ISLAMABAD: A senior Pakistani economist, Jameel Ahmad, has formally taken charge as the country’s central bank governor for the next five years after his appointment was approved by the president earlier this month, said the bank in a social media post on Saturday.
Ahmad has started performing his duties as the top official of the State Bank of Pakistan (SBP) at a time when the country is witnessing tough economic challenges, including soaring inflation.
The SBP governor’s post was vacant since its former occupant, Reza Baqir, left in May.
“Mr. Jameel Ahmad has assumed the charge of Governor, State Bank of Pakistan, after his appointment by the President of Pakistan for a period of 5 years in pursuance of Section 11 A (1) of SBP Act 1956,” the bank announced in a Twitter post.
Mr. Jameel Ahmad has assumed the charge of Governor, State Bank of Pakistan, after his appointment by the President of Pakistan for a period of 5 years in pursuance of Section 11 A (1) of SBP Act 1956. See his profile at: https://t.co/mLF27OXc2Tpic.twitter.com/tH8zdWQ8f0
According to Ahmad’s profile shared by the central bank, he has spent over 31 years at various positions at the SBP and the Saudi central bank.
“Mr. Jameel Ahmad has extensive experience of working at senior positions at SBP in areas of Monetary Policy and Operations, Treasury, Banking Policy & Regulation, Banking Supervision, Development Finance, Payment Systems and Financial Resource Management,” said a central bank notification.
Speaking to Arab News after Ahmad’s appoint earlier in August, financial analysts said the new central bank governor would be facing several challenges, including taming high inflation and shoring up forex reserves.
“The top most challenge the governor of central bank would face is to control inflation as in July 2022 it was recorded at 24.9 percent and it is expected that it would remain high in August,” Tahir Abbas, research head at the Karachi-based Arif Habib Limited brokerage firm, said.
“The second challenge would be to build up the country’s forex reserves that are at very low level, [barely enough] to cater imports of less than two months,” he continued. “The third challenge would be setting a monetary policy that enables to counter inflation by avoiding recession.”
Abbas said Ahmad would also need to review the schemes announced by the central bank, including Roshan Digital Account, to reverse the withdrawal trend by offering attractive rates.
ISLAMABAD: The Islamabad traffic police have been investigating alleged issuance of a driving license to a blind person, a traffic police spokesperson said on Sunday, days after a local news channel made the exposé during a sting operation.
The exposé, led by Iqrarul Hassan who hosts ‘Sar-e-Aam’ show on ARY News channel, this week revealed that driving licenses were being issued in Islamabad without proper theoretical and driving tests, or medical examination in exchange for bribes, which raised serious concerns about public safety on the capital city roads.
For the show, Sar-e-Aam team had contacted through an agent an Islamabad traffic police official, who promised to issue a driving license without any theoretical, medical, or driving test. They successfully obtained the license by paying Rs30,000 ($107) and having someone else undergo the medical test on behalf of the blind applicant.
“The incident is currently under investigation, which will be concluded in the next two days and strict action will be taken against all those involved, including Muhammad Talha, the traffic police officer seen in the video,” Nafees Iqbal, the Islamabad traffic police spokesperson, told Arab News.
He said they were verifying facts regarding the young man, who claimed to be blind.
“Preliminary findings suggest that his condition may not be as portrayed in the media and he may not be entirely blind,” Iqbal added.
Arab News reached out to Sar-e-Aam host Hassan and his team, but they did not respond to calls and messages for a comment on the matter.
The traffic police spokesperson said they would share findings of their probe with media upon completion of the investigation in the next few days.
“Upholding the prestige and integrity of the Islamabad traffic police is of utmost importance to us,” he added.
Additionally, he said, strict measures had been taken to curb agent mafias, who act as intermediaries in such matters, and model police service centers were operating for the facilitation of public, including the issuance of driving licenses.
“Further action will be taken based on the inquiry team’s recommendations,” Iqbal added.
Corruption in public sector organizations is a major concern for the South Asian nation, with Pakistan ranking 133rd out of 180 countries on Transparency International’s Corruption Perceptions Index in 2023.
According to the findings of the National Corruption Perceptions Survey 2023, the police department remained the most corrupt institution, followed by tendering and contracting and the judiciary at third position.
Islamabad: Distinguished Pakistani scientist and Coordinator-General of the OIC’s Standing Committee on Scientific and Technological Cooperation, Dr. Muhammad Iqbal Chaudhry, has been awarded the Sheikh Zayed International award in recognition of his achievements in medicine, COMSTECH said on Sunday.
