Pakistan inflation at 26.9 percent for October y/y compared with 31.4 percent in September

People buy pulses and grains at a wholesale market in Karachi on February 1, 2023. (AFP/File)
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Updated 02 November 2023
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Pakistan inflation at 26.9 percent for October y/y compared with 31.4 percent in September

  • On month-on-month basis, inflation climbed to 1.08 percent in October, compared with increase of 2 percent in September
  • This brings average inflation rate for fiscal year (July-Oct) to 28.48 percent, against target of 21 percent for this fiscal year

KARACHI: Pakistan’s consumer inflation in October was 26.9 percent year-on-year compared with 31.4 percent in September, statistics bureau data showed on Wednesday, as it awaits its first review following a loan from the International Monetary Fund (IMF).

Pakistan is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan program approved by the IMF in July averted a sovereign debt default, but with conditions that complicated efforts to rein in inflation.

On a month-on-month basis, inflation climbed to 1.08 percent in October, compared with an increase of 2 percent in September.

This brings the average inflation rate for the fiscal year (July-Oct) to 28.48 percent, against a target of 21 percent for this fiscal year. Inflation has been in double digits since November 2021.

Reforms required for the IMF bailout, including an easing of import restrictions and a demand that subsidies be removed, have already fueled annual inflation, which rose to a record 38.0 percent in May. Interest rates have also risen to their highest at 22 percent.

However, some respite came in the form of fuel price cuts and a price-control mechanism announced in October, that caretaker Prime Minister Anwaar ul Haq Kakar said would limit inflation.

Pakistan is being governed by a caretaker administration in the run-up to a general election expected in January.

Analysts say inflation has come down because of lower domestic food and fuel prices and a stronger rupee.

“On a month on month basis, inflation has slowed down to 1.08 percent versus the last three months averaging 2.4 percent,” said Mohammad Sohail, CEO of Topline Securities.

Economic analyst Adnan Sheikh said: “Going forward, risks will persist regarding international oil prices amid Middle East tensions along with balance of payment management.”

 


Pakistani deputy PM discusses trade through Khunjerab pass, simplified visa regime with Chinese counterpart

Updated 14 min ago
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Pakistani deputy PM discusses trade through Khunjerab pass, simplified visa regime with Chinese counterpart

  • Pakistani Deputy PM Ishaq Dar is on a visit to China to discuss second phase of CPEC initiative 
  • New phase shifts focus from infrastructure projects to industrial, agricultural, green energy cooperation 

ISLAMABAD: Pakistan and China are pushing to sustain the momentum of the China-Pakistan Economic Corridor (CPEC) as the project enters its second phase, the foreign office said on Wednesday, with the Pakistani deputy prime minister on a visit to Beijing to discuss enhancing trade, including through a major border crossing and a simplified visa regime. 

The multibillion-dollar CPEC initiative in which Beijing has pledged to invest $65 billion in Pakistan spans several phases, each with distinct goals and impacts on the region. The first phase began in 2015 and mainly focused on building critical infrastructure, particularly in the transportation and energy sectors.

The second phase expands the focus to include industrial cooperation, agricultural development and the promotion of social and economic development. This phase is also expected to include the development of Special Economic Zones (SEZs), efforts to boost green energy production like hydropower and solar energy and initiatives aimed at modernizing agriculture and increasing exports.

According to an official statement, Deputy Prime Minister Ishaq Dar discussed issues related to bilateral trade and connectivity in a meeting with Chinese Executive Vice Premier Ding Xuexiang during his ongoing visit to Beijing.

“The two leaders held in-depth discussion on the various aspects of bilateral relations including China Pakistan Economic Corridor (Phase-II), trade, economic cooperation and investment,” the foreign office said in a statement. 

“Connectivity through Khunjerab border crossing and a simplified visa regime were also discussed. They agreed to sustain the growing momentum of Pakistan-China relations in all areas of cooperation and to further deepen iron-clad Pakistan-China friendship.”

“Deputy Prime Minister and Foreign Minister Dar noted the progress made by CPEC in energy and infrastructure and expressed the confidence at the positive dividends under Phase-II in the fields of industry, agriculture and mineral development,” the statement added.

The foreign office said Dar also expressed condolences with the Chinese official over a March 26 suicide bombing that killed five Chinese workers and their Pakistani driver while they were on their way to the Dasu hydropower project in Pakistan’s northwestern Khyber Pakhtunkhwa province. 

The Chinese vice premier expressed his country’s full support to Pakistan in all areas, including the economy, trade and investment and reaffirmed the importance of fast-tracking the implementation of CPEC projects.


A taste of Indian wada pao, pav bhaji in Pakistan’s culinary hub of Karachi

Updated 34 min 2 sec ago
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A taste of Indian wada pao, pav bhaji in Pakistan’s culinary hub of Karachi

  • The beloved vegetarian Indian street foods were not easy to find in Karachi, promoting Kavita Solanki to start her stall
  • In a city that offers wide range of meat dishes, the young Hindu woman offers change of taste, alternative for vegetarians 

KARACHI: Kavita Solanki had worked for years as a marketing executive when the young Hindu woman decided last October to quit her job and set up a food cart selling two beloved Indian street foods in the Cantonment Area of Pakistan’s financial capital of Karachi. 

