Pakistan promises exporters ‘complete facilitation’ amid dire dollar crunch

This picture taken on January 11, 2023, shows a general view of the Karachi sea port. (AFP)
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Updated 16 January 2023
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Pakistan promises exporters ‘complete facilitation’ amid dire dollar crunch

  • Thousands of containers are stuck at Karachi port as country grapples with foreign exchange crisis
  • Foreign reserves have fallen below $5 billion, which is barely enough for three months of imports

ISLAMABAD: Finance Minister Ishaq Dar on Monday assured exporters they would be given "complete facilitation" by the government in meeting export requirements as thousands of containers remain stuck at Karachi port amid a foreign exchange crisis.

Experts warn that a dire dollar crunch in Pakistan may hurt the import of essential items in the coming months and lead to a shortage of several food items. The fast-depleting forex stockpile has currently left banks refusing to issue new letters of credit for importers, hitting an economy already squeezed by soaring inflation and lackluster growth. The central bank has also restricted overseas payments and halved the amount of foreign currency that a person can carry overseas to $5,000.

A 9th IMF review to clear the release of the next tranche of funds to Pakistan has been pending since September. This week, central bank foreign reserves have fallen to to less than $6 billion — the lowest in nearly nine years — with obligations of more than $8 billion due in the first quarter alone. The reserves are enough to pay for around a month of imports, according to analysts.

The lack of foreign exchange has forced the government to limit its imports to essential goods like foods, medicines and energy.

But Dar on Monday assured the export industry of relief in the future.

“Five (previously) Zero Rated Export Oriented Sectors & all other Exporters will be given complete facilitation for import of Raw Material, Parts and Accessories to meet their Export requirements,” the finance minister said, without specifying what measures would be taken.

His tweet comes awhile shipping containers packed with lentils, pharmaceuticals, diagnostic equipment and chemicals for Pakistan's manufacturing industries are stuck in Karachi waiting for payment guarantees.

The IMF approved the seventh and eighth reviews of Pakistan's bailout programme, agreed in 2019, together in August to allow the release of more than $1.1 billion. Pakistan secured a $6 billion bailout in 2019, that was topped up with another $1 billion earlier this year.

With its dwindling reserves, the IMF programme is critical for Pakistan, which urgently need external financing to support an economy that was badly battered by devastating floods in the last monsoon season.

More than $9 billion in pledges were made by the international community for the flood recovery at a climate conference in Geneva on Monday.

Longtime ally Saudi Arabia said on Tuesday it was considering investing $10 billion in the South Asian nation of 220 million and increasing its deposits in the country's central bank from $3 billion to $5 billion. Last week, PM Shehbaz Sharif Pakistan’s said the United Arab Emirates had agreed to extend a $2 billion loan to his country and provide an additional $1 billion.

The South Asian nation's enormous national debt — currently $274 billion, or nearly 90% of gross domestic product — and the endless effort to service it makes Pakistan particularly vulnerable to economic shocks.


Pakistan’s Imran Khan invites ‘establishment’ for talks, denies deal for his release

Updated 6 sec ago
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Pakistan’s Imran Khan invites ‘establishment’ for talks, denies deal for his release

  • Khan has been in jail since August 2023 in a slew of cases he says are politically motivated
  • Establishment is euphemism to mean Pakistan army and associated pro-military entities

ISLAMABAD: Jailed former prime minister Imran Khan has denied reports a deal has been made for his release from prison, once again inviting the “establishment” for talks in the interest of Pakistan as it faces external and internal security threats and treads a tricky path to economic recovery.

In Pakistan, the establishment is a euphemism to describe the armed forces and intelligence agencies and associated pro-military entities.

The military has ruled Pakistan for at least three decades since independence in 1947 and wields extraordinary influence even with a civilian government in office. The current army chief, General Syed Asim Munir, promoted this week to field marshal, only the second general in Pakistan to get the rank, is widely believed to have considerable sway over government affairs. The military says it does not interfere in politics. 

“The rumors that are being spread about a deal with me, no deal has been made, nor are there any talks regarding a deal, are all lies,” Khan said in a message posted on his X account after he met his lawyers and family members on Wednesday.

