ISLAMABAD: Pakistan released 30 Indian prisoners from jail as a humanitarian gesture and handed them over to the Indian authorities, on Monday, at Wagah Border near Lahore.
“The Government of Pakistan has decided to release 30 Indian prisoners, including 27 fishermen. This is a humanitarian gesture to mark Pakistan’s Independence Day on Aug. 14,” Pakistan’s Foreign Ministry said in a statement.
Pakistan maintains a “consistent policy of not politicizing humanitarian issues,” added the foreign ministry.
“It is our hope that the Indian side will also reciprocate in a similar manner,” the statement said.
Pakistan and India frequently arrest fishermen as there is no clear demarcation of the maritime border in the Arabian Sea and most of the fishermen do not have boats equipped with the technology to know their precise location.
Pakistan releases 30 Indian prisoners in Independence Day spirit
Pakistan releases 30 Indian prisoners in Independence Day spirit
- The prisoners, including 27 fishermen, were released as a humanitarian gesture to mark Pakistan’s Independence Day on Aug. 14
- Pakistan and India frequently arrest fishermen as there is no clear demarcation of the maritime border in the Arabian Sea
Pakistan central bank cuts key rate to boost economy
- The decision comes two days ahead of Pakistan’s annual budget and a week after data showed inflation slowed to a 30-month low of 11.8 percent in May
- The central bank last changed the rate in an emergency meeting in June last year, when it was raised by 100 basis points to a record high of 22 percent
ISLAMABAD: Pakistan’s central bank cut its key interest rate by 150 basis points on Monday in a widely expected move, marking its first rate reduction in nearly four years in its effort to boost growth amid a sharp decline in retail inflation.
The decision to cut the key rate to 20.5 percent comes two days ahead of Pakistan’s annual budget and a week after data showed inflation slowed to a 30-month low of 11.8 percent in May.
“The significant decline in inflation since February was broadly in line with expectations, (but) the May outturn was better than anticipated earlier,” the State Bank of Pakistan (SBP) said in a statement.
The SBP last changed rates in an emergency meeting in late June last year, when it raised rates by 100 basis points to a record high of 22 percent.
Economic activity slowed over the last two years in Pakistan as it implemented tough reforms under an International Monetary Fund (IMF) bailout in a bid to stabilize its crashing economy.
Pakistan’s Finance Minister Muhammad Aurangzeb, speaking at a business conference in China last week, said he expected rates to come down in the face of falling inflation.
However, bank’s monetary policy committee meeting said in Monday’s statement that there were upside risks to the near-term inflation outlook associated with the upcoming budgetary measures and uncertainty regarding future energy price adjustments.
The SBP had raised rates by a total of 1,500 basis points between September 2021 and June 2023 to rein in high inflation.
The last hike in rates to a record 22 percent came as the country looked to secure a short term $3 billion bailout from the International Monetary Fund in a bid to stave off an imminent default.
The global lender had stressed the importance of keeping a tight monetary policy to control inflation, which had stayed above 20 percent since May 2022 and hit a record high of 38 percent last year.
High rates, however, have kept government’s borrowing costs elevated and with the new government looking to tighten its purse strings, lower rates will be critical in helping it reduce domestic borrowing costs.
“As anticipated, SBP has taken a step toward narrowing the real interest rate gap to stimulate the economy and reduce its debt servicing burden,” Muhammad Ali, market analyst at AKD Securities, said.
GDP growth in the current financial year to June 30 is expected to be between 2-3 percent after posting a de-growth of 0.17 percent in FY23. The government is targeting achieving 3.6 percent growth in the year starting July amid an uptick in economic activity.
The government is also in talks with the IMF for a longer-term bailout of around $6 billion to $8 billion for which it is expected to formally apply after the budget is passed by parliament.
