KARACHI: Pakistan will receive $3 billion financial assistance pledged by Saudi Arabia in the next few days, an adviser to the Pakistani prime minister said on Sunday.
During PM Imran Khan’s visit of the kingdom in October, Riyadh announced it would deposit $3 billion in the Pakistani central bank along with $1.2 billion facility to finance the trade of oil derivatives, according to Saudi Fund for Development (SFD).
“That (release of $3 billion) was delayed for signing of an agreement which we have signed and sent. Today I have talked to the finance minister of Saudi Arabia for the transfer of amount as soon as possible,” Shaukat Tarin, Pakistani PM’s adviser on finance, told journalists at a ceremony in Karachi.
The finance adviser, however, did not disclose at what rate the Saudi financial assistance would be available to Pakistan.
The announcement of Saudi assistance had helped Pakistani rupee gain some lost ground, with the currency recovering by Rs5.3 against the United States dollar in the interbank market.
Tarin’s statement comes at a time when Pakistan is negotiating with the International Monetary Fund (IMF) for the revival of $6 billion loan program secured in 2019. The talks will pave the way for the 6th review of the Extended Fund Facility (EFF), which would enable Pakistan to draw $1 billion from the IMF.
Despite a lapse of over a month, an outcome of talks between Pakistani authorities and IMF officials is still awaited. Tarin, however, said the uncertainty relating to the talks with IMF would soon be over.
“Soon there will be good news as far as talks with IMF are concerned,” Tarin said, adding, “Yes, we said no to IMF on many things.”
As IMF talks linger on, Pakistani rupee continues to remain under pressure and hit yet another all-time low against the US dollar on Friday to close at Rs175.73.
The finance adviser conceded that the currency was deprecating due to the involvement of speculators in the market.
“Yes, there is a speculation hand in the devaluation of rupee. Speculator is taking it up as per the Real Effective Exchange Rate (REER),” Tarin responded to a question.
“It should be at Rs167-166. Your rupee is under value at the moment as speculator is taking away Rs8-9,” he said, adding that speculators would be hit hard with the outcome of IMF talks.
The finance minister said he had asked the State Bank of Pakistan (SBP) that the currency movement should be both ways, otherwise the speculator would play in the market.
Pakistan to receive $3 billion Saudi deposit in next few days — finance chief
https://arab.news/zjj4d
Pakistan to receive $3 billion Saudi deposit in next few days — finance chief
- Shaukat Tarin says transfer of Saudi assistance was delayed because of signing of an agreement
- Concedes that speculators are active in Pakistani currency market, causing devaluation of currency
US State Dept official leads delegation to Pakistan, reiterates support for economic stability
- Jon Bass, US under secretary for political affairs, discusses regional and bilateral issues with Pakistani officials
- Bass reiterates Washington’s commitment to a stable, secure and prosperous future for Pakistan and US
KARACHI: State Department official Jon Bass led a delegation to Pakistan this week to discuss bilateral and regional matters, including Washington’s support for Pakistan’s economic stability, the US embassy said on Wednesday.
The US State Department had confirmed this week that Bass, who is the US acting under secretary for political affairs, would meet senior Pakistani government officials to discuss a range of regional and bilateral issues on Apr. 30.
“He met with senior Pakistani government officials to discuss a range of regional and bilateral issues, including US support for Pakistan’s economic stability and bilateral priorities for regional prosperity and security,” US Mission Spokesperson Thomas Montgomery said in a statement.
Montgomery said Bass underscored Washington’s commitment to a stable, secure, and prosperous future for both nations.
Pakistan’s relationship with Washington has experienced fluctuations over the decades, characterized by periods of close partnership and notable estrangement.
Despite Islamabad’s recent initiatives to enhance and deepen its ties with Washington, until recently, President Joe Biden’s administration had remained reluctant to engage with Pakistan’s top leadership.
Ties between the two countries have improved since former prime minister Imran Khan’s government was ousted via a parliamentary vote on Apr. 2022. Khan had accused Washington of colluding with his political rivals to oust him from power via a “foreign conspiracy.” Washington has consistently denied the allegations.
Cash-strapped Pakistan has been grappling with an economic crisis that reached its peak last year when inflation climbed to a staggering 38 percent and the country’s foreign exchange reserves plummeted to alarmingly low levels.
Pakistan views the US as a key ally that can help alleviate its economic crisis considering its huge influence within the International Monetary Fund (IMF).
The IMF’s executive board this week completed the second review of a Stand-by Arrangement (SBA) it reached with Islamabad last year. The last-gasp deal helped Pakistan avoid a sovereign default.
