ISLAMABAD: An agreement with Saudi Arabia to revive deferred payments for oil imports to Pakistan was “almost done,” the Pakistani minister of information was quoted by local media as saying, after Islamabad made a fresh request for a resumption of the facility during a recent visit of Prime Minister Imran Khan to the kingdom.
In 2018, Saudi Arabia agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.
“The Saudi authorities have agreed in principle to grant their nod, but its exact details will be known when both sides will sign the formal deal,” Pakistan’s The News newspaper reported on Wednesday. “When Federal Minister for Information and Broadcasting Fawad Chaudhry was contacted and asked about the resumption of SOF [Saudi oil facility] for an extended period, he said, ‘Yes, it’s almost done’.”
“Islamabad is vying for all available alternative plans to overcome its external account problems and resumption of the SOF can go a long way to get the desired results,” the newspaper said. “Pakistan’s budget makers for the next fiscal year 2021-22 will get a sigh of relief in the wake of agreement with the Kingdom of Saudi Arabia (KSA) for resumption of Saudi Oil Facility (SOF) from a three to five years period.”
The previous oil facility from Saudi Arabia was signed for a three year period and made operational from July 2019 with the understanding that the first-year bill would be paid on a monthly basis and oil would be obtained on deferred payment in the second year.
“So, this whole facility would be ended in the fourth year upon the maturity of getting oil for the third year,” The News said. “It was assessed at that time that Pakistan would require a $275 million oil facility on a monthly basis from the KSA, so it accounted for $3.2 billion on per annum basis for three-year period.”
“Such facility was agreed upon for three years with the possibility of rollover of second and then third year. Both sides had agreed that this facility would be provided through the IDB’s Islamic Trade Finance Facility (ITFC). It is not known how much Pakistan had availed from the SOF in its first year, but then this facility got suspended. The IDB had also agreed to provide $1.5 billion oil facility on deferred payment, so in totality there was a provision of $4.7 billion oil on deferred payment,” The News reported.
Saudi agreement on deferred oil payments ‘almost done’ — Pakistani minister
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Saudi agreement on deferred oil payments ‘almost done’ — Pakistani minister
- In 2018, Saudi Arabia gave Pakistan $3 billion in foreign currency support for a year and loan worth up to $3 billion in deferred oil payments
- The previous oil facility from Saudi Arabia was signed for a three year period and made operational from July 2019
Pakistan shares hit fresh record on rate cut hopes, IMF talks
- Pakistan last month completed a short-term, $3 billion IMF program, seeking fresh, longer-term bailout
- IMF mission is in Pakistan to discuss financial year 2025 budget, policies, reforms under potential new program
Pakistan’s benchmark share index touched a lifetime high on Wednesday, breaching the key level of 75,000, on hopes that easing inflation could pave the way for interest rate cuts as early as June.
Still attractive stock valuations, expectations of more foreign inflows, and the start of talks with the IMF on a new loan program added to the bullish sentiment.
The index was trading at 75,013 points at 0531 GMT, up 0.7 percent, after hitting an intraday high of 75,115. It has surged 80 percent over the past year, and it is up 16.1 percent year-to-date after an IMF rescue last summer helped the government avert a debt default.
On Monday, the index closed at a record of 73,822, up 1 percent.
Mohammed Sohail, CEO of Topline Securities, said Wednesday’s gains were fueled by foreign fund buying.
On Tuesday, the MSCI index added a Pakistani bank, National Bank of Pakistan, to the MSCI frontier market index. Its shares rose 1.6 percent on Wednesday, outperforming the benchmark index.
“We estimate Pakistan’s weight will also increase, thereby having the potential to attract more passive foreign funds,” said Sohail.
The market is picking up steam due to an anticipated decline in inflation to 13.5 percent for May and expectations of a monetary easing cycle starting in June, said Shahid Habib, CEO of Arif Habib Limited.
Investors were also optimism about discussions on a new International Monetary Fund financing program and the economic roadmap ahead, Habib said.
Pakistan last month completed a short-term, $3 billion IMF program, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
An IMF mission is in Pakistan to discuss the financial year 2025 budget, policies, and reforms under a potential new program.
Wall Street bank Citi expects Pakistan to reach a four-year agreement with the IMF worth up to $8 billion by end-July, and recommends going long on the country’s 2027 international bond.
