ISLAMABAD: Bailout talks between Pakistan and a visiting International Monetary Fund delegation start Wednesday.
Finance Minister Asad Umar formally requested help during a meeting with IMF chief Christine Lagarde in Bali last month.
Prime Minister Imran Khan’s government secured an electoral victory in July but immediately faced a massive current account deficit and balance of payment crisis.
His Pakistan Tehreek-e-Insaf (PTI) party opted for external borrowing, even though it had criticized previous administrations for taking this route and had emphasised greater economic self-sufficiency for Pakistan.
Umar raised the possibility of seeking the biggest IMF loan in the country’s history, while Khan said his government was trying to save the economy through cash injections from friendly nations.
Khan’s visit to ally Saudi Arabia yielded a $6 billion relief package.
He went to a trade fair in Shanghai earlier this month to seek support from China, which has already invested tens of billions of dollars in Pakistan.
Pakistan still needs a bailout, despite the extra funding, and the IMF has asked for details of the country’s financial obligations to China.
IMF bailout talks begin in Islamabad
IMF bailout talks begin in Islamabad
- Pakistan secured $6 billion relief package from Saudi Arabia
- IMF wants details of China debt
Pakistan refiners, fuel station owners oppose price deregulation, fear business closures
- Petroleum dealers say government wants to avoid public criticism and shift the burden of high oil prices to consumers
- Oil refineries also opposed deregulation earlier this week, saying it would put their $6 billion investment at risk
KARACHI: After Pakistan’s oil refineries, petroleum dealers announced their decision to oppose the deregulation of fuel prices in the country on Thursday, saying the move would adversely impact their businesses and lead to their closure.
The Oil and Gas Regulatory Authority (OGRA) of Pakistan briefed the energy ministry on the possible deregulation of petroleum products on April 17, prompting five of the country’s oil refineries to write a letter in which they described it as complex and critical issue.
The deregulation proposal would empower oil marketing companies to determine fuel prices on the basis of various market forces. Local consumers getting petrol and diesel from places closer to ports and refineries would get relatively cheaper products due to the transportation cost.
“The deregulation is the death warrant for the people and the petroleum industry in the country,” Abdul Sami Khan, Chairman of Pakistan Petroleum Association, said at a media briefing along with other dealers at the Karachi Press Club. “If this is imposed on us, we will be compelled to shut down our businesses.”
The dealers present at the briefing said the deregulation would cause an increase in the prices of petroleum products and make it difficult to maintain the quality of the fuel.
They said giving mandate to oil marketing companies to determine oil prices would be unwise and lead to different market rates.
“The government wants to shift the burden of price hike to people and get rid of the public criticism amid spiraling rates of petroleum products,” Khan added.
He said the smuggled Iranian oil had been openly sold in Pakistan, though it was not refined and damaged engines of vehicles.
He also asked the government to legalize it “in the larger public interest.”
“An agreement should be made to import crude oil from Iran to end smuggling,” Khan suggested. “The crude oil bought from Iran can be refined locally.”
Malik Khuda Buksh, senior leader and founding member of the association, said the deregulation would “create chaos in the market” since everyone would be quoting their own prices.
“Under the current mechanism, the government fixes the prices and no one can charge a single paisa more,” he explained while speaking to Arab News after the news briefing. “When the deregulation takes place, every oil marketing company will give its own price like vegetable and other product sellers, which will lead to further inflation.”
Like refiners, the petroleum dealers also warned that the deregulation of petroleum prices in Pakistan would negatively impact their business.
The letter jointly written by Attock Refinery Limited, Cnergyico PK Limited, National Refinery Limited, Pakistan Refinery Limited and Pak Arab Refinery Limited said the deregulation could jeopardize nearly $6 billion of investment.
The letter maintained it was better to spend money on upgrading the refineries since it would not only result in cleaner and environment-friendly fuels of Euro-V specifications but would also help save precious foreign exchange by substantially increasing local production.
Pakistan women’s great Bismah Maroof retires from international cricket
- Maroof, an allrounder, batted left-handed and scored 6,262 runs including 33 half-centuries
- Maroof captained Pakistan in 96 internationals, including at fourth World Cup in 2022
LAHORE: Former Pakistan women’s captain Bismah Maroof retired from international cricket on Thursday after 276 games in an 18-year career.
