KARACHI: The International Monetary Fund (IMF) has predicted Pakistan’s economic growth to remain at 4 percent during the current fiscal year, lower than the 4.8 percent target set by the government, in the backdrop of a global economic slowdown.
The global lender in its World Economic Outlook (WEO) 2022 has projected that global growth will slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023, largely due to the economic impact of the Russian invasion of Ukraine.
Pakistan’s growth forecast is in line with other global institutions including the World Bank which has projected a 4.3 percent growth, the Asian Development Bank has projected a 4 percent growth rate, while Moody’s has predicted that the South Asian country’s economic growth will range from 3-4 percent for the current fiscal year.
The fund estimates that the growth will increase to 4.2 percent in 2023.
Pakistan’s previous government had set a 4.8 percent growth target for the current fiscal year in the budget announced last year.
The IMF also projected the country’s inflation rate to remain on the higher side, estimating that it will remain at 11.2 percent during the current fiscal year before dropping to 10.5 percent in FY23 as compared to 8.9 percent of FY21.
The newly elected government of Pakistan, headed by Prime Minister Shehbaz Sharif, is also grappling with the fuel subsidy announced by the previous government through a relief package.
It is also trying to tackle the outgoing government’s decision to keep the prices of petroleum products unchanged till June 2022, a move many described as a “populist measure” taken to counter higher inflationary pressure.
The incumbent government decided on Friday to retain its predecessor’s fuel subsidies as a rollback would have proven to be a difficult move from a political point of view.
Pakistan’s top economic decision-making body, the Economic Coordination Committee (ECC) on Tuesday approved the supplementary grant of another Rs 68.74 billion that will be paid to the country’s oil marketing companies and refineries to cover the price differential claim (PDC) on fuel under the petroleum relief package.
“Due to the continuously rising trend of oil prices in the international market, the quantum of subsidy for the month of April 2022 has been higher than March 2022,” the Ministry of Finance said in a statement on Tuesday.
“Further, the previous government did not consider the PDCs for the first fortnight of April 2022. Substantially, the present government has to bear the burden of a higher quantum of subsidy as PDCs of the OMCs,” the statement added.
The country has imported 96 percent more petroleum products during the current fiscal year till March 2022. The imports of petroleum amounted to $14.8 billion as compared to $7.5 billion of the previous year.
Pakistan to witness a historic budget deficit by the end of the current fiscal year by hitting the Rs 5.6 trillion level, according to the newly appointed finance minister, Miftah Ismail, who vowed to do away with subsidies on fuel.
“We cannot let our fiscal and external financial position deteriorate further and have our development partners walk out. Tough choices need to be made,” he said in a tweet on Saturday.
IMF forecasts Pakistan’s economic growth at 4 percent in current fiscal year
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IMF forecasts Pakistan’s economic growth at 4 percent in current fiscal year
- IMF projects Pakistan’s current account deficit at 5.3 percent of GDP during the current fiscal year
- Global lender also projected the country’s inflation rate to remain on the higher side
Pakistan's president calls for translating ties with Bahrain into 'economic partnership'
- Commander of Bahrain's National Guard calls on President Asif Ali Zardari in Islamabad
- Both discuss bilateral relations, trade, defense and other matters of mutual interest
ISLAMABAD: President Asif Ali Zardari on Tuesday said Pakistan attached great value to its fraternal ties with Bahrain, stressing the need for both countries to translate their relationship into a "mutually rewarding economic partnership," a statement from his office said.
The statement followed a meeting between Zardari and General Sheikh Mohammad bin Isa bin Salman Al-Khalifa, the commander of the National Guard of Bahrain, who called on him at the presidency in Islamabad.
Zardari said Pakistan and Bahrain enjoyed excellent relations, which needed to be further strengthened in areas of mutual interest.
"He [Zardari] highlighted the need to translate the bilateral relations between Pakistan and Bahrain into a mutually rewarding economic partnership," the president's secretariat said.
Zardari told Al-Khalifa it was his firm belief that Pakistan would grow stronger as it had immense potential to become a prosperous country. Al-Khalifa congratulated the president on assuming office for a second time and hoped the South Asian country would move forward under his leadership, the statement said.
The Bahraini official noted that both countries enjoy excellent defense cooperation, reiterating the Gulf country's continued support for Pakistan. Al-Khalifa invited Zardari to visit Bahrain, the president's secretariat said.
Al-Khalifa met Prime Minister Shehbaz Sharif last Wednesday to discuss bilateral trade, defense cooperation and the developing humanitarian crisis in Gaza.
