ISLAMABAD: Pakistan’s Ministry of Finance said on Monday that negotiations with the International Monetary Fund (IMF) for a three-year bailout package have been finalized, a move that could help stabilize the economy and ease pressure on the country’s dwindling foreign exchange reserves.
Islamabad has been negotiating a deal with the IMF since November last year to stave off the possibility of a balance-of-payments crisis. However, the agreement got delayed due to “tough economic conditions” which the the Fund had imposed prior to signing the deal.
“All the things have been agreed [with the IMF] in principle, and hopefully a technical mission of the IMF will visit Pakistan by the end of this month to finalize the modalities,” Dr. Khaqan Hassan Najeeb, spokesperson for the Ministry of Finance, told Arab News on Monday.
Finance Minister Asad Umar returned to Pakistan on Monday after his five-day visit to the United States, where he – alongwith members of his delegation – participated in the IMF-World Bank spring meetings.
The finance minister is expected to brief the federal cabinet on Tuesday about his talks with the IMF and World Bank officials prior to signing the bailout deal.
Officials from the finance ministry said the bailout package is expected to be between $6 billion to $8 billion in value. Najeeb, however, said that the loan amount would be finalized during the visit by the IMF’s representatives.
This will be the country’s 13th loan program since the late 1980s, even though the government claims that this will be the last one that will be taken to support the economy. Thus far, Islamabad has managed to successfully complete only one IMF program which ended in 2016, which means that it received all the disbursements as planned.
Pakistan has sought loans and financial aid from several of its allies – including Saudi Arabia, United Arab Emirates and China – to reservice the debt and shore up its economy. The external account pressure reduced the country’s international reserves to $6.6 billion by mid-January 2019, but with short-term financing from Saudi Arabia, the UAE and China, foreign reserves increased to $10.27 billion by April 11.
Last week, the IMF warned that Pakistan’s growth would fall to 2.9 percent and 2.8 percent during the current and next fiscal years unless the country implemented an IMF-recommended reforms' program.
Muzamil Aslam, a senior economist and former CEO of EFG-Hermes Pakistan, said that the IMF deal would end uncertainty in the country’s capital market and stabilize the economy.
“The government should focus on long overdue structural reforms to put the economy back on the track, ensure a financial discipline for a comfortable future, and boost economic growth,” he told Arab News.
Pakistan nears deal with IMF for bailout package - Ministry of Finance
Pakistan nears deal with IMF for bailout package - Ministry of Finance
- Global body's representatives to visit country by the end of the month to finalize modalities
- Experts say loan could help stabilize economy, boost growth
Pakistan PM orders swift installation of smart meters to enhance billing transparency
- Shehbaz Sharif calls overbilling unacceptable, orders action against officials involved in the practice
- Sharif instructs the authorities to take concrete measures to prevent electricity theft in the country
ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday directed the rapid installation of smart meters to improve transparency and curb overbilling in Pakistan’s power sector, according to an official statement.
Pakistan’s power sector faces significant challenges, including billing issues, electricity theft, and data discrepancies. Earlier this year in September, a Senate committee review highlighted these issues, noting that consumers have suffered due to incorrect meter readings and mismanagement.
“The installation of smart meters should be completed at the earliest to ensure transparency in the billing system,” the prime minister instructed the relevant officials in a meeting to review the performance of power distribution companies.
“Overbilling is absolutely unacceptable and strict action will be taken against officials involved in overbilling,” he added.
He also mentioned the problem of electricity theft in certain areas of the country, which contributes to the sector’s financial instability.
This is made possible through various methods, such as meter tampering or using illegal connections to consume power without proper billing.
“Concrete measures must be taken to prevent electricity theft,” the prime minister said.
He instructed the power companies utilize all necessary resources to meet targets set by the National Electric Power Regulatory Authority (NEPRA).
He also instructed merit-based recruitment within power distribution companies, saying no compromise on transparency would be tolerated.
Pacer Marco Jansen admits South Africa face challenge after losing three wickets
- Pakistan’s opening bowlers had South Africa reeling at 27-3, 121 runs short of a win
- The third day of the match started with a three-hour delay due to continuous rain
CENTURION, South Africa: South African fast bowler Marco Jansen admitted that his team faced a challenge after Pakistan took three quick wickets late on the third day of the first Test at SuperSport Park on Saturday with the hosts chasing 148 runs for victory.
