KARACHI: Pakistan’s caretaker information minister Murtaza Solangi said Saturday the government might be able to reduce fuel prices in the country during the next fortnightly review due to the relative increase in the value of the Pakistani rupee against the US dollar in recent weeks.
He issued the statement during a brief media interaction at the Karachi Press Club in response to a question regarding a possible relief in the record rise in petroleum prices which has built massive inflationary pressure on the economy and increased the cost of living in the country.
The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.
The government announced a historic increase in the prices of petroleum products last week on Friday, making the per liter petrol rate breach the Rs330 mark for the first time in history.
“We import most the oil and the price in the international market and the amount of money we pay in dollars become two major factors affecting the cost of oil products,” the information minister said.
“But the way our government has reduced the value of the dollar through administrative measures, we will probably pay less rupees to buy petrol,” he continued. “It is therefore highly likely that the price of petrol will come down when the next announcement is made.”
Solangi also responded to questions about the prevailing political situation in the country, specifically about the forthcoming return of Pakistan’s former prime minister Nawaz Sharif from self-exile in London ahead of the national polls in January.
The three-time premier flew out of the country in November 2019 after securing medical bail following his conviction in two corruption references and was later declared an absconder for not returning to Pakistan within a stipulated period.
Sharif and his party have said that all cases against him are politically motivated. However, the announcement of his homecoming on October 21 at the beginning of the month has made his rivals raise the question about whether he was going to surrender himself to the law.
“Nawaz Sharif has been the prime minister of this country three times,” Solangi said. “He is the leader of a very large political party. When he went abroad, he did not break the walls of the prison but got permission from a court and the government of that time. When he returns, he will be treated according to the constitution and law of the country.”
The minister said the media should ask about Sharif’s strategy in the face of all the legal challenges from his political faction, adding he did not know whether he would apply for bail before returning to the country or not.
This is the first time the country’s interim administration has issued a statement about Sharif’s planned return to Pakistan.
Pakistan’s interim administration says fuel price reduction likely in upcoming fortnightly review
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Pakistan’s interim administration says fuel price reduction likely in upcoming fortnightly review
- Caretaker information minister says gradual increase in the rupee value against the US dollar may bring down petrol cost
- Murtaza Solangi also says Pakistan’s three-time prime minister, Nawaz Sharif, will be treated as per the law upon return
Pakistan issues drought alert for multiple regions due to scarce rainfall
- Rainfall was 40 percent lower than normal across Pakistan from Sept. 1, 2024, to Jan. 15, 2025
- In Sindh, rainfall was 52 percent lower than normal, Balochistan 45 percent, Punjab 42 percent
ISLAMABAD: The Pakistan Meteorological Department (PMD) has issued a drought alert for several parts of the country, warning of worsening conditions due to below-normal rainfall and rising temperatures, state-run APP reported on Wednesday.
Pakistan has the fourth-highest rate of water consumption in the world. The country’s agriculture sector uses the most amount of fresh water than any other sector. Rainfall has steadily declined over the past few decades and experts have been warning for years the country will approach “absolute scarcity” of water by 2025.
According to the PMD advisory, which followed one issued on Dec. 9, rainfall from Sept. 1, 2024, to Jan. 15, 2025, was 40 percent below normal across Pakistan, with Sindh, Balochistan, and Punjab being the most affected provinces where rainfall deficits of 52 percent, 45 percent, and 42 percent respectively have been recorded.
“The drought is particularly affecting rain-fed areas,” APP said. “Drought conditions are likely to aggravate in the coming months due to limited rainfall and above-normal temperatures, which may lead to moderate drought in some regions. Flash droughts are also anticipated.”
The advisory said in Punjab province, mild drought conditions had been observed in Attock, Chakwal, Rawalpindi/Islamabad, Bhakkar, Layyah, Multan, Rajanpur, Bahawalnagar, Bahawalpur, Faisalabad, Sargodha, Khushab, Mianwali, and Dera Ghazi Khan.
Sindh province was experiencing similar conditions in Ghotki, Jacobabad, Larkana, Sukkur, Karachi, Hyderabad, and Tharparkar, while in Balochistan, affected areas included Ormara, Kharan, Turbat, Panjgur, Lasbela, Dalbandin, and adjacent regions.
