Pakistan PM to present 5-year economic program

Pakistan PM to present 5-year economic program
Prime Minister Shehbaz Sharif hoists Pakistan's national flag at the Pakistan Monument in Islamabad on August 14, 2024. (Photo courtesy: @CMShehbaz/X)
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Updated 14 August 2024
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Pakistan PM to present 5-year economic program

Pakistan PM to present 5-year economic program
  • Sharif says he will address the nation ‘in a few days’
  • President Asif Ali Zardari urges nation to forge unity, bring about stability

ISLAMABAD: Prime Minister Shehbaz Sharif vowed to put Pakistan on the path to progress as the nation celebrated its 78th Independence Day on Wednesday, announcing the planned unveiling of a five-year economic plan and his vision to transform the country.

Pakistan has faced a prolonged economic crisis that has seen its external debt mount, its currency weaken against the US dollar, and its foreign exchange reserves drop to dangerous levels.

The South Asian country, desperate to stave off a balance of payments crisis, has turned to regional allies and global financial institutions such as the International Monetary Fund for debt rollovers and loan programs to sustain its fragile economy. 

Speaking at a ceremony in Islamabad to celebrate Pakistan’s 78th Independence Day, Sharif acknowledged people were suffering from high inflation and unemployment. 

“I have focused my speech today on Independence Day but in a few days, I will address the nation and present a five-year economic plan,” Sharif told his audience. 

The Pakistani prime minister has vowed to work hard during his time in office to put his country on the path to progress and prosperity. 

“Till the last drop of blood in my body, I will work day and night with my colleagues in the government to bring down inflation (and) electricity prices, and uplift Pakistan’s economy and ensure it progresses,” he vowed. 

Sharif acknowledged that Pakistan’s industries — its agricultural sector in particular — could not progress until electricity prices were slashed. He said it was also impossible to increase revenue from exports without cutting power prices and granting relief to the business community. 

“I want to tell you today that the entire government is working together on this,” he said. “God willing in the next few days, you will get good news about the decrease in electricity prices across Pakistan.”

Meanwhile, President Asif Ali Zardari has urged the country to forge unity and bring about stability.

“Zardari stressed the need to set aside differences and work with dedication for the unity, integrity, and economic stability of the country to cope with current challenges,” reported the state-run Associated Press of Pakistan. 

Calling for a collective commitment to uplift the nation and work toward making Pakistan a prosperous country, he said: “We should wholly and solely concentrate on the well-being of the people, especially of the masses and the poor.

“It is time to invest in our youth and women, improve service delivery, and create a business-friendly environment to make Pakistan a great nation.”


Russia takes new village in Ukraine’s Donetsk region

Russia takes new village in Ukraine’s Donetsk region
Updated 30 sec ago
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Russia takes new village in Ukraine’s Donetsk region

Russia takes new village in Ukraine’s Donetsk region
  • Russian troops advance toward the neighboring Dnipropetrovsk region
  • Russia’s defense ministry say troops had captured the village of Myrne
MOSCOW: Russia said on Sunday it took another village in the west of Ukraine’s Donetsk region, as its troops advance toward the neighboring Dnipropetrovsk region.
Moscow’s offensive on Ukraine has lasted for more than three years, with attacks intensifying this summer and US-led negotiations so far yielding no results to end the fighting.
Russia’s defense ministry said Russian troops had captured the village of Myrne, calling the village by its Soviet name “Karl Marx.”
It lies close to the administrative border between the Donetsk and Dnipropetrovsk regions.
The ministry claimed forces had moved “deep into the enemy’s defense” to take the village.
Myrne was one of two villages Moscow claimed on Sunday.
Russia has for months refused a ceasefire proposed by the United States and Kyiv.
Moscow launched its full-scale offensive against Ukraine in February 2022.

