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Pakistan’s rice exports surged to $4 billion in FY24 compared to $2.15 billion last year

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Men check quality of rice at a grocery shop in Karachi on September 26, 2024. (AFP/ File)
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A photograph taken on June 7, 2023 shows large bags of rice displayed for sale in Sonali Supermarket in the 'Balti Triangle' area of Birmingham, central England. (AFP/File)
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Updated 14 October 2024
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Pakistan’s rice exports surged to $4 billion in FY24 compared to $2.15 billion last year

  • State media says favorable weather, “abundant” resources helped Pakistan export six million tons of rice 
  • Pakistan’s commerce minister said country aims to increase revenue from rice exports to $7 billion this year
Updated 14 October 2024
Hasaan Ali Khan

ISLAMABAD: Pakistan generated $4 billion in revenue during financial year 2024 by exporting six million tons of different types of rice, state media reported on Monday, citing favorable weather conditions and “abundant” agricultural resources as the main reasons for the surge in exports. 

Pakistan exported rice worth $4 billion this year compared to $2.15 billion last year, benefiting largely from India’s more-than-a-year-long ban on rice exports to fulfill its domestic needs. India announced in September it was lifting the ban, prompting Pakistan to lift the minimum export price for all rice varieties in the country. 

India and Pakistan are the only two countries that produce basmati rice which is famous for its unique flavor and aroma. India has been the largest exporter of rice worldwide, followed by Pakistan, Thailand and Vietnam.

“With the support of the Special Investment Facilitation Council, Pakistan has earned revenue of four billion dollars from rice exports,” state broadcaster Radio Pakistan reported, referring to Pakistan’s top hybrid civil-military body formed last year to attract foreign investment in the country’s vital economic sectors. 

“During the fiscal year 2024, Pakistan exported more than 6 million tons of different varieties of rice due to favorable weather conditions and abundant availability of agricultural resources.”

Shahjahan Malik, former chairman of the Rice Exporters Association of Pakistan, said exporters have set a fresh target of $5 billion for rice exports for the next financial year. He added that a comprehensive strategy based on “modern seed research and quality agricultural practices” would be developed to enhance exports further. 

Earlier this month, Pakistan’s Commerce Minister Jam Kamal had said the country aimed to boost its rice exports to as much as $7 billion to support its dwindling economy. 

Topics: Pakistan Rice Export

Washington says working with Pakistan to enhance civilian and military anti-terror capabilities

Updated 20 November 2024
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Washington says working with Pakistan to enhance civilian and military anti-terror capabilities

  • Pakistan’s northwestern Khyber Pakhtunkhwa province has seen surge in militant attacks in recent months
  • Southwestern province of Balochistan has also seen increase in strikes by separatist ethnic militants this year
Updated 20 November 2024
Fatimah Amjad

ISLAMABAD: US State Department Spokesman Matthew Miller said this week Washington was working closely with Pakistan to enhance the counterterrorism capabilities of its civilian and military agencies, amid a rise in militancy in the South Asian nation.

Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province has seen a surge in militant attacks in recent months, which Islamabad says are mostly carried out by Afghan nationals and their facilitators and by Tehreek-e Taliban Pakistan (TTP) and other militant groups who cross over into Pakistan using safe haven in Afghanistan. The Taliban government in Kabul denies the charges, saying Pakistan’s security challenges are a domestic issue.

The remote southwestern province of Balochistan has also seen an increase in strikes by separatist ethnic militants this year. 

“We continue to have an important bilateral counterterrorism partnership with the Government of Pakistan, and it includes regular high-level dialogues and working level consultations dedicated to enhancing both civilian and military capabilities to detect and counter these type of threats,” Miller said at a press briefing on Tuesday evening.

Responding to a question about media reports that eight Pakistani soldiers had been killed in the country’s northwest, and seven police officers abducted near the Afghan border, Miller said the US “condemned these and all terrorist attacks.”

“I would just say, as these horrific attacks against the Pakistani people continue, we remain committed to engaging with government leaders and civilian institutions to identify opportunities to build capacity in detecting, preventing, and responding to threats posed by militant terrorist groups,” the spokesman added.

On Tuesday, Pakistan said it had approved a “comprehensive military operation” against separatist militant groups operating in Balochistan. The government did not provide any details of the military operation such as when it would be launched and in which parts of the province and which security agencies would participate. 

