ISLAMABAD: Pakistan’s top economic body on Monday approved various proposals for the upcoming budget with regard to the inclusion of China-Pakistan Economic Corridor (CPEC) and foreign investment projects in the development plan, Pakistan Prime Minister’s Office said.
The statement came after a meeting of the National Economic Council (NEC) in Islamabad, which was presided over by Prime Minister Shehbaz Sharif. The forum reviewed development budget of fiscal year 2023-24 and was briefed on proposals for development plans in fiscal year 2024-25, starting July 1.
Pakistan’s coalition government is expected to lay out ambitious fiscal targets for the fiscal year 2024-2025 (July-June) budget on Wednesday that would help strengthen its case for a new bailout deal with the International Monetary Fund (IMF).
“The council was told that CPEC projects, international investment projects, and ongoing projects close to completion will be given priority in the upcoming development budget,” PM Sharif’s office said in a statement.
“Apart from this, sustainable development goals (SDGs) will be included in the development budget and backward areas will be prioritized in the development budget. The Council approved the said measures.”
Beijing is investing over $65 billion in energy and infrastructure projects in Pakistan as part of CPEC, a major segment of Beijing’s Belt and Road infrastructure initiative, which will connect China to the Arabian Sea and help Islamabad expand and modernize its economy through a network of roads, railways, pipelines and ports in Pakistan.
Along with talks with the IMF to support the dwindling $350 billion economy, Islamabad has also been making ambitious efforts to boost foreign direct investment in the country and has seen a flurry of high-level exchanges with Saudi Arabia, Japan, Azerbaijan, Qatar and other countries in recent months.
Speaking at the meeting, PM Sharif said his government would ensure best utilization of available resources for the economic revival, welfare of the masses and development of the country.
“The federation will ensure consultation with provinces and stakeholders so that decisions are made through collective wisdom and consensus for economic revival of the country,” he said.
The council was also given a detailed briefing on the 13th five-year development plan and informed that the scheme included development of all regions, especially backward areas, increase in exports, promotion of small and medium-scale industries, social security and poverty alleviation, increase in efficiency of workforce, progress in knowledge economy and a strategy to mitigate adverse effects of climate change.
Pakistan is in talks with the IMF for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy that is growing at the slowest pace in the region.
While its fiscal and external deficits have been brought under control, it came at the expense of a sharp drop in growth and industrial activity as well as high inflation, which averaged close to 30 percent in the last financial year and 24.52 percent over the last 11 months.
The growth target for the upcoming year is expected to be higher at 3.6 percent compared to 2 percent this year and economic contraction last year.
Pakistan economic body approves proposals for CPEC, investment projects in development budget
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Pakistan economic body approves proposals for CPEC, investment projects in development budget
- Pakistan is expected to lay out ambitious fiscal targets for the fiscal year 2024-2025 budget on Wednesday
- The government aims to strengthen its case through the upcoming budget for a new bailout deal with the IMF
Shan Masood wants ‘ruthless’ Pakistan to beat South Africa in second Test today
- South Africa narrowly beat Pakistan by two wickets in first Test match to secure WTC final berth
- Pakistan have yet to announce a playing XI as South Africa bring in debutant Kwena Maphaka
ISLAMABAD: Pakistan Test captain Shan Masood said that he wants his side to be “ruthless” as they take the field against South Africa for the second and final Test match of the series to be played at Cape Town today, Friday.
Pakistan are 1-0 down in the two-match series after losing a closely fought contest in the first Test at Centurion earlier this week.
A brave partnership between Kagiso Rabada and Marco Jansen helped South Africa beat Pakistan in the first Test by two wickets and qualify for the World Test Championship final.
Speaking at a news conference on Thursday, Masood said the best teams are able to win matches because they tend to “make a habit out of it,”
“You want to compete against the best, not just compete you want to win against the best,” Masood said. “And for us it’s heartening to compete but we have to be ruthless and cross the line somewhere,” he added.
South Africa have made some changes to the squad, with Keshav Maharaj, Wiaan Mulder and debutant fast bowler Kwena Maphaka coming into the side. Opener Tony de Zorzi has a thigh strain, while fast bowling allrounder Corbin Bosch and Dane Paterson also drop to the bench.
Pakistan have not yet named a squad for the series.
Playing XI (probable):
1 Shan Masood (capt) 2 Saim Ayub 3 Babar Azam 4 Kamran Ghulam 5 Saud Shakeel 6 Mohammad Rizwan (wk) 7 Salman Ali Agha 8 Aamer Jamal/Noman Ali 9 Naseem Shah 10 Mohammad Abbas 11 Khurram Shahzad
Pakistan warns of Internet disruptions due to fault in submarine cable near Qatar
- AAe-1 cable is one of seven ones handling Pakistan’s international Internet traffic, says PTA
- Internet disruptions over past few months have affected millions of Pakistani users nationwide
ISLAMABAD: The Pakistan Telecommunication Authority (PTA) warned on Thursday that Internet users may face disruptions nationwide due to a fault reported in an undersea cable near Qatar.
In a press release, the PTA said the fault was reported in the AAe-1 submarine cable located near Qatar, which is one of the seven cables handling Pakistan’s international Internet traffic.
“Due to this Internet and broadband users may face problems,” the PTA said.
The PTA said that its teams were working on fixing the problem.
“PTA is monitoring the situation and will keep telecom users informed from time to time,” the statement added.
Pakistan has reported faults in undersea Internet cables in the past as well. Internet disruptions over the past few months have affected millions of Pakistani users, adversely affected businesses and drawn nationwide complaints
Pakistan has 110 million Internet users, and up to 40 percent slower Internet speeds have affected nearly half the country’s 241 million population.
