KARACHI: Pakistan witnessed an unprecedented surge of 3.68 percent in weekly inflation during the last five working days, according to official data, as food and energy prices continued to spiral internationally.
Inflation measured by the Sensitive Price Index (SPI) increased by 3.68 percent from 3.38 percent recorded a week before. According to the Pakistan Bureau of Statistics, the weekly inflation on an annual basis recorded the highest increase of 37.67 percent.
Pakistan is currently experiencing high inflationary pressure due to a rapid depreciation of its national currency.
The government has also increased fuel and electricity prices multiple times since coming into power in April after ousting former prime minister Imran khan in a no-confidence vote.
Financial experts expect the country to face significant inflationary pressure during the current fiscal year.
“As per our expectations so far, the average inflation will remain between 18 and 19 percent during the current fiscal year [FY23],” Muhammad Sohail, CEO of Topline Securities, a Karachi-based brokerage firm, told Arab News on Sunday.
The previous administration of Khan, which originally negotiated a $6 billion bailout package with the International Monetary Fund (IMF) for Pakistan, decided to freeze petroleum and electricity prices by going against its commitment to the global lending agency.
However, the new coalition government uncapped the energy prices after assuming the office in April, ending subsidies and raising petroleum prices multiple times to secure the revival of the stalled IMF program.
The government’s tough economic decisions also had an impact on the weekly inflation determined after monitoring the rates of 51 basic products. The prices of 30 of these commodities increased during the week, seven decreased and 14 remained stable.
On a yearly basis, the weekly prices of diesel were up by 101.53 percent, petrol 94.15 percent, pulse masoor 99.14 percent, chicken 75.65 percent and five-liter cooking oil 74.81 percent among other food and nonfood items.
Pakistan’s monthly inflation rate measured by the Consumer Price Index (CPI) was recorded at 21.3 percent on a year-on-year basis in June 2022, the highest since 2008, as compared to an increase of 13.8 percent during the previous month and 9.7 percent in June 2021.
“The inflation will take time to cool down since the prices of petroleum products along with gas and electricity tariffs are likely to further increase,” Samiullah Tariq, director research at the Pakistan-Kuwait Investment Company, told Arab News. “I believe inflation will remain high in near term and come down after December this year.”
The country’s central bank has already predicted that inflation will remain elevated during the current fiscal year and remain around 18 to 20 percent due to the large supply shock associated with the necessary reversal of fuel and electricity subsidies.
However, the bank hopes the inflation will sharply decline during the next fiscal year (FY24).
Pushed by food and energy prices, Pakistan’s weekly inflation jumps to record 3.68 percent
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Pushed by food and energy prices, Pakistan’s weekly inflation jumps to record 3.68 percent
- Rising global food and energy prices, record rupee depreciation key contributors to high inflation in Pakistan
- Central bank and financial experts expect inflation to hover around 20 percent in the current fiscal year
Pakistan’s Dr. Shahzad Baig makes it to TIME’s 100 world leaders in health
- Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which remained successful
- Pakistan, Afghanistan are only two countries in world where polio continues to threaten health and well-being of children
ISLAMABAD: US news magazine TIME has included Dr. Shahzad Baig, the Pakistan Polio Eradication Programme’s national coordinator, to its list of 100 most influential people across the world in the field of health in 2024.
The list, titled ‘TIME100 HEALTH,’ this week honored individuals from across the world for their services for fresh discoveries, novel treatments, and global victories over disease.
Baig was recognized for his efforts for the eradication of poliovirus, which mainly affects children under the age of ten years by invading their nervous system, and can cause paralysis or even death.
Pakistan and Afghanistan are the only two countries in the world where polio continues to threaten the health and well-being of children.
“On the front lines in the effort to stamp it [polio] out is Dr. Shahzad Baig, national coordinator of Pakistan’s polio-eradication program,” TIME wrote on its website.
“In 2019, polio disabled or killed 147 people in Pakistan; since Baig assumed the position, in 2021, case counts have plummeted, with only six children stricken in 2023.”
Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which succeeded spectacularly, according to the US magazine.
In 2020, the African country became the most recent one in the world to be declared polio-free.
“If Baig has his way, Pakistan will be the next,” it added.
Canada has ‘political compulsion’ to blame India for Sikh slaying — New Delhi
- Canadian police on Friday arrested three for the murder of Hardeep Singh Nijjar, saying they were investigating their links to Indian government
- The killing soured Ottawa-New Delhi diplomatic ties after PM Trudeau said there were ‘credible allegations’ linking Indian intelligence to crime
NEW DELHI: Canada’s investigation into alleged Indian involvement in the assassination of a Sikh separatist in Vancouver last year is a “political compulsion,” New Delhi’s foreign minister said after three Indian citizens were arrested over the killing.
Canadian police on Friday arrested the trio for the murder of Hardeep Singh Nijjar, saying they were investigating their links to the Indian government, “if any.”
The killing sent diplomatic relations between Ottawa and New Delhi into a tailspin last autumn after Prime Minister Justin Trudeau said there were “credible allegations” linking Indian intelligence to the crime.
India vehemently rejected the allegations as “absurd,” halting the processing of visas for a time and forcing Canada to significantly reduce its diplomatic presence in the country.