Pakistani writers say Abu Dhabi book fair opportunity to promote country’s talent, rich culture
- Abu Dhabi International Book Fair kicked off on Apr. 29 and is scheduled to continue till May 5
- In a first, Pakistani writers will take part in the fair to discuss country’s literature and fiction works
ISLAMABAD: Pakistani writers taking part in the Abu Dhabi International Book Fair on Wednesday hailed the platform as a crucial opportunity for the South Asian country to promote its culture and dispel negative stereotypes associated with the nation.
The international fair kicked off on Apr. 9 and is scheduled to continue till May 5 in Abu Dhabi. It is an annual event that brings different writers together to promote reading, diverse cultures and knowledge locally, regionally, and globally. Organizers of the fair say their aim is also to promote cultural exchange and dialogue between several nations.
It also brings together leaders from the publishing and creative industries every year, providing promising opportunities for those involved in this sector to form new partnerships, learn about the latest trends and developments, and discuss its fundamental priorities.
For the first time ever, Pakistani writers are taking part in the international festival in two different sessions slated to be held on May 1 and May 3.
“Pakistan’s maiden participation in this event is crucial not only for the diaspora but also for familiarizing the Gulf and the world with Pakistan’s cultural richness, countering stereotypes, and dispelling reductionist descriptions,” Dr. Osama Siddique, a Pakistani novelist, told Arab News from Abu Dhabi.
Siddique is part of a panel that will discuss the state of Pakistan’s literary on May 3. He said Pakistani literature has struggled on the global stage due to a lack of support from the state, ineffective institutions, expensive printing materials and a lack of publishing industry development.
“Writers need to be proactive, and publishers must elevate their standards, and events like this provide a perfect platform for this,” he added.
He said Pakistan often falls short of showcasing its rich civilization, culture, and literature, despite the country’s profound historical and linguistic heritage spanning over 9,000 years.
He said Pakistani writers, local entrepreneurs and the Pakistani embassy in UAE collaborated to ensure Pakistan’s participation in the annual fair for the first time this year.
“It’s a start, albeit insufficient,” he said.
“It is vital to capitalize on such opportunities, considering the significant cultural investments made by the Gulf states in education, literature, and the arts,” he noted.
Tahira Iqbal, a Pakistani novelist who writes in Urdu, said participating in such events is crucial as it allows one to connect with writers from diverse backgrounds, languages, and regions.
Iqbal will also attend the May 3 session with Siddique as a panelist.
“Although Pakistani fiction is of high quality, it has not garnered significant recognition on the global stage, so participating in such events can address this issue,” Iqbal told Arab News.
Shazia Ali Khan, a UAE-based Urdu film screenplay writer, said such events provided an opportunity for writers to challenge preconceived notions about their country, its culture, and the role of women within it.
“So it is almost like an ambassadorial or diplomatic mission, where just us being there and speaking our minds may or may not remove any notions in people’s minds about where we come from, what our culture is, and how empowered the women are,” Khan told Arab News.
Khan stressed that Pakistani writers should ensure their literary works are translated so that they reach a wider audience, noting how most literary works originating from Pakistan were in Urdu language.
“In the absence of good translations and the proper sort of publishing houses backing all of this up to get to the end user is a bit difficult,” Khan pointed out.
Faisal Niaz Tirmizi, Pakistan’s ambassador to the UAE, said the country’s participation in the event is a testament to the rich literary heritage and vibrant intellectual discourse that it possesses.
“This representation not only showcases the diversity and creativity of Pakistani literature but also fosters meaningful cultural exchanges on a global platform,” he told Arab News.
By engaging in such events, Tirmizi said Pakistan played a crucial role in promoting cross-cultural understanding, fostering dialogue, and building bridges of friendship and cooperation between nations.
Students in Lahore protest America’s ‘hypocritical’ support for Israel’s war in Gaza
- Students say United States raises rights concerns everywhere without criticizing Israel for its occupation
- They block the road leading to the American consulate, make fiery speeches and chant slogans for hours
LAHORE: A student organization blocked the road leading to the United States Consulate in Lahore on Tuesday, protesting the American support for Israel’s war in Gaza by making fiery speeches for several hours and chanting pro-Palestine slogans.
The Progressive Students’ Collective (PSC) is a student-led movement in Pakistan which has staged protests in solidarity with the Palestinian cause, including disrupting a speech by the German ambassador to the country last week.
Both students and civil society activists highlighted the “glaring hypocrisy” of western nations like the United States and Germany, saying they raised human rights concerns in the developing states while staying silent about the plight of Palestinians under Israeli occupation.
A media statement issued by the PSC advocated for Boycott, Divestment and Sanctions (BDS) against Israel and its powerful state and corporate funders while highlighting the Palestinian rights to resist, right and self-determination.
There were hundreds of Palestinian flags and people wearing keffiyeh, chanting slogans in favor of intifada and revolution.
