ISLAMABAD: Prime Minister Imran Khan has urged the international community to extend debt relief to developing nations and facilitate their recovery from the crippling COVID-19 crisis.
Addressing the virtual session of the United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) on Monday, PM Khan said there was a “dire need” to mobilize adequate financing for poorer nations.
“For the developing countries, the debt issue must be addressed in a fair and sustainable manner. With my ‘Global Initiative on Debt Relief’, Pakistan has been advocating this cause on all world forums,” PM Khan said, adding that his administration was implementing fiscal reforms in Pakistan as well.
PM Khan is among several heads of state, senior officials and stakeholders from the Asia-Pacific region participating in the 77th UN-ESCAP, which is being held virtually from April 26 to 29, to take stock of the socio-economic impact of COVID-19 and ramp up regional cooperation.
In his address to the gathering, PM Khan highlighted the plight of Asia-Pacific countries bearing the brunt of the global health crisis, with a “devastating” impact on health and socio-economic goals.
“We are now lagging further behind in achieving the SDGs [social developmental goals] than ever before. Over 100 million people will fall back into extreme poverty,” he said, adding that it might take “years to regain the pre-COVID income levels.”
Imploring the global community to ensure “no one is left behind,” he said that all efforts require “international solidarity.”
“We need the right mix of national actions, regional collaboration, and multilateral cooperation,” he said before emphasizing the need to “strengthen public health and social protection systems.”
Citing the example of Pakistan where “these have been the primary objectives for us,” with people-centered economic security “at the core of our development paradigm,” he said that the south Asian nation was ready to work with all members “to advance our shared objectives.”
This isn’t the first time the Pakistani premier has appealed to international stakeholders for urgent debt relief for developing countries to deal more effectively with the economic fallout from the coronavirus pandemic.
In April last year, he said he was worried that people in the developing world would die of hunger due to the COVID-19 lockdowns.
A few months later, in November, G20 nations endorsed a plan to extend a freeze in official debt payments by poorer countries, including Pakistan, to mid-2021 and backed a common approach for dealing with debt issues.
In an online video address to the nation on Sunday, PM Khan also acknowledged that aid from Saudi Arabia, the UAE and China had “saved Pakistan from defaulting on its loans.”
Saudi had provided Pakistan with a $6.2 billion financial support package – a $3 billion loan and a $3.2 billion deferred oil financing facility in 2018, with the UAE extending a $2 billion loan to the cash-strapped country as well.
Pakistan is now battling with the third wave of the coronavirus, with authorities saying that the government may impose a complete lockdown in major Pakistani cities ahead of the Eid Al-Fitr holiday if the surge in infections continues.
Pakistan PM seeks debt relief for poorer nations grappling with pandemic
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Pakistan PM seeks debt relief for poorer nations grappling with pandemic
- Tells attendees of virtual UN session that it might take years for developing countries to regain pre-COVID-19 income levels
- Earlier, he had acknowledged Saudi Arabia, UAE, and China’s support in ‘saving Pakistan from defaulting on loans’
Pakistan licenses Salaam Family Takaful as ‘first ever’ digital only Islamic life insurance provider
Pakistan licenses Salaam Family Takaful as ‘first ever’ digital only Islamic life insurance provider
- Pakistan has lately encouraged the development of Shariah-compliant financial institutions in the country
- In April, Islamabad licensed ZLK Islamic Financial Services Limited as first Shariah-compliant brokerage house
ISLAMABAD: Pakistan has licensed Salaam Family Takaful Limited (SFTL) as the country’s “first ever” digital Islamic life insurance provider, Pakistani state media reported Thursday.
Akif Saeed, chairman of the Securities and Exchange Commission of Pakistan (SECP), handed the license to Rizwan Hussain, chief executive officer (CEO) of the Salaam Family Takaful Limited.
The SFTL will provide Shariah-compliant, end-to-end digital offerings as per the stipulations and guidelines of the SECP, the APP news agency reported.
“With this license of our new company, we will be revealing a new brand very soon, which will not only resonate with our values of customer centricity and innovation but will also introduce the much-needed game changing Islamic Life Insurance and Savings offering, never seen before in Islamic Life Insurance segment across the globe,” the report quoted Hussain as saying.
“We have done extensive work in developing a comprehensive infrastructure to be the first ever digital only Life Takaful operator, and in’sha’Allah our products will provide an exquisite digital experience.”
The SFTL said the endorsement signified that its operations and offerings were “completely Shariah-compliant,” according to the report.
The organization would introduce products that would not be the usual life insurance or family takaful products, but they would be disruptive in terms of policyholder benefits and include unique features such as real-time information availability.