“It is their political compulsion in Canada to blame India,” the Press Trust of India news agency quoted external affairs minister S. Jaishankar as saying on Saturday.
Thousands of people were killed in the 1980s during a separatist insurgency aimed at creating a Sikh homeland known as Khalistan, which was put down by security forces.
The movement has largely petered out within India, but in the Sikh diaspora — whose largest community is in Canada, with around 770,000 people — it retains support among a vocal minority.
New Delhi has sought to persuade Ottawa not to grant Sikh separatists visas or political legitimacy, Jaishankar said, since they are “causing problems for them (Canada), for us and also for our relationship.”
He added that Canada does not “share any evidence with us in certain cases, police agencies also do not cooperate with us.”
Nijjar immigrated to Canada in 1997 and acquired citizenship 18 years later. He was wanted by Indian authorities for alleged terrorism and conspiracy to commit murder.
The three arrested Indian nationals, all in their twenties, were charged with first degree murder and conspiracy.
They were accused of being the shooter, driver and lookout in his killing last June.
The Canadian police said they were aware that “others may have played a role” in the murder.
In November, the US Justice Department charged an Indian citizen living in the Czech Republic with plotting a similar assassination attempt on another Sikh separatist leader on American soil.
A Washington Post investigation reported last week that Indian foreign intelligence officials were involved in the plot, a claim rejected by New Delhi.
PCB chief announces $100,000 reward for each player if Pakistan wins T20 World Cup
- Mohsin Naqvi made the announcement during his visit to Qaddafi Stadium, where the Babar Azam-led side has been practicing
- The Pakistan side is scheduled to travel to Ireland, England for T20 tours later this month, followed by the World Cup in June
ISLAMABAD: Mohsin Naqvi, chief of the Pakistan Cricket Board (PCB), has announced $100,000 reward for each player in case the national side wins the upcoming Twenty20 World Cup, the PCB said on Sunday.
Naqvi made the announcement during his visit to the Qaddafi Stadium in Lahore, where the Babar Azam-led side began the national camp on Saturday, according to the PCB.
He stayed there for two hours and held a detailed discussion with Pakistan players on the strategy of upcoming games.
“This reward is nothing compared to Pakistan’s victory,” Naqvi was quoted as saying.
“I hope you will raise the green flag. Play without any pressure and compete hard. God willing, victory will be yours.”
The Pakistan side is scheduled to travel to Ireland and England for T20 tours later this month.
The tours will help the side prepare for the T20 World Cup scheduled to be held in the United States and the West Indies in June.
IMF says its mission will visit Pakistan this month to discuss new loan
- Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default
- But the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program
KARACHI: An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new program, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year.
Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
“A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new program for the welfare of all Pakistanis,” the IMF said in an emailed response to Reuters.
Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.
The IMF did not specify the dates of the visit, nor the size or duration of the program.
“Accelerating reforms now is more important than the size of the program, which will be guided by the package of reform and balance of payments needs,” the IMF statement said.
Pakistan narrowly averted default last summer, and its $350 billion economy has stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high 38 percent last May.
It is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year compared to negative growth last year.
Earlier, in an interview with Reuters, Finance Minister Muhammad Aurangzeb said the country hoped to agree the contours of a new IMF loan in May.
Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.
Pakistan PM extends condolences over death of Saudi poet Prince Badr bin Abdul Mohsen
- Prince Badr, affectionately known as the ‘word engineer,’ was a legendary figure in the contemporary Saudi poetry
- His influence on art form was felt across the Gulf, while his eloquent verses left indelible mark on hearts and minds
ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday extended his heartfelt condolences to Saudi Arabia’s Royal Family on the death of eminent Saudi poet, Prince Badr bin Abdul Mohsen, saying his legacy would continue to inspire generations to come.
The prince, affectionately known as the “word engineer,” was a legendary figure in contemporary Saudi poetry whose influence in the art form was felt across the country and the wider Gulf region, where his eloquent verses and poignant prose left an indelible mark on the people’s hearts and minds.
A pioneer in the popularization of Saudi poetry among Arab audiences, Prince Badr’s verses were immortalized in songs by many esteemed Arab artists, including Talal Maddah, Mohammed Abdu, Kadim Al-Sahir and Assala. His patriotic words and songs struck a deep chord with Saudis in particular.
In a post on X, Sharif said Prince Badr’s most popular song on Saudi Arabia’s National Day would always remind the world of his profound love for his country.
“His contributions to contemporary poetry in the Arabian Peninsula were truly remarkable and his legacy will continue to inspire generations to come,” the Pakistan premier said.
“May his soul rest in peace and may his words forever resonate in the hearts of poetry lovers around the world.”
Prince Badr was born on April 2, 1949, and his journey as a poet and cultural figure began at a young age. He studied in Saudi Arabia, Egypt, the UK and the US as he took his early steps on the path to becoming a significant figure in Arab literature.
As president of the Saudi Society for Culture and Arts, he played a crucial role in fostering artistic expression and influencing the development of poetry organizations in the Kingdom. In recognition of his outstanding contributions in the field, King Salman honored Prince Badr with the prestigious King Abdulaziz Medal in 2019.
Soon after, the Kingdom’s Literature, Publishing and Translation Commission announced plans to collect and publish his complete literary works to commemorate his enduring legacy and celebrate the profound impact he had on the Saudi creative movement during a five-decade career.