Pakistani deputy PM discusses trade through Khunjerab pass, simplified visa regime with Chinese counterpart
- Pakistani Deputy PM Ishaq Dar is on a visit to China to discuss second phase of CPEC initiative
- New phase shifts focus from infrastructure projects to industrial, agricultural, green energy cooperation
ISLAMABAD: Pakistan and China are pushing to sustain the momentum of the China-Pakistan Economic Corridor (CPEC) as the project enters its second phase, the foreign office said on Wednesday, with the Pakistani deputy prime minister on a visit to Beijing to discuss enhancing trade, including through a major border crossing and a simplified visa regime.
The multibillion-dollar CPEC initiative in which Beijing has pledged to invest $65 billion in Pakistan spans several phases, each with distinct goals and impacts on the region. The first phase began in 2015 and mainly focused on building critical infrastructure, particularly in the transportation and energy sectors.
The second phase expands the focus to include industrial cooperation, agricultural development and the promotion of social and economic development. This phase is also expected to include the development of Special Economic Zones (SEZs), efforts to boost green energy production like hydropower and solar energy and initiatives aimed at modernizing agriculture and increasing exports.
According to an official statement, Deputy Prime Minister Ishaq Dar discussed issues related to bilateral trade and connectivity in a meeting with Chinese Executive Vice Premier Ding Xuexiang during his ongoing visit to Beijing.
“The two leaders held in-depth discussion on the various aspects of bilateral relations including China Pakistan Economic Corridor (Phase-II), trade, economic cooperation and investment,” the foreign office said in a statement.
“Connectivity through Khunjerab border crossing and a simplified visa regime were also discussed. They agreed to sustain the growing momentum of Pakistan-China relations in all areas of cooperation and to further deepen iron-clad Pakistan-China friendship.”
“Deputy Prime Minister and Foreign Minister Dar noted the progress made by CPEC in energy and infrastructure and expressed the confidence at the positive dividends under Phase-II in the fields of industry, agriculture and mineral development,” the statement added.
The foreign office said Dar also expressed condolences with the Chinese official over a March 26 suicide bombing that killed five Chinese workers and their Pakistani driver while they were on their way to the Dasu hydropower project in Pakistan’s northwestern Khyber Pakhtunkhwa province.
The Chinese vice premier expressed his country’s full support to Pakistan in all areas, including the economy, trade and investment and reaffirmed the importance of fast-tracking the implementation of CPEC projects.
A taste of Indian wada pao, pav bhaji in Pakistan’s culinary hub of Karachi
- The beloved vegetarian Indian street foods were not easy to find in Karachi, promoting Kavita Solanki to start her stall
- In a city that offers wide range of meat dishes, the young Hindu woman offers change of taste, alternative for vegetarians
KARACHI: Kavita Solanki had worked for years as a marketing executive when the young Hindu woman decided last October to quit her job and set up a food cart selling two beloved Indian street foods in the Cantonment Area of Pakistan’s financial capital of Karachi.
Though Karachi is considered the South Asian nation’s culinary hub, and all kinds of foods and cuisines can be found at its thousands of restaurants and street stalls, it was not easy to find wada pao and pav bhaji.
Wada pao comprises a deep fried potato dumpling and chutneys placed inside a bread bun sliced almost in half through the middle. Pav bhaji is a thick spicy vegetable curry served with a soft buttered bread roll. Both dishes originated in the Indian state of Maharashtra.
“I used to search on Google about where I can get pav bhaji and wada pao,” Solanki said as she handed a plate of food to a customer at her stall which has come to be called “Kavita Didi Ka Indian Khana,” or Sister Kavita’s Indian Food, or simply, Kavita Didi's Cart.
“So, I thought that the thing which is very difficult to find in the city, why not start with that.”
The stall started attracting large crowds within a short span of time after opening, Solanki said.
“If you say, okay, let's have nihari today, you know you will go to Zahid Nihari,” she said, naming one of the most famous restaurants in Karachi that offers the slow-cooked beef stew dish. “For vegetarian options, people will recommend Kavita Didi, that okay, let's go to Kavita Didi's stall.”
Solanki said people were attracted to her stall not just because wada pao and pav bhaji were difficult to find elsewhere in the city but also due to the authenticity and taste of the food.
“We are giving proper homemade stuff, nothing artificial,” she said. "What we eat at home is what we are bringing here.”
Solanki, who has never been to India and is ethnically Gujrati, said she learnt to make pav bhaji and wada pao from YouTube videos:
“Once we tried it at home, we liked it. So, like every weekend at home, we would be making this for ourselves.”
