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.
Pakistan says inflation expected to drop to 17.5 percent in May amid signs of economic recovery
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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
Pakistani nationalist party calls for strike in Balochistan today over police crackdown on supporters
- The BNP-M announced a march toward Balochistan provincial capital of Quetta to demand release of Dr. Mahrang Baloch and other rights activists
- Pakistan’s government and army have variously referred to Baloch and her rights group as ‘terrorist proxies’ allied with militant separatist groups
QUETTA: The Balochistan National Party-Mengal (BNP-M) has called for a shutter-down strike and road blockades across Pakistan’s southwestern Balochistan province today, Monday, over a police crackdown on its supporters, who attempted to march toward the provincial capital of Quetta a day ago to demand the release of Baloch rights activists arrested last month.
The BNP-M, led by lawmaker Sardar Akhtar Mengal, on Friday announced its supporters would march from Lak Pass in the Mastung district toward Quetta after their talks with provincial government officials for the release of detained rights activists failed to yield any results.
The BNP-M is demanding the release of Baloch Yakjehti Committee (BYC) leader Dr. Mahrang Baloch and several of her colleagues who were arrested on Mar. 22 after staging a sit-in outside the University of Balochistan. Pakistani authorities charged them with “terrorism,” sedition and murder following a protest in which three demonstrators were killed, according to police documents.
The Baloch nationalist party said police used tear gas to keep the protesters from marching toward the provincial capital, where authorities have imposed a ban on public gatherings.
“Our today’s morning plan was to go toward Quetta, but all the roads were closed with huge deployment of security forces,” BNP chief Mengal told Arab News.
“We have decided to continue our sit-in in Mastung and we have called a province-wide shut down and road blockades tomorrow morning.”
Asked about his negotiations with the government, Mengal called the provincial cabinet members “powerless.”
“I think the government negotiation’s committee didn’t have the authority to fulfill our demands,” he told Arab News. “This protest will continue until Dr. Mahrang Baloch and other detained members of Baloch Yakjehti Committee (BYC) are not released,” Mengal told Arab News.
The BNP-M supporters blocked several highways leading to Quetta on Sunday as police fired tear-gas to disperse them.
Muhammad Baloch, a senior superintendent of police (SSP) in Quetta, said they had arrested 50 protesters.
“Police have booked the protesters who pelted stones on police personnel and citizens and blocked several roads in Quetta,” he said.
Balochistan, Pakistan’s largest province by landmass and rich in mineral resources, has been the site of an insurgency for the last two decades. The separatists accuse Islamabad of exploiting the province’s natural resources, such as gold and copper. Successive Pakistani governments have denied the allegations.
The Pakistan army and the government have in the past variously referred to Baloch and her BYC as “terrorist proxies” who they say are allied with militant separatist groups like the Balochistan Liberation Army (BLA). Baloch and her group deny the charge and say they lead peaceful protests for the rights of the ethnic Baloch people.
Police actions against Baloch rights activists have intensified after Baloch separatist militants last month staged a dramatic train siege that officials said ended in around 60 deaths, half of whom were separatists behind the assault.
Shahid Rind, a spokesperson of the Balochistan provincial government, said Mengal had been informed that he would be detained under the Maintenance of Public Order law if he moved to Quetta.
“The administration and police clearly told him that if he moves toward Quetta, he will be arrested and that’s why the law enforcement agencies are there,” Rind said.
The BNP-M sit-in at Lak Pass has resulted in the closure of the key Quetta-Karachi highway by authorities for the last nine days, disconnecting Quetta from Pakistan’s commercial capital of Karachi and the Taftan border with Iran.
“We arrived here on the 28th of March and parked our vehicles near Lak Pass due to road blockades and have been sitting here for the last 10 days because the authorities have blocked Quetta-Karachi highway,” Muhammad Hashim, a driver who was going to Quetta from Karachi, told Arab News.
“This situation is not benefiting anyone whether the protesters, government or ordinary citizens. The government should resolve this issue immediately and open the road.”