“When looking at atrocities being committed across the globe, [we have to ask] who is enabling them,” 23-year-old Ali Raza, who delivered the opening address at the protest, told Arab News. “It is on American shoulders that Israelis put their weapons before firing them at Palestinians.”
He went on to describe Israel as a “proxy state,” policing the Middle East for “western imperial powers.”
Raza, the former PSC vice president, said the students chose the US consulate as the venue for protest because since it was the largest state funder of Israeli occupation.
Earlier, the told the gathering the US monitored freedom of expression across the world, but police officers retrain American university professors by force who speak up for Palestinian rights, adding that was what hypocrisy looked like.
At the Asma Jahangir Conference in Lahore last Saturday, the current PSC spokesperson, Ali Abdullah Khan, protested against the German ambassador’s speech and disrupted him while he was discussing civil rights in South Asia.
“We protested against him, protested against his invitation [to the conference],” he told Arab News.
Khan said the students’ collective wanted to make Pakistan an important part of the global student-led BDS movement against Israel.
He pointed out the PSC wanted to show solidarity with the students who were being expelled from Columbia University in New York for protesting against the Israeli occupation.
“We support the Palestinian right to resist, we support the Palestinian right to return, we support the Palestinian right to self-determination,” Khan said in his speech to the demonstration. “We want to talk about putting an end to settler colonialism, putting an end to imperialism and we want to talk about a free and independent Palestinian state.”
Pakistan’s army chief meets top UK generals at regional stabilization conference
- A 30-member UK delegation is visiting Pakistan until May 3 for the flagship UK-Pakistan security dialogue
- The scope of the discussion this year has been expanded from bilateral to regional issues amid volatility
ISLAMABAD: Pakistan’s army chief General Asim Munir held a meeting with the United Kingdom’s Chief of the General Staff (CGS) General Patrick Sanders on the sidelines of the opening session of the 6th Pakistan-UK Regional Stabilization Conference at the National Defense University on Wednesday.
According to the military’s media wing, ISPR, the conference is a flagship defense and security dialogue alternatively hosted by the two states, bringing together experts from diverse fields including diplomats, defense officials, scholars and civil society representatives.
Currently, a 30-member UK delegation is visiting Pakistan in connection with the conference and will stay in the country until May 3.
“This year, the scope of discussion has been expanded from bilateral to regional issues and defense officials of both countries are also participating in the conference,” the ISPR said.
It mentioned the meeting of Pakistan’s chief of army staff (COAS) with General Sanders and the British CGS-designate General Roland Walker in which measures related to further enhancing bilateral defense ties came under discussion.
“The COAS thanked General Patrick Sanders for his services in enhancing bilateral military ties and felicitated General Roland Walker on his nomination as the next CGS of the UK Army,” it added.
Pakistan’s deputy PM arrives in Gambia to discuss Gaza, Kashmir at OIC summit
- Ishaq Dar plans to highlight the need to find collective solutions to challenges confronting the Muslim world
- Dar, who also holds external affairs portfolio, will first attend foreign ministers’ meeting before the weekend summit
ISLAMABAD: Pakistan’s newly appointed Deputy Prime Minister Ishaq Dar arrived in Gambia on Wednesday to represent his country at the 15th summit of the Organization of Islamic Cooperation (OIC) where he will discuss the situation in Gaza and present Pakistan’s case on Kashmir.
The OIC summits are convened to discuss and address major issues affecting the Muslim world, ranging from political and economic challenges to social and cultural matters.
These summits aim to promote Muslim solidarity in social and political affairs, coordinate efforts to safeguard the interests and well-being of Muslims and work toward resolving conflicts and issues in the Muslim world.
Dar, who also holds the portfolio of external affairs, will first participate in the two-day OIC Council of Foreign Ministers’ meeting beginning Thursday before the summit over the weekend.
“At the Summit, the Deputy Prime Minister and Foreign Minister will speak about Pakistan’s perspective on the ongoing genocide in Gaza, the right to self-determination of the people of Jammu & Kashmir, imperatives of solidarity and unity of the Ummah, rising Islamophobia, issues of climate change, terrorism and other contemporary global challenges,” the foreign office said in a statement.
“He will underline the need to find collective solutions to challenges confronting the Muslim Ummah,” it added.
The Pakistani foreign office noted the summit was being convened at a critical time for the Muslim world as the war on the people of Gaza was still continuing.
It described it as an important occasion for the OIC leaders to deliberate upon the dire situation in Gaza and project a strong, collective and unified stance on the Palestinian question.
“On the sidelines, the Deputy Prime Minister and Foreign Minister will hold bilateral meetings with leaders and Foreign Ministers participating in the Summit,” it added.
