Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda

The photo shows Pakistan's Finance Minister Muhammad Aurangzeb in a news conference in Islamabad, Pakistan, on November 17, 2024. (Radio Pakistan)
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Updated 18 November 2024
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Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda

  • Muhammad Aurangzeb calls the recent IMF visit part of ongoing talks, enhancing mutual trust
  • The visit came weeks after the $7 billion loan approval, making observers think it was unusual

ISLAMABAD: Prime Minister Shehbaz Sharif will soon unveil a “home-grown agenda” for economic development, Finance Minister Muhammad Aurangzeb said on Sunday, as he informed that his interaction with a visiting International Monetary Fund (IMF) delegation last week went well, providing both sides an opportunity to enhance mutual trust.
The IMF delegation, led by Pakistan mission chief Nathan Porter, completed a five-day trip to the country during which it held wide-ranging conversations with the government.
The international lending organization approved a $7 billion loan for Pakistan in September, though it explicitly stated that the delegation’s visit was not part of the first review of the loan program, which is scheduled for the first quarter of 2025.
The IMF visit, which came just weeks after the loan’s approval, surprised observers who considered it unusual, though the finance minister described it as part of an ongoing dialogue between the two sides, noting that it resulted in a positive IMF statement.
Aurangzeb also said the government would specify its overall economic game plan in the next few days.
“The prime minister will soon share a home-grown agenda about how we are going to take forward our overall economic roadmap,” he said, without disclosing its details. “It has been very well syndicated with all the stakeholders.”
The minister emphasized that dealings between Pakistan and the IMF were completely transparent, with all agreed details available in the public domain. He noted the recent discussions with the IMF covered taxation and energy reforms, along with the privatization plan for state-owned enterprises and public finances.
“I welcomed this visit because this is an ongoing dialogue to ensure mutual credibility and trust,” he added. “We have shared our roadmap with them and explained how we are taking things forward.”
The finance minister said the two sides would continue to hold virtual talks, though he noted that he appreciated every opportunity to meet IMF officials face-to-face.
He also mentioned that discussions with the international lender included climate resilience and decarbonization, emphasizing that these issues had to be addressed alongside broader economic challenges rather than sequentially.
Pakistan has faced a prolonged economic crisis marked by rapid currency devaluation and dwindling foreign exchange reserves, which forced it to seek external financial assistance from friendly nations and global financial institutions.
The country has seen an improvement in its macroeconomic indicators in recent months, though it has yet to fully recover from its financial difficulties.
Reflecting on his visit to Washington for the World Bank and IMF meetings earlier this year, Aurangzeb described the discussions as productive.
“They gave us a platform to share with the comity of nations about how we turned the economy around in 14 months,” he said. “We also got an important message, which is that there is no room for complacency and we must stay the course [of stringent economic reforms].”
 


Pakistan pledges to sustain economic gains after inflation hits six-year low

Updated 18 December 2024
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Pakistan pledges to sustain economic gains after inflation hits six-year low

  • Finance minister says economic progress made so far will serve as foundation for future successes
  • Consumer Price Index in Pakistan fell to 4.9 percent this month, marking its lowest level since Apr. 2018

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday vowed to maintain the country’s economic momentum after the Consumer Price Index (CPI) fell to 4.9 percent earlier this month, marking the lowest inflation rate since April 2018.
The pledge comes as Pakistan navigates a recovery from years of severe economic challenges, including soaring inflation, dwindling foreign exchange reserves, currency depreciation and a persistent fiscal deficit.
In recent months, however, the country has witnessed a steady improvement in macroeconomic indicators, taking measures to restore investor confidence, as it undertakes structural reforms under a $7 billion International Monetary Fund (IMF) program.
“The Finance Minister expressed optimism that the progress made so far would serve as a foundation for future successes, as the government remains dedicated to building a prosperous and stable Pakistan,” the finance ministry said in a statement released after the Economic Coordination Committee’s (ECC) meeting.
The meeting evaluated on the overall economic situation of the country and particularly mentioned the improvement in CPI.
“The current CPI figure marks the lowest in the past 78 months, signaling a positive shift in the country’s inflationary trends,” the statement added. “The decline in CPI reflects the government’s success in managing inflationary pressures and restoring price stability, particularly for essential commodities.”
Aurangzeb assured the public the government would continue its efforts to support economic stability and strengthen key sectors, including agriculture, manufacturing and infrastructure.
The ECC also discussed plans to pursue economic diversification and ensure better living standards for Pakistan’s population.


