ISLAMABAD: Pakistan’s Finance Minister Asad Umar resigned from the cabinet on Thursday after Prime Minister Imran Khan tried to move him to the energy portfolio, heightening uncertainty about ongoing bailout talks with the International Monetary Fund and the government’s plan to deal with an economy in crisis.
Speculation has been rife in recent days that Umar would be replaced, mostly over delays in reaching a deal with the IMF at a time of worsening economic outlook for the South Asian nation of 208 million people.
“As part of a cabinet reshuffle PM [prime minister] desired that I take the energy minister portfolio instead of finance,” Umar said in a Twitter post. “However, I have obtained his consent to not take any cabinet position.”
At a press conference later in the day, he said Khan needed to pick a new finance minister “as soon as possible” but declined to comment on who would replace him.
Umar’s successor will have the monumental task of not just finalizing the IMF deal but also the national budget, due to be announced in May.
“We are at an advanced stage [of talks] with the IMF and this will also reflect in the upcoming budget,” Umar said. “Whoever comes in, he will have to face a thorny situation … Nobody should expect any miracle from the new finance minister.”
As part of a cabinet reshuffle, Umar said other changes in the cabinet would “be announced either tonight or tomorrow morning.”
Khurram Hussain, the business editor of Dawn newspaper, said Umar’s resignation was “ill-timed” and would add to uncertainty about the country’s economic future.
“At a time when the finance minister was engaged with the IMF and preparing the budget, his resignation is beyond comprehension,” Hussain told Arab News, adding that any new official would now have to start from scratch.
Dr. Athar Ahmed, a senior economist based in Karachi, said Umar’s resignation would shake the confidence of the IMF in Pakistan and possibly prolong the finalization of a deal.
Talks with the IMF began soon after Khan was appointed prime minister but stalled over austerity conditions imposed by the Fund, which has pressed Pakistan to improve tax revenue collection, bolster foreign currency reserves and narrow a current account deficit expected to top 5 percent of gross domestic product this year.
Pakistani officials say they agree on the need for reforms but do not want to sign up to conditions that would derail the economy, with growth set to slow this year to around 4 percent from 5.2 percent last year.
“We have finalized the IMF agreement on much better terms than before as I refused to take decisions that would have crushed the nation,” Umar said at Thursday’s press talk.
Pakistan finance minister steps down amid IMF talks, budget preparations
Pakistan finance minister steps down amid IMF talks, budget preparations
- Asad Umar says was offered energy ministry by prime minister in cabinet reshuffle but declined
- Warns no one should expect miracles from the new finance minister
Pakistan Senate chairman leaves for Saudi Arabia to strengthen bilateral ties
- Yousuf Raza Gillani to meet Saudi Shoura Council chairman, governors of Riyadh and Madinah during visit
- Pakistan and Saudi Arabia closely cooperate in defense, military, economy, trade and other vital sectors
ISLAMABAD: Pakistan’s Senate Chairman Yousuf Raza Gillani left for a five-day trip to Saudi Arabia on Monday with his visit aimed at strengthening bilateral ties and promoting institutional cooperation between Islamabad and Riyadh, the Senate Secretariat said.
The invitation to Gillani and his delegation was extended by Saudi Arabia’s Shoura Council, the secretariat said. The Majlis Al-Shoura, or Consultative Council, is a legislative body that advises the Saudi king on issues that are important to Saudi Arabia.
“Chairman Senate Syed Yousuf Raza Gillani has left for a five-day trip to Saudi Arabia with a delegation,” the Senate Secretariat said in a statement.
“The aim of the visit is to further promote bilateral relations and institutional cooperation.”
The Pakistani delegation will hold high-level meetings with the Shoura Council chairman, governors of Madinah and Riyadh, and conduct other high-level meetings, it said.
Pakistan and Saudi Arabia enjoy cordial relations that have resulted in close cooperation in defense, military, economic and other sectors.
Last month, Pakistan and Saudi Arabia signed investment agreements worth $2.8 billion while Crown Prince Mohammed bin Salman has pledged to expedite a $5 billion investment portfolio for Islamabad.
Saudi Arabia has frequently bailed Pakistan out of its economic crisis over the years, coming to its aid with loan rollovers and providing oil on deferred payments to Islamabad.