Pakistani bank launches country’s first digital agriculture financing product
- Agriculture accounts for almost a quarter of Pakistan’s GDP and half of the employed labor force
- The initiative aims to provide potential farming citizens with access to subsidized financing at 2 percent
KARACHI: Bank Alfalah, one of the leading Pakistani commercial and digital banks, on Monday announced the launch of the country’s first digital agriculture financing product, aimed at empowering small-scale farmers and entrepreneurs in the agriculture sector.
The innovative product allows customers to avail dairy and equipment financing through a seamless digital process, and marks a significant milestone in Pakistan’s financial landscape, according to the bank.
The initiative aims to provide potential farming citizens with access to subsidized financing at a rate of 2 percent and enable them to establish sustainable income streams and contribute to the nation’s economic development.
The beneficiaries of the initiative included individuals from various distantly scaled areas, especially flood-affected areas of Sindh, representing both genders and diverse segments of the agricultural community, Bank Alfalah said in a statement.
“Pakistan’s First Digital Agriculture Financing product has already made significant strides in empowering rural communities, particularly in the dairy sector, surpassing disbursement of over PKR 100 million, the financing has facilitated the procurement of animals, with a remarkable 333 animals acquired so far,” the statement read.
“Female participation in this endeavour is significant, accounting for 24 percent of the total customers. As all proceeds have been dedicated to ‘Dairy Financing,’ it showcases the focused effort to uplift small-scale farmers in Pakistan and encourage sustainable Agricultural practices.”
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
Muhammad Yahya Khan, chief digital officer of Bank Alfalah, said the introduction of the product signified their dedication to empowering the agriculture sector and promoting financial inclusion in Pakistan.
“We are committed to ensuring that small-scale farmers always have access to financial services,” he said. “Through swift, cost-effective, and user-friendly financing solutions, our goal is to empower small-scale farmers and the broader agriculture industry to boost productivity, enhance livelihoods, and contribute to the growth of Pakistan’s economy.”
Most parts of Pakistan to experience hot, dry weather this week — Met Office
- Pakistan’s plain areas to experience hot weather, southern areas “very hot” temperatures, says Met Office
- South Asian country is ranked among ten most vulnerable nations to climate change impacts
ISLAMABAD: Most parts of Pakistan, especially its plain areas, will experience hot weather this week, the country’s meteorological department said on Monday in its weekly weather forecast.
Pakistan remained in the grip of a severe heat wave last month that saw temperatures in the country’s southern Sindh province reach as high as 50 degrees Celsius. Pakistan’s National Disaster Management Authority (NDMA) last month warned that the heat wave would persist across parts of Sindh and Punjab in June.
“Mainly hot and dry weather is expected in most parts of the country while very hot in central/southern plain areas,” the Met Office said in its forecast for Monday. “However, partly cloudy weather with light rain/thunderstorm is likely at isolated places in Gilgit-Baltistan during evening/night.”
From Tuesday to Sunday, the Met Office said the country’s plain areas would experience hot temperatures while the country’s southern areas are likely to experience “very hot” temperatures.
“However, rain-wind/thunderstorm is expected at isolated places in Gilgit-Baltistan, Kashmir and upper Khyber Pakhtunkhwa,” it said.
The South Asian country of more than 241 million, one of the ten most vulnerable nations to climate change impacts, has also recently witnessed untimely downpours, flash floods and droughts.
Climate change-induced extreme heat can cause illnesses such as heat cramps, heat exhaustion, heatstroke, and hyperthermia. It can make certain chronic conditions worse, including cardiovascular, respiratory, and cerebrovascular disease and diabetes-related conditions, and can also result in acute incidents, such as hospitalizations due to strokes or renal disease.
According to the Global Climate Risk Index, nearly 10,000 Pakistanis died while the country has suffered economic losses worth $3.8 billion due to climate change impacts between 1999 and 2018. A deadly heat wave that hit Pakistan’s largest city of Karachi, the capital of Sindh, claimed 120 lives in 2015.
