KARACHI: The International Monetary Fund (IMF) said on Thursday it would wait for findings of its mission, currently holding talks in Islamabad, for further engagement with Pakistan, which seeks a fresh bailout from the global lender.
The South Asian country, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month completed a short-term $3 billion IMF program that helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
While Islamabad has said it expects a staff-level agreement by July, both Pakistani and IMF officials have refrained from commenting on the size of the program. The South Asian country is expected to seek around $7-8 billion bailout from the global lender.
An IMF team, led by Mission Chief Nathan Porter, this week met Pakistan Finance Minister Muhammad Aurangzeb, central bank governor, chairman of the Federal Board of Revenue and other officials in Islamabad to kickstart discussions on the country’s further engagement with the lender.
“Right now, a mission team led by Nathan Porter, our Mission Chief, is meeting with the authorities this week to discuss the next phase of our engagement with Pakistan,” IMF spokesperson Julie Kozack said at a press briefing on Thursday, when asked about the status of talks with Pakistan.
“Given that there is a mission on the ground, we will wait for them to complete their work and we will communicate the findings of the mission in due course.”
Pakistan narrowly averted a default last summer and its $350 billion economy has slightly stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high of 38 percent in May last year.
However, the South Asian country 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.
Wall Street Bank Citi expects Pakistan to reach an agreement with the IMF of up to $8 billion program by end-July, and recommends going long on the country’s 2027 international bond.
“While longer-term challenges pertain, we see several positive catalysts supporting the Eurobonds,” Nikola Apostolov at Citi wrote in a note to clients.
“First, a larger and longer IMF EFF (Extended Fund Facility) program could be finalized by July – possibly a $7-8 billion 4-year program and secondly and a possible inflow of Saudi investments,” Apostolov said after a team from Citi visited Pakistan and met policymakers, including Finance Minister Muhammad Aurangzeb.
Citi said it expected Pakistan’s international 2027 bond to offer a sweet spot to investors with sufficient liquidity and large upside as risks of default dissipate further.
IMF to wait for ‘findings’ of mission in Pakistan for further engagement with Islamabad — spokesperson
https://arab.news/whkd9
IMF to wait for ‘findings’ of mission in Pakistan for further engagement with Islamabad — spokesperson
- An IMF team this week met top Pakistani officials in Islamabad to kickstart discussions on a fresh bailout
- The cash-strapped South Asian country is expected to seek around $7-8 billion bailout from the global lender
‘Blatant violation of law’: Pakistan condemns Israel for blocking Gaza aid
- Israel blocked entry of aid trucks into Gaza on Sunday as standoff over uneasy truce with Hamas escalatedIsrael blocked entry of aid trucks into Gaza on Sunday as standoff over uneasy truce with Hamas escalated
- Pakistan urges world to hold Israel accountable for “imposition of collective punishment” on Palestinian civilians
ISLAMABAD: Pakistan’s foreign office spokesperson this week criticized Israel for blocking humanitarian aid to Gaza, calling it a blatant violation of law and urging the international community to hold the Jewish state accountable for collectively punishing millions of civilians through the move.
Israel blocked the entry of aid trucks into Gaza on Sunday as a standoff over the truce that has halted fighting for the past six weeks escalated.
Medical charity Medecins Sans Frontieres warned that the suspension of aid will add significant pressure on the two million Palestinians in the enclave who are still suffering from shortages of essential goods following 16 months of war. Israel has previously accused Hamas of hijacking aid, which the group denied.
“The Government of Pakistan condemns in the strongest possible terms Israeli decision to block critical humanitarian aid from entering Gaza, during the holy month of Ramadan,” the foreign office said in a press release on Monday.
“This latest action is part of Israel’s systematic campaign to deny much needed humanitarian aid to millions of Palestinians in dire need. This constitutes yet another blatant violation of international law by the occupying power and could imperil the ceasefire agreement.”
Pakistan urged the international community to ensure unrestricted humanitarian access to Gaza and to hold the Jewish state accountable for “imposition of collective punishment” by denying millions of civilians humanitarian aid.
“We also reiterate our call for the full implementation of the agreement to secure a permanent ceasefire in the Gaza as well as the revival of a political process to achieve the two-state solution, with a viable, sovereign State of Palestine based on pre-1967 borders, with Al-Quds Al-Sharif as its capital,” the foreign office concluded.
