ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday met a delegation of Harvard students and shared that his government would soon unveil a home-grown economic plan for the next five years to steer the country out of an economic crisis, Sharif’s office said.
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month reached a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan. The country is making desperate attempts to boost foreign investment and trade after narrowly averting a default last year.
Sharif told the Harvard delegation, which comprised 44 students from nine countries, his government was focused on improving governance through institutional reforms and overcoming financial woes, including internal and external debts, through economic stability in the South Asian country of more than 241 million.
“Work has begun to reduce the size of the government and cut expenses. Work on downsizing and right-sizing of federal ministries and institutions is also going on,” Sharif was quoted as saying by his office. “We are pursuing such policies through which the control of elite on resources is reduced and the welfare of the middle and poor classes can be achieved.”
He said the government was facilitating the business community and working on an export-led growth policy to reduce the trade deficit.
“Pakistan is rich in natural resources. Thar coal [reserves] are a valuable source of energy, which are being utilized to meet Pakistan’s electricity needs,” Sharif said. “A comprehensive plan is being made to develop the industry of precious and rare stones in Pakistan on modern lines.”
He noted the country’s information technology-related exports crossed $3.2 billion due to the government efforts, highlighting that around 200,000 Pakistani students would be trained every year in IT and telecom sectors under Pakistan’s agreement with Chinese company Huawei.
The prime minister said young overseas Pakistanis could play their role in the country’s development through advisory councils functioning in various ministries, according to the statement. The student delegation thanked the prime minister for the interactive session.
The Harvard students earlier met with Pakistan Army Chief General Asim Munir to discuss militancy and Pakistan’s efforts to counter it, according to the Pakistani military’s media wing The discussions revolved around regional peace and stability, with the army chief warning against the “perils of misinformation and fake news” in today’s digital age.
PM says working on five-year plan to resolve Pakistan’s economic woes
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PM says working on five-year plan to resolve Pakistan’s economic woes
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- Pakistan, which has been facing an economic crisis for years, last month reached an agreement with the IMF for a new $7 billion loan
- The South Asian country is making desperate attempts to boost foreign investment and trade after narrowly averting a default last year
Construction begins of Afghan section of Turkmenistan, Afghanistan, Pakistan and India pipeline
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- The Afghanistan section was to have been completed in 2018, but construction was repeatedly postponed because of security concerns
- The ceremony to weld the first joint of the pipeline section was observed by Afghan prime minister and the Turkmenistan president
ASHGABAT: Top officials of Afghanistan and Turkmenistan on Wednesday witnessed the start of construction of the Afghanistan section of the pipeline that will supply Afghanistan, Pakistan and India with natural gas from Turkmenistan’s vast reserves.
The Afghanistan section was to have been completed in 2018, but construction was repeatedly postponed because of security concerns. Only the Turkmenistan section has been finished.
The Wednesday ceremony to weld the first joint of the 100-kilometer (62-mile) pipeline section from Turkmenistan to the Afghan city of Herat was observed by Afghan Prime Minister Hassan Akhund, Turkmenistan President Serdar Berdymukhamediv and his father and predecessor Gurbanguly.
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The pipeline will eventually supply 33 billion cubic meters of gas a year.
Turkmenistan has the world’s fourth-largest gas reserves, which are the keystone of its economy. After losing its gas trade with Russia, Turkmenistan sought to diversify its customers and currently exports mainly to China.
Gurbanguly Bersymukhamedov, who holds the title of National Leader of the Turkmen People, said that the pipeline project and ancillary projects will add 12,000 jobs in Afghanistan and more than 1 billion US dollars per year in revenue, according to the government newspaper Neutral Turkmenistan.
US imposes sanctions on suppliers to Pakistan’s ballistic missile program
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- State Department says a Chinese research institute worked with Pakistan to procure equipment for Shaheen-3, Ababeel systems
- The latest sanctions also targeted three China-based firms alongside Pakistan-based Innovative Equipment and a Chinese national
The US State Department on Thursday imposed sanctions on a Chinese research institute and several companies it said have been involved in supplying Pakistan’s ballistic missile program.
Washington similarly targeted three China-based companies with sanctions in October 2023 for supplying missile‐applicable items to Pakistan.
Department spokesperson Matthew Miller said in a statement that the Beijing Research Institute of Automation for Machine Building Industry had worked with Pakistan to procure equipment for testing rocket motors for the Shaheen-3 and Ababeel systems and potentially for larger systems.
The sanctions also targeted China-based firms Hubei Huachangda Intelligent Equipment Co, Universal Enterprise, and Xi’an Longde Technology Development Co, alongside Pakistan-based Innovative Equipment and a Chinese national, for knowingly transferring equipment under missile technology restrictions, Miller said.
“As today’s actions demonstrate, the United States will continue to act against proliferation and associated procurement activities of concern, wherever they occur,” Miller said.
The embassies of China and Pakistan in Washington did not immediately respond to requests for comment.
