ISLAMABAD: Pakistan's Prime Minister Shehbaz Sharif said he was optimistic that the International Monetary Fund will approve a $3 billion bailout at its board meeting on Wednesday.
Pakistan and the Fund reached a staff level agreement last month, securing much-needed funding for the cash-starved country.
The agreement needs the board's approval before disbursing $1.1 billion upfront and the rest of the money in instalments.
"The meeting is happening today," Sharif said at an event in Islamabad. "I hope the board will approve the programme. This programme will help Pakistan's economy to stabilise."
The nine-month short-term lifeline for Pakistan's ailing economy, which has been on the cusp of default, came after eight months of tough negotiations over fiscal discipline.
The $350 billion South Asian economy faced a crippling balance of payments crisis, with its central bank's reserves barely enough to cover a month of controlled imports.
The IMF board approval will also unlock other bilateral and multilateral external financing for Pakistan.
Beijing rolled over $5 billion of Pakistan's loan in the last three months, which Sharif said he believed played a major role in averting the debt default.
Saudi Arabia deposited $2 billion in support funds with the central bank on Tuesday. Fitch credit rating agency on Monday upgraded Pakistan's sovereign rating to CCC from CCC-, and the bailout has brought relief to investors in the country's stocks and bonds.
Pakistan optimistic of securing IMF approval for $3 bln bailout
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Pakistan optimistic of securing IMF approval for $3 bln bailout
- Pakistan, IMF reached a staff level agreement last month, securing much-needed funding for Pakistan
- The IMF board approval will also unlock other bilateral and multilateral external financing for country
Former Pakistan finance minister announces forming new party ending months of speculation
- Miftah Ismail, who took tough decisions for resumption of Pakistan’s stalled $6 billion IMF bailout, was forced to step down in 2022
- Former minister says they are forming a party based on ‘ideas and not personalities,’ with women and young people as part of leadership
ISLAMABAD: Former Pakistan finance minister, Miftah Ismail, on Sunday announced forming a new political party that would be “internally democratic” and would speak for the “aspirations of all Pakistanis.”
Ismail, who took tough decisions for the resumption of the country’s stalled $6 billion International Monetary Fund (IMF) bailout, was forced to step down in September 2022 by the former coalition government of Prime Minister Shehbaz Sharif and with Ishaq Dar.
The former minister, along with other dissident politicians belonging to the then ruling coalition, kicked off a nationwide debate called “Reimagining Pakistan” in 2023, taking up a wide range of issues for discussion while expressing regret they were not adequately addressed earlier.
For the last several months, speculation had been rife that the former finance minister was planning to launch a new political group, which could be joined by former prime minister Shahid Khaqan Abbasi and ex-senator Mustafa Nawaz Khokar.
On Sunday, Ismail said they were forming a party based on “ideas and not personalities,” with women and young people as part of the leadership team.
“We are forming a different kind of party... a party that has professionals of integrity, competence and intellectual honesty, a party that belongs not to a province or a city but to the whole nation, a party that will constitutionally mandate term limits for its leaders, be internally democratic, and would never consider any individual or family to be indispensable,” he said on X.
“Most importantly, a party that speaks for the hopes and aspirations of all Pakistanis.”
In an op-ed written for the English-language daily The News on Saturday, Ismail said for the first time ever, they were not just apprehensive but frightened about the future of Pakistan.
“Daily survival is getting harder and harder for our people, our already ineffective governance is getting even worse, and our nation is drifting backward as the rest of the world is marching forward,” he wrote.
“We are fast reaching the point of no return – and it is imperative we take a hard look at our ineffective governance that has failed our people. We need to radically restructure our governance so that we can finally give hope and opportunity to all our people.”
Pakistan has for months been faced with low foreign exchange reserves, currency devaluation and high inflation. The South Asian country last month completed a short-term $3 billion International Monetary Fund (IMF) program, which helped stave off a sovereign default, but the incumbent government of PM Shehbaz Sharif has stressed the need for a fresh, longer-term program.
Pakistan and the IMF are expected to begin formal talks next week, with Islamabad saying it expects a staff-level agreement by July. Though both Pakistani and IMF officials have refrained from commenting on the size of the program, the South Asian nation is expected to seek around $7 billion bailout from the global lender.