Phase two talks between Israel and Hamas to negotiate a final end to the war have barely begun. Israel, while announcing the halt to aid entry, said it will not allow a ceasefire without the release of all remaining hostages. Hamas has denounced Israel’s move as “blackmail” and a “blatant coup against the agreement.”
Hamas’ attack on southern Israel on Oct.7, 2023, killed 1,200 people and 251 people were taken into Gaza as hostages. The subsequent Israeli campaign killed more than 48,000 Palestinians, displaced almost all of its 2.3 million population and left Gaza a wasteland.
Both sides agreed to an uneasy, six-week truce on Jan. 19 which paved the way for the release of hostages from both sides. Israel’s move to block humanitarian aid to Gaza has renewed fears among the international community that the conflict would restart.
WWF-Pakistan develops mobile phone app to report wildlife crimes
- Pakistan is home to majestic wildlife, including leopards, bears, Indian pangolins, Indus River dolphins, and diverse species of resident and migratory birds
- The WWF-Pakistan app will report and collect data on wildlife crimes, enabling the relevant departments and agencies to take action against wildlife criminals
KARACHI: The World Wildlife Fund-Pakistan has developed a smartphone application for citizens to report wildlife crimes in the South Asian country, it said on Monday.
Pakistan is home to majestic wildlife, including common and snow leopards, brown and black bears, Indian pangolins, freshwater and sea turtles, Indus River dolphins, and diverse species of resident and migratory birds.
However, these wildlife species continue to face serious threats from wildlife crimes such as illegal trade, poaching, hunting and ill-treatment, according to WWF-Pakistan.
It said the application has been developed to report wildlife crimes and coordinate “meaningful” actions by government departments and law enforcement agencies against these crimes.
“Addressing wildlife crimes requires an inclusive approach involving government departments, law enforcement agencies, civil society, and local communities,” WWF-Pakistan quoted its director-general, Hammad Naqi Khan, as saying in a statement.
“Tackling such crimes could be improved by building capacity, fostering collaboration, raising awareness, and creating enabling conditions that integrate the expertise of AI (artificial intelligence) specialists, conservation experts, and members of local communities.”
Wildlife and their habitats are essential for the economic and social well-being of communities and nations. Effective wildlife conservation requires innovative technologies, effective policies, and community engagement plans to ensure local populations recognize the value of coexistence with wildlife, according to WWF-Pakistan.
Advanced technologies such as software applications, AI, camera traps, and satellite data can help address wildlife threats, monitor conservation performance, and promote effective strategies for the protection of threatened wildlife.
Khan said the WWF-Pakistan application would create a platform for wildlife officials, conservation experts and the public to interact and share valuable information about illegal wildlife activities.
“To protect the wildlife, we need to work together and take immediate action to combat wildlife crime as it is one of the key reasons for species decline at local, national, and international levels,” he added.
A link to the WWF-Pakistan application will soon be available on the Google Play Store, according to WWF-Pakistan.
“This application will report and collect data on wildlife crimes, enabling the relevant departments and agencies to take action against wildlife criminals,” it said.
Pakistan’s February inflation drops to more than nine-year low at 1.5 percent
- This is down from a multi-decade high of around 40 percent in May 2023
- Consumer price index stood at 2.4 percent in Jan. and 23.1 percent in Feb. 2024
ISLAMABAD: Pakistan’s monthly inflation dropped to 1.5 percent in February on a year-on-year basis, the country’s statistics bureau said on Monday, which was the lowest in more than nine years.
The consumer price index (CPI) inflation stood at 2.4 percent in the month of January and 23.1 percent in Feb. 2024, according to the Pakistan Bureau of Statistics (PBS).
On a month-on-month basis, it decreased by 0.8 percent in February as compared to an increase of 0.2 percent in the previous month and no change in February 2024. This was down from a multi-decade high of around 40 percent in May 2023.
“The lowest inflation last time was nine years and five months ago in September 2015, when it reached 1.3 percent,” Information Minister Attaullah Tarar said at a press conference on Monday, hailing a decline in policy rate to 12 percent.
The commodities whose prices increased from corresponding month of the previous year included pulses, potatoes, fresh fruits, butter, honey, milk powder, meat, vegetable, ghee, fish, milk products, cooking oil and sugar, according to the PBS.
