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.
Pakistan finance minister says ‘optimistic’ for ‘larger and longer’ IMF bailout program in July
https://arab.news/ws75s
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
Pakistan PM commends ‘unwavering resolve’ of army as nine militants killed in anti-terror operations
Pakistan PM commends ‘unwavering resolve’ of army as nine militants killed in anti-terror operations
- Islamabad blames ongoing surge in militant attacks on Pakistani Taliban militants it says are operating from Afghanistan
- Afghan Taliban rulers in Kabul say violence in Pakistan is a domestic issue, it does not allow militants to operate on its territory
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Tuesday congratulated the army for military operations in which nine militants were killed in the country’s northwest, lauding soldiers for their “unwavering resolve” in fighting militancy.
The army said on Monday nine militants were killed in two separate military operations in Khyber Pakhtunkhwa province amid a surge in militancy that Islamabad blames on neighboring Afghanistan, saying Pakistani Taliban, or TTP, leaders run camps there to train insurgents who launch attacks inside Pakistan. The Afghan Taliban rulers in Kabul say rising violence in Pakistan is a domestic issue for Islamabad and it does not allow militants to operate on its soil.
The TTP pledges allegiance to, and gets its name from, the Afghan Taliban, but is not directly a part of the group. Its stated aim is to impose Islamic religious law in Pakistan, as the Taliban have done in Afghanistan.
“The entire nation stands shoulder to shoulder with the valiant sons of Pakistan’s armed forces for purging the country from the scourge of terrorism,” Radio Pakistan quoted the prime minister as saying on Tuesday. “Unwavering resolve of the guardians of Pakistan for establishing peace in the country is highly commendable.”
Pakistani forces were able to effectively dismantle the TTP and kill most of its top leadership in a string of military operations from 2014 onwards in the country’s tribal areas, driving most of the fighters across the border into Afghanistan, where Islamabad says they have regrouped. Kabul denies this.
Last month, the federal government announced it would launch a new counter-terrorism operation, Azm-e-Istehkam, but the campaign has so far been opposed by opposition parties.
Pakistan urges UN to reevaluate ‘Responsibility to Protect’ doctrine amid Gaza war
- R2P doctrine is a political commitment to protect civilians from the worst forms of violence
- Concept emerged after mass atrocities committed in Rwanda, former Yugoslavia in 1990s
ISLAMABAD: Pakistan’s Permanent Representative to the United Nations, Munir Akram, has urged the UN to reevaluate the Responsibility to Protect (R2P) doctrine in light of ongoing foreign occupations and human rights violations in Palestine and Indian-administered Kashmir, state-run media reported on Tuesday.
The R2P is an international norm that seeks to ensure that the international community never again fails to halt the mass atrocity crimes of genocide, war crimes, ethnic cleansing, and crimes against humanity. The concept emerged in response to the failure of the international community to adequately respond to mass atrocities committed in Rwanda and the former Yugoslavia during the 1990s. The International Committee on Intervention and State Sovereignty developed the concept of R2P during 2001.
“The ongoing genocide in Gaza and the worst human rights violations in Indian Occupied Kashmir are clear examples of the failure of the R2P concept and the prevention of genocide and war crimes against humanity,” Radio Pakistan quoted Ambassador Akram as saying in an address to the 97th plenary meeting of General Assembly in New York.
“Given the scale of killings, devastation and the humanitarian crisis, there is no more apt situation calling for urgent intervention to stop the genocide than in Gaza, where the international community has failed so far.”
He also called on the UN’s Special Adviser on the R2P to take cognizance of Pakistan’s call and pay special attention to the situation in Indian-administered Kashmir and India.
Nuclear-armed rivals and neighbors India and Pakistan have fought three wars, including two over control of the disputed Kashmir region in the Himalayas. Both rule parts of Kashmir but claim it in full. Pakistan accuses India of trying to marginalize Muslims in Kashmir with its policies, which New Delhi denies.
India is around 80 percent Hindu and about 14 percent Muslim and is the world’s third-largest Muslim country. Muslims accuse Modi’s right-wing nationalist party of pursuing a Hindu agenda that discriminates against them and directly imposes laws interfering with their faith. Modi denies this but the situation has led to sporadic violence between members of the two communities.
Meanwhile, Palestinian health authorities say Israel’s ongoing ground and air campaign in Gaza has killed more than 37,000 people, mostly civilians, and driven much of the enclave’s 2.3 million people from their homes.
Pakistan does not recognize Israel and is a longtime supporter of Palestinian statehood, championing the cause of Palestine on global platforms for decades.
India and Pakistan lead as Swedish town overwhelmed by global interest in cheap land offer
- Gotene suspended land sales after overwhelming requests for offering land at less than 10 euro cents per square meter
- Thirty plots of land, abandoned for decades, put up for sale at $0.095 per square meter as ‘marketing operation,’ mayor says
A town in western Sweden has suspended land sales after being overwhelmed by requests for offering land at less than 10 euro cents ($0.11) per square meter, its mayor told AFP Monday.
