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Former central bank chief Shamshad Akhtar assumes charge as Pakistan’s caretaker finmin

Former Pakistan central bank chief Dr. Shamshad Akhtar (right) gestures at a briefing session in the Ministry of Finance as she assumes charge of caretaker finance minister in Islamabad on August 17, 2023. (Photo courtesy: Ministry of Finance)
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Updated 18 August 2023
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Former central bank chief Shamshad Akhtar assumes charge as Pakistan’s caretaker finmin

  • Akhtar’s appointment comes as Islamabad aims to continue reforms agreed with the IMF
  • The caretaker finance minister vows to ensure fiscal discipline, address income inequality
Updated 18 August 2023
KASHIF IMRAN

ISLAMABAD: Dr. Shamshad Akhtar, former Pakistan central bank chief, on Thursday assumed charge as the caretaker finance minister of the South Asian country, the Finance Division said, following an oath-taking of the 16-member interim cabinet that would run the country until the general elections due later this year.

Akhtar, who holds a Ph.D. in Economics, served as the first woman governor of the State Bank of Pakistan from 2006 till 2009. Prior to her appointment as the SBP chief, the veteran economist served at multiple positions at the Asian Development Bank (ADB) and the World Bank. She has presented numerous papers on economics and finance at international conferences and symposia.

Her appointment comes at a time when Pakistan is facing daunting challenges on the economic front and barely averted a sovereign default in June by securing a $3 billion bailout deal with the International Monetary Fund (IMF). The IMF requires the South Asian country to continue with the reforms agreed with the lender to keep receiving the loan tranches in order to keep the economy afloat.

“Dr. Shamshad Akhtar arrived at the Finance Ministry and officially took over the responsibility of Caretaker Finance Minister of Pakistan after taking oath at the Presidency,” the Finance Division said in a statement.

“On her arrival at the Finance Ministry, she was warmly welcomed by Secretary Finance and senior officials of the Ministry. Later, Secretary Finance and his team gave a detailed briefing on the economic situation and trends of major financial economic indicators of the country.”

Upon assuming her new role, the statement said, Akhtar expressed her dedication to ensuring fiscal discipline, promoting investment and bolstering efforts to address income inequality in the country.

Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar allocated portfolios to the newly-appointed federal ministers, advisers and special assistants.

Senator Sarfaraz Ahmed Bugti was given the portfolio of interior, narcotics control, overseas Pakistanis and human resource development; Jalil Abbas Jilani foreign affairs; Lt. Gen (retired) Anwar Ali Hyder defense production; Murtaza Solangi information and broadcasting; Sami Saeed planning and development; Shahid Ashraf Tarar communications, maritime affairs and railways; Ahmad Irfan Aslam law and justice, climate change, water resources; Muhammad Ali power and petroleum; Gohar Ejaz commerce, industries and production; Umar Saif information technology, telecommunication and science and technology; Nadeem Jan national health services; Khalil George human rights; Aneeq Ahmed religious affairs; Jamal Shah national heritage and culture; and Madad Ali Sindhi education and professional training, according to the PM’s office.

The prime minister also appointed Air Marshal (retired) Farhat Hussain as adviser for aviation, Ahad Khan Cheema adviser for establishment and Dr. Waqar Masood Khan as adviser for finance. Syeda Arifa Zehra, Vice Admiral (retired) Iftikhar Ahmad Rao, Wasih Shah, Mishal Hussain Malik and Muhammad Jawad Sohrab Malik were appointed special assistants.

Topics: caretaker government

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Pakistan announces Rs7.41 per unit cut in power tariff for domestic consumers 

Updated 35 min 56 sec ago
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Pakistan announces Rs7.41 per unit cut in power tariff for domestic consumers 

  • Shehbaz Sharif says his government has slashed power tariffs for industrial consumers by Rs7.59 per unit to boost exports
  • Pakistan produces costly electricity due to high reliance on imported fossil fuels, inefficient energy mix, regulatory inefficiencies
Updated 35 min 56 sec ago
NAIMAT KHAN

KARACHI: Prime Minister Shehbaz Sharif announced a significant reduction in electricity tariffs for both domestic and industrial consumers on Thursday, saying that his administration has slashed them by Rs7.41 per unit for domestic consumers and Rs7.59 for industrial ones. 

Pakistan produces expensive electricity due to a combination of factors including high reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses and chronic issues like circular debt and regulatory inefficiencies.

Pakistan has sought to ease fiscal pressure aggressively in recent months by undertaking energy reforms that reduce tariffs and slash capacity payments to independent power producers (IPPs).

