KARACHI: Pakistan’s stocks and currency closed bullish on Monday as the country announced progress in negotiations with the International Monetary Fund (IMF) for the revival of a loan program that originally amounted to $6 billion but could further increase in size.
The IMF confirmed it held “productive meetings” with Pakistani officials, saying its mission chief Nathan Porter would visit the country in May to resume discussions over the seventh review under the program before the fund released the next tranche.
Negotiations between the two sides over the seventh review had stalled after former prime minister Imran Khan’s administration deviated from the program objectives by announcing subsidized fuel prices and electricity tariffs in February.
Pakistan’s finance minister Miftah Ismail told a news conference in Washington the IMF had agreed in principle to extend the bailout package for Pakistan for another year and add $2 billion to the total loan size.
The bulls celebrated the news at the Pakistan Stock Exchange, making the market gain 520 points to close at 46,073 against the weekend session’s bearish close on Friday.
“Stocks showed a sharp recovery while responding to reports of the IMF program extension for a year along with an addition of $2 billion to the $6 billion Extended Fund Facility,” Ahsan Mehanti, CEO of Arif Habib Corporation, told Arab News.
Following the successful IMF talks, Pakistan’s national currency also posted slight gains, with 0.38 percent appreciation.
The rupee closed at Rs186.05 as compared to Saturday’s close of Rs186.75 against the US dollar.
The IMF mission chief for Pakistan said in a statement his team had held fruitful meetings with the Pakistani finance minister.
“We agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review,” Porter continued. “Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review.”
The breakthrough in talks can potentially lead to an inflow of $1 billion from the IMF, as the seventh review concludes.
“Other bilateral financing avenues, including the World Bank, could also materialize and unlock an additional $1.8 billion to $2 billion in financing,” KASB Securities said in its research report on Monday, adding: “A successful conclusion of the 7th review could provide a near-term respite to the PKR/USD parity.”
The south Asian country is facing financial constraints after the costly imports lifted the current account deficit to $1 billion in March 2022 with accumulated deficit to $13 billion during the current fiscal year.
The annual inflation rate during the month of March also increased to 12.7 percent, as compared to 12.24 percent in February, due to higher food prices.
Pakistan’s stocks and currency close bullish after headway in IMF talks
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Pakistan’s stocks and currency close bullish after headway in IMF talks
- The country’s equities and currency made 1.14 percent and 0.38 percent gains during Monday’s trading sessions
- IMF officials will visit Pakistan in May to resume discussions over the seventh loan program review
New Zealand outclass Pakistan to win 4th T20I
- Opener Tim Robinson hit a half-century to ensure New Zealand reached 178-7 in 20 overs
- Pacer William O’ Rourke returned figures of 3-27 to keep Pakistan down to 174-8 in 20 overs
LAHORE: Experienced allrounder Jimmy Neesham kept his cool to defend six off the last ball to clinch a four-run victory for New Zealand on Thursday in the fourth Twenty20 international against Pakistan in Lahore.
Pakistan needed 18 off the last over in their chase of 179 but Neesham came out in flying colors despite being hit for a boundary off the first ball, giving a packed Qaddafi Stadium crowd heartbreaks.
Opener Tim Robinson hit a maiden half century to lift New Zealand to 178-7 in 20 overs before pacer William O’Rourke claimed 3-27 to keep Pakistan down to 174-8.
Returning allrounder Imad Wasim (22 not out) managed to hit the last ball for a single as New Zealand take an unassailable 2-1 lead in the five-match series with the last game on Saturday, also in Lahore.
Pakistan also lost the third match by seven wickets after winning the first by the same margin while the first match was abandoned after just two balls — all three in Rawalpindi.
The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup to be held in the United States and the West Indies in June.
New Zealand, missing a host of players due to Indian Premier League, injuries and unavailability, can feel elated at their bench strength going into the World Cup.
Pakistan sensed they were in with a chance when Fakhar Zaman, who made 45-ball 61 with three sixes and four boundaries, lifted Pakistan from 79-4 with a 59-run stand for the fifth wicket with Iftikhar Ahmed who made a 20-ball 23.
But O’Rourke, playing only his fourth T20I, dismissed Ahmed to add to his wickets of Babar Azam (five) and Saim Ayub (20) to give New Zealand a boost.
