ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday warned authorities against any delay in investment projects initiated by friend countries in Pakistan, state media reported, amid Islamabad’s efforts to put the dwindling South Asian economy back on track.
The directives by the prime minister came at a meeting he presided over in the federal capital of Islamabad to review the country’s economy and investment landscape. Sharif said the $350 South Asian economy was on the path to grow.
Since avoiding a default last year, Pakistan has been making desperate attempts to revive its fragile economy and reached a staff-level agreement with the International Monetary Fund (IMF) in July for a new $7 billion loan.
Sharif said the recent upgradation of Pakistan’s ratings to Caa2 from Caa3 by an international credit ratings agency, Moody’s, was an acknowledgement of the “sound economic policies” of his government, the Radio Pakistan broadcaster reported.
“Keen interest of friendly countries to invest billions of rupees in Pakistan’s various sectors is a result of business-friendly policies of the government,” he was quoted as saying.
“Any delay in the implementation of investment projects from friendly countries is not acceptable.”
Pakistan has reached investment deals with a number of countries, mainly China and the Gulf states, in infrastructure, energy, maritime, ports and other sectors.
During the meeting, Sharif directed his cabinet members and relevant institutions to take steps to accelerate the pace of ongoing projects and ensure transparency in their implementation.
He highlighted enormous investment potential in the country’s information technology (IT), agriculture, minerals, gemstones and energy sectors.
“Foreign investment in these sectors will not only boost exports’ volume, but it will create job opportunities for the youth,” he noted.
Pakistan PM warns against delay in investment projects by friendly countries
https://arab.news/pjf29
Pakistan PM warns against delay in investment projects by friendly countries
- Since avoiding a default last year, Pakistan has been making desperate attempts to revive its fragile $350 billion economy
- PM Shehbaz Sharif asks relevant institutions to take steps to accelerate the pace of ongoing projects, ensure transparency
Pakistan calls for transport connectivity, trade corridors between D-8 developing nations
- PM Sharif is in Cairo to attend Eleventh Summit of D-8 countries, hold bilateral meetings with world leaders on forum’s sidelines
- Pakistani PM will also and attend a special meeting on the ongoing conflict in the Middle East with a focus on Palestine and Lebanon
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Thursday called for better transport connectivity and trade corridors between member states from the D-8 developing group of nations to boost regional trade and economic cooperation.
Sharif arrived in Cairo on Wednesday to lead the Pakistan delegation at the Eleventh Summit of D-8 countries, hold bilateral discussions with multiple world leaders on the sidelines of the forum and attend a special meeting on the ongoing conflict in the Middle East, with a focus on Gaza and Lebanon.
The D-8 grouping promotes economic and development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. Key areas of cooperation are agriculture, trade, transportation, industry, energy and tourism.
The bloc’s latest summit is themed “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
“Connectivity is a force multiplier and is rightly hailed as a vehicle for peace and prosperity,” Sharif said as he addressed the summit. “We need to explore the possibilities of developing and enhancing transport connectivity among D-8 member states for building efficient intra-trade corridors and reliable supply chains.
In this regard, the Pakistan, Iran and Turkiye corridor is an excellent project for very efficient connectivity.”
The Islamabad-Tehran-Istanbul Road Transport Corridor is a cross-border trade initiative aimed at improving road transport links and providing more efficient movement options for goods between South Asia, the Middle East and Europe.
Pakistan naval chief holds defense cooperation, regional security talks on visit to Oman
- Oman is the nearest Arab country to Pakistan, because of which they share a maritime boundary
- Last week, the Pakistan navy conducted joint naval exercises and drills with the Royal Oman ship ‘Alseeb’
ISLAMABAD: Pakistani naval chief Admiral Naveed Ashraf is on an official visit to Oman to discuss defense cooperation, smuggling and regional maritime security, the military’s media wing said on Thursday.
Oman is the nearest Arab country to Pakistan, because of which they share a maritime boundary. Pakistan shares a unique ‘blood bond’ with Oman, one third of whose population originates from Pakistan’s Balochistan province, while the southwestern port city of Gwadar, which is 200 nautical miles from Oman, was transferred to Pakistan in 1958, before which it had remained gifted to the Sultan of Oman for 175 years.
“During the meetings, the security situation in the Indian Ocean and joint defense cooperation were discussed,” the military’s media wing said after Ashraf had separate meetings with the minister of the Royal Office of the Sultanate of Oman, and the commanders of the Omani Royal Navy and National Defense College.
