Pakistan appoints new finance minister in latest cabinet shake-up

In this file photo, the newly appointed Finance Minister of Pakistan, Shaukat Tarin, meets with Prime Minister Imran Khan at the PM house in Islamabad, October 09, 2018 (Contrary: PTI KP Official twitter account )
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Updated 17 April 2021
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Pakistan appoints new finance minister in latest cabinet shake-up

  • Hammad Azhar, who was made finance minister less than a month ago, has now been replaced by Shaukat Tarin
  • Pakistan is currently working on national budget and on implementing economic reforms suggested by the IMF

ISLAMABAD: Pakistan's Prime Minister Imran Khan appointed a new finance minister on Friday, replacing Hammad Azhar, who received the portfolio less than a month ago. 

Shaukat Tarin, the new appointee, is a banker who also served at the same position from 2009 to 2010 under the Pakistan Peoples Party administration of former prime minister Yousaf Raza Gilani. 
The news was announced by the newly appointed information minister Chaudhry Fawad Hussain who shared the notification of the recent cabinet reshuffle in a Twitter post:

“Prime Minister Imran Khan has made changes in the cabinet, the details of these changes are attached.”

 

Azhar will now look after the Energy Ministry. He was given the additional portfolio of finance and revenue after Abdul Hafeez Shaikh was asked to step down last month over what the government described as rising inflation. 

The change to the finance ministry comes at a time when the government is working on the annual budget which is likely to be presented in June. Pakistan's economic managers are also implementing structural reforms suggested by the International Monetary Fund to the country's economy. 

Apart from the two cabinet changes, the prime minister also took the Economic Affairs Ministry from Makhdoom Khusro Bukhtiar and gave him the Ministry of Industries and Production. 

Omar Ayub, who was previously supervising the Power and Petroleum Divisions, has now been tasked to take care the Economic Affairs Ministry. 

Senator Shibli Faraz has also been assigned the Ministry of Science and Technology which fell vacant when Chaudhry Fawad Hussain was appointed as federal minister for information and broadcasting. 

“As info minister my task is to change misperceptions about Pak[istan] and highlight vibrant effort of Government,” Hussain wrote on Twitter. 

 

 


Pakistan deputy PM to head to China on Monday for talks on trade, economic cooperation

Updated 25 sec ago
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Pakistan deputy PM to head to China on Monday for talks on trade, economic cooperation

  • Deputy PM Ishaq Dar to co-chair strategic dialogue with Chinese Foreign Minister Wang Yi, says state media
  • Beijing has been one of Islamabad’s most reliable partners in recent years, providing financial aid to its fragile economy

ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar will leave for China next week to hold important discussions on bilateral trade, cooperation and upgradation of multi-billion-dollar infrastructure corridor, state-run media reported on Sunday. 

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.

Dar will leave for Beijing on Monday for a four-day official trip during which he would also co-chair the 5th Pakistan-China Foreign Ministers’ Strategic Dialogue with Chinese Foreign Minister Wang Yi.

“The two sides will comprehensively review Pakistan-China bilateral relations including economic and trade cooperation, high-level exchanges and visits; upgradation of China-Pakistan Economic Corridor and future connectivity initiatives,” the state-run Radio Pakistan said. 

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. 

Since its initiation in 2013, CPEC has seen tens of billions of dollars funneled into massive transport, energy and infrastructure projects. But the undertaking has also been hit by Pakistan struggling to keep up its financial obligations as well as attacks on Chinese targets by militants.

“They will also exchange views on the unfolding regional geopolitical landscape and bilateral cooperation at the multilateral fora,” the state-run media reported. 

Foreign Office Spokesperson Mumtaz Zahra Baloch said Dar’s visit to the country reflects the importance the two countries attach to deepening their “All-Weather Strategic Cooperative Partnership.”

Dar’s visit to China takes place in the backdrop of Pakistan’s moves to seek foreign investment from its allies as it tries to navigate an economic crisis that has seen its reserves dip to low levels and its currency weaken against the dollar. 