“I myself am inviting the establishment that if they want to talk in the interest of Pakistan, if they are concerned about Pakistan, then come and talk,” he added, saying political forces in the country would have to come together at a time when Pakistan faced “external threats, growing terrorism, and the restoration of the economy.”

“I was not asking for anything for myself before, nor will I ask for anything now,” Khan said, referring to reports he was trying to negotiate a deal to get out of prison. 

After being jailed in August 2023 and slapped with a slew of cases Khan says are politically motivated, a Pakistani court sentenced him to 14 years imprisonment in a land corruption case in January. Before that, he had either been acquitted or his sentences suspended in most other cases, except for one on charges of inciting supporters to rampage through military facilities to protest against his arrest on May 9, 2023. Khan denies giving the instructions for the protests. 

His supporters have led several violent protest rallies since the May 9 incidents, with the government and military publicly vowing to bring the perpetrators to justice. The protests were widely seen as the most serious challenge to the military’s hegemony in years. 

The army has since also faced sharp domestic criticism over accusations it was behind the jailing of Khan and cracking down on supporters of his Pakistan Tehreek-e-Insaf party, as well as what critics alleged was rigging the general election last year to favor a rival party. The army rejects the accusations. 

But the military’s popular support has surged after the worst military conflict in decades with arch-rival India earlier this month. On May 7, the Indian military carried out air strikes on what it called “terrorist infrastructure” in Pakistan, in response to a militant attack in Indian-administered Kashmir.

Pakistan claimed to have downed at least 5-6 Indian fighter jets in response and carried out air strikes on Indian military bases. India has indicated that it suffered some losses and inflicted damage on key Pakistani air bases and air defense systems. 

A ceasefire was brokered by the US on May 10. 

– With inputs from Reuters


Fashion and family: Amir Adnan heiress takes father’s legacy forward with sustainable vision

Updated 22 May 2025
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Fashion and family: Amir Adnan heiress takes father’s legacy forward with sustainable vision

  • Parishae Adnan, 30, celebrates taking over as CEO with debut collection Nakhlistan, which means oasis 
  • Aims to take her father’s iconic brand into future rooted in climate sustainability, cultural integrity

KARACHI: The name Amir Adnan has been synonymous with menswear in Pakistan for over 35 years. 

Adnan launched the eponymous men’s fashion wear brand in 1990 and several sub-brands since, and is widely credited for glamorizing the long-sleeved sherwani outer coat in modern times.

Now, it’s time for his daughter Parishae Adnan to take the helm of Adnan’s fashion empire as CEO and transition the company, Shapar Private Limited, into a future rooted in climate sustainability and cultural integrity.

Last week, Parishae, a 30-year-old managerial economics graduate, launched the company’s summer collection, Nakhlistan, which means oasis, a show she has conceptualized and that she exhibited as a formal celebration of her appointment as CEO in May 2024. 

“It absolutely feels incredible, I feel a lot of gratitude, taking the legacy forward,” Parishae told Arab News in an interview last week.

Adnan said it was always clear that his children would take over the business. 

“My children were raised while we were working in the workshops, and they’ve been seeing this all along. My eldest daughter, Parishae, she worked with me for three years and now she’s become the CEO of the company,” he told Arab News.

“It’s not common, especially in this industry that we are working in, the fashion industry, to see legacy go on from one generation to another.”

The picture shared by Parishae Adnan on September 28, 2018, shows Parishae Adnan (left) posting for a picture with her father, Amir Adnan, at Fashion Pakistan Week 2018. (Parishae Adnan)

And Parishae has plans for her father’s company, with her major aim being to introduce and integrate environmentally conscious practices into its operations.

“We need to do anything, even if it’s a little small step,” said Parishae, who explored fields like acting, hospitality, IT, and supply chain before finally embracing fashion designing.

“One of the first things I did was I changed our packaging material, making it recyclable.” 

In 2021, she launched the ‘House of Parishae,’ a collection grounded in sustainable couture, with her debut show featuring 35 pieces created entirely from upcycled clothing, extending the life cycle of garments and promoting conscious consumption.