Pakistan opening bowlers Mohammad Abbas and Khurram Shahzad had South Africa reeling at 27-3, 121 runs short of a win which would clinch them a place in the World Test championship final in England next June.
Abbas took two wickets for three runs in four immaculate overs of swing bowling, dismissing Tony de Zorzi and Tristan Stubbs, while Shahzad trapped Ryan Rickelton.
Aiden Markram, South Africa’s top scorer in the first innings, was unbeaten on 22 going into what could be a nervy fourth day for the hosts.
Jansen, who took six for 52 as Pakistan were bowled out for 237 in their second innings, said the pitch had “quickened up,” with some balls lifting sharply and others keeping low.
“If Pakistan keep on bowling the lengths they did now we will have a task on our hands,” said Jansen.
But he added that a victory target of 148 “isn’t too much.”
“We know the new ball moves quite sharply, especially in the second innings. Once the ball gets older it gets a lot easier to bat,” the 24-year-old added.
All three South African wickets were leg before wicket decisions as the Pakistan bowlers attacked the stumps — and all three were reviewed.
De Zorzi batted outside his crease in an attempt to counter the swing which undid him in the first innings, but Abbas beat his inside edge and he was given out.
He reviewed umpire Alex Wharf’s decision but replays showed the impact was “umpire’s call,” with the ball going on to hit the stumps, and he had to go for two runs.
Rickelton failed to score before he was trapped by Shahzad and Stubbs made one before falling to Abbas — with Pakistan successfully reviewing on both occasions after the batsmen were initially given not out.
It was a dramatic end to a day on which the start was delayed by three hours because of rain.
South Africa seemed well on target for victory when Pakistan were bowled out for 237 despite Saud Shakeel making an impressive 84.
Resuming at 88-3, Babar Azam and the left-handed Shakeel batted confidently, adding another 65 runs in 14.5 overs.
Babar made 50, his first half-century in 19 Test innings, before Jansen had a burst of three wickets in 14 balls, starting when Babar slapped a short ball to deep point.
Shakeel was ninth man out when he missed a full toss from Jansen after hitting 10 fours and a six in a 113-ball innings.
“I was looking for a yorker,” admitted Jansen. “I missed by a shin length.”
Imran Khan’s party denies seeking concessions for jailed leader through negotiations
- Shibli Faraz says Khan is in prison for the people of Pakistan and is firm on his ‘principled stance’
- He calls PTI a peaceful party that stands against ‘fascism’ and demands rule of law in Pakistan
ISLAMABAD: Former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party on Saturday challenged the perception its ongoing negotiations with the government were aimed at securing concessions for its jailed leader, calling instead for constitutionalism and rule of law in the country.
The government and PTI formally began talks this month to address political differences and end deep polarization that has impacted Pakistan’s fragile economy. Khan, who has been imprisoned for more than a year, has called for a timeline to advance the talks, the release of PTI political prisoners and the establishment of judicial commissions to investigate violent protests on May 9 last year and Nov. 26 this year, which the government claims were orchestrated by PTI supporters.
“We completely reject the perception that these negotiations are held because the [party’s] founding chairman Imran Khan is seeking concessions for himself,” Shibli Faraz, a senior PTI leader, said during a joint news conference with other top colleagues.
“He will not be part of any arrangement which builds a perception that he’s doing this for himself,” he continued. “He is in prison for the people of Pakistan and he is firm on his principled stance.”
Faraz reiterated that his party was facing political victimization, saying its leaders, including Khan, had been targeted through politically motivated cases.
He also emphasized PTI’s commitment to peaceful political activism.
“We are a peaceful party and peaceful protest has always been our way,” he said, adding: “We are not in favor of any violence or extremism, but we firmly stand against fascism. We disagree with undemocratic ways and condemn them. This country should run on the basis of the constitution.”
Faraz also criticized what he described as selective application of the constitution, calling for consistency and adherence to democratic principles.
Karachi paralyzed as protests erupt in solidarity with violence-hit Kurram district
- Mayor Murtaza Wahab affirms people’s right to protest but asks them not to disrupt life in the city
- Demonstrators call protests in Karachi vital to draw attention to the ‘overlooked’ crisis in Kurram
KARACHI: Pakistan’s southern port city of Karachi remained paralyzed for a second consecutive day on Saturday as protesters staged sit-ins at ten locations to show solidarity with demonstrators in Kurram, where violence and a lack of medical access have claimed over 130 lives.
