ISLAMABAD: Pakistan’s envoy to the United States, Ambassador Masood Khan, highlighted the need for small arms and other sophisticated equipment at an annual conference in Washington focusing on his country this week, as authorities in Islamabad announced plans to launch a comprehensive operation against militant outfits.
Pakistan’s top national security forum said last week it was going to launch Operation Azm-e-Istehkam, or Resolute Stability, amid growing concerns over militant violence and its negative implications for the government’s attempt to put the national economy back on track.
Pakistani officials have expressed concerns in the past over an armed network, Tehreek-e-Taliban Pakistan (TTP), using American military equipment which was left behind in Afghanistan following the withdrawal of international forces in 2021.
These concerns specifically mentioned advanced items like automatic assault rifles and night vision devices, which significantly enhance the capabilities of these groups and pose security challenges to civilians and security forces in Pakistan.
The government asserts TTP leaders have taken sanctuary in neighboring Afghanistan, which facilitates the network’s attacks inside Pakistan, although Afghan authorities have denied this.
“We have launched a news operation — Azm-e-Istehkam or Resolute Stability — to opposed and dismantle terrorist networks,” Khan said while addressing Annual Pakistan Conference at the Wilson Center on Wednesday. “For that, we need sophisticated small arms and communication equipment.”
He noted it was also important for regional security while pointing out that militant violence was also a threat to US interests.
Pakistan’s defense minister Khawaja Asif hinted at the possibility of launching cross-border attacks against TTP militants in Afghanistan in a recent interview with Voice of America.
Khan emphasized the US and Pakistan could collaborate in Afghanistan once again.
“The US should make Pakistan a partner for a diplomatic comeback in Kabul, if that is what is being planned, and work with Pakistan in an inclusive setting, on counterterrorism and the rights of women and girls in Afghanistan,” he said.
“We should continue to invest in the reset of our relationship, maintain strong security links, enhance intelligence cooperation, resume sales of advanced military platforms and sustainment of Pakistan’s US-origin defense equipment,” he added.
The Pakistani ambassador also spoke about his country’s efforts to generate foreign investment, saying that Pakistan had remained a lucratic and attractive market for American companies.
Pakistan’s envoy to US says country needs small arms amid government’s plan for anti-militant operation
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Pakistan’s envoy to US says country needs small arms amid government’s plan for anti-militant operation
- Pakistani officials have expressed concerns in the past over TTP using US military equipment left behind in Afghanistan
- Masood Khan tells Washington conference ‘US should make Pakistan a partner for a diplomatic comeback in Kabul’
Pakistan finance minister says ‘optimistic’ for ‘larger and longer’ IMF bailout program in July
- Muhammad Aurangzeb says virtual negotiations with the international lending agency are moving in a positive direction
- He also maintains Pakistan needs to work for the next three years to ensure that it never has to seek another IMF program
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb expressed optimism on Sunday Pakistan would secure a “larger and longer” bailout agreement in its negotiations with the International Monetary Fund (IMF) in July, following the approval of the $67.76 billion federal budget.
Pakistan began discussions about a new loan with IMF officials soon after completing a $3 billion program that helped the country stave off a sovereign debt default last year.
The international lending agency sent its delegation to Pakistan in May to hold negotiations with the new government.
Prime Minister Shehbaz Sharif also confirmed during a speech at the National Assembly on Tuesday that his administration had prepared the budget in consultation with the IMF, after repeatedly emphasizing the importance of securing another bailout facility to keep macroeconomic reforms on track.
“I have already said we are moving in a positive way,” the finance minister said while discussing the fresh IMF program during a media interaction in the federal capital. “During July we should get into a good agreement.”
“I am very optimistic that we will be able to take it through the finish line for an extended fund program, larger and longer in nature,” he added.
Pakistan has sought IMF loans in recent years due to a combination of economic challenges, including significant fiscal and current account deficits, declining foreign exchange reserves and rising public debt.
These economic vulnerabilities have been exacerbated by external shocks like fluctuating commodity prices and internal challenges such as political instability and policy inconsistency.
The government has maintained the country’s economy is on the mend but considers the new bailout important to ensure a substantial financial cushion.
The finance minister reiterated that he viewed the program being funded and supported by the IMF as part of Pakistan’s own endeavor to strengthen itself economically.
“We need the IMF because not only these IFIs [international financial institutions] but even our firendly nations want a backstop which is the fund program,” he continued. “What we have to do in the next three years to make sure this is the last program.”
He mentioned he had already been in virtual discussions with the IMF to move toward a staff-level agreement.
Aurangzeb said the basic framework, including the prior actions, had been formulated while the IMF delegation was in Pakistan, saying that the structural benchmarks of the program had been the same for the last three or four years while Pakistan had not implemented.
