KARACHI: Pakistan will receive $3 billion financial assistance pledged by Saudi Arabia in the next few days, an adviser to the Pakistani prime minister said on Sunday.
During PM Imran Khan’s visit of the kingdom in October, Riyadh announced it would deposit $3 billion in the Pakistani central bank along with $1.2 billion facility to finance the trade of oil derivatives, according to Saudi Fund for Development (SFD).
“That (release of $3 billion) was delayed for signing of an agreement which we have signed and sent. Today I have talked to the finance minister of Saudi Arabia for the transfer of amount as soon as possible,” Shaukat Tarin, Pakistani PM’s adviser on finance, told journalists at a ceremony in Karachi.
The finance adviser, however, did not disclose at what rate the Saudi financial assistance would be available to Pakistan.
The announcement of Saudi assistance had helped Pakistani rupee gain some lost ground, with the currency recovering by Rs5.3 against the United States dollar in the interbank market.
Tarin’s statement comes at a time when Pakistan is negotiating with the International Monetary Fund (IMF) for the revival of $6 billion loan program secured in 2019. The talks will pave the way for the 6th review of the Extended Fund Facility (EFF), which would enable Pakistan to draw $1 billion from the IMF.
Despite a lapse of over a month, an outcome of talks between Pakistani authorities and IMF officials is still awaited. Tarin, however, said the uncertainty relating to the talks with IMF would soon be over.
“Soon there will be good news as far as talks with IMF are concerned,” Tarin said, adding, “Yes, we said no to IMF on many things.”
As IMF talks linger on, Pakistani rupee continues to remain under pressure and hit yet another all-time low against the US dollar on Friday to close at Rs175.73.
The finance adviser conceded that the currency was deprecating due to the involvement of speculators in the market.
“Yes, there is a speculation hand in the devaluation of rupee. Speculator is taking it up as per the Real Effective Exchange Rate (REER),” Tarin responded to a question.
“It should be at Rs167-166. Your rupee is under value at the moment as speculator is taking away Rs8-9,” he said, adding that speculators would be hit hard with the outcome of IMF talks.
The finance minister said he had asked the State Bank of Pakistan (SBP) that the currency movement should be both ways, otherwise the speculator would play in the market.
Pakistan to receive $3 billion Saudi deposit in next few days — finance chief
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Pakistan to receive $3 billion Saudi deposit in next few days — finance chief
- Shaukat Tarin says transfer of Saudi assistance was delayed because of signing of an agreement
- Concedes that speculators are active in Pakistani currency market, causing devaluation of currency
Pakistan’s northwestern province offers over Rs10 billion to keep national airline under state control
- Khyber Pakhtunkhwa says PIA is a critical state asset that should remain ‘within the national fold’
- Offer comes after PIA’s privatization process led to a low bid that fell far short of the minimum price
KARACHI: Pakistan’s Khyber Pakhtunkhwa (KP) province has formally offered to exceed the highest bid in the sale of Pakistan International Airlines (PIA), saying the national flag carrier should remain under government control to preserve its status, according to a letter from provincial authorities to federal officials that emerged on Saturday.
KP made the offer just a day after the government held the privatization process, receiving the sole bid of Rs10 billion ($36 million) from Blue World City, a real estate development firm, which fell far short of the minimum price of Rs85 billion ($305 million).
Critics, including PIA union representatives and independent analysts, called the low bid an “embarrassment” for the government, with airline employees suggesting Pakistani authorities should expand PIA’s fleet to restore its operational viability.
“On behalf of the Chief Minister ... and the people of KP, we would like to express our earnest interest in participating in the bidding process for the sale of Pakistan International Airlines (PIA),” read the letter from the provincial Board of Investment and Trade. “This letter serves as our formal intent to position the Government of KP as a competitive bidder in this strategic acquisition.”
The letter, which was addressed to Pakistan’s Privatization Minister Abdul Aleem Khan on Friday, emphasized PIA’s importance as “a critical asset that symbolizes our national identity and pride,” adding that the province wished to keep it “within the national fold.”
“The Chief Minister [Ali Amin Gandapur] has directed us to actively pursue this acquisition to ensure the airline remains under the control of the Government of Pakistan rather than transferring to any private or foreign-backed entity,” it continued.
“In line with this commitment, we are prepared to offer a bid that will surpass the current highest offer of PKR 10 Billion by Blue World Consortium, ensuring a strong and competitive position within this process,” it added.
Pakistan decided to move ahead with PIA’s privatization under terms agreed with the International Monetary Fund (IMF) for a 37-month, $7 billion bailout approved in September, aiming to divest over 51 percent of its stake in the financially struggling national carrier.
