Ex-PM Khan to hold meeting with Punjab chief minister, discuss caretaker setup

In this file photo taken on October 26, 2022, Pakistan's former prime minister Imran Khan gestures with Punjab chief minister Chaudhry Parvez Elahi during a meeting at CM House in Lahore. (Photo courtesy: Facebook/ParvezElahiOfficial)
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Updated 15 January 2023
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Ex-PM Khan to hold meeting with Punjab chief minister, discuss caretaker setup

  • The Punjab Assembly dissolution is expected to lead to fresh election activities as parties prepare for voting process
  • The constitution requires the chief minister and leader of opposition of outgoing assembly to determine the interim setup

ISLAMABAD: Former prime minister Imran Khan is expected to hold a meeting with Punjab chief minister Chaudhry Parvez Elahi to discuss the interim caretaker setup after the dissolution of provincial assembly, said a senior leader of the Pakistan Tehreek-e-Insaf (PTI) party on Sunday.

The Punjab Assembly ceased to exist on Saturday evening after Elahi sent a summary to Governor Baligh-ur-Rehman in which he sought its dissolution. The chief minister took the decision on the instruction Khan, a senior coalition partner, who has been advocating for early elections since the downfall of his administration in a parliamentary no-confidence vote held last April.

“Punjab Chief Minister Chaudhry Pervez Elahi will meet Tehreek-e-Insaf Chairman Imran Khan today and there will be a final consultation on the names of the Chief Minister of the caretaker government,” announced PTI’s senior vice president Chaudhry Fawad Hussain.

He said Article 224-A of Pakistan’s constitution required the chief minister and leader of the opposition of the outgoing provincial assembly to agree on the name of the new chief executive of the federating unit. In case of a disagreement, however, two names would be sent to a parliamentary committee for decision in three days.

“If the parliamentary committee does not agree on a name, then the names will be sent to the election commission which will nominate one of these names as the chief minister,” he continued. “The commission cannot give a new name on its own.”

Punjab Assembly’s dissolution is expected to lead to fresh election in the province.

The country’s information minister Marriyum Aurangzeb said on Saturday the founding leader of the ruling Pakistan Muslim League-Nawaz (PML-N) party, Mian Muhammad Nawaz Sharif, had instructed leader and workers of his political faction to prepare for elections.

She said Sharif announced the decision during a consultative session with his other party colleagues in London.

Sharif also instructed to “establish a parliamentary board” while asking PML-N leaders to “move ahead with passion, confidence, preparation and strength,” she added.


Pakistan PM urges automakers to start local manufacturing, exporting products

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Pakistan PM urges automakers to start local manufacturing, exporting products

  • Shehbaz Sharif made the remarks during his meeting with a delegation of Pakistani automakers
  • Pakistan has been facing low foreign exchange reserves, currency devaluation and high inflation

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday urged automakers to start local manufacturing of vehicles and exporting them to contribute to the country’s development, Sharif’s office said, amid Pakistan’s efforts to reduce import bills.
Sharif made the remarks during his meeting with a delegation of Pakistani automakers, comprising Toyota Pakistan Chief Executive Officer Ali Jamali, representative of the auto parts industry Amir Allahwala and others.
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, averted a sovereign default last year, thanks to a $3 billion International Monetary Fund (IMF) program.
The South Asian country is currently making desperate efforts to cut its import bills, increase exports and to boost foreign direct investment to address its macroeconomic crisis.
“Auto sector should manufacture vehicles locally in Pakistan,” Sharif said. “Auto sector should export a substantial part of its products and play its role in the country’s development.”
He urged the Pakistani automakers to become a part of the global value chain by exporting their products.
Pakistan last year averted a default after it secured a $3 billion International Monetary Fund (IMF) loan program. Islamabad says it is seeking a new loan over at least three years to help achieve macroeconomic stability and execute long-overdue reforms.
The $350 billion South Asian economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.
Pakistan’s finance ministry expects the economy to grow by 2.6 percent in the fiscal year ending in June, while average inflation for the year is projected to stand at 24 percent, down from 29.2 percent the previous fiscal year.


Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan

Updated 10 min ago
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Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan

  • The Saudi oil giant signed the agreement to acquire stake in GO in Dec. 2023, which was approved by the Competition Commission of Pakistan (CCP) last month
  • Pakistan, Saudi Arabia have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed expediting $5 billion investment

KARACHI: Saudi oil giant, Aramco, has completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO), Aramco said on Friday, officially marking the Saudi company’s entry into Pakistan’s fuel retail market.
Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply and develops cutting-edge energy technologies, while GO is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. GO is also one of Pakistan’s largest retail and storage companies.
The Saudi oil giant signed the agreement to acquire stake in GO in Dec. 2023, which was approved by the Competition Commission of Pakistan (CCP) last month. The acquisition represents Aramco’s first downstream retail investment in Pakistan and signals the company’s growing retail presence in high-value markets.
“Our global retail expansion is gaining pace and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan,” Yasser Mufti, Aramco’s executive vice president of products and customers, was quoted as saying in an Aramco statement.
“We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.