France says Australia defense ties repaired after submarine row

France says Australia defense ties repaired after submarine row
Updated 11 min 36 sec ago
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France says Australia defense ties repaired after submarine row

France says Australia defense ties repaired after submarine row
  • Paris expressed its “strong regrets” when Australia tore up a multibillion-dollar deal to buy a fleet of diesel-powered submarines from France

SYDNEY: France’s defense relations with Australia have recovered after their 2021 bust-up over a major submarine contract, the country’s ambassador said Sunday.

Paris expressed its “strong regrets” when Australia tore up a multibillion-dollar deal to buy a fleet of diesel-powered submarines from France, Ambassador Pierre-Andre Imbert said.

Since the 2022 election of Prime Minister Anthony Albanese, however, the defense relationship had been “restarted,” he said.

“Now, the first pillar of our cooperation is defense and security, so we have a very good level of cooperation,” the ambassador told AFP as French forces joined major military drills around Australia.

When Australia ditched the French deal, it opted instead to acquire nuclear-powered vessels in a new three-way AUKUS pact with the United States and Britain.

But a US defense official last month revealed that a review of AUKUS was underway to ensure it “aligned with the President’s America First agenda” and that the US defense industrial base was “meeting our needs.”

Under the AUKUS deal, Australia would acquire at least three Virginia class submarines from the United States within 15 years, eventually manufacturing its own subs.

The US Navy has 24 Virginia-class vessels but American shipyards are struggling to meet production targets set at two new boats each year.

Asked if France would ever consider discussing a new submarine deal with Australia if the AUKUS agreement was torpedoed by the review, the French ambassador said he was reluctant to speculate.

“I would say it’s more an issue for Australia for the moment. And of course, we are always discussing with our friends of Australia,” he said.

“But for the moment, they have chosen AUKUS,” he said. “If this changes (and) they ask, we’ll see.”

More than 30,000 military personnel from 19 nations are set to join the three-week, annual Talisman Sabre military exercises, which started Sunday across Australia and Papua New Guinea.


Australia PM Albanese kicks off China visit focused on trade

Australia PM Albanese kicks off China visit focused on trade
Updated 13 July 2025
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Australia PM Albanese kicks off China visit focused on trade

Australia PM Albanese kicks off China visit focused on trade
  • Anthony Albanese is set to meet business, tourism and sport representatives in Shanghai and Chengdu
  • Albanese wants to reduce Australia’s economic dependence on China, a free trade partner

BEIJING: Australian Prime Minister Anthony Albanese kicked off a visit to China this weekend meant to shore up trade relations between the two countries.

Albanese met with Shanghai Party Secretary Chen Jining on Sunday, the first in a series of high-level exchanges that will include meetings with Chinese President Xi Jinping, Premier Li Qiang and Chairman Zhao Leji of the National People’s Congress.

Albanese is leading “a very large business delegation” to China, which speaks to the importance of the economic relations between Australia and China, he told Chinese state broadcaster CGTN upon his arrival in Shanghai Saturday.

During a weeklong trip, Albanese is set to meet business, tourism and sport representatives in Shanghai and Chengdu including a CEO roundtable Tuesday in Beijing, his office said.

It is Albanese’s second visit to China since his center-left Labour Party government was first elected in 2022. The party was reelected in May with an increased majority.

Albanese has managed to persuade Beijing to remove a series of official and unofficial trade barriers introduced under the previous conservative government that cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year.

Beijing severed communications with the previous administration over issues including Australia’s calls for an independent inquiry into the origins of and responses to COVID-19. But Albanese wants to reduce Australia’s economic dependence on China, a free trade partner.

“My government has worked very hard to diversify trade … and to increase our relationships with other countries in the region, including India and Indonesia and the ASEAN countries,” Albanese said before his visit, referring to the 10-member Association of Southeast Asian Nations.

“But the relationship with China is an important one, as is our relationships when it comes to exports with the north Asian economies of South Korea and Japan,” he added.

Chinese state-run Xinhua News Agency, in an editorial Sunday, described China’s relationship with Australia as “steadily improving” and undergoing “fresh momentum.”