Kurram, a northwestern district of around 600,000 people in Khyber Pakhtunkhwa province, has long been a hotspot for tribal and sectarian violence, with authorities struggling to maintain control.
The area’s situation has necessitated travel in convoys escorted by security personnel, yet it failed to prevent an attack on Nov. 21, when gunmen ambushed a convoy, killing 52 people. The attack sparked further violence and road closures, restricting access to medicine, food and fuel in the region.
A grand jirga, or council of political and tribal elders, has attempted to mediate between rival factions, as protests in Parachinar, the main city in Kurram, have spread to Karachi, where the mayor, Murtaza Wahab, has criticized demonstrators for disrupting daily life in the metropolis.
“These protesters told [provincial minister] Nasir Shah Sahib that they were protesting peacefully on the side and had not blocked roads,” he told the media. “I informed him and the chief minister [Murad Ali Shah] that this was not true. Roads are indeed blocked, and people are facing difficulties.”
While affirming his support for the constitutional right to protest, he emphasized such actions should not disrupt life in a city.
“If the aim of a protest is to inconvenience people, disrupt a city’s system, prevent ambulances and fire brigades from operating, or hinder police and administrative vehicles, then I believe this is inappropriate,” he continued.
Wahab urged the protesters to move to designated areas for such protests.
“The media will cover your protest,” he added. “But if your aim is to paralyze the city, no responsible state can allow this.”
Karachi’s protests were called by the Majlis-e-Wahdatul Muslimeen (MWM), a Shia organization, with demonstrators blocking main thoroughfares, including Shahrah-e-Faisal, which connects the airport to the city’s Red Zone, home to sensitive government installations, and major hotels. Another area that has been choked is Numaish, a vital junction linking the city’s central district to its commercial hubs.
MWM’s Karachi spokesperson, Syed Ahmad Naqvi, told Arab News the protests in Karachi were tied to the Parachinar sit-in.
“We are staging sit-ins at ten locations, and these will continue as long as the Parachinar protest persists,” he said. “Once their demands are met, the protests in Karachi will also end.”
Naqvi said the protests in Karachi were essential for drawing attention to the “overlooked crisis in Kurram.”
“Large-scale protests in Karachi highlight the situation in Kurram, where many precious lives have been lost in recent weeks but have received no attention,” he said.
Pakistan repels Afghan-based militant incursion amid escalating tensions — security sources
- Sources accuse Afghan Taliban of ‘persistently assisting’ armed militants instead of apprehending them
- They say no fatalities happened on Pakistan’s side, but over 15 militants and Afghan Taliban were killed
KARACHI: Pakistan’s security forces thwarted an attempted cross-border incursion by militants allegedly facilitated by Afghan Taliban authorities, security sources said on Saturday after Afghanistan’s defense ministry claimed its forces targeted several locations in Pakistan in response to airstrikes earlier this week.
Pakistan has repeatedly accused Kabul of sheltering Tehreek-e-Taliban Pakistan (TTP) militants and has urged Afghan officials not to allow armed factions to use their soil to target neighboring states. Afghan authorities deny these allegations, saying Pakistan’s security challenges are its internal matter.
On Thursday, Afghan authorities reported airstrikes by Pakistan’s military in an eastern border town that they said had killed 46 people. The strikes came days after the TTP claimed responsibility for killing 16 Pakistani soldiers near the Afghan border.
“On the night of December 27-28, 20 to 25 khawarij [TTP militants], using Afghan Taliban border posts, attempted to infiltrate Pakistan at two locations in Kurram and North Waziristan,” Pakistani security sources said. “Pakistani forces acted promptly, thwarting the incursion.”
They reported yet another incursion in the morning, saying it was also repelled.
“In retaliation, khawarij and Afghan Taliban jointly opened unprovoked heavy fire on Pakistani posts,” they added.
Pakistan’s forces responded decisively, reportedly inflicting significant losses on the attackers.
“Initial reports indicate that over 15 khawarij and Afghan Taliban personnel were killed, with many others injured,” the sources said. “Effective counter-fire forced the Afghan Taliban to abandon six posts.”
No fatalities were reported on the Pakistani side, though three soldiers sustained injuries. Security sources also noted Afghanistan’s unwillingness to control TTP elements operating freely on its soil, saying it strained bilateral relations.
“Instead of curbing these terrorist elements, the Afghan Taliban persistently assist them,” the sources maintain. “TTP militants operate with impunity in Afghanistan, using its territory for anti-Pakistan activities.”
