KARACHI: Pakistan and Saudi Arabia will decide the quantum and areas of Saudi investment in a meeting with the Kingdom’s delegation to Pakistan, which is due to arrive in the country during the first week of October, said Federal Minister for Finance, Revenue and Economic Affairs, Asad Umar, speaking exclusively to Arab News.
The minister rebuffed recent media reports that claimed Riyadh would “invest $10 billion in Pakistan,” dismissing the impression that the volume of investment had been ascertained yet.
“The prime minister’s visit was meant to make agreements at the highest level with the King of Saudi Arabia and build a stronger relationship. In principle, only verbal discussions have taken place so far,” he added.
Umar noted: “We have discussed trade-related issues, foreign direct investment, visa fees, and issues faced by our laborers.”
The finance minister also dispelled the notion that Pakistan was facing a financial emergency. “Pakistan is not in an emergency situation that requires it to rush to the International Monetary Fund (IMF) to seek a bailout,” he maintained.
“We have neither stopped imports nor imposed financial sanctions,” said the minister. However, he emphasized that it was important to be prudent while taking economic decisions.
“We need to take well-measured decisions. As a situation emerges, we take steps to manage it. We don’t want to take decisions in emergency.”
The staff mission of the IMF is scheduled to arrive in Pakistan on Sept. 27 to engage with the Pakistani authorities. “We are in discussion with them, but this is not to negotiate for a loan. Our purpose is to do our homework, in case we want to approach them at some stage,” the minister clarified.
Responding to a question about managing the balance of payment deficit, Umar said: “We are eliminating the root cause of this problem, and that root cause is fiscal deficit. We have done that through the recent finance bill which will reduce our cost of import.”
He said that during his visit to Saudi Arabia and the United Arab Emirates, Pakistan’s prime minister discussed measures for trade enhancement and investment. “These are measures which will help fill the external financing gap,” he noted.
He also said Pakistan was constantly in touch with international commercial markets and banks for financing.
About the measures to increase the country’s exports to ease its external payment obligations, the finance minister said the issue had been discussed in detail with the Chinese.
“During the upcoming international trade exhibition, which will be attended by the prime minister as one of the chief guests in China on Nov. 4 and 5, we will discuss items line by line so that they can give us trade concessions to increase exports to China.”
“Similarly, when the Saudis will come, decisions will be made here in Pakistan about trade enhancement and investment,” he added, hoping that these steps would mitigate the balance of payments crisis.
The government is also planning to float overseas, dollar-based saving certificates for Pakistanis living abroad. The finance minister said the amount of issue would be decided at the time of floating these certificates.
“We will float them in October, but it will not be a one-time issue. We will be floating these certificates periodically for overseas Pakistanis,” said Umar.
Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
- A Saudi delegation will visit Pakistan in the first week of October to discuss trade enhancement and investment visas
- Prime Minister Imran Khan, during his Saudi visit, discussed trade, foreign direct investment, visa fees, and issues faced by our labor class
2 people were killed in a knife attack in Germany and a suspect has been detained, police say
Train services in the town were temporarily interrupted
BERLIN: Two people, including a child, were killed and two others were severely injured in a stabbing attack in Bavaria on Wednesday, German police said.
Police said a suspect was detained in the knife attack, which occurred in a park in the southern German town of Aschaffenburg.
Police said they did not immediately know the motive for the attack, but that it was not terrorism.
Train services in the town were temporarily interrupted as the suspect tried to flee along the tracks, German news agency dpa reported. However, he was quickly detained, police wrote on the social media platform X.
Police asked possible witnesses to come forward. They did not release any details about the identities of the victims or the suspect.
Macron says Europe must protect sovereignty in face of Trump’s return
- Macron made the remarks at a joint news conference with German Chancellor Olaf Scholz
PARIS: More than ever, Europeans, including France and Germany, must protect their sovereignty in the face of the return of US President Donald Trump, French President Emmanuel Macron said on Wednesday.
He made the remarks at a joint news conference with German Chancellor Olaf Scholz in Paris, adding that it was important to support the automobile, steel, chemical sectors, among others.
“After the inauguration of a new administration in the United States, it is necessary more than ever for Europeans and for our two countries to play their role of consolidating a united, strong and sovereign Europe,” Macron said.
Malaysia’s Anwar says don’t single out China in sea tensions
- There will always be border disputes in Asia, and China should not be singled out because of tensions in the South China Sea, Malaysian Prime Minister Anwar Ibrahim said Wednesday
DAVOS: There will always be border disputes in Asia, and China should not be singled out because of tensions in the South China Sea, Malaysian Prime Minister Anwar Ibrahim said Wednesday.
Speaking at the World Economic Forum in Davos, Switzerland, Anwar said that Malaysia had border issues with Singapore and its other neighbors in Southeast Asia but they still managed to cultivate good relations.
While Malaysia also has maritime issues with China, it will push ahead with improving ties because it is an important country, he said.
“We have excellent relationship with Singapore. We still have border issues with them,” Anwar said.