Islamabad has seen visits by diplomatic and business delegations from Saudi Arabia, Japan and Uzbekistan in recent weeks. Prime Minister Shehbaz Sharif has vowed to ensure an enabling business environment in Pakistan for foreign investors and traders. 


Pakistan praises Saudi Arabia’s use of technology to enhance pilgrim experience with ‘flying taxis’

Updated 21 min 13 sec ago
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Pakistan praises Saudi Arabia’s use of technology to enhance pilgrim experience with ‘flying taxis’

  • Saudi authorities have announced plans to test ‘flying taxis and drones’ during this year’s Hajj season
  • Pakistan’s religious affairs ministry says the kingdom has consistently increased its use of technology

ISLAMABAD: Pakistan’s religious affairs ministry on Saturday applauded Saudi Arabia for using advanced technology to improve the pilgrimage experience for Muslims, the state-owned Associated Press of Pakistan (APP) news agency reported, after the kingdom announced its plan to test “flying taxis and drones” during this Hajj season.
Saudi Minister for Transport and Logistics Saleh Al-Jasser spoke earlier this week about intense competition among transportation companies in the kingdom to provide the best traveling means to people. Previously, he also said the flying taxis and drones would be tested during Hajj to provide pilgrims with maximum comfort.
According to some reports, the Saudi Airlines was also considering plans to operate flying taxis to ferry Hajj pilgrims from the Jeddah airport to their hotels in Makkah.
“Saudi Arabia’s commitment to modernizing the pilgrimage experience through innovative technology demonstrates their dedication to ensuring pilgrims’ comfort and convenience,” Muhammad Umar, the spokesperson for Pakistan’s religious affairs ministry, said.
Umar, who has remained closely involved in his country’s Hajj operations since 2009, also mentioned how the Saudi authorities had introduced various mobile applications to help pilgrims.
“I have witnessed firsthand the dedication and efforts of the Saudi government in facilitating the sacred journey of millions of pilgrims,” he added.
He also highlighted significant improvements in crowd management and the provision of enhanced facilities to pilgrims by Saudi authorities over the years.
Hajj is one of the five pillars of Islam, and requires every adult Muslim to undertake the journey to the holy Islamic sites in Makkah at least once in their lifetime, if they are financially and physically able.
Pakistan has a Hajj quota of 179,210 pilgrims this year, according to the Pakistani religious affairs ministry. Of them, 63,805 pilgrims will be performing the pilgrimage under the government scheme, while the rest would be accommodated by private tour operators.


UN Security Council seeks inquiry into mass graves in Gaza

Updated 39 min 32 sec ago
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UN Security Council seeks inquiry into mass graves in Gaza

  • Council members express oncern over reports of mass graves in and around Nasser and Al-Shifa medical facilities in Gaza
  • Security Council statement did not say who would conduct the investigations into reports of mass graves in Palestine 

NEW YORK: The UN Security Council has called for an immediate and independent investigation into mass graves allegedly containing hundreds of bodies near hospitals in Gaza.
In a statement, members of the council expressed their “deep concern over reports of the discovery of mass graves, in and around the Nasser and Al-Shifa medical facilities in Gaza, where several hundred bodies, including women, children and older persons, were buried.”
The members stressed the need for “accountability” for any violations of international law.
They called on investigators to be given “unimpeded access to all locations of mass graves in Gaza to conduct immediate, independent, thorough, comprehensive, transparent and impartial investigations.”

FASTFACT

The World Health Organization said in April that Al-Shifa, in Gaza City, had been reduced to an ‘empty shell,’ with many bodies found in the area.