“We launched this campaign in mid-April. It was a bit of a crazy idea, but also a joke to be honest. It was a marketing operation,” said Johan Mansson, mayor of Gotene, a town of around 5,000 people.
Thirty plots of land, abandoned for decades, were put up for sale at one Swedish krona ($0.095) per square meter (10.7 square feet).
The idea was to build more housing in a low-density area and help the region grow, the mayor said. The plots range in size from 7 to 1,200 square meters.
By buying a plot, the buyer commits to building a house on it within two years. This involves additional costs, including the building permit at 30,000 kronor, connection fees for water at 170,000 kronor, electricity at 40,000 kronor, and Internet at 30,000 kronor.
A few weeks after the campaign started, Gotene managed to sell three plots.
“A great success for such a small community,” said Mansson. “But we could never have imagined what was in store for us.”
A local television report in late June started a snowball effect. Several Swedish media picked up the story, a video was posted on TikTok, and millions of people discovered Gotene and its cheap plots.
A few days later, it became “a global success,” said the mayor, when two English-language media outlets covered the story.
Since then, the municipality has been inundated with emails and phone calls from potential buyers. Gotene had to temporarily suspend sales to consider all the offers.
“We have had interest from Europe, Asia — mainly India and Pakistan — as well as the United States, Australia, and even South America,” said Mansson.
With this campaign, “we have succeeded in putting Gotene on the world map.”
Sales will resume on August 7 with an auction of the land.
No Pakistanis in ICC Men’s T20 World Cup 2024 Team of the Tournament
- Champions India provide six players, including captain Rohit Sharma, who will captain this team
- Three players from Afghanistan make the cut following a breakthrough run to the semifinals
ISLAMABAD: No Pakistanis made the cut as players from four different nations were named in the ICC Men’s T20 World Cup 2024 Team of the Tournament, according to a list published on the ICC website.
Champions India provide six players, including captain Rohit Sharma, who will captain the team, and Player of the Tournament Jasprit Bumrah. Three players from Afghanistan make the cut following a breakthrough run to the semifinals.
The selection panel consisted of commentators Harsha Bhogle, Ian Bishop and Kass Naidoo and ICC General Manager of Cricket Wasim Khan.
“Sharma is joined at the top of the order by Afghanistan wicket-keeper Rahmanullah Gurbaz, the only man to outscore the Indian opener,” the ICC said on its website.
“Rahmanullah made 281 runs as Afghanistan progressed to the semifinals for the first time in their history, making half-centuries in three matches. His 60 against Australia proved pivotal as Afghanistan progressed from the Super 8s.”
Pakistan fell to the tournament’s biggest upset when the United States, a tier-two member of the game, beat the 2009 champions via Super Over. Defeat by arch-rivals India then left Babar Azam’s side with a mountain to climb to advance to the Super Eight round, which it did not.
The team of the ICC Men’s T20 World Cup 2024 (in batting order) is:
Rohit Sharma (captain) — India
Rahmanullah Gurbaz (wicketkeeper) — Afghanistan
Nicholas Pooran – West Indies
Suryakumar Yadav — India
Marcus Stoinis — Australia
Hardik Pandya — India
Axar Patel — India
Rashid Khan — Afghanistan
Jasprit Bumrah — India
Arshdeep Singha — India
Fazalhaq Farooqi – Afghanistan
Runners-up South Africa provide the 12th man in the team, with Anrich Nortje having been outstanding for the Proteas. He took 15 wickets at an average of 13.40 and an economy rate under six.
PM’s youth adviser represents Pakistan at OIC forum in Uzbekistan
- Syeda Amna Batool is a Pakistani politician who has been a member of the National Assembly since 2024
- Forum brought together young leaders from OIC member states to address pressing global issues, advocate for youth
ISLAMABAD: The focal person of the Prime Minister Youth Programme (PMYP) for green initiatives, Syeda Amna Batool, is representing Pakistan this week at the Organization of Islamic Cooperation (OIC) Youth Forum in Uzbekistan, state-run APP reported.
Batool is a Pakistani politician who has been a member of the National Assembly since 2024. She secured a seat in parliament through a reserved quota for women as a candidate for Prime Minister Shehbaz Sharif’s ruling Pakistan Muslim League-Nawaz party. PMYP Chairman Rana Mashhood Ahmed Khan last month appointed Batool as the focal person for the Green Youth Program.
“Batool highlighted Prime Minister Shehbaz Sharif’s vision for youth and PMYP initiatives in Education, Employment, Entrepreneurship and the Environment,” APP reported about her participation at the OIC youth forum, which brought together young leaders from OIC member states to address pressing global issues and advocate for youth empowerment.
“She also participated in bilateral meetings with other delegates, strengthening international relationships. Batool’s participation underscored Pakistan’s commitment to youth engagement and global cooperation and her contributions enriched the discussions, reflecting Pakistan’s dedication to the OIC’s goals.”
Pakistan currently holds the highest proportion of young people, as 64 percent of the total population of Pakistan is below the age of 30 while 29 percent is between the ages of 15 and 29 years.