The items whose prices decreased in Feb. included onions, tomatoes, wheat flour, tea, eggs, rice, bakery and confectionary items, and chicken.
Pakistan Stock Exchange sheds 1,200 points amid uncertainty over IMF loan talks
- The benchmark KSE-100 index closed at 111,986.88 and went down by 1.12 percent from the previous day’s close
- Analyst says foreign outflows, weak rupee, lower global crude prices played a catalyst role in bearish close
ISLAMABAD: The Pakistan Stock Exchange (PSX) saw a significant decline of 1,200 points on Monday, currency traders and analysts said, attributing the slump to uncertainty over the outcome of Islamabad’s talks with the International Monetary Fund (IMF) for a $1 billion tranche.
The benchmark KSE-100 index dropped by 1,264.78 points, or 1.12 percent, to 111,986.88 points, compared to Friday’s close of 113,251.66.
The development came as an IMF team arrived in Pakistan for the first review of a $7 billion loan program Islamabad secured in September.
“Foreign outflows, weak rupee, lower global crude oil prices and uncertainty over outcome of Pakistan-IMF talks this week played a catalyst role in the bearish close,” Ahsan Mehanti, CEO of Arif Habib Commodities, told Arab News.
Pakistan’s ARY News channel reported that the IMF was demanding action against tax evasion in Pakistan’s real estate sector.
“The IMF pushed for action against those misdeclaring property values,” ARY News reported, saying the government had assured the global lender it would activate the Real Estate Regulatory Authority.
Naveed Nadeem, a senior equity trader at Topline Securities Limited, said the negative sentiment at the market was driven by the lack of a positive trigger, Engro earnings falling short of expectations and shorter trading hours.
“Key stocks contributing to the downturn included ENGROH, UBL, MCB, MTL, and PPL, which together accounted for a drop of 731 points in the index,” he said.
“Despite the downturn, overall market activity saw 207 million shares traded, with a total turnover of Rs 11.8 billion.”
Woman suicide bomber kills troop, injures four others in Balochistan attack
- No group immediately claimed responsibility for the attack, but suspicion is likely to fall on the Baloch Liberation Army separatist group
- The BLA has previously used woman fighters to carry out suicide attacks against Pakistani security forces and Chinese nationals in Pakistan
QUETTA: A paramilitary troop was killed and four others injured after a woman suicide bomber hit a convoy of the Frontier Corps (FC) paramilitary force in Pakistan’s southwestern Balochistan province, a local administration official said on Monday.
The attack took place in Balochistan’s Kalat district on Monday afternoon, when the FC convoy was en route to security forces’ mess from the FC Fort on N-25 Quetta-Karachi highway, according to Kalat Deputy Commissioner Bilal Shabbir.
“A female suicide bomber struck the security forces convoy killing one soldier of the paramilitary Frontier Corps on the spot and injuring four others who were shifted to hospital,” DC Shabbir told Arab News.
“The female suicide bomber was standing outside the FC fort located at the highway and detonated herself when they were moving from the fort to the security forces’ mess in Kalat.”
No group immediately claimed responsibility for the attack, but suspicion is likely to fall on the outlawed Baloch Liberation Army (BLA), which has previously used woman fighters in its ranks to carry out suicide attacks against Pakistani security forces and Chinese nationals over the last few years.
In 2022, Shari Baloch, a woman suicide bomber linked to the BLA, carried out a suicide attack that ripped through a passenger van, killing three Chinese nationals and a Pakistani in the southern port city of Karachi, according to Pakistani authorities.
In Nov. last year, Pakistani officials arrested a woman among three suspects involved in a deadly suicide bombing, also claimed by the BLA, that killed two Chinese nationals and a Pakistani man outside the Karachi airport on Oct. 6, 2024.
The BLA is one of the most prominent separatist groups, which mainly operates in Balochistan but has targeted Chinese nationals in the neighboring Sindh province as well.
Balochistan has for years been the scene of an insurgency, where separatist groups have frequently attacked police and security forces as well as civilians and foreigners they see as “outsiders” in the resource-rich region, where China has been building a deep-sea port in Gwadar on the Arabian Sea and has made huge investments under its Belt and Road Initiative (BRI).
The separatists accuse Islamabad of exploiting the province’s natural resources. Successive Pakistani governments deny the allegations and say they have prioritized Balochistan’s development through investments in health, education and infrastructure projects.