Hospitals in the Gaza Strip have been repeatedly targeted since the beginning of the Israeli military operation in the Palestinian territory following the October 7 attack on southern Israel by Gaza-based Hamas militants.
The World Health Organization said in April that Al-Shifa, in Gaza City, had been reduced to an “empty shell,” with many bodies found in the area.
The Israeli army has said around 200 Palestinians were killed during its military operations there.
Bodies have reportedly been found buried in two graves in the hospital’s courtyard.
The UN rights office in late April had called for an independent investigation into reports of mass graves at Al-Shifa and the Nasser Medical Complex in Khan Younis.
Gaza officials said at the time that health workers at the Nasser complex had uncovered hundreds of bodies of Palestinians they alleged had been killed and buried by Israeli forces.
Israel’s army has dismissed the claims as “baseless and unfounded.”
The statement on Friday from the Security Council did not say who would conduct the investigations.
But it “reaffirmed the importance of allowing families to know the fate and whereabouts of their missing relatives, consistent with international humanitarian law.”
Israel’s offensive has killed at least 34,943 people in the Gaza Strip, primarily women and children, the Health Ministry in the territory said.

 


IMF team to arrive in Pakistan in coming week for talks on ‘next phase of engagement’

Updated 11 May 2024
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IMF team to arrive in Pakistan in coming week for talks on ‘next phase of engagement’

  • Esther Perez Ruiz says IMF encourages better governance, wants to help with inclusive economic growth
  • She says IMF mission team will be led by Nathan Porter and hold meetings with the Pakistani authorities

KARACHI: The top International Monetary Fund (IMF) official in Pakistan confirmed on Saturday the global lending agency will send a delegation to Islamabad next week to discuss the “next phase of engagement” with the government that has publicly expressed its interest in securing a larger and longer-term loan.
Last month, the country’s finance minister, Muhammad Aurangzeb, told a media briefing Pakistan was hoping to reach a staff-level agreement with the IMF for a new loan “by June or early July.”
His statement came at a time when the country’s short-term IMF loan program of $3 billion was about to expire after its successful completion.
However, he did not elaborate much on the government’s preference for the size and duration of the next loan facility, saying these issues would be discussed during negotiations with the IMF team.
“A mission team led by Nathan Porter, IMF’s Mission Chief to Pakistan, will meet with authorities next week to discuss the next phase of engagement,” Esther Perez Ruiz, IMF Resident Representative for Pakistan, told Arab News in response to a query.
“The aim is to lay the foundation for better governance and stronger, more inclusive, and resilient economic growth that will benefit all Pakistanis,” she added.
Some Pakistani media outlets recently reported that an IMF team was already visiting the country to discuss the bailout program under the Extended Fund Facility.
However, the IMF statement clarifies its mission is yet to arrive in Islamabad for negotiations.


PM Sharif seeks UK investment as Pakistan bolsters economic diplomacy amid financial recovery

Updated 11 May 2024
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PM Sharif seeks UK investment as Pakistan bolsters economic diplomacy amid financial recovery

  • The PM highlights governance and institutional reforms by his administration in a meeting with the top British diplomat
  • Pakistan has been actively urging countries worldwide to explore opportunities in mining, tourism and agriculture sectors

ISLAMABAD: Prime Minister Shehbaz Sharif expressed a keen interest in attracting investment from the United Kingdom during a meeting with British High Commissioner Jane Marriott on Saturday, as his administration continued active economic diplomacy by encouraging countries worldwide to explore opportunities in mining, tourism, information technology and agriculture sectors.
Faced with daunting financial challenges, Pakistan sought the International Monetary Fund (IMF) assistance and encouraged businesses and entrepreneurs from friendly nations to invest in the local market to reap benefits and help with the country’s economic recovery.
So far, the government’s focus has mainly remained on the Gulf states since the establishment of the Special Investment Facilitation Council (SIFC), a civil-military hybrid body, established last year to oversee foreign financing.
However, Federal Finance Minister Muhammad Aurangzeb announced earlier this week investors from the United States and European countries were also taking interest in putting their money in Pakistan amid its gradually recovering economy.
“Pakistan and the United Kingdom enjoy long-standing relations that are further strengthening with the passage of time,” the prime minister was quoted as saying by the state-owned Associated Press of Pakistan (APP) news service.
The APP also reported that Sharif highlighted his administration’s efforts to improve governance structures and introducing institutional reforms.
“He said that the government was taking measures at the micro and macroeconomic levels to recover the country’s economy,” the report said. “Moreover, he said the digitization process of the Federal Board of Revenue (FBR) was in the final stage.”