PM announces Rs1 mln for each player as Pakistan hockey team returns home to hero’s welcome
- Pakistan on Saturday won the silver medal after reaching the Azlan Shah Hockey Cup final in Malaysia
- The feat has rekindled hopes of Pakistan hockey renaissance after decades of dormancy in national game
ISLAMABAD: Prime Minister Shehbaz Sharif has announced Rs1 million ($3,599) for each member of the Pakistan hockey team that clinched the silver medal in the Azlan Shah Hockey Cup in Malaysia.
The announcement came shortly after the Pakistan team arrived in the eastern city of Lahore to a hero’s welcome on Sunday, where they were welcomed by Rana Mashhood, chairman of chairman of PM’s Youth Program, and hundreds of jubilant Pakistanis.
Japan defeated Pakistan in a penalty shootout after a tense 2-2 draw in Ipoh on Saturday in a dramatic conclusion to the 2024 Azlan Shah Hockey Cup final. Pakistan reached the tournament’s final for the first time since 2011 following a series of stellar performances.
In a post on Facebook, the Pakistan Hockey Federation (PHF) thanked PM Sharif for his generous support and encouragement toward the national heroes.
“Thanks to the PM’s announcement of 18 million PKR (1 million cash for each player), for our Silver medalist Pakistan Hockey Team at the Sultan Azlan Shah Cup feels honored and appreciated for their hard work and dedication,” the PHF said.
“This gesture not only acknowledges their exceptional performance but also serves as a motivating force for them to continue striving for excellence on the international stage!“
Six teams participated in the event, including the tournament Malaysia, Pakistan, South Korea, Japan, New Zealand and Canada.
Pakistan have won the Azlan Shah Cup title three times in the past and stood the second runners-up in the last edition that was also held in Malaysia two years ago.
Pakistan’s feat at the Azlan Shah Cup has rekindled hopes of a hockey renaissance after decades of dormancy in the national game.
Pakistan PM says ‘no tolerance’ for violence amid Azad Kashmir protests over price hikes
- Clashes erupted in parts of Azad Kashmir Saturday as protesters demanded cheaper wheat flour, electricity
- The violence resulted in the killing of a police officer and injuries to 90 others on both sides, officials say
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif said on Sunday peaceful protests were a democratic right, but there should be “no tolerance” for violence, amid protests in Azad Kashmir for subsidized wheat flour and cheaper electricity.
The statement came a day after clashes erupted between police and supporters of the Jammu Kashmir Joint Awami Action Committee (JAAC) in various parts of the territory, resulting in the killing of a police officer and injuries to 90 others on both sides, according to officials.
The protests turned violent when police attempted to stop a rally headed for the Azad Kashmir capital of Muzaffarabad from Kotli and Poonch districts. The protesters are demanding electricity as per hydropower generation cost in Azad Kashmir, subsidized wheat flour, and an end to privileges enjoyed by the elite.
In his message on X, PM Sharif said he was “deeply concerned” over the situation in Azad Jammu and Kashmir (AJK) and had asked AJK PM Anwar-ul-Haq to hold talks with the protesters.
“Unfortunately, in situations of chaos and dissent there are always some who rush in to score political points,” he said. “While debate, discussion and peaceful protests are the beauties of democracy, there should be absolutely no tolerance for taking the law in one’s own hands and damaging government properties.”
Sharif urged all parties to resort to peaceful course of action for the resolution of their demands. “Despite best efforts of detractors, the matter will hopefully be settled soon,” he said.
Separately, the Azad Kashmir government on Sunday invited protesters for talks.
“The situation is currently peaceful and under control, and we are trying to settle issues through talks,” Abdul Majid Khan, a spokesperson of the Azad Kashmir government who is also its finance minister, told Arab News.
“We have invited the action committee to come and sit with us for dialogue on all their demands.”
Khan warned that no one would be allowed to take the law into their hands, emphasizing the government had exercised “significant restraint.”
He noted the government was providing wheat in Azad Kashmir at Rs3,100 [$11.16] per 40kg, which was already heavily subsidized and cheaper than in Pakistan’s most populous Punjab province, the main producer of the crop in the South Asian country.
The Himalayan territory of Kashmir has been divided between India and Pakistan since their independence from Britain in 1947. Both countries rule part of the territory, but claim it in full and have fought three wars over the disputed region.
The western portion of the larger Kashmir region is administered by Pakistan as a nominally self-governing entity.
Pakistan last year narrowly avoided a default on the payment of foreign debts when the International Monetary Fund and several friendly nations came to its rescue by giving it loans.