Saudi Arabia wants stronger parliamentary, economic ties with Pakistan, offers tech support

Updated 18 December 2024
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Saudi Arabia wants stronger parliamentary, economic ties with Pakistan, offers tech support

  • Saudi Shura Council chairman meets Pakistani parliamentary leaders during his three-day visit
  • Speaker Ayaz Sadiq calls for closer bilateral cooperation amid changing global environment

ISLAMABAD: Saudi Arabia seeks to strengthen parliamentary and economic ties with Pakistan and is keen to assist the National Assembly in the field of technology, the Kingdom’s Shura Council Chairman Dr. Abdullah bin Mohammed bin Ibrahim Al Sheikh said on Wednesday during his visit to Pakistan.
Dr. Al Sheikh is on a three-day visit to Pakistan, during which he has met with Prime Minister Shehbaz Sharif, who described relations with the Kingdom as a “vital pillar” of Pakistan’s foreign policy.
Both countries are longtime allies, with Islamabad seeking closer economic, defense and security ties with the Kingdom, which hosts approximately 2.5 million Pakistani expatriates and remains the largest source of remittances for the cash-strapped South Asian nation.
“Saudi Arabia aspires for a prosperous and developed Pakistan,” the Saudi official said according to an official statement circulated in Islamabad, following high-level meetings with Pakistan’s parliamentary leadership, including National Assembly Speaker Sardar Ayaz Sadiq and Senate Chairman Syed Yusuf Raza Gilani.
During his meeting with Speaker Sadiq, both officials emphasized the importance of enhancing bilateral parliamentary and economic relations.
Al Sheikh expressed gratitude for the warm reception and reiterated the shared cultural, historical and religious ties between the two nations.
“The rapidly changing global environment demands closer bilateral cooperation,” Sadiq said, highlighting the significance of parliamentary exchanges and joint initiatives to further mutual interests.
Separately, the Saudi official met with Senate Chairman Gilani, where discussions focused on broadening institutional cooperation. Gilani lauded Saudi Arabia’s support for Pakistan and emphasized the importance of leveraging shared opportunities in trade, investment and defense.
“Saudi Arabia’s parliamentary delegation visit will mark a new milestone in our bilateral ties,” Gilani said, adding that both countries have always supported each other in times of need.
Al Sheikh reaffirmed the Kingdom’s commitment to Pakistan, emphasizing the longstanding friendship between the two nations.
“Saudi Arabia and Pakistan share a deep bond of respect and mutual trust, which serves as the foundation for our robust partnership,” he said.
Gilani noted that strengthening economic collaboration and exploring investment opportunities were key to deepening ties further, while encouraging Saudi investors to actively explore ventures in Pakistan.
The meetings also covered joint efforts to promote unity among the Muslim Ummah and to enhance cooperation on global forums.


South Africa call up two uncapped fast bowlers for Pakistan Test series

Updated 18 December 2024
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South Africa call up two uncapped fast bowlers for Pakistan Test series

  • South Africa will be in next year’s World Test Championship final if they win one Test against Pakistan
  • The Proteas are faced with serious depletion of bowling resources, with several injured players

JOHANNESBURG: South Africa named two uncapped fast bowlers in a 16-man squad for a two-match Test series against Pakistan starting in Centurion on December 26.
With an entire battery of fast bowlers unavailable, left-armer Kwena Maphaka and Corbin Bosch were added to the team that beat Sri Lanka in Gqeberha this month.
Maphaka is an 18-year-old prodigy who has already been capped at Twenty20 international level while Bosch, the 30-year-old son of former Test fast bowler Tertius, has yet to play for the senior national team.
South Africa included all-rounder Wiaan Mulder and left-arm spin bowler Keshav Maharaj in the squad, but both selections are subject to fitness.
Mulder suffered a broken right middle finger in the first Test against Sri Lanka while Maharaj suffered what Cricket South Africa described as “an acute groin strain” while warming up for the first one-day international against Pakistan in Paarl on Tuesday.
Maharaj was due to have a scan on Wednesday to assess the severity of the injury.
Bosch, who has a first-class batting average above 40, could come into contention if Muller is unfit, while Senuran Muthusamy, also a left-armer, is the only other spin bowler in the squad if Maharaj is ruled out.
South Africa will be assured of a place in next year’s World Test Championship final if they win at least one Test against Pakistan — but their bowling resources have been seriously depleted.
Fast bowlers Anrich Nortje, Nandre Burger, Gerald Coetzee and Lizaad Williams have all been sidelined. It will be a blow if Maharaj, South Africa’s premier spin bowler, cannot play.
“We head into this series with a clear focus, with a spot in the World Test Championship final being the pot of gold at the end of the rainbow,” South African coach Shukri Conrad said in a CSA statement.
Squad: Temba Bavuma (capt), David Bedingham, Corbin Bosch, Matthew Breetzke, Tony de Zorzi, Marco Jansen, Keshav Maharaj, Kwena Maphaka, Aiden Markram, Wiaan Mulder, Senuran Muthusamy, Dane Paterson, Kagiso Rabada, Ryan Rickelton, Tristan Stubbs and Kyle Verreynne (wkt).
Fixtures:
December 26-30, Centurion
January 3-7, Cape Town


