KARACHI: Pakistani Finance Minister Asad Umar said on Saturday that the government will introduce a “debt instrument” for Pakistanis living overseas in order to secure financing for the construction of a number of dams.
“We are planning to issue a debt instrument for overseas Pakistanis, on which we will offer them good returns,” he said during a speech to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). He did not elaborate.
Facing a water and power shortage, Pakistan is currently seeking donations to build dams in Diamer-Basha and Mohmand and has set up a fund for that purpose. Prime Minister Imran Khan has already asked expat Pakistanis to donate $1000 each to the Dam Fund established by the chief justice of Pakistan.
Umar also explained that the government was taking steps to increase the investment opportunities for small and medium enterprises (SMEs), which currently contribute 30 percent of the country’s GDP.
“We are asking banks to increase SME financing by reducing their cash-to-deposit ratio from the existing 37 percent to 25 percent,” he said. “By doing this, two trillion rupees of credit will be available for financing purposes. People keep asking how we will finance our housing project. This is how.”
Pakistan is currently facing serious economic challenges. According to the central bank, Pakistan’s foreign exchange reserves stand at $8.08 billion and its current-account deficit for July-August was $2.7 billion.
However, the minister told the business community that the government was reshaping the country’s foreign policy by focusing more on its economy. “The ministries of finance, commerce and foreign affairs are working closely to make Pakistan self-reliant and economically secure,” Umar said.
He noted that oil products make up around 30 percent of the country’s $60 billion imports, so the government is currently encouraging domestic oil exploration.
Earlier, speaking about the International Monetary Fund bailout program at an event organized by the Pakistan Stock Exchange, the finance minister said that the government had approached the IMF for the last time.
“This will be the last IMF program Pakistan is seeking,” he claimed.
Pakistan approached the IMF last week for a bailout program to stabilize the country’s external balance-of-payments crisis. Last year, the country faced a current-account deficit of $18 billion and is currently struggling with depleted foreign-exchange reserves.
Pakistan needs $12 billion to plug the financing gap for the current year and, Umar said that gap would be reduced by “adding one time.”
He stressed that Pakistan’s current-account deficit was easing, saying it had “almost halved” in the August-September period to around $1 billion, as imports had gone down and exports had surged.
The finance minister assured his audience that the country’s “painful economic days” would end “in three years,” claiming that “the third year will be the break-even time since all the indicators are moving in the right direction.”
Umar reiterated that the country was not in emergency mode, contrary to what was being said in the media.
He assured his audience that the government would find solutions for the real price valuation of properties in the country for greater transparency and stressed that the government was working to make it easier to do business in Pakistan.
“The council of business leaders is tasked to come up with suggestions to improve the country’s ranking from 147 to under 100 (in the World Bank’s ‘Doing Business’ report),” he added.
Government will issue ‘debt instrument’ for Pakistani expats to finance dams
Government will issue ‘debt instrument’ for Pakistani expats to finance dams
- ‘This will be the last IMF bailout package the country is seeking,’ claims Asad Umar
- Pakistan’s current account deficit will likely remain around $1 billion
New Zealand outclass Pakistan to win 4th T20I
- Opener Tim Robinson hit a half-century to ensure New Zealand reached 178-7 in 20 overs
- Pacer William O’ Rourke returned figures of 3-27 to keep Pakistan down to 174-8 in 20 overs
LAHORE: Experienced allrounder Jimmy Neesham kept his cool to defend six off the last ball to clinch a four-run victory for New Zealand on Thursday in the fourth Twenty20 international against Pakistan in Lahore.
Pakistan needed 18 off the last over in their chase of 179 but Neesham came out in flying colors despite being hit for a boundary off the first ball, giving a packed Qaddafi Stadium crowd heartbreaks.
Opener Tim Robinson hit a maiden half century to lift New Zealand to 178-7 in 20 overs before pacer William O’Rourke claimed 3-27 to keep Pakistan down to 174-8.
Returning allrounder Imad Wasim (22 not out) managed to hit the last ball for a single as New Zealand take an unassailable 2-1 lead in the five-match series with the last game on Saturday, also in Lahore.
Pakistan also lost the third match by seven wickets after winning the first by the same margin while the first match was abandoned after just two balls — all three in Rawalpindi.
The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup to be held in the United States and the West Indies in June.
New Zealand, missing a host of players due to Indian Premier League, injuries and unavailability, can feel elated at their bench strength going into the World Cup.
Pakistan sensed they were in with a chance when Fakhar Zaman, who made 45-ball 61 with three sixes and four boundaries, lifted Pakistan from 79-4 with a 59-run stand for the fifth wicket with Iftikhar Ahmed who made a 20-ball 23.