The results of the latest census in 2023 counted 241.49 million people across Pakistan with a growth rate of 2.55 percent. Linked to that, per capita water availability has been on a downward trend for decades.
In 1947, when Pakistan was created, the figure stood at about 5,000 cubic meters per person, according to the World Bank. Today it is 1,000 cubic meters. It will decline further with the population expected to double in the next 50 years, climate change experts say, pointing out that Pakistan needs intervention on a range of water-related issues: from the impact of climate change to hydropower, from transboundary water-sharing to irrigated and rain-fed agriculture, and from drinking water to sanitation.
Pakistan finmin discusses financial cooperation, banking sector partnerships with Saudi National Bank chairman
- Muhammad Aurangzeb meets SNB chairman at sidelines of World Economic Forum summit in Davos
- Pakistan’s finmin meets Egypt’s planning minister, discusses ongoing projects between two countries
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb met Saudi National Bank Chairman Saeed bin Mohammed Al-Ghamdi on Tuesday to discuss financial cooperation and strengthening banking sector partnerships between the two countries, Pakistan’s finance ministry said.
The meeting between the two officials took place during the sidelines of the World Economic Forum (WEF) summit in Davos, which will be held till Jan. 24 under the theme: ‘Collaboration for the Intelligent Age’.
Pakistan and Saudi Arabia are close regional partners and economic allies, with both countries signing 34 agreements worth $2.8 billion in October 2024.
“The two leaders discussed potential financial cooperation between Pakistan and Saudi Arabia, particularly focusing on strengthening partnerships in the banking sector,” the finance ministry said in a statement.
Aurangzeb briefed Ghamdi about Pakistan’s economic progress and the improvements made by the South Asian nation in its international financial rankings.
“Both sides expressed their commitment to further deepen economic ties for mutual benefit,” the ministry said.
Meanwhile, the Saudi Export-Import Bank and Pakistan’s Bank Alfalah also signed a $15 million financing agreement, strengthening access to Pakistani markets and boosting trade and economic ties.
Separately, Aurangzeb also met Egyptian Minister of Planning, Dr. Rania Al-Mashat at the sidelines of the summit. The two ministers discussed ongoing programs and projects between Pakistan and Egypt, the finance ministry said.
“The two ministers agreed to continue discussions on economy and finance and learn from each other’s experiences,” the statement said.
Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade
- Agreement designed to enhance Kingdom’s exporters access to Pakistani markets
- In October, businesses from both countries signed agreements worth $2.8 billion
RIYADH: The Saudi Export-Import Bank and Pakistan’s Bank Alfalah have inked a $15 million financing agreement, designed to enhance Kingdom’s exporters access to Pakistani markets and foster stronger trade and economic ties.
The new credit line deal seeks to increase the flow and competitiveness of the Kingdom’s non-oil exports as well as unveil new trade horizons between the two countries, the Saudi Press Agency reported.
This falls in line with Pakistan’s efforts to strengthen trade and investment ties with the Kingdom, with the Saudi government reaffirming its commitment in September to fast-track a $5 billion investment package for the Asian country.
This also aligns with Saudi EXIM’s goal of diversifying the Kingdom’s economy by offering financing and insurance products for non-oil exports in support of Vision 2030.
“The agreement comes within the bank’s efforts to strengthen strategic relations with international banks and financial institutions to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in Pakistani markets, by encouraging importers from Pakistan to import Saudi products and services, which opens up broad prospects for the development of trade and investment between the two countries, and creates more promising trade and investment opportunities,” said General Director of the Finance Department at Saudi EXIM Bank Abdul Latif bin Saud Al-Ghaith.
The Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, Farooq Ahmed Khan, said: “The agreement between Saudi EXIM Bank and Bank Alfalah Ltd. is a milestone in strengthening trade relations between the Kingdom and Pakistan.”
He added: “The financing line will enable Pakistani companies to access high-quality products in the Kingdom and will also enhance the volume of trade exchange between the two countries.
“We at Bank Alfalah are proud to play a pivotal role in promoting trade and investment opportunities that are in line with the shared vision to strengthen and grow the economies of both countries.”
