ISLAMABAD: Pakistan must take long-term and wide-ranging measures to ensure the revival of its industrial and services sectors, senior economists said after the launch of Pakistan Economic Survey 2019-20 on Thursday, recommending the government to keep the economic targets realistic for the upcoming fiscal year.
The country’s Gross Domestic Product (GDP) growth for the fiscal year 2020 is estimated at negative 0.38 percent due to the negative 2.64 percent and negative 0.59 percent growth in the industrial and services sectors, respectively.
“The clock has turned back. This government started the fiscal year with higher deficit and lower growth and it was ending with the same trend,” Khurram Husain, an economist and business editor at daily Dawn, told Arab News.
He said that much of the negative economic impact on different sectors during the outgoing fiscal year was due to the COVID-19 outbreak, but “still the government should have performed better.”
Husain said the government had initiated macroeconomic adjustments under the International Monetary Fund’s (IMF) $6 billion bailout package, and it would have to take “tough measures” in the upcoming year as well to ensure social protection for the poor and job opportunities for the bulging youth.
Pakistan signed the bailout package with the IMF in May last year to stave off a looming balance of payments crisis. The country had initiated tough economic reforms in the public sector under the program which experts believe resulted in the devaluation of rupee against dollar and high interest rates.
“The good thing, at the moment, is that inflation rate and energy prices are low as compared to the previous months,” Husain said, urging the government to adopt a holistic approach to revive the economy.
Economists said the survey document was a reflection of the “ground realities” and the government should take guidance from it to prepare the budget for the upcoming financial year.
“This was a challenging year. The economy was already in a downturn because of the type of policies we pursued to correct our balance of payments,” Dr. Ashfaque Hasan Khan, senior economist and Principal and Dean of the School of Social Sciences and Humanities at NUST, told Arab News.
He said the economy had contracted, the per capita income had declined and COVID-19 had severely dampened the domestic and global economic activities. “This is the time to provide relief to businesses and people to revive the economy and not to indulge in setting unrealistic revenue targets,” Khan said.
Dr. Vaqar Ahmed, who works as the deputy executive director at the Sustainable Development Policy Institute in Islamabad, said the government had managed to gain “some public sympathy and favor” due to the impact of COVID-19 on the country’s economy in the last two quarters of the financial year.
However, he added: “It has clearly failed to come up with viable structural reforms targets agreed with the IMF like circular debt plan, privatization of public entities and overcoming losses in public sector enterprises.”
Ahmed suggested the government to present a clear-cut policy on tax targets, power sector subsidies for consumers and provincial revenue surpluses in the upcoming budget to revive the economy
“The economic revival remains the real challenge for the government, and this can only be achieved through transparency in each sector and good governance,” he added.
Wide-ranging measures required to boost Pakistan’s economy — experts
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Wide-ranging measures required to boost Pakistan’s economy — experts
- Economists ask the government to set realistic revenue targets to revive the economy
- Say the government had failed to achieve structural reform targets that were agreed with the IMF
Saudi Arabia wants stronger parliamentary, economic ties with Pakistan, offers tech support
- Saudi Shura Council chairman meets Pakistani parliamentary leaders during his three-day visit
- Speaker Ayaz Sadiq calls for closer bilateral cooperation amid changing global environment
ISLAMABAD: Saudi Arabia seeks to strengthen parliamentary and economic ties with Pakistan and is keen to assist the National Assembly in the field of technology, the Kingdom’s Shura Council Chairman Dr. Abdullah bin Mohammed bin Ibrahim Al Sheikh said on Wednesday during his visit to Pakistan.
Dr. Al Sheikh is on a three-day visit to Pakistan, during which he has met with Prime Minister Shehbaz Sharif, who described relations with the Kingdom as a “vital pillar” of Pakistan’s foreign policy.
Both countries are longtime allies, with Islamabad seeking closer economic, defense and security ties with the Kingdom, which hosts approximately 2.5 million Pakistani expatriates and remains the largest source of remittances for the cash-strapped South Asian nation.
“Saudi Arabia aspires for a prosperous and developed Pakistan,” the Saudi official said according to an official statement circulated in Islamabad, following high-level meetings with Pakistan’s parliamentary leadership, including National Assembly Speaker Sardar Ayaz Sadiq and Senate Chairman Syed Yusuf Raza Gilani.
During his meeting with Speaker Sadiq, both officials emphasized the importance of enhancing bilateral parliamentary and economic relations.
Al Sheikh expressed gratitude for the warm reception and reiterated the shared cultural, historical and religious ties between the two nations.
“The rapidly changing global environment demands closer bilateral cooperation,” Sadiq said, highlighting the significance of parliamentary exchanges and joint initiatives to further mutual interests.
