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
Australia approves extradition of former US Marine over alleged training of Chinese military pilots
- Australia’s Attorney General Mark Dreyfus approved the extradition on Monday
- Daniel Duggan has been in a maximum-security prison since he was arrested in 2022
NEWCASTLE, Australia: Former US Marine Corps pilot Daniel Duggan will be extradited from Australia to the United States over allegations that he illegally trained Chinese aviators.
Australia’s Attorney General Mark Dreyfus approved the extradition on Monday, ending the Boston-born 55-year-old’s nearly two-year attempt to avoid being returned to the US
Duggan, who served in the Marines for 12 years before immigrating to Australia and giving up his US citizenship, has been in a maximum-security prison since he was arrested in 2022 at his family home in the state of New South Wales. He is the father of six children.
Dreyfus confirmed in a statement on Monday he had approved the extradition but did not say when Duggan would be transferred to the US
“Duggan was given the opportunity to provide representations as to why he should not be surrendered to the United States. In arriving at my decision, I took into consideration all material in front of me,” Dreyfus said in the statement.
In May, a Sydney judge ruled Duggan could be extradited to the US, leaving an appeal to the attorney general as Duggan’s last hope of remaining in Australia.
In a 2016 indictment from the US District Court in Washington, D.C., unsealed in late 2022, prosecutors said Duggan conspired with others to provide training to Chinese military pilots in 2010 and 2012, and possibly at other times, without applying for an appropriate license.
Prosecutors say he received payments totaling around 88,000 Australian dollars ($61,000) and international travel from another conspirator for what was sometimes described as “personal development training.”
If convicted, Duggan faces up to 60 years in prison. He denies the allegations.
“We feel abandoned by the Australian government and deeply disappointed that they have completely failed in their duty to protect an Australian family,” his wife, Saffrine Duggan, said in a statement on Monday. “We are now considering our options.”
South Korean opposition threatens to impeach Han over martial law counsel
- Prime Minister Han Duck-soo took over from the suspended Yoon Suk Yeol, who was impeached on Dec. 14
- Yoon accused of hampering the Constitutional Court trial by repeatedly refusing to accept court documents
SEOUL: South Korea’s main opposition party threatened on Monday to impeach acting president Han Duck-soo if he failed to proclaim a law to launch a special counsel investigation into President Yoon Suk Yeol’s failed bid to impose martial law.
Prime Minister Han has taken over from the suspended Yoon, who was impeached on Dec. 14 and faces a Constitutional Court review on whether to oust him.
With a majority in parliament, the opposition Democratic Party passed a bill this month to appoint a special counsel to pursue charges of insurrection, among others, against the conservative Yoon and to investigate his wife over a luxury bag scandal and other allegations.
The party, which has accused Han of aiding Yoon’s martial law attempt and reported him to police, said it would “immediately initiate impeachment proceedings” against the acting president if the legislation was not promulgated by Tuesday.
“The delays show that the prime minister has no intention of complying with the constitution, and it is tantamount to admitting that he is acting as a proxy for the insurgent,” Democratic Party floor leader Park Chan-dae told a party meeting, referring to Yoon.
Han is a technocrat who has held leadership roles in South Korean politics for 30 years under conservative and liberal presidents. Yoon appointed him prime minister in 2022.
Han’s office could not immediately be reached for comment. He has previously said he had tried to block Yoon’s martial law declaration, but apologized for failing to do so.
Park also accused Yoon of hampering the Constitutional Court trial by repeatedly refusing to accept court documents.
“Any delay in the investigation and impeachment trials is an extension of the insurrection and an act of plotting a second one,” Park said.
A joint investigative team including police and the Corruption Investigation Office for High-ranking Officials has made a second attempt to call Yoon in for questioning on Dec. 25, though it was unclear whether he would appear.
Woo Jong-soo, investigation chief of the national police agency, told parliament on Monday that police had tried to raid Yoon’s office twice but the presidential security service denied them entry. Woo said his team sent a request to preserve evidence, including a secure phone server.
India, Kuwait upgrade ties to strategic partnership on Modi visit
- Modi awarded Order of Mubarak Al-Kabeer for strengthening Kuwait-India relations
- India, Kuwait leaders discussed cooperation in pharmaceuticals, IT, security
NEW DELHI: India and Kuwait upgraded bilateral ties to a strategic partnership on Sunday as their leaders eye stronger cooperation in “key sectors” ranging from pharmaceuticals to security.
Indian Prime Minister Narendra Modi signed a strategic partnership agreement with Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah during his trip to the Gulf state, the first visit by an Indian leader in 43 years.
“We have elevated our partnership to a strategic one and I am optimistic that our friendship will flourish even more in the times to come,” Modi said in a statement.
“We discussed cooperation in key sectors like pharmaceuticals, IT, fintech, infrastructure and security.”
During the trip, the Kuwaiti emir presented Modi with the Order of Mubarak Al-Kabeer for his efforts in strengthening Kuwait-India relations.
The order is the highest civilian honor in Kuwait and is bestowed upon leaders and heads of state.
The emir said India was a “valued partner” in the country and the Gulf region and that he “looked forward” to India playing a greater role in the realization of Kuwait Vision 2035, according to a statement issued by the Indian Ministry of External Affairs.
The newly upgraded ties will open up “further cooperation in sectors such as defense … with the Kuwaiti armed forces,” especially the navy, said Kabir Taneja, a deputy director and fellow with the strategic studies program at the Observer Research Foundation in New Delhi.
Their closer cooperation in major sectors will also “further India’s economy-first agenda,” he added.
“Pharmaceuticals, for example, is a point of strength of Indian manufacturing and can contribute to further building the sector in states such as Kuwait,” Taneja told Arab News.
India’s pharmaceutical exports have been growing in recent years, and the country was the third-largest drugmaker by volume in 2023.
Delhi is also among Kuwait’s top trade partners, with bilateral trade valued at around $10.4 billion in 2023-24.
Taneja said India-Kuwait ties are also likely to strengthen through the Indian diaspora, the largest expatriate community in the Gulf state.
Over 1 million Indian nationals live and work in Kuwait, making up about 21 percent of its 4.3 million population and 30 percent of its workforce.
“(The) Indian diaspora has been part of the Kuwaiti story for a long time,” Taneja said, adding that strengthening ties between the two countries will allow India, through its diaspora, to unlock “deeper economic cooperation potential.”
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
MANILA: The Philippine military said Monday it plans to acquire the US Typhon missile system to protect its maritime interests, some of which overlap with regional power China.
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.