Pakistan hands over 35 tons of humanitarian aid to earthquake-hit Myanmar
- The 7.7-magnitude quake hit a wide swath of the country, causing significant damage to six regions and states including the capital Naypyitaw
- It has worsened an already dire humanitarian crisis triggered by the country’s civil war that internally displaced more than 3 million people
ISLAMABAD: Pakistan has handed over 35 tons of emergency relief aid to Myanmar for its earthquake-affected people, Pakistani state media reported on Sunday, as death toll from last week’s massive earthquake in Myanmar neared to 3,500.
The 7.7-magnitude quake hit a wide swath of the country, causing significant damage to six regions and states including the capital Naypyitaw. The earthquake left many areas without power, telephone or cell connections and damaged roads and bridges, making the full extent of the devastation hard to assess.
It also worsened an already dire humanitarian crisis triggered by the country’s civil war that has internally displaced more than 3 million people and left nearly 20 million in need, according to the United Nations.
Pakistan had dispatched the second consignment of humanitarian aid through an air cargo flight from Islamabad to Yangon, Myanmar, according to Pakistan’s Press Information Department (PID).
“Pakistan’s Ambassador to Myanmar Imran Haider officially gave the consignment to Chief Minister of Yangon Region at Yangon International Airport,” the Radio Pakistan broadcaster reported.
“This shipment, comprising 35 tons of goods, brings the total relief assistance dispatched to Myanmar after the recent earthquake to 70 tons.”
The development came as rain compounded misery and presented new hurdles for relief efforts in Myanmar on Sunday. With people either having lost their homes entirely or reluctant to spend time in cracked and unstable structures, many residents have been sleeping outside in tents.
United Nations aid chief Tom Fletcher said in a video filmed in Mandalay, Myanmar’s second largest city, that food, water, and power repairs were needed urgently.
Many people in the area are still without shelter, he said, describing the scale of damage in the city as “epic.”
“We need to get tents and hope to survivors as they rebuild their shattered lives,” Fletcher wrote on X.
Pakistan announces star-studded commentary panel for PSL 10th edition
- Former England Test captain Alastair Cook is set to make his PSL debut behind the mic this season
- The PSL 10th edition will also feature a full-match broadcast in Urdu commentary for the first time
ISLAMABAD: The Pakistan Cricket Board on Sunday announced a star-studded commentary panel for the 10th edition of the Pakistan Super League (PSL) Twenty-20 tournament, with former England Test captain Alastair Cook set to make his PSL debut behind the mic.
The six-team tournament is scheduled to commence from April 11 at the Rawalpindi Cricket Stadium and will conclude on May 18, with the final taking place at the Qaddafi Stadium in Lahore.
The tournament will feature 34 matches in Karachi, Lahore, Multan and Rawalpindi.
“Cook will be joined by former MCC President Mark Nicholas – a renowned voice in cricket commentary since retiring from competitive cricket in 1995,” the PCB said.
“Joining Cook and Nicholas are fellow countrymen Dominic Cork and Mark Butcher, while South Africa’s Jean-Paul Duminy and Mike Haysman will also be part of the panel.”
From Bangladesh, it will be Athar Ali Khan, and he will be joined by New Zealand’s former Test cricketer Martin Guptill. Australia’s two-time ICC Women’s World Cup winner Lisa Sthalekar will also lend her voice to the tournament.
Commentators from Pakistan include four former Test captains, Aamir Sohail, Ramiz Raja, Waqar Younis and Wasim Akram. They will be joined by former Test cricketer Bazid Khan, former Pakistan women’s team captain Urooj Mumtaz and cricket analyst Sikander Bakht.
In a historic move, PSL-10 will also feature a full-match broadcast in Urdu commentary for the first time.
“The Urdu commentary panel includes Ali Younis, Aqeel Samar*, Marina Iqbal*, Salman Butt and Tariq Saeed, who will be joined by the above Pakistan’s commentators for selected segments,” the PCB said.
Erin Holland and Zainab Abbas will be the presenters during the league matches.
“We are excited to welcome a star-studded commentary team, featuring some of the most iconic names in the cricketing world — including legendary former Test captains and top-tier broadcasters. Their involvement not only enhances the quality of our coverage but also highlights the global stature of the HBL PSL,” PSL Chief Executive Officer Salman Naseer said.
“This year, for the first time in HBL PSL history, we will be broadcasting a full match entirely in Urdu commentary – a move that brings us even closer to our passionate fanbase across Pakistan. We are confident that the combination of iconic voices and fresh innovations will enhance the viewing experience for fans at home and around the world.”
