Pakistan repays $1 billion international bond — central bank spokesman 

A Pakistani dealer counts US dollars at a currency exchange shop in Karachi, Pakistan, on November 30, 2018. (AFP/File)
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Updated 03 December 2022
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Pakistan repays $1 billion international bond — central bank spokesman 

  • The South Asian economy is beset by multiple crises, including floods, low forex reserves and inflation 
  • The bond repayment, which matures on Dec 5, totals $1.08 billion, the central bank chief said last week 

ISLAMABAD: Pakistan repaid a $1 billion international bond, the central bank spokesman said on Friday, amidst growing uncertainty about the country's ability to meet external financing obligations. 

The South Asian nation's economy has been beset by multiple crises, including the fallout of devastating floods that killed 1,700 people, low foreign exchange reserves and decades high inflation. 

"The payment (was) made to Citibank New York," State Bank of Pakistan (SBP) spokesman Abid Qamar told Reuters in a message. 

The bond repayment, which matures on Dec. 5, totals $1.08 billion, the central bank chief said last week. 

During the week ended Nov. 25, SBP reserves stood at $7,498.7 million. It has since received $500 million from the Asian Infrastructure Investment Bank. 

Saudi Arabia on Friday also extended the term of a $3 billion deposit it has in Pakistan's foreign reserves. 


Pakistan says will accelerate progress on major connectivity projects with China

Updated 4 sec ago
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Pakistan says will accelerate progress on major connectivity projects with China

  • The understanding to this effect was reached during Pakistan Deputy Prime Minister Ishaq Dar’s visit to China
  • The visit comes amid Pakistan’s push for foreign investment, with Islamabad seeing flurry of high-level exchanges

ISLAMABAD: Pakistan and China have resolved to accelerate progress on major connectivity projects and strengthen cooperation in multiple fields, Pakistan’s Foreign Office said on Friday, amid an increase in bilateral engagements with longtime ally Beijing to boost foreign investment in Pakistan.
The understanding to this effect was reached during Pakistan Deputy Prime Minister Ishaq Dar’s ongoing visit to China, where he met Chinese Foreign Minister Wang Yi and other top officials.
Beijing has been one of Islamabad’s most reliable foreign partners in recent years and has invested over $65 billion in energy and infrastructure projects as part of the China-Pakistan Economic Corridor (CPEC).
The project, part of President Xi Jinping’s ambitious Belt and Road Initiative, aims to connect China to the Arabian Sea via a network of roads, railways, pipelines and ports in Pakistan, and help Islamabad expand and modernize its economy.
“The two sides will work together to forge an upgraded version of CPEC by jointly building a growth corridor, a livelihood enhancing corridor, an innovation corridor, a green corridor by aligning them with Pakistan’s development framework and priorities,” said Mumtaz Zahra Baloch, a Pakistan foreign office spokeswoman, while briefing reporters on Dar’s visit.
“Together we will accelerate progress on major connectivity projects, including upgradation of ML-1 (Main Line-1), the Gwadar port, realignment of KKH (Karakoram Highway) phase-2, strengthen cooperation in agriculture, industrial parks, mining and information technology.”
The $6.8 billion ML-1 project is aimed at upgrading and dualizing the 1,872-kilometer existing railway track from the southern Pakistani port city of Karachi till Peshawar in the country’s northwest, while the port in Pakistan’s southwestern Gwadar city lies at the heart of CPEC.
Dar’s visit comes amid Pakistan’s recent push for foreign investment, with Islamabad seeing a flurry of high-level exchanges from diplomats and business delegations in recent weeks from Saudi Arabia, Japan, Azerbaijan, Qatar and other countries.
Earlier in the day, Prime Minister Shehbaz Sharif’s office said the premier had invited a Chinese research and investment firm, MCC Tongsin Resources, to invest in Pakistan’s mining sector and assured it of “maximum facilitation.” The statement came after Sharif’s meeting with a delegation of MCC Tongsin Resources, led by Chairman Wang Jaichen, in the federal capital of Islamabad.
“The government is taking steps on priority basis to increase foreign investment in the country,” Sharif was quoted as saying by his office. “In order to increase the exports of Pakistan, investment for the extraction of minerals, their processing and export will be fully facilitated.”
Sharif has vowed to rid the country of its chronic macroeconomic crisis through foreign investment and efficient handling of the economy.


