ISLAMABAD: Pakistan has issued over 1,100 visas to Sikh pilgrims from India on the occasion of the religious Vaisakhi festival, the foreign office in Islamabad said on Wednesday.
Vaisakhi, also spelled Baisakhi, marks the beginning of the Sikh new year, and is observed with prayer services in gudwaras, or Sikh temples. It is celebrated on April 13 or 14 every year and also marks the day when Gobind Singh, the 10th and final prophet, ended the concentration of Sikh leadership in one human and established the order of Khalsa, baptized Sikhs, who were to be guided by the holy scripture, known as the Adi Granth, and who were to follow precepts of belief, behavior and dress.
Hundreds of Indian Sikhs come to Pakistan each year to celebrate Vaisakhi at one of their religion’s holiest shrines in the northern city of Hasanabdal — the Panja Sahib shrine, about 35km west of the capital Islamabad.
“The High Commission for Pakistan in India has issued over 1100 visas to Sikh pilgrims from India to participate in the annual Baisakhi celebrations from 12-22 April 2021,” the Pakistani High Commission said in a statement on Wednesday evening. “Under the framework of the Pakistan-India Protocol on Visits to Religious Shrines of 1974, a large number of Sikh Yatrees from India visit Pakistan to observe various religious festivals/occasions every year.”
The government of Pakistan had issued the visas as a “special gesture” in view of the importance of Vaisakhi for Punjabis and Sikhs, the foreign office said, and reflected “the commitment of the Government of Pakistan to faithfully implement the bilateral Protocol on Visits to Religious Shrines” signed between Pakistan and India.
In November 2019, Prime Minister Imran Khan formally inaugurated the Kartarpur Corridor, which provides visa-free access from India to the Pakistani town of Kartarpur, home to a temple that marks the site where the founder of Sikhism, Guru Nanak, died.
Pakistan issues over 1,100 visas to Indian Sikhs for Vaisakhi religious festival
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Pakistan issues over 1,100 visas to Indian Sikhs for Vaisakhi religious festival
- Vaisakhi marks beginning of Sikh new year and is a critical day in formation of Sikh religion, is celebrated on April 13 or 14 every year
- Under Pakistan-India Protocol on Visits to Religious Shrines, large number of Sikh pilgrims from India visit Pakistan to observe various religious festivals
IMF board approves $1.3 billion disbursement for Pakistan after completing loan reviews
- The approval comes after an October staff-level deal that awaited the board’s formal endorsement
- Economists say the money will boost Pakistan’s forex reserves, send positive signals to investors
KARACHI: The International Monetary Fund’s (IMF) executive board approved the release of $1.3 billion for Pakistan under two of its loan facilities, the Pakistani state media reported on Monday.
The board meeting was scheduled to take place during the day to decide on the Fund’s second review under the $7 billion Extended Fund Facility (EFF) and first review under the $1.4 billion Resilience and Sustainability Facility (RSF), a financing tool that provides long-term, low-cost loans to help countries address climate risks.
“The IMF executive board meeting has approved the third tranche of the loan program amounting to $1.3 billion,” the state-owned Pakistan Television reported.
It described the development as a major boost for Pakistan’s economy.
The IMF executive board’s meeting came nearly two months after a staff-level agreement (SLA) was signed between the two sides in October.
Procedurally, the SLAs are subject to approval by the executive board, though it is largely viewed as a formality.
A senior finance ministry official also confirmed to Arab News on condition of anonymity that the IMF had approved the tranche.
Economic experts said earlier in the day that the IMF disbursements would help Pakistan strengthen its balance of payments position.
Samiullah Tariq, group head of research at Pakistan Kuwait Investment Company Limited, said the IMF board’s approval would be an indication that Pakistan’s economy is on the right path.
“It obviously will help strengthen [the country’s] external sector, the balance of payments,” he told Arab News.
Until recently, Pakistan grappled with a macroeconomic crisis that drained its financial resources and triggered a balance of payments crisis.
However, the country witnessed financial gains in the last two years, recording current account surpluses and taming inflation that touched unprecedented levels in mid-2023.
Economists also viewed the IMF’s bailout packages as crucial for cash-strapped Pakistan, which has relied heavily on financing from bilateral partners such as Saudi Arabia, China and the United Arab Emirates, as well as multilateral lenders.
Saudi Arabia, through the Saudi Fund for Development, last week extended the term of its $3 billion deposit for another year to help Pakistan boost its foreign exchange reserves, which stood at $14.5 billion as of November 28, according to State Bank of Pakistan statements.
“In our view this [IMF tranche] will be approved,” said Shankar Talreja, head of research at Karachi-based brokerage Topline Securities Limited.
“This will help strengthen reserves and will eventually help a rating upgrade going forward,” he said.
The IMF board’s nod, Talreja said, would also send a signal to international and local investors regarding the continuation of the reform agenda by Pakistan’s government.