Sri Lankan artist immortalizes Pakistan’s Olympic hero Arshad Nadeem with special painting
- Arshad Nadeem won Pakistan its first Olympic gold medal since 1992 in August with record-breaking javelin throw
- Titled “The Throw,” Mueen Saheed’s painting features an abstract portrayal of Nadeem and his mother
ISLAMABAD: Sri Lankan artist Mueen Saheed has paid tribute to Pakistani Olympian Arshad Nadeem by dedicating a “special painting” to the sportsman, state-run media recently reported, as a mark of respect for bagging the gold medal for his country earlier this year.
Nadeem made history at the Paris Olympics in August by setting a new record for the longest javelin throw in the global competition, winning Pakistan its first gold medal since 1992 with a record-breaking 92.97m javelin throw.
Saheed last week concluded an art cultural tour in Pakistan where he showcased his artwork at three major exhibitions in Lahore and Islamabad.
“Renowned Sri Lankan artist, Mueen Saheed made a memorable addition to his tour of Pakistan by presenting a special painting dedicated to Arshad Nadeem, Pakistan’s celebrated Olympic gold medalist, to the Pakistan National Council of the Arts (PNCA),” the state-run Associated Press of Pakistan (APP) reported on Sunday.
The painting, now a part of the PNCA’s prestigious permanent collection, pays homage to Nadeem’s remarkable achievements and his role in uniting fans across borders.
Titled “The Throw,” the painting features an abstract portrayal of Nadeem and his mother, veiled behind Saheed’s distinctive brushstrokes and use of small squares, the APP said.
The presentation ceremony at the PNCA in Islamabad, part of the artist’s “Passages of Light” exhibition, was attended by key figures in the arts and culture sector, including PNCA Director General Muhammad Ayoub Jamali and Information Minister Attaullah Tarar.
“Arshad Nadeem’s story is one of resilience and humility,” Saheed explained. “His victory at the Olympics and the moments of sportsmanship with his Indian counterpart, Neeraj Chopra, were powerful examples of unity in competition.”
Tarar praised Saheed’s gesture, noting the significance of honoring a national hero whose journey resonates beyond sports, inspiring audiences from Pakistan, India, and around the world, the state-run media said.
Belarus President Lukashenko to arrive in Pakistan today amid Islamabad protest
- Thousands of ex-PM Khan supporters expected to arrive in Pakistan’s capital for anti-government protest
- Pakistan, Belarus expected to sign several agreements during Aleksandr Lukashenko’s three-day visit to Pakistan
ISLAMABAD: Belarus President Aleksandr Lukashenko is scheduled to arrive in Pakistan on a three-day visit today, Monday, as thousands of supporters of former prime minister Imran Khan march toward the capital for an anti-government march.
Pakistan’s state media said last week that Lukashenko was expected to hold talks with Prime Minister Shehbaz Sharif on bilateral cooperation while several agreements would be signed between the two countries.
His visit comes at a time when thousands of supporters of jailed ex-PM Khan’s Pakistan Tehreek-e-Insaf (PTI) party are headed toward Islamabad for a protest “long march.” Khan’s party is demanding his release from prison, independence of the judiciary and protesting against alleged rigging in the February national elections.
“President of the Republic of Belarus Aleksandr Lukashenko will undertake three-day visit to Pakistan from today,” state broadcaster Radio Pakistan reported.
As a 68-member delegation from Belarus arrived in Pakistan’s capital on Sunday ahead of Lukashenko’s visit, Pakistan’s government described the PTI’s protest as a “deliberate conspiracy” against the country’s “honor,” vowing stern action against any persons found violating the law.
The government last week took measures to enhance security in Islamabad, sealing off key highways and motorways leading to the capital from surrounding areas with shipping containers.
Security in the capital has also been beefed up with the deployment of paramilitary forces and police while the government has suspended Internet services in areas deemed sensitive for security.
PTI CARAVAN
Meanwhile, the PTI convoy led by Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur left Peshawar around 1:30 p.m. on Sunday and reached Swabi in the evening, where it was joined by protesters from across the province.
The caravan then proceeded to Ghazi Barotha near Punjab, where it encountered blockades and barriers.
Hajji Fazal Elahi, a PTI provincial lawmaker, told Arab News the party supporters were determined to reach D-Chowk, the protest venue in Islamabad.
“We will go to D-Chowk and cross all the barriers, even if it takes a day or two,” he said.
As per the latest updates, the PTI’s caravan has crossed Ghazi Barotha and reached at the Hazara Interchange.
