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  • Pakistan deputy PM to head to China on Monday for talks on trade, economic cooperation


Pakistan deputy PM to head to China on Monday for talks on trade, economic cooperation

Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar smiles as he speaks after the launch of the "Pakistan Economic Survey 2015-16" report during a press conference in Islamabad on June 2, 2016. (AFP/File)
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Updated 12 May 2024
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Pakistan deputy PM to head to China on Monday for talks on trade, economic cooperation

  • Deputy PM Ishaq Dar to co-chair strategic dialogue with Chinese Foreign Minister Wang Yi, says state media
  • Beijing has been one of Islamabad’s most reliable partners in recent years, providing financial aid to its fragile economy
Updated 12 May 2024
Arab News Pakistan

ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar will leave for China next week to hold important discussions on bilateral trade, cooperation and upgradation of multi-billion-dollar infrastructure corridor, state-run media reported on Sunday. 

Beijing has been one of Islamabad’s most reliable foreign partners in recent years, readily providing financial assistance to bail out its often-struggling neighbor. In July last year, China granted Pakistan a two-year rollover on a $2.4 billion loan, giving the debt-saddled nation much-needed breathing space as it tackled a balance-of-payments crisis.

Dar will leave for Beijing on Monday for a four-day official trip during which he would also co-chair the 5th Pakistan-China Foreign Ministers’ Strategic Dialogue with Chinese Foreign Minister Wang Yi.

“The two sides will comprehensively review Pakistan-China bilateral relations including economic and trade cooperation, high-level exchanges and visits; upgradation of China-Pakistan Economic Corridor and future connectivity initiatives,” the state-run Radio Pakistan said. 

China has invested over $65 billion in energy and infrastructure projects as part of the China-Pakistan Economic Corridor (CPEC). The project is part of President Xi Jinping’s ambitious Belt and Road Initiative. CPEC is designed to provide China with a shorter and safer trading route to the Middle East and beyond through Pakistan. 

Since its initiation in 2013, CPEC has seen tens of billions of dollars funneled 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.

“They will also exchange views on the unfolding regional geopolitical landscape and bilateral cooperation at the multilateral fora,” the state-run media reported. 

Foreign Office Spokesperson Mumtaz Zahra Baloch said Dar’s visit to the country reflects the importance the two countries attach to deepening their “All-Weather Strategic Cooperative Partnership.”

Dar’s visit to China takes place in the backdrop of Pakistan’s moves to seek foreign investment from its allies as it tries to navigate an economic crisis that has seen its reserves dip to low levels and its currency weaken against the dollar. 

Islamabad has seen visits by diplomatic and business delegations from Saudi Arabia, Japan and Uzbekistan in recent weeks. Prime Minister Shehbaz Sharif has vowed to ensure an enabling business environment in Pakistan for foreign investors and traders. 

Topics: Ishaq Dar

Former central bankers from emerging countries, including Pakistan, call for debt reworks 

Updated 6 sec ago
Reuters
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Former central bankers from emerging countries, including Pakistan, call for debt reworks 

  • Ex-emerging market finance chiefs press world leaders to incorporate external shocks into debt sustainability
  • Twenty-one signatories to the letter include Pakistan’s former central bank chief Reza Baqir 
Updated 6 sec ago
Reuters

LONDON: A group of prominent former emerging market finance chiefs is pressing global leaders to incorporate external shocks and climate change into debt sustainability calculations, according to a letter published on Wednesday.
The signatories, former central bankers and finance ministers mostly from emerging economies from India to Argentina, also called for debt relief to enable struggling emerging economies to meet climate investment targets.
“Every civilization faces what seems to be an impossible hurdle that threatens its existence,” Patrick Njoroge, former governor of Kenya’s central bank, said in the letter.
“We face such a moment, given the global debt crisis and the limited space for the required investments in climate action and the Sustainable Development Goals.”
The World Bank has warned that high borrowing costs and slowing growth have sparked a “silent debt crisis” that has thrown climate, health and education spending goals into question across the developing world.
The 21 signatories included Nigeria’s Lamido Sanusi, Colombia’s Jose Antonio Ocampo, Pakistan’s Reza Baqir, Argentina’s Martin Guzman and South Africa’s Tito Mboweni.
Zambia this week became the first poor nation to emerge from debt default under a rubric designed by the G20 dubbed the Common Framework.
But some have said the debt relief — estimated to have reduced Zambia’s debt by some $900 million and spread future payments over a much longer time frame — was insufficient.
The letter is asking for the Common Framework to give countries fair, comparable debt relief from all creditors, with the relief sufficient to allow countries to meet climate and investment spending needs.
The International Monetary Fund is also in the midst of a years-long revamp of the way it calculates debt sustainability analyzes — figures that form the baseline to determining how much debt relief lenders must give to defaulted countries.
These have been criticized in recent months and years by some investors and experts.
The Debt Relief for Green and Inclusive Recovery Project (DRGR), which organized the letter, released a study earlier this year that found emerging countries will pay a record $400 billion to service external debt in 2024.
It said 47 of them cannot spend the money they need for climate adaptation and sustainable development without risking default in the next five years.
“It is time for G20 leaders to spearhead comprehensive debt relief and mobilize new financing to uphold sustainable development and climate objectives,” Wednesday’s letter read.

