KARACHI: Governor State Bank of Pakistan (SBP) Dr. Reza Baqir on Monday challenged a widespread assumption that his institution would not intervene in the currency market to stabilize the Pakistani rupee since the International Monetary Fund (IMF) required it to adopt a floating exchange rate and the bank had no option but to comply with the stringent condition.
Pakistan’s central bank is legally empowered to regulate the banking sector and conduct an independent monetary policy. Given the rapid decline of the national currency, foreign exchange dealers have asked its management to play its role and strengthen the Pakistani rupee.
Addressing his first news conference in Karachi on Monday after taking charge as state bank governor on May 5, 2019, Baqir said that neither fixed nor floating exchange rates were in the interest of the country since the first created external imbalances and the second led to manipulation.
A former IMF employee, he added that the state bank would “keep an eye on the exchange market and intervene in case of major volatility through market-based exchange rate mechanism.” He continued that this implied “a two-way movement.”
Pakistan has devalued its currency by about 50 percent since December 2017 when it was traded at Rs105 against the United States dollar.
The governor said that the country was on its way to stability and growth since the country’s new economic team was addressing major issues causing instability through broad financial reforms. “The country has addressed the issues of current account and fiscal deficit. After recent depreciation, the current account has witnessed a substantial decline.”
Pakistan’s current account deficit was $19.9 billion during the fiscal year 2017-18, but it came down to $11.6 billion during the 10 months of the current fiscal year FY19. The central bank expects it to reach the $13 billion mark by the end of the current fiscal year at the end of this month.
“The country is benefiting from the currency depreciation because the current account deficit is declining and exports are on the rise,” he said, adding: “Imports are declining which is good for the promotion of import substitution.”
Last month, Pakistan and the IMF reached a staff level agreement on a $6 billion bailout program after months of negotiations. The IMF board meeting, scheduled to take place on July 3, 2019, is expected to give the final approval for the loan program.
“Pakistan has completed its part of conditions agreed with the Fund,” the state bank governor said without giving further details. “The deal has ended uncertainty and will send positive signals to the world community that Pakistan is now open to support.”
He added that the country had secured financing at a low interest rate.
Baqir, who previously served in Egypt, hoped his cross country experience would benefit Pakistan. “The state bank has an overriding principle that the it would do whatever is in the interest of the country,” he said.
The bank, he continued, was also “fighting inflation through various monetary policy tools and will keep doing so whatever resources we have at our disposal.”
The governor expressed satisfaction over the economic future of the country, saying “our major opponent is uncertainty which is gradually subsiding.”
State bank will intervene in currency market in case of major volatility: Dr. Reza Baqir
State bank will intervene in currency market in case of major volatility: Dr. Reza Baqir
- Says the country is moving toward stability and growth as major economic issues are being addressed
- IMF likely to approve $6billion bailout program on July 3 in its board meeting
Pakistan expands Makkah Route Initiative to Karachi, plans flights for Hajj pilgrims from May 9
- Saudi staff will have access to eight counters and required equipment at Karachi airport’s international departure area
- Pakistan first joined the Makkah Route Initiative in 2019 as part of a pilot program that was introduced in Islamabad
ISLAMABAD: In a major development for Hajj pilgrims in Pakistan, the government plans to launch flight operation to Saudi Arabia under the expanded Makkah Route Initiative to the southern port city of Karachi from May 9, according to an official statement released on Friday.
The initiative, launched by Saudi authorities in collaboration with several Muslim-majority states, facilitates the annual Islamic pilgrimage for numerous people traveling to Makkah.
Under the initiative, tasks like immigration processing are completed in the pilgrim’s home country, allowing them to bypass these procedures upon arrival in Saudi Arabia. This not only reduces waiting times and congestion at Saudi airports but also enhances the overall experience for pilgrims by making their journey more comfortable and focused on spirituality.
Pakistan joined the initiative in 2019 as part of a pilot program that began in Islamabad. Its success led to plans for the program’s expansion to other cities, with pilgrims from Karachi preparing to benefit from it for the first time this year.
“The Hajj flights under the Road to Makkah Project will commence on 09 May and conclude on 08 June,” the statement circulated by Pakistan Civil Aviation Authority said, adding that all the relevant agencies at Karachi’s Jinnah International Airport have assured of unwavering commitment for the successful implementation of the program.
The official statement was released after a meeting at the Karachi airport that focused on the initiative.
All stakeholders, including airline representatives, ground handling agencies, border health services, airport security, Federal Investigation Agency, customs and Anti-Narcotics Force were present during the deliberations.
The meeting focused on the procedures involved at different stages of Hajj pilgrims’ stay at the airport, beginning with their arrival at the facility until their departure, following Saudi immigration formalities.
It was agreed that Saudi staff would have access to eight counters and all the required equipment in the international departure satellite area.
