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
Rain delays toss in Pakistan-Bangladesh Champions Trophy match
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- Dark clouds hovered over the stadium and the two umpires will inspect the conditions once the rain stops
- Both teams are already out of semifinal race after losing their first two games in the 50-over tournament
RAWALPINDI: Overnight rain which continued on and off delayed the toss in the Champions Trophy dead-rubber Group A match between hosts Pakistan and Bangladesh at Rawalpindi Stadium on Thursday.
Dark clouds hovered over the stadium and the two umpires, Adrian Holdstock of South Africa and Michael Gough of England, will inspect the conditions once the rain stops.
Both teams are already out of the semifinal race after losing their first two games in the 50-over tournament.
India and New Zealand progressed out of Group A.
In Group B, South Africa, Australia and Afghanistan compete for the other two semifinal spots. England are out of contention.
‘Escaping hell’: Pakistanis among Myanmar scam center workers pleading to go home
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- Some 7,000 people released from scam compounds are now enduring a grueling wait to be sent home through Thailand
- Scam centers have sprung up in Myanmar’s lawless border areas in recent years as part of billion dollar criminal industry
MYAWADDY: Hundreds of exhausted young men lie in an open-sided detention center in a seedy Myanmar border town, sweating through thick tropical heat by day and prey to clouds of mosquitoes by night.
They are among some 7,000 people from more than two dozen countries released from scam compounds who are now enduring a grueling wait to be sent home through Thailand.
Conditions in the overcrowded temporary camp visited by AFP in the town of Myawaddy, near the Thai border, were squalid and those held there were begging to leave.
“It’s really no good,” one 18-year-old Malaysian man told AFP, saying the toilets and showers were so dirty they were unusable.
“I hope I can contact my parents quickly so I can go.”
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A Chinese detainee who gave his family name as Wang said he was “very happy” at the prospect of getting out.
“I can finally escape this hell... China is the safest,” he said.
’Help me, help me, help me’
Scam centers have sprung up in Myanmar’s lawless border areas in recent years as part of a criminal industry worth billions of dollars a year.
Thousands of foreign workers staff the centers, trawling social media for victims to fleece, often through romance or investment cons.
Many workers say they were trafficked or tricked into taking the work and suffer beatings and abuse, though the government in China — where most come from — regards them as criminal suspects.
Under heavy pressure from Beijing, Myanmar’s junta and allied militias have taken action to curb the centers.
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The “crackdown” has so far involved armed uniformed men coming to the sites and asking for volunteers to leave and go home, several freed workers told AFP in Myawaddy.
But processing the workers for repatriation has been slow, leaving them trapped in limbo, smoking and playing cards to pass the time in the detention facility, which has a roof but no walls to keep the elements and insects out.
Many had their passports confiscated by scam center bosses, and those AFP spoke to said their mobile phones were taken away.
An Indian man who said he was tricked into working in the scam centers after applying for a data entry job in Thailand, told AFP he had contacted his embassy in Bangkok several times.
He begged them “help me, help me, help me. But no one helps me,” he said.
“The feeling is not good because we are in trouble right now.”
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Myanmar’s raging civil war has complicated efforts to tackle the scam compounds, as most are in areas outside the ruling junta’s control.
The Karen Border Guard Force (BGF), an independent militia allied to the junta, controls two of the most notorious scam towns, Myawaddy and Shwe Kokko.
The BGF released thousands from illegal scam compounds last week and wants to swiftly deport them to neighboring Thailand for repatriation, saying it is struggling to cope with looking after so many people.
“People have to stay in cramped conditions,” said its spokesman Naing Maung Zaw.
“We have to cook three meals to feed thousands of people and arrange their health care,” he said, adding he was worried about a possible outbreak of contagious diseases.
Struggling to cope
The United Nations estimates that as many as 120,000 people — many of them Chinese men — may be working in Myanmar scam centers against their will.
Gangs that run the compounds lure people with promises of high-paying jobs, then force them to defraud people from around the world or face severe punishment and abuse.
The sites on the Thai-Myanmar border vary in how they treat their staff, analysts say, and Thai officials have claimed that a majority of workers go there intentionally.
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Victims released from smaller compounds claim that as a more sophisticated operation, Shwe Kokko — one of the area’s biggest scam hubs — draws more people who willingly go there to commit fraud.
But “not everyone living in Shwe Kokko is a criminal,” Naing Maung Zaw said.
A Chinese man surnamed Shen denied allegations that the scam center workers had traveled to Myanmar intentionally, saying he had been tricked and forced.
“If I did it voluntarily, I would take all legal responsibilities,” he said.
But so far China has treated all returning detainees — 600 were sent back last week — as suspects, with state TV showing them marched off the plane in handcuffs by police on their return home.
Thailand, Myanmar and China are expected to hold three-way talks in the coming weeks to arrange logistics for further repatriations, with Thailand saying it is working with over a dozen foreign embassies.
One of 14 detained Pakistani men who hoped to return before Ramadan said he felt abandoned by authorities after hearing of other repatriations.
“We know we’re safe now. But it’s been eight days. So why can’t we go to Thailand now?” he told AFP.
Stretched for resources to look after the hundreds of foreigners in their charge, Naing Maung Zaw pleaded to foreign embassies to “come and take your nationals ... They want to go home.”
Bodies of six Pakistanis killed in Libya boat tragedy arrive in Islamabad
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- Officials said earlier this month at least 16 Pakistanis had died in the incident while 10 others were missing
- The Pakistanis were on an illegal migrant boat, trying to reach the European shores with a hope to find work
ISLAMABAD: The bodies of six Pakistani nationals, who died in a migrant boat tragedy off the coast of Libya this month while attempting to reach Europe, arrived in Islamabad on Thursday via a Qatar Airways flight, where they were received by grieving families before being transported to their native towns.
