ISLAMABAD: Britain’s Prince William and his wife Kate landed in Pakistan’s capital Islamabad on Friday, after turbulence forced the couple to stay overnight in Lahore in a change to their tightly-choreographed itinerary.
On Thursday an RAF Voyager carrying the royals, who are on a four-day official visit to Pakistan, aborted landings in Islamabad and nearby Rawalpindi due to severe turbulence.
The couple stayed at Lahore’s Pearl Continental Hotel on Thursday evening, along with journalists, Kensington Palace staff and foreign ministry officials.
Thursday’s aborted flight was described by a Reuters photographer on board as one of the most turbulent he had experienced in 25 years of regular flying, although the couple told reporters after returning to Lahore they were “fine.” Friday’s flight passed off without incident.
A planned visit to a Pakistan military post in the west of the country on Friday morning was canceled, but the couple will visit an army canine training school in Islamabad before departing from the country later in the day.
Prince William and wife Kate land in Pakistan capital after aborted flight
Prince William and wife Kate land in Pakistan capital after aborted flight
- Bad weather made the couple to stay overnight in Lahore that changed their tightly-choreographed itinerary
- Planned visit to a Pakistan military post in the country's west on Friday morning was cancelled
Pakistan compares failed PIA privatization bid to Air India, saying it sold on fifth attempt
- It took PM Narendra Modi administration more than four years to find a buyer for Air India in 2021
- PIA privatization hit a snag last month when the final bidding round attracted just one bid of $36 million
ISLAMABAD: Pakistan’s privatization chief Abdul Aleem Khan on Monday defended a recent failed bid to sell loss-making national carrier, Pakistan International Airlines by comparing it to Air India, which was sold after multiple attempts.
Cash-strapped Pakistan was looking to offload a 51-100 percent stake in debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program approved in September. The process, however, hit a snag last month when the final bidding round attracted just one bid of Rs10 billion ($36 million) for a 60 percent stake in the national flag carrier.
PIA’s existing liabilities stand at approximately Rs250 billion ($896 million).
“Khan compared PIA’s situation to Air India, which had undergone multiple failed privatization attempts before ultimately succeeding on its fifth attempt,” the privatization ministry said in a statement, quoting Khan’s remarks at a meeting of the Senate Standing Committee on Privatization on Monday.
“Khan expressed hope that Pakistan’s national airline could follow a similar path but underscored the need for thorough reforms.”
It took Prime Minister Narendra Modi’s administration more than four years to find a buyer for Air India in 2021. For a decade before that, the Indian government had spent about $15 billion of taxpayer money on the airline, famous for its Maharaja mascot.
The Pakistan government had pre-qualified six groups for PIA’s privatization process in June, but only real-estate development company Blue World City participated in the bidding process in October, placing a bid that was below the government-set minimum price of Rs85 billion ($304 million).
The disposal of PIA is a step former governments have steered away from, as it has been highly unpopular given the number of layoffs that would likely result from it.
Other concerns raised by potential bidders for the PIA stake included inconsistent government communication, unattractive terms and taxes on the sector, and the flag carrier’s legacy issues and reputation.
Khan also highlighted hurdles in the privatization process during Monday’s meeting, saying it would require a “fresh approach and big-hearted decisions.”
“The first consultant engaged for the task was deemed unsatisfactory, and a new consultant would be hired to help move the process forward,” Khan told the committee, adding that privatization could only take place if PIA’s financial and operational situation was “clean and attractive to potential buyers.”
“We need to ensure that PIA is clean and profitable before privatization can proceed. Without addressing these fundamental issues, investors will not show interest,” Khan said.
Losses running into billions of dollars in the power and gas sector, the main hole in the economy, were also discussed.
“The privatization process for the first three Discos [power distribution companies] is expected to be completed by January 31, 2025,” the statement said, with Khan acknowledging that privatizing Discos would be even more challenging than PIA.
Public gatherings banned in Islamabad for two months ahead of opposition protest
- District magistrates bans gathering of more than five people for next two months
- Ban comes as Pakistan Tehreek-e-Insaf is planning protest in Islamabad on Nov. 24
ISLAMABAD: A two-month ban on public gatherings has been imposed in Pakistan’s federal capital, Islamabad, a notification from the district magistrate said on Monday, days ahead of a planned protest march by the party of jailed former Prime Minister Imran Khan.
