ISLAMABAD: Pakistan’s top economic body on Monday approved various proposals for the upcoming budget with regard to the inclusion of China-Pakistan Economic Corridor (CPEC) and foreign investment projects in the development plan, Pakistan Prime Minister’s Office said.
The statement came after a meeting of the National Economic Council (NEC) in Islamabad, which was presided over by Prime Minister Shehbaz Sharif. The forum reviewed development budget of fiscal year 2023-24 and was briefed on proposals for development plans in fiscal year 2024-25, starting July 1.
Pakistan’s coalition government is expected to lay out ambitious fiscal targets for the fiscal year 2024-2025 (July-June) budget on Wednesday that would help strengthen its case for a new bailout deal with the International Monetary Fund (IMF).
“The council was told that CPEC projects, international investment projects, and ongoing projects close to completion will be given priority in the upcoming development budget,” PM Sharif’s office said in a statement.
“Apart from this, sustainable development goals (SDGs) will be included in the development budget and backward areas will be prioritized in the development budget. The Council approved the said measures.”
Beijing is investing over $65 billion in energy and infrastructure projects in Pakistan as part of CPEC, a major segment of Beijing’s Belt and Road infrastructure initiative, which will connect China to the Arabian Sea and help Islamabad expand and modernize its economy through a network of roads, railways, pipelines and ports in Pakistan.
Along with talks with the IMF to support the dwindling $350 billion economy, Islamabad has also been making ambitious efforts to boost foreign direct investment in the country and has seen a flurry of high-level exchanges with Saudi Arabia, Japan, Azerbaijan, Qatar and other countries in recent months.
Speaking at the meeting, PM Sharif said his government would ensure best utilization of available resources for the economic revival, welfare of the masses and development of the country.
“The federation will ensure consultation with provinces and stakeholders so that decisions are made through collective wisdom and consensus for economic revival of the country,” he said.
The council was also given a detailed briefing on the 13th five-year development plan and informed that the scheme included development of all regions, especially backward areas, increase in exports, promotion of small and medium-scale industries, social security and poverty alleviation, increase in efficiency of workforce, progress in knowledge economy and a strategy to mitigate adverse effects of climate change.
Pakistan is in talks with the IMF for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy that is growing at the slowest pace in the region.
While its fiscal and external deficits have been brought under control, it came at the expense of a sharp drop in growth and industrial activity as well as high inflation, which averaged close to 30 percent in the last financial year and 24.52 percent over the last 11 months.
The growth target for the upcoming year is expected to be higher at 3.6 percent compared to 2 percent this year and economic contraction last year.
Pakistan economic body approves proposals for CPEC, investment projects in development budget
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Pakistan economic body approves proposals for CPEC, investment projects in development budget
- Pakistan is expected to lay out ambitious fiscal targets for the fiscal year 2024-2025 budget on Wednesday
- The government aims to strengthen its case through the upcoming budget for a new bailout deal with the IMF
Imran Khan spokesman rejects Pakistan media report party accepted PM’s offer for talks
- News report claims Khan instructed party’s chairman to hold talks with government in private for “meaningful outcomes”
- Khan aide Sayed Zulfikar Bokhari describes report as “fake news,” says government did not make any offer for talks
KARACHI: Former premier Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party spokesperson on Thursday rejected a news report that claimed he had given the green signal for fresh negotiations with the government, describing it as “fake news.”
Pakistani English language newspaper “The News” reported on Thursday that Khan had accepted Prime Minister Shehbaz Sharif’s offer to hold negotiations and instructed the party’s chairman, Gohar Ali Khan, to proceed with talks. The report said Khan had expressed “a strong preference” that the talks be conducted away from the TV cameras to ensure “meaningful outcomes.”
The PTI and the Pakistan Muslim League-Nawaz (PML-N) government have been at loggerheads ever since Khan was ousted from the prime minister’s office via a parliamentary vote in April 2022. The former premier has been in jail since August 2023 on a slew of charges he says are politically motivated. His party has led anti-government protests and marches that have led to clashes with law enforcement personnel.
“There is no such statement made by Imran Khan,” Sayed Zulfikar Bokhari, Khan’s adviser on international affairs and a former federal minister, told Arab News. “It is fake news. Neither has any offer been made to sit with Shehbaz Sharif or vice versa.”
Meanwhile, Gohar declined to comment on the development. Information Minister Attaullah Tarar and the government’s legal spokesperson, Aqeel Malik, did not respond to Arab News’ request for a comment.
Attempts to break the political deadlock in the country via a dialogue between the PTI and the government began in December 2024. However, talks collapsed after the PTI in January presented its demands, which included the formation of judicial commissions to probe the party’s anti-government protests in May 2023 and November 2024.
The violent protest rallies, including the one on May 9, 2023, saw people carrying PTI flags rampage through military offices and installations. A second anti-government protest in November 2024 was held by the party to demand Khan’s release from prison. The government says four troops were killed in clashes with Khan supporters. The PTI denies the charges and claimed its supporters were shot by law enforcers.
The PTI gave the government seven days to form the judicial commissions, after the expiry of which the party unilaterally withdrew from talks in January.
Trump says Pakistan-India dispute settled, both ‘very happy’
- Nuclear-armed neighbors halted their worst fighting in nearly three decades after agreeing to US-brokered ceasefire
- Deadly fighting broke out between arch rivals last week after India struck what it said were “terror camps” in Pakistan
ISLAMABAD: President Donald Trump said on Thursday hostilities between Pakistan and India were settled and both nations were “very happy” with a ceasefire brokered by the US last week.
The nuclear-armed neighbors halted their worst fighting in nearly three decades after agreeing to a ceasefire on Saturday, following diplomacy and pressure from the United States.