Topics: Pakistan Militancy Afghanistan Matthew Miller

Pakistan, Saudi Arabia discuss ‘beggar mafia’ menace, vow crackdown — interior ministry 

Updated 20 November 2024
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Pakistan, Saudi Arabia discuss ‘beggar mafia’ menace, vow crackdown — interior ministry 

  • Beggars abusing visas to beg in foreign countries has Pakistan worried it could impact genuine visa-seekers and religious pilgrims
  • Interior minister says names of 4,300 beggars added to no-fly list, “zero tolerance policy” being adopted against beggar mafia 
Updated 20 November 2024
Arab News Pakistan

ISLAMABAD: Pakistani interior minister Mohsin Naqvi on Wednesday met Saudi Deputy Interior Minister Dr. Nasser bin Abdulaziz Al-Dawood in Islamabad and discussed the growing menace of Pakistanis traveling to the Kingdom on pilgrim and other visas and resorting to begging, the interior ministry said. 

The trend of beggars abusing visas to beg in foreign countries has Pakistan worried that it could impact genuine visa-seekers and particularly religious pilgrims to Saudi Arabia. According to widespread media reports, Riyadh has raised this issue with Islamabad at various forums. 

“Discussions on suppressing the mafia that sends beggars from Pakistan to Saudi Arabia discussed,” the Pakistani interior ministry said in a statement after Naqvi met Al-Dawood. “A zero tolerance policy has been adopted against beggars going to Saudi Arabia.”

The interior minister said the names of 4,300 beggars had been added to a no-fly list and an “effective crackdown” was being carried out across the country.

The two officials also agreed to implement a prisoner exchange agreement, with Naqvi saying legal proceedings for the repatriation of 419 Pakistani prisoners in Saudi Arabia would be “completed soon.”

Previously, Naqvi had tasked the Federal Investigation Agency (FIA) with cracking down on the network of beggars traveling illegally, saying it was damaging Pakistan’s image abroad. 

Pakistanis are the second-largest expatriate community in the Kingdom, with over 2.5 million living and working in Saudi Arabia, the top source of remittances to the South Asian country.

Topics: Pakistan Saudi Ties Begger Mafia Saudi visa for Pakistan fia Arab News Pakistan

Pakistani privatization chief pitches sale of PIA, other state entities to Azerbaijani officials

Updated 20 November 2024
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Pakistani privatization chief pitches sale of PIA, other state entities to Azerbaijani officials

  • Pakistan is looking to sell debt-ridden state enterprises as envisaged under $7 billion IMF program approved in September
  • Pakistan wants to position itself as pivotal trade and transit hub connecting China and Central Asia with the rest of the world
Updated 20 November 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan’s privatization chief Abdul Aleem Khan on Wednesday met Azerbaijan’s economy minister Mikayil Jabbarov and discussed, among other issues, the sale of national carrier PIA and other loss-making state entities.

Cash-strapped Pakistan is looking to offload a 51-100 percent stake in debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program approved in September. The process, however, hit a snag last month when the final bidding round attracted just one bid of Rs10 billion ($36 million) for a 60 percent stake in the national flag carrier.

PIA’s existing liabilities stand at approximately Rs250 billion ($896 million).

Pakistan is also trying to sell power distribution (discos) and other loss-making state owned companies that are a main hole in its $350 billion economy.

“Discussions with the Azerbaijani government on government-to-government and business-to-business partnerships regarding privatization in Pakistan were discussed in the meeting,” Khan’s office said in a statement after he met Jabbarov in Baku. 

“Participation in privatization of PIA, Agricultural Development Bank, discos, utility stores and other projects offered.”

According to the statement from the Pakistani side, Khan said Pakistan and Azerbaijan could make “mutual investments” in the LNG and renewable energy sectors.

“There can be huge investments in the IT sector, telecom, agriculture, energy and other sectors,” Khan said, apprising the Azerbaijani official of cooperation opportunities in Pakistan’s communication sector as well. “We have to take concrete and practical steps to increase the volume of bilateral trade.”

Khan is in Azerbaijan on a two-day visit, and will attend various meetings aimed at discussing investment opportunities and strengthening bilateral relations. 

Pakistan wants to position itself as a regional trade hub, leverage its strategic geopolitical position and enhance its role as a pivotal trade and transit hub connecting China and Central Asia with the rest of the world. In recent months, there has been a flurry of visits, investment talks and economic activity between Pakistan, China and Central Asian states, including Uzbekistan, Azerbaijan, Tajikistan and Turkmenistan.