Though Karachi is considered the South Asian nation’s culinary hub, and all kinds of foods and cuisines can be found at its thousands of restaurants and street stalls, it was not easy to find wada pao and pav bhaji.

Wada pao comprises a deep fried potato dumpling and chutneys placed inside a bread bun sliced almost in half through the middle. Pav bhaji is a thick spicy vegetable curry served with a soft buttered bread roll. Both dishes originated in the Indian state of Maharashtra.

“I used to search on Google about where I can get pav bhaji and wada pao,” Solanki said as she handed a plate of food to a customer at her stall which has come to be called “Kavita Didi Ka Indian Khana,” or Sister Kavita’s Indian Food, or simply, Kavita Didi's Cart.  

“So, I thought that the thing which is very difficult to find in the city, why not start with that.”

The stall started attracting large crowds within a short span of time after opening, Solanki said. 

“If you say, okay, let's have nihari today, you know you will go to Zahid Nihari,” she said, naming one of the most famous restaurants in Karachi that offers the slow-cooked beef stew dish. “For vegetarian options, people will recommend Kavita Didi, that okay, let's go to Kavita Didi's stall.”

Solanki said people were attracted to her stall not just because wada pao and pav bhaji were difficult to find elsewhere in the city but also due to the authenticity and taste of the food.

“We are giving proper homemade stuff, nothing artificial,” she said. "What we eat at home is what we are bringing here.”

Solanki, who has never been to India and is ethnically Gujrati, said she learnt to make pav bhaji and wada pao from YouTube videos:

“Once we tried it at home, we liked it. So, like every weekend at home, we would be making this for ourselves.”

The stall is also popular for those seeking vegetarian alternatives and a change of taste from meat-based dishes. And her customers include people from all faiths, the entrepreneur said. 

“These are some unique dishes that they offer and it's very clean and very yummy and very nice,” pharmacist Maha Ahmed, a loyal customer, told Arab News.

Sikandar Ali, who works at a private firm, said he was drawn to Solanki's stall after seeing videos on YouTube.

“I had a strong desire to come to Didi's place and taste wada pao. So today, I decided that I would come and have wada pao,” said Ali, who grew up hearing about the street food from his mother, who migrated to Pakistan from India.

“I must say, it tastes absolutely amazing. I had a huge desire to go to India and have wada pao. That same taste I have found in Pakistan, in Karachi.”


15,819 Pakistani pilgrims reach Madinah ahead of this year’s Hajj

Updated 57 min 7 sec ago
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15,819 Pakistani pilgrims reach Madinah ahead of this year’s Hajj

  • This year, around 179,210 Pakistanis will perform Hajj under government and private schemes
  • Pakistan launched month-long Hajj flight operation on May 9 with five airlines to transport pilgrims

ISLAMABAD: A spokesperson for the Pakistani Hajj Mission said on Wednesday 15,819 pilgrims from the South Asian nation had reached the holy city of Madinah since Hajj flight operations were launched on May 9 ahead of the annual pilgrimage next month.

This year, around 179,210 Pakistanis will perform Hajj under both the government and private schemes, for which a month-long flight operation started last week. 

As part of the Hajj flight operation, five airlines – Pakistan International Airlines, Saudi Airlines, Airblue, Serene Air, and Air Sial – will operate 259 sorties to transport intending pilgrims from eight major cities of Pakistan, namely Islamabad, Karachi, Lahore, Peshawar, Multan, Quetta, Sialkot, and Sukkur, to Jeddah and Madinah under the government scheme.

“Today, 2,736 more pilgrims will reach Madinah through 12 Hajj flights,” the spokesperson for the Pakistani Hajj Mission said.

He said a control room in both Makkah and Madinah was working 24 hours for the convenience and guidance of pilgrims and 119 assistants and 66 doctors and medical staff were providing services as part of the Hajj Affairs Office.

“This year, all Pakistani Hajj pilgrims are being provided accommodation closest to the Prophet’s Mosque,” the official said. “Seven catering companies continue to provide three meals to pilgrims in Madinah.”

From Friday, Pakistani pilgrims who have completed an eight-day stay in Madinah will start departing for Makkah, the religious affairs ministry said. 


‘Voice for the Voiceless’: Islamabad Police signs MoU to set up welfare service for stray animals

Updated 15 May 2024
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‘Voice for the Voiceless’: Islamabad Police signs MoU to set up welfare service for stray animals

  • Police Animal Welfare Services will ensure treatment and rehabilitation of abandoned, injured and sick animals
  • The project will also include a shelter home, pet café and a hotel to help the residents of the city who plan to travel

ISLAMABAD: In a unique development for Pakistan, Islamabad Capital Territory (ICT) Police on Monday announced the signing of a memorandum of understanding (MoU) with an animal rescue organization to establish Police Animal Welfare Services (PAWS) aimed at ensuring the timely treatment and rehabilitation of abandoned, injured and sick animals.