Pakistan’s monthly inflation rate at one point reached over 40 percent, but authorities say it had come down to 17 percent ahead of talks with the IMF for a new bailout. Islamabad plans to get at least $6 billion from the lender when it reaches a deal expected in the coming months.
‘Fight until last ball,’ PCB chief tells Pakistan side ahead of second T20 against Ireland
- Ireland defeated Pakistan in opener of a three-match series on Friday in a blow to the Pakistan side
- PCB chief Mohsin Naqvi arrived in Dublin on Saturday to boost their morale ahead of the second T20
ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi on Sunday held a two-hour-long meeting with the Pakistan cricket team in Dublin, where he urged the Green Shirts to “fight until the last ball” in the upcoming Twenty20 matches against Ireland and England.
Ireland beat Pakistan for the first time in a T20 fixture in the opener of a three-match series on Friday, courtesy of a heroic 77-run knock by Andy Balbirnie that helped the home side win by five wickets against Babar Azam’s squad.
The defeat was a blow for the South Asian squad as it prepares for the upcoming Men’s T20 World Cup scheduled to take place from June 2 in the United States and West Indies, by playing separate cricket series against Ireland and England.
PCB chief Naqvi arrived in Dublin on Saturday to hold meetings with the team to boost their morale ahead of the second T20.
“He encouraged the players and advised to work hard and adopt a professional approach to the game,” the PCB said in a statement. “He urged the players to fight until the last ball and [said] if they work together as a team, they will achieve victory.”
After the Ireland series, Pakistan will travel to England to play a four-match series against the home side from May 22-30 in Leeds, Birmingham, Cardiff and London before departing for the US for the mega event.
Pakistan will begin their World Cup campaign against the United States on June 6 before taking on arch-rivals India in a high-octane clash on June 9 in New York.
Naqvi said that the team’s bowling attack was “excellent,” but fielding needed improvement to prevent opposing teams from getting any chances.
“After Ireland and England, the real test is the World Cup,” he added.
Authorities formally launch Makkah Route initiative at Pakistan’s Karachi airport
- Pakistani pilgrims performing Hajj under government scheme have been availing the facility in Islamabad
- Saudi authorities last month approved expansion of the Makkah Route initiative to the Karachi airport
KARACHI: Saudi and Pakistani authorities on Sunday formally launched the Makkah Route initiative at the Jinnah International Airport in Karachi, the Pakistani religious affairs ministry said, with a second flight under the project leaving the southern Pakistani city for Madinah.
Launched in 2019, the initiative allows for the completion of immigration procedures at the pilgrims’ country of departure. This makes it possible to bypass long immigration and customs checks upon reaching Saudi Arabia, which significantly reduces the waiting time and makes the entry process smoother and faster.
Pakistani pilgrims performing Hajj under the government scheme have been availing this facility at the airport in Islamabad for the last couple of years. Saudi authorities last month approved the expansion of the Makkah Route initiative to the Karachi airport.
Kamran Tessori, the governor of Pakistan’s southern Sindh province, Saudi Arabia’s Passport & Immigration Chairman Sulaiman Abdul Aziz Al-Yahya, Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki and other officials attended the inaugural ceremony.
“The Road to Makkah Project facility from the Saudi government was located at the Islamabad airport in the past years. Alhamdulillah, it has been started from Karachi this year too and 35,500 pilgrims from Karachi will benefit from this facility this year,” Tessori said, while addressing the ceremony.
“Under this facility, the pilgrims can receive the goods at their respective hotels in Saudi Arabia after all the necessary clearance from the airport in Pakistan.”
The Saudi Passport & Immigration chairman said the Makkah Route initiative was launched to enable pilgrims to complete immigration procedures before arriving in the Kingdom.
“Pakistan is one of the countries benefiting from this initiative and today, we are opening a second airport (Jinnah International Airport in Karachi) under the initiative,” he said.
The initiative, launched in 2019, has so far been implemented in five countries including Pakistan, Malaysia, Indonesia, Morocco and Bangladesh.
The South Asian country expects more than 60 percent of pilgrims performing Hajj this year to benefit from the initiative. People opting for the private Hajj scheme can also avail the facility, given the tour operators providing them services have contacted the Pakistani religious ministry for the purpose, according to authorities.
Saudi Arabia last year restored Pakistan’s pre-pandemic Hajj quota of 179,210 pilgrims and abolished the upper age limit of 65 years. More than 81,000 Pakistani pilgrims performed Hajj under the government scheme in 2023, while the rest used private tour operators.
This year’s pilgrimage is expected to run from June 14 till June 19.
