KARACHI: Pakistan and the International Monetary Fund are close to signing a deal for a bailout program which Islamabad has long been negotiating for to steer the country out of a financial crisis, Finance Minister Asad Umar said on Monday.
“The differences have been narrowed down with the IMF as both sides share common views on the need for structural reforms,” Umar told businessmen while speaking at the Sarhad Chamber of Commerce and Industry (SCCI) in Peshawar on Monday.
However, he insisted that the “upcoming program would be the last agreement” with the global financial body as “we are moving closer” to the deal.
On Sunday, Prime Minister Imran Khan met with IMF’s Managing Director, Christine Lagarde on the sidelines of the World Government Summit, hosted by the UAE , in Dubai.
Umar dispelled rumors that PM Khan had flown specifically to the UAE to sign the agreement. “No deal was signed with the IMF during the meeting of the prime minister in Dubai with the IMF MD,” he said.
Lagarde, for her part, had reiterated IMF’s support for Pakistan. “I also highlighted that decisive policies and a strong package of economic reforms would enable Pakistan to restore the resilience of its economy and lay the foundations for a stronger and more inclusive growth,” she said.
Following the comments made by the IMF chief, the Ministry of Finance said on Sunday: ‘In this regard, deliberations between Pakistani authorities and the IMF staff will continue to finalize an agreement on the contours of a program.”
After much deliberations, Pakistan had decided to approach the IMF with a formal request for financial help in October last year. Following the request, an IMF delegation — led by Harald Finger — had visited Islamabad a month later in November to initiate discussions for an economic reform program.
While the exact amount agreed upon in the deal has not been disclosed yet, Pakistan is seeking around $5-6 billion from the IMF to support its ailing economy, Umar had said in previous reports.
Meanwhile, Pakistan Peoples Party’s parliamentary leader in the Senate, Senator Sherry Rehman, criticized the government’s lack of transparency and chronic indecisions in its bailout negotiations with the IMF.
“Seven months of dithering and false promises later, we are now hearing that the government is after all, going for a bailout package. This unnecessary back and forth is hurting our already ailing economy. The PTI [Pakistan Tehreek-e-Insaaf] ran its campaign promising that Pakistan will be self-sufficient under their leadership. However, all the economic steps they have taken so far have contradicted the core of their economic vision,” she said.
Calling for transparency, she added that the “parliament still has no idea about the terms on which loans and deferred payments have been made from other countries.”
“The government has not consulted the parliament regarding the terms of their negotiations with the IMF too, despite continuous requests,” she said.
Despite positive signs from the IMF, the country’s stock market remained bearish on Monday as the benchmark KSE 100 index lost 561 points while the currency market dealt with some pressure, too.
“Bearish activity witnessed at PSX on investor fears on likely decisive actions by the government amid the PM’s meeting with the IMF chief hinting at IMF’s conditions on new taxes and increased tariffs weakening growth and corporate earnings outlook,” Ahsan Mehanti, a senior stock analyst, told Arab News.
“...Another blow came from Moody’s which downgraded Pakistani banks,” Samiullah Tariq, Head of Research of Arif Habib Limited told Arab News, adding that the rupee witnessed a further decline “due to the fear of further devaluation”.
On Monday, Moody’s changed its outlook for the banking system in Pakistan (B3 negative) to negative from stable.
“Over the next 12-18 months, banks in Pakistan will see their credit profiles challenged by their high exposure to the country’s low-rated sovereign debt and a slowing economy,” Constantinos Kypreos, Moody’s Senior Vice President, said.
The negative outlook is based on the international credit rating agency’s assessment of six drivers which include the operating environment (deteriorating), asset risk (deteriorating), capital (stable), profitability and efficiency (stable), funding and liquidity (stable) and, government support (deteriorating).
Pakistan, IMF close to signing deal for bailout program — Asad Umar
Pakistan, IMF close to signing deal for bailout program — Asad Umar
- Finance minister says no agreement was signed with IMF during a meeting in the UAE
- Pakistan seeks around $6 bn from IMF to support its ailing economy
Tickets for Pakistan’s home series against New Zealand to go on sale from tomorrow
- Pakistan will play against New Zealand in Rawalpindi and Lahore venues from April 18-27
- Series will help prepare both sides for the upcoming T20 World Cup 2024 in USA and West Indies
ISLAMABAD: The tickets for Pakistan’s upcoming T20I home cricket series against New Zealand will go on sale from tomorrow, Friday, the Pakistan Cricket Board (PCB) said in a statement on Thursday.
The five-match series is scheduled to be played in Rawalpindi on April 18, 20 and 21 and in Lahore on April 25 and 27.
“In the first phase, the pre-booking of the online tickets will start on Friday at 5pm at pcb.tcs.com.pk,” the PCB said. “The sale of physical tickets along with outlet addresses will be announced in due course.”