“I am here to give you a good news regarding Pakistan’s economy and how the promise made by PML-N leader [Nawaz Sharif] in the manifesto has been fulfilled,” Sharif said at a ceremony in Islamabad, announcing that the price of electricity has been slashed by the government by Rs7.41 per unit, bringing it down to Rs34 rupees per unit.

In June 2024, the prime minister noted that the electricity price for industrial consumers stood at Rs58.50 per unit which was then lowered to Rs47.19. 

“Today, I am announcing an additional reduction of seven rupees and 59 paisas for the industrial sector,” Sharif said to loud applause from the attendees. 

The Pakistani premier reflected on the economic challenges his government inherited, saying that the nation was in danger of being declared bankrupt and that the International Monetary Fund (IMF) was unwilling to cooperate with it at first. 

“When we took power, there were discussions of bankruptcy, the IMF was not willing to listen, there was no money to run power plants and we were facing a very difficult situation to meet energy needs,” Sharif said.

“Meanwhile, those who had brought Pakistan to the brink of default were celebrating, thinking that nothing could save Pakistan from default,” he said, referring indirectly to former prime minister Imran Khan, his political rival. 

The Pakistani prime minister stressed that his government could not continue providing power subsidies until its External Fund Facility (EFF) loan program with the IMF ended.

“We will have to make decisions like privatization and right-sizing because subsidies cannot be provided while the IMF loan exists,” he said. 

“Due to the IMF loan, the nation loses 800 billion rupees annually. I believe that all politicians and institutions must work together to save 800 billion rupees,” he added. 

Despite the challenges, Sharif expressed confidence in Pakistan’s economic course, noting the recovery and reduced pressure on the country’s fiscal situation. 

He noted that Pakistan’s petroleum product prices are now among the lowest in the region.

“In the past year, the price of petrol has decreased by Rs38 per liter and even today, petroleum product prices in Pakistan are the lowest in the region,” the premier said. 

Sharif discussed the government’s plans to increase revenues by 35 percent, acknowledging that this figure was lower than the IMF’s original expectations but still a “significant improvement” over Pakistan’s past performance.

“We are going to increase revenues by 35 percent, which is less than what was agreed with the IMF but much more than in previous years,” he said.

The prime minister also provided an update on Pakistan’s circular debt, saying it stood at Rs2,393 billion. He said the government plans to eliminate it completely within the next five years.

“We are moving toward a path of progress,” Sharif emphasized. “The journey is challenging but we have the strength and resolve to move forward without looking back.”

Topics: power tariff

Pakistan condemns Israeli far-right minister’s storming of Al-Aqsa Mosque

Updated 40 min 56 sec ago
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Pakistan condemns Israeli far-right minister’s storming of Al-Aqsa Mosque

  • Incident took place as thousands of Muslims gathered at Islam’s third holiest site for Eid Al-Fitr prayers
  • Itamar Ben-Gvir’s show of force drew criticism from Muslim nations who called it an act of provocation
Updated 40 min 56 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan on Thursday condemned the “sacrilegious storming” of Al-Aqsa Mosque by Israel’s far-right National Security Minister Itamar Ben-Gvir along with a group of settlers under heavy police protection this week.
The incident came after thousands of Palestinian Muslims gathered peacefully for Eid Al-Fitr prayers at Islam’s third holiest mosque amid the ongoing conflict in Gaza.
Ben-Gvir, who has previously staged similar displays of force, has been widely criticized by majority-Muslim nations, who called it an act of deliberate provocation during a religious festivity.
Islamabad also condemned the escalation of the Israeli onslaught against Palestinians in the Gaza Strip.
“Pakistan denounces Israel’s latest military offensive aimed at establishing new security corridors, including the illegal seizure of the Morag Corridor and further annexation of Palestinian land,” the foreign office said in a statement.
“Of particular concern is the sacrilegious storming of the Al-Aqsa Mosque complex by Israeli occupying forces, during the holy occasion of Eid-ul-Fitr,” it added. “This provocative act not only violates the sanctity of one of Islam’s holiest sites but also demonstrates Israel’s determination to escalate tensions and pursue its expansionist agenda at the expense of regional peace.”
The foreign office also condemned recent Israeli air and ground operations in Gaza, including the targeting of a UN-run clinic in Jabalia sheltering displaced civilians, describing it as a violation of international humanitarian law.
Israeli Prime Minister Benjamin Netanyahu earlier this week announced the creation of a new security corridor known as the “Morag Corridor,” aimed at cutting off the southern city of Rafah in Gaza from Khan Younis.
The move, referencing the area around the former Israeli settlement of Morag, is part of what Netanyahu described as a broader strategy to “divide up” the Palestinian enclave and increase pressure on Hamas to release Israeli hostages.
Pakistan reiterated its support for the Palestinian people’s right to self-determination and called for the establishment of an independent Palestinian state based on pre-1967 borders, with Al-Quds Al-Sharif as its capital.