In 2022, torrential monsoon rains triggered the most devastating floods in Pakistan’s history, killing around 1,700 people and affecting over 33 million, a staggering number close to the population of Canada. Millions of homes, tens of thousands of schools and thousands of kilometers of roads and railways are yet to be rebuilt.
‘Special atmosphere’ as India exploit familiar surroundings to beat Pakistan
- On a pitch that was short on quality in New York, Pakistan never looked like they could overcome their fierce rivals in T20 World Cup
NEW YORK: What an experience. From the moment I arrived in New York on June 7, when I immediately felt the match build-up, to mingling with cricket fans in Times Square, to being in the ground, it is an event I will never forget.
All conversations centered on Pakistan’s match with India, cricket in North America and cricket in general, providing a once-in-a-lifetime experience. Then came the match, which lived up to all my expectations and then some.
The Nassau County International Cricket Stadium is an hour and a half away from Times Square by taxi. Thick cloud accompanied fans travelling to the stadium and the poor early weather could have brought Pakistan into the game as Shaheen’s swing bowling would add to already difficult batting conditions.
If India had won the toss, I would have feared they would take full advantage, but Pakistan’s captain, Babar Azam, called correctly and opted to bowl first.
Early rain caused several stops and starts, but India came out as a team that had played on the ground before, whereas this was Pakistan’s first outing in New York. India’s advantage of already experiencing the conditions and winning there was evident.
Although Pakistan claimed the prized wickets of Virat Kohli and Rohit Sharma, India’s openers, early on, Rishabh Pant and a promoted Axar Patel illustrated exactly how ready India were to take the game to their great rivals. Their aggressive approach was designed to make the Pakistan bowlers crumble. I never got the sense that Pakistan genuinely believed they could win. Even with India two wickets down cheaply, the team in green could not quite believe the position in which they found themselves.
I have a great deal of respect for both sets of players, as they were playing on a surface that was not fit for international cricket. This is not just my view but that of many experienced observers. The pitch was dangerous at times and every batter struggled. Each player chose his own way of dealing with the demons. Rishabh Pant was ultra-aggressive and the rest of his team followed suit. India took more risks and rode their luck, but fortune often favors the brave.
Once India had taken their total to a modest 119, most people would think the chasing team held all the aces. Unfortunately for Pakistan, it felt like none of their batters felt the same way. They opted to try and dig deep, which was understandable, but any invention, drive and intent was lacking.
Jasprit Bumrah was outstanding with the ball, well supported by Hardik Pandya and Mohammad Siraj. Once Mohammad Rizwan was dismissed, the task seemed too large for the rest of the Pakistan batting.
The atmosphere in the ground, though, was special. The two sets of fans mixed, although Pakistan’s supporters were heavily outnumbered. As the teams traded blows, the excitement switched from one set of fans to the other. I was watching both as a cricket fan and with my media head, but still lost my voice through giving vocal support.
Even the seats in the big temporary stands were blue, something that could perhaps have been changed. It must have been intimidating for the Pakistan players and it is difficult to escape the feeling that small, seemingly inconsequential, actions create favorable environments for Team India. The almost total lack of Pakistan supporters in Ahmedabad for the match against India in the ODI World Cup last year comes to mind.
Nevertheless, the Indian team was excellent. When their backs were against the wall, they showed fight and a genuine togetherness. India are incredibly confident, they believe in what they are doing, have clarity of thought and in their roles, and are backed by their management structure.
Pakistan, on the other hand, have a number of problems. They do not appear to believe in themselves and the off-field instability shows no sign of change. Despite the closeness of the scores on the day, the two sides are a long way apart.
There were big opportunities for Pakistan throughout the match. The pitch conditions were a leveler, whilst they bowled well to restrict India with wickets in the latter stages. They could have grabbed the game, but let things slip and fell short. In a match where every run mattered, India captain Rohit Sharma chose the right moves, Babar was slow to react. An example of Pakistan’s problems was that leg-spinner Shadab Khan was not asked to bowl a single over. Why, then, is he in the team, if the captain does not appear to possess enough faith in his bowling?