“There are no fundamental conflicts of interest between China and Australia,” the editorial stated. “By managing differences through mutual respect and focusing on shared interests, the two sides can achieve common prosperity and benefit.”


Apartment fire in Turkiye’s Ankara kills 3, including a baby

Apartment fire in Turkiye’s Ankara kills 3, including a baby
Updated 13 July 2025
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Apartment fire in Turkiye’s Ankara kills 3, including a baby

Apartment fire in Turkiye’s Ankara kills 3, including a baby
  • The blaze started late Saturday night on the fourth floor and spread rapidly, according to local media
  • Firefighters took four hours to extinguish the flames. The state-run Anadolu Agency reported that 39 suffered light smoke inhalation, including seven firefighters

Istanbul: A fire at a 26-story apartment building in the Turkish capital, Ankara, killed three people, including a three-and-a-half-month-old baby, local media said.

The blaze broke out at around 10:00 p.m. local time Saturday night on the fourth floor and quickly spread through the structure, according to the state-run Anadolu Agency. It took firefighters four hours to put out the fire.

The agency also reported that 39 suffered light smoke inhalation, including seven firefighters. Paramedics attended to 26 people on site, while 20 others have been hospitalized, one in critical condition.


Australia will not commit troops in advance to any conflict, minister says

Australia will not commit troops in advance to any conflict, minister says
Updated 13 July 2025
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Australia will not commit troops in advance to any conflict, minister says

Australia will not commit troops in advance to any conflict, minister says
  • Defense industry minister Pat Conroy: Australia prioritizes its sovereignty and ‘we don’t discuss hypotheticals’
  • A US defense official has been pushing Australian and Japanese counterparts on what they would do in a Taiwan conflict

SYDNEY: Australia will not commit troops in advance to any conflict, Defense Industry Minister Pat Conroy said on Sunday, responding to a report that the Pentagon has pressed its ally to clarify what role it would play if the US and China went to war over Taiwan.

Australia prioritizes its sovereignty and “we don’t discuss hypotheticals,” Conroy said in an interview with the Australian Broadcasting Corporation.

“The decision to commit Australian troops to a conflict will be made by the government of the day, not in advance but by the government of the day,” he said.

The Financial Times reported on Saturday that Elbridge Colby, the US under-secretary of defense for policy, has been pushing Australian and Japanese defense officials on what they would do in a Taiwan conflict, although the US does not offer a blank cheque guarantee to defend Taiwan.

Colby posted on X that the Department of Defense is implementing President Donald Trump’s “America First” agenda of restoring deterrence, which includes “urging allies to step up their defense spending and other efforts related to our collective defense.”

China claims democratically governed Taiwan as its own and has not ruled out the use of force to bring Taiwan under its control. Taiwan President Lai Ching-te rejects China’s sovereignty claims, saying only Taiwan’s people can decide their future.

Australia’s largest war-fighting exercise with the United States, involving 30,000 troops from 19 countries, opens on Sunday on Sydney Harbor.

Conroy said Australia was concerned about China’s military buildup of nuclear and conventional forces, and wants a balanced Indo-Pacific region where no country dominates.

“China is seeking to secure a military base in the region and we are working very hard to be the primary security partner of choice for the region because we don’t think that’s a particularly optimal thing for Australia,” he said, referring to the Pacific Islands.

Security is expected to be on the agenda when Prime Minister Anthony Albanese meets China’s leaders this week. He arrived in Shanghai on Saturday for a six-day visit.

The Talisman Sabre exercise will span 6,500 kilometers, from Australia’s Indian Ocean territory of Christmas Island to the Coral Sea on Australia’s east coast.

Conroy said it was possible China’s navy would be watching the exercise to collect information, as it had done in the past.

The United States is Australia’s major security ally. Although Australia does not permit foreign bases, the US military is expanding its rotational presence and fuel stores on Australian bases, which from 2027 will have US Virginia submarines at port in Western Australia.

These would play a key role in supporting US forces in any conflict over Taiwan, analysts say.