The stall is also popular for those seeking vegetarian alternatives and a change of taste from meat-based dishes. And her customers include people from all faiths, the entrepreneur said.
“These are some unique dishes that they offer and it's very clean and very yummy and very nice,” pharmacist Maha Ahmed, a loyal customer, told Arab News.
Sikandar Ali, who works at a private firm, said he was drawn to Solanki's stall after seeing videos on YouTube.
“I had a strong desire to come to Didi's place and taste wada pao. So today, I decided that I would come and have wada pao,” said Ali, who grew up hearing about the street food from his mother, who migrated to Pakistan from India.
“I must say, it tastes absolutely amazing. I had a huge desire to go to India and have wada pao. That same taste I have found in Pakistan, in Karachi.”
15,819 Pakistani pilgrims reach Madinah ahead of this year’s Hajj
- This year, around 179,210 Pakistanis will perform Hajj under government and private schemes
- Pakistan launched month-long Hajj flight operation on May 9 with five airlines to transport pilgrims
ISLAMABAD: A spokesperson for the Pakistani Hajj Mission said on Wednesday 15,819 pilgrims from the South Asian nation had reached the holy city of Madinah since Hajj flight operations were launched on May 9 ahead of the annual pilgrimage next month.
This year, around 179,210 Pakistanis will perform Hajj under both the government and private schemes, for which a month-long flight operation started last week.
As part of the Hajj flight operation, five airlines – Pakistan International Airlines, Saudi Airlines, Airblue, Serene Air, and Air Sial – will operate 259 sorties to transport intending pilgrims from eight major cities of Pakistan, namely Islamabad, Karachi, Lahore, Peshawar, Multan, Quetta, Sialkot, and Sukkur, to Jeddah and Madinah under the government scheme.
“Today, 2,736 more pilgrims will reach Madinah through 12 Hajj flights,” the spokesperson for the Pakistani Hajj Mission said.
He said a control room in both Makkah and Madinah was working 24 hours for the convenience and guidance of pilgrims and 119 assistants and 66 doctors and medical staff were providing services as part of the Hajj Affairs Office.
“This year, all Pakistani Hajj pilgrims are being provided accommodation closest to the Prophet’s Mosque,” the official said. “Seven catering companies continue to provide three meals to pilgrims in Madinah.”
From Friday, Pakistani pilgrims who have completed an eight-day stay in Madinah will start departing for Makkah, the religious affairs ministry said.
‘Voice for the Voiceless’: Islamabad Police signs MoU to set up welfare service for stray animals
- Police Animal Welfare Services will ensure treatment and rehabilitation of abandoned, injured and sick animals
- The project will also include a shelter home, pet café and a hotel to help the residents of the city who plan to travel
ISLAMABAD: In a unique development for Pakistan, Islamabad Capital Territory (ICT) Police on Monday announced the signing of a memorandum of understanding (MoU) with an animal rescue organization to establish Police Animal Welfare Services (PAWS) aimed at ensuring the timely treatment and rehabilitation of abandoned, injured and sick animals.
The development follows the decision taken by Inspector General of Police Syed Ali Nasir Rizvi to start an initiative called the Voice for the Voiceless to help lost and stray animals. Islamabad has faced issues with stray dogs and cats, and there has been controversy surrounding the methods used to manage them, particularly the practice of culling by the Capital Development Authority (CDA).
Residents of the city also spot wildlife such as wild boars, leopards and monkeys occasionally due to their proximity with Margalla Hills, which boast thick vegetation and a diverse ecosystem.
The ICT Police mentioned the MoU signing with the JFK Animal Rescue and Shelter Organization in its statement to develop its capacity to help these creatures.
“The project includes establishment of a shelter home, a pet cafe, and a pet hotel for these animals, where citizens who travel or go on long journeys can avail these facilities for their pet where the best care of these animals will be ensured through professional caretakers,” the statement said.
“Moreover, this center will be built on most modern lines and international standards,” it continued. “Under PAWS, a K-9 mission will also be organized for the K-9 unit dogs of Islamabad Police, where, after retirement, these dogs will be handed over to citizens for complete care. Further assistance will be sought from other animal welfare organizations as needed.”
Rizvi said on the occasion that the initiative would echo the message of love and care for animals, as they were important to the environment, nature and human life.
He also noted that animals retiring after serving a force should not be put down, adding their complete care should be ensured.
Police forces around the world often engage in social responsibility ventures, though the nature and extent of these activities can vary widely depending on the country, local policies and community needs.