The KP administration requested a prompt meeting with federal officials to present its detailed proposal and outline its vision for PIA, affirming its readiness to proceed quickly to secure the acquisition.
Despite KP’s proposed plan, provincial ownership of PIA may not align with the privatization’s intended purpose under the IMF agreement, which is to reduce financial burdens associated with state-owned enterprises.
‘He never found peace’: Former Guantanamo detainee from Pakistan dies after years of suffering
- Abdul Rahim Ghulam Rabban died after prolonged illness due to a lack of proper medical care
- Arrested in Karachi in 2002, he spent about two decades at the US prison without ever being charged
KARACHI: A former Guantanamo Bay prisoner from Karachi, who spent about two decades at the detention center without being charged before his return home in February last year, died in his native city on Friday, his brother and a fellow former detainee confirmed on Saturday.
Abdul Rahim Ghulam Rabbani’s death was attributed by his brother, Muhammad Ahmed Ghulam Rabbani, to inadequate medical care during a prolonged illness, which he said extended their suffering even after their transfer to Pakistan.
According to Reprieve, a global legal action non-profit, the brothers endured 545 days of torture in CIA custody following their arrest in Karachi on September 10, 2002, before being transferred to Guantanamo in 2004.
“We spent over twenty arduous years together in Guantanamo,” said the late former Guantanamo detainee’s brother. “On Friday at 2 AM, he passed away in my arms.”
Guantanamo Bay, a US military detention facility established in Cuba to detain suspects in the “War on Terror” after the September 11, 2001, attacks, became notorious for holding prisoners without trials, drawing widespread condemnation.
International human rights groups criticized the facility for violating detainees’ rights to due process, with allegations of extreme interrogation techniques amounting to torture, including waterboarding and prolonged isolation.
Rabbani recalled that both brothers briefly felt relief when they learned they would be handed over to Pakistani authorities, believing their ordeal would end.
“But our suffering continued,” he said. “Over 19 months, we still lack identity cards. My brother had been ill for a long time, but we couldn’t access proper medical care without an ID.”
He added that his brother fell “seriously ill” more than 20 times, attributing it to injections administered upon their arrival at Guantanamo and the extensive torture they endured.
“He suffered such violence that his hand was broken, his leg was broken and his private parts were damaged, ruining his family life,” Rabbani said. “When he passed away, we even faced difficulties in burying him because an ID card was required.”
Overwhelmed by their circumstances, he questioned why they were returned to Pakistan when their own government was unwilling to issue identity documents.
“My dearest brother has left me behind,” he added. “He did not have peace for even a single day after the arrest. What was our crime? What is our crime?”
In the early 2000s, Pakistan apprehended and transferred hundreds of individuals to US custody, claiming they were linked to Al Qaeda. In his 2006 memoir, In the Line of Fire, then-President Pervez Musharraf said his government had received substantial CIA payments for these handovers.
Subsequent analyzes revealed that many of these detainees, mistakenly identified as militants, were likely innocent.
Lahore-based analyst Majid Nizami called the Rabbani brothers’ arrest “a case of illegal abduction by state agencies of Pakistan,” later justified as “mistaken identity.”
“It’s unclear whether this was intentional by Pakistani agencies or a severe negligence,” he told Arab News. “It has not yet been determined who was responsible, and no one seems interested in addressing the issue.”
According to some estimates, Pakistani authorities handed over nearly 370 people to the US after 9/11. The two brothers were among those transferred to American custody for $5,000 each.
Pakistan’s Khyber Pakhtunkhwa to establish power transmission line costing $28 million
- Official says this will be the first time ever that a province will lay a transmission line on its own
- In the first phase, a 40-kilometer section of the line will be built from Matiltan to Madyan in Swat
ISLAMABAD: The government in Pakistan’s northwestern Khyber Pakhtunkhwa province has signed an agreement with a private firm to establish a power transmission line in the province, an official said on Saturday.
The power transmission line will be established in one and a half year with a cost of Rs8 billion ($28.8 million), according to Muhammad Ali Saif, KP chief minister’s adviser on information.
In the first phase, a 40-kilometer section of the line will be built from Matiltan to Madyan in Swat to supply power to local industries and national grid.
“Industries will be provided very cheap electricity through the transmission line,” Saif said in a statement. “The completion of its first phase generate Rs7 billion for the province.”
Pakistan has enough installed capacity to meet its demand for electricity, but the South Asian country lacks adequate resources and cannot afford to invest in new infrastructure and power lines, which often result in transmission losses.