But O’Rourke, playing only his fourth T20I, dismissed Ahmed to add to his wickets of Babar Azam (five) and Saim Ayub (20) to give New Zealand a boost.
Fellow pacer Ben Sears (2-27) claimed Zaman’s wicket with 33 needed off 14 balls.
Earlier, Robinson batted with aggression.
Robinson’s 36-ball 51 with two sixes and four fours lifted New Zealand — who were sent in to bat — to 93-1 in 10 overs before Abbas Afridi’s career best 3-20 helped Pakistan pull back.
New Zealand started briskly with Robinson and Tom Blundell, who made 28 off 15, putting on 56 for the opening stand in five overs.
But from 94-1 New Zealand lost three wickets, including that of dangerman Mark Chapman for eight, as Pakistan’s fielders held catches to back some good bowling by Abbas.
Dean Foxcroft chipped in with 34 off 26 deliveries and skipper Michael Bracewell added 27 to keep the scoreboard ticking as New Zealand managed 43 in the last five overs.
Pakistan were forced to make five changes as wicketkeeper-batter Mohammad Rizwan and Muhammad Irfan Khan were injured while they rested Shaheen Shah Afridi, Naseem Shah and Abrar Ahmed.
Pakistani, US officials discuss ways to enhance bilateral trade and investment
- Pakistani, American officials hold inter-sessional meeting under Trade and Investment Framework Agreement
- Both sides discussed regulatory practices, digital trade, textiles and investments, says US Embassy in Pakistan
KARACHI: Pakistani and American officials held an inter-sessional meeting under the Trade and Investment Framework Agreement (TIFA) on Thursday, with both sides discussing options to enhance bilateral trade and investment, the US Embassy in Islamabad said in a statement.
TIFA serves as a platform for Pakistan and the US to improve market access, promote bilateral trade and investment, resolve trade disputes, and work on trade-related issues between the two countries.
Pakistan and the US took part in high-level trade talks in Feb. 2023 when both countries participated in the 9th Pakistan-United States Trade and Investment Framework Agreement (TIFA) Council meeting. That meeting took place after seven years.
As per a statement by Acting US Mission Spokesperson Thomas Montgomery, both sides discussed a “broad range of areas” to enhance bilateral trade and investment on Thursday.
“The dialogue focused on good regulatory practices, digital trade, the protection of intellectual property, women’s economic empowerment, labor, textiles, investment, and agricultural issues,” Montgomery said.
He added the discussions also included progress on access for US biotechnology products and beef.
The US official said that the meeting was key for both countries to move forward on shared goals of deepening their economic relationship.
“The United States has long been Pakistan’s largest export market, with potential for further growth,” he said, adding that the US has been a leading investor in Pakistan for the past 20 years.
Pakistan’s relationship with Washington has experienced fluctuations over the decades, characterized by periods of close partnership and notable estrangement.
Despite Islamabad’s recent initiatives to enhance and deepen its ties with Washington, until recently, President Joe Biden’s administration had remained reluctant to engage with Pakistan’s top leadership.
Ties between the two countries have improved since former prime minister Imran Khan’s government was ousted via a parliamentary vote on Apr. 2022. Khan had accused Washington of colluding with his political rivals to oust him from power via a “foreign conspiracy.” Washington has consistently denied the allegations.
Pakistan’s defense minister rejects claim ex-PM Khan being pressurized to accept ‘deal’
- Chairman of Khan’s party this week said cricketer-turned-politician was being kept in jail so he would agree to a “deal” with the government
- Khan, who has been in jail since August last year after multiple convictions, has vowed not to agree to a “deal” with his political adversaries
ISLAMABAD: Pakistan’s Defense Minister Khawaja Muhammad Asif on Thursday rejected claims that former prime minister Imran Khan was being pressurized to accept a “deal” and come to the negotiating table with the government.
Khan, who was prime minister from 2018-2022, remains jailed in multiple cases, including a 14-year jail sentence for him and his wife for the illegal sale of state gifts. Khan fell out with Pakistan’s powerful military after he was ousted from office via a parliamentary vote in Apr. 2022.
Asif was responding to PTI Chairman Barrister Gohar Khan’s interaction with reporters on Tuesday when he said that the way the former prime minister and his wife were being kept in jail, “these are all [forms of] pressure that Khan somehow agrees to a deal.”
Speaking exclusively to Independent Urdu, Asif rejected claims Khan was being pressurized to come to the negotiating table.
“There is no such thing,” Asif said, claiming that PTI leaders were issuing such statements to stay relevant. “That is why these statements are being issued. There is no truth to them.”
Asif said senior members of the PTI had given statements recently rejecting the possibility of a deal with the government.
“Now if their leadership is issuing contradictory statements themselves, then what comment do we give on it,” he said. “I think their contradictory statements are validating our point.”
