ISLAMABAD: Finance Minister Muhammad Aurangzeb on Sunday vowed to accelerate privatization of state-owned entities (SOEs) in Pakistan as Islamabad gears up to hold crucial talks for a bailout package with the International Monetary Fund (IMF) next week.
Under the last $3 billion bailout package from the IMF that was critical in averting a sovereign debt default last year, the lender has said SOEs whose losses are burning a hole in government finances would need stronger governance. Pakistan is now negotiating with the IMF for a larger, longer program for which it must implement an ambitious reforms agenda, including the privatization of debt-ridden SOEs.
Among the main entities Pakistan is pushing to privatize is its national flag carrier, the Pakistan International Airlines (PIA). The government is putting on the block a stake ranging from 51 percent to 100 percent.
Aurangzeb confirmed that an IMF mission had arrived in the country and Islamabad would discuss next week the contours of another loan program with the team.
“We will take this forward and there will also be public-private sector partnership in it,” Aurangzeb said about the privatization of SOEs at a pre-budget conference in Lahore. “We will accelerate the privatization agenda.”
The finance minister said he and Deputy Prime Minister Ishaq Dar were on the “same wavelength” that there are no strategic SOEs.
“After a meeting tomorrow, we will go back to these ministries to say, ‘Hand over all of these [assets] to the private sector,’” he said.
Aurangzeb said investors’ confidence in the country’s economy was improving and credited the government’s policies for the positive outcome.
Pakistan needed structural reforms and the business community should be made a part of the tax net like the salaried class, he added.
Pakistan’s key stock index crossed the 73,000 mark on Friday to close the weekend trading session at an all-time high, as investors banked on renewed hopes of an interest rate cut and improving economic indicators in the country.
Pakistan saw one of the highest inflation regimes last year, with 38 percent inflation recorded in May 2023, which eased to 17.3 percent this April. Pakistani analysts expect a further fall in May, renewing optimism of an interest rate cut from the current 22 percent in the upcoming monetary policy.
Finance minister vows to ‘accelerate’ privatization of Pakistan state-owned assets ahead of IMF talks
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Finance minister vows to ‘accelerate’ privatization of Pakistan state-owned assets ahead of IMF talks
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- Among main entities, Pakistan is pushing to privatize its national carrier, the Pakistan International Airlines
- Muhammad Aurangzeb confirms IMF team has arrived in Pakistan for talks next week on new loan program
Senate chairman calls for streamlining arrangements for 250,000 Pakistani pilgrims to Iraq
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- Iraqi Ambassador Hamid Abbas Lufta calls on Senate Chairman Yousaf Raza Gilani in Islamabad
- Around 250,000 pilgrims visit Iraq every year to pay respects at holy sites during Arbaeen
ISLAMABAD: Pakistan’s Senate chairman has called on Iraq’s government to streamline arrangements and ease the process for Pakistani pilgrims traveling to the Middle Eastern country for the annual Arbaeen religious event, state broadcaster reported on Wednesday.
Iraq is home to some of the holiest Shia Muslim sites, including the Imam Ali Shrine in Najaf and the Imam Hussain Shrine in Karbala. The annual Arbaeen pilgrimage, marking the martyrdom of Hussain in the Battle of Karbala in 680 CE, attracts millions of Shia Muslim devotees from around the world.
Arbaeen signifies the end of a 40-day mourning period for Hussain, observed by Shia Muslims worldwide, with pilgrims from Pakistan and other parts of the world traveling to Iraq to honor his sacrifice.
Former prime minister and Senate Chairman Yousaf Raza Gilani met Iraq’s Ambassador to Pakistan Hamid Abbas Lafta in Islamabad to discuss the religious event and bilateral cooperation between the two countries.
“He (Gilani) said 250,000 Pakistani pilgrims visit Iraq every year to pay respect at holy sites,” state broadcaster Radio Pakistan reported.
“He said there is an urgent need to further streamline the arrangements for Pakistani pilgrims.”
The report added that Gilani stressed the need for enhanced cooperation between Pakistan and Iraq in key sectors including agriculture, trade, water, energy, education, tourism, and defense.
It said Gilani also called for direct flights between both countries to strengthen people-to-people contacts, highlighting that the two sides agreed to promote “parliamentary diplomacy and delegation exchanges.”
Last year Pakistan and Iraq agreed on several measures to facilitate Pakistani pilgrims traveling for Arbaeen. These included easing travel restrictions, operating special flights and launching a crackdown on travel agents charging excessive fees.