Turning to the American market, the spectacle was mesmerizing, even crazy. It was a day the like of which I have never before experienced and something that still has me buzzing. Anyone at the game will surely want to watch more cricket. However, if its best side is to be shown to the Americans, the quality of pitches has to improve. There is a risk that a golden opportunity has been missed.
A better pitch would have provided even better entertainment. No doubt there will be those who argue that the pitch created a close and tense match. This misses the point. The variable pitch conditions across the nine grounds on which the World Cup is being played may hand skewed advantages and disadvantages to individual teams.
The defeat leaves Pakistan on the brink of an early exit from the tournament. Their fate is no longer in their own hands, with the USA, India and Canada ahead of them in the group. A victory for the USA over Ireland will see Pakistan out, which is not acceptable in a group containing three much lower-ranked sides. The Super Eights were the bare minimum objective for Pakistan.
The team’s performance is a byproduct of everything that has happened over the last two years. All the chaos, the poor off-field management and instability, mean the desired levels of professionalism are lacking. It is going to take more than changing the coaches to resolve the issues. The new coach, Gary Kirsten, bemoaned poor decision-making by batters after reaching 72 for two with eight overs left.
I did not expect Pakistan to beat India. In fact, I predicted a clear India win. The closeness of the game should not be seen as any kind of positive or used to mask Pakistani deficiencies. It never felt like Pakistan were destined to win. There is an obvious and large gap in standard between the two sides, which will take serious work to bridge.
Pakistan will not be eliminated from the T20 World Cup just because of this defeat in New York. The damage was done by the defeat to the USA. However good this was for the competition and tournament hosts, it was a match which Pakistan should never have lost. They will be going home early because, currently, they are not good enough to stay.
‘Genius’ Bumrah does it again for India at T20 World Cup
- Babar Azam’s team looked on course for victory at 80-3 after 14 overs before Bumrah intervened
- Bumrah’s 24 deliveries included 15 dot balls, illustrating the accuracy which makes him such an asset
EAST MEADOW, New York: Jasprit Bumrah appears blissfully unaware of the popular perception that T20 cricket is a batter-friendly format as India’s pace spearhead delivered another match-winning performance in Sunday’s World Cup blockbuster against Pakistan.
Bumrah may not enjoy the rock star status afforded to batters Virat Kohli and skipper Rohit Sharma back home but the 30-year-old is the go-to man when India’s batsmen flounder.
Like they did in the Group A contest against arch-rivals Pakistan, who bundled out India for 119 with one over left in their innings.
Babar Azam’s team looked on course for victory at 80-3 after 14 overs before Bumrah intervened.
The seamer bowled a well-set Mohammad Rizwan (31) to bring India back into the contest, though Pakistan still looked in charge needing 21 runs from 12 balls with five wickets in hand.
The right-arm seamer with a slingshot action then returned to send down a decisive penultimate over.
Bumrah conceded only three runs in that over while removing Iftikhar Ahmed, Pakistan’s final hope, to set up India’s six-run victory in the low-scoring thriller.
Bumrah’s 24 deliveries included 15 dot balls, illustrating the accuracy which makes him such an asset especially in this format.
“We’ve seen him over the years what he can do,” Rohit said after India went 7-1 against Pakistan in the history of the tournament.
“We want him to be in that kind of mindset till the end of the World Cup. He’s a genius with the ball ...”
Pakistan, finalists in the last edition of the tournament, risk an early exit having also lost to the United States in their opener.
Bumrah, who finished with 3-14, said there was less assistance for the bowlers in the second innings but he did not have trouble adjusting to conditions.
“Even when there is help, you can be desperate and ... try to pull off that magic delivery,” he told reporters after claiming his second successive player-of-the-match award.
“We had to be accurate because if you go for magic deliveries and try to be too desperate, run making becomes easy.”