“I have decided to retire from the game I love the most,” the 32-year-old Maroof said in a statement on Thursday. “It has been an incredible journey, filled with challenges, victories, and unforgettable memories.”
Maroof, an allrounder, batted left-handed and scored 6,262 runs including 33 half-centuries — three ODI scores in the 90s — and bowled right arm leg break and bagged 80 wickets.
She was 15 when she debuted for Pakistan in 2006 in a one-day international against India, and three years later played her first Twenty20 against Ireland.
Maroof took a break in 2021 to give birth to her first child and said she was grateful for a parental policy that extended her career.
“The support from the PCB has been invaluable, particularly in implementing the first ever parental policy for me, which enabled me to represent my country at the highest level while being a mother,” Maroof said.
Maroof captained Pakistan in 96 internationals, including at her fourth Women’s World Cup in 2022 in New Zealand.
PM, president vow to end malaria, leading cause of illness and death in Pakistan
- Over 3.4 million suspected cases of malaria reported in Pakistan between Jan-Aug 2022
- Rapid upsurge observed in Balochistan and Sindh provinces after devastating floods in June 2022
ISLAMABAD: Pakistani top leaders on Thursday called on the government, international partners and organizations, health care professionals, and individuals to unite in their efforts to end malaria, one of the leading causes of illness and death in Pakistan according to the World Health Organization.
The Pakistani prime minister and president sent out the message on World Malaria Day, commemorated on April 25 each year to highlight the need for continued investment and sustained political commitment for malaria prevention and control. The day was instituted by WHO Member States during the World Health Assembly of 2007.
According to WHO data, from January through August 2022, more than 3.4 million suspected cases of malaria were reported in Pakistan compared with the 2.6 million suspected cases reported in 2021. Over 170 000 cases were laboratory confirmed.
A rapid upsurge in cases was observed in Balochistan and Sindh provinces after devastating floods in mid-June 2022, together accounting for 78 percent of all confirmed cases. The risk was assessed by the WHO as very high considering the effect of the flood crisis on the capacity of the national health system.
“In his message on the occasion of World Malaria Day, PM emphasized collaborative efforts to strengthen health care systems, increase access to quality diagnosis and treatment, and raise awareness about the importance of prevention and control measures of malaria,” state-run Radio Pakistan said, reporting on Prime Minister Shehbaz Sharif’s message.
The PM called on research and academic institutions “to flag scientific advances to both experts and the general public, international partners, companies and foundations to showcase their efforts and reflect on how to further scale up malaria control interventions.”
He said Pakistan had significantly enhanced free malaria testing and treatment facilities in malaria-endemic districts across the country through collaboration between the health ministry, national and international partners, provincial counterparts, NGOs and private stakeholders.
In a separate message, President Asif Ali Zardari emphasized collective efforts to curb malaria and expressed concerns over the rise in malaria cases due to the 2022 floods.
“Zardari called upon the provincial governments and other stakeholders to unite to deal with this alarming situation. He also called for raising awareness about the disease,” Radio Pakistan said.
Pakistan was hit by devastating floods in June 2022 which resulted in over 33 million people being affected, 81 districts being declared as calamity-hit and the national health infrastructure being badly impacted.
An upsurge in reported malaria cases was observed after the floods. In Sindh province, confirmed malaria cases in August 2022 reached 69,123 compared to 19,826 cases reported in August 2021. In Balochistan province, 41,368 confirmed cases were reported in August 2022 compared to 22,032 confirmed cases in August 2021. These two provinces together accounted for 78 percent of all reported confirmed cases in Pakistan in 2022.
Reports from 62 high-burden districts indicated that additional 210,715 cases were reported in September 2022, compared to 178,657 cases reported in the same districts in August 2022.
Pakistani PM seeks business community’s support to double exports in five years
- Pakistan’s total exports during the current fiscal year, or July-March, stood at $22.93
- Pakistan wants to double exports through focus on textiles, agriculture, mining and IT
KARACHI: Prime Minister Shehbaz Sharif on Wednesday sought support from Pakistan’s business community to double export volume during the next five years of his government’s term.
Addressing business leaders in a ceremony held in the southern port city of Karachi, Sharif said the government, in consultation with the business community, would form a comprehensive policy framework to ensure export-led growth and resolve Pakistan’s foreign exchange reserve crisis.
Pakistan’s total exports during the current fiscal year, or July-March, stood at $22.93, which it wants to double through a focus on sectors like textiles, agriculture, mines and minerals and information technology.