Saudi envoy gives travel documents to 30 Pakistanis invited as state guests for Umrah
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- Saudi Arabia’s King Salman last year approved hosting of 1,000 pilgrims from 66 countries as part of a special program
- Saudi Arabia’s government to supervise guests’ travel, lodging and logistical arrangements in Makkah and Madinah
ISLAMABAD: Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki on Wednesday formally handed over travel documents to 30 Pakistani pilgrims invited by the Kingdom as state guests to perform Umrah this year, state-run media reported, vowing to facilitate them during their journey.
Saudi Arabia’s King Salman last year approved the hosting of 1,000 pilgrims from 66 countries to perform Umrah as part of the Custodian of the Two Holy Mosques Program for Hajj, Umrah, and Visit. The pilgrims will be hosted in four groups during the current Islamic year, which ends in the final week of June 2025.
At a ceremony held in Islamabad, Malki expressed the Kingdom’s “deep commitment” to facilitate the pilgrims, underscoring the strong fraternal ties between Saudi Arabia and Pakistan, state-run Associated Press of Pakistan (APP) reported.
“These guests of the Custodian of the Two Holy Mosques will have the opportunity to perform Umrah with all necessary arrangements i.e. travel, lodging, and logistical support during their stay in the holy cities of Makkah and Madinah under the supervision of the Saudi Ministry of Islamic Affairs, Dawah, and Guidance,” APP said.
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The Pakistani beneficiaries of the program expressed gratitude to King Salman and the Saudi government for their hospitality.
The APP said thousands of Pakistani citizens have benefitted from similar programs over the years, reflecting the deep-rooted religious and historical ties between the two nations.
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“This latest gesture reaffirms Saudi Arabia’s unwavering commitment to facilitating the spiritual journeys of Muslims worldwide, particularly those from Pakistan, a country with one of the largest contingents of Umrah and Hajj pilgrims annually,” the state-run media said.
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Thousands of Pakistanis travel to Saudi Arabia every year to perform the voluntary Umrah pilgrimage, visiting holy Islamic places of worship in Makkah and Madinah.
Players more hurt than fans, coach says as Pakistan crash out of Champions Trophy
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- Defending champions’ hopes of reaching the semifinals were ended after defeats to New Zealand and India
- Defeats a disappointing conclusion to Pakistan’s first hosting of a major international cricket competition in three decades
RAWALPINDI: Pakistan’s hurting players will be motivated by pride in their dead rubber against Bangladesh on Thursday, head coach Aaqib Javed said, after the hosts were dumped out of the Champions Trophy in the group stage.
The defending champions’ hopes of reaching the semifinals were ended after defeats to New Zealand and India, leaving their final Group A game in Rawalpindi inconsequential.
Rain washed out the Australia-South Africa Group B match on Tuesday and more is predicted on Thursday, leaving Pakistan in danger of finishing fourth and last on net run-rate.
Whatever happens it will be a disappointing conclusion to Pakistan’s first hosting of a major international cricket competition in three decades.
“There are no excuses, there shouldn’t be any in life, but I can assure you that the players are more hurt than the fans and want to leave a mark in the last game,” said Aaqib on Wednesday.
“The players are not satisfied, no one is satisfied after losing, but everyone tries hard to win and by doing so we have recently won a series in Australia and South Africa.”
Pakistan beat Australia 2-1 in November — their first ODI series win there for 22 years — before whitewashing South Africa 3-0 in the build-up to the Champions Trophy.
“This is the Champions Trophy, where the eight best teams are playing, so after two defeats we have to start from zero,” said Aaqib.
“Every game is played for pride so we want to leave a mark on Thursday,” said Aaqib.
Their Champions Trophy flop left former Pakistan players and fans angry over the continuous failure of the team, having also crashed out of the 2023 World Cup and Twenty20 World Cup last year both in the first round.
Aaqib admitted losing to arch-rivals India left fans emotional.
“People are more involved in an India-Pakistan match and they do not accept a defeat against India and that defeat in Dubai has left them more dejected,” said Aaqib.
Pakistan were below par against a formidable India in Dubai on Sunday, losing by six wickets.
“We managed just 241 in batting and when facing a strong batting line-up you attack in order to get wickets and in the process you bowl on both sides,” said Aaqib.
A fast bowler himself, who played 22 Tests and 163 ODIs for Pakistan, Aaqib backed his struggling pace trio.
“People blamed two, three players, which is not correct,” said Aaqib. “If you assess Shaheen (Afridi), Naseem (Shah) and Haris (Rauf), they are still the best bowlers in the world.”