“I treat the Thais as my family members, the leaders, but still we have some border issues with them. So it is with Indonesia, with the Philippines.
“(But) we don’t go to war, we don’t threaten. We do discuss. We get a bit... angry, but we do focus on the economic fundamentals and move on,” he added.
“Why is it that we must then single out China as an issue?” Anwar asked.
“That’s my only contention. Do I have an issue about it? Yes, but do I have a problem? No. Do we have any undesired tensions? No,” he said.
He said that while Malaysia has strong ties with the United States, China is an important neighbor that it must also engage with.
“Of course, people highlight the issue of the South China Sea... But may I remind you that Malaysia is a maritime country,” he said.
China has been “very reasonable” in dealing with Malaysia, Anwar added.
“They take us seriously, more seriously than many of the countries of our old allies and friends,” he said, without mentioning any country.
China has ruffled diplomatic feathers in Southeast Asia because of its assertion that it owns most of the strategic waterway despite an international ruling that the claim has no legal basis.
This has pitted it against Brunei, Malaysia, the Philippines, Taiwan and Vietnam, which have partial claims to the sea.
In recent years, China and the Philippines have seen an escalation of confrontations, including boat-ramming incidents and Chinese ships firing water cannons on Filipino vessels.
The clashes have sparked concern they could draw the United States, Manila’s long-time security ally, into armed conflict with China.
Washington’s UN nominee supports Israeli biblical claim to West Bank
- ‘It’s going to be very difficult to achieve peace if you continue to hold the view that you just expressed,’ senator tells Elise Stefanik
- Republican congresswoman for New York accuses international body of being ‘cesspool of antisemitism’
LONDON: The new US nominee for UN ambassador has backed Israeli biblical claims to the entire West Bank.
Elise Stefanik, a Republican congresswoman for New York, was being questioned on her stance by Democratic Sen. Chris Van Hollen during a Senate confirmation hearing.
“You told me that, yes, you shared that view,” Van Hollen said. “Is that your view today?” Stefanik said: “Yes.”
Her stance is at odds with international law, multiple UN Security Council resolutions, and a longstanding international consensus on the issue.
“It’s going to be very difficult to achieve peace if you continue to hold the view that you just expressed,” Van Hollen said.
During the hearing, Stefanik criticized the UN for its alleged anti-Israel bias, claiming that the organization is a “cesspool of antisemitism.”
She said: “Our tax dollars should not be complicit in propping up entities that are counter to American interests, antisemitic, or engaging in fraud, corruption or terrorism.”
The US is the largest funder of the UN and houses its secretariat in New York City. Washington pays about 22 percent of the UN’s regular budget.
India and US trying to arrange Modi meeting with Trump next month, sources say
- Washington sees India as a strategic partner of the United States in its efforts to counter its rival China
- Trump’s return to office has raised worries among officials in New Delhi about imposition of tariffs on India
NEW DELHI: Indian and US diplomats are trying to arrange a meeting in February between Indian Prime Minister Narendra Modi and US President Donald Trump in Washington, two Indian sources familiar with the discussions told Reuters.
India, a strategic partner of the United States in its efforts to counter China, is keen to enhance trade relations with the US and make it easier for its citizens to get skilled worker visas, two topics that will be on the agenda if the leaders meet, the sources said.
Trump’s return to the White House has raised worries among officials in New Delhi about imposition of tariffs on India, which he has listed as one of the countries that has high tariffs on US products and has indicated that he favored reciprocating them.
But the sources said New Delhi was willing to offer some concessions to Washington — although it has not been officially informed of any plans by US to impose reciprocal tariffs — and was also open to offering incentives to attract more US investment in India.
Officials hope that an early meeting between the pair will help get ties off to a positive start in Trump’s new term, the sources said, speaking on condition of anonymity.
Trump visited India in February 2020 during his previous term in office. Then, he was cheered by more than 100,000 Indians at a cricket stadium in Modi’s political homeland in Ahmedabad, where he promised India “an incredible trade deal.”
In 2019, Trump held a “Howdy Modi” rally with Modi in Houston, drawing 50,000 people, mainly Indian Americans.
Laying the groundwork for a new Modi-Trump meeting is also on the agenda of Indian Foreign Minister Subrahmanyam Jaishankar, who attended Trump’s inauguration on Monday and met US Secretary of State Marco Rubio.
The United States is India’s largest trading partner and two-way trade between the two countries surpassed $118 billion in 2023/24, with India posting a trade surplus of $32 billion.
Other topics of discussion between the two leaders would be enhancing partnership in technology and defense sectors, the sources said.
Migration would be another area of discussion, as Trump has pledged a crackdown on illegal immigration but has said he is open to legal migration of skilled workers.
India, known for its massive pool of IT professionals, many of whom work across the world, accounts for the bulk of the skilled worker H-1B visas issued by the United States.
Rubio discussed with Jaishankar concerns related to “irregular migration” on Tuesday, the US State Department said.