Topics: Pakistan foreign office Al Aqsa Mosque

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Pakistan’s new envoy to UN presents credentials to world body chief

Updated 03 April 2025
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Pakistan’s new envoy to UN presents credentials to world body chief

  • Ambassador Asim Iftikhar Ahmad has built a distinguished three-decade foreign service career
  • He takes over at a time when Pakistan holds a non-permanent seat on the UN Security Council
Updated 03 April 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Permanent Representative to the United Nations, Ambassador Asim Iftikhar Ahmad, presented his credentials to UN Secretary-General Antonio Guterres, state media reported on Thursday.

Ahmad, a seasoned diplomat, joined the Foreign Service of Pakistan in 1993 and has built a distinguished three-decade career, serving in Europe, Africa, Asia and at the UN.

He succeeds Ambassador Munir Akram, who concluded his tenure as the top diplomat at the country’s UN mission on Mar. 31 this year, according to the Associated Press of Pakistan (APP).

“The UN chief congratulated him on his new role and extended his best wishes for a successful tenure,” the APP said. “Ambassador Asim reaffirmed Pakistan’s steadfast commitment to multilateralism and the principles of the UN Charter.”

State media reported that Ahmad served as Ambassador to France and Monaco and Permanent Delegate to UNESCO from November 2022 to December 2024 before his current appointment.

He also held key roles in Pakistan’s Foreign Ministry, including as a spokesperson, and served as Ambassador to Thailand and Permanent Representative to ESCAP from 2017 to 2021.

According to APP, Ahmad’s previous experience at the UN includes being part of Pakistan’s Security Council delegations in 2003-2004 and 2012-2013.

He takes over at a time when Pakistan holds a non-permanent seat on the UN Security Council, participating in major global debates, including the volatile situation and ongoing conflicts in the Middle East.

Topics: Pakistan

Pakistan unveils salt-themed pavilion for Expo 2025 Osaka to boost exports

Updated 03 April 2025
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Pakistan unveils salt-themed pavilion for Expo 2025 Osaka to boost exports

  • The expo in Japan is a major international event that will run from April 13 to October 13
  • Pakistan seeks to leverage such platforms as it aims to become an export-oriented economy
Updated 03 April 2025
Ismail Dilawar

KARACHI: Pakistan unveiled its national pavilion for Expo 2025 Osaka at a soft launch event in Kobe, said the country’s trade development authority on Thursday, featuring a design inspired by the country’s iconic salt mines amid a broader effort to promote exports of its globally appreciated pink salt.
The pavilion, themed “Universe in a Grain of Salt,” was introduced at a ceremony attended by 120 guests, including Japanese dignitaries, members of the Pakistani diaspora, cultural figures, academics and media representatives.
Expo 2025 Osaka is a major international event that will run from April 13 to October 13, with participation from 165 countries and an expected 28 million visitors. Pakistan, aiming to become an export-oriented economy, has taken part in similar global exhibitions elsewhere to highlight its culture and products to international markets.
“This pavilion belongs to all of you,” Muhammad Naseer, Project Director of the Pakistan Pavilion, said while addressing the participants of the ceremony. “Your stories, contributions and connection to Pakistan are part of this journey.”
“Over the next months, this space will be a place of discovery, dialogue and celebration, where we invite the world to experience Pakistan’s culture, innovation and aspirations,” he added.
Pakistan’s envoy to Japan, Ambassador Raza Bashir Tarar, praised the initiative and highlighted the pavilion’s potential to foster long-term cultural and economic ties.
He encouraged members of the Pakistani diaspora to actively support and promote the pavilion, calling it a symbol of national pride and global engagement.
The pavilion’s design, inspired by the Khewra Salt Mines in Pakistan’s Punjab province, incorporates a tranquil “salt garden” meant to offer visitors a multi-sensory experience reflecting both the country’s natural beauty and economic potential.
The Pakistani salt mines are among the oldest and largest in the world.
They are renowned for producing pink Himalayan salt, which is prized worldwide for its distinctive color and health benefits.
Pakistan also seeks to export more of its products by leveraging platforms such as the Osaka Expo.
 