The airport manager stressed the importance of providing a seamless experience to pilgrims and urged all agencies to treat and welcome them as honored guests.
Senior journalist among three killed in bomb attack in Balochistan on World Press Freedom Day
- Khuzdar Press Club president was killed after a motorcyclist attached an explosive device to his vehicle
- Journalists say media workers were also killed in the past but their murderers were never brought to justice
QUETTA: A senior journalist was killed in a powerful blast that claimed at least two other lives in Pakistan’s volatile southwestern Balochistan province, confirmed a senior administration official on Friday, after a motorcyclist attached an explosive device to his vehicle at a bustling market area.
The incident that took place in Khuzdar, a remote city in the region, on World Press Freedom Day sent shockwaves through the media community in the province that has witnessed much violence in the last couple of decades.
Maulvi Muhammad Siddique Mengal, the targeted journalist, was currently the president of the Khuzdar Press Club and had also received threats from unknown individuals in the past.
“President of the Khuzdar Press Club Maulvi Muhammad Siddique Mengal and two bike riders near his vehicle were killed in the attack,” Deputy Commissioner Khuzdar Arif Khan Zarkoon told Arab News after the emergence of the CCTV footage of the attack. “Five people were injured who were shifted to the District Hospital Khuzdar for treatment.”
“Mengal was traveling in his private vehicle to a mosque to offer Friday prayers when an unknown man attached a magnetic explosive device to his vehicle which exploded at Chamrook Chowk and killed him on the spot,” he added.
So far, no group has claimed responsibility for the attack.
“Maulvi Siddique Mengal had been receiving threats from unknown people for the last year,” said one of the local journalists who requested anonymity. “He survived a firing attack nine months ago. Journalism has become a life-threatening profession in Khuzdar. We even closed Khuzdar Press Club for more than six months after threats by unknown people in 2012.”
Pakistan is considered one of the most dangerous places in the world for journalists, particularly for those working in the country’s western Balochistan and Khyber Pakhtunkhwa provinces. According to the Committee to Protect Journalists (CPJ), an international organization working for journalists’ safety, at least 62 media workers have been killed in targeted attacks in Pakistan since 1992.
The Balochistan Union of Journalists (BUJ) has strongly condemned Mengal’s murder, demanding the arrest of the perpetrators of the Khuzdar blast.
Khalil ur Rehman, the BUJ president, said targeting a journalist on World Press Freedom Day was an attempt to suppress the voice of media workers in Balochistan.
“Forty-two journalists have lost their lives in Balochistan over the last two decades, while 10 journalists were killed in Khuzdar district during the last decade, but not a single murderer of journalists has been arrested yet,” he told Arab News. “Journalists in Balochistan are already facing security challenges, but this attack indicates that targeted attacks against journalists have started again.”
Mir Sarfaraz Bugti, chief minister of Balochistan, has strongly condemned Mengal’s killing, ordering an investigation into it.
“The Balochistan government will utilize all resources to arrest the perpetrators involved in the killing of the senior journalist in Khuzdar,” he said in a statement. “Terrorists involved in sabotaging peace in Balochistan won’t succeed.”
Global advocacy group says over 300 journalists faced state repression in Pakistan in one year
- International Federation of Journalists says 8 media workers were charged for sedition, terrorism, incitement to violence
- It mentions the plight of Afghan journalists in exile, safety issues of Pakistani women journalists in online and offline spaces
ISLAMABAD: A leading global advocacy group for journalists’ rights on Friday highlighted alarming challenges faced by the media in Pakistan on Friday, saying that more than 300 people associated with the information industry faced repressive state tactics designed to quell dissent during the course of about a year.
The International Federation of Journalists (IFJ) released its country report on Pakistan on World Press Freedom Day that falls on May 3.
The report highlighted the persistent threats to freedom of expression, safety concerns, gender inequality, and the impact of disinformation on the local media industry.
“Over 300 journalists and bloggers this year were affected by state coercion and targeted, including dozens of journalists arrested for durations between several hours to four weeks and nearly 60 served legal notices or summons for their journalism work or personal dissent online,” the IFJ Pakistan country report for 2023-2024 said. “At least eight were charged for alleged sedition, terrorism and incitement to violence – all serious charges carrying lengthy sentences and even the death penalty.”
It maintained that most of these cases stemmed from the perceived or actual support of these journalists for former prime minister Imran Khan and his political party.
“In this sense, the principal threat actor behind crimes against journalists and free speech practitioners was undoubtedly the state and its functionaries, though some regional sects, non-state actors and gangsters were also involved in some cases,” the report added.
The IFJ described the judicial intervention in these matters as “the silver lining,” saying it thwarted the government’s attempts to entangle journalists “in legal proceedings as a tool of deterring dissent.”
The report noted four journalists were killed during the period under review while at least 59 journalists and bloggers were charged with sedition, terrorism, incitement to violence, defamation or contempt.
“Of these, 47 journalists were served legal summons to respond to allegations of targeted defamation and incitement against judges of the superior judiciary,” it continued.
The report also maintained the safety of women journalists in Pakistan’s online and offline spaces remained a persistent challenge.
“They continued to face gender-based discrimination, journalism work-related intimidation and under-representation in the industry,” it said.
The IFJ said this environment led to self-censorship among journalists and media outlets, especially while writing on topics concerning religion and law.
It also highlighted the plight of Afghan journalists, saying nearly 200 of them had fled to Pakistan after the Taliban takeover in August 2021.
“In October 2023, Pakistan’s government unilaterally demanded that Afghan refugees return to Afghanistan, setting a deadline of one month before authorities began forced deportations,” it recalled. “Amongst the refugees were 200 journalists who had fled to Pakistan to escape stifling restrictions on free speech in Afghanistan.”
The organization said it had called for financial and legal assistance for these journalists to support their sustenance and freedom to report.
Pakistan extradites Oslo festival shooting suspect to Norway
- The man opened fire outside two bars in Oslo in 2022, killing two men and wounding nine others
- Zaniar Matapour, a 44-year-old Norwegian of Iranian origin, is currently on trial for an ‘act of terror’
OSLO: Pakistan has extradited to Norway a man suspected of masterminding an Oslo shooting on the eve of a 2022 festival, Norwegian authorities said on Friday.
On the night of June 25, 2022, just hours before the parade was to take place, a man opened fire outside two bars in central Oslo, including a well-known gay club, killing two men and wounding nine others.
The suspected shooter, Zaniar Matapour, a 44-year-old Norwegian of Iranian origin, is currently on trial accused of an “act of terror.”
Matapour has pleaded not guilty, and psychiatric experts are at odds over his mental health and thereby his legal responsibility.
Arfan Bhatti, a 46-year-old who has lived and is well known in Norway, is suspected of having planned the attack but left Norway for Pakistan before the shooting.
Even though Norway and Pakistan have no agreement on extraditions, Pakistani authorities agreed to grant Oslo’s request.
“Arfan Bhatti is now on a plane escorted by Norwegian police,” Norway’s Justice Minister Emilie Enger Mehl told reporters on Friday.
Bhatti, who denies any involvement and had opposed extradition, will be placed in custody on arrival in Oslo, Norwegian police said.
He is suspected of being an “accomplice to an aggravated act of terror,” a charge that carries a prison sentence of up to 30 years.
Bhatti is expected to be called to testify during Matapour’s trial, police said.
Bhatti’s lawyer was angry that his client was extradited before Pakistan’s supreme court had a chance to rule on his case.
“This way of doing things calls into question the respect of law and international legal principles,” John Christian Elden said.
On World Press Freedom Day, Pakistani PM says journalists in Gaza ‘heroes of humanity’
- Committee to Protect Journalists says at least 97 press members killed in Gaza war, 92 of them Palestinians
- UNESCO on Thursday awarded its world press freedom prize to all Palestinian journalists covering the war in Gaza
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif said on Friday the journalists who were covering the war in Gaza, especially those who had died in the line of duty, were “heroes of humanity.”
Sharif said this in his statement on World Press Freedom Day, observed on May 3 each year to raise awareness of the importance of freedom of the press and remind governments of their duty to respect and uphold the right to freedom of expression enshrined under Article 19 of the 1948 Universal Declaration of Human Rights. The day also marks the anniversary of the Windhoek Declaration, a statement of free press principles put together by African newspaper journalists in Windhoek in 1991.
According to the New York-based Committee to Protect Journalists (CPJ), at least 97 members of the press have been killed since the war in Gaza broke out in October, 92 of whom were Palestinians.
“The male and female journalists who sacrificed their lives during coverage in Gaza are heroes of humanity,” Sharif said. “I salute them.”
Separately, UNESCO on Thursday awarded its world press freedom prize to all Palestinian journalists covering the war in Gaza, launched by Israel over seven months.
“In these times of darkness and hopelessness, we wish to share a strong message of solidarity and recognition to those Palestinian journalists who are covering this crisis in such dramatic circumstances,” said Mauricio Weibel, chair of the international jury of media professionals.
“As humanity, we have a huge debt to their courage and commitment to freedom of expression.”
Audrey Azoulay, director general at the UN organization for education, science and culture, said the prize paid “tribute to the courage of journalists facing difficult and dangerous circumstances.”
The war started with Hamas’s unprecedented October 7 attack on Israel that resulted in the deaths of 1,170 people, mostly civilians, according to a media tally of Israeli official figures.
Israel’s retaliatory offensive against Hamas has killed at least 34,596 people in Gaza, mostly women and children, according to the territory’s health ministry.
With inputs from AFP