Pakistan has lately encouraged the development of Shariah-compliant financial institutions in the country.
In April, the SECP approved amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016 and issued license to ZLK Islamic Financial Services (Private) Limited as the first Shariah-compliant brokerage house in Pakistan.
ICC announces warm-up fixtures for T20 World Cup, Pakistan to play none
- A total of 17 teams will play the warm-up games, including India
- The tournament will be hosted by the West Indies, the US in June
ISLAMABAD: The International Cricket Council (ICC) has announced warm-up fixtures between May 27 and June 1 for the upcoming Twnety20 World Cup in the West Indies and the United States (US), with Pakistan getting no chance to warm up for the mega event.
The venues hosting the 16 warm-up matches ahead of the T20 World Cup 2024 include Grand Prairie Cricket Stadium in Texas, Broward County Stadium in Florida, Queen’s Park Oval and Brian Lara Cricket Academy in Trinidad and Tobago, according to the ICC.
A total of 17 teams will play the warm-up games, including South Africa, who are playing an intra-squad in Florida on May 29.
“These warm-up fixtures will be 20 overs per side and will not have international T20 status, allowing teams to field all members of their 15-player squad,” the ICC said on Thursday.
“In a departure from the previous cycle, teams can now choose to play up to two warm-up matches, depending on their arrival time at the event.”
While Pakistan are not scheduled to play any warm-up game, India will get a chance to play one such game against Bangladesh on June 1.
The mega tournament will be hosted by the West Indies and the United States (US) from June 1 till June 29.
The June 9 T20 World Cup clash in New York between arch-rivals India and Pakistan is one of the most anticipated cricket matches this year. Millions are expected to tune in worldwide to watch one of sports’ fiercest rivalries take centerstage in New York.
Below is a schedule of warm-up matches:
May 27
Canada v Nepal, Grand Prairie Cricket Stadium, Grand Prairie, Texas 10h30
Oman v Papua New Guinea, Brian Lara Cricket Academy, Trinidad and Tobago 15h00
Namibia v Uganda, Brian Lara Cricket Academy, Trinidad and Tobago 19h00
May 28
Sri Lanka v Netherlands, Broward County Stadium, Broward County, Florida 10h30
Bangladesh v USA, Grand Prairie Cricket Stadium, Grand Prairie, Texas 10h30
Australia v Namibia, Queen’s Park Oval, Trinidad and Tobago 19h00
May 29
South Africa intra-squad, Broward County Stadium, Broward County, Florida 10h30
Afghanistan v Oman, Queen’s Park Oval, Trinidad and Tobago 13h00
May 30
Nepal v USA, Grand Prairie Cricket Stadium, Grand Prairie, Texas 10h30
Scotland v Uganda, Brian Lara Cricket Academy, Trinidad and Tobago 10h30
Netherlands v Canada, Grand Prairie Cricket Stadium, Grand Prairie, Texas 15h00
Namibia v Papua New Guinea, Brian Lara Cricket Academy, Trinidad and Tobago 15h00
West Indies v Australia, Queen’s Park Oval, Trinidad and Tobago 19h00
May 31
Ireland v Sri Lanka, Broward County Stadium, Broward County, Florida 10h30
Scotland v Afghanistan, Queen’s Park Oval, Trinidad and Tobago 10h30
June 1
Bangladesh v India, Venue TBC USA
IMF to wait for ‘findings’ of mission in Pakistan for further engagement with Islamabad — spokesperson
- An IMF team this week met top Pakistani officials in Islamabad to kickstart discussions on a fresh bailout
- The cash-strapped South Asian country is expected to seek around $7-8 billion bailout from the global lender
KARACHI: The International Monetary Fund (IMF) said on Thursday said it would wait for findings of its mission, currently holding talks in Islamabad, for further engagement with Pakistan, which seeks a fresh bailout from the global lender.
The South Asian country, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month completed a short-term $3 billion IMF program that helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
While Islamabad has said it expects a staff-level agreement by July, both Pakistani and IMF officials have refrained from commenting on the size of the program. The South Asian country is expected to seek around $7-8 billion bailout from the global lender.
An IMF team, led by Mission Chief Nathan Porter, this week met Pakistan Finance Minister Muhammad Aurangzeb, central bank governor, chairman of the Federal Board of Revenue and other officials in Islamabad to kickstart discussions on the country’s further engagement with the lender.
“Right now, a mission team led by Nathan Porter, our Mission Chief, is meeting with the authorities this week to discuss the next phase of our engagement with Pakistan,” IMF spokesperson Julie Kozack said at a press briefing on Thursday, when asked about the status of talks with Pakistan.