Meanwhile, sporadic clashes erupted between law enforcers and Khan supporters near Islamabad on Sunday night after they tried to enter the capital from the nearby Rawalpindi city.
Speaking to Arab News, Sayed Zulfikar Bukhari, a senior PTI leader and close aide to Khan, expressed dismay at the government’s response, saying his party only wanted to hold a peaceful protest.
“There is a heavy crackdown in Rawalpindi, as they [the law enforcement officials] have shot rubber bullets, teargas and also picked up people,” he said on Sunday.
Pakistan says protests cost $684 million daily as Imran Khan’s supporters march on Islamabad
- Finance Ministry’s estimates exclude losses from IT, telecom sectors and provincial economies
- Imran Khan has called for protests demanding his release, with demonstrations also held abroad
ISLAMABAD: Pakistan’s Ministry of Finance has prepared a report estimating economic losses of Rs190 billion ($684 million) per day due to political protests, Federal Finance Minister Muhammad Aurangzeb said on Sunday, as supporters of jailed former prime minister Imran Khan march toward Islamabad to demand his release.
The protest, led by Khan’s Pakistan Tehreek-e-Insaf (PTI) party, has effectively cut off the federal capital from other cities, with authorities using shipping containers to seal all entry and exit points and announcing the closure of all educational institutions in Islamabad.
The disruption has also impacted small businesses, with slow Internet and telecom services further compounding the economic losses.
“Protests result in a daily loss of Rs190 billion,” the finance minister said in a statement circulated by his office, warning of repercussions for the national economy.
According to the ministry’s report, the GDP suffers a daily loss of Rs144 billion, accounting for the largest share of the economic impact. Additionally, a decline in exports results in a daily loss of Rs26 billion, while disruptions in foreign direct investment contribute Rs3 billion to the daily losses.
Losses in the IT and telecom sectors are significant but separate from these figures.
“The federal government’s daily loss is Rs190 billion, while provincial losses are even higher,” Aurangzeb noted, without providing detailed provincial breakdowns.
Khan, who has been incarcerated for over a year on charges he claims are politically motivated, has urged his followers to rally both in Pakistan and abroad.
PTI supporters in countries such as the United Kingdom, France, Sweden, Spain and Japan have also organized demonstrations, calling for the former prime minister’s release.
As tensions persist, the government remains firm in its resolve to maintain public order, with Finance Minister Aurangzeb stressing that the ongoing unrest is severely undermining the country’s economic recovery efforts.
Pakistan urges climate justice at COP29, highlights gaps in global commitments
- It highlights mismatch between developed nations’ pledges and developing countries’ needs
- Romina Alam says Pakistan is forced into debt to manage the fallout of climate disasters
ISLAMABAD: Pakistan’s top climate change official on Sunday voiced concern over the widening gap between global climate commitments and the needs of vulnerable nations as COP29 ended in Azerbaijan.
Addressing the closing plenary, Romina Khurshid Alam, Prime Minister’s Coordinator on Climate Change, emphasized Pakistan’s acute vulnerability to phenomenon, citing devastating floods, glacial melt, extreme heatwaves and droughts that have affected millions and strained the country’s resources.
“Climate justice is not charity; it is a moral obligation,” she said during her statement, criticizing the mismatch between developed nations’ pledges and the requirements of developing countries to implement their climate plans.
The Pakistani official welcomed the adoption of the Baku Climate Unity Pact, though she expressed “mixed feelings” about the outcomes.
“We note critical gaps in the decisions adopted here,” she said. “Global solidarity is important, but the goals set by developed countries fall short of addressing the needs of developing nations to implement their NDCs [Nationally Determined Contributions] and National Adaptation Plans.”
Alam highlighted the inequity in the international climate finance system, pointing out that countries like Pakistan are being forced into debt to manage the fallout of climate disasters.
“The climate crisis is turning into a debt crisis because the means of implementation are not clear,” she added.
The Pakistani official urged all parties to return to the negotiating table with renewed determination ahead of COP30.
“Multilateralism remains the cornerstone of Pakistan’s climate diplomacy, and we hope for greater equity and commitment in addressing outstanding critical issues,” she added.
Pakistan is ranked as the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. Apart from floods, droughts and heatwaves, the country’s eastern cities in Punjab have also witnessed unprecedented smog, taking the AQI level as high as 2,000.