“You are actually the backbone of the national economy as without your support, the government cannot bring the country out of economic crisis,” the prime minister told the business community, urging it to sit with his government to resolve issues and challenges.
“We should get together in the larger national interest. The brilliant minds should together find ways to overcome the challenges and problems hindering the country’s development and prosperity.”
Sharif’s meeting with the business leaders came as Pakistan is seeking a new long-term and larger IMF loan, with finance minister Muhammad Aurangzeb saying Islamabad could secure a staff-level agreement on the fresh program by early July.
The global lending agency has confirmed its executive board meeting for April 29 to discuss the approval of $1.1 billion funding for the South Asian state, the second and last tranche of a $3 billion standby arrangement with the IMF, which it secured last summer to avert a sovereign default and which runs out this month.
ADB highlights special focus on climate action, social equity in post-floods Pakistan
- The bank provided $180 million for climate-resilient, low-carbon municipal services in Punjab province last year
- It also worked to increase female inclusion in agriculture sector by helping them handle pesticides and fertilizers
KARACHI: The Asian Development Bank (ADB) announced on Thursday it deployed significant resources in Pakistan last year to aid the country’s economic recovery from the devastating 2022 floods, while supporting the government in other areas, including climate change, food security and gender parity, for sustainable and inclusive development.
The Philippines-based international financial institution began its operations in December 1966 and has since been promoting economic and social development in Asian and Pacific regions. Pakistan, one of its early members, has received ADB assistance over the years and developed many urban services and social sectors with its help.
In its Annual Report 2023, the ADB highlighted different areas in which it provided assistance to Pakistan during the last year.
“ADB signed a loan of $180 million to help develop climate-resilient and low-carbon municipal services for up to 1.5 million residents in the Punjab cities of Bahawalpur and Rawalpindi,” the report said.
“For Bahawalpur, the project includes a new recycling facility, a landfill with measures to mitigate greenhouse gas emissions and leachate, and new equipment and vehicles for citywide waste collection,” it continued. “For Rawalpindi, the project will, among other deliverables, construct a water treatment plant to process 54 million liters per day and implement distribution systems to serve around 82,000 households with metered connections.”
The report said the bank also signed an emergency grant of $5 million with the authorities in Islamabad to top up its flood assistance of $475 million from 2022.
“The grant supports farming households, including those headed by women, in the most flood-impacted area of Balochistan Province,” it informed. “It provides about 60,000 households with climate-resilient rice seeds sufficient to cultivate around 54,000 hectares, and includes measures to strengthen on-farm resilience to disasters triggered by natural hazards.”
The ADB also worked to improved agricultural productivity in the flood-affected Khyber Pakhtunkhwa province while trying to bolster the inclusion of women in by providing around 28,000 of them with training on seed cleaning and storage practices as well as on the safe handling of pesticides and fertilizers.
“ADB is also working to improve conditions for Pakistani women seeking to establish or expand their own businesses, particularly access to finance without the need for credit history or collateral,” the report added.
The bank also signed a $250 million loan for power transmission strengthening in the Khyber Pakhtunkhwa and Punjab provinces to help achieve environmental sustainability and climate resilience in the country’s power sector.
“The project aims to expand the national grid and enhance grid stability to improve energy access in the country, where only 80 percent of the population has access to electricity,” it said. “Upgrades under the project are expected to help supply 2 gigawatts of additional clean peak power and avoid about 13,700 tons of greenhouse gas emissions every year.”
ADB said it also provided a $300 million policy-based loan to the country for sustainable, broad-based and inclusive economic growth by strengthening the government’s capacity to generate domestic revenues to reduce budgetary constraints and restore macroeconomic stability.
“The program will help Pakistan improve tax administration and compliance, including through digitization,” the report said. “It will also enhance public expenditure and debt management, and increase trade and investment flows.”
Additionally, the bank committed $360 million under the Central Asia Regional Economic Cooperation (CAREC) program to help upgrade 330 kilometers of the national highway in Pakistan.
“This span of roadway links Pakistan’s hinterlands to CAREC Corridor 5, a vital trading route between landlocked Central Asian countries and the ports of Gwadar and Karachi,” it explained. “By enhancing the climate and disaster resilience of the highway, ADB is helping overcome high risks of road flooding and opening up a bottleneck to regional trade.”