“Now we have told them to trust us and we will get this done,” he added.
Prominent Pakistani food manufacturer announces setting up UAE subsidiary
- Ismail Industries produces a diverse range of confectionery, biscuits, chips, flour
- It includes Bisconni, the biscuit company, and popular candy maker Candyland
KARACHI: Ismail Industries Limited, a prominent food manufacturer and exporter in Pakistan, announced this week it would set up a subsidiary in Abu Dhabi after seeking the necessary regulatory approvals.
Pakistani businesses and industries have been grappling for years with chronic issues like the shortage of electricity, gas and water. A deteriorating law and order situation in most parts of the country and particularly the commercial hub, Karachi, is also fueling uncertainty for businesses. Major trade bodies have also rejected the new tax heavy finance bill for the coming fiscal year amid an annual inflation projection of up to 13.5 percent for June. The budget comes into effect on Monday.
“The Board of Directors (BoD) has resolved to establish/set-up a wholly owned subsidiary of the company in Abu Dhabi, UAE,” Ismail Industries said in a notice issued to the Pakistan Stock Exchange on Friday, informing its shareholders that the subsidiary would manufacture, market, sell, and distribute all kinds of food, including biscuits and confectionery.
“The company will accordingly seek all necessary regulatory approvals and proceed with the incorporation process once the same has been obtained.”
Ismail Industries produces a diverse range of confectionery, biscuits, chips, flour, packaging and other items. It includes Bisconni, which offers an extensive range of premium biscuits and cookies, and Candyland, which was set up in 1998 and makes a wide array of candies, chocolates, jellies and bubble gums.
Ismail Industries is ISO 22000 certified, a standard developed by the International Organization for Standardization dealing with food safety. It is also certified by SANHA (South African National Halal Authority), a leading authority in the certification for Halal products around the world.
Pakistan president gives assent to tax-laden budget coming into effect tomorrow
- Bill comes ahead of more talks with IMF for fresh bailout loan
- Opposition parties, major trade bodies have rejected the budget
ISLAMABAD: Pakistani President Asif Ali Zardari has signed the Finance Bill 2024-25 into law, state-run media reported on Sunday, with the newly announced tax-laden budget to go into effect from tomorrow, Monday, the beginning of the new fiscal year.
Parliament passed the government’s finance bill on Friday amid an annual inflation projection of up to 13.5 percent for June. The bill comes ahead of more talks with the IMF for a loan of up to $8 billion to avert a debt default for Pakistan, the slowest-growing economy in South Asia.
“President Asif Ali Zardari has given assent to the Finance Bill 2024-25 under Article 75 of the Constitution for next year’s federal budget,” Radio Pakistan said on Sunday. “The Finance Bill will be applicable from July 1.”
The government presented the national budget on June 12 with a challenging tax revenue target of 13 trillion rupees ($46.66 billion) for the year starting July 1, up about 40 percent from the current year, to strengthen the case for a new rescue deal with the international money lender.
The budget is gearing the country toward “an era of sustainable and inclusive growth,” a finance ministry report issued on Friday said, projecting annual consumer price inflation for June 2024 between 12.5 percent to 13.5 percent, up from 11.8 percent in May.
The rise in the tax target is made up of a 48 percent increase in direct taxes and a 35 percent hike in indirect taxes over revised estimates of the current year. Non-tax revenue, including petroleum levies, is seen increasing by 64 percent.
The tax would increase to 18 percent on textile and leather products as well as mobile phones besides a hike in the tax on capital gains from real estate.
Workers will also get hit with more direct tax on income.
Opposition parties, mainly parliamentarians backed by the jailed former Prime Minister Imran Khan, and top trade bodies have rejected the budget, saying it will be highly inflationary and lead to industry shutdowns.
Pakistan’s central bank has also warned of possible inflationary effects from the budget, saying limited progress in structural reforms to broaden the tax base meant increased revenue must come from hiking taxes.
The upcoming year’s growth target has been set at 3.6 percent with inflation projected at 12 percent.
Pakistan has projected a sharp drop in its fiscal deficit for the new financial year to 5.9 percent of gross domestic product (GDP), from an upwardly revised estimate of 7.4 percent for the current year.
Since 2022, Islamabad has taken painful measures demanded by the IMF for the last bailout loan, which included hiking fuel and energy prices, causing prices of essential commodities to skyrocket. Inflation surged to 38 percent in May 2023 before dropping to a 30-month low of 11.8 percent in May 2024.
With inputs from Reuters
Dubai-based food company explores opportunities in Pakistani corporate farming
- Bassam Karanouh, a partner of Dubai’s Caballero Foods, visited FonGrow farm in Khanewal
- Agricultural initiatives under Special Investment Facilitation Council are being administered by FonGrow
ISLAMABAD: Bassam Karanouh, a partner of the Dubai-based Caballero Foods company, visited the FonGrow agriculture and livestock farm in Khanewal city to explore opportunities in Pakistani corporate farming and promote “sustainable supply chains in the global meat market,” Radio Pakistan reported on Sunday.
