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).
Saudi Arabia to make biggest investment in Pakistan’s history – Umar
Saudi Arabia to make biggest investment in Pakistan’s history – Umar
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- 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
Pakistan court acquits PM Sharif’s nephews in graft cases
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- Hassan Nawaz, Hussain Nawaz left country in 2018 after they were named in the cases linked to Panama Papers
- The brothers this month filed petitions seeking acquittal in the Al-Azizia Steel Mills, Flagship and Avenfield references
ISLAMABAD: An accountability court in Islamabad on Tuesday acquitted Hassan Nawaz and Hussain Nawaz, nephews of Prime Minister Shehbaz Sharif, in three corruption references, local media reported.
Both Hassan and Hussain, sons of three-time former PM Nawaz Sharif, left the country in 2018 after they were named in the three corruption cases linked to the Panama Papers scandal. They were later declared proclaimed offenders by an accountability court for not joining investigation.
Like their father, both had been living in the United Kingdom in a self-imposed exile since 2018. The duo returned to Pakistan this month after filing an application through their counsel that sought suspension of warrants issued against them in the corruption references.
The brothers later filed petitions seeking acquittal in the corruption cases relating to the Al-Azizia Steel Mills, Flagship company and Avenfield apartments, Pakistan’s Geo News channel reported. On Tuesday, their lawyer contended before the court that proceedings could not be carried out against them on allegations of abetting a crime, when the main suspects had been acquitted.
“[The court] granted relief to former prime minister Nawaz Sharif’s sons — Hasan and Hussain — on the petitions seeking acquittal in corruption cases related to the Al-Azizia Steel Mills, Flagship company and Avenfield apartments,” the report read.
On March 14, the court had approved bail of both brothers in exchange for Rs50,000 bond each in the three references. Their perpetual arrest warrants and fugitive status had also been canceled.
Hassan and Hussain’s father, Nawaz Sharif, arrived in Pakistan in October last year after nearly four years of self-imposed exile. Nawaz was found guilty in 2017 of dishonest practices and disqualified under a 2018 Supreme Court ruling. He, however, left Pakistan in 2019 after obtaining a court-approved bail for treatment abroad.
Last year, the courts overturned most of the Sharif family convictions. Many suspected the move was part of the Pakistani military’s plan to grant relief to Nawaz after it had a falling out with his rival, ex-PM Imran Khan. Nawaz has denied this, while the military says it does not interfere in politics.
Pakistan’s president calls for translating ties with Bahrain into ‘economic partnership’
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- Commander of Bahrain’s National Guard calls on President Asif Ali Zardari in Islamabad
- Both discuss bilateral relations, trade, defense and other matters of mutual interest
ISLAMABAD: President Asif Ali Zardari on Tuesday said Pakistan attached great value to its fraternal ties with Bahrain, stressing the need for both countries to translate their relationship into a “mutually rewarding economic partnership,” a statement from his office said.
The statement followed a meeting between Zardari and General Sheikh Mohammad bin Isa bin Salman Al-Khalifa, the commander of the National Guard of Bahrain, who called on him at the presidency in Islamabad.
Zardari said Pakistan and Bahrain enjoyed excellent relations, which needed to be further strengthened in areas of mutual interest.
“He [Zardari] highlighted the need to translate the bilateral relations between Pakistan and Bahrain into a mutually rewarding economic partnership,” the president’s secretariat said.
Zardari told Al-Khalifa it was his firm belief that Pakistan would grow stronger as it had immense potential to become a prosperous country. Al-Khalifa congratulated the president on assuming office for a second time and hoped the South Asian country would move forward under his leadership, the statement said.
The Bahraini official noted that both countries enjoy excellent defense cooperation, reiterating the Gulf country’s continued support for Pakistan. Al-Khalifa invited Zardari to visit Bahrain, the president’s secretariat said.
Al-Khalifa met Prime Minister Shehbaz Sharif last Wednesday to discuss bilateral trade, defense cooperation and the developing humanitarian crisis in Gaza.
Pakistan enjoys fraternal relations with Gulf Cooperation Council (GCC) countries including Bahrain. Islamabad also has strong defense and trade ties with them and routinely holds military exercises with friendly states to enhance combat skills.
Cash-strapped Pakistan set up the Special Investment Facilitation Council (SIFC), a hybrid civil-military forum, in June 2023. The SIFC was established to attract international investment, particularly from Gulf countries, in the country’s key economic sectors. The council was set up as Pakistan faced tough economic challenges amid dwindling forex reserves and a rapidly depreciating national currency.
Pakistan’s information minister confirms suspension of platform X, contradicting earlier access claims
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- Attaullah Tarar calls for social media charter to establish red lines that cannot be crossed without consequences
- The prolonged disruption of X has raised widespread civil society concerns over democratic freedoms in Pakistan
ISLAMABAD: Pakistan’s newly appointed information minister Attaullah Tarar acknowledged on Monday the popular social networking platform X, formerly known as Twitter, was indeed suspended in Pakistan, after claiming previously it was accessible to online users.
