ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Thursday assured the secretary-general of the Shanghai Cooperation Organization (SCO) that Islamabad was ready to work with member states to make the inter-government body “stronger, effective” as it seeks to forge deeper economic and trade ties with them.
Pakistan hosted the SCO’s Council of Heads of Government summit from Oct. 15-16 this week in Islamabad where regional leaders representing China, India, Russia, Iran and other countries arrived.
The SCO is a key Eurasian political, economic and security alliance founded in 2001 by China, Russia and several Central Asian nations. Over the years, it has expanded to include countries like India and Pakistan, making it a significant regional bloc.
Sharif received Zhang Ming, SCO’s secretary-general, who was in the Pakistani capital for the summit. The Pakistani premier thanked Ming for his support in conducting the regional summit.
“He [Sharif] stressed that Pakistan stood ready to work with SCO Member States so as to make the organization more effective and stronger,” the Prime Minister’s Office (PMO) said.
He reaffirmed Islamabad’s commitment to the SCO’s charter, adding that Pakistan would continue to work wholeheartedly to promote SCO’s development priorities for the benefit of its member states and the wider region.
“Mr. Ming warmly felicitated the Prime Minister on the successful organization of the SCO CHG Meeting and its positive outcome,” Sharif’s office said.
“He appreciated Pakistan’s constructive contributions to SCO’s work and activities across all domains and expressed satisfaction over Pakistan’s leadership role as SCO CHG chair.”
PAKISTAN, MONGOLIA TO FORM MINISTERIAL COMMISSION
Separately, Sharif met his Mongolian counterpart Luvsannamsrain Oyun-Erdene where the two leaders spoke about bilateral ties between their countries.
Sharif suggested the two countries mark 2025 as the year of Pakistan-Mongolia friendship to enhance their bilateral relationship.
“Both leaders agreed on forming a Joint Ministerial Commission to enhance cooperation in trade, tourism, agriculture and mining sectors,” the PMO said.
“Establishment of an inter-parliamentary union was also agreed in the meeting to expand the parliamentary relations between the two countries,” it added.
Pakistan says ready to work with SCO members to make organization ‘stronger, effective’
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Pakistan says ready to work with SCO members to make organization ‘stronger, effective’
- PM Shehbaz Sharif meets SCO secretary-general Zhang Ming to discuss recently held summit in Pakistan’s capital
- Reaffirms Islamabad’s commitment to SCO’s charter, says Islamabad will promote development priorities for members
Pakistan out for 221, England need 297 to win second Test
- Spinners Shoaib Bashir, Jack Leach share seven wickets to dismiss Pakistan for 221
- Pakistan dismiss Ben Duckett for 0 to strike early blow as England attempt chase
MULTAN: Spinners Shoaib Bashir and Jack Leach shared seven wickets to bowl Pakistan out for 221 on the third day in Multan, setting England a target of 297 to win the second Test.
Bashir finished with 4-66 while Leach grabbed 3-67 but Pakistan were lifted from a precarious 134-5 by Salman Agha (63) and Sajid Khan (22) with a 65-run ninth-wicket stand.
The hosts made 366 in their first knock.
Pakistan off-spinner Sajid took 7-111, his second five-wicket haul, to bowl England out for 291 on a pitch — also used for the first Test — offering sharp turn.
Structural impediments pose challenges to Pakistan’s macroeconomic stability — central bank
- Central bank’s annual report cites low savings, falling investment, energy sector woes as structural impediments
- Average rate of inflation expected to fall below projected range of 11.5 – 13.5% in FY25, says SBP report
ISLAMABAD: Pakistan’s central bank on Thursday said structural impediments such as low savings, falling investment and an unfavorable business environment continue to pose challenges to its macroeconomic stability.
The State Bank of Pakistan released its annual report on the state of the country’s economy on Thursday, observing that Pakistan’s macroeconomic conditions had improved due to the government’s stabilization policies, successful engagement with the International Monetary Fund (IMF), reduced uncertainty, and favorable global economic environment.
After suffering from a prolonged economic crisis, Pakistani authorities have reported that the country’s foreign exchange reserves have improved while its stock market has seen record gains this year. Inflation in the country has also dropped to 6.9% in September this year from a staggering 38 percent in May 2023.
“Notwithstanding these positive developments, the report highlights that a host of structural impediments continue to pose challenges to sustaining macroeconomic stability,” the SBP said in a press release.
“Falling investment amid low savings, unfavorable business environment, lack of research & development, and low productivity, alongside climate change risks continue to constrain the economy’s growth potential,” it added.
The report pointed out that longstanding inefficiencies in the energy sector have resulted in the accumulation of circular debt. noting that the government has started to address energy sector challenges through “substantial price adjustments.”
However, the report said that there is a need to broaden these efforts by introducing sectoral policy and regulatory reforms.
“These reforms are also necessary to address the issue of inefficiencies in the State-owned Enterprises (SOEs) that continue to be a drain on fiscal resources, which are already constrained by low tax-to-GDP ratio,” the report pointed out.
The SBP also noted that it had kept a tight monetary policy that remained unchanged mostly throughout the outgoing fiscal year at 22 percent. It spoke of the reforms introduced by the SBP in foreign exchange companies and the government’s administrative actions to bring order in foreign exchange and commodity markets.
“The government continued the fiscal consolidation, with the primary balance posting a surplus for the first time in 17 years,” it said.
The SBP said the government’s fiscal consolidation efforts and the lagged impact of its tight monetary policy stance are anticipated to further weaken inflationary pressures in FY25.
“In addition, the continued fiscal consolidation is also expected to support further decline in inflation,” the report said.