The PCB said tickets for the Rawalpindi leg of the matches will be available at a minimum cost of Rs500 ($1.80) and the maximum will be available for Rs7,500 ($26.98) for the VVIP Gallery. Additionally, hospitality seats will be available at a maximum amount of PKR 15,000 ($53.97) except for the first T20I where the hospitality seats will be available for PKR 12,000 ($43.17).
For the Lahore leg, ticket prices start at Rs300 ($1.08) for the general seats while the maximum ticket prices will be Rs6,000 ($21.59) for the fourth T20I while Rs7,000 ($25.19) for the fifth T20I (VVIP Gallery).
The series will be important for both sides as they gear up for this year’s ICC T20 World Cup 2024 which is scheduled to be held in June in the USA and West Indies.
Pakistan will lock horns with arch-rivals India on June 9 for a big-ticket clash at New York.
Pakistani interior minister, KP CM vow to improve coordination amid surge in attacks
- Five Chinese nationals were killed in northwestern Pakistan on Tuesday in a bombing
- Interior minister, KP chief minister vow to bring perpetrators of attack to justice
ISLAMABAD: Pakistan’s interior minister and Khyber Pakhtunkhwa (KP) Chief Minister Ali Amin Gandapur on Thursday vowed to strengthen coordination between the center and the province to improve the law-and-order situation, the KP CM’s office said, amid a surge in terror attacks in the province.
Interior Minister Mohsin Naqvy arrived in Peshawar to meet Gandapur on Thursday to review the province’s law and order situation two days after five Chinese nationals and their Pakistani driver were killed in the country’s volatile northwest.
The incident took place in KP’s Shangla where a bomber rammed his explosive-laden car into the vehicle of Chinese engineers and construction workers on Tuesday.
The attack occurred in an area vital to the China-Pakistan Economic Corridor (CPEC), which encompasses various mega projects crucial for Pakistan’s economy. The victims were en route to Dasu Dam, Pakistan’s largest hydropower project, when they were targeted.
“To improve the law-and-order situation in the province, both agreed to improve the coordination between law enforcement institutions on the federal and provincial levels,” a statement from the KP chief minister’s office said.
The two condemned the attack on the Chinese nationals and expressed their condolences to Beijing and the families of those who had been killed in the attack.
“The two expressed their resolve to bring all those involved in the incident to justice and put an end to terrorism,” the statement said.
Gandapur said it was his government’s top priority to ensure law and order in the province and to safeguard people’s lives.
Pakistan’s foreign office said on Thursday that Islamabad had enhanced the security of Chinese nationals after the attack.
Foreign Office Spokesperson Mumtaz Zahra Baloch said both Pakistani and Chinese governments were in contact after the tragic incident on March 26, adding they were fully committed to bringing the terrorists, along with their facilitators and abettors, to justice.
No group had claimed responsibility for the attack but suspicion was likely to fall on separatists and the breakaway Gul Bahadur faction of the Pakistani Taliban, known as Tehreek-e-Taliban Pakistan or TTP.
The TTP is a separate group, but a close ally of the Afghan Taliban.
The TTP denied being behind the suicide bombing in a statement Wednesday, saying: “We are in no way related to the attack on the Chinese engineers.”
Tuesday’s attack came less than a week after Pakistani security forces killed eight Balochistan Liberation Army separatists who opened fire on a convoy carrying Chinese citizens outside the Chinese-funded Gwadar port in the volatile southwestern Balochistan province.
Pakistan says security of Chinese nationals enhanced after deadly attack
- Pakistan’s foreign office says the government fully understands Chinese security concerns after the attack
- It points out Pakistan has built a fence, introduced one document regime to secure its border with Afghanistan
ISLAMABAD: Pakistan’s foreign office said on Thursday the government has further enhanced the security of Chinese nationals only days after a deadly suicide bombing killed five of them along with their Pakistani driver in the country’s volatile northwest.
The incident took place in Shangla, located in Khyber Pakhtunkhwa province, where the bomber rammed his explosive-laden car into the vehicle of Chinese engineers and construction workers on Tuesday.
The attack occurred in an area vital to the China-Pakistan Economic Corridor (CPEC), which encompasses various mega projects crucial for Pakistan’s economy. The victims were en route to Dasu Dam, Pakistan’s largest hydropower project, when they were targeted.
“I can reassure you that Pakistan has further enhanced the security of Chinese nationals,” foreign office spokesperson Mumtaz Zahra Baloch told reporters in a weekly media briefing in Islamabad.
She said both Pakistani and Chinese governments were in contact after the tragic incident on March 26, adding they were fully committed to bringing the terrorists, along with their facilitators and abettors, to justice.
“At this point, we are focusing on investigating the terror attack and ensuring that the dead bodies of the deceased are transported to their home country,” she added. “This is the first priority at this stage.”
Asked about the security concerns raised by the Chinese officials following the attack, Baloch said the Pakistani government fully understood their concerns.