Pakistan last year set up a Special Investment Facilitation Council (SIFC) — a civil-military hybrid forum — to attract foreign funding in agriculture, mining, information technology, defense production and energy as the South Asian country deals with a balance of payments crisis and requires billions of dollars in foreign exchange to finance its trade deficit and repay its international debts in the current financial year.
Initiatives in the agriculture sector under SIFC are being administered by FonGrow, which is part of the Fauji Foundation investment group run by former Pakistani military officers.
“A partner of Dubai Based Company Caballero Foods visited the FonGrow agriculture and livestock farm in Khanewal,” Radio Pakistan reported on Sunday. “The purpose of the visit was to explore the sustainable supply chains in the global meat market as well as promote bilateral trade ties with Gulf countries.”
The visiting company official was informed about the process of In Vitro Fertilization being used by FonGrow, in which an egg was fertilized outside the uterus of female cattle in a laboratory, resulting in the creation of multiple offspring from a healthy animal’s ovum.
“I would be glad to be the ambassador for Pakistan, for all the product they have, not only the meat because, I do believe in the product that they are producing,” Kakanouh said.
In an interview to Arab News last year, the CEO of FonGrow said Pakistan was seeking up to $6 billion investment from Saudi Arabia, the UAE, Qatar and Bahrain over the next three to five years for corporate farming, with the aim of cultivating 1.5 million acres of previously unfarmed land and mechanizing existing 50 million acres of agricultural lands across the country.
“We have estimated about $5-6 billion [investment from Gulf nations] for initial three to five years,” Major General (retired) Tahir Aslam, FonGrow’s managing-director and chief executive officer, told Arab News in an interview.
He declined to share details about the breakdown of the investment from each individual country.
The CEO said the company was engaging with several Saudi companies like Al-Dahara, Saleh and Al-Khorayef to attract investment in the corporate farming sector.
Aslam said his company was also working on different investment models with the Saudi and UAE companies for corporate farming, including joint ventures.
Pakistani companies attend first-ever Al Hamba Festival to attract mango imports from Qatar
- Event kicked off on Thursday and will go on until July 6, has been organized by embassy of Pakistan in Doha
- Pakistan is world’s fourth-largest mango producer and agriculture accounts for almost a quarter of its GDP
ISLAMABAD: The ongoing first-ever Al Hamba Festival in the Qatari capital of Doha is celebrating the “richness” of Pakistani mangoes with the hope of attracting Qatari importers to place orders for mangoes and other agricultural produce from the South Asian country, state media reported on Sunday.
Pakistan is the world’s fourth-largest mango producer and agriculture accounts for almost a quarter of its GDP. But Pakistani mangoes have faced export challenges in recent years due to concerns over adverse weather and pests and fruit flies that can threaten the agricultural standards of importing countries.
To attract Qatari importers, several popular varieties of mangoes such as Sidhri, Chaunsa, Safeed Chaunsa, Anwar Ratol and Duseri have been put up on display at the Al Hamba Festival being held at Souq Waqif.
The event, which kicked off on Thursday and will go on until July 6, has been organized by the embassy of Pakistan in Doha in collaboration with the Celebrations Organizing Committee of the Private Engineering Office and features over 43 companies and 100 outlets.
“First-ever Al Hamba Festival is an opportunity to savor a variety of the finest Pakistani mangoes besides promoting cultural exchange between the two nations through the universal language of food,” the state-run APP news agency quoted Pakistan’s Ambassador to Qatar, Muhammad Aejaz, as saying.
“The Al Hamba Festival promises to be a memorable event for families and food enthusiasts, offering a rich tapestry of flavors and cultural experiences.”
The envoy expressed confidence that the event would “attract importers in Qatar to place orders not only for mangoes, but for other agricultural produce including rice, food products and other fruit.”
The festival is hosting a variety of exhibitors, including importers, retailers, and exporters showcasing processed foods and dry mangoes. Notable participants include Zuhair Impex, Akin Foods, Kashan Trader’s, Friday Fresh Pvt Ltd, Naurus Pvt Ltd, Pak Khyber Traders, Aaj Enterprises, Al Hamad Agro Chemicals and Swat International Trading Company. Major retail stores participating include Al Baladi Hypermarket, Marza Hypermarket, Sunder Mart and Al Hemaliya Trading.
In addition to mangoes, the festival also features seasonal fruits like falsa, jamun, and peaches. Various Pakistani cuisine are another highlight of the festival with many local restaurants and cafés offering a diverse menu to showcase the culinary heritage of Pakistan.