Pakistan, Uzbekistan call for Muslim unity, two-state solution in Middle East
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- PM Shehbaz Sharif discusses Gaza situation with Uzbek President Shavkat Mirziyoyev at Tashkent
- Pakistan advocates for Palestinian state based on pre-1967 borders with Al-Quds Al-Sharif as capital
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif and Uzbek President Shavkat Mirziyoyev on Wednesday reiterated their support for a two-state solution in the Middle East, calling for Muslim countries to unite in the face of complex challenges worldwide.
Prominent Muslim countries around the world, including Pakistan, have been advocating for an independent state of Palestine based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.
Sharif, who arrived on an official visit to Uzbekistan to promote trade and investment on Tuesday, said he and Mirziyoyev reviewed the Middle East situation, where an uneasy truce currently holds after Israel’s 15-month war on Gaza.
“Finally, I would like to mention that Pakistan stands by the people of Gaza, we believe in a two-state concept, an independent state of Palestine and their rights enshrined in UN Security Council resolutions,” Sharif said.
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He said both leaders agreed on the need for greater Muslim unity to navigate the challenges of the complex world.
“I also told you that in this complex world we need to unite the Muslim world and we talked about Gaza during the negotiations,” Mirziyoyev said.
“There should be a two-state concept whether anyone would like it or not.”
Israel killed over 48,000 Palestinians in Gaza through its relentless military campaigns that began since Oct. 7, 2023 after a surprising Hamas attack.
Both sides agreed to an uneasy truce in January this year which has led to the cessation of hostilities and exchange of hostages.
Fears of the truce collapsing were renewed last week after Israel delayed the release of some 600 Palestinian prisoners on Saturday to protest what it says is the cruel treatment of hostages during their release by Hamas.
The Palestinian group has released hostages, and the bodies of four dead hostages, in large public ceremonies during which the Israelis were paraded and forced to wave to large crowds.
Hamas has said the delay is a “serious violation” of their ceasefire and that talks on a second phase of the truce are not possible until the Palestinians are freed.
Key Pakistan-Afghanistan border crossing remains shut for fifth day over ‘construction’ dispute
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- Pakistani authorities closed border Friday night after Afghan forces constructed trenches, says police official
- Pakistani, Afghan customs clearing agents say border closure resulting in perishable items getting spoiled
PESHAWAR: The key Torkham border crossing connecting Pakistan and Afghanistan remained shut for trade and traffic for the fifth consecutive day on Wednesday, a senior police official confirmed, as a dispute between both sides related to “construction” work lingers on.
Pakistani authorities closed the Torkham border crossing late Friday night when Afghan authorities initiated “construction of trenches and other development work” along the border, Naheed Khan, a senior police official in Pakistan’s Khyber district that borders Afghanistan said.
Border clashes between Pakistani and Afghan forces have led to the closure of key crossings like Torkham and Chaman in the past, severely disrupting trade and halting the movement of people between the two countries.
Khan said both sides held two rounds of talks at Torkham recently but negotiations between border officials failed to yield any results.
“Now it is highly likely that the issue will be taken up for high-level discussions between Islamabad and Kabul,” Khan told Arab News.
The police official said some families from Bacha Mina, a dusty town on the Torkham border’s outskirts on the Pakistani side, had already left the area out of fear of a skirmish the two between border forces.
He said most trucks loaded with perishable items had returned to Landi Kotal and Jamrud Bazaar towns in Pakistan near Torkham.
There was no immediate comment from the Afghan side on the closure of the key border crossing.
Kiftan Bacha, an Afghan customs clearing agent, told Arab News that fruits and vegetables laden on trucks on Afghanistan’s side were being spoiled due to the border closure.
“Passengers and especially patients suffer the most,” Bacha said. “Authorities on both sides should at least allow patients to cross the border for immediate treatment in Pakistan.”
Zarqeeb Shinwar, a Pakistani customs clearing agent agreed, calling on both countries to seek a permanent solution to the dispute.
“Its [border] closure creates a logistical crisis, discouraging trade and causing immense problems for travelers,” Shinwar told Arab News.
“Both sides need to explore its immediate and permanent solution to alleviate problems of people living in border areas.”
The development comes at a time of strained ties between Pakistan and Afghanistan over a surge in militant attacks in Pakistan’s western provinces that lie on its border with Afghanistan.
Islamabad has frequently accused Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist that Pakistan’s security issues are the country’s internal matter.
In August, the Torkham border was shut down for three days after the Afghan Taliban announced they were investigating reports of Pakistani fighter jets allegedly violating Afghanistan’s airspace in Nangarhar and Kunar provinces.
Tensions escalated again between the two countries in December, following reports of Pakistani airstrikes targeting alleged militant camps in Afghanistan. Afghan officials reported that the strikes resulted in civilian casualties.