Pakistan’s federal budget to be presented on June 10

Updated 31 May 2024
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Pakistan’s federal budget to be presented on June 10

  • The budget was originally due to be presented on June 7 but was delayed because of Prime Minister Shehbaz Sharif’s visit to Beijing on June 4-8
  • Finance Minister Muhammad Auragzeb will present the budget, which official says will be one of the most crucial ahead of a new loan from the IMF

ISLAMABAD: Pakistan will present the financial year 2024/25 annual budget on June 10, two government sources said on Friday, ahead of seeking a new International Monetary Fund (IMF) loan.
The budget was originally due to be presented on June 7 but was delayed because of Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to June 8, said the two sources, a top official at the finance ministry and an official close to the prime minister.
They spoke on condition of anonymity as they are not authorized to disclose the information.
The information ministry did not respond to a request for comment.
Finance Minister Muhammad Auragzeb, who will be accompanying Sharif to Beijing, will present the budget, which the finance ministry official said would be one of the most crucial ahead of a new loan from the IMF.
An IMF mission held two weeks of technical and policy level talks with Pakistani officials before it left last week to discuss fiscal consolidation measures to lay the groundwork for the new loan.
The talks made significant progress toward reaching a staff-level agreement for an extended fund facility, the IMF said after concluding the talks.
The IMF had opened discussions on the new loan program after Islamabad completed a short-term $3 billion program, which had helped stave off a sovereign debt default last summer.
Pakistan is likely to seek at least $6 billion under the new program and request additional financing from the IMF under the Resilience and Sustainability Trust.


Pakistan seeks to woo investors during PM’s upcoming China visit on June 4-8

Updated 31 May 2024
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Pakistan seeks to woo investors during PM’s upcoming China visit on June 4-8

  • Pakistan is currently looking to boost foreign investment to support its fragile $350 billion economy
  • PM Sharif will meet President Xi and hold delegation level talks with Premier Li Qiang during the visit

ISLAMABAD: Prime Minister Shehbaz Sharif has asked Pakistani officials to carve out a “comprehensive plan” for business-to-business (B2B) engagements during his visit to China on June 4-8, Sharif's office and the Pakistani foreign ministry said on Friday, as the South Asian country seeks to woo Chinese investors.
Sharif gave the directives during a meeting he presided over early Friday with regard to preparations for his visit to China, according to the Pakistan PM’s office.
It comes at a time when Pakistan is looking to boost foreign investment to support its fragile economy after averting a default last year, thanks to a $3 billion International Monetary Fund (IMF) bailout.
During the meeting, officials briefed the prime minister that a delegation of Pakistani industrialists and traders would accompany him to China to promote B2B relations with Beijing.
“The prime minister gave instructions to devise a comprehensive plan regarding productive business-to-business meetings between the two countries during the visit,” Sharif’s office said in a statement.
“A plan should be made to encourage Chinese industries to set up plants in Pakistan,” he was quoted as saying.
Sharif said his government would provide all-possible assistance to Chinese industrialists and investors, and instructed Pakistan’s ambassador to China to facilitate the Pakistani business delegation during his visit.
Chinese investment and financial support since 2013 have been key for the South Asian nation’s struggling economy, including the rolling over of loans so that Islamabad is able to meet external financing needs at a time its foreign reserves are critically low.
Sharif’s visit will seek to upgrade cooperation under the China-Pakistan Economic Corridor (CPEC), a major segment of the Belt and Road Initiative designed to give China a shorter, more secure trading route to the Middle East and beyond, while also boosting Pakistan’s economy. Beijing is investing over $65 billion in energy and infrastructure projects in Pakistan as part of CPEC.
“An important aspect of the prime minister’s visit will be meetings with corporate executives of leading Chinese companies dealing with oil and gas, energy, ICT [information and communications technology] and emerging technologies,” foreign ministry spokesman Mumtaz Zahra Baloch said at a weekly press briefing in Islamabad on Friday.
Sharif will meet President Xi and hold delegation level talks with Premier Li Qiang, Baloch added.
Since its initiation in 2013, CPEC has seen tens of billions of dollars funnelled into massive transport, energy and infrastructure projects. But the undertaking has also been hit by Pakistan struggling to keep up its financial obligations as well as attacks on Chinese targets by militants.
Officials in Beijing and Islamabad this month held a virtual meeting of the Joint Cooperation Committee (JCC) on CPEC.
The meeting, which focused on joint energy and infrastructure development initiatives, was convened after a March 26 suicide attack that killed five Chinese engineers and their local driver en route to the under-construction Dasu dam in northwest Pakistan.
Briefing the media about the decisions made during the meeting, Pakistan’s Planning Minister Ahsan Iqbal said Chinese security concerns were discussed during the talks.
“Security issues were discussed in the meeting and China was briefed on improving security,” he said, adding that Pakistani authorities had raised a special force to ensure the safety of CPEC projects.
He also informed the two countries agreed to start the mega ML-1 railway project focusing on the dualization of the existing railway network, built in the late 19th century, and the overall upgrading of tracks connecting the Pakistani port city of Karachi to Peshawar.