Topics: PIA privatization

Pakistan, Saudi Arabia discuss exchange of police, paramilitary forces, joint trainings

Updated 20 November 2024
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Pakistan, Saudi Arabia discuss exchange of police, paramilitary forces, joint trainings

  • Military and security cooperation is a strong aspect of close relationship between Islamabad and Riyadh
  • They regularly engage in joint exercises, training programs to enhance their respective defense capabilities
Updated 20 November 2024
Aamir Saeed

ISLAMABAD: Pakistani interior minister Mohsin Naqvi on Wednesday met Saudi Deputy Interior Minister Dr. Nasser bin Abdulaziz Al-Dawood in Islamabad and discussed the exchange of police and paramilitary forces, as well as joint training programs between the two brotherly nations.

Military and security cooperation is a strong aspect of the close relationship between Islamabad and Riyadh. They regularly engage in joint military exercises and training programs to enhance their respective defense capabilities. Pakistan is also a member of the Saudi-led Islamic Military Alliance, which aims to combat terrorism and promote regional security. Since the 1970s, Pakistani soldiers have been stationed in Saudi Arabia to protect the Kingdom while Pakistan has also been providing training to Saudi soldiers and pilots.

“Discussion held on mutual exchanges of paramilitary forces and police and joint trainings,” the Pakistani interior ministry said in a statement after Naqvi’s meeting with Al-Dawood. 

A day earlier, Pakistan’s Prime Minister Shehbaz Sharif also met Al-Dawood and expressed “satisfaction” over the implementation of recently signed business agreements between the two countries.

Pakistani and Saudi businesses signed 27 memorandums of agreement (MoUs) worth $2.2 billion on Oct. 10 during the Saudi investment minister’s visit to Islamabad. On Oct. 30, while Sharif was visiting Riyadh, Saudi Arabia announced it had enhanced the number of business agreements from 27 to 34 and increased their value to $2.8 billion.

Topics: Pakistan Saudi Ties

Pakistan approves winter power package to spur demand, cut gas use

Updated 20 November 2024
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Pakistan approves winter power package to spur demand, cut gas use

  • Move to provide relief to businesses and citizens after steep increases in electricity tariffs following energy reforms pushed by IMF
  • Utilities in Pakistan, many of which have had to curtail or completely cease operations in winter months, will also benefit 
Updated 20 November 2024
SAIMA SHABBIR

ISLAMABAD: The Eco­nomic Coordination Com­m­i­ttee (ECC) of the Pakistan government on Tuesday formally approved subsidy-neutral discounted electricity rates during winter in a bid to boost consumption and cut the use of natural gas for heating, the finance ministry said. 

The move is expected to provide relief to businesses and citizens, who have suffered from steep and sudden increases in electricity tariffs following energy sector reforms suggested by the International Monetary Fund (IMF). Utilities in Pakistan, many of which have had to curtail or even completely cease operations in winter months due to demand dropping by up to 60 percent from peak summer levels, will also benefit from the move.

Pakistan relies heavily on expensive natural gas and burning wood for heating during winter. Power consumption in Pakistan has declined 8-10 percent year on year over the past three quarters, according to energy ministry figures. 

The new winter package, which will apply between Dec. 2024 to Feb. 2025, has been approved for the industrial, domestic, commercial and general services consumers of state distribution companies (discos) and K-Electric, the main utility in the port city of Karachi, “to enable optimum use of system generation capacity besides reducing gas demand due to shifting of favorabe demand toward electricity.”

“The ECC discussed the proposal and approved it, calling the subsidy-neutral interim relief initiative worked out by the Power Division as being timely and relevant in view of recent surge in electricity tariffs and the reduced demand across various consumer categories,” the finance division statement added. 

The package would apply to incremental consumption over the past years and includes 18-50 percent discounts depending on various consumer categories and consumption slabs. 

Incremental consumption will be calculated using a weighted average formula based on the last three years’ usage.

According to the power division, the base rate for domestic consumers is a minimum of Rs37.49 per unit and a maximum of Rs52.07 per unit, but additional consumption would be charged at Rs26.07 per unit for both categories. This would be 30 percent cheaper (Rs11.42 per unit) compared to a minimum rate of Rs37.49 and 50 percent (Rs26 per unit) compared to the maximum rate.

The energy ministry has previously said the move to slash winter tariffs will help industries reduce electricity costs by 7-8 percent at an optimal level, while stimulating industrial growth in the process.

Topics: power package ECC

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