ISLAMABAD: Prime Minister Shehbaz Sharif admitted on Sunday that Pakistan was facing “too many financial challenges" with the International Monetary Fund (IMF) mission “scrutinizing each and every book” to ascertain whether the country has met its conditions to revive a stalled $7 billion loan program or not. 

Pakistan, in the throes of a dire economic crisis, currently has foreign exchange reserves below $3 billion, barely enough to cover eighteen days of imports. The South Asian country is struggling to bring down decades-high inflation and strengthen its national currency, which has depreciated to a historic low against the US dollar in recent days.

To mitigate the situation and save the country from default, Pakistan is desperately looking for external financing. Islamabad is holding talks with the IMF, whose mission arrived in the country last month, to discuss the resumption of a stalled loan program.

The premier, while addressing a special session of Azad Jammu and Kashmir’s Legislative Assembly to mark the “Kashmir Solidarity Day”, said the global money lender is critically analyzing every aspect of the country’s economic performance to release the much-awaited loan.

“We are facing too many financial challenges at the moment,” he said. “The IMF’s mission, which is in Islamabad right now, is scrutinizing each and every book, whether it is related to finance, petroleum, commerce, or the power sector.”

The premier added that the lender was looking at “each and everything” which included all subsidies, to make sure its conditions are being met.

He said Pakistan has to survive but begging before other nations or financial bodies was not the way to go about it. 

“This matter [seeking IMF’s help] has been going on for 75 years, but we have to draw a line at some point to stop this from happening,” he said. Sharif called for unity to tackle national challenges. 

“It can only happen if the entire nation unites to fight against inflation and depend on their own resources,” he continued, acknowledging that achieving such goals was easier said than done.

PM Sharif also stressed unity among all political parties so that the country’s economy could be strengthened, and it could continue to be in a position to support the people of Kashmir in attaining their right to self-determination.

India and Pakistan have fought several wars over Kashmir since their independence in August 1947.  The two countries claim the region in full but control only parts of it. Relations between the two countries had always remained tumultuous, but they worsened in 2019 after Indian Prime Minister Narendra Modi abrogated Kashmir’s special status.

On February 5 each year, Pakistan expresses solidarity with the people of Kashmir. Islamabad has long accused India of committing atrocities against the people of the disputed valley and denying them the right to self-determination. New Delhi rejects the allegations and accuses Islamabad of funding militants in the region. 

“As the prime minister of allied parties and representative of 220 million Pakistani people, I fully assured [our] Kashmiri brethren that we would continue our support for their due right of self-determination,” he said. “But first, we have to forge unity among our ranks, besides, bringing economic and political stability."

“[For that] politicians should strive to make Pakistan economically stronger.”

ISLAMABAD: Former Pakistani president and army chief, General (retired) Pervez Musharraf, passed away in Dubai, close family associates confirmed, after years of self-imposed exile in the United Arab Emirates.

Musharraf, 79, was under treatment at a Dubai hospital for amyloidosis, a rare disease, a former close aide of the military ruler and chairman of his All Pakistan Muslim League (APML) party, Dr. Amjad Chaudhry, said.

Chaudhry said the former president had been "seriously sick since 2018." 

"When I last talked to his family about a week back, he was serious and hospitalized,” he added.

“I am in contact with the family for the repatriation of the mortal remains of the former president,” another close aide of the former general, Major General (retired) Rashid Qureshi, told Arab News.

The Pakistani army, navy, and air chiefs and the chairman of the joint chiefs of staff committee (CJCSC) condoled Musharraf's death in a statement to the press.

“CJCSC & Services Chiefs express heartfelt condolences on the sad demise of General Pervez Musharraf,” the statement said. “May Allah bless the departed soul and give strength to the bereaved family.”

Musharraf, the son of a career diplomat, was born in New Delhi in 1943 and migrated to the newly independent Pakistan with his family in 1947. Musharraf joined the army in 1964 and graduated from the Army Command and Staff College in Quetta. He also attended the Royal College of Defence Studies in London and has fought in Pakistan’s 1965 and 1971 wneighboringneighbouring India.

After holding a number of appointments in the army's artillery, infantry, and commando units, Musharraf was appointed army chief by then prime minister Nawaz Sharif in 1998 - a move he would later come to regret when the military ruler ousted Sharif in a bloodless military coup in 1999. Musharraf then served as Pakistan's president from 2001 to 2008.

Following the US invasion of Afghanistan after the September 11 attacks in 2001, Washington sought Pakistan's support in the 'War on Terror,' and Musharraf became a close ally of the then US administration of George Bush. He also won mass appeal in the West through his calls for Muslims to adopt a lifestyle of “enlightened moderation.” He also embraced liberal economic policies during his rule that impressed business leaders, brought in foreign investment and led to annual economic growth of as much as 7.5 percent.

Musharraf ruled as army chief until 2007 when he quit, trading the military post for a second five-year term as president.

He stepped down as president also in 2008 over fears of being impeached by Pakistan’s then ruling coalition. He subsequently left the country but returned in 2013 with the hope of regaining power as a civilian at the ballot box. However, he encountered a slew of criminal charges, and within a year, was barred for life from running for public office.

In 2016, after a travel ban was lifted, Musharraf left for Dubai to seek medical treatment and has since remained there. In 2019, a special court indicted him on treason charges in absentia, which he denied, and eventually sentenced him to death, though the ruling was later overturned by a higher court.

During his years in power, Musharraf saw many moments of tumult.

In 2006, a popular tribal leader from the southwestern province Balochistan was killed in military action ordered by Musharraf, unleashing an armed insurgency that goes on to date. In 2007, he ordered troops to storm a mosque in Islamabad whose clerics and students were calling for the imposition of Shariah law. The siege led to the birth of an indigenous Taliban movement, the Tehreek-e-Taliban Pakistan, which has since led an insurgency against the government in Islamabad and killed tens of thousands in brazen assaults on security, government and civilian targets.

In 2007, Musharraf demanded the resignation of then chief justice of the Supreme Court, unleashing a mass protest movement that massively dented his popularity and started calls for him to step down.

Prime Minister Shehbaz Sharif, who is the brother of three-time former PM Nawaz whom Musharraf ousted in 1999, condoled over the military ruler's death and "sent prayers for forgiveness of the deceased and patience for the family,” the Prime Minister's Office (PMO) said in a statement.

Among others who condoled were Chairman Senate Muhammad Sadiq Sanjrani, Pakistan Peoples Party Leader Faisal Karim Kundi, and a senior leader of the Pakistan Tehreek-i-Insaf (PTI), Chaudhary Fawad Hussain, who was for years in Musharraf's party.

“I have a long association with him and he always considered me his family member,” he said in a video statement. “Many called him a military dictator but Pakistan has never seen better democracy than his tenure.”

“He led Pakistan in very difficult circumstances and made it a pluralist society. He was a very big person, his friends proved to be small.”