Pakistani Hajj pilgrims to leave for Makkah today from Madinah via 11 caravans 

Updated 3 min 47 sec ago
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Pakistani Hajj pilgrims to leave for Makkah today from Madinah via 11 caravans 

  • Over 20,000 Pakistani pilgrims have so far arrived in Madinah under the government scheme
  • Eleven caravans carrying 2,177 Pakistani pilgrims will leave for Makkah after Friday prayers

ISLAMABAD: Minister for Religious Affairs Chaudhry Salik Hussain on Friday visited the office of the National Adillah Establishment in Madinah to discuss travel arrangements for over 2,000 Pakistani pilgrims who will leave for Makkah today ahead of the Hajj pilgrimage, APP reported.
The National Adillah Establishment is the Saudi agency in charge of coordinating all pilgrim activities in Madinah, including passport collection, departure of pilgrims from Madinah to Makkah, visit to Riazul Jannah, accommodation and transport facilities. As part of the Hajj 2024 policy, there is an agreement on arrangements and requirements of Hujjaj between the National Adillah Establishment and the Office of Pilgrim’s Affairs Pakistan (OPAP).
Pakistan has a Hajj quota of 179,210 pilgrims this year, of which 63,805 people will perform the pilgrimage under the government scheme while the rest will use private tour operators. This year’s Hajj is expected to run from June 14-19.
Pakistani pilgrims have been arriving in Madinah since May 9 when pre-Hajj flight operations were launched. Over 20,000 Pakistani pilgrims have so far arrived in Madinah under the government scheme. Eleven caravans carrying 2,177 Pakistani pilgrims who stayed eight days in Madinah will leave today, Friday, for Makkah after Friday prayers, Radio Pakistan reported. 
In his meeting with Adillah officials, Salik discussed Hajj-related matters “particularly the departure of ‘advanced caravans’ of Pakistani pilgrims today from Madinah to Makkah.”
“This year’s pilgrimage will be one of the best experiences, better management-wise,” Pakistan’s APP news agency quoted the CEO of Adillah, Esam Damyati, as telling Salik. 
Salik thanked Damyati for extending all possible assistance and cooperation to the Religious Affairs Ministry and Pakistan Hajj Mission in its Hajj operation. 
“Salik said the digitization of Hajj related services by the Saudi authorities had really worked in improving the Hajj arrangements,” APP said. “He appreciated the Saudi government for taking a number of innovative measures like formation of new companies, increasing number of Hajj welfare staff both male and female and use of latest technology.”
Adillah’s Head of Investment Management Ahmed Hammad said the company was keen to explore ways to enhance investment in Hajj-related matters with the Ministry of Religious Affairs and the Pakistan Hajj Mission.


X ban enters fourth month in Pakistan

Updated 17 May 2024
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X ban enters fourth month in Pakistan

  • Pakistan has long struggled to regulate social media through different legislations, prompting critics to accuse it of trying to quell dissent
  • The Government of Pakistan must ‘uphold the right to freedom of expression,’ restore access to X immediately, Amnesty International says

ISLAMABAD: X remained restricted in Pakistan on Friday as a ban on the social media platform entered fourth month, according to netizens.
Authorities have blocked X, formerly known as Twitter, since Feb. 17 after protests swept the country over allegations of vote rigging in a general election.
Digital rights activists and rights groups have described the shutdown, either partial or full, as a “violation” of civil liberties in the South Asian nation of more than 241 million.
“This ban continues at a time when the government has announced legislative proposals to further restrict digital freedoms,” Amnesty International, a global human rights watchdog, said on X.
Pakistani authorities have long struggled to regulate social media content through different legislations, prompting critics to accuse them of trying to quell dissent. Earlier this month, the government notified a National Cybercrimes Investigation Agency (NCCIA) to probe electronic crimes, making digital rights activists describe it as yet another official attempt to stifle criticism online.
The NCCIA was approved by the caretaker government of Prime Minister Anwar-ul-Haq Kakar last year to take over cybercrime investigations from the Federal Investigation Agency (FIA).
While the government says the move was meant to protect digital rights of millions of users, encourage responsible Internet use and prevent hate speech and disinformation, digital rights activists say successive governments have drafted new laws or amended old ones to curb online dissent and file criminal charges against journalists and activists to restrict freedom of speech and expression.
“The Government of Pakistan must uphold the right to freedom of expression and restore access to the platform [X] immediately,” Amnesty International added.


PM invites Chinese firm to invest in Pakistan mining sector seeking to boost foreign investment

Updated 55 min 28 sec ago
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PM invites Chinese firm to invest in Pakistan mining sector seeking to boost foreign investment

  • The development comes amid the Sharif government’s push to rid the country of its chronic macroeconomic crisis
  • Islamabad has also lately seen a flurry of high-level exchanges with Saudi Arabia, Japan, Azerbaijan and other nations

