, saying that a record number of delegations had been exchanged between Pakistan and Saudi Arabia during the past two months.
“His Excellency Crown Prince Mohammed bin Salman issued special instructions to Saudi ministers regarding Pakistan, for which we are extremely grateful,” Sharif said.
“I also pay tribute to Saudi ministers, who made full preparations for the implementation of the consensus between the leadership [of the two countries].”
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 countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.
Czechoslovakian software company to invest $1 million in Pakistan data center
- IceWarp officials says the company plans to open subsidiary in Saudi Arabia after establishing presence in Pakistan
- The Czech company offers cost-effective services, including hosted email, TeamChat and ChatGPT integration
KARACHI: A Czechoslovakia-based software company is all set to invest about $1 million in Pakistan to set up a data center, said one of the top organization officials on Tuesday while also highlighting plans to launch a subsidiary in Saudi Arabia.
Established in 1998, IceWarp has presence in more than 100 countries and provides specialized and highly cost-effective services, such as hosted email, TeamChat, ChatGPT integration and online conferences etc.
“Pakistan is a high potential land where digital transformation can be seen from public sector entities to private businesses,” Jan Urbik, IceWarp’s global chief sales officer, told a news conference in Karachi. “We will support Pakistan in its mission to adopt digitalization through affordable solutions.”
Urbik said his company would set up a data center in Pakistan in compliance with the local regulations requiring companies to keep the data and privacy of Pakistani citizens within the country’s borders.
“IceWarp will offer solutions that are 60 percent more cost-effective than other software companies, along with enhanced applications and cybersecurity features that will attract a number of industries, financial institutions, small and medium enterprises (SMEs) and startups to use our services,” he added.
He mentioned the launch of the data center and full fledge operations with an investment of about $1 million in the country to set up a local subsidiary in collaboration with Hexalyze, a Pakistani company.
IceWarp, which has presence in the United Arab Emirates (UAE), is also planning to set up a subsidiary in Saudi Arabia.
“During the summer time, we visited Saudi Arabia and we have been to [the] LEAP [technology conference] and we have been talking with multiple partners,” Urbik said, adding that local entities told him that his company was welcome in the kingdom.
“So, Saudi Arabia is in our head as the future possibility to open the subsidiary there as well,” he continued.
Syed Saad Shah, CEO of Hexalyze, informed that IceWarp was planning to set up its regional office in Pakistan in collaboration with his company.
“The Czechoslovakia-based software company will expand its operations in the Kingdom of Saudi Arabia and the United Arab Emirates with separate data centers in these countries while the Pakistan office will serve as the back-up support station for marketing and sales,” Shah said.
The cost-effective corporate email solutions will enable hundreds of companies in Pakistan to adopt this tech-based solution in their businesses for the first time, he continued.
“On the other hand, corporate customers will not only save money from the expenses of enterprise services, but these companies will also save precious foreign exchange for the country by paying less to the service provider,” he added.
Present in the UAE, Saudi Arabia, Australia and Pakistan with global alliance partners, Pakistan’s IT company Hexalyze has been providing integration of tech solutions to SMEs as well as large enterprises since 2014.
Pakistan receives final tranche of $1.1 billion as part IMF loan program — central bank
- The IMF executive board completed the second review of the $3 billion loan program in its meeting on Monday
- The approval came a day after PM Sharif’s meeting with IMF Managing Director Kristalina Georgieva in Riyadh
ISLAMABAD: Pakistan has received a final tranche of $1.1 billion as part of a $3 billion International Monetary Fund (IMF) loan program it entered last summer, the central bank said on Tuesday.
The IMF executive board completed the second review of the Stand-by Arrangement (SBA) in its meeting on Monday and approved the disbursement of SDR 828 million ($1.1 billion) for Pakistan, according to the State Bank of Pakistan (SBP).
The approval came a day after Pakistan Prime Minister Shehbaz Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of a World Economic Forum (WEF) meeting in the Saudi capital of Riyadh.
“SBP has received SDR 828 million (around $ 1.1 billion) in value 29 Apr 2024 in its account from IMF,” the central bank said in a statement. “The amount shall be reflected in SBP’s foreign exchange reserves for the week ending on 3rd May 2024.”
Pakistan secured the $3 billion IMF program in June last year, which helped it avert a sovereign default. Islamabad says it is seeking a new loan over at least three years to help achieve macroeconomic stability and execute long-overdue reforms.
Finance Minister Aurangzeb has said Islamabad could secure a staff-level agreement on the new program by early July, though he has declined to detail what size of the program it seeks. If secured, it would be Pakistan’s 24th IMF bailout.
The $350 billion South Asian economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.
Pakistan’s finance ministry expects the economy to grow by 2.6 percent in the fiscal year ending in June, while average inflation for the year is projected to stand at 24 percent, down from 29.2 percent the previous fiscal year.
