ISLAMABAD: Prime Minister Shehbaz Sharif witnessed the signing of over $2 billion in agreements and memorandums of understanding (MoUs) between Saudi and Pakistani businesses on Thursday, calling the ceremony a precursor to many future partnerships.
The event took place as Sharif welcomed Saudi Investment Minister Khalid bin Abdulaziz Al-Falih at the PM House, describing his visit as an “important milestone” in the economic relations between the two countries.
The Saudi minister brought a large delegation of businessmen representing various economic sectors, including energy, mining, agriculture, tourism and industry, a day earlier, with the aim of finalizing 27 business-to-business deals and MoUs.
The visit took place at a time when Pakistan is seeking to strengthen trade and investment ties with friendly nations, particularly the kingdom, whose leadership reaffirmed its commitment this year to expedite a $5 billion investment package for the South Asian country.
“Today’s ceremony will lead to many more such events in times to come if we are sincere to the cause,” Sharif told the gathering, referring to Pakistan’s commitment to implementing these agreements and turning the MoUs into lucrative business deals.
He assured the Saudi delegation of his government’s full cooperation, saying he would not allow any impediments to thwart the business cooperation between the two countries.
The prime minister said Pakistan’s relations with the kingdom were firmly rooted in history and that both countries had stood by each other through thick and thin.
“Saudi Arabia has always supported Pakistan, whether after floods or earthquakes,” he continued. “This is not only friendship. This is true brotherhood, which we must transform into a relationship of economic development, cooperation and promoting our investments.”
Earlier, the prime minister told the Saudi minister that his visit was “an important milestone in strengthening investment ties between Pakistan and Saudi Arabia, setting the stage for greater collaboration in sectors of mutual interest.”
The prime minister pointed out that Al-Falih’s trip to Pakistan was the third high-level Saudi delegation to visit the country in the last six months, calling it a testament to the growing momentum in the bilateral relationship.
He also reaffirmed Pakistan’s commitment to Saudi Arabia’s sovereignty and territorial integrity, expressing readiness to strengthen defense ties, including support for the kingdom’s Vision 2030, which seeks to develop indigenous defense and security capabilities.
According to the PM Office, the Saudi minister reiterated the kingdom’s commitment to increasing its investment portfolio in Pakistan, particularly in mining, agriculture, food security and infrastructure development.
He further said the signing of 27 agreements and MoUs was just the beginning of the journey.
Pakistan, Saudi Arabia ink multiple agreements valuing $2 billion
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Pakistan, Saudi Arabia ink multiple agreements valuing $2 billion
- Saudi investment minister is heading a large business delegation on three-day visit to Islamabad
- Saudi visit comes as Pakistan seeks foreign investments to navigate tricky path to economic recovery
Security forces kill four militants in Pakistan’s northwest
- Militants were killed in two separate operations carried out in Bannu and North Waziristan
- Weapons and ammunition were recovered from militants who were involved in several crimes
ISLAMABAD: Pakistani security forces have killed four militants in two separate operations in the country’s northwest, according to the military’s media wing, Inter-Services Public Relations (ISPR), on Thursday.
The country has witnessed a surge in militant attacks in the tribal districts of Khyber Pakhtunkhwa province since a fragile ceasefire broke down between the proscribed Tehreek-e-Taliban Pakistan (TTP) and the government in November 2022.
Pakistan has frequently said the TTP leadership is based in Afghanistan and gets assistance from the administration in Kabul, though Afghan authorities deny the claim.
“On 9-10 October 2024, four Khwarij [TTP militants] were killed in two separate operations conducted by Security Forces in Khyber Pakhtunkhwa,” the ISPR said.
On October 9, an intelligence-based operation was carried out in the general area of Janikhel in Bannu district in which two militants were killed.
In another operation, conducted in the general area Hassan Khel in North Waziristan on October 10, Pakistani troops effectively engaged a militant hideout and in ensuing exchange of fire two more militants lost their lives.
“Weapons and ammunition were also recovered from killed khwarij, who remained actively involved in numerous terrorist activities against the security forces as well as abductions and target killing of innocent civilians,” the ISPR added.
It said the “sanitization of the area” was being carried out to eliminate any other militant found in the territory.
Triple centurion Brook happy to break Dad’s club record
- 25-year-old smashed a career best 317 that, coupled with Joe Root’s 262, helped visitors pile 823-7
- With a big 267-run lead over Pakistan in first innings, England then caught the home team napping at 152-6
MULTAN, Pakistan: England’s rising batting star Harry Brook said he was delighted he had finally eclipsed his father’s highest club score, when he hit a triple hundred against Pakistan in Multan on Thursday.
The 25-year-old smashed a career best 317 that, coupled with Joe Root’s 262, helped visitors pile 823-7 declared — fourth highest total in all Test cricket — England’s third best.
With a big 267-run lead over Pakistan in the first innings, England then caught the home team napping at 152-6. At close, Pakistan still needed 115 to avoid an innings defeat on the final day Friday.