Pakistan enjoys fraternal relations with Gulf Cooperation Council (GCC) countries including Bahrain. Islamabad also has strong defense and trade ties with them and routinely holds military exercises with friendly states to enhance combat skills.
Cash-strapped Pakistan set up the Special Investment Facilitation Council (SIFC), a hybrid civil-military forum, in June 2023. The SIFC was established to attract international investment, particularly from Gulf countries, in the country's key economic sectors. The council was set up as Pakistan faced tough economic challenges amid dwindling forex reserves and a rapidly depreciating national currency.
Pakistan’s information minister confirms suspension of platform X, contradicting earlier access claims
- Attaullah Tarar calls for social media charter to establish red lines that cannot be crossed without consequences
- The prolonged disruption of X has raised widespread civil society concerns over democratic freedoms in Pakistan
ISLAMABAD: Pakistan’s newly appointed information minister Attaullah Tarar acknowledged on Monday the popular social networking platform X, formerly known as Twitter, was indeed suspended in Pakistan, after claiming previously it was accessible to online users.
The social media website first went down in Pakistan on February 17, days after the last general elections, following a senior government functionary’s confession of manipulating the electoral contest’s outcome.
The admission came as former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) and other political parties staged nationwide protests, accusing the election oversight body of rigging the national polls, a claim it denied.
The prolonged disruption of X raised widespread concerns about democratic freedoms in the country, prompting 28 civil society organizations, including Amnesty International and the Human Rights Commission of Pakistan (HRCP), to issue a joint statement of condemnation last week.
“When we came into power, Twitter was already banned,” Tarar said during a conversation with We News, a local media outlet. “There was no official notification for it. But obviously, everyone can see that its frequency and signal are not functioning normally, and it is being accessed through VPNs. This is indeed true.”
“I want us to create a [social media] charter on the dos and don’ts, identifying the red lines that should not be crossed,” he continued. “And political parties should formally discuss this. Accusations against women, foul language, indecency and disrespect are common. The sacrifices of martyrs are mocked. So, there is a need to create this charter. I believe it would be good if this charter is established.”
The minister previously said the social media platform was working and people were regularly posting their tweets on it.
“If there is a notification calling for the closure of [X] then you can show it to me,” he was widely quoted as saying. “We can discuss it.”
The disruption of X in Pakistan has also been condemned by the US administration that asked the government in Islamabad to lift restrictions on freedom of speech and expression.
KSrelief concludes medical camps in Sindh, aiding Pakistan’s fight against blindness, eye diseases
- The Saudi humanitarian organization periodically sets up such camps in Pakistan, providing free medical services to people
- It successfully completed more than 23,356 medical examinations and over 1,656 surgeries throughout the program duration
ISLAMABAD: King Salman Humanitarian Aid and Relief Center (KSrelief) on Tuesday announced the successful conclusion of its sponsorship of four medical camps in Pakistan’s southern Sindh province, saying the initiative was part of its efforts to combat blindness and eye diseases in the South Asian country.
The camps, organized in collaboration with the Al-Basar International Foundation and Al-Ibrahim Eye Hospital Karachi, aimed to provide advanced eye care facilities to individuals who lack access to specialized treatment or face financial constraints.
KSrelief periodically sets up medical camps to provide free medical services in remote and underprivileged areas of Pakistan, offering treatments and surgeries to those in need.
The Saudi humanitarian organization has also contributed to the country’s health care sector by donating medicines, medical equipment and ambulances, and by supporting health projects that aim to improve the overall health conditions of the local population.
“The primary objective of this outreach program was to detect and address eye-related issues at an early stage, thereby combating blindness and improving the quality of life for thousands of individuals,” KSrelief said in a statement.
“Throughout the duration of the program, more than 23,356 medical examinations and over 1,656 surgeries were successfully completed,” it continues. “Additionally, 3,788 pairs of glasses for vision correction were distributed, alongside the medications prescribed by doctors.”
The initiative ensured that individuals not only received essential treatment but also had access to the necessary eyewear to enhance their visual capabilities.
The camps were held in the cities of Karachi, Matli, Kundairo and Shikarpur, allowing residents from these areas to benefit from specialized eye care services and regain their vision.
KSrelief said the campaign reflected the kingdom’s steadfast commitment to humanitarian causes and dedication to improving the lives of individuals affected by blindness.