“Further, the recent outturns suggest the average inflation to fall below the earlier projected range of 11.5 – 13.5% in FY25.”
Pakistan tottering at 43-3 in England Test after Bashir takes three
- Pakistan lead by 118 runs on day three’s interval after scoring 366 during first innings
- England lead three-match series 1-0 following innings and 47-run victory in first Test
MULTAN: England’s Shoaib Bashir took three wickets to restrict Pakistan to 43-3 at lunch in the second Test in Multan on Thursday after the visitors were all out for 291.
Pakistan led by 118 runs at the interval on day three after scoring 366 in their first innings.
Sajid Khan took 7-111, his second five-wicket haul, to dismiss England on a Multan stadium pitch — also used in the first Test — that started to offer sharp turn to the spinners.
Off-spinner then Bashir removed Abdullah Shafique (four), Shan Masood (11) and Saim Ayub (22) and had figures of 3-27.
Abdullah edged a turning Bashir delivery to wicketkeeper Jamie Smith with England successfully overturning a not-out decision on review.
Captain Masood then edged to slip off the same bowler.
In the last over before lunch, Bashir had opener Ayub caught in the slip, leaving first-innings centurion Kamran Ghulam unbeaten on five at the crease.
The morning session belonged to off-spinner Sajid.
The 31-year-old took three of the four wickets to fall after England had resumed at 239-6.
Left-arm spinner Noman Ali was the only other Pakistan wicket-taker, finishing with figures of 3-101.
England added nine runs to their overnight score before Sajid struck in the fourth over of the morning, Brydon Carse caught at long-on for four.
In his next over, Sajid bowled Matthew Potts, who made six, off a sharply turning delivery.
Noman took his 50th Test wicket when he removed Smith, caught at mid-off by Ayub for 21.
Last pair Bashir and Jack Leach hung around to add 29 before Sajid had Bashir caught at short mid-wicket for nine to end the innings.
Leach was 25 not out having hit three fours.
England lead the three-match series 1-0 following their innings and 47 run victory in the first Test.
Police detain over 150 in Pakistan’s Rawalpindi for protesting against alleged Lahore rape
- Legal action and the process of identifying more students through video footage and photographs are underway
- Punjab chief minister terms the incident a ‘lie’ concocted by the PTI to create student unrest in the province
ISLAMABAD: More than 150 people were detained in Rawalpindi on Thursday for vandalism during protests against the alleged rape of a girl in Lahore, which officials described as a fabrication aimed at inciting students and creating unrest in the province.
The incident was first reported on social media over the weekend, with varying accounts suggesting the rape took place last Thursday or Friday evening in the basement of a Punjab College for Women campus in Lahore. Police said no victim had come forward to file a complaint, and the college dismissed the allegations as “false.”
Despite the official account, hundreds of students staged protests at the start of the week, prompting Punjab Chief Minister Maryam Nawaz to form a committee to investigate the alleged incident following clashes between students and police.
She also accused her political rival, former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, of spreading the “lie” about the incident to incite students and create unrest in the province.
“More than 150 people involved in vandalism have been detained and legal action has been taken against those involved in illegal activities,” the Rawalpindi police said in a social media post on X. “The process of identifying students through video footage and photographs has started.”
The police said all the persons accused of vandalism, arson and any illegal activities would be dealt with according to the law and no one will be allowed to endanger the lives of fellow students, teachers and citizens.
The police urged parents to keep a close watch on their children and keep them away from any illegal activities because criminal records could ruin the future of students.
“Rawalpindi Police personnel are deployed at various locations across the city who are fully prepared to deal with any law and order situation, vandalism under the guise of protest, or violation of law,” the statement added.
Pakistan PM advocates economic empowerment on World Poverty Day
- Shehbaz Sharif terms poverty eradication a cornerstone for achieving sustainable development
- He says government wants to bring down the cost of living amid global economic uncertainties
ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday efforts to alleviate poverty must focus on long-term solutions that lead to economic independence, according to an official statement issued to mark the International Day for the Eradication of Poverty.
The day, observed globally on October 17, raises awareness about the need to eliminate poverty and improve living conditions worldwide. In September last year, the World Bank reported that nearly 40 percent of Pakistan’s population was living below the poverty line due to the country’s ongoing economic challenges.
“We believe that lifting people out of poverty is not just about immediate relief but about creating sustainable pathways to economic empowerment,” the prime minister said. “Eradicating poverty is not just a moral duty but a fundamental cornerstone for achieving sustainable development and ensuring peace and prosperity for all.”
Reaffirming Pakistan’s commitment to the global community in ensuring a world where successful opportunities were not limited to a person’s background or circumstances, he said the government was making efforts for poverty alleviation.
“Our targeted efforts aim at empowering communities, especially women and children, and giving them the tools they need to build a better future,” he added. “As we face global challenges, including inflation and economic uncertainty, the Government of Pakistan remains committed to making life more affordable for its people.”
The prime minister noted Pakistan would continue collaboration with global partners in the inclusive growth, education, health care and environmental sustainability sectors.
“Poverty eradication is also at the forefront of the 17 Sustainable Development Goals (SDGs), which Pakistan remains fully committed to achieving,” he said. “We are also proud of the progress made in empowering women and ensuring that their contributions are integral to the nation’s economic and social fabric.”
Sharif expressed confidence in Pakistan’s “unwavering dedication” to alleviating poverty, urging people to join their efforts of building a more “equitable and inclusive” world.
“On this day, I extend my deepest appreciation to all those, both in Pakistan and around the world, who are working tirelessly to eradicate poverty,” the prime minister concluded.