“Naval Chief highlighted the role of Pakistan Navy in preventing piracy and smuggling,” the statement said. “Pakistan Navy is a strong supporter of promoting maritime security in collaboration with other regional countries.”
Last week, the Pakistan navy conducted joint naval exercises and drills with Royal Oman ship ‘Alseeb.’ The bilateral naval exercise, “Samar Al-Tayeb,” is conducted regularly between the navies of the two nations.
Asian Development Bank approves $7.5 million to boost health care in Pakistan’s northwest
- Funds will aid in revamping hospitals, improving service delivery, modernizing equipment across secondary health facilities
- The ADB has committed over $52 billion to Pakistan, one of its founding members, since 1966 in public, private sector loans
ISLAMABAD: The Asian Development Bank (ADB) has approved $7.5 million to enhance health care systems in Pakistan’s northwestern Khyber Pakhtunkhwa province, Pakistani state media reported on Thursday.
The funds will support the mega project of revamping of Non-Teaching District Headquarters hospitals across the province, the Radio Pakistan broadcaster reported.
“It would also improve service delivery, and modernize equipment across secondary health care facilities,” the report read.
The regional development bank has committed over $52 billion to Pakistan, one of its founding members, since 1966 in public and private sector loans, grants and other forms of financing to promote inclusive economic growth in the country.
On Dec. 14, Pakistan signed a loan agreement with the ADB for the Integrated Social Protection Development Program additional financing amounting to $330 million.
India to play Champions Trophy on neutral ground, not Pakistan
- In return, Pakistan will also play upcoming ICC tournaments hosted by India in other countries, yet to be decided
- The agreement will extend to ICC Women’s Cricket World Cup 2025 hosted by India, ICC Men’s T20 World Cup 2026
KARACHI: India will play next year’s Champions Trophy matches on neutral ground after refusing to visit tournament host and arch-rival Pakistan, the International Cricket Council said Thursday following weeks of wrangling.
In return, Pakistan will also play upcoming ICC tournaments hosted by India in other countries, yet to be decided.
“India and Pakistan matches hosted by either country at ICC Events during the 2024-2027 rights cycle will be played at a neutral venue, the ICC Board confirmed,” said a statement released by the body.
“This will apply to the upcoming ICC Men’s Champions Trophy 2025 (hosted by Pakistan).”
The agreement will extend to the ICC Women’s Cricket World Cup 2025 hosted by India, and the ICC Men’s T20 World Cup 2026 hosted by India and Sri Lanka, the statement added.
The announcement ended a month-long stand-off over the Champions Trophy, after India told the ICC it will not send its team to Pakistan because of security fears and political tension.
Pakistan did, however, play in India during the 2023 ICC World Cup hosted there.
Pakistan issues visas to 84 Indian Hindu pilgrims to visit Katas Raj temples
- 900-year-old Katas Raj temples are one of the holiest sites in South Asia for Hindus
- In 2021, Pakistan opened the Kartarpur corridor as a visa-free crossing for Indian Sikhs
ISLAMABAD: The Pakistan High Commission in New Delhi has issued visas to 84 Indian Hindu pilgrims to visit the Shri Katas Raj temples in the Chakwal district of the eastern Punjab province from Dec. 19 till Dec. 25, Pakistani state media reported this week.
The 900-year-old Katas Raj temples, one of the holiest sites in South Asia for Hindus, form a complex of several temples connected by walkways that surround a pond named Katas that Hindu sacred texts say was created from the teardrops of Shiva as he wandered the Earth inconsolable after the death of his wife Sati.
The complex is located in the village of Katas some 110 km (70 miles) south of the Pakistani capital of Islamabad.
“The issuance of pilgrimage visas is in line with the policy of Government of Pakistan to facilitate visits to religious shrines and promoting interfaith harmony,” the APP news agency reported, citing a statement from the Pakistani high commission.
Under the 1974 Pakistan-India Protocol on Visits to Religious Shrines, each year thousands of Sikh and Hindu pilgrims from India visit Pakistan to attend religious festivals and events.
Pakistan’s chargé d’affaires Saad Ahmad Warraich wished the pilgrims “a spiritually rewarding yatra and a fulfilling journey,” according to the APP report.
In 2021, Pakistan opened the Kartarpur corridor as a visa-free crossing allowing Indian Sikhs to visit the temple just 4km (2.5 miles) inside Pakistan where Sikhism’s founder Guru Nanak died in 1539. Many Sikhs see Pakistan as where their religion began as Nanak was born in 1469 in a small village near the eastern Pakistani city of Lahore.
The Kartarpur corridor marked a rare thaw in relations between the two nuclear-armed foes and neighbors.