The Pakistan Tehreek-e-Insaf party (PTI) announced last week it would lead a ‘long march’ to the capital on Nov. 24 over alleged rigging in Feb. 8 general elections and to call for the release of political prisoners, including Khan, and in support of the independence of the judiciary.
The party’s recent rallies and marches have been thwarted by similar bans on public gatherings imposed under Section 144 of the Pakistan Penal Code which allows the government to prohibit various forms of political assembly, gatherings, sit-ins, rallies, demonstrations, and other activities for a specified period.
In a notification dated Nov. 18, the district magistrate, without naming the PTI, said processions being planned in the capital “can disrupt public place and tranquility and keeping in view the current law & order and security environment, it is necessary to control such types of illegal activities which present a threat to public peace, tranquility and maintenance of law & order.”
He added that the demonstrations would cause “public annoyance or injury, endanger human life and safety, pose a threat to public property, and may lead to a riot or an affray including sectarian riot within the revenue/territorial limits of district Islamabad.”
In light of this, all gatherings of more than five people are banned in the capital, the notification said:
“This order shall come into force with immediate effect and shall remain in force for a period of TWO MONTHS.”
Khan has been in jail since August 2023 and has faced dozens of cases since he was removed as prime minister in 2022 after which he launched a protest movement against a coalition of his rivals led by current Prime Minister Shehbaz Sharif and backed by the all-powerful military, which denies interfering in politics.
Khan says cases against him, which disqualified him from contesting the February elections, are politically motivated. His party has held several protest rallies in recent months to build public pressure for its leader’s release.
With regards to the latest protest, the PTI’s first demand is a rollback of recent constitutional amendments like the 26th amendment that the PTI says is an attempt to curtail the independence of the senior judiciary. It is also calling for the release of party leaders and supporters and a return of what it describes as a “stolen mandate” after Feb. 8 general elections.
Pakistan’s government denies being unfair in its treatment of Khan and his party and the election commission rejects allegations the elections were rigged. The government also says recent amendments related to the judiciary are meant to smooth out its functioning and tackle a backlog of cases.
Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg
- Benchmark KSE-100 Index forecast to increase to 127,000 points by Dec. 2025, a 34% rise, from 94,704 points it closed on Friday
- Key index advanced as much as 0.6% on Monday, taking gains to more than 50% this year, the second best performer globally
ISLAMABAD: Pakistan’s stocks are expected to advance by more than a quarter by the end of next year as the nation’s economy shows improvement under a loan program with the International Monetary Fund and the currency stabilizes, Bloomberg reported on Monday, quoting two brokerage houses.
The benchmark KSE-100 Index is forecast to increase to 127,000 points by December 2025, or a 34% rise, from the 94,704 points it closed last Friday, according to Topline Securities Ltd. in a report announced on Nov. 16. Arif Habib Ltd. targets the index to reach 120,000 points, a gain of 27%.
“The stage is set for a potential market re-rating with declining interest rates, a stable rupee, and improving macroeconomic indicators,” Karachi-based brokerage Arif Habib commented in a report.
Pakistan’s economy has stabilized with inflation easing from record levels that has allowed the central bank to cut the interest rate for four straight meetings to 15 percent, the lowest in two years.
The key index advanced as much as 0.6% on Monday, taking its gains to more than 50% this year, the second best performer globally, according to data compiled by Bloomberg.
The equity market will be offering a 37% return including 10% dividend yield by the end of 2025 because of economic stability and falling bond yields, Karachi-based Topline said in a separate report.
Pakistan is also increasingly attracting the attention of foreign investors, particularly in its debt and equity markets, said Arif Habib.
Pakistan says taking steps to put climate change studies in national curriculum
- PM’s aide says government has developed modules to build climate awareness from primary to university levels
- Says teachers across Pakistan are being equipped with the skills and tools to deliver climate education effectively
ISLAMABAD: Pakistan is taking steps for climate change studies to become a standard part of the school curriculum from the primary to university levels and training teachers to become key agents in creating awareness in young people, Coordinator to the Prime Minister on Climate Change, Romina Khurshid Alam, said on Monday.
The United Nations Education, Science and Culture Organization, UNESCO, has said environmental studies should be standard teaching in all countries by 2025.