The Sheikh Zayed International TCAM (Traditional Complementary and Alternative Medicine) Award recognizes significant contributions to the field of TCAM. It was established to honor individuals, organizations, and institutions that have made outstanding efforts in promoting TCAM practices, enhancing health care, and integrating traditional medicine with modern medical practices.
Dr. Chaudhry was presented with the award at the Hotel Beach Rotana in Abu Dhabi, COMSTECH said in a press release. It added that he was awarded for his groundbreaking contributions to herbal medicine and academic excellence.
“This award not only acknowledges his individual accomplishments but also highlights the growing importance of traditional medicine in modern health care,” COMSTECH said.
A distinguished figure in the scientific community, Dr. Chaudhry is the recipient of numerous prestigious Pakistani awards, including civil awards such as the Hilal-I-Imtiaz, the Sitara-I-Imtiaz, and the Tamgha-I-Imtiaz.
He has also bagged the Friendship Award from China, and the Golden Silkball Friendship Award.
He serves as vice president of the World Academy Of Sciences For Central & South Asia and is a fellow of several esteemed scientific organizations, including the Royal Society Of Chemistry in London.
In October, Hunan University Of Medicine in China named it’s newly inaugurated research building after Dr. Chaudhry.
Pakistan eyes olive cultivation as means to boost agricultural growth
The South Asian country is currently turning its focus to agriculture as a driving force for economic growth, with ambitious plans to enhance cultivation
With government backing, investment, and community-driven innovation, Pakistan’s olive industry seems poised to transform the agricultural landscape
ISLAMABAD: Pakistan has been eyeing an increase in olive cultivation to boost its agricultural growth, its national food security minister said this week, adding that it could position the country as a major player in the global olive oil market.
According to the Journal of Agriculture and Food Research from June 2024, Pakistan has 80 million wild and 5 million planted olive trees. Olives are important for their food and nutritional benefits. Cultivating olives on a large scale in Pakistan will help in meeting the local demand for edible oil in the country.
In 2022, Pakistan became the 19th member of the International Olive Council, the only intergovernmental organization in the world that brings together olive oil and table olive producing and consuming stakeholders. Pakistan exported virgin and extra virgin olive oil worth 1.9 million in 2022.
The South Asian country, which has been facing an economic crisis, is currently turning its focus to agriculture as a driving force for economic growth, with ambitious plans to enhance cultivation, modernize processing, and expand exports.
Speaking at an event in Islamabad for the promotion of olive cultivation on a commercial scale, Pakistan’s National Food Security Minister Rana Tanveer Hussain said it would not only boost the gross domestic product, but also generate employment in rural areas.
“We will bring an increase in cultivation. We will definitely put this industry in processing and packing,” he said on Friday. “And God willing, that day will not be far when our olive oil will become popular in other countries. Because it contents, as far as I know, are very good.”
Jars of olive pickles are displayed at a stall at the Grand National Olive Gala 2024 in Islamabad, Pakistan, on December 13, 2024. (AN photo)
Agriculture is the backbone of Pakistan’s economy and accounts for nearly half of the employed labor force in the country, according to the Pakistan Bureau of Statistics (PBS).
“In the last few years, no sector had a contribution in economic growth like agriculture, which accounted for 6.5 percent of GDP,” Hussain said, emphasizing agriculture’s critical role in the country’s economy.
Pakistan’s financial and private sectors are also stepping up to support this momentum.
Muhammad Shoaib Qaisrani, vice president of the National Bank of Pakistan, shared that substantial investments were being made in the agriculture sector to boost production.
“We have disbursed Rs368 billion ($1.33 billion) into agriculture,” he shared. “With the addition of olives, we are expecting to inject another up to Rs40 billion ($144.4 million) to further support this sector.”
A customer is checking a bottle of olive oil at the Grand National Olive Gala 2024 in Islamabad, Pakistan, on December 13, 2024. (AN photo)
The private sector is embracing the potential of olives, with entrepreneurs and women playing a transformative role in the country’s olive oil industry. Women-led initiatives, particularly in rural areas, have been thriving, with many women involved in producing olive-based products like soaps, cosmetics and pickles.
Aiza Imran, brand manager at Loralai Olives that cultivates and processes olives, expressed optimism about Pakistan’s position in the olive oil market.
“When we think of olive oil, we think of Italy or Spain. That’s what we are trying to do with Pakistan, and Loralai specifically, because it’s known to have the best quality oil in the region,” she said.