“Given that there is a mission on the ground, we will wait for them to complete their work and we will communicate the findings of the mission in due course.”
Pakistan narrowly averted a default last summer and its $350 billion economy has slightly stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high of 38 percent in May last year.
However, the South Asian country is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year, compared to negative growth last year.
Wall Street Bank Citi expects Pakistan to reach an agreement with the IMF of up to $8 billion program by end-July, and recommends going long on the country’s 2027 international bond.
“While longer-term challenges pertain, we see several positive catalysts supporting the Eurobonds,” Nikola Apostolov at Citi wrote in a note to clients.
“First, a larger and longer IMF EFF (Extended Fund Facility) program could be finalized by July – possibly a $7-8 billion 4-year program and secondly and a possible inflow of Saudi investments,” Apostolov said after a team from Citi visited Pakistan and met policymakers, including Finance Minister Muhammad Aurangzeb.
Citi said it expected Pakistan’s international 2027 bond to offer a sweet spot to investors with sufficient liquidity and large upside as risks of default dissipate further.
A look at high-profile political assassinations and attempts this century
- An apparent assassination attempt on Slovakia’s prime minister Robert Fico rocked the small country and the rest of Europe on Thursday
- In 2007, Pakistan lost its first female prime minister, Benazir Bhutto, in a gun and bomb attack at a rally in the garrison city of Rawalpindi
Slovakia’s prime minister Robert Fico was gravely injured in an apparent assassination attempt that rocked the small country and the rest of Europe just weeks before an election.
Here’s a global look at other notable political assassinations and attempts during the 21st century:
— Sept. 1, 2022: Argentina’s then-Vice President Cristina Fernández is targeted by a man who reportedly aimed a handgun at point-blank range toward the politician in what government ministers characterize as an assassination attempt.
— July 8, 2022: Japanese former Prime Minister Shinzo Abe is assassinated by a gunman who opened fire on him as he delivered a campaign speech on a street in western Japan.
— Nov. 6, 2021: Iraqi Prime Minister Mustafa Al-Kadhimi survives an assassination attempt when two armed drones target his residence in Baghdad’s Green Zone area. While Al-Kadhimi is uninjured, seven of his security guards are injured in the attack.
— Oct. 15, 2021: British lawmaker David Amess is stabbed to death by a Daesh supporter while meeting with voters.
— July 7, 2021: Haitian President Jovenel Moïse is assassinated by gunmen in an overnight raid on his Port-au-Prince home. His widow, Martine, ex-prime minister Claude Joseph and the former chief of Haiti’s National Police, Léon Charles, among others, are indicted in his killing in February 2024.
— April 20, 2021: Chad President Idriss Deby Itno is killed while battling rebels in the north. Hours earlier he had been declared the winner of an election that would have given him another six years in power.
— Aug. 4, 2018: Drones armed with explosives detonate near Venezuelan President Nicolas Maduro in an apparent assassination attempt while he is delivering a speech to hundreds of soldiers being broadcast live on television. Six people are later arrested in connection with the attack.
— Dec. 19, 2016: Russia’s ambassador to Turkiye Andrei Karlov is shot dead by a Turkish policeman shouting condemnation of Russia’s military role in Syria, in front of a shocked gathering at a photo exhibit. The gunman was later killed in a shootout with police.
— July 15, 2016: A group of Turkish soldiers using tanks, warplanes and helicopters launch a plot to overthrow Turkiye’s president and government. The coup attempt fails. One year later, 40 people are sentenced to life in prison after being convicted on charges that include attempting to kill President Recep Tayyip Erdogan.
— June 16, 2016: British lawmaker Jo Cox is shot and stabbed to death by a far-right supporter in the English village of Birstall, part of her constituency.
— Feb. 6, 2013: Tunisian left-wing opposition leader Chokri Belaid is fatally shot outside his Tunis home. His killing — followed six months later by that of another left-wing leader, Mohammed Brahmi — plunged Tunisia into political chaos. Four people are sentenced to death and two others to life in prison in March 2024 for their roles in his death.
— Oct. 20, 2011: Longtime Libyan dictator Muammar Qaddafi is hunted and summarily killed by insurgents after being toppled in a NATO-backed uprising.
— Jan. 8, 2011: US Rep. Gabrielle Giffords survives an assassination attempt after being shot by a man in an Arizona grocery store parking lot while meeting with constituents. Giffords’ injuries are so significant that she has to re-learn how to walk and talk. The attack kills six other people and wounds 11 more.
