KARACHI: Pakistan and Saudi Arabia will decide the quantum and areas of Saudi investment in a meeting with the Kingdom’s delegation to Pakistan, which is due to arrive in the country during the first week of October, said Federal Minister for Finance, Revenue and Economic Affairs, Asad Umar, speaking exclusively to Arab News.
The minister rebuffed recent media reports that claimed Riyadh would “invest $10 billion in Pakistan,” dismissing the impression that the volume of investment had been ascertained yet.
“The prime minister’s visit was meant to make agreements at the highest level with the King of Saudi Arabia and build a stronger relationship. In principle, only verbal discussions have taken place so far,” he added.
Umar noted: “We have discussed trade-related issues, foreign direct investment, visa fees, and issues faced by our laborers.”
The finance minister also dispelled the notion that Pakistan was facing a financial emergency. “Pakistan is not in an emergency situation that requires it to rush to the International Monetary Fund (IMF) to seek a bailout,” he maintained.
“We have neither stopped imports nor imposed financial sanctions,” said the minister. However, he emphasized that it was important to be prudent while taking economic decisions.
“We need to take well-measured decisions. As a situation emerges, we take steps to manage it. We don’t want to take decisions in emergency.”
The staff mission of the IMF is scheduled to arrive in Pakistan on Sept. 27 to engage with the Pakistani authorities. “We are in discussion with them, but this is not to negotiate for a loan. Our purpose is to do our homework, in case we want to approach them at some stage,” the minister clarified.
Responding to a question about managing the balance of payment deficit, Umar said: “We are eliminating the root cause of this problem, and that root cause is fiscal deficit. We have done that through the recent finance bill which will reduce our cost of import.”
He said that during his visit to Saudi Arabia and the United Arab Emirates, Pakistan’s prime minister discussed measures for trade enhancement and investment. “These are measures which will help fill the external financing gap,” he noted.
He also said Pakistan was constantly in touch with international commercial markets and banks for financing.
About the measures to increase the country’s exports to ease its external payment obligations, the finance minister said the issue had been discussed in detail with the Chinese.
“During the upcoming international trade exhibition, which will be attended by the prime minister as one of the chief guests in China on Nov. 4 and 5, we will discuss items line by line so that they can give us trade concessions to increase exports to China.”
“Similarly, when the Saudis will come, decisions will be made here in Pakistan about trade enhancement and investment,” he added, hoping that these steps would mitigate the balance of payments crisis.
The government is also planning to float overseas, dollar-based saving certificates for Pakistanis living abroad. The finance minister said the amount of issue would be decided at the time of floating these certificates.
“We will float them in October, but it will not be a one-time issue. We will be floating these certificates periodically for overseas Pakistanis,” said Umar.
Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
- A Saudi delegation will visit Pakistan in the first week of October to discuss trade enhancement and investment visas
- Prime Minister Imran Khan, during his Saudi visit, discussed trade, foreign direct investment, visa fees, and issues faced by our labor class
UK Police arrest 86 people at prison protest for Palestine Action hunger striker
- Demonstration outside Wormwood Scrubs held in support of Umer Khalid
- Khalid 1 of 5 people charged in connection with break-in at RAF base last year
LONDON: A protest outside a prison in the UK in support of a man detained for supporting the banned group Palestine Action has led to the arrest of 86 people.
London’s Metropolitan Police said a group of demonstrators breached the grounds of Wormwood Scrubs prison in the capital, refused to leave when ordered to do so, and threatened officers. They were arrested on suspicion of aggravated trespass.
The group, several of whom attempted to gain access to the prison itself, were protesting in support of Umer Khalid, who is currently on hunger strike at the facility.
Khalid is one of five people charged in relation to a break-in by Palestine Action members at an RAF base at Brize Norton last year, in which two military aircraft were damaged.
Khalid, who denies the charges, is one of several people who are on or who have taken part in hunger strikes in recent months, all of whom have been held on similar charges for over a year without their cases being brought to trial.
A spokesperson for the UK’s Ministry of Justice said: “The escalation of the protest at HMP Wormwood Scrubs is completely unacceptable. While we support the right to peacefully protest, reports of trespassing and threats being made to staff and police officers are deeply concerning.
“At no point was prison security compromised. However, where individuals’ actions cause risk or actual harm to hardworking staff, this will not be taken lightly and those responsible can expect to face consequences.
“Prisoners are being managed in line with longstanding policy. This includes regular checks by medical professionals, heart monitoring and blood tests, and support to help them eat and drink again. If deemed appropriate by healthcare teams, prisoners will be taken to hospital.”
