President to convene National Assembly session on Aug. 13

President Mamnoon Hussain will convene the first session of the new National Assembly on Aug. 13. (AFP)
Updated 10 August 2018
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President to convene National Assembly session on Aug. 13

  • The newly elected assembly members will take their oath of office at the inaugural session, which will be followed by the election of the speaker, deputy speaker and leader of the House
  • Outgoing Speaker Sardar Ayaz Sadiq will administer the oath to the newly elected members

ISLAMABAD: President Mamnoon Hussain will convene the first session of the new National Assembly on Aug. 13, the assembly’s secretariat said on Friday.
The newly elected assembly members will take their oath of office at the inaugural session, which will be followed by the election of the speaker, deputy speaker and leader of the House. Outgoing Speaker Sardar Ayaz Sadiq will administer the oath to the newly elected members.
Pakistan Tehreek-e-Insaf (PTI) won the July 25 general election, and claims to have mustered enough support for a two-thirds majority in the House, which is mandatory for any party to form a government. 
However, other mainstream political parties have joined forces in a bid to bag key positions in the Parliament.
PTI Chairman Imran Khan will be challenged for the premiership by opposition candidate Shahbaz Sharif, former chief minister of Punjab and brother of jailed former Prime Minister Nawaz Sharif.
Pakistan Peoples Party leader Khurshid Shah will contest the position of speaker. The PTI is yet to nominate its candidates for the positions of speaker and deputy speaker.


Saudi Arabia to make biggest investment in Pakistan’s history – Umar

Updated 13 December 2018
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Saudi Arabia to make biggest investment in Pakistan’s history – Umar

  • Finance Minister says Islamabad has already received the first installment of the $1bn support package extended by Riyadh
  • Kingdom has also shown an interest in country’s largest coastal refinery

ISLAMABAD: Pakistan’s Finance Minister Asad Umar said on Thursday that an incoming investment package from Saudi Arabia had the potential to be “the biggest foreign investment in the country’s history”, reports in the Pakistani media said.
While addressing an event in Islamabad, Umar said: “The ball is in our court. It is going to the cabinet for approval next week, after which the announcement will be made.”
Following Prime Minister Imran Khan’s maiden visit to the Kingdom in September this year, a high-level Saudi delegation had visited Pakistan to discuss economic ties and investment opportunities.
Later, during PM Khan’s second visit to the country in October, both Pakistan and Saudi Arabia signed an agreement under which the Kingdom agreed to place a deposit of $3 billion for a period of one year to support Islamabad in its balance of payment crisis.
Both countries had also agreed that a one-year deferred payment facility for imported oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.
Pakistan has already received the first tranche of $1 billion under the balance of payments support package extended by Saudi Arabia in November, with the second and third installments to be received in the next two months.
In recent months, Pakistan and Saudi Arabia have agreed to enhance their business and trade ties.
Saudi Arabia has also shown an interest to invest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub in Balochistan. The details were confirmed to Arab News last month by Sher Afghan Khan, spokesman for the Ministry of Energy (petroleum division) and a board member of the Pak-Arab Refinery Limited (PARCO).