Topics: Pakistan trade Kewra salt mines Expo 2025 Osaka

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In the heart of Bahawalpur, a 152-year-old palace continues to reflect its royal past

Updated 03 April 2025
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In the heart of Bahawalpur, a 152-year-old palace continues to reflect its royal past

  • Built by the ruler of Bahawalpur’s princely state in 1875, Noor Mahal spans over 44,600 square feet, houses 32 rooms
  • Legend says the palace was built for the nawab’s wife, who refused to live there after seeing a nearby graveyard
Updated 03 April 2025
Usama Iqbal Khawaja

BAHAWALPUR: A young nawab once built a palace for his wife, so goes a local legend, only for her to abandon it after a single visit. As the tale is told, Nawab Sadiq Muhammad Khan IV had Noor Mahal constructed for his spouse, who, after spending one night there, glimpsed a nearby graveyard from the balcony and refused to return, considering it a bad omen.

The story may not hold up to historical scrutiny, but it continues to captivate the many tourists who flock to Noor Mahal, Bahawalpur’s most iconic monument. Towering over manicured gardens, the palace, built in 1875, is famed for its Indo-European architecture and striking symmetry.

Before joining Pakistan in 1956, Bahawalpur was a princely state, one of over 500 semi-autonomous territories in British India ruled by local monarchs. These rulers retained control over internal affairs while pledging allegiance to the British Crown.

The 152-year-old Noor Mahal was a crown jewel of Bahawalpur under its last great ruler, lending some credence to the theory that it may have been built as a gesture of affection for Noor Jahan, his wife. Some historians, however, offer a different reading.

“At the time, the Nawab family had multiple palaces, and Noor Mahal was primarily intended as a guest house for foreign dignitaries and experts,” Dr. Nadeem Omar Tarar, an art historian, told Arab News while challenging the popular story.

The picture taken on February 28, 2022, shows interior view of Noor Mahal in Pakistan's Bahawalpur city. (AN Photo)

Nevertheless, another scholar, Dr. Usman Ali, maintained that the building might originally have been planned as a personal residence before its use shifted.

“The 1904 Gazetteer acknowledges that it was originally designed as a personal residence but later repurposed due to its proximity to the graveyard,” he said.

The story of Nawab Sadiq Muhammad Khan’s ascension to the throne is equally intriguing. When his father died at the age of 29 on March 25, 1866, Khan was just four years old. The young nawab was immediately declared his successor, but his position was challenged by rival factions seeking control of the state.

The statue of Nawab Sadiq Muhammad Khan IV is pictured at Noor Mahal in Bahawalpur, Pakistan, on February 19, 2025. (AN photo)

Fearing internal unrest, his family and loyalists turned to the British for support. In return for their intervention, the British assumed guardianship of the child ruler, securing complete political influence over Bahawalpur.

“The British government took the young Nawab under its guardianship, ensuring his personal education, health and training while also focusing on the development of every sector of the state,” Hafizur Rahman Hafiz wrote in his 1924 book, “Tajdaran-e-Riyasat Bahawalpur.”

The picture taken on February 9, 2025, shows first printing press at the Noor Mahal palace in Bahawalpur, Pakistan. (AN photo

To oversee both state affairs and the young Nawab’s upbringing, Major Charles Cherry Minchin was appointed political agent in November 1866 and served as the de facto authority until Nawab Sadiq IV formally assumed power at the age of 18.

Noor Mahal was constructed over an area of 44,600 square feet, featuring 32 rooms — 14 of them in the basement — along with six verandas and five domes.

Its design was selected from 11 architectural proposals solicited from across India, with the final plan submitted by a building designer named Muhammad Hussain, adopted with minor modifications.

The picture taken on February 9, 2025, shows exterior view of Noor Mahal palace in Bahawalpur, Pakistan. (AN photo)

The palace blends Corinthian and Islamic styles, with columns, balustrades and pediments sitting alongside domes and angled arches, a signature of Indo-Saracenic architecture.

A commemorative inscription and state coins were buried in its foundations during construction as a good omen, according to court historian Azizur Rahman Aziz in his book, “Subh-e-Sadiq.”

After Bahawalpur joined Pakistan in 1956, Noor Mahal came under the Auqaf Department. In 1971, the Pakistan Army leased the property and eventually bought it in 1997 for Rs119 million ($428,400).

Today, the palace is open to the public and remains a major tourist attraction. Each evening, visitors gather for a sound and light show narrating Bahawalpur’s history, from its state rulers to its accession to Pakistan.

“The immersive experience draws large crowds every weekend, running throughout the year,” said local tourism official Waqas Ahmed.

Topics: Bahawalpur Noor Mahal Pakistan

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