Amid protests, ‘army-backed’ tourism firm that leased Gilgit-Baltistan properties promises jobs for locals

Updated 31 May 2024
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Amid protests, ‘army-backed’ tourism firm that leased Gilgit-Baltistan properties promises jobs for locals

  • Green Tourism Company to which 37 GB properties leased says it works under civil-military investment council
  • Awami Action Committee leading protests described firm’s presence in GB as “conspiracy” to occupy area’s resources

KHAPLU: A Pakistani tourism company to which dozens of properties in the picturesque Gilgit-Baltistan region have been leased by the government recently, unleashing a wave of protests, said this week locals would not be left behind as it developed tourist areas and infrastructure.
Residents of Skardu Valley came out in protest earlier this week after 37 properties belonging to GB’s Forest and Communication and Works Departments were leased out to the Green Tourism Company, which has been widely described by demonstrators as being “army-backed.” 
Gilgit-Baltistan, an impoverished, remote and rugged mountainous part of the larger Kashmir region also claimed by India, is governed as a separate administrative territory under Pakistan-governed Azad Kashmir. Home to some of the tallest mountains in the world, GB is a major tourist destination, with foreign and local tourism forming the backbone of its economy.
Strategically, GB is important as the only land-based link between Pakistan and its closest regional ally, China. The Pakistan army maintains a large security presence in the area, which borders Afghanistan and China and is the gateway of the $65 billion China-Pakistan Economic Corridor (CPEC) infrastructure plan. But the region has so far reaped few rewards.
Locals fought pro-India forces and opted to join Pakistan in 1948. But since then Gilgit-Baltistan has not been granted full inclusion by the Pakistani constitution over fears doing so would jeopardize Islamabad’s international stance that all of Kashmir is disputed territory. The region’s local assembly has few powers. Pakistan’s National Assembly and Senate have no representation from Gilgit-Baltistan, and the region receives only a fraction of the national budget.
“We are here to develop the tourism areas and infrastructure by engaging local communities,” Ghazanfar Khan, Green Tourism’s administration director, told Arab News, saying the company’s work in GB would create 300 direct and about 3,000 to 4,000 indirect job opportunities.
“The development of tourism infrastructure is a vital component of the thriving tourism industry. Uplifting accommodation options, improving transportation system, tourist facilities, information and communication technologies, sustainable infrastructure and community engagement are the top priorities of the company.”
Asked if Green Tourism was “army-backed,” Khan said it was government-owned and worked under the Special Investment Facilitation Council (SIFC), a civil-military hybrid body established last year to oversee foreign financing, but which is widely believed to be run directly by the army. 
The SIFC has earmarked several economic sectors, including tourism, that are being prioritized for foreign investment.
“The main purpose of SIFC is to attract foreign investors to the country,” Khan said. “And you know, for foreign investors, whenever they go, they need security. That’s why the prime minister is the head of SIFC and the Pakistan army will provide them [SIFC projects] security.”
The military did not respond to requests for comment. 
The company official said global marketing strategies would be used by the company to harness and promote GB’s vast tourism potential:
“All projects will adhere to environmental sustainability principles, ensuring that no trees are cut during development. Furthermore, local cuisines, artefacts and cultural heritage will be actively promoted to enrich the tourism experience and support local communities.”
However, the chairman of the Awami Action Committee that launched the protests this week described the tourist firm’s presence in GB as a “conspiracy” to occupy the area’s resources.
“They should be leased out to locals,” he said about the 37 properties leased to Green Tourism.
“Gilgit-Baltistan is a disputed region and without taking the public into confidence, there is no need to bring investors from outside,” Agha Ali Rizvi, a local elder and religious scholar, said. “All the lands allotted to the company are public property. Ignoring the public and signing a deal with [outside] investors is not a good omen.”
Rizvi said if the government wanted to promote the tourism industry, it should provide electricity, water, education and health facilities to the people of GB. 
The region’s tourism minister Ghulam Muhammad said the administration had decided to lease out the properties to upgrade tourist destinations and attract more visitors, which would ultimately benefit locals. 
“Government rest houses were built in GB when there was no concept of the private sector here,” he said. 
“Now, you see, big hotels have come to the area. The government was facing huge losses and [these properties] were becoming a [financial] burden. So, to get benefit, we leased them out to the Green Tourism Company.”