Pakistan receives 82,000 applications for government Hajj scheme this year

Updated 18 December 2024
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Pakistan receives 82,000 applications for government Hajj scheme this year

  • Religious Affairs Ministry says it may reopen applications in January to fill the remaining seats
  • Pakistan allowed intending pilgrims to pay Hajj fees in installments for the first time this year

ISLAMABAD: Pakistan has received 82,000 applications for next year’s Hajj pilgrimage under the government scheme, the spokesperson for the Ministry of Religious Affairs said on Wednesday, adding that more applications may be invited in early January to fill any remaining seats.
Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims for Hajj 2025, divided equally between government and private schemes. The government extended the deadline for applications twice this month, first from Dec. 3 to Dec. 10, and then to Dec. 17, as it aimed to fill over 89,000 seats under the government scheme.
For the first time, the country’s Hajj policy, announced in November, also allowed pilgrims to pay in installments. Under the scheme, the first installment of Rs200,000 ($717) must be submitted with the application, the second installment of Rs400,000 ($1,435) will be deposited within 10 days of balloting and the remaining amount will be paid by Feb. 10 next year.
“We have received 82,000 applications and have stopped accepting further submissions to facilitate the completion of the second installment process,” Muhammad Umer Butt, the ministry spokesperson, told Arab News, referring to the payment of expenses by pilgrims.
He said the second installment could be submitted at the same banks where applications were initially deposited, between Dec. 19 and Dec. 27.
“If any seats remain unfilled, we will reopen applications for a few days in the first week of January,” he said, adding that the ministry may also allocate leftover seats to the hardship quota, currently set at 1,000.
This quota is reserved for pilgrims with special needs or circumstances and attendants for individuals with disabilities.
The spokesperson said the government scheme witnessed about 12,000 to 13,000 more applications this year compared to 2023.
In 2024, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but the government hopes to fill all slots this time.
“This increase is due to the positive feedback from last year’s pilgrims regarding government facilities and the introduction of the installment option,” Butt said.
He informed the Pakistani Hajj mission has initiated its operations by starting the process of hiring services and accommodations in Saudi Arabia, adding the advance preparations would help determine the exact amount for the third and final installment, due in February.
The Ministry of Religious Affairs has launched the Pak Hajj 2025 mobile application to guide pilgrims, available for both Android and iPhone users. The government has also announced a reduction in airfare, with ticket prices for federal program pilgrims reduced to Rs220,000, down from last year’s Rs234,000.
Pakistan International Airlines, Saudi Airlines and private carriers have agreed to transport pilgrims next year, according to the ministry.


Pakistan, Saudi Arabia agree on player, umpire and coach exchange to boost cricket ties

Updated 18 December 2024
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Pakistan, Saudi Arabia agree on player, umpire and coach exchange to boost cricket ties

  • PCB chairman assures support for the promotion of women’s cricket in the Kingdom
  • He invites Saudi sports minister to Pakistan for ICC Champions Trophy in February

ISLAMABAD: Pakistan and Saudi Arabia have reached an agreement to establish an exchange program for players, umpires and coaches to enhance cricket ties and talent development between the two nations, the Pakistan Cricket Board (PCB) said on Wednesday.
The development was announced after PCB Chairman Mohsin Naqvi held a meeting with Saudi Deputy Minister of Sports Badr bin AbdulRehman Al-Qadi in Riyadh, during which he invited him to attend the ICC Champions Trophy and Pakistan Super League (PSL) next year.
Naqvi, who is also the interior minister, has been in the Kingdom since Sunday and has offered full cooperation for the promotion of cricket and the construction of stadiums in Saudi Arabia.
“The two leaders agreed to introduce an exchange program for players, umpires and coaches between Pakistan and Saudi Arabia to foster talent development and knowledge sharing,” the PCB said in its statement.
Naqvi also assured support for the promotion of women’s cricket in the Kingdom.
“Pakistan stands ready to provide complete support for the growth of cricket in Saudi Arabia, including the promotion of women’s cricket,” he was quoted as saying during the meeting.
“With abundant talent in Pakistan and initiatives like the Pakistan Super League (PSL), we are eager to share our expertise with Saudi Arabia to help develop cricket in the Kingdom,” he added.
The Saudi deputy minister of sports thanked the PCB chairman for the invitations to the ICC Champions Trophy and the PSL while expressing enthusiasm for working closely with Pakistan to strengthen cricket ties between the two nations.
Naqvi also met Prince Saud bin Mishal Al Saud, chairman of the Saudi Arabia Cricket Federation, earlier this week.
According to the PCB, there are about 18,000 cricket players in the Kingdom, which has also won the Asian Cricket Council Challenge Cup.