Digital rights experts, however, have cast doubts on the government’s statement about Internet disruptions in the past. Instead, they say that the government’s move to install a firewall to monitor and regulate content and social media platforms has caused the Internet to slow down.
Pakistan government, Imran Khan’s party to resume talks next week to break political deadlock
- Imran Khan’s party to present charter of demands in written form next week, says joint statement
- Khan’s ouster in a parliamentary no-confidence vote in April 2022 has plunged Pakistan into a political crisis
ISLAMABAD: Former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party and the ruling coalition government will hold their third round of talks to break the prevalent political deadlock in the country next week, a joint statement from both sides said on Thursday.
The government and PTI held their second round of formal negotiations on Thursday. The first round of formal negotiations between the two sides took place on Dec. 23, with the PTI asked to present its demands in writing on Jan. 2.
Khan’s party has put forward two demands: the release of political prisoners and the establishment of judicial commissions to investigate protests on May 9, 2023, and Nov. 26, 2024, which the government says involved his party supporters, accusing them of attacking military installations and government buildings.
“The PTI committee informed that to present their Charter of Demands they be presented an opportunity to meet and consult Imran Khan and seek his guidance,” the joint statement said.
“They said that Imran Khan has allowed this negotiation process to begin so it is important to seek his instructions on taking it forward in a positive manner,” it added.
The committee said after meeting and holding discussions with Khan, it will be able to present its demands in the next meeting between the two sides.
The statement said Dar responded by saying that the government expected the PTI to present its demands in writing today, Thursday, so that the negotiation could move forward.
“It was decided that the third meeting of both the committees would be held next week after the PTI committee met with Imran Khan,” the statement said.
The government’s team was led by Deputy Prime Minister Ishaq Dar, Rana Sanaullah, Irfan Siddiqui, Raja Pervaiz Ashraf, Syed Naveed Qamar, Farooq Sattar, Ijaz-ul-Haq, and Khalid Hussain Magsi.
The opposition committee included Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, Salman Akram Raja, Sahibzada Hamid Raza, Asad Qaisar, Omar Ayub, and Raja Nasir Abbas.
Khan’s ouster in a parliamentary no-trust vote in 2022 has plunged Pakistan into a political crisis, particularly since the PTI founder was jailed in August last year on corruption and other charges and remains behind bars. His party and supporters have regularly held protests calling for his release, with many of the demonstrations turning violent.
The talks between the two sides opened days after Khan threatened a civil disobedience movement, and amid growing concerns he may face trial by a military court for allegedly inciting attacks on sensitive security installations during the May 9, 2023, protests.
Pakistan Navy flotilla arrives in Iran, holds bilateral passage exercise
- Pakistan, Iran navy commanders discuss matters of mutual interest, cooperation in maritime security
- Exercise aimed to promote shared learning through coordinated activities between both navies
ISLAMABAD: Pakistan Navy said on Thursday its flotilla visited Iran’s Port Bandar Abbas where officials of the two navies held talks before a passage exercise was held.
According to the navy’s media release, Pakistan Navy ships Rasadgar and Azmat, along with Pakistan Maritime Security Agency (PMSA) ship Dasht, visited Port Bandar Abbas during their overseas deployment.
The flotilla was led by Commander 14th Destroyer Squadron, Commodore Muhammad Umair.
“The Mission Commander, along with the Commanding Officers, held meetings with naval leadership of Iran,” the statement said. “During these interactions, matters of mutual interest, Navy-to-Navy engagements, and cooperation in maritime security were discussed.”
Both the PN and PMSA ships later conducted a Passage Exercise with an Iranian Navy ship, the statement said.
It added that the exercise aimed to enhance interoperability between the two navies and promote shared learning through coordinated activities.
“The visit of the PN flotilla to Iran is expected to further strengthen existing diplomatic ties and cordial relations between the two nations,” Pakistan Navy said.
A passage exercise is a routine drill involving the navies of friendly foreign countries that occurs while visiting each other’s ports or during a rendezvous at sea.
Pakistan Navy regularly partakes in bilateral exercises with regional countries to stem the spread of illegal maritime activities such as human smuggling, piracy and drug trafficking.
Turkish group bids below minimum fee for Islamabad Airport operations
- Cash-strapped Pakistan wants to generate revenue to speed up privatization push
- Consortium bids to pay government 47% of revenue from operations as concession fee
KARACHI: A Turkish consortium, the sole bidder to take over the operations of Pakistan’s Islamabad airport, has offered a concession fee below the minimum threshold, the chairman of the bid evaluation committee said on Thursday.
The cash-strapped South Asian country is looking to generate revenue by speeding up a privatization push, including outsourcing the running of three major airports.
The consortium, comprising Terminal Yapi, ERG Insaat and ERG UK, bid to pay the government 47% of its revenue from operations in the form of a concession fee, short of the 56% minimum set by the government, the aviation and airports authority said.
The matter will now be referred to the International Finance Corporation (IFC) — a member of the World Bank Group, which is advising Islamabad on the outsourcing — before Pakistan takes a decision on whether the bid can go through.
“The details of the financial proposal will ... be presented and forwarded to the IFC for further evaluation and submission of final reports,” said Sadiq ur Rehman, the chairman of the bid evaluation committee and deputy director general of Pakistan Airports Authority.
Pakistan is also looking to offload a 60% stake in debt-ridden airline PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program.
A failed attempt to privatize the national flag carrier in October also received a single offer, well below the asking price.
