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
Philippine military says will acquire US Typhon missile system
- The US Army deployed the mid-range missile system in the northern Philippines earlier this year
- It decided to leave it there despite criticism by Beijing that it was destabilizing to Asia
The US Army deployed the mid-range missile system in the northern Philippines earlier this year for annual joint military exercises with its longtime ally, but decided to leave it there despite criticism by Beijing that it was destabilizing to Asia.
Since then, it has been used by Philippine forces to train for its operation.
“It is planned to be acquired because we see its feasibility and its functionality in our concept of archipelagic defense implementation,” Philippine Army chief Lt. General Roy Galido told a news conference.
“I’m happy to report to our fellow countrymen that your army is developing this capability for the interest of protecting our sovereignty,” he said, adding the total number to be acquired would depend on “economics.”
As a rule, it takes at least two or more years for the Philippine military to acquire a new weapons system from the planning stage, Galido said, adding it was not yet budgeted for 2025.
The land-based “mid-range capability” missile launcher, developed by US firm Lockheed Martin for the US Army, has a range of 480 kilometers, though a longer-range version is in development.
The presence of the US missile system on Philippine soil had angered Beijing, whose forces have engaged in escalating confrontations in recent months with the Philippines over disputed reefs and waters in the South China Sea.
Chinese Defense Minister Dong Jun warned in June that the Typhon deployment was “severely damaging regional security and stability.”
Seven dead in small plane crash in western Mexico
- The aircraft, a Cessna 207, was flying from La Parota in the neighboring state of Michoacan
MEXICO CITY: At least seven people died when a light aircraft crashed Sunday in a heavily forested area of Jalisco in western Mexico, local authorities reported.
The aircraft, a Cessna 207, was flying from La Parota in the neighboring state of Michoacan.
Jalisco Civil Protection said via its social media that the crash site was in an area that was difficult to access.
Initial authorities on the scene “reported a preliminary count of seven people dead,” who haven’t been identified yet, according to the agency.
“A fire was extinguished and risk mitigation was carried out to prevent possible additional damage,” it added.
Authorities said they were awaiting the arrival of forensic investigators to remove the bodies and rule out the presence of additional victims.
Canada’s Trudeau losing support within his party: MPs
- Ottawa area MP Chandra Arya: Dozens of Liberal MPs want the prime minister to go
- Trudeau has huddled with advisers to contemplate his future ahead of elections set for October 2025
OTTAWA: Canadian Prime Minister Justin Trudeau’s support within his own party appeared to falter further on Sunday, as former loyalists said growing numbers of Liberal caucus members wanted the premier to resign.
Trudeau has suffered a series of blows in recent days, spurred by the surprise resignation of Deputy Prime Minister Chrystia Freeland, who clashed with her boss over incoming US president Donald Trump’s threats to impose 25 percent tariffs on Canadian imports.
Freeland’s exit, after nearly a decade at Trudeau’s side, marked the first open dissent against the prime minister from within his cabinet and has emboldened critics.
Ottawa area MP Chandra Arya told the public broadcaster CBC on Sunday that dozens of Liberal MPs wanted Trudeau to go.
Arya was interviewed a day after Liberal MPs from the province of Ontario held a meeting that addressed Trudeau’s future.
Multiple outlets, including the CBC and Toronto Star, reported that more than 50 of the 75 Ontario Liberals in parliament declared in Saturday’s meeting that they no longer supported Trudeau.
Asked about those reports, Arya said a “majority of the caucus thinks it is time for the prime minister to step aside.”
Anthony Housefather, a Liberal member of parliament from the province of Quebec, told the CBC on Sunday that “the prime minister needs to go.”
“We’re in an impossible situation if he stays,” Housefather said, arguing the party would be hammered in an election that amounted to a referendum on Trudeau’s leadership.
Trudeau has huddled with advisers to contemplate his future ahead of elections set for October 2025 but expected much sooner. He changed a third of his cabinet on Friday.