— March 2, 2009: Guinea-Bissau President Joao Bernardo Vieira is killed by renegade soldiers in his palace, hours after a bomb blast killed his rival in the West African nation.
— December 27, 2007: Benazir Bhutto, the first female prime minister in a Muslim-majority country as well as Pakistan’s second nationally elected prime minister, is shot at and then fatally attacked by a suicide bomber at a political rally in Rawalpindi, Pakistan.
— Feb. 14, 2005: Lebanese Prime Minister Rafik Hariri is killed by a suicide truck bomb on a seaside boulevard in Beirut. Another 21 people die and 226 are wounded in the attack, which is seen by many in Lebanon as the work of neighboring Syria.
— March 12, 2003: Serbian Prime Minister Zoran Djindjic is shot dead in front of the Serbian government headquarters in Belgrade. He was a key leader of the revolt that toppled former President Slobodan Milosevic in October 2000. Twelve people were later convicted in connection with the killing, which was carried out to halt his pro-Western reforms, according to a Serbian court ruling.
— July 2, 2002: French President Jacques Chirac survives an assassination attempt by a far-right right supporter who shoots at him and misses during Bastille Day celebrations on Paris’ Champs-Elysees. Chirac is uninjured.
— May 6, 2002: Dutch politician Pim Fortuyn is gunned down in a northern Netherlands city, days before a general election in which he was a candidate, by an animal rights activist.
— June 1, 2001: Nepal’s King Birendra is killed when his son, Crown Prince Dipendra, opens fire on his family in the royal palace. The dead include Queen Aiswarya, a prince and five others. Officials said the shooting followed a dispute over the prince’s marriage.
— Jan. 18, 2001: Congo President Laurent Kabila is assassinated in the presidential palace in the capital, Kinshasa, by one of his bodyguards, who is killed minutes later by security forces.
Pakistan establishes two hospitals, ten dispensaries in Makkah and Madinah for Hajj pilgrims
- Pakistan Hajj official says over 400 doctors and paramedics will serve pilgrims during Hajj 2024
- Over 16,000 Hajj pilgrims have arrived in Saudi Arabia weeks before Islamic pilgrimage starts
ISLAMABAD: Pakistan has established two hospitals and 10 dispensaries in the holy cities of Makkah and Madinah to provide health care for Hajj pilgrims, the head of the country’s medical mission in Saudi Arabia confirmed on Thursday, as hundreds of pilgrims arrive daily in the Kingdom ahead of the annual Islamic pilgrimage.
Pakistan’s Ministry of Religious Affairs (MoRA) has confirmed that more than 16,000 pilgrims from the country have arrived in Saudi Arabia weeks before Hajj 2024 begins.
This year, 179,210 Pakistanis will perform Hajj under government and private schemes. Pakistan kicked off a month-long flight operation last week, with five airlines— PIA, Saudi Airlines, Airblue, Serene Air, and Air Sial— operating 259 flights from eight major Pakistani cities to Jeddah and Madinah until June 9.
“We have established two main hospitals and ten dispensaries in Makkah and Madinah,” Brig. Jamil Lakhiar, the director of Pakistan’s Hajj Medical Mission, told Arab News from Madinah.
“One main hospital and eight dispensaries are in Makkah, while one hospital and two dispensaries are in Madinah,” he shared.
He said Pakistani pilgrims’ residences in Makkah have been divided into nine zones. One zone has the main hospital in it while each of the remaining eight zones have a dispensary each.
Lakhiar said around 400 doctors and paramedics have been selected this year for the Hajj Medical Mission, who were gradually arriving in Saudi Arabia with pilgrims to perform their duties.
The Pakistani official said members of the medical mission were selected by the religion ministry on a pre-defined formula based on merit. He said the mission comprised 70 percent of civilians while 30 percent were selected from the armed forces.
“At the hospitals, we have specialists including cardiologists, gynecologists, pediatricians, pulmonologists, dentists, and others,” Lakhiar said. He said both hospitals were equipped with X-ray, ultrasound, and lab testing facilities where minor procedures could be performed.
He said patients suffering from serious ailments are referred to Saudi hospitals for further treatment.
“In every dispensary, one doctor, two paramedics and one pharmacist will be present round the clock in different shifts,” Lakhiar said, adding that each dispensary has an ambulance as well.
“So far in Madinah, we have treated more than 500 Pakistani pilgrims for various minor issues,” he disclosed.
The official said all treatments, tests and medicines were provided free of cost to pilgrims.
“Every doctor and paramedic has to return after 45 days, that is why their arrival is staggered so that when one leaves, there will always be others available to replace them until the last flight,” Lakhiar said.
