ISLAMABAD: Finance minister Muhammad Aurangzeb has invited Oman to enhance investments in Pakistan, state media reported on Friday, as the South Asian country struggles to meet external financing needs as part of a $7 billion bailout loan that is pending approval by the International Monetary Fund (IMF) executive board.
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for the 37-month loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
On Thursday, Aurangzeb held a virtual meeting with the chairman of the Pak Oman Investment Company Limited, Juland Jaifer Salim Al-Said, “to discuss ways for expanding business collaborations and enhancing investment and trade flows between the two brotherly countries.”
The minister provided an in-depth overview of Pakistan’s current economic situation, emphasizing progress made in stabilizing the economy and fostering a conducive environment for business and investment.
“Aurangzeb said the government is determined to push ahead with its reform agenda to facilitate the private sector, promote businesses and provide a secure and friendly investment climate,” Radio Pakistan reported.
“Finance Minister highlighted the significant strides achieved in recent months to stabilize the economy and put it on a sustainable path of growth. He also mentioned the improvements registered in several macro and micro economic indicators of the economy as well as a host of structural reforms undertaken in various sectors of the economy, including energy, taxation, privatization, and downsizing of government to let the private sector lead the growth with the government playing the role of a facilitator, in the process.”
Radio Pakistan said the Pak Oman Investment Company chairman said Oman viewed “Pakistan as a brotherly country and a potential place for business and investment.”
“He expressed hope that due to opening up of more investment opportunities in Pakistan in the wake of ongoing economic reforms, there would be more business collaborations,” Radio Pakistan said.
The first Pakistani Business Expo will be held in Muscat on October 13-14.
Pakistan is in talks with Saudi Arabia, the United Arab Emirates and China to meet gross financing needs under the IMF program, Aurangzeb said in July following a trip to China to seek energy sector debt reprofiling.
Rollovers or disbursements on loans from Pakistan’s long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.
Pakistan invites investment from Oman as it looks for external financing avenues
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Pakistan invites investment from Oman as it looks for external financing avenues
- Pakistan in July reached a bailout loan deal with the IMF which is pending approval from the lender’s executive board
- Approval dependent on “confirmation of necessary financing assurances from Pakistan’s development, bilateral partners”
Pakistan court grants bail to ex-PM Khan’s party lawmakers arrested after Islamabad rally— lawyer
- Police arrested lawmakers last week on charges of violating law on public gatherings with Sept. 8 rally in Islamabad
- Ex-PM Khan’s party, which says it has faced crackdown since his ouster in 2022, will hold next rally on Sept. 22 in Lahore
ISLAMABAD: An anti-terror court in Pakistan’s capital on Monday granted bail to 10 lawmakers and members of jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, after they were arrested last week on charges of violating a new law to regulate public gatherings, their lawyer confirmed.
Pakistani police arrested several PTI MPs Sher Afzal Khan, Malik Muhammad Aamir Dogar, Muhammad Ahmad Chattha, Makhdoom Zain Hussain Qureshi, Waqas Akram, Zubair Khan Wazir, Awais Haider Jakhar, Syed Shah Ahad Ali Shah, Nasim Ali Shah, and Yousaf Khan on late Monday night and Tuesday. The legislators were charged with violating the Peaceful Assembly and Public Order Act by holding a rally in Islamabad on Sept. 8. The PTI said a number of the lawmakers were arrested while they were inside the parliament, triggering protests and condemnation from the party.
The party had held the rally to demand the release of Khan, who has been in prison since August last year, facing a slew of cases. The Islamabad administration had allowed the PTI to hold the rally from 4pm till 7pm, but it went on until around 11pm. Though the gathering was mostly peaceful, a policeman was injured in clashes between police and PTI supporters en route to the rally.
On Friday, the Islamabad High Court (IHC) suspended the physical remand of the lawmakers that had been issued by the anti-terror court.
“By the grace of god, all our MNAs have been granted bail,” Naeem Haider Panjutha, a PTI lawyer, wrote on social media platform X. “The court has ordered their immediate release.”
According to international news agency Agence France-Presse (AFP), the lawmakers were granted bail upon the submission of surety bonds worth Rs30,000 [$100].
Following the arrests, the National Assembly speaker opened an inquiry into the incident on Tuesday, citing that under Pakistani law, legislators cannot be detained from within the precincts of the parliament without the speaker’s permission.
Khan’s party alleges 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.
The party’s next rally is planned for Sept. 22 in the eastern city of Lahore.
Pakistan PM announces national drive to promote organ donation
- As per government’s new initiative, identity cards of voluntary organ donors will feature special logos
- Organ donation is a “profound act of kindness” that can give new lease of life to those in need, says PM
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Monday announced the launch of a national initiative to promote organ donation across the country, state media reported, which would feature special logos on National Identity Cards for voluntary donors.
The prime minister’s statement came on the occasion of ‘International Identity Day,’ which is marked annually on Sept. 16. This global initiative seeks to sensitize governments and nations around the world about the responsible adoption of legal identity.
“Prime Minister Muhammad Shehbaz Sharif has announced the launch of a national initiative aimed at promoting organ donation and to save human lives,” state broadcaster Radio Pakistan said.
Sharif said individuals who voluntarily register themselves as organ donors will have a special logo printed on their National Identity Cards, adding that organ donation is a “profound act of kindness” that can give a new lease on life to those in need.