Participants attend the Grand National Olive Gala 2024 in Islamabad, Pakistan, on December 13, 2024. (AN photo)
These ventures are not only empowering women economically but also contributing to local value addition, driving innovation and inclusivity in the industry, according to Alamgir Khan, an official at Khazana Support Organization, a Khyber Pakhtunkhwa-based entity that aims to enhance capacity-building of women.
Entrepreneurs are leveraging modern techniques and creative marketing to expand the industry’s reach, fostering job creation and promoting Pakistan’s olive oil as a high-quality product in global markets. The collaborative efforts are reshaping the narrative around entrepreneurship and gender roles in agriculture.
“We have soaps, cosmetics, pickles. We have made a group of females, and they make these products,” Khan told Arab News. “They have displayed their work, showing how olives contribute to diverse industries.”
Olives are also recognized for their vast health benefits.
“From a nutritional point of view to skin cosmetics, healthy living, longevity, and anti-aging, olives are the best,” said Dr. Daud Qazi, chairman of the World Association for Regenerative Medicine, while emphasizing their versatility.
ISLAMABAD: Pakistan’s Interior Minister Mohsin Naqvi arrived in Riyadh on Sunday to discuss bilateral ties and issues of mutual concern with Saudi Arabia, the interior ministry said as both countries continue efforts to forge closer economic and investment ties.
Pakistan has looked toward Saudi Arabia and other Middle Eastern states in recent months to attract foreign investment and ensure economic stability.
Islamabad and Riyadh signed several memorandums of understanding (MoUs) in October worth $2.8 billion that Pakistan says will bring much-needed foreign investment into the cash-starved country.
Naqvi met Saudi Arabia’s Undersecretary of Interior Dr. Khalid bin Mohammed Al-Battal after his arrival in Riyadh, the interior ministry said.
“Matters of mutual interest and discussions on Pakistan-Saudi Arabia relations were held,” the interior ministry said.
Naqvi congratulated the Saudi leadership on successfully winning the bid for hosting the 2034 FIFA World Cup, expressing his best wishes for the Kingdom.
“Saudi Arabia is our most trusted Islamic friends. Every Pakistani is proud of this friendship,” Naqvi added.
He praised Saudi Crown Prince Mohammed bin Salman’s Vision 2030 program, saying that it has created “historic progress and prosperity” in the Kingdom.
Al-Battal noted that the two countries enjoyed very close ties to each other, adding that he was looking forward to further progress in bilateral relations during Naqvi’s ongoing tour of Saudi Arabia.
ISLAMABAD: Information Minister Ataullah Tarar on Sunday thanked his Lebanese counterpart for safely evacuating hundreds of Pakistani nationals from Syria this week, reaffirming Islamabad’s resolve to further strengthen ties with Beirut.
More than 1,300 Pakistanis were stranded in Syria since last week when opposition forces seized the capital of Damascus unopposed following a lightning advance that sent Syria’s President Basha Assad fleeing to Russia last week.
Pakistan’s Prime Minister Shehbaz Sharif spoke to his Lebanese counterpart to arrange for the safe evacuation of hundreds of Pakistani citizens from Syria. Over 300 Pakistanis stranded in Syria arrived in Islamabad from Beirut via a chartered flight on Friday.
“Federal Minister for Information thanked the Lebanese leadership for facilitating the immediate evacuation of Pakistani citizens stranded in Syria via Beirut,” Pakistan’s information ministry said in a press release.
Tarar arrived in Turkiye on Dec. 13 for a three-day visit to the country to take part in the Stratcom Summit 2024 in Istanbul. He met Lebanon’s Information Minister Ziad Makary in Istanbul to discuss bilateral ties between the two countries.
Tarar noted that the Lebanese prime minister responded to the telephonic conversation between him and Sharif, and ensured assistance was provided to Pakistani evacuees.
“Pakistan and Lebanon have brotherly and warm relations,” he said.
Pakistan has consistently sent relief consignments to the people of Lebanon and Gaza who had suffered from Israel’s bombardment. Lebanon and Israel agreed to a ceasefire last month, ending Israeli bombardment.
“The entire Pakistani nation stands with the people of Lebanon in this difficult time,” Tarar said.
Makary, on the other hand, thanked Islamabad for sending relief supplies to Lebanon during Israel’s bombardment, the press release said.
“Lebanon’s information minister reaffirmed his resolve to further strengthen ties between the two countries,” it added.