ISLAMABAD: Prime Minister Shehbaz Sharif has invited Chinese firm, MCC Tongsin Resources, to invest in Pakistan’s mining sector and assured it of maximum facilitation, Sharif’s office said on Friday, amid an increase in bilateral engagements with longtime ally Beijing to boost foreign investment in Pakistan.
The statement came after Sharif’s meeting with a delegation of MCC Tongsin Resources, led by Chairman Wang Jaichen, in the federal capital of Islamabad, according to a statement issued from Sharif’s office.
MCC Tongsin Resources, a research and investment company, is part of the China Metallurgical Group Corporation (MCC Group), which describes itself as the world’s largest and strongest metallurgical construction contractor and operation service provider.
In his meeting with the Chinese delegates, Sharif said his government would extend all-out facilitation to the company in mining of minerals and their export from Pakistan.
“The government is taking steps on priority basis to increase foreign investment in the country,” Sharif was quoted as saying by his office. “In order to increase the exports of Pakistan, investment for the extraction of minerals, their processing and export will be fully facilitated.”
The Chinese firm expressed “keen interest” in increasing its investment in the mining and mineral sector in Pakistan.
“The company gave a detailed briefing to the prime minister regarding the construction of a mineral park in Pakistan and informed about further investment plans,” Sharif’s office said.
The development comes amid an increase in bilateral engagements between Pakistan and China in recent weeks as Islamabad attempts to boost foreign investment.
Deputy Prime Minister Ishaq Dar, who is in China since May 13, has held several meetings with Chinese business officials and entrepreneurs, and invited them to establish labor-intensive industries in Pakistan. The visit is aimed at bolstering Pakistan’s relations with China and assuring Beijing that Pakistan would enhance the security of Chinese nationals working in Pakistan.
Beijing has been one of Islamabad’s most reliable foreign partners in recent years, readily providing financial assistance to bail out its often-struggling neighbor. In July last year, China granted Pakistan a two-year rollover on a $2.4 billion loan, giving the debt-saddled nation much-needed breathing space as it tackled a balance-of-payments crisis.
China has invested over $65 billion in energy and infrastructure projects as part of the China-Pakistan Economic Corridor (CPEC). The project is part of President Xi Jinping’s ambitious Belt and Road Initiative. CPEC is designed to provide China with a shorter and safer trading route to the Middle East and beyond through Pakistan.
Dar’s visit comes amid Pakistan’s recent push for foreign investment, with Islamabad seeing a flurry of high-level exchanges from diplomats and business delegations in recent weeks from Saudi Arabia, Japan, Azerbaijan, Qatar and other countries.
Prime Minister Shehbaz Sharif has vowed to rid the country of its chronic macroeconomic crisis through foreign investment and efficient handling of the economy.


Ancient spring festival concludes with rituals and dance in Pakistan’s picturesque Chitral

Updated 17 May 2024
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Ancient spring festival concludes with rituals and dance in Pakistan’s picturesque Chitral

  • Chilam Joshi celebrated in May by the Kalash, a group of about 4,000 people and possibly Pakistan’s smallest minority
  • Festival coincides with coming of spring and is marked by dance, animal sacrifice and highly prescribed roles for men and women

PESHAWAR: The Khyber Pakhtunkhwa (KP) Tourism Authority said on Friday a spring festival celebrated by the minority Kalash people living in the country’s northern Chitral District had concluded with the practice of community rituals and song and dance. 
The Kalash are a group of about 4,000 people, possibly Pakistan’s smallest minority, who live in the mountains of the Hindu Kush, where they practice an ancient polytheistic faith. Each year in May, they come together for Chilam Joshi, a festival that coincides with the coming of spring and is marked by dance, animal sacrifice and highly prescribed roles for men and women. The community’s religion incorporates animiztic traditions of worshiping nature as well as a pantheon of gods and its people live mainly on the three Kalash valleys of Bumburet, Birir and Rumbur.
“A large number of domestic and foreign tourists had arrived for the religious festival celebrated on the arrival of spring,” Mohammad Saad, the spokesperson of the tourism authority said in a statement. “Khyber Pakhtunkhwa Tourism Authority’s tourist facilities in Dir Upper and Chitral Lower remained open during the festival.”
He said the Kalash tribe celebrated the festival with song and dance as well as the rituals of distributing milk, performing traditional dances for newborns and praying for the safety of livestock and crops.
On the first day, boys and girls go to the higher pastures to pluck wildflowers and walnut leaves to the beat of drums, while the second day, when milk is distributed, goat stables are decorated with wildflowers and walnut leaves, and songs and ceremonies take place in every village.
On the third day, villagers get together and distribute dried mulberries and walnuts in ceremonies for new born babies. On the fourth day, during the Ghona ceremony, villagers of the Kalash community gather at one main venue and different rituals and ceremonies are performed. 
Throughout the festival, women usually dress up in vibrantly colored traditional clothes, wear gold and silver jewelry and elaborate headgear, while men wear traditional shalwar kameez with a woolen waistcoat.