Brook said his father’s highest score was the target.
“I just wanted to get past my dad’s high score 210,” said Brook of his father David’s score in a club match for Burnley in 2001.
Brook had missed a chance of surpassing dad’s best when he scored 186 against New Zealand at Wellington last year.
“I said that to you guys before, I was pretty happy when I got past his score, to be honest.”
Brook said he was satisfied to contribute in team’s strong position.
“I am lost for words, to be honest, I’m just happy that the team’s in a in a strong position to win the game tomorrow morning. It’s an incredible thing.”
Brook and Root enjoyed a run feast on a flat Multan stadium pitch, adding a big 454 for the fourth wicket, England’s highest partnership in Tests.
It eclipsed the 411-run fourth-wicket partnership by Peter May and Colin Cowdrey against the West Indies at Birmingham in 1957.
“It was wonderful batting with Rooty,” said Brook. “We spoke about the game moving forward and going out there after lunch to try and put the foot down and get a decent lead.”
“It makes you feel so comfortable when you’re watching him at the other end, he makes the game look so easy, and he’s playing the ball so late and making the balls look slow.”
Brook completed his triple century with a boundary off part-timer Saim Ayub, reaching the mark off 310 balls before he top-edged a sweep off the same bowler and was caught by Shan Masood.
Brook cracked 29 fours and three sixes in his 439-minute stay at the crease.
It was Brook’s sixth Test century and his fourth against Pakistan following his three in as many Tests when England routed Pakistan 3-0 in 2022.
Imran Khan’s party petitions Pakistani court against ban on jail meetings with ex-premier
- Khan’s close aide says the former prime minister has been kept in solitary confinement since October 6
- PTI’s petition comes after Punjab administration banned meetings in Adiala Jail, citing security reasons
KARACHI: Former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party has filed a petition with the Islamabad High Court (IHC) to challenge the “illegal and unacceptable” ban on meetings with him in jail, said the ex-premier’s close aide on Thursday, expressing concerns that Khan has been kept in solitary confinement since October 6.
The development comes just days after Punjab’s provincial administration imposed restrictions on meetings with inmates at Adiala Jail in Rawalpindi, where Khan is imprisoned on multiple charges.
A letter issued by the Punjab government called for strict security measures at the prison, citing security concerns following a threat alert issued by the police counterterrorism department on October 6.
The restrictions on meetings with Khan followed clashes between law enforcement personnel and PTI supporters who wanted to stage a large protest in Islamabad last weekend, seeking the release of their leader, with scores of people flocking to the capital chiefly from the northwestern Khyber Pakhtunkhwa province.
“We have filed a petition in IHC against the illegal ban of all meetings with Imran Khan,” Sayed Zulfikar Bukhari, a former federal minister and the ex-premier’s aide, announced in a social media post. “From his legal team to family all have are not allowed to meet him for the next 10 odd days. This is completely illegal and unacceptable.”
“It’s obvious the ban has been placed so a lot [of] oppressive action can be taken and his voice is not heard,” he added.
In another post, Bukhari raised concern over Khan’s life and demanded the authorities allow the former premier’s only sister who has not been imprisoned to see him at the earliest.
“Apparently, he is being kept in complete solitary [confinement] and has not seen daylight since 6th of October,” he added. “Naturally during such frictional times with the government & establishment we are worried for his life.”
The PTI petition submitted in the court by Salman Akram Raja, a prominent lawyer and the party’s secretary general, said the “blanket ban” over Khan’s meetings with his family had also affected other Adiala prisoners.
It said that there was a concern that Khan and his wife, who is also in jail on corruption charges, were kept in “inhuman conditions in death cells” with all their basic facilities withdrawn including regular visits by doctors.
Khan, jailed since August last year, 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.
Finance minister says only 14% of companies registered for sales tax in Pakistan
- Muhammad Aurangzeb says sales tax evasion amounts to an estimated $12.2 billion
- The government says it will act against companies misreporting turnover, input claims
KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb revealed on Thursday only 14 percent of companies in Pakistan were registered for sales tax, leading to an estimated loss of Rs3.4 trillion ($12.2 billion) due to tax evasion, highlighting significant compliance and revenue generation challenges in the country.
Pakistan’s narrow tax base and persistent issue of tax evasion have continuously contributed to insufficient revenue collection for the fragile national economy. This shortfall exacerbates the government’s reliance on running high fiscal deficits, often financed through domestic and international borrowing, which further increases the nation’s debt burden.
Last month, the authorities prepared a plan to revamp the Federal Board of Revenue’s (FBR) tax collection system, with the help of economic and technological experts, following a detailed analysis of tax collection patterns over the past 25 years.
The government has also decided to fully digitalize the tax system to prevent leakages, even as a large segment of the national economy remains undocumented.