Jagmeet Singh, the leader of the small leftist New Democratic Party in parliament, declared Friday that he would join with other opposition parties to topple Trudeau’s minority government early next year.
The NDP had previously opposed a series of non-confidence votes brought by the opposition Conservatives.
A change in the party’s position would almost certainly bring down Trudeau’s government if another non-confidence vote is held.
Trudeau swept to power in 2015 and led the Liberals to two more ballot box victories in 2019 and 2021.
But he now trails his main rival, Conservative Pierre Poilievre, by 20 points in public opinion polls.
Trump names former staffer Katie Miller to Musk-led DOGE panel
- Katie Miller will soon be joining DOGE! She has been a loyal supporter of mine for many years, and will bring her professional experience to Government Efficiency, Trump posts
WASHINGTON: President-elect Donald Trump on Sunday named Katie Miller, who served in Trump’s first administration and is the wife of his incoming deputy chief of staff, as one of the first members of an advisory board to be led by billionaire allies Elon Musk and Vivek Ramaswamy that aims to drastically slash government spending, federal regulations and the federal workforce.
Miller, wife of Trump’s designated homeland security adviser Stephen Miller, will join Trump’s Department of Government Efficiency (DOGE), an informal advisory body that Trump has said will enable his administration to “slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
“Katie Miller will soon be joining DOGE! She has been a loyal supporter of mine for many years, and will bring her professional experience to Government Efficiency,” Trump posted in a message on his social media platform Truth Social.
Musk and Ramaswamy recently revealed plans to wipe out scores of federal regulations crafted by what they say is an anti-democratic, unaccountable bureaucracy, but have yet to announce members of the DOGE team. Musk has said he wants to slash the number of federal agencies from over 400 to 99.
Katie Miller had served in the first Trump adminstration as deputy press secretary for the Department of Homeland Security and as press secretary for former Vice President Mike Pence.
She is currently a spokesperson for the transition team for Trump’s designated Health and Human Services secretary, Robert Kennedy Jr.
Panama rejects Trump’s threat to take control of Canal
- Trump also complained of China’s growing influence around the canal, a worrying trend for American interests as US businesses depend on the channel to move goods between the Atlantic and Pacific oceans
PANAMA CITY: Panama’s president Jose Raul Mulino on Sunday dismissed recent threats made by US President-elect Donald Trump to retake control of the Panama Canal over complaints of “unfair” treatment of American ships.
“Every square meter of the Panama Canal and its adjacent areas belongs to Panama and will continue belonging to Panama,” Mulino said in a video posted to X.
Mulino’s public comments, though never mentioning Trump by name, come a day after the president-elect complained about the canal on his Truth Social platform.
“Our Navy and Commerce have been treated in a very unfair and injudicious way. The fees being charged by Panama are ridiculous,” he said.
Trump also complained of China’s growing influence around the canal, a worrying trend for American interests as US businesses depend on the channel to move goods between the Atlantic and Pacific oceans.
“It was solely for Panama to manage, not China, or anyone else,” Trump said. “We would and will NEVER let it fall into the wrong hands!“
The Panama Canal, which was completed by the United States in 1914, was returned to the Central American country under a 1977 deal signed by Democratic president Jimmy Carter.
Panama took full control in 1999.
Trump said that if Panama could not ensure “the secure, efficient and reliable operation” of the channel, “then we will demand that the Panama Canal be returned to us, in full, and without question.”
Mulino rejected Trump’s claims in his video message, though he also said he hopes to have “a good and respectful relationship” with the incoming administration.
“The canal has no direct or indirect control from China, nor the European Union, nor the United States or any other power,” Mulino said. “As a Panamanian, I reject any manifestation that misrepresents this reality.”
Later on Sunday, Trump responded to Mulino’s dismissal, writing on Truth Social: “We’ll see about that!“