In October, Saudi businessmen expressed hope for successful collaborations in Pakistan, saying the country’s economic stability and improved regulatory framework had made it an attractive investment destination, following the signing of over two dozen deals between companies from both nations.
Pakistan condoles loss of lives as Turkiye ski resort fire kills 66
- Fire erupted overnight in hotel of Turkiye’s Kartalkaya ski resort
- Pakistan stands shoulder-to-shoulder with Turkiye, says foreign office
ISLAMABAD: Pakistan’s foreign office on Tuesday condoled over the loss of lives caused by a deadly fire at a ski resort in Turkiye that killed at least 66 people and wounded over 50 others.
The blaze erupted overnight in the restaurant of the hotel in the famous Kartalkaya ski resort in Bolu province on Monday.
Television footage showed the roof and upper floors of the building engulfed in flames as witnesses and reports indicated that the hotel’s fire detection system had failed to activate.
As per reports, 234 guests were staying at the hotel when it caught fire.
“The government and people of Pakistan are deeply saddened by the devastating fire at a hotel in the Kartalkaya ski resort in Bolu, Türkiye this morning,” the foreign office said.
“Pakistan extends its heartfelt condolences to the Government and people of Türkiye, particularly to the families who have lost their loved ones.”
The foreign office said Pakistan stands shoulder-to-shoulder with Turkiye, reaffirming its solidarity with the nation.
According to the state-owned Anadolu Agency, Turkish Justice Minister Yılmaz Tunç said four people, including the business owner, were detained over the fire incident.
He said six public prosecutors were assigned to the probe, adding that a team of experts were looking into the cause of the fire.
Kartalkaya, which lies about 295 kilometers east of Istanbul, is one of Turkiye’s premier winter tourism destinations that attracts thousands of visitors every winter.
Pakistan contacting UAE to extradite real estate tycoon accused of graft— state media
- State media alleges Malik Riaz Hussain has illegally occupied lands owned by state, private persons
- Hussain, who is co-accused in land graft case involving former PM Imran Khan, denies wrongdoing
ISLAMABAD: Pakistan’s government is reaching out to the United Arab Emirates (UAE) to extradite real estate tycoon Malik Riaz Hussain, the co-accused and proclaimed offender in a land graft case involving former prime minister Imran Khan, on charges of building housing societies on lands he does not legally own, state-run media reported on Tuesday.
Hussain, currently residing in the UAE, is one of Pakistan’s richest and most powerful businessmen and biggest private employers. He is known for being the chairman of Bahria Town Limited, which calls itself Asia’s largest private estate developer.
The development takes place after a Pakistani court last Friday sentenced Khan to 14 years in prison and his wife, Bushra Khan, to seven years in jail. Both were accused of receiving land as a gift from Hussain during Khan’s premiership from 2018 to 2022 in exchange for illegal favors.
Khan says he and his wife were merely trustees and did not benefit from the land transaction. Hussain has also denied being involved in any wrongdoing related to the case.
“The Government of Pakistan is reaching out to the Government of United Arab Emirates for the extradition of Malik Riaz through legal channels,” state broadcaster Radio Pakistan reported.
Radio Pakistan said Pakistan’s anti-corruption watchdog is conducting an inquiry against Hussain and his accomplices for fraud, deceptive practices and cheating the public at large.
It said the National Accountability Bureau (NAB) has credible information that Hussain and his accomplices not only illegally possessed and occupied state-owned land but also land belonging to private persons in Karachi, Takht Parri, Rawalpindi and New Murree areas.
The state broadcaster said Hussain is developing housing societies on these lands
without obtaining regulatory permissions, accusing him of committing fraud against the state and public amounting to billions of rupees.
It mentioned that Riaz has recently launched a project to construct luxury apartments in Dubai, warning the public against investing in it.
“The general public at large is hereby advised and warned to refrain from investing in the stated project,” it said.
“If the general public at large invests in the stated project, their actions would tantamount to money laundering, for which they may face criminal and legal proceedings.”
Hussain has not responded to the latest allegations against him. However, in May 2024, the real estate tycoon took to social media platform X to condemn a raid by NAB at his company’s offices in Pakistan.
Hussain vowed not to give in to “bullying.” The post, however, was a cryptic one as the real estate developer did not state specifically who was pressurizing him.