Maritime experts urge Pakistan to expand its blue economy to $100 billion
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- Pakistan held an international maritime conference which was attended by the International Maritime Organization chief on Thursday
- PM Shehbaz Sharif told the IMO chief that his government prioritized blue economy as ‘central pillar’ of economic development strategy
ISLAMABAD: Maritime experts on Thursday urged the Pakistani government to expand its blue economy to $100 billion as the country hosted an international maritime exhibition in Islamabad.
The International Maritime Sustainability Exhibition and Conference (IMSEC) was attended by International Maritime Organization (IMO) Secretary-General Arsenio Antonio Dominguez Velasco and several other maritime experts.
This is the first-ever visit to Pakistan by the chief of the IMO, a specialized agency of the United Nations responsible for regulating shipping and ensuring maritime safety, environmental protection and security on international waters.
During the maritime conference, panelists suggested the Pakistani government to work on increasing its share in the global blue economy, which means sustainable use of ocean resources to benefit people, livelihoods and ocean ecosystem health.
“Blue economy is a responsibility in which we do a business in maritime domain which is safe and secure as far as the environment is concerned, its ecosystem is preserved as well as it is centered around the people that was the message which was given by the secretary general of IMO as well,” Vice Admiral (retired) Ahmed Saeed, president of Pakistan’s National Institute of Maritime Affairs, told Arab News.
“So, today’s conference was actually centered around giving the details of the potential of Pakistan’s maritime economy. It is around $100 billion so at the moment our contribution into our national economy is less than 1 percent whereas it should be close to 6-10 percent.”
Professor Dr. Sajid Mahmood Shahzad, vice chancellor of MinHajj University in Lahore, said Pakistan should focus on the country’s maritime potential to fix the country’s fragile economy.
“We are always talking of fragile economy of Pakistan, if you really would like to ask me, answer to all those fragile economy of Pakistan is blue economy. We need to put up a lot of efforts to achieve, to gain whatever we have out at sea,” he told Arab News.
“The potential we have that is enormous, but being a maritime nation how to accrue those benefits from the sea, we are ignorant. I think now the time has come we should focus on our blue economy,” he said.
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Fisheries and maritime trade
In his meeting with the IMO chief, Prime Minister Shehbaz Sharif vowed to expand the country’s fisheries and maritime trade, and explore offshore resources, according to Sharif’s office.
Established in 1948, the IMO’s primary role is to develop and maintain a comprehensive regulatory framework for shipping, which includes standards for safety, pollution prevention and legal matters surrounding global maritime operations.
The prime minister “underlined Pakistan’s desire for expanding fisheries and maritime trade, exploring offshore resources, promoting coastal tourism, and fostering a sustainable shipbreaking industry,” Sharif’s office said, after his meeting with the IMO chief.
It said the premier prioritized blue economy as a “central pillar” of his economic development strategy and highlighted the role of Pakistan’s Special Investment Facilitation Council (SIFC), a civil-military body set up in June last year, in attracting investments and introducing modern technologies to advance fisheries and the shipbreaking sector.
“PM Sharif renewed Pakistan’s firm commitment to work with the international partners and the IMO to contribute to global efforts aimed at reducing maritime emissions,” the statement from Sharif’s office said.
“Secretary-General Velasco appreciated the prime minister’s leadership and Pakistan’s proactive approach toward leveraging its maritime resources for economic progress and its role in the global maritime community.”
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He assured continued support to Pakistan from the IMO in furthering maritime collaboration for sustainable development.
Maritime decarbonization, environment-friendly ship-recycling
Earlier at the conference, the Pakistani government pledged to reduce greenhouse gas (GHG) emissions from the global maritime sector, make greater use of green technology to improve ships’ energy efficiency and carry out more environment-friendly ship recycling.
“Pakistan fully complies with IMO regulation,” Maritime Affairs Minister Qaiser Ahmed Sheikh said at the opening session of the conference. “We are striving to reduce the global [carbon] footprint and make greater use of green technology. Such measures must be taken in every institution to deal with climate change.”
The minister said Pakistan was invested in ensuring the protection of biodiversity and the oceans and would work to make ship recycling “safe and environmentally friendly.”
“We are ready to work with global organizations to promote ship-making, ship-recycling and the blue economy,” Sheikh added.
Addressing the conference, IMO chief Velasco said his visit to Pakistan would give him the opportunity to “come back in the future and assess and evaluate all the promises and the conversations and the challenges that we are going to put toward each other, from Pakistan government as well as from IMO in order to work better in the different aspects of shipping.”
He said he looked forward to working with Pakistan on decarbonization and ship recycling, where Pakistan is one of the leading nations in the world.