“He urged to work collectively toward building a more inclusive world where every individual’s rights are recognized and respected,” the state media said.
An organ transplant is usually performed when any organ of a person has stopped functioning properly, leading to severe limitation in regular activities and a high likelihood of early death.
Organs or tissues for transplantation may be obtained either from a living or a deceased person. A living person may donate from paired organs such as kidneys, or a piece from the organ such as the liver. Blood, bone marrow, skin or bones may also be donated by living donors.
Multiple organs and tissues may be obtained from a deceased person including kidneys, liver, pancreas, heart, lung and intestine and other tissues.
Pakistan ranks eighth in kidney diseases worldwide, causing 20,000 deaths every year where more than 20 million people suffer from renal disease, according to the not-for-profit hospital The Kidney Center. Chronic Kidney Disease (CKD) is rapidly growing in Pakistan owing to factors such as late diagnosis, kidney stone disease, diabetes and high blood pressure.
Turkmenistan set to become first Central Asian state to gain access to Gwadar port under CPEC — report
- Pakistan and Turkmenistan will soon sign agreement in this regard, Pakistani state media says
- Both countries already working on TAPI gas pipeline, rail track and fiber connectivity projects
ISLAMABAD: Turkmenistan is set to become the first Central Asian country to gain access to Pakistan’s strategically positioned Gwadar port under the China Pakistan Economic Corridor (CPEC), Pakistani state media reported on Sunday.
The Gwadar port lies at the heart of CPEC, a part of China’s Belt and Road Initiative under which Beijing has pledged more than $60 billion in infrastructure and energy projects in Pakistan.
It aims to connect China to the Arabian Sea through a network of roads, railways, pipelines and ports in Pakistan and help Islamabad expand and modernize its economy.
Pakistan and Turkmenistan will soon sign an agreement in this regard, the state-run Radio Pakistan broadcaster reported.
“The government has constituted a committee to examine the draft agreement between Gwadar Port and Turkmenbashi Port under CPEC,” the report read.
Pakistan and Turkmenistan are already working on various joint projects, including Turkmenistan–Afghanistan–Pakistan–India (TAPI) gas pipeline, rail track and fiber connectivity, to connect South and Central Asia.
Cash-strapped Pakistan hopes to leverage its strategic geopolitical position and enhance its role as a pivotal trade and transit hub connecting the landlocked Central Asian republics with the rest of the world.
Pakistan cuts petrol price by Rs10 per liter
- The South Asian country revises petroleum prices every fortnight
- The latest cut likely to offer some relief to inflation-hit Pakistanis
ISLAMABAD: The Pakistani government has reduced the price of petrol by Rs10 per liter, the Finance Division said late Sunday.
Pakistan revises petroleum prices every fortnight. After the latest revision, petrol will now cost Rs249.10 per liter.
The government reduced the price of high-speed diesel by Rs13.06 to Rs249.69, according to the Finance Division notification.
“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variations in the international market,” the notification read.
In Pakistan, petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers, while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
Similarly, the price of kerosene oil went down by Rs11.15 to Rs158.47, while that of light diesel oil was reduced by Rs12.12 to Rs141,93.
The new prices have already taken effect.
Key US diplomat to visit Islamabad this week, discuss security challenges with Pakistani officials
- US Acting Under Secretary of State John Bass to visit Islamabad and Ankara from Sept. 14-18
- Islamabad has suffered a surge in militant attacks since 2021 after Taliban seized power in Kabul
ISLAMABAD: US Acting Under Secretary of State John Bass will discuss bilateral issues and regional security challenges with Pakistani officials in Islamabad this week, the State Department said, as the South Asian country confronts surging militant attacks on its soil.
Pakistan and the US, once close allies during the Cold War era and the so-called “War on Terror,” have closely cooperated in battling militant outfits such as Daesh and the Tehreek-e-Taliban Pakistan (TTP) over the years.
Pakistan has suffered a surge in militant attacks since the Afghan Taliban seized Kabul in August 2021. Islamabad blames the TTP or the Pakistani Taliban for launching attacks in Pakistan from Afghanistan. The Afghan government rejects Pakistan’s allegations of providing shelter to militants and has urged Islamabad to resolve its security challenges internally.
“Acting Under Secretary of State John Bass will travel to Islamabad, Pakistan, and Ankara, Türkiye, from September 14 to 18,” a press release from the State Department on Sunday read. “In Islamabad, Under Secretary Bass will meet with senior Pakistani government officials to discuss a range of bilateral issues and shared regional security challenges.”
In Ankara, Bass will meet senior Turkish officials “to underscore the strength of US-Turkiye bilateral relationship,” the State Department said. It added that both sides will also discuss efforts by the US and Turkiye to work together to support peace and stability in the region.
Pakistan and the US cultivated strong defense ties during the Cold War era yet their relationship was also tested by divergent priorities on various issues. However, more recent times have seen tensions escalate, particularly after the September 11 attacks on American soil, when US officials criticized Pakistan for not sufficiently supporting the American military efforts against the Taliban in Afghanistan.
The perception of US interference in Pakistani politics has also been a contentious issue between the two countries, highlighted by former prime minister Imran Khan’s allegations that Washington orchestrated his ouster in April 2022, a claim the US authorities have denied.