Such studies are crucial for a country like Pakistan, one of the most vulnerable to climate change according to the Global Climate Risk Index. Floods in 2022, which scientists said were aggravated by global warming, affected at least 33 million people and killed more than 1,700. The country’s economic struggles and high debt burden impinged its ability to respond to the disaster.
“Education is the cornerstone of sustainable development and climate action for a resilient and environmentally-sustainable society,” the PM’s climate aide said in a keynote address at an event on the sidelines of COP29 global Climate Summit, which is taking place from Nov. 11-22.
“Our commitment to greening education stems from the belief that equipping our youth with climate knowledge is fundamental to achieving long-term resilience and sustainability.”
Outlining steps to mainstream climate education into the national education system, Alam said the government had developed educational modules tailored to build climate awareness from the primary to university levels.
“These modules emphasize the science of climate change, its impacts, and actionable solutions, ensuring that students grow up with a sense of responsibility toward the environment,” the aide said.
“These efforts also extend to training teachers as key change agents in this mission … Teachers across Pakistan are being equipped with the skills and tools to deliver climate education effectively … and community-based programs have been introduced to create broader awareness and engage parents, caregivers and local leaders in the process of greening education.
“By greening our education systems, we are equipping the next generation with the knowledge, skills, and values needed to address climate change and build a resilient future,” Alam added.
Finance Minister Muhammad Aurangzeb said last month Pakistan was targeting around $1 billion in a formal request for funding from the IMF facility that helps low and middle income countries mitigate climate risk.
The International Monetary Fund had already agreed a $7 billion bailout for Pakistan, but has further funding available via its Resilience and Sustainability Trust (RST).
The RST, created in 2022, provides long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
Pakistan is also in talks with the Asian Infrastructure Investment Bank for a credit enhancement for a planned Panda bond, Aurangzeb said. It is targeting an initial issuance of $200-250 million by the end of June.
Pakistani Prime Minister Shehbaz Sharif, who spoke at a number of events at COP29 last week, used the forum to highlight the need to restore confidence in the pledging process and increase climate finance for vulnerable, developing countries. He said developing countries would need an estimated $6.8 trillion by 2030 to implement less than half of their current nationally determined contributions (NDCs), or national action plans for reducing emissions and adapting to climate impacts defined by the Paris Agreement.
The main task for nearly 200 countries at the COP29 summit is to broker a deal that ensures up to trillions of dollars in financing for climate projects worldwide.
Pakistan’s current account surplus hits $349 million in October, signaling economic turnaround
- Last year, Pakistan posted a current account deficit of $290 million during the same month, as per official records
- This is the third consecutive month in which Pakistan has recorded a surplus, also the highest during this year
ISLAMABAD: Pakistan’s external current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus and the highest in this period, according to the State Bank of Pakistan (SBP) on Monday.
The current account reflects a nation’s transactions with the rest of the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
Last month’s current account surplus contrasts sharply with the $290 million deficit recorded in October 2023, highlighting a significant improvement in the country’s economy.
“The external current account recorded a surplus of $349 million in October 2024, after showing a surplus of $86 million and $29 million in September 2024 and August 2024 respectively,” the central bank said in a brief statement.
Pakistan has faced economic challenges in recent years, including high inflation, a depreciating currency, and dwindling foreign reserves.
In response, the government has implemented a series of reforms aimed at stabilizing the economy, including securing a $7 billion bailout from the International Monetary Fund (IMF) in September, which is contingent upon measures such as broadening the tax base, reducing energy sector deficits and privatizing state-owned enterprises.
The consecutive current account surpluses, culminating in the substantial $349 million in October, suggest that Pakistan is transitioning from mere stabilization to a phase of economic growth.
This positive trend is bolstered by increased remittances from overseas Pakistanis, which reached a record $11.8 billion in the first four months of the fiscal year, marking a 35 percent year-on-year growth.
Pakistani authorities have emphasized the importance of continuing prudent fiscal and monetary policies to consolidate these gains and ensure long-term economic stability.
The country’s finance chief, Muhammad Aurangzeb, said a day earlier the international lending agencies had acknowledged the improvement in the national economy, though he added that they wanted the government to continue with stringent structural reforms.
“There is no room for complacency,” he added.