Khan’s multiple convictions mean he is banned from holding public office and ruled the 71-year-old out of general elections earlier this year. Arguably Pakistan’s most popular politician, Khan says all cases against him are motivated to keep him out of politics.
Elephant Madhubala to be shifted to Karachi’s Safari Park in May— state media
- Madhubala has been in solitary confinement since April 2023 when her companion, elephant Noor Jehan, died
- International animal rights organization warns solitary confinement has taken a toll on Madhubala’s mental health
ISLAMABAD: Pakistani elephant Madhubala, who has been in solitary confinement at Karachi Zoo since last year, will be shifted to Karachi’s Safari Park in May where she will be in the company of two other elephants, state-run media Associated Press of Pakistan reported on Thursday.
Madhubala, one of only three captive elephants alive in Pakistan, was brought to the South Asian country with three other elephants from Tanzania in 2009. However, has been in solitary confinement at Karachi Zoo since April 2023 after her companion, elephant Noor Jehan passed away from illness.
International animal rights organization FOUR PAWS, which has been involved in efforts to have Madhubala relocated to Karachi Safari Park, said last week the solitary confinement has taken a strong toll on her mental condition, with boredom being her biggest stressor.
Animal rights activists have long campaigned against the plight of animals in Pakistan, especially elephants, and demanded they be shifted to “species-appropriate” locations such as the Safari Park.
“According to Zoo administration, the arrangements for the transfer have been completed,” APP said. “Madhubala will join two other elephants, Sonia and Malika after relocation to Safari Park.”
A FOUR PAWS spokesperson said the organization was thrilled to see Madhubala finally getting the treatment she deserves.
“Her story is a testament to the power of collaboration and the importance of animal welfare,” the spokesperson was quoted as saying by APP.
FOUR PAWS says the elephant enclosures at Safari Park would have water elements for bathing, skincare and thermoregulation. Enrichments such as hay nets, varying substrates like soil, sand, clay, and sawdust will be provided for Madhubala to dust bathe while the area is secured by elephant-proof fencing.
Madhubala will be carried from the Karachi Zoo to the Safari Park in a huge transport crate. The elephant is currently being trained to enter and exit the crate by herself and sit inside it.
‘Politically motivated’: Pakistan rejects US State Department report on rights abuses
- Annual assessment identified arbitrary detentions, extrajudicial killings, enforced disappearances
- Pakistan government and state agencies deny involvement in missing persons cases, other rights abuses
ISLAMABAD: Pakistan said on Thursday it “categorically” rejected the 2023 country report on human rights practices issued by the US State Department, saying the report was politically motivated, lacking in objective evidence and followed an agenda of “politicization of international human rights.”
The annual human rights assessment released earlier this week identified arbitrary killings, extrajudicial killings, enforced disappearance, torture and “cases of cruel, inhuman, or degrading treatment or punishment by the government or its agents” in Pakistan last year.
The report also said the government “rarely took credible steps” to identify and punish officials who may have committed rights abuses.
“The contents of the report are unfair, based on inaccurate information and are completely divorced from the ground reality,” the Pakistani foreign office said in a statement, adding that the assessment used a “domestic social lens to judge human rights in other countries in a politically biased manner.”
“This year’s report is once again conspicuous by its lack of objectivity and politicization of the international human rights agenda. It clearly demonstrates double standards thus undermining the international human rights discourse.”
The foreign office said it was “deeply concerning” that a report purported to highlight human rights issues around the world was ignoring or downplaying the “most urgent hotspots of gross human rights violations” like Gaza and Kashmir. It also called on the US demonstrate the “requisite moral courage” to speak the truth about all situations and play a constructive role in supporting international efforts to end human rights violations.
“In line with its constitutional framework and democratic ethos, Pakistan remains steadfast in its commitment to strengthen its own human rights framework, constructively engage to promote international human rights agenda, and uphold fairness and objectivity in the international human rights discourse,” the FO added.
Political leaders, rights groups and families of victims have long accused the government, the army and intelligence agencies of being behind cases of arbitrary detentions, extrajudicial killings and enforced disappearances, among other rights abuses. Families say people picked up by security forces on the pretext of fighting militancy or crime often disappear for years, and are sometimes found dead, with no official explanation. Pakistani state agencies deny involvement in such cases.
On Tuesday, Pakistan’s law minister said the government would reconstitute a committee to address enforced disappearances, hours after the release of the US report.
“Now the work is being initiated on this again on the directives of the prime minister. A committee is going to be reconstituted, there will be parliamentary presence in that committee,” Law Minister Azam Nazeer Tarar said.
“There is no lack of seriousness on the government’s part to resolve this issue.”