The social media website first went down in Pakistan on February 17, days after the last general elections, following a senior government functionary’s confession of manipulating the electoral contest’s outcome.
The admission came as former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) and other political parties staged nationwide protests, accusing the election oversight body of rigging the national polls, a claim it denied.
The prolonged disruption of X raised widespread concerns about democratic freedoms in the country, prompting 28 civil society organizations, including Amnesty International and the Human Rights Commission of Pakistan (HRCP), to issue a joint statement of condemnation last week.
“When we came into power, Twitter was already banned,” Tarar said during a conversation with We News, a local media outlet. “There was no official notification for it. But obviously, everyone can see that its frequency and signal are not functioning normally, and it is being accessed through VPNs. This is indeed true.”
“I want us to create a [social media] charter on the dos and don’ts, identifying the red lines that should not be crossed,” he continued. “And political parties should formally discuss this. Accusations against women, foul language, indecency and disrespect are common. The sacrifices of martyrs are mocked. So, there is a need to create this charter. I believe it would be good if this charter is established.”
The minister previously said the social media platform was working and people were regularly posting their tweets on it.
“If there is a notification calling for the closure of [X] then you can show it to me,” he was widely quoted as saying. “We can discuss it.”
The disruption of X in Pakistan has also been condemned by the US administration that asked the government in Islamabad to lift restrictions on freedom of speech and expression.
KSrelief concludes medical camps in Sindh, aiding Pakistan’s fight against blindness, eye diseases
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- The Saudi humanitarian organization periodically sets up such camps in Pakistan, providing free medical services to people
- It successfully completed more than 23,356 medical examinations and over 1,656 surgeries throughout the program duration
ISLAMABAD: King Salman Humanitarian Aid and Relief Center (KSrelief) on Tuesday announced the successful conclusion of its sponsorship of four medical camps in Pakistan’s southern Sindh province, saying the initiative was part of its efforts to combat blindness and eye diseases in the South Asian country.
The camps, organized in collaboration with the Al-Basar International Foundation and Al-Ibrahim Eye Hospital Karachi, aimed to provide advanced eye care facilities to individuals who lack access to specialized treatment or face financial constraints.
KSrelief periodically sets up medical camps to provide free medical services in remote and underprivileged areas of Pakistan, offering treatments and surgeries to those in need.
The Saudi humanitarian organization has also contributed to the country’s health care sector by donating medicines, medical equipment and ambulances, and by supporting health projects that aim to improve the overall health conditions of the local population.
“The primary objective of this outreach program was to detect and address eye-related issues at an early stage, thereby combating blindness and improving the quality of life for thousands of individuals,” KSrelief said in a statement.
“Throughout the duration of the program, more than 23,356 medical examinations and over 1,656 surgeries were successfully completed,” it continues. “Additionally, 3,788 pairs of glasses for vision correction were distributed, alongside the medications prescribed by doctors.”
The initiative ensured that individuals not only received essential treatment but also had access to the necessary eyewear to enhance their visual capabilities.
The camps were held in the cities of Karachi, Matli, Kundairo and Shikarpur, allowing residents from these areas to benefit from specialized eye care services and regain their vision.
KSrelief said the campaign reflected the kingdom’s steadfast commitment to humanitarian causes and dedication to improving the lives of individuals affected by blindness.
It added that its teams had made a significant difference in the lives of thousands of patients through these medical camps, restoring their sight and providing hope for a brighter future.
Fighting halted on Afghanistan-Pakistan border after skirmishes – Taliban government
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- Afghan defense ministry says its border forces retaliated after Pakistani airstrikes by targeting military posts with ‘heavy weapons’
- A Pakistani official says three security posts and five houses of civilians suffered partial damage, with nine individuals wounded
KABUL: Fighting has stopped on the Afghanistan-Pakistan border after Pakistani airstrikes sparked skirmishes, a Taliban government spokesman said Tuesday.
“The situation is calm, the fighting has stopped,” Taliban government spokesman Zabihullah Mujahid told AFP.
Pakistan carried out strikes in the border areas in Khost and Paktika provinces in Afghanistan early on Monday.
Islamabad said it had targeted militants it said were responsible for a recent attack on its soil, but Taliban authorities said eight civilians, all women and children, were killed in the bombardment.
Afghanistan’s defense ministry said its border forces retaliated by targeting Pakistani military posts along the border with “heavy weapons,” with cross-border skirmishes reported by both sides.
A senior police officer in the Pakistani border district of Kurram told AFP that Afghan security forces struck the area with mortar shells.
“As a result, three security posts and five houses of civilians suffered partial damage, with nine individuals, including four security personnel wounded,” the officer told AFP, asking not to be named.
“Silence prevails on the border today, and security forces have reinforced their positions.”
Border tensions between the two countries have steadily escalated since the Taliban government seized power in 2021.
Islamabad has accused Kabul’s Taliban government of harboring militant fighters, allowing them to strike on Pakistani soil with impunity.
Kabul has denied the allegations.
Gun battles also regularly erupt over the construction of checkpoints along the disputed border and trade crossings are closed over immigration disagreements.