Fellow pacer Ben Sears (2-27) claimed Zaman’s wicket with 33 needed off 14 balls.
Earlier, Robinson batted with aggression.
Robinson’s 36-ball 51 with two sixes and four fours lifted New Zealand — who were sent in to bat — to 93-1 in 10 overs before Abbas Afridi’s career best 3-20 helped Pakistan pull back.
New Zealand started briskly with Robinson and Tom Blundell, who made 28 off 15, putting on 56 for the opening stand in five overs.
But from 94-1 New Zealand lost three wickets, including that of dangerman Mark Chapman for eight, as Pakistan’s fielders held catches to back some good bowling by Abbas.
Dean Foxcroft chipped in with 34 off 26 deliveries and skipper Michael Bracewell added 27 to keep the scoreboard ticking as New Zealand managed 43 in the last five overs.
Pakistan were forced to make five changes as wicketkeeper-batter Mohammad Rizwan and Muhammad Irfan Khan were injured while they rested Shaheen Shah Afridi, Naseem Shah and Abrar Ahmed.
Pakistani, US officials discuss ways to enhance bilateral trade and investment
- Pakistani, American officials hold inter-sessional meeting under Trade and Investment Framework Agreement
- Both sides discussed regulatory practices, digital trade, textiles and investments, says US Embassy in Pakistan
KARACHI: Pakistani and American officials held an inter-sessional meeting under the Trade and Investment Framework Agreement (TIFA) on Thursday, with both sides discussing options to enhance bilateral trade and investment, the US Embassy in Islamabad said in a statement.
TIFA serves as a platform for Pakistan and the US to improve market access, promote bilateral trade and investment, resolve trade disputes, and work on trade-related issues between the two countries.
Pakistan and the US took part in high-level trade talks in Feb. 2023 when both countries participated in the 9th Pakistan-United States Trade and Investment Framework Agreement (TIFA) Council meeting. That meeting took place after seven years.
As per a statement by Acting US Mission Spokesperson Thomas Montgomery, both sides discussed a “broad range of areas” to enhance bilateral trade and investment on Thursday.
“The dialogue focused on good regulatory practices, digital trade, the protection of intellectual property, women’s economic empowerment, labor, textiles, investment, and agricultural issues,” Montgomery said.
He added the discussions also included progress on access for US biotechnology products and beef.
The US official said that the meeting was key for both countries to move forward on shared goals of deepening their economic relationship.
“The United States has long been Pakistan’s largest export market, with potential for further growth,” he said, adding that the US has been a leading investor in Pakistan for the past 20 years.
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.
Pakistan’s defense minister rejects claim ex-PM Khan being pressurized to accept ‘deal’
- Chairman of Khan’s party this week said cricketer-turned-politician was being kept in jail so he would agree to a “deal” with the government
- Khan, who has been in jail since August last year after multiple convictions, has vowed not to agree to a “deal” with his political adversaries
ISLAMABAD: Pakistan’s Defense Minister Khawaja Muhammad Asif on Thursday rejected claims that former prime minister Imran Khan was being pressurized to accept a “deal” and come to the negotiating table with the government.
Khan, who was prime minister from 2018-2022, remains jailed in multiple cases, including a 14-year jail sentence for him and his wife for the illegal sale of state gifts. Khan fell out with Pakistan’s powerful military after he was ousted from office via a parliamentary vote in Apr. 2022.
Asif was responding to PTI Chairman Barrister Gohar Khan’s interaction with reporters on Tuesday when he said that the way the former prime minister and his wife were being kept in jail, “these are all [forms of] pressure that Khan somehow agrees to a deal.”
Speaking exclusively to Independent Urdu, Asif rejected claims Khan was being pressurized to come to the negotiating table.
“There is no such thing,” Asif said, claiming that PTI leaders were issuing such statements to stay relevant. “That is why these statements are being issued. There is no truth to them.”
Asif said senior members of the PTI had given statements recently rejecting the possibility of a deal with the government.
“Now if their leadership is issuing contradictory statements themselves, then what comment do we give on it,” he said. “I think their contradictory statements are validating our point.”
Khan’s multiple convictions mean he is banned from holding public office and ruled the 71-year-old out of general elections earlier this year. Arguably Pakistan’s most popular politician, Khan says all cases against him are motivated to keep him out of politics.
