The funding is the final tranche of a $3 billion standby arrangement Islamabad secured last year
Islamabad is now seeking a new, larger long-term Extended Fund Facility agreement with the IMF
Updated 27 sec ago
Reuters
ISLAMABAD: The executive board of the International Monetary Fund approved $1.1 billion in funding for Pakistan on Monday, the agency said in a statement, amid discussions for a new loan.
The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which Islamabad secured last summer to help avert a sovereign default.
The approval came a day after Pakistan Prime Minister Shehbaz Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum in Riyadh.
Islamabad is seeking a new, larger long-term Extended Fund Facility (EFF) agreement with the fund after the current standby arrangement expires this month. Pakistan’s Finance Minister, Muhammad Aurangzeb, has said Islamabad could secure a staff-level agreement on the new program by early July.
Islamabad says it is seeking a loan over at least three years to help achieve macroeconomic stability and execute long-overdue and painful structural reforms.
Aurangzeb has declined to give details on the amount the country is seeking.
Islamabad is yet to make a formal request, but the Fund and the government are already in discussions.
If secured, it would be Pakistan’s 24th IMF bailout.
The $350 billion economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.
Harvard professor Henry Spearman—an ingenious amateur sleuth who uses economics to size up every situation—is sent by an American entrepreneur to Cambridge, England.
Spearman’s mission is to scout out the purchase of the most famous house in economic science: Balliol Croft, the former home of Professor Alfred Marshall, John Maynard Keynes’s teacher and the font of modern economic theory.
After a shocking murder, Spearman realizes that his own life is in danger as he finds himself face-to-face with the most diabolical killer in his career.
Saudi Arabia, UNEP launch World Environment Day campaigns
Faqeeha noted that on the occasion of World Environment Day, Saudi Arabia will shed light on the urgent need for global investments in conserving nature, restoring lands, and working toward sustainability
Updated 17 min 56 sec ago
Arab News
RIYADH: Saudi Arabia and the UN Environment Programme have announced campaigns to combat desertification, restore ecosystems, and strengthen drought resilience ahead of World Environment Day celebrations on June 5 in Riyadh.
The announcement was made at the opening of Saudi Arabia’s Environment Week on Sunday, the Saudi Press Agency reported.
Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadhli inaugurated the annual event that aspires to raise awareness of the importance of environmental protection.
Elizabeth Mrema, Deputy executive director, UNEP
During the event, Deputy Minister for Environment Osama Faqeeha emphasized the shared responsibility in addressing land degradation and combating desertification. This responsibility extends to policymakers, the private sector, and civil society organizations globally, who must work together to restore agricultural areas, rehabilitate land, and tackle desertification and drought, he said.
Faqeeha noted that on the occasion of World Environment Day, Saudi Arabia will shed light on the urgent need for global investments in conserving nature, restoring lands, and working toward sustainability.
This year, we are calling on people — from the grassroots to governments — to help tackle the climate and extinction crisis we face by restoring the ground we depend on for survival.
Elizabeth Mrema, Deputy executive director, UNEP
He highlighted the importance of uniting national and international efforts to safeguard and rehabilitate ecosystems across the globe, aiming to fulfill sustainable development objectives.
“Without action, 95 percent of land on Earth could be degraded within the next 30 years, which could spell disaster for humanity and the planet,” said Elizabeth Mrema, deputy executive director of UNEP, launching the global campaign at a Saudi Environment Week event in Riyadh.
“We have seen how previous campaigns have catalyzed climate action across the globe. This year, we are calling on people — from the grassroots to governments — to help tackle the climate and extinction crisis we face by restoring the ground we depend on for survival,” she added.
Countries worldwide have committed to restoring 1 billion hectares of land, aiming to protect 30 percent of land and sea for nature and restoring 30 percent of the planet’s degraded ecosystems.
Supporting the UN 2030 Agenda for Sustainable Development, World Environment Day 2024 will boost climate action efforts by gathering support for ecosystem restoration.
At the opening event of the Saudi Environment Week, Al-Fadhli emphasized that achieving the goals of environmental protection and conservation of the Kingdom’s natural resources requires active engagement from governmental and private sectors, as well as individuals.
He stressed the significance of adopting eco-friendly behaviors in daily routines and applying these practices across different sectors to reach sustainable development objectives.
“The continuation of this national event annually in the Kingdom reflects our wise leadership’s dedication to environmental protection and commitment to sustainable development, in line with the goals of Saudi Vision 2030,” Al-Fadhli said.
“Moreover, the Kingdom’s dedication to environmental protection is evident at national, regional, and international levels. This is demonstrated by Saudi Arabia’s active participation in numerous environmental agreements and organizations, as well as its … initiatives like the Middle East Green Initiative and other significant global environmental efforts under the G20 umbrella,” he added.
Saudi Leadership Society Council honors new graduates
‘The Saudi Leadership Society was founded with the aim of providing a dynamic and empowering environment in which future leaders’ contributions to key objectives of Saudi Vision 2030 can be enhanced’
Updated 19 min 55 sec ago
Arab News
RIYADH: The latest graduates of Saudi Arabia’s Leaders 2030 program and the Misk Fellowship program were honored during the first annual meeting of the Saudi Leadership Society Council.
The graduation ceremony for the third and fourth groups to complete the Leaders 2030 program took place during the meeting, along with the announcement that they will join the council.
Guests at the event, hosted by the Misk Foundation, included Prince Saud bin Turki, adviser to the chairman of the board of directors at the King Faisal Center for Research and Islamic Studies, other members of the royal family, ministers, and members of Misk’s board of directors, the Saudi Press Agency reported on Monday.
The aim of the council is to assemble an exceptional community of ambitious future leaders and harness the diversity of its members to foster cooperation, drive growth and make a significant impact on the country and the world, SPA said.
It also seeks to encourage members to develop as leaders who drive positive change, contribute to the progress and leadership of the Kingdom, enhance its global status, and help achieve the goals of the Saudi Vision 2030 national development and diversification plan. The council is also dedicated to creating new opportunities for sustainable growth and other positive effects.
The Saudi Leadership Society was founded with the aim of providing a dynamic and empowering environment in which future leaders’ contributions to key objectives of Saudi Vision 2030 can be enhanced, officials said, thereby playing a crucial role in shaping the development of the influential leaders of tomorrow.
Over 65,000 Pakistani Hajj pilgrims to utilize Makkah Route Initiative this year
The Makkah Route Initiative allows for the completion of immigration procedures at the pilgrims’ country of departure, making it possible to bypass long immigration and customs checks on reaching Saudi Arabia
ISLAMABAD: Over 65,000 Pakistani pilgrims are set to benefit from Saudi Arabia’s Makkah Route Initiative during this year’s Hajj pilgrimage, Pakistan’s religious affairs secretary said on Monday, compared with the 26,000 pilgrims who used the facility from the Pakistan capital in 2023.
Pakistani officials confirmed last week that Saudi authorities have approved the Makkah Route Initiative’s expansion to the airport in Karachi, the country’s most populous city.
Launched in 2019, the initiative was initially extended only to the airport in Islamabad.
The Makkah Route Initiative allows for the completion of immigration procedures at the pilgrims’ country of departure, making it possible to bypass long immigration and customs checks on reaching Saudi Arabia.
HIGHLIGHT
Pakistan will launch Hajj 2024 operations from May 9 in eight airports across the country till June 9. This year’s pilgrimage is expected to take place from June 14-19.
The facility significantly reduces waiting times, and makes the entry process smoother and faster.
Islamabad had asked Saudi authorities to extend the facility to other airports in the country.
“A total of 65,000 Hajj pilgrims will utilize the Route to Makkah facility at Karachi and Islamabad airports this year,” Syed Atta ur Rehman, Pakistan’s religious affairs secretary, told a media briefing.
Breaking down the numbers, Rehman said 41,000 of the 65,000 pilgrims will make use of the facility under the government’s Hajj scheme, while the remaining 24,000 will rely on private tour operators.
“Specifically, 29,500 pilgrims will use this facility from Islamabad, while 35,500 will do so from Karachi airport,” Rehman said, thanking the Saudi government for expanding the initiative to Karachi.
Saudi Arabia last year restored Pakistan’s pre-pandemic Hajj quota of 179,210 pilgrims and abolished the upper age limit of 65. More than 81,000 Pakistani pilgrims performed Hajj under the government scheme in 2023, while the rest used private tour operators.
Pakistan will launch Hajj 2024 operations from May 9 in eight airports across the country till June 9. This year’s pilgrimage is expected to take place from June 14-19.
The official said a total of 69,000 pilgrims will perform the pilgrimage under the government scheme this year. Of these, 64,000 pilgrims will perform under the general scheme, while over 5,000 will perform the pilgrimage under the sponsorship scheme.
The sponsorship Hajj scheme was introduced by the government last year, allowing overseas Pakistanis to apply for the pilgrimage or sponsor someone in Pakistan for the journey by paying in US dollars. In return, applicants would not have to participate in the balloting process for the pilgrimage.
Rehman said the remaining number of pilgrims will perform Hajj on the private scheme. However, he added their exact number is yet to be determined as bookings for the pilgrimage are still underway.
This year, he said, preparations for the Hajj began earlier as per the Saudi government’s requirements. This helped the government secure favorable accommodation for Pakistani pilgrims in the holy cities of Makkah, Madinah, and Mina, Rehman said.
Despite the surge in inflation globally, Rehman said the Pakistani government has reduced Hajj expenses by Rs100,000 ($358.76) compared with last year.
“Last year, the government charged Rs1,155,000 from the south zone and Rs1,175,000 from the north zone, whereas this year it is Rs1,055,000 and Rs1,075,000, respectively,” he said.
He added the government has reduced the cost of plane tickets from last year, bringing it down to between Rs15,000-35,000.
Under the government Hajj scheme this year, the secretary said pilgrims can opt for a shorter Hajj pilgrimage, but will need to pay an extra fee of up to Rs60,000.
“In addition to the usual 38 to 42-day Hajj duration, we have introduced the option of Hajj for 20 to 25 days,” Rehman said, adding that pilgrims can also choose exclusive options, such as staying in a single room with family members or fewer people by paying an additional amount.