Separately, the Saudi official met with Senate Chairman Gilani, where discussions focused on broadening institutional cooperation. Gilani lauded Saudi Arabia’s support for Pakistan and emphasized the importance of leveraging shared opportunities in trade, investment and defense.
“Saudi Arabia’s parliamentary delegation visit will mark a new milestone in our bilateral ties,” Gilani said, adding that both countries have always supported each other in times of need.
Al Sheikh reaffirmed the Kingdom’s commitment to Pakistan, emphasizing the longstanding friendship between the two nations.
“Saudi Arabia and Pakistan share a deep bond of respect and mutual trust, which serves as the foundation for our robust partnership,” he said.
Gilani noted that strengthening economic collaboration and exploring investment opportunities were key to deepening ties further, while encouraging Saudi investors to actively explore ventures in Pakistan.
The meetings also covered joint efforts to promote unity among the Muslim Ummah and to enhance cooperation on global forums.
South Africa call up two uncapped fast bowlers for Pakistan Test series
- South Africa will be in next year’s World Test Championship final if they win one Test against Pakistan
- The Proteas are faced with serious depletion of bowling resources, with several injured players
JOHANNESBURG: South Africa named two uncapped fast bowlers in a 16-man squad for a two-match Test series against Pakistan starting in Centurion on December 26.
With an entire battery of fast bowlers unavailable, left-armer Kwena Maphaka and Corbin Bosch were added to the team that beat Sri Lanka in Gqeberha this month.
Maphaka is an 18-year-old prodigy who has already been capped at Twenty20 international level while Bosch, the 30-year-old son of former Test fast bowler Tertius, has yet to play for the senior national team.
South Africa included all-rounder Wiaan Mulder and left-arm spin bowler Keshav Maharaj in the squad, but both selections are subject to fitness.
Mulder suffered a broken right middle finger in the first Test against Sri Lanka while Maharaj suffered what Cricket South Africa described as “an acute groin strain” while warming up for the first one-day international against Pakistan in Paarl on Tuesday.
Maharaj was due to have a scan on Wednesday to assess the severity of the injury.
Bosch, who has a first-class batting average above 40, could come into contention if Muller is unfit, while Senuran Muthusamy, also a left-armer, is the only other spin bowler in the squad if Maharaj is ruled out.
South Africa will be assured of a place in next year’s World Test Championship final if they win at least one Test against Pakistan — but their bowling resources have been seriously depleted.
Fast bowlers Anrich Nortje, Nandre Burger, Gerald Coetzee and Lizaad Williams have all been sidelined. It will be a blow if Maharaj, South Africa’s premier spin bowler, cannot play.
“We head into this series with a clear focus, with a spot in the World Test Championship final being the pot of gold at the end of the rainbow,” South African coach Shukri Conrad said in a CSA statement.
Squad: Temba Bavuma (capt), David Bedingham, Corbin Bosch, Matthew Breetzke, Tony de Zorzi, Marco Jansen, Keshav Maharaj, Kwena Maphaka, Aiden Markram, Wiaan Mulder, Senuran Muthusamy, Dane Paterson, Kagiso Rabada, Ryan Rickelton, Tristan Stubbs and Kyle Verreynne (wkt).
Fixtures:
December 26-30, Centurion
January 3-7, Cape Town
Pakistan receives 82,000 applications for government Hajj scheme this year
- Religious Affairs Ministry says it may reopen applications in January to fill the remaining seats
- Pakistan allowed intending pilgrims to pay Hajj fees in installments for the first time this year
ISLAMABAD: Pakistan has received 82,000 applications for next year’s Hajj pilgrimage under the government scheme, the spokesperson for the Ministry of Religious Affairs said on Wednesday, adding that more applications may be invited in early January to fill any remaining seats.
Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims for Hajj 2025, divided equally between government and private schemes. The government extended the deadline for applications twice this month, first from Dec. 3 to Dec. 10, and then to Dec. 17, as it aimed to fill over 89,000 seats under the government scheme.
For the first time, the country’s Hajj policy, announced in November, also allowed pilgrims to pay in installments. Under the scheme, the first installment of Rs200,000 ($717) must be submitted with the application, the second installment of Rs400,000 ($1,435) will be deposited within 10 days of balloting and the remaining amount will be paid by Feb. 10 next year.
“We have received 82,000 applications and have stopped accepting further submissions to facilitate the completion of the second installment process,” Muhammad Umer Butt, the ministry spokesperson, told Arab News, referring to the payment of expenses by pilgrims.
He said the second installment could be submitted at the same banks where applications were initially deposited, between Dec. 19 and Dec. 27.
“If any seats remain unfilled, we will reopen applications for a few days in the first week of January,” he said, adding that the ministry may also allocate leftover seats to the hardship quota, currently set at 1,000.
This quota is reserved for pilgrims with special needs or circumstances and attendants for individuals with disabilities.
The spokesperson said the government scheme witnessed about 12,000 to 13,000 more applications this year compared to 2023.
In 2024, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but the government hopes to fill all slots this time.
“This increase is due to the positive feedback from last year’s pilgrims regarding government facilities and the introduction of the installment option,” Butt said.
He informed the Pakistani Hajj mission has initiated its operations by starting the process of hiring services and accommodations in Saudi Arabia, adding the advance preparations would help determine the exact amount for the third and final installment, due in February.
The Ministry of Religious Affairs has launched the Pak Hajj 2025 mobile application to guide pilgrims, available for both Android and iPhone users. The government has also announced a reduction in airfare, with ticket prices for federal program pilgrims reduced to Rs220,000, down from last year’s Rs234,000.
Pakistan International Airlines, Saudi Airlines and private carriers have agreed to transport pilgrims next year, according to the ministry.
Pakistan, Saudi Arabia agree on player, umpire and coach exchange to boost cricket ties
- PCB chairman assures support for the promotion of women’s cricket in the Kingdom
- He invites Saudi sports minister to Pakistan for ICC Champions Trophy in February
ISLAMABAD: Pakistan and Saudi Arabia have reached an agreement to establish an exchange program for players, umpires and coaches to enhance cricket ties and talent development between the two nations, the Pakistan Cricket Board (PCB) said on Wednesday.
The development was announced after PCB Chairman Mohsin Naqvi held a meeting with Saudi Deputy Minister of Sports Badr bin AbdulRehman Al-Qadi in Riyadh, during which he invited him to attend the ICC Champions Trophy and Pakistan Super League (PSL) next year.
Naqvi, who is also the interior minister, has been in the Kingdom since Sunday and has offered full cooperation for the promotion of cricket and the construction of stadiums in Saudi Arabia.
“The two leaders agreed to introduce an exchange program for players, umpires and coaches between Pakistan and Saudi Arabia to foster talent development and knowledge sharing,” the PCB said in its statement.
Naqvi also assured support for the promotion of women’s cricket in the Kingdom.
“Pakistan stands ready to provide complete support for the growth of cricket in Saudi Arabia, including the promotion of women’s cricket,” he was quoted as saying during the meeting.
“With abundant talent in Pakistan and initiatives like the Pakistan Super League (PSL), we are eager to share our expertise with Saudi Arabia to help develop cricket in the Kingdom,” he added.
The Saudi deputy minister of sports thanked the PCB chairman for the invitations to the ICC Champions Trophy and the PSL while expressing enthusiasm for working closely with Pakistan to strengthen cricket ties between the two nations.
Naqvi also met Prince Saud bin Mishal Al Saud, chairman of the Saudi Arabia Cricket Federation, earlier this week.
According to the PCB, there are about 18,000 cricket players in the Kingdom, which has also won the Asian Cricket Council Challenge Cup.
Pakistan PM orders coordination with global agencies after migrant deaths near Greece
- Pakistani officials confirmed the deaths of four nationals in a migrant boat tragedy earlier this week
- Shehbaz Sharif instructs to launch a public awareness campaign to avoid such tragedies in the future
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday instructed authorities to enhance cooperation with international agencies to combat human trafficking, days after officials confirmed the deaths of four Pakistani nationals in a migrant boat tragedy off the Greek island of Gavdos, located south of Crete.
The tragedy, which occurred last week, underscored the perilous journeys many migrants undertake due to conflicts in the Middle East. In the case of Pakistani nationals, the movement is mostly driven by economic reasons, with many young individuals attempting to reach European shores in search of better financial prospects.
In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel capsized and sank in international waters off the southwestern Greek coastal town of Pylos. It was one of the deadliest boat disasters ever recorded in the Mediterranean Sea.
The Pakistani premier chaired a meeting to discuss the issue, instructing the Federal Investigation Agency to present a report on such incidents taking place in the last one year and directing officials to launch a public awareness campaign to avoid such tragedies in the future.
“We must strengthen collaboration with global institutions to prevent such incidents,” he was quoted in an official statement released after the meeting.
During a high-level meeting, the prime minister also expressed frustration over delays in cracking down on human trafficking networks and ordered strict action against officials responsible for slow progress.
He directed the immediate implementation of an Integrated Border Management System (IBMS) to monitor and curb illicit movements more effectively.
The prime minister was also briefed on the measures taken to combat human trafficking and prevent such activities during the meeting.
He was informed that authorities had cracked down on individuals facilitating illegal migration from the country, presenting 174 such cases in court, of which four had resulted in convictions.