Topics: debt Pakistan climate change

Saudi men’s football team arrive in Pakistan for World Cup qualifier clash

Updated 23 min 9 sec ago
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Saudi men’s football team arrive in Pakistan for World Cup qualifier clash

  • Both teams will lock horns for World Cup qualifying round 2 match on June 6
  • This is the first time Saudi Arabia’s football team have arrived in Pakistan
Updated 23 min 9 sec ago
SAIMA SHABBIR

ISLAMABAD: Saudi Arabia’s football team arrived in Islamabad on Wednesday, the Pakistan Sports Board (PSB) confirmed, a day before the two sides meet each other for a round two clash of the FIFA World Cup qualifiers. 

Saudi Arabia’s Ambassador to Pakistan Nawaf bin Said Al-Malki received the team at the Islamabad airport. Pakistan Football Federation (PFF) officials, the secretary of Pakistan’s Inter-Provincial Coordination ministry and Rana Mashhood, chairman of the PM’s Youth Program, were also present on the occasion. 

“Saudi Arabian football team reached Islamabad from Riyadh by chartered flight,” the PSB said. “Saudi Arabian football team is visiting Pakistan for the first time.”

The visiting team was shifted from the airport to the hotel where they are staying under tight security, the board said. 

The match between Pakistan and Saudi Arabia is scheduled to take place on June 6 at the Jinnah Football Stadium in Islamabad. 

It takes place months after Saudi Arabia thumped Pakistan 4-0 in the first leg of the qualifying matches when the Group G sides faced off at Al Ahsa city in November 2023.
Pakistan suffered another setback in round one of the qualifiers when they lost 6-1 to Tajikistan in Islamabad days after losing to Saudi Arabia. The green shirts will face Tajikistan on June 11 in Dushanbe in what will be their final round 2 away fixture. 
Pakistan are in Group G of the World Cup qualifiers with Saudi Arabia, Jordan and Tajikistan. In the second round of the qualifiers, a total of 36 football squads have been split into nine groups with four teams each. The winners and runners-up from each group would go through to the third round.
Pakistan are already eliminated after four consecutive losses and a -19 goal differential. 
Pakistan squad:

Goalkeepers: Yousuf Butt (D), Saqib Hanif and Hassan Ali
Defenders: Abdullah Iqbal (D), Mohammad Fazal (D), Haseeb Khan, Rao Omer Hayat, Mamoon Moosa, Mohammad Saddam, Waqar Ihtisham, Moin Ahmed and Abdul Rehman
Midfielders: Rahis Nabi (D), Otis Khan (D), Ali Uzair, Umair Ali, Toqeer ul Hassan, Alamgir Ghazi and Ali Zafar
Forwards: Imran Kayani (D), McKeal Abdulah, Fareedulah, Adeel Younas and Shayak Dost

Topics: Saudi football FIFA World Cup qualifiers

Pakistan, China sign 32 agreements in ‘historic moment’

Updated 05 June 2024
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Pakistan, China sign 32 agreements in ‘historic moment’

  • MoUs signed in IT, textiles, leather and footwear, minerals, pharmaceuticals and agriculture and food processing
  • The agreements were signed during the second day of Prime Minister Shehbaz Sharif’s visit to China from June 4-8
Updated 05 June 2024
Hasaan Ali Khan

ISLAMABAD: Pakistan and China on Wednesday signed 32 memorandums of agreement in the fields of IT, textiles, leather and footwear, minerals, pharmaceuticals and agriculture and food processing, a statement from the prime minister’s office said. 
The agreements were signed during the second day of PM Shehbaz Sharif’s visit to China from June 4-8 as the South Asian nation pushes to bring in much needed foreign direct investment. 
The focus of Sharif’s visit is business-to-business meetings and efforts to seek an upgrade for the China-Pakistan Economic Corridor (CPEC), a flagship of President Xi Jinping’s Belt and Road Initiative, through which Beijing has pledged over $60 billion in Pakistan since 2015.
“A historic moment between private sectors of Pakistan and China was observed today when 32 MoUs in different fields were signed on the sidelines of the Pakistan Business Conference in Shenzhen after the B2B (business to business) meetings between the Pakistani businessmen and their counterparts from China,” the PMO said. 
“The areas of interest for the business community of both sides included the fields of electronics & home appliances, ICT, textile, leather & footwear, minerals and pharmaceuticals etc.”
The private sectors of both countries signed four MoUs in the field of energy, two in automobiles, one in cultural cooperation, four in IT, six in pharmaceutical and health care, four in logistics and ten in agriculture and food processing. A Letter of Intent (LoI) in the field of Optical Fibre Networks was also signed. 
“Business Conference Shenzhen 2024 will not only pave the ground for the introduction of Pakistani products in the regional markets, but it will also leave a positive impact of strong regional government-business relations on Pakistan economy’s strategic transformations,” the PMO said. “An unprecedented next level industrial cooperation between the two nations is expected out of this B2B initiative of the government.”
“Many businesses sat together and participation took place,” National Bank of Pakistan President Rehmat Ali Shamsi, who is part of the delegation visiting China, told state media. “Plus, many MOUs were also signed.”
Additional Secretary of the Board of Investment, Dr. Erfa Iqbal, said the Pakistani delegation was expecting “high-level industrial corporation” from China to help in increasing exports, making way for local products to reach international markets. 
“This will also strengthen CPEC in the second phase,” she added.