In January 2023, the country suffered a nationwide blackout due to a frequency failure in the national grid, which happened because of a major mismatch between demand and supply. It was the second nationwide shutdown in three months.
In November last year, the Asian Development Bank (ADB) approved $250 million loan for Pakistan to help the South Asian country deliver reliable electricity by expanding and improving its power transmission network in the Khyber Pakhtunkhwa and Punjab provinces.
Hindus, Muslims gather in unity to celebrate Diwali at historic Karachi temple
- Diwali honors the victorious return of Lord Rama, one of Hinduism’s most revered figures, from exile
- Devotees light up homes and workplaces, distribute sweetmeats and wear colorful clothes to mark festival
KARACHI: Thousands of men, women and children, both Hindus and Muslims, gathered on Friday at the 234-year-old Shri Swaminarayan temple in the southern Pakistani port city of Karachi to celebrate one of the biggest Hindu festivals, Diwali.
Diwali honors the victorious return of Lord Rama, one of Hinduism’s most revered figures, from exile and was celebrated in various parts of the world either on Thursday or Friday.
It is also known as the festival of lights to symbolize the triumph of light over darkness, or good over evil, explaining why fireworks are so central to the Diwali celebrations.
The Swaminarayan temple, situated in the Serai Quarters area, is not only frequented by Hindus living in the neighborhood, but members of the community from elsewhere in the bustling megapolis too.
“Diwali is a festival of happiness, a festival of lights. Our lord Rama returned to Ayodhya after 14 years in exile. His wife Sita and his [younger] brother Laxman were also with him, who stood by him,” Hansa Rani, an academic, told Arab News, lighting up small oil lamps, called ‘diyas,’ to welcome their Lord.
“We celebrate their return with happiness [on Diwali], wear new clothes, distribute sweets and make rangoli [in which] we decorate our floor with colors.”
One of the most prominent Hindu festivals, Diwali is celebrated across the globe wherever the community resides. Devotees light up their homes and workplaces to signify light over darkness.
The festivities span over the course of five days, starting with ‘Dhanteras,’ that marks the first day of Diwali, followed by ‘Naraka Chaturdashi’ [Choti Diwali], Diwali, ‘Govardhan Puja’ and Bhai Dooj. Each day has different rituals and significance.
“We are here to celebrate Diwali. As you can see, how happy these people are. There is one festival in the entire year during which we have mithai (sweetmeats), worship, light diyas, and meet our relatives,” Gauri Dara, who was at the temple with her family, told Arab News, on the sidelines of the celebrations.
“On this day, our cousins from other cities come to meet us too. We celebrate Diwali together.”
Muslims, who attended the celebrations at the Swaminarayan temple, said they had come to stand in solidarity with their Hindu brothers and sisters and share their happiness on the joyous occasion.
“[Despite] being a Muslim, I come here every year since the past 10 years in fact. I love the fact that we get to celebrate Diwali with our Hindu community every year because I have a lot of Hindu friends in Pakistan,” Qasim Shafique, a senior television news producer, told Arab News.
“Our flag also represents [minorities]. The white part in the [Pakistani] flag is for minorities. So, I come to celebrate that every year. I’ll meet all my Hindu friends here and we will enjoy the festivities together.”
Pakistan PM calls for justice for journalists killed in Gaza
- Shehbaz Sharif’s statement came on the International Day to End Impunity for Crimes against Journalists
- The Pakistan prime minister says freedom of press is not possible without the protection of journalists
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Saturday demanded the world hold Israel accountable for the killing of dozens of journalists in Gaza, Sharif’s office said.
Sharif’s statement came on the International Day to End Impunity for Crimes against Journalists, a United Nations-recognized international day that is observed annually on Nov. 2.
Since Israel began its war against Hamas on Oct. 7, 2023, at least 134 journalists have been killed and 41 injured in Gaza, the West Bank, Israel and Lebanon, according to the Committee to Protect Journalists.
In his statement, Sharif lamented that dozens of journalists were “deliberately” killed in Gaza to block the “path of truth,” despite the international conventions to protect journalists.
“The United Nations and international organizations should bring Israel to justice for the massacre of journalists,” he said. “Freedom of press is not possible without the protection of journalists.”
Sharif said his government was determined to prevent crimes against journalists, ensure punishment of perpetrators and protect journalists.
“The Constitution of Pakistan gives the right to freedom of expression, freedom of press and access to information, and the Government of Pakistan ensures this,” he added.
Pakistan itself consistently ranks among the most dangerous countries for journalists, with many facing threats, intimidation, and violence. According to the CPJ, 103 journalists and media workers have been killed in Pakistan between 1992 and 2024.