“Only 14 percent of the companies are registered for sales tax,” the minister said in a televised news briefing in Islamabad. “I will not delve into the consequences of non-registration as I have already spoken about it earlier.”
In his media talk on the “war on tax fraud” alongside FBR Chairman Rashid Mahmood Langrial, he said the overall tax evasion in Pakistan amounted to approximately Rs7 trillion ($25 billion) of which income tax evasion was around Rs1.3 trillion ($4.6 billion).
Aurangzeb said tax fraud could be divided into many categories with the first and most important being the misreporting of turnover and input claims. He explained that companies involved in such malpractices claimed a high ratio of input tax so that tax payments could be “suppressed and mitigated.”
He highlighted the importance of being part of a tax regime which was “adaptable and fair” where all segments of society and classes play their role. He said data analytics were being used to “plug leakages” in tax collection to ease out the burden inflicted on lower classes.
Aurangzeb said it was imperative to raise the tax-to-GDP ratio to 13-13.5 percent so that Pakistan could become a sustainable country going in the right direction with strong remittances, exports, upgraded credit ratings and a decreased policy rate due to declining inflation that also brought the lending rates down.
He added that the country could not afford to have any kind of “leakage” in terms of tax collection anymore. He gave examples of businesses in different sectors and how they misrepresented data to evade taxes.
The finance minister said 19 businesses in the cement sector that represented 100 percent of total reported sales owed around Rs18 billion ($64.3 million) to the government. Similarly, he added that the shortfall in the beverages sector due to tax evasion amounted to Rs15 billion ($53.96 million) where 16 businesses represented almost 100 percent of the total sales.
Talking about the textile sector, the finance minister said 28 weaving businesses represented 80 percent of the total reported sales with tax evasion of up to Rs18 billion ($64.3 million).
Meanwhile, the FBR chairman said the businesses involved in tax evasion were the same ones whose owners would hold meetings with government officials and present plans on how to curb tax evasion.
“There is not a bigger fraud being conducted in this country than the input adjustment system,” he said.
“The real appeal today is to professional classes who work as chief financial officers or chief executive officers. They are not the beneficiaries of the fraud amounting to billions of rupees but their signatures are being used which is a criminal act that will have criminal consequences.”
Langrial said the FBR will take action against such people and arrest them after due legal process. He urged every company’s management to not sign the upcoming sales tax return due on October 15.
“There will be no forgiveness this time,” he said.
Pakistani minister calls for regional cooperation on counterterrorism ahead of SCO summit
- Attaullah Tarar says Pakistan has lost 80,000 lives while fighting militancy to ensure peace across the world
- Information minister says the summit will also focus on climate change that impeded sustainable development
ISLAMABAD: Federal Minister for Information and Broadcasting Attaullah Tarar emphasized greater regional cooperation in counterterrorism on Thursday while addressing an event focused on the upcoming Shanghai Cooperation Organization (SCO) Summit, which will be held in Islamabad on October 15 and 16.
The issue of militant violence in Pakistan has cast a shadow over the high-profile summit, following the recent suicide attack in Karachi that killed two Chinese engineers, an act claimed by a Baloch separatist group.
Pakistan has repeatedly accused neighboring Afghanistan of harboring such militant factions, though the Taliban administration has denied these allegations.
The Pakistani government has also handed over summit security to the army and fortified Islamabad’s Red Zone, home to key government and diplomatic installations.
“Regional cooperation on counterterrorism and counterviolence is very important,” Tarar told the gathering, adding that the issue was discussed during the last SCO event in Astana, Kazakhstan.
He pointed out that Pakistan had paid a heavy price due to militant violence over the past few decades, consistently raising the issue in multilateral forums and bilateral dialogue with neighboring countries.
“We always highlight that we have lost 80,000 lives in this effort,” he added. “And this was not just for Pakistan but to ensure and maintain peace across the world.”
He said regional cooperation in counterterrorism would not only help Pakistan but also strengthen peace throughout the neighborhood.
Tarar noted that another issue to be discussed during the SCO summit is sustainable development, which, in Pakistan’s case, is threatened by climate change.
“Pakistan contributes less than one percent to global carbon emissions,” he noted. “But when it comes to climate change implications and losses, we are one of the worst-affected countries.”
He highlighted the losses incurred by the country due to floods, heatwaves, cyclones and other erratic weather events.
“Pakistan can greatly benefit from regional cooperation on this issue,” he continued.
The minister also emphasized the need for greater regional integration, pointing out that more could be done to increase Central Asian trade through Pakistani ports.
“There needs to be more financial integration to increase investment, trade and regional cooperation,” he noted.
“There is a need to promote cultural collaboration and people-to-people contact in the region,” he added. “I think that’s how we can take the people of the region toward prosperity.”
Tarar maintained it was a matter of honor for Pakistan to host a summit of this level after such a long time.
“Holding the SCO Summit at a time when Pakistan’s economy is taking off will further strengthen the country’s image and future prospects,” he said.