Elephant Madhubala to be shifted to Karachi’s Safari Park in May— state media
- Madhubala has been in solitary confinement since April 2023 when her companion, elephant Noor Jehan, died
- International animal rights organization warns solitary confinement has taken a toll on Madhubala’s mental health
ISLAMABAD: Pakistani elephant Madhubala, who has been in solitary confinement at Karachi Zoo since last year, will be shifted to Karachi’s Safari Park in May where she will be in the company of two other elephants, state-run media Associated Press of Pakistan reported on Thursday.
Madhubala, one of only three captive elephants alive in Pakistan, was brought to the South Asian country with three other elephants from Tanzania in 2009. However, has been in solitary confinement at Karachi Zoo since April 2023 after her companion, elephant Noor Jehan passed away from illness.
International animal rights organization FOUR PAWS, which has been involved in efforts to have Madhubala relocated to Karachi Safari Park, said last week the solitary confinement has taken a strong toll on her mental condition, with boredom being her biggest stressor.
Animal rights activists have long campaigned against the plight of animals in Pakistan, especially elephants, and demanded they be shifted to “species-appropriate” locations such as the Safari Park.
“According to Zoo administration, the arrangements for the transfer have been completed,” APP said. “Madhubala will join two other elephants, Sonia and Malika after relocation to Safari Park.”
A FOUR PAWS spokesperson said the organization was thrilled to see Madhubala finally getting the treatment she deserves.
“Her story is a testament to the power of collaboration and the importance of animal welfare,” the spokesperson was quoted as saying by APP.
FOUR PAWS says the elephant enclosures at Safari Park would have water elements for bathing, skincare and thermoregulation. Enrichments such as hay nets, varying substrates like soil, sand, clay, and sawdust will be provided for Madhubala to dust bathe while the area is secured by elephant-proof fencing.
Madhubala will be carried from the Karachi Zoo to the Safari Park in a huge transport crate. The elephant is currently being trained to enter and exit the crate by herself and sit inside it.
‘Politically motivated’: Pakistan rejects US State Department report on rights abuses
- Annual assessment identified arbitrary detentions, extrajudicial killings, enforced disappearances
- Pakistan government and state agencies deny involvement in missing persons cases, other rights abuses
ISLAMABAD: Pakistan said on Thursday it “categorically” rejected the 2023 country report on human rights practices issued by the US State Department, saying the report was politically motivated, lacking in objective evidence and followed an agenda of “politicization of international human rights.”
The annual human rights assessment released earlier this week identified arbitrary killings, extrajudicial killings, enforced disappearance, torture and “cases of cruel, inhuman, or degrading treatment or punishment by the government or its agents” in Pakistan last year.
The report also said the government “rarely took credible steps” to identify and punish officials who may have committed rights abuses.
“The contents of the report are unfair, based on inaccurate information and are completely divorced from the ground reality,” the Pakistani foreign office said in a statement, adding that the assessment used a “domestic social lens to judge human rights in other countries in a politically biased manner.”
“This year’s report is once again conspicuous by its lack of objectivity and politicization of the international human rights agenda. It clearly demonstrates double standards thus undermining the international human rights discourse.”
The foreign office said it was “deeply concerning” that a report purported to highlight human rights issues around the world was ignoring or downplaying the “most urgent hotspots of gross human rights violations” like Gaza and Kashmir. It also called on the US demonstrate the “requisite moral courage” to speak the truth about all situations and play a constructive role in supporting international efforts to end human rights violations.
“In line with its constitutional framework and democratic ethos, Pakistan remains steadfast in its commitment to strengthen its own human rights framework, constructively engage to promote international human rights agenda, and uphold fairness and objectivity in the international human rights discourse,” the FO added.
Political leaders, rights groups and families of victims have long accused the government, the army and intelligence agencies of being behind cases of arbitrary detentions, extrajudicial killings and enforced disappearances, among other rights abuses. Families say people picked up by security forces on the pretext of fighting militancy or crime often disappear for years, and are sometimes found dead, with no official explanation. Pakistani state agencies deny involvement in such cases.
On Tuesday, Pakistan’s law minister said the government would reconstitute a committee to address enforced disappearances, hours after the release of the US report.
“Now the work is being initiated on this again on the directives of the prime minister. A committee is going to be reconstituted, there will be parliamentary presