KARACHI: Pakistan’s newly appointed finance minister, Shaukat Tarin, received a vote of confidence from some of the country’s most renowned economic experts on Sunday, as the reportedly ‘aggressive’ banker-turned politician faces the daunting challenge of spurring growth and curtailing inflation while meeting conditions attached with a $6 billion International Monetary Fund (IMF) program.
Pakistan’s Prime minister Imran Khan on Friday reshuffled his cabinet, appointing Tarin as Minister for Finance and Revenue. He is the fourth finance chief since the Pakistan Tehreek-e-Insaf (PTI) government came into power in 2018.
Before the formal announcement of Tarin’s appointment as finance minister, PM Khan met with financial experts to introduce his new appointee. Those who attended the meeting hard-talked the new finance minister about his economic vision.
“He is aggressive,” Samiullah Tariq, head of research at Pakistan Kuwait Investment (PKI), who attended the meeting, told Arab News.
“He wants to bring the growth rate to 6-7% to create more jobs,” he added.
The central bank of Pakistan expects that economic growth will be around 3% during the current fiscal year ending in June.
Those who attended the meeting say the new finance minister has targeted 10-12 areas for improvement, including energy, saving and economic growth.
“Out of these targets, if they achieve at least six, that would be a major turnaround,” Tariq said.
“Tarin also hopes to avail opportunities being offered by CPEC. During the meeting, he said China was offering 85 million jobs worldwide and Pakistan can grab at least 10 million,” Tariq said.
Earlier in its tenure, the PTI government has appointed Asad Umar, Dr. Abdul Hafeez Shaikh, and Hammad Azhar as finance ministers.
Tarin, 68, a banker-turned-politician, served as finance minister between 2008 and 2010 in the government of Pakistan Peoples Party (PPP) and played a crucial role in helping the country avert a default by securing a bailout from the IMF.
He has publicly called for the renegotiation of the IMF bailout program, and people familiar with Tarin say they are confident the incumbent finance minister will overcome current challenges.
“From member of advisory council to becoming federal finance minister to becoming member of National Assembly or Senate, Shaukat Tarin can succeed in overcoming numerous challenges on the economic front,” Dr Ikram ul Haq said, a senior economist told Arab News.
“The biggest challenge (for him) is meeting IMF conditions without hampering growth. This is not an easy task. They are no out of the box solutions,” he added.
Dr. Khaqan Najeeb who has served as advisor to the ministry of finance, said that the economic game plan at this stage should preserve, yet deliver beyond the IMF program.
“It should have at its heart a push for moving the economy to a higher growth trajectory,” he said and added: “Sensible economic governance is to keep the long-term perspective in mind, yet know the urgency of solving current issues.”
Pakistan needs to push on with the IMF program to meet its annual refinancing needs of around $25 billion.
One of the key reasons cited for the ouster of Dr Abdul Hafeez last week was his failure to tame inflation, which has increased by 9.1% on a year-on-year basis in March 2021, according to senator Shibli Faraz, then information minister.
Dr. Najeeb emphasized the need to coordinate a government approach to address immediate concerns including easing the supply of food items, dealing with issues of power sector efficiency, raising tax compliance and broadening the taxpayer base.
But experts also added that until fiscal consolidation is achieved and the debt trap is overcome, higher growth paths cannot follow.
For this, long-delayed and much-needed fundamental structural reforms are needed in tax administration, a rational tax policy and drastic cuts in wasteful and unproductive expenditures.
'He’s aggressive:' Experts weigh in on Pakistan’s new finance minister and challenges ahead
https://arab.news/zakhf
'He’s aggressive:' Experts weigh in on Pakistan’s new finance minister and challenges ahead
- Pakistan needs to push on with IMF program to meet annual refinancing needs of $25 billion
- Tarin wants to spur growth rate to 6-7%, insiders say
Pakistan defense minister blames judiciary for delayed verdicts in May 9 cases
- National problems require decisions at the earliest, says Khawaja Asif while talking to media in London
- Protests erupted in several Pakistani cities on May 9, 2023, over ex-PM Imran Khan’s arrest in a graft case
ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif on Sunday blamed the judiciary for delaying verdicts in the May 9, 2023, cases, which have so far led to the conviction of 25 supporters of former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party for attacking government buildings and military properties last year.
On Dec. 21, the Pakistan Army sentenced 25 people for participating in the violent protests that erupted in several Pakistani cities following Khan’s brief detention on corruption charges, resulting in damage to major military facilities and martyrs’ monuments in the country.
However, several suspects are also facing legal charges in anti-terrorism courts, with the military hoping for early verdicts in their cases, according to a statement announcing the sentencing of the 25 individuals, which described the rioting as “politically provoked violence.”
The PTI has denied any involvement in the violence, describing the May 9 incident as a “false flag” operation aimed at crushing the party.
“The judiciary created the biggest hurdle in this [the conviction of May 9 suspects] while this thing was allowed to linger for one and a half years,” Asif said while speaking to the media in London, the city he is currently visiting.
Describing the May 9 protests as a national problem, he said all the cases related to it required verdicts at the earliest.
The conviction of the 25 individuals followed a ruling by a seven-member Constitutional Bench of the Supreme Court of Pakistan on Dec. 13, allowing military courts to share their verdicts. Prior to that, the court had unanimously declared last year that prosecuting civilians in military courts violated the Constitution.
Khan’s PTI party rejected the military’s announcement, with opposition leader Omar Ayub Khan saying they were “against the principles of justice.”
The sentencing of the 25 individuals also raises concerns about Khan, who faces charges of inciting attacks against the armed forces and may potentially be tried in a military court.
Earlier, Asif had regretted the delay in announcing the verdicts, saying that it “raised the morale of the accused and their facilitators.”
“Right now, only the workers, who were used [to generate violence], have been punished under the law,” he had said. “This will not end until the ones, who planned this terrible day, are not brought before the law.”
Pakistan PM reviews security situation amid rising militancy, sectarian clashes
- PM Sharif was briefed by Mohsin Naqvi who recently attended a security meeting in Khyber Pakhtunkhwa
- Security remained a concern for Pakistan this year, which witnessed renewed attacks on Chinese nationals
ISLAMABAD: Prime Minister Shehbaz Sharif evaluated the security situation during a meeting with Interior Minister Mohsin Naqvi in the eastern Pakistani city of Lahore on Sunday, focusing on measures taken by the authorities to ensure peace across the country.
The talks come days after Naqvi attended a high-level security meeting in the volatile Khyber Pakhtunkhwa province, which borders Afghanistan and has seen a surge in cross-border militant attacks.
The region’s Kurram district has been gripped by sectarian clashes since last month, leaving well over 100 people dead, according to local reports.
During the meeting in Khyber Pakhtunkhwa, Naqvi and other stakeholders decided to enhance the capacity of law enforcement agencies with the federal government’s full cooperation to combat mounting security challenges.
Pakistan has also faced unrest in its southwestern province of Balochistan, where separatist attacks intensified throughout the year.
“Federal Interior Minister Syed Mohsin Raza Naqvi provided a detailed briefing to Prime Minister Muhammad Shehbaz Sharif on the overall security situation in the country,” the statement from the PM Office said. “The Prime Minister expressed satisfaction with the measures taken to ensure law and order in the country.”
The meeting also included discussions on the country’s political situation, the statement added.
Security remained a major concern for the government this year, which witnessed renewed attacks on Chinese workers, including five fatalities when their convoy was targeted by an explosive-laden vehicle near Besham city in Khyber Pakhtunkhwa.
Later in October, two Chinese engineers lost their lives in a blast near Karachi airport.
On Sunday, Pakistan’s army chief, General Asim Munir, vowed to hunt down militants and their facilitators, following a deadly attack on a military outpost in Khyber Pakhtunkhwa that left 16 soldiers dead.
Pakistan to host India’s Champions Trophy matches in UAE under hybrid model
- The decision comes after India showed reluctance to play in Pakistan, citing security concerns
- A PCB official says Pakistan has formally informed the ICC about its choice of the neutral venue
ISLAMABAD: The Pakistan Cricket Board (PCB) announced on Sunday the United Arab Emirates (UAE) will serve as the neutral venue for matches between India and Pakistan during the 2025 ICC Champions Trophy scheduled in February.
The decision was finalized after discussions between PCB Chairman Mohsin Naqvi and Sheikh Al Nahyan, Chairman of the Emirates Cricket Board, currently visiting Pakistan.
The move resolves a contentious issue stemming from India’s reluctance to play in Pakistan, citing security concerns. Pakistan, the official host of the tournament, initially refused to opt for a hybrid model, allowing the tournament to proceed with matches involving India being played at a neutral venue. However, its cricket board later accepted the arrangement.
PCB spokesperson Amir Mir confirmed the ICC has been formally informed about the decision.
“The Pakistan Cricket Board has chosen the United Arab Emirates as the neutral venue,” he was quoted in a statement. “Now, India and Pakistan’s Champions Trophy matches will be held in the UAE.”
The statement said Pakistan had the authority to determine the neutral venue as tournament host, and chose the UAE after careful deliberation.
The hybrid model was also employed during the Asia Cup last year, with Pakistan co-hosting the tournament with Sri Lanka.
Unlike the Asia Cup, however, the Pakistan national team traveled to India for the ICC Cricket World Cup later in the same year. Meanwhile, the Champions Trophy preparations in Pakistan are in full swing, with venues being readied for the event.
The hybrid model for the Champions Trophy will ensure the tournament remains on track while maintaining Pakistan’s position as the host.
Run machine Saim Ayub shines as Pakistan sweep South Africa
- Left-handed opening batsman made a sparkling 101 off 94 balls in a Pakistan total of 308 for nine
- Hosts were beaten by 36 runs as match was reduced to 47 overs due to rain with adjusted target
Johannesburg: Rising star Saim Ayub hit his second century of the series — and his third in five innings — as Pakistan completed a series cleansweep over South Africa in the third one-day international at the Wanderers Stadium on Sunday.
Left-handed opening batsman Ayub made a sparkling 101 off 94 balls in a Pakistan total of 308 for nine.
Heinrich Klaasen thrashed 81 off 43 balls for South Africa — but the hosts were beaten by 36 runs chasing an adjusted target of 308. The match was reduced to 47 overs a side because of rain.
Ayub, 22, hit 113 not out in the second one-day game against Zimbabwe in Bulawayo last month and 109 in the series opener against South Africa in Paarl last week.
In between his one-day appearances he made an unbeaten 98 in the second Twenty20 international against South Africa in Centurion.
Ayub was named player of the match and player of the series.
“It’s important because we won but it is for all the team, not just me,” he said. “The senior players helped me a lot.”
In contrast to Ayub’s form, his opening partner Abdullah Shafique was out for his third successive duck after Pakistan were sent in to bat.
But Ayub was seldom troubled as he played shots all around the wicket in partnerships of 114 with Babar Azam (52) and 93 with captain Mohammad Rizwan (53).
Ayub fell to debutant Corbin Bosch, caught behind attempting an audacious flick to leg, after hitting 13 fours and two sixes.
Bosch, the son of the late Test and one-day international player Tertius Bosch, received a call-up after injuries hit South Africa’s fast bowling resources.
For the third successive match, Klaasen was the only South African to make a half-century. He kept South Africa ahead of the required run rate until he was sixth man out, caught on the square leg boundary off Shaheen Shah Afridi with the total on 194 in the 29th over.
Ayub followed up his century by taking one for 34 in 10 overs with his mixture of off-spin and carrom balls, claiming the key wicket of David Miller and producing the most economical figures by any bowler in the match.
Brief scores:
Pakistan 308-9 in 47 overs (Saim Ayub 101, Mohammad Rizwan 53, Babar Azam 52, Salman Agha 48; K. Rabada 3-56) v South Africa 271 in 42 overs (H. Klaasen 81, C. Bosch 40 not out)
Result: Pakistan won by 36 runs (DLS method)
Series: Pakistan won the three-match series 3-0
Toss: South Africa
EU expresses concern over sentencing of civilians by Pakistani military court
- Pakistani military announced on Saturday the sentencing of 25 people over violent protests in May 2023 over ex-PM Khan’s arrest
- EU says Pakistan signed International Covenant on Civil and Political Rights, which entitles every person to ‘fair, public trial’
ISLAMABAD: The European Union (EU) on Sunday expressed concern over the sentencing of 25 Pakistani civilians by a military court in the South Asian country, saying it was “inconsistent” with Pakistan’s international obligations.
The Pakistani military announced on Saturday the sentencing of 25 people for participating in violent protests on May 9, 2023, when hundreds carrying flags of former prime minister Imran Khan’s party had attacked government and military installations.
The protests, which erupted in several Pakistani cities, followed Khan’s brief detention on corruption charges from an Islamabad court, resulting in damage to major military facilities and martyrs’ monuments in the country.
The military said it had gathered “irrefutable evidence” against those prosecuted. Khan’s Pakistan Tehreek-e-Insaf (PTI) party has demanded a judicial investigation into the May 9, 2023 events and said Saturday’s verdicts were “against the principles of justice.”
“These verdicts are seen as inconsistent with the obligations that Pakistan has undertaken under the International Covenant on Civil and Political Rights (ICCPR),” Anouar El Anouni a spokesperson for EU foreign affairs and security policy, said in a statement.
“In line with article 14 of ICCPR every person is entitled to a fair and public trial in a court that is independent, impartial and competent, and has the right to adequate and effective legal representation. It also stipulates that any judgment rendered in a criminal case shall be made public.”
The statement noted that under the EU’s Generalized Scheme of Preferences Plus (GSP+), beneficiary countries, including Pakistan, had voluntarily agreed to effectively implement 27 international core conventions, including the ICCPR, in order to continue benefitting from the special trade arrangement. The preferential trade status under the GSP+ scheme grants Pakistani exports duty-free access to the European market.
The EU has previously raised concerns over extremist violence perpetrated in the name of religion in Pakistan, specifically mentioning its blasphemy laws and forced conversions, which it says have marginalized religious minorities.
The sentencing of civilians in May 2023 riots cases has also raised concerns among supporters of ex-PM Khan, who faces charges of inciting attacks against the armed forces and may potentially be tried in a military court.
Pakistan has remained gripped by political unrest and uncertainty since Khan’s ouster from power through a parliamentary no-confidence vote in April 2022, which has also exacerbated Pakistan’s economic hardships.
On Sunday, the Pakistani government formed a committee to hold talks with the opposition PTI party on a range of issues causing political polarization, Pakistani state media reported. Senior government representatives have also recently acknowledged that negotiations could offer a pathway out of the current political impasse.