Topics: Pakistan China Ties

Pakistan’s largest province bans production, trade of plastic bags 

Updated 05 June 2024
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Pakistan’s largest province bans production, trade of plastic bags 

  • Punjab government bans production, distribution and sale of plastic bags on World Environment Day
  • Government says it aims to reduce environmental pollution, promote environment-friendly steps in Punjab
Updated 05 June 2024
Arab News Pakistan

ISLAMABAD: The ban on the production and trade of plastic bags in Pakistan’s largest Punjab province came into effect today, Wednesday, the provincial government announced as millions mark World Environment Day across the globe. 

The production of plastic bags adversely affects human health, ecosystems and wildlife. Made from polyethylene, a type of non-biodegradable material, plastic bags remain in the environment for hundreds of years and never decompose fully. 

The carbon-intensive production of plastics has been on pace to emit more greenhouse gases than coal-fired power plants across the world, with the global plastic industry releasing at least 232 million tons of these gases annually. These gases trap heat in the atmosphere of the earth and in turn contribute to global warming and exacerbate climate change, leading to devastating impacts around the world.
Pakistan’s Punjab government announced last week its decision to ban the production, distribution and sale of plastic bags from June 5. 

“From today, the use, production, sale and trade of plastic has been banned,” the Punjab government wrote on social media platform X. 

“The aim behind the ‘No To Plastic’ campaign is to decrease environmental pollution and promote pro-environment steps.”

In a statement last week, the provincial government’s spokesperson said hotels, restaurants and other food joints would be strictly prohibited from giving customers food in plastic bags from June 5. 

“A crackdown will also be launched against factories manufacturing illegal plastic products,” the spokesperson said. The government has warned those violating the ban that they will face action and heavy fines. 

Pakistan, which ranks among countries most vulnerable to climate change, has witnessed untimely downpours, deadly floods, heat waves and droughts in recent years, which experts have attributed to climate change effects.
The South Asian country of more than 241 million people last week witnessed an intense heat wave, with temperatures soaring above 52 degrees Celsius (126°F) in parts of the country.

Topics: plastic

Pakistan’s diplomatic push for UNSC seat gains momentum ahead of tomorrow’s General Assembly meeting

Updated 05 June 2024
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Pakistan’s diplomatic push for UNSC seat gains momentum ahead of tomorrow’s General Assembly meeting

  • Ambassador Munir Akram says the South Asian state will devote its efforts to world peace and security if elected
  • Pakistan is striving for the non-permanent Asian seat and has received endorsements from the 53-member group
Updated 05 June 2024
Arab News Pakistan

ISLAMABAD: Pakistan stepped up lobbying as it vies for a seat on the United Nations Security Council (UNSC), reported state media on Wednesday, with the General Assembly set to meet tomorrow, on June 6, to elect five non-permanent members to the world body’s most significant and powerful institution.
The UNSC comprises 15 countries, five of which are permanent members with veto-wielding authority, including China, France, Russia, the United States and the United Kingdom. The council’s primary responsibility is the maintenance of international peace and security.
Pakistan’s previous terms as a non-permanent member arrived in 2012-13, 2003-04, 1993-94, 1983-84, 1976-77, 1968-69 and 1952-53.
“The UNGA is set to meet on Thursday to elect five non-permanent members of the Security Council,” the state-run Associated Press of Pakistan (APP) said on Wednesday. “Pakistan and other candidates have stepped up their lobbying activities for a seat.”
The report said the Asian seat was being vacated by Japan this year, adding the countries elected now would serve for two years from Jan 1, 2025, through the end of 2026. Other outgoing countries include Ecuador, Malta, Mozambique and Switzerland whose terms end on December 31, 2024.
The APP said the seven-term candidate Pakistan was likely to get elected unopposed following endorsement by the 53-member Asian group.
“If elected, Pakistan will devote its efforts to promoting the maintenance of international peace and security and the peaceful resolution of conflicts and disputes per the principles and purposes of the UN Charter,” the news agency quoted Pakistan’s Permanent Representative to the UN, Ambassador Munir Akram, as saying.
The voting for the non-permanent members is conducted by a secret ballot and candidates need to receive a two-third majority, or 128 votes, even if they run uncontested. Re-polls are conducted if the required number of polls are not secured by a country.
In the same contest, Somalia and Mauritius are candidates for the African seat, while Denmark and Greece are contesting for the Western European seat.
Panama is the sole candidate for the Latin American seat.

Topics: UNSC United Nations Security Council (UNSC)

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