“The idea that couture, high end couture luxury can come out of upcycling or recycling, it’s not an idea that was digestible to the public in Pakistan,” the designer said, pointing to inspirations like Stella McCartney and Alexander McQueen. 

“People here usually don’t go for that concept for their event wear. They don’t want to spend so much money if it’s going to be recycled or upcycled.”

But Parishae is resolved to take her vision forward — all the while staying true to what she has in common with her father: a deep connection to Pakistan’s cultural identity. 

The designs of Adnan, who was born in Lahore to a bureaucratic father and a mother from the royal family of Dhaka, often draw inspiration from the sartorial heritage and timeless attire of South Asian nobles.

“If I go back in time and I look at my forefathers, photographs or paintings, they actually wore what I’m making right now, literally,” Adnan said.

Parishae too sees cultural identity as central to her vision, especially in an increasingly globalized and digitally connected world.

“As globalization is on a rise, it is even more important in this day and age to understand where your roots are coming from and it’s even more important to keep an identity, a cultural identity, in order for you to realize who you are and where you belong to,” she said.

“I wanted to be a pioneer for change, not in the West because they already have that. It’s actually trying to help us here because you never know, there might be a next generation that looks at this story and gets inspired by it and says, ‘Let’s go, it’s been done before, we can do it better’.”

And her father is proud. 

“For every parent, whether you’re a father or a mother, it’s always your dream to see your children outdo you,” Adnan said. 

“For me to see my daughter excel in my lifetime ... is one of the best gifts I could have asked from Allah.”


Trump says settled Pakistan-India standoff through trade deals

Updated 22 May 2025
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Trump says settled Pakistan-India standoff through trade deals

  • Trump has repeatedly said he offered to help both nations with trade if they agreed to de-escalate
  • India has previously rejected that trade concessions were discussed in ceasefire discussions

ISLAMABAD: President Donald Trump said on Wednesday he had used US trade ties to persuade nuclear-armed neighbors India and Pakistan to back off from their worst military confrontation in decades earlier this month, a claim New Delhi has previously rejected. 

Following a May 10 understanding reached between India and Pakistan in what was a US-mediated ceasefire to stop military action on land, in the air and at sea, Trump has repeatedly said he had offered to help both the nations with trade if they agreed to de-escalate.

Pakistan has not commented specifically on the trade-related claim though it has repeatedly thanked Trump for his role in the de-escalation efforts. The Indian government has, however, said trade concessions did not come up in discussions to secure the ceasefire. 

“If you take a look at what we just did with Pakistan and India, we settled that whole thing, and I think I settled it through trade,” Trump said in televised comments during a meeting at the White House with South African President Cyril Ramaphosa. 

“We’re doing a big deal with India. We’re doing a big deal with Pakistan,” the US president added, without giving details of what agreements he was referring to. 

Before the ceasefire, the militaries of India and Pakistan were engaged in one of their most serious confrontations in decades since May 7, when India struck targets inside Pakistan it said were affiliated with militants responsible for the killing of 26 tourists last month in Indian-administered Kashmir.

After India’s strikes in Pakistan, both sides exchanged heavy fire along their de facto border, followed by missile and drone strikes into each other’s territories, mainly targeting military installations and air bases.

The escalating hostilities threatened regional peace, leading to calls by world leaders to cool down tempers.

Trump has said he not only helped mediate the ceasefire but also offered mediation over the simmering dispute in Kashmir, a Himalayan region that both India and Pakistan claim in entirety but govern in part. The two nations have fought two wars over Kashmir, which has long been described as the regional nuclear flashpoint.

New Delhi has rejected Trump’s offer for mediation, saying Kashmir was a bilateral issue, while Pakistan has welcomed the offer. 

With inputs from AP


Pakistan recalls fast bowler Hasan Ali for T20 series against Bangladesh

Updated 22 May 2025
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Pakistan recalls fast bowler Hasan Ali for T20 series against Bangladesh

  • Hasan played just one T20 international in nearly three years when he returned against Ireland in Dublin in 2024
  • Fast bowler has forced his way back into the squad with a rich haul of 15 wickets in the Pakistan Super League

ISLAMABAD: Pakistan has recalled fast bowler Hasan Ali for this month’s Twenty20 home matches against Bangladesh but overlooked senior batters Mohammad Rizwan and Babar Azam for the third successive series.

