ISLAMABAD: Prime Minister Shehbaz Sharif on Friday met a delegation of the US-Pakistan Business Council (USPBC) in New York, introducing them to a special civil-military investment body set up last year to attract foreign funding and briefing them on government measures taken to improve ease of doing business.
Sharif’s government has actively pursued economic diplomacy in recent months and wants to strengthen ties with the US — strained in recent years by political tensions — and boost bilateral trade in goods and services, which the Pakistani embassy in Washington says now totals about $12 billion.
Sharif’s meeting with USPBC took place on the sidelines of the annual United Nations General Assembly, which the PM is scheduled to address later today, presenting his country’s stance on Israel’s war on Gaza, the lingering Kashmir dispute, growing global security deficit and climate change risks.
“In introducing the Special Investment Facilitation Council (SIFC) to the participants, the Prime Minister underscored that SIFC was a high-level, one-window agency empowered to facilitate foreign investors in planning and implementing their ventures in four key areas: agriculture, IT, energy, and mining,” a statement from Sharif’s office said after he met the USPBC delegation.
“The Prime Minister added that the SIFC aimed at bolstering investor confidence and expediting project implementation through customized solutions and demand-driven facilitation.”
Sharif identified various areas in Pakistan’s economy, particularly agriculture, technology, pharmaceutical, oil and gas and mining where he said US companies could benefit through mutually beneficial investments.
As Pakistan has sought approval for a $7 billion IMF loan in recent months — the approval was received this week — it has actively sought external financing from allies as well as looked at more sustainable forms such as direct investment and climate financing.
On Friday, an IMF official said Pakistan had received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to the new IMF program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad.
The IMF’s Executive Board on Wednesday approved the new 37-month loan agreement for Pakistan that requires “sound policies and reforms” to strengthen macroeconomic stability.
The approval releases an immediate $1 billion disbursement to Islamabad.
Pakistan PM briefs US-Pakistan Business Council on special body set up for foreign investments
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Pakistan PM briefs US-Pakistan Business Council on special body set up for foreign investments
- Sharif’s government has actively pursued economic diplomacy in recent months and wants to strengthen ties with the US
- Islamabad aims to boost bilateral trade in goods and services, which Pakistani embassy in Washington says totals $12 billion
Pakistan dispatches 21st aid consignment for Gaza, Lebanon and Syria
- Islamabad dispatches 17 tons of blankets, food, medicines to Damascus in Syria from Rawalpindi
- Israel’s military campaigns have killed over 44,000 Palestinians in Gaza since October last year
ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) on Wednesday dispatched its 21st relief consignment for the war-affected people of Syria, Lebanon and Gaza who have suffered from Israeli military aggression in the Middle East.
Israel has been attacking what it calls Iran-linked targets in Syria for years but has ramped up such raids since the Oct. 7, 2023, attack by Hamas on Israel, leading Israel to launch a military campaign in which more than 44,000 Palestinians have been killed in Gaza and more than 3,500 people in Lebanon.
On Tuesday, Israel approved a ceasefire agreement with Lebanon’s Hezbollah group that ended nearly 14 months of fighting linked to the war in Gaza. International aid agencies and the World Health Organization (WHO) have warned Israel’s military operations in Gaza have caused starvation and diseases for thousands of people in the area.
“On the directives of the Prime Minister of Pakistan, National Disaster Management Authority (NDMA) continues to provide humanitarian aid to the war-affected people of Gaza, Lebanon and Syria,” the NDMA said in a statement.
The 21st consignment was dispatched from Pakistan’s eastern city of Rawalpindi to Syria. The relief items were sent with the help of the Pakistan Air Force, the NDMA said, adding that they comprised 17 tons of supplies which included blankets, food and medicines.
The NDMA said Pakistan has dispatched a total of 1,273 tons of relief items to the war-affected people of Gaza, 372 tons to the people of Lebanon, and 111 tons to Syria.
“The Government of Pakistan continues to send relief supplies based on the needs of the war-affected populations of Lebanon and Palestine,” the authority said.
Since the beginning of Israel’s war on Gaza, Pakistan has repeatedly raised the issue at the United Nations, the Organization of Islamic Cooperation and other multilateral platforms and demanded international powers and bodies stop Israeli military actions in Gaza.
Pakistan, South Korea conduct joint drill in Arabian Sea to deter piracy, drug trafficking
- Exercise included tactical maneuvers and communication drills to foster interoperability
- Pakistan, South Korea are both part of 46-nation Combined Maritime Forces partnership
ISLAMABAD: Pakistan Navy’s PNS Zulfiqar conducted a joint exercise with South Korea’s Wang Geon ship in the Arabian Sea on Wednesday, the navy said, with the drill aimed at intensifying efforts to deter illicit maritime activities such as piracy and drug trafficking.
Both ships took part in the exercise under the task forces of the Combined Maritime Forces (CMF), CTF-150 and CTF-151, respectively. The CMF is a 46-nation naval partnership, which exists to promote security, stability and prosperity worldwide.