Pakistani security forces kill eight militants infiltrating border with Afghanistan — military
- The Pakistani Taliban militants were trying to infiltrate the border in North Waziristan district of Pakistan’s Khyber Pakhtunkhwa province
- Islamabad has frequently blamed the surge in militancy in its western provinces of KP and Balochistan on Afghanistan, Kabul denies the charge
ISLAMABAD: Pakistani security forces have killed eight Pakistani Taliban militants who were attempting to infiltrate the country’s border with Afghanistan in the northwestern Khyber Pakhtunkhwa province, the Pakistani military said on Sunday.
Pakistan has struggled to contain a surge in militancy in the country, particularly in KP, since a fragile truce between the Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP), and Islamabad broke down in November 2022.
The TTP and other militant groups have frequently targeted security forces convoys and check-posts, besides targeted killings and kidnappings of law enforcers and government officials in recent months.
In the latest incident, security forces had an intense exchange of fire with the group of militants who attempted to infiltrate the border in KP’s North Waziristan district, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.
“Sanitization operation is being conducted to eliminate any other Kharji [TTP militant] found in the area,” the ISPR said in a statement.
The North Waziristan district, which borders Afghanistan, had been a stronghold of the TTP before successive military operations drove the militants out of the region more than a decade ago. Pakistan says TTP fighters have regrouped in the restive region in recent years.
Islamabad has frequently blamed the surge in militancy in its western provinces of KP and Balochistan on Afghanistan, accusing Kabul of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist that Pakistan’s security issues are an internal matter of Islamabad.
“Pakistan has consistently been asking interim Afghan government to ensure effective border management on their side of the border,” the ISPR said.
“Interim Afghan government is expected to fulfil its obligations and deny the use of Afghan soil by Khwarij for perpetuating acts of terrorism against Pakistan.”
Pakistan seeks ‘comprehensive’ partnership with Russia in energy, agriculture and IT sectors
- Pakistan and Russia, once Cold War rivals, have strengthened ties in recent years through increased dialogue and trade cooperation
- Senate Chairman Gilani expresses Pakistan’s support for Russia’s role in promoting regional stability, multipolar global governance
ISLAMABAD: Pakistan seeks a “comprehensive” partnership with Russian in energy, agriculture, information technology (IT) and other sectors, Pakistan’s Senate Secretariat said on Sunday, citing Senate Chairman Yousuf Raza Gilani.
The statement followed Gilani’s meeting with Valentina Matviyenko, chairwoman of the Federation Council of the Russian Federation, on the sidelines of the 150th Inter-Parliamentary Union (IPU) Assembly in Tashkent.
Gilani highlighted the shared aspirations of both nations for peace, security and multipolarity in global affairs, and emphasized the increasingly broad-based cooperation across various sectors and multilateral platforms.
“Both sides discussed diversifying economic ties in areas such as energy, agriculture, pharmaceuticals, and IT. Chairman Gilani advocated for the establishment of banking channels and improved connectivity under regional frameworks,” the Senate Secretariat said in a statement.
“Chairman Gilani concluded by reaffirming Pakistan’s readiness to work with Russia toward a comprehensive, forward-looking partnership and extended an invitation for future parliamentary exchanges in Islamabad.”
Pakistan and Russia, once Cold War rivals, have strengthened ties in recent years through increased dialogue and trade. In 2023, Islamabad began purchasing discounted Russian crude oil banned from European markets due to Russia’s war in Ukraine, and also received its first shipment of liquefied petroleum gas from Moscow.
In December last year, Russia and Pakistan held intergovernmental meetings in Moscow and discussed cooperation on oil and gas offshore exploration and refining, according to a Reuters news agency report. Russian Ambassador to Pakistan Albert P. Khorev this year announced cooperation with Pakistan in the energy and industrial sectors, including the modernization of a state-owned steel mill.
Gilani expressed Pakistan’s support for Russia’s role in promoting regional stability and multipolar global governance, according to the Senate Secretariat.
“Both sides emphasized the importance of coordinated efforts in forums like the SCO (Shanghai Cooperation Organization) and UN (United Nations), particularly regarding climate action, food security, and counter-narcotics,” it added.