Hasan played just one T20 international in nearly three years when he returned with expensive figures of 0-42 in three overs against Ireland in Dublin in 2024.

However, the right-arm fast bowler has forced his way back into the squad with a rich haul of 15 wickets in the Pakistan Super League while representing the Karachi Kings.

Rizwan and Babar were dropped for the last two series in Zimbabwe and New Zealand as Pakistan continued to reshape its top-order ahead of next year’s T20 World Cup.

Rizwan scored 367 runs at a strike rate of 139.54 in the PSL this season as his franchise, the Multan Sultans, suffered nine defeats in 10 games.

Babar’s Peshawar Zalmi also missed out on the playoffs for the first time in PSL history as he finished the season with 288 runs and a strike rate of 128.57.

Salman Ali Agha, who was appointed captain ahead of the T20 series in Australia last year, will continue to lead the side with Shadab Khan as his deputy.

The series will be the first assignment for Pakistan’s newly appointed white-ball coach Mike Hesson, who is currently in charge of Islamabad United in the PSL.

The selectors have made eight changes to the squad which lost the series in New Zealand 4-1.

Fast bowlers Shaheen Shah Afridi, Jahandad Khan and Abbas Afridi were replaced by Hasan, Naseem Shah and Mohammad Wasim while another pace bowler Mohammad Ali was also dropped.

Opening batter Sahibzada Farhan, who leads the PSL charts with 394 runs in 10 games, Saim Ayub and Fakhar Zaman were recalled, with all-rounders Faheem Ashraf and Hussain Talat also making their way back into the squad.

The three-match series will be played at the Qaddafi Stadium in Lahore on May 28, May 30 and June 1.

Pakistan squad: Salman Ali Agha (captain), Shadab Khan, Abrar Ahmed, Faheem Ashraf, Fakhar Zaman, Haris Rauf, Hasan Ali, Hassan Nawaz, Hussain Talat, Khushdil Shah, Mohammad Haris, Mohammad Wasim, Irfan Khan, Naseem Shah, Sahibzada Farhan and Saim Ayub.


JS Investments launches Pakistan’s ‘first’ Shariah-compliant real estate investment trust

Updated 22 May 2025
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JS Investments launches Pakistan’s ‘first’ Shariah-compliant real estate investment trust

  • JS Investments partners with real estate developer Gohar Group of Companies to establish JS Hotel REIT in Hyderabad
  • REIT is a regulated investment vehicle that pools capital from investors to finance income-generating real estate

KARACHI: A Pakistani investment firm on Wednesday announced the launch of what it described as the country’s first Shariah-compliant real estate investment trust (REIT) focused on the hospitality sector.

A REIT is a regulated investment vehicle that pools capital from investors to finance income-generating real estate, offering returns through rent or capital gains. It provides exposure to the property market without direct ownership of assets.

JS Investments Limited, one of Pakistan’s oldest private-sector asset and REIT managers, has partnered with real estate developer Gohar Group of Companies to establish the JS Hotel REIT in Hyderabad district, located in the southeastern Sindh province.

“As the manager of Pakistan’s first hotel REIT, we are pleased to offer investors a professionally managed and regulated investment vehicle backed by international hospitality standards,” the statement quoted Iffat Zehra Mankani, CEO of JS Investments Limited, as saying.

The REIT will finance the development of a 139-room hotel in Hyderabad under a franchise agreement with an international hospitality brand. The fund is currently open to accredited local and foreign investors through private placement.

The statement added the Securities and Exchange Commission of Pakistan (SECP) had granted regulatory approval for the fund, which is not being offered to the general public at this stage.

Pakistan’s REIT market remains small, though regulatory reforms in recent years have aimed to draw institutional investment into real estate through both conventional and Islamic finance structures.

The project will also feature environmentally responsible construction, according to the statement.