“And Pakistan was very happy with that [ceasefire] and India was very happy with that and I think they’re on the way,” Trump told troops at a base in Qatar during a Gulf tour.
“We got that settled where everybody was very happy. I’ll tell you that it looked like it was really going to be escalating out of control.”
Deadly fighting broke out between the longstanding enemies last week after India struck what it said were “terrorist camps” in Pakistan in retaliation for an attack in Indian-administered Kashmir last month that killed 26. New Delhi said the assault was backed by Pakistan.
Islamabad had denied the allegations, and both countries sent missiles and drones into each other’s airspace in the days that followed, before they reached a truce.
Kashmir is disputed between India and Pakistan since 1947, with both claiming it in full but ruling it in part.
Pakistan says US decision to lift Syria sanctions ‘pivotal step’ for regional stability
- US President Donald Trump this week announced lifting Syria sanctions “to give them a chance at greatness”
ISLAMABAD: Pakistan’s foreign office on Thursday welcomed US President Donald Trump’s decision to lift sanctions on Syria, describing the decision as a “pivotal step” toward regional stability and the country’s economic recovery.
In a speech given in Riyadh amidst Trump’s trip to the Middle East this week, the US president said he “will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness.”
The surprise announcement marked a significant shift in Washington’s policy toward Syria, where sanctions targeted ousted President Bashar Assad’s government during several years of war. US imposed the sanctions on Syria over its alleged crackdown on dissent and reported human rights abuses.
“Pakistan welcomes the United States’ decision to lift sanctions from Syria, marking a pivotal step toward regional stability and economic recovery,” the Ministry of Foreign Affairs (MoFA) said in a statement.
The foreign office said Islamabad has consistently advocated for constructive engagement and dialogue. It added that the easing of sanctions is expected to facilitate economic growth, improve access to essential services and support the rebuilding efforts of the Syrian authorities.
“We commend the commitment of all countries, in particular the US, Turkiye, Saudi Arabia, and Qatar, working constructively toward a peaceful Syria,” it added.
The foreign office said Islamabad supports a Syrian-led and Syrian-owned resolution, and remains steadfast in its support for the country’s unity, sovereignty and territorial integrity.
Syria’s new government has sought to rebuild its ties with regional countries and international financial institutions after Assad’s ouster. The United Kingdom has also removed its sanctions on 12 Syrian government entities, including the ministries of defense and interior, and the General Intelligence Directorate.
UAE to build 20-bed hospital in Sindh under agreement with provincial government
- The hospital will be constructed in Qambar in the northwestern part of the province
- UAE has also built similar health care facilities in places like Sukkur and Larkana
KARACHI: The United Arab Emirates and Pakistan’s provincial government of Sindh signed a memorandum of understanding (MoU) on Thursday to establish a modern 20-bed hospital in Qambar, located in the northwestern part of the province, according to an official statement.
The UAE has undertaken several health care and development projects in Sindh in recent years, including the expansion of Sheikh Zayed Hospital for Women in Larkana and a pledged women and children’s hospital in Sukkur.
The new facility in Qambar adds to a growing portfolio of UAE-backed efforts aimed at improving public services and infrastructure in underserved areas of the province.
“The United Arab Emirates will establish a 20-bed hospital equipped with modern medical facilities in Qambar,” the Chief Minister’s spokesperson said.
“The facility will be named Sheikh Zayed Hospital,” the statement added.
Chief Minister Murad Ali Shah, who attended the signing ceremony held at his official residence, thanked the UAE authorities for the initiative and said it would help improve health care access in an underserved part of the province.
Pakistan and the UAE have longstanding ties, with the Gulf country supporting multiple infrastructure and humanitarian projects across Pakistan in recent years.
The UAE is also home to a large Pakistani community, which is one of the biggest sources of remittances to the South Asian country
Pakistan PM reaffirms India ceasefire commitment, says Kashmir resolution key to regional peace
- Shehbaz Sharif expresses concern over ‘provocative statements’ by Indian leaders following the ceasefire
- He tells Azerbaijani president Pakistan remains prepared to defend its sovereignty against any attack
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday reaffirmed Pakistan’s commitment to a recently agreed ceasefire with India but stressed that lasting peace in South Asia would only be possible through the resolution of the Kashmir dispute in line with UN Security Council resolutions.
Sharif made the statement during a phone call with Azerbaijani President Ilham Aliyev, days after cross-border hostilities between India and Pakistan were halted under a ceasefire announced by US President Donald Trump.
According to an official statement, Sharif said his country had accepted ceasefire in the interest of regional peace but warned that it remained prepared to defend its sovereignty and territorial integrity in the face of another attack.
“The Jammu and Kashmir dispute is the root cause of instability in South Asia, which should be resolved in accordance with the UN Security Council’s resolutions,” he said, according to the Prime Minister’s Office.
He also expressed concern over recent “provocative statements” by Indian leaders following the agreement.
Sharif thanked Azerbaijan for its stance on Kashmir and reiterated Pakistan’s appreciation for the solidarity shown by its leadership and people during the recent standoff.
The two leaders also discussed bilateral ties, with the Pakistani prime minister welcoming progress on proposals for up to $2 billion in Azerbaijani investments in Pakistan across multiple sectors.
He said Islamabad was committed to transforming its relations with Baku into a mutually beneficial economic partnership.
President Aliyev congratulated Sharif on Pakistan’s handling of the recent crisis and expressed support for the ceasefire agreement.
He reaffirmed Azerbaijan’s commitment to strengthening bilateral cooperation.
The Pakistani premier extended an invitation to Aliyev to undertake an official visit to Pakistan, which the Azerbaijani leader accepted.