Pakistan’s foreign office said earlier this month that Libyan authorities had recovered the bodies of at least 16 Pakistani nationals who had died in the incident, while nearly 10 other Pakistani citizens were missing.
The boat capsized near the port of Marsa Dela in the northwest of Zawiya city in the Arab country, prompting the Pakistan government to activate a crisis management cell to help the victims’ families.
“The mortal remains of six Pakistani nationals ... arrived in Islamabad today,” the state-owned Associated Press of Pakistan (APP) news agency reported.
“The repatriation was facilitated by the Government of Pakistan, following formalities completed by the Pakistani mission in Tripoli, Libya,” it continued. “The deceased individuals were among the 16 Pakistanis whose bodies were recovered after the tragic incident.”
The bodies were received by Minister for Housing and Works Riaz Hussain Pirzada as the authorities ensured all necessary arrangements were in place for their onward transfer to their hometowns.
The bodies were handed over to the families, with the Overseas Pakistanis Foundation arranging their onward transportation with the help of local authorities.
The Libya boat tragedy came weeks after at least 13 Pakistanis died in a similar incident off the coast of Morocco while riding a boat with 86 migrants trying to reach European shores.
Each year, thousands of Pakistanis pay large sums for risky and illegal journeys to developed countries, hoping to find work and send money back to their families. Many people in other parts of the world also take these perilous routes to escape conflicts or other forms of persecution.
Following such recent tragedies, Prime Minister Shehbaz Sharif has instructed the authorities to take strict action against those involved in human smuggling.
Law enforcement authorities have also intensified their crackdown on human smuggling rings facilitating dangerous sea journeys for migrants.
Pakistan consumer inflation to remain stable in February — finance ministry
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- Inflation anticipated to remain within range of 2.0-3.0% for February, prospects of a slight increase to 3.0-4.0% by March
- Inflation has eased since last year with CPI coming in at 2.4% in January compared to 24% in the same period last year
ISLAMABAD: Pakistan’s consumer inflation was expected to remain stable in February and maintain a downward trajectory compared to the previous year, the finance ministry said in its monthly economic outlook report on Thursday.
“Inflation is anticipated to remain within the range of 2.0-3.0% for February 2025, however, there are prospects of a slight increase to 3.0-4.0% by March 2025,” the report said.
Inflation has eased since last year with CPI coming in at 2.4% in January compared to 24% in the same period last year.
Authorities have credited the downward trend to economic stabilization under a $7 billion International Monetary Fund program secured last summer.
An IMF mission is due to arrive in Islamabad next week for the first review of the global lender’s facility.
“The primary surplus is expected to improve further in the coming months,” the ministry said, pointing to one of the benchmarks identified by the IMF.
The report also said that foreign remittances, a crucial lifeline for Pakistan’s economy, were expected to rise.
“Workers’ remittances recorded robust inflows of $20.8 billion during July-Jan FY2025, marking a 31.7% increase over $15.8 billion last year,” the ministry said.
Key agreements on the cards as Abu Dhabi crown prince arrives in Pakistan
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- This is Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s first official visit to Islamabad
- Analyst advices seeking joint ventures in agriculture, pursuing mining, tourism investments
KARACHI: Pakistan and the United Arab Emirates are expected to sign several key agreements as Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan arrived on his first official visit to Islamabad today, Thursday, the Pakistani prime minister’s office said.
The UAE is Pakistan’s third-largest trading partner after China and the United States and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the Gulf country’s foreign ministry.
The crown prince’s visit comes as Pakistan pursues economic diplomacy with several Gulf and Central Asian nations and treads a tricky path to economic recovery while being bolstered by a $7 billion IMF bailout loan.
Sheikh Al Nahyan is accompanied by a high-level delegation of ministers, senior officials and business leaders.
“At the invitation of PM @CMShehbaz, Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, will embark on his first official visit to Pakistan on Thursday,” state-owned Radio Pakistan said in a social media post on Thursday.
Prime Minister Shehbaz Sharif’s office said on Thursday afternoon the crown prince had arrived in Islamabad where he was received by the premier and President Asif Ali Zardari.
The foreign office said several agreements and memoranda of understanding would be signed during the visit “to bolster the existing robust framework for long-term collaboration in multifaceted sectors.”
The crown prince will engage in wide-ranging interactions with the Pakistani leadership to “exchange views on matters of mutual interest, reinforce historical bonds, and promote economic as well as investment cooperation,” FO added.
Speaking to Arab News, an analyst and former government official described the visit as a “positive” development.
“If a high level official like the crown prince is visiting Pakistan that means they must be bringing something important in hand for our country,” Ashfaq Tola, Pakistan’s former state minister for resource mobilization, said.
He advised that Pakistan seek joint ventures with the UAE in its agro-based economy and encourage investment in Pakistan’s export-related sectors to improve the South Asian country’s forex earnings. He also said investors from the Gulf state could benefit from mining sector projects like the Reko Diq gold and copper reserves, along with the oil exploration and tourism sectors.
Pakistan and the UAE have stepped up efforts in recent years to strengthen economic relations. Last year the two countries signed multiple agreements exceeding $3 billion for cooperation in railways, economic zones, and infrastructure development.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The UAE is also home to more than a million Pakistani expatriates, making it the second-largest Pakistani expatriate community worldwide and a major source of foreign workers’ remittances.