“We are engaged with the Chinese officials at very senior level to discuss the arrangements for the safety of Chinese nationals and for the investigation of this particular terror incident,” she informed.
The foreign office spokesperson said Pakistan would continue to work with the Chinese authorities to ensure the safety and security of Chinese nationals, projects and institutions in Pakistan.
“We have no doubt that the … terror attack [in Shangla] was orchestrated by the enemies of Pakistan-China friendship and together, we will resolutely act against all such forces and defeat them,” she emphasized.
In response to a question regarding Defense Minister Khawaja Muhammad Asif’s statement regarding the necessity for stronger border controls between Pakistan and Afghanistan, she clarified he was elaborating measures already taken by Pakistan to regulate travel between the two neighboring countries.
“Pakistan-Afghanistan border is an important border, and Pakistan has, over time, taken several measures to secure the border, including erecting a fence along the border,” she continued.
“Pakistan has also introduced one document regime under which individuals can travel to Pakistan on the basis of valid visas on their passports,” Baloch added.
Pakistan’s top court conditionally allows military courts to declare reserved judgments in May 9 cases
- Supreme Court says judgments can only be announced in cases in which people can be released before Eid Al-Fitr
- Attorney general says 20 people can be released before the Muslim religious festival is celebrated next month
ISLAMABAD: The Supreme Court of Pakistan on Thursday allowed military courts to announce judgments reserved in cases against civilians linked to the May 9 violence that erupted last year after the brief detention of former Prime Minister Imran Khan on corruption charges.
Demonstrators, identified with Khan’s Pakistan Tehreek-e-Insaf (PTI) party, targeted government buildings and military installations, notably setting ablaze the official residence of a senior army general in Lahore.
This incident prompted a significant crackdown on PTI leaders and supporters, with the government facing allegations of arbitrary arrests and custodial torture, which it denied.
Following the May 9 events, military authorities sought to prosecute civilians involved in the assaults on its properties nationwide. However, the move was challenged, and a five-member Supreme Court bench deemed civilian trials in military courts unconstitutional in October.
The government has since appealed the decision.
The Supreme Court said during the hearing today that only the verdict in those cases should be announced in which the people on trial can be released before the Eid Al-Fitr festivities next month.
“Twenty out of 103 suspects involved in the May 9 incidents will be released before Eid,” Attorney General Mansoor Usman Awan told the court. “These 20 individuals will be released following the established procedure.”
The PTI has complained of being unjustly targeted by state institutions since the downfall of its administration in a parliamentary no-confidence vote in April 2022.
Khan himself remains behind bars in a high-security prison in Rawalpindi after being convicted in a number of cases in recent months.
Pakistan seeks swift implementation of Security Council’s ceasefire resolution in Gaza
- The foreign office asks Israel’s ‘backers’ to force the Netanyahu administration to end the Palestinian ‘massacre’
- It also seeks lifting of the ‘inhumane siege’ of Gaza to ensure smooth flow of humanitarian assistance to people
ISLAMABAD: Pakistan’s foreign office on Thursday called for the swift implementation of the United Nations Security Council’s ceasefire resolution in the Gaza Strip to end Israel’s relentless military campaign against the people of Palestine which has lasted for over five months.
Israel launched its campaign after a surprise attack was initiated by Hamas on Oct. 7 in response to the deteriorating condition of Palestinian people living under Israeli occupation. Since then, Israel has killed over 32,000 Gaza residents, most of them women and children, by targeting hospitals and residential neighborhoods.
The Security Council demanded an immediate ceasefire between Israel and Hamas earlier this week in what was viewed as a massive legal blow to Prime Minister Benjamin Netanyahu’s administration that has been widely accused of running a genocidal campaign against Palestinians.
However, Israel has continued to carry out its operations in the area.
“It has been three days since the adoption of the UN Security Council resolution calling for an immediate ceasefire in Palestine,” the foreign office spokesperson, Mumtaz Zahra Baloch, said during her weekly media briefing. “However, the Israeli war on the people of Gaza continues unabated and the Palestinian people continue to face starvation and genocide.”
“We call on the backers of Israel to urge Israel to bring an end to the massacre of the Palestinian people, lift the inhumane siege and allow humanitarian assistance in all parts of Gaza,” she continued. “The international community must redouble its efforts for a just and durable solution to the Palestine question and for the creation of a of an independent viable sovereign and contiguous Palestinian state along pre-1967 borders with Al-Quds Al-Sharif as its capital.”
A day earlier, Prime Minister Shehbaz Sharif also mentioned the UN resolution at an iftar-dinner hosted by the foreign ministry to honor the members of the diplomatic community in the country, calling for an immediate ceasefire.
“I would like to reiterate Pakistan’s firm support for the people of Palestine in their just struggle for their inseparable right to self-determination and we all hope and to make our sincere efforts that this UN Security Council’s resolution is implemented in latent spirit immediately and brutality against the Palestinians must end henceforth,” he said.