IMF board to discuss Pakistan’s $7 bln bailout on Sept 25 as PM hails friendly states for support
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- The South Asian country reached a staff-level agreement with the global lender in July, but approval for the 37-month program has been pending since then
- Pakistan’s last $3 billion IMF program helped avert a sovereign default last year, amid a decline in foreign exchange reserves and local currency devaluation
ISLAMABAD: The International Monetary Fund (IMF) executive board will meet on September 25 to discuss a $7 billion program agreed with Pakistan this year, an IMF spokesperson said on Thursday, as Prime Minister Shehbaz Sharif appreciated “friendly” countries for their support in meeting the lender’s requirements.
The South Asian country reached a staff-level agreement with the global lender in July, but the IMF board’s approval for the 37-month program has been pending since then.
Pakistan’s last $3 billion IMF program helped avert a sovereign default last year, amid a decline in foreign exchange reserves to critical levels, currency devaluation and record inflation.
“The board meeting is scheduled to take place on September 25 and this is following Pakistan obtaining necessary financing assurances from its development partners,” IMF spokesperson Julie Kozack said in a press briefing.
The development came hours after Prime Minister Shehbaz Sharif appreciated “friendly” countries for helping Pakistan meet requirements necessary to secure the IMF bailout.
“I’d like to say that our friendly and brotherly countries have supported us and have come all the way,” Sharif said on Thursday, while addressing a federal cabinet meeting.
The premier avoided delving into details and said the incumbent government was focusing on the commitments made with the IMF.
“For now, it would be fine to say that the finance minister, other government institutions and our ambassador in China have worked hard together for this,” he said.
Islamabad has for years relied on China, Saudi Arabia and the United Arab Emirates for financial assistance to meet external financing requirements and avoid sovereign default, which it came close to last summer.
Pakistan’s sovereign dollar bonds rallied on Thursday afternoon, with the 2031 maturity trading 1 cent higher to bid at 79.93 cents on the dollar, according to Tradeweb data.
Sharif said Pakistan’s economy would greatly benefit if the monetary policy rate also reached single digits like the inflation rate, highlighting that the dialogue with the IMF was moving ahead in a “good manner.”
PM Sharif said Pakistan will take decisions regarding the growth rate once the program is finalized.
Pakistan has been struggling with boom-and-bust cycles for decades, leading to 22 IMF bailouts since 1958. The latest economic crisis has been the most prolonged and has seen the highest-ever levels of inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.
The conditions of the fresh IMF bailout have become tougher such as higher taxes on farm incomes and electricity prices. The bailout is aimed at cementing stability and inclusive growth in the crisis-plagued South Asian country.
Ex-PM Khan’s party postpones Friday protests, vows to hold Lahore rally on Sept. 22
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- The party last week held rally in Islamabad to demand Khan’s release, which led to arrest of nearly dozen lawmakers
- Sunday’s PTI party rally was mostly peaceful but clashes between police, some PTI supporters injured one police officer
ISLAMABAD: Former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party has postponed its nationwide protests on Friday on the instructions of the ex-premier, party members said on Thursday, vowing to hold a “grand rally” in Lahore on September 22.
The PTI last week held a rally in Islamabad to demand the release of Khan, who has been in prison since August last year on a slew of charges. Nearly a dozen PTI lawmakers were arrested this week for violating the recently passed Peaceful Assembly and Public Order Act, 2024, which allows authorities to set time limits and designate special areas for public gatherings.
The Islamabad administration had allowed the PTI to hold Sunday’s rally from 4pm till 7pm, but the gathering went on until around 11pm. Police said PTI lawmakers were detained over violations of the new law. On Tuesday, the National Assembly speaker ordered an inquiry into the arrests, citing that under Pakistani law, legislators cannot be detained from within the precincts of parliament without the speaker’s permission.
Speaking at a presser on Thursday, PTI member Salman Akram Raja said the party had decided to postpone Friday’s protest to give some more time to the government, while the rally in Lahore would “take place at any cost.”
“Therefore, we appeal to the public to be mindful of these updates, act courageous because fear doesn’t have a meaning anymore in this country,” Raja said. “We are not fearful and will not stop till we reach our destination.”
Prior to the Lahore rally, Raja said, the PTI would hold a public gathering in the Karak district of the northwestern Khyber Pakhtunkhwa province next week.
Sunday’s PTI rally was mostly peaceful, but there were clashes between police and some PTI supporters en route to the rally venue, in which one police officer was injured.
The PTI says it has faced an over a year-long crackdown since protesters allegedly linked to the party attacked and damaged government and military installations on May 9, 2023 after Khan’s brief arrest that day in a land graft case.
Hundreds of PTI followers and leaders were arrested following the riots and many remain behind bars as they await trial. The military, which says Khan and his party were behind the attacks, has also initiated army court trials of at least 103 people accused of involvement in the violence.
Khan, who is in jail since last August, was ousted from the PM’s office in 2022 in a parliamentary vote of no confidence after what is widely believed to be a falling out with Pakistan’s powerful military, which denies being involved in politics.
Since his removal, Khan and his party have waged an unprecedented campaign of defiance against the military and now the PTI is aiming to mobilize the public through rallies to call for their leader’s release from jail in “politically motivated” cases.