Pakistan Navy said the Passage Exercise included tactical maneuvers and communication drills, adding that these were aimed at enhancing operational interoperability and fostering professional ties between the two navies.
“CTF-150 and CTF-151 focus on deterring illicit maritime activities such as drug trafficking and piracy, which threaten security in international waters,” the navy said in a statement.
Pakistan said the exercise demonstrated both navies’ commitment to uphold maritime security, support lawful activities at sea and promote stability and cooperation in the region.
“Pakistan and the Republic of Korea consistently contribute ships and aircraft to maritime security efforts under the CMF banner,” the navy said.
“This collaboration is particularly valuable for building mutual understanding and operational synergy.”
Pakistan Navy regularly collaborates and holds joint military exercises with allies and countries that are part of the CMF to deter piracy, drug trafficking and other illicit maritime activities.
Pakistan, China agree to strengthen defense ties amid regional challenges
- General Asim Munir hosts vice chairman of China's Central Military Commission at the GHQ
- Chinese general praises Pakistan’s commitment to ties with Beijing, counter-terrorism efforts
ISLAMABAD: Pakistan and China on Wednesday agreed to enhance bilateral defense cooperation, with both sides emphasizing the strategic importance of their partnership during high-level discussions at the army’s General Headquarters (GHQ) in Rawalpindi.
General Zhang Youxia, Vice Chairman of China’s Central Military Commission, led a delegation to meet Pakistan’s Chief of Army Staff, General Syed Asim Munir. The visit included a one-on-one meeting between the two generals, followed by delegation-level talks.
"The engagements focused on matters of mutual interest, regional security dynamics, measures for regional stability, and enhancing bilateral defense cooperation," the military’s media wing, Inter-Services Public Relations (ISPR), said in a statement.
"General Asim Munir underscored the enduring and all-weather nature of Pakistan-China relations, emphasizing their foundation of mutual trust and cooperation," the statement added, noting that the army chief thanked the Chinese leadership for standing firmly with Pakistan, irrespective of changes in the international and regional environment.
The ISPR also quoted the Chinese general praising Pakistan’s commitment to the strategic partnership, commending the army’s professionalism and resolve in counter-terrorism efforts. He reiterated China’s determination to strengthen defense ties and deepen collaboration for regional stability.
China already plays a pivotal role in Pakistan’s economic and strategic framework, primarily through the China-Pakistan Economic Corridor (CPEC). However, Chinese authorities have expressed concerns over attacks on their nationals working on various CPEC projects by militant groups of differing ideologies.
Earlier, General Zhang paid tribute to Pakistan’s fallen soldiers by laying a floral wreath at the Martyrs’ Monument upon his arrival at GHQ. He was accorded a ceremonial guard of honor by a contingent of the Pakistan Army.
inflation seen slowing to 5.8 percent-6.8 percent in November, ministry says
- Inflation may further slow to 5.6 percent-6.5 percent in December, says ministry
- Pakistan slashed interest rates by 250 basis points earlier in November
KARACHI: Inflation in Pakistan is expected to slow to 5.8 percent-6.8 percent in November, and then further to 5.6 percent-6.5 percent in December, the finance ministry said in its monthly economic report on Wednesday.
The South Asian country slashed interest rates by 250 basis points earlier in November in a bid to revive a sluggish economy amid a big drop in the rate of inflation.
Inflation clocked in at 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.
Why is Pakistan’s former PM Imran Khan in jail?
- Khan first arrested in May 2023 over allegations he received a land bribe through a trust created when he was in office
- Khan, now in jail since August 2023, also faces charges of terrorism and is accused of revealing state secrets
ISLAMABAD: Pakistan’s capital Islamabad was gripped by violence on Tuesday as protesters demanding the release of former Prime Minister Imran Khan clashed with security forces near the parliament.
Here is a look at some of the allegations against the 72-year-old cricketer-turned-politician — named in dozens of cases since he left office in 2022 — that have kept him behind bars for more than a year.
GRAFT ALLEGATIONS
Khan was first arrested in May 2023 in relation to allegations that his wife, Bushra Bibi, and he received land worth up to 7 billion rupees ($25 million) as a bribe through a trust created in 2018, while he still held office.
His Pakistan Tehreek-e-Insaf (PTI) party has maintained the land was donated for charitable purposes.
Khan was released on bail after three days in prison, during which his supporters attacked and set fire to military and other state installations, with eight people killed in the violence.
ABETTING VIOLENCE
Khan is facing anti-terrorism charges in connection with the violence that followed his arrest in May last year, and in relation to which several of his supporters have already been sentenced.
PTI said in July that authorities had issued fresh arrest warrants for him in three different cases related to the clashes.
STATE SECRETS
Khan was accused of making public a classified cable sent to Islamabad by Pakistan’s ambassador in Washington in 2022, while he still held office.
He was acquitted in the case in June.
UNLAWFUL MARRIAGE
Khan and his wife were accused of breaking Islamic law by failing to observe the mandated waiting period between Bibi’s divorce from her previous husband and their marriage in 2018 .