The development follows the decision taken by Inspector General of Police Syed Ali Nasir Rizvi to start an initiative called the Voice for the Voiceless to help lost and stray animals. Islamabad has faced issues with stray dogs and cats, and there has been controversy surrounding the methods used to manage them, particularly the practice of culling by the Capital Development Authority (CDA).

Residents of the city also spot wildlife such as wild boars, leopards and monkeys occasionally due to their proximity with Margalla Hills, which boast thick vegetation and a diverse ecosystem.

The ICT Police mentioned the MoU signing with the JFK Animal Rescue and Shelter Organization in its statement to develop its capacity to help these creatures.

“The project includes establishment of a shelter home, a pet cafe, and a pet hotel for these animals, where citizens who travel or go on long journeys can avail these facilities for their pet where the best care of these animals will be ensured through professional caretakers,” the statement said.

“Moreover, this center will be built on most modern lines and international standards,” it continued. “Under PAWS, a K-9 mission will also be organized for the K-9 unit dogs of Islamabad Police, where, after retirement, these dogs will be handed over to citizens for complete care. Further assistance will be sought from other animal welfare organizations as needed.”

Rizvi said on the occasion that the initiative would echo the message of love and care for animals, as they were important to the environment, nature and human life.

He also noted that animals retiring after serving a force should not be put down, adding their complete care should be ensured.

Police forces around the world often engage in social responsibility ventures, though the nature and extent of these activities can vary widely depending on the country, local policies and community needs.


Pakistani politicians acknowledge Dubai properties revealed in data leak, say all assets duly declared

Updated 8 min 39 sec ago
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Pakistani politicians acknowledge Dubai properties revealed in data leak, say all assets duly declared

  • Dubai Unlocked investigative project has revealed Pakistanis own residential properties worth $11 billion in Dubai 
  • UAE working in recent years to tighten legislation, increase cooperation with foreign law enforcement on extradition

ISLAMABAD: Top Pakistani politicians have dismissed a new leak of records that has revealed residential properties worth around $11 billion owned by the country’s political, military and business elite in Dubai, saying all mentioned assets had been legally declared.

Dubai Unlocked, an investigative project involving more than 70 media outlets around the globe, has revealed the ownership of properties in the Emirate of prominent global figures, including alleged money launderers and drug lords, political figures accused of corruption and their associates, and businessmen sanctioned for financing terrorism, among others.

The data spans 2020 and 2022 and only includes residential properties.

Pakistanis listed in leaks include President Asif Ali Zardari’s three children, former Prime Minister Nawaz Sharif’s son Hussain Nawaz Sharif, Interior Minister Mohsin Naqvi’s wife, Sindh provincial minister Sharjeel Memon and family members, Senator Faisal Vawda, Pakistan Tehreek-e-Insaf lawmaker Sher Afzal Marwat, and half a dozen lawmakers from the Sindh and Balochistan assemblies.

The Pakistani list also features the late Gen (retired) Pervez Musharraf, former prime minister Shaukat Aziz, former army chief Qamar Javed Bajwa’s son, and more than a dozen retired army generals as well as a police chief, an ambassador and a scientist, all of whom owned properties either directly or through their spouses and children.

Pakistani politicians and others were last named in the 2016 Panama Papers, leaked documents that showed how the rich exploit secretive offshore tax regimes.

“What is the new thing here,” Defense Minister Khawaja Muhammad Asif said on X, dismissing the leaks and saying all those named in the data were already known to have properties abroad.

Explaining his position on the issue, Pakistan’s interior minister Mohsin Naqvi said the Dubai property bought in his wife’s name in 2017 was fully declared and listed in tax returns.

“It was also declared in returns submitted to the Election Commission as caretaker CM [chief minister] of Punjab,” he said in an X post. “The property was sold a year ago, and a new property was purchased recently with the proceeds.”

Pakistan Tehreek-e-Insaf (PTI) lawmaker and ex-PM Imran Khan aide, Sher Afzal Marwat, admitted he owned an apartment in Dubai, but had declared it with authorities in Pakistan, including the Federal Board of Revenue and the Election Commission of Pakistan.

“It can be confirmed with both the FBR and as well as ECP,” he said.

President Zardari’s Pakistan Peoples Party also said the properties of its leaders in Dubai had been duly declared in tax returns.

The property records at the heart of the Dubai Unlocked project come from multiple data leaks, mostly from the Dubai Land Department, as well as publicly owned utility companies. Taken together, the data provides a detailed overview of hundreds of thousands of properties in Dubai and information about their ownership or usage.

The data was obtained by the Center for Advanced Defense Studies (C4ADS), a non-profit organization based in Washington that researches international crime and conflict. It was then shared with Norwegian financial outlet E24 and the Organized Crime and Corruption Reporting Project (OCCRP), which coordinated an investigative project with dozens of media outlets from around the world.

The UAE was dealt a major reputational blow in March 2022 when it was flagged by global watchdog, the Financial Action Task Force (FATF), for “deficiencies” in its systems to combat money laundering and terror financing.

The move, which threatened to tarnish Dubai’s reputation as a premier center of finance, sparked a concerted effort by UAE authorities to tighten legislation and increase cooperation with foreign law enforcement on extradition.