It added that its teams had made a significant difference in the lives of thousands of patients through these medical camps, restoring their sight and providing hope for a brighter future.
Fighting halted on Afghanistan-Pakistan border after skirmishes – Taliban government
- Afghan defense ministry says its border forces retaliated after Pakistani airstrikes by targeting military posts with ‘heavy weapons’
- A Pakistani official says three security posts and five houses of civilians suffered partial damage, with nine individuals wounded
KABUL: Fighting has stopped on the Afghanistan-Pakistan border after Pakistani airstrikes sparked skirmishes, a Taliban government spokesman said Tuesday.
“The situation is calm, the fighting has stopped,” Taliban government spokesman Zabihullah Mujahid told AFP.
Pakistan carried out strikes in the border areas in Khost and Paktika provinces in Afghanistan early on Monday.
Islamabad said it had targeted militants it said were responsible for a recent attack on its soil, but Taliban authorities said eight civilians, all women and children, were killed in the bombardment.
Afghanistan’s defense ministry said its border forces retaliated by targeting Pakistani military posts along the border with “heavy weapons,” with cross-border skirmishes reported by both sides.
A senior police officer in the Pakistani border district of Kurram told AFP that Afghan security forces struck the area with mortar shells.
“As a result, three security posts and five houses of civilians suffered partial damage, with nine individuals, including four security personnel wounded,” the officer told AFP, asking not to be named.
“Silence prevails on the border today, and security forces have reinforced their positions.”
Border tensions between the two countries have steadily escalated since the Taliban government seized power in 2021.
Islamabad has accused Kabul’s Taliban government of harboring militant fighters, allowing them to strike on Pakistani soil with impunity.
Kabul has denied the allegations.
Gun battles also regularly erupt over the construction of checkpoints along the disputed border and trade crossings are closed over immigration disagreements.
PCB vows to put in full efforts to ensure Pakistan hosts Champions Trophy 2025
- India’s refusal to tour Pakistan for the tournament could see some of its matches shifted to neutral venues
- Political tensions between nuclear-armed India and Pakistan mean both haven’t played a bilateral series since 2013
ISLAMABAD: Pakistan Cricket Board (PCB) would put in its full efforts to ensure the country hosts the Champions Trophy 2025 cricket tournament next year, the board’s chairman Moshin Naqvi said this week, amid fears that some matches of the tournament would be shifted to neutral venues to accommodate the Indian cricket team, which has refused to travel to Pakistan in the past.
Pakistan, which won the last edition of the tournament played in 2017, has the hosting rights for the 50-over cricket tournament. The teams confirmed for the 2025 ICC Champions Trophy are Pakistan, India, South Africa, Australia, New Zealand, Afghanistan, England, Bangladesh.
However, Pakistan’s efforts to ensure the tournament is played in its entirety on its soil may be hampered by the Indian team’s refusal to tour the country due to political tensions. Last year, India’s refusal to travel to Pakistan to play their Asia Cup fixtures there forced the PCB to settle for a “hybrid model.” As per the model, Pakistan hosted only four matches of the Asia Cup while the other nine were played in Sri Lanka.
Naqvi, who is also the country’s interior minister, embarked on a daylong trip to Dubai last week to attend an International Cricket Council (ICC) meeting where he met Jay Shah, the secretary of the Board of Control for Cricket in India (BCCI).
“Some things are sensitive which I don’t want to get into myself before something happens,” Naqvi told reporters during a press conference in Karachi on Monday. “[We are putting in] full efforts but the rest is up to Allah. But we will not leave behind anything in our efforts to hold the Champions Trophy in Pakistan.”
The PCB chairman said the stadiums in Pakistan’s Karachi, Lahore and Rawalpindi cities would be upgraded before the mega tournament kicks off.
“We are targeting these three stadiums. Once work on them is completed then I will go toward other stadiums,” he said.
India’s refusal to tour Pakistan disappoints millions of cricket fans on both sides of the border. An India-Pakistan cricket match is always a big-ticket clash, raking in millions of eyeballs across the world and drawing in renowned broadcasters.
Despite India’s refusal to travel to Pakistan for the Asia Cup, the Pakistan cricket team traveled to the neighboring country in September 2023 to participate in the 50-over World Cup there.
It was the first time in seven years that the South Asian country sent its cricket team to India. The last time Pakistan’s men’s cricket team set foot on Indian soil was in 2016 to take part in that year’s T20 World Cup.
The two teams will once again lock horns in this year’s T20 World Cup on June 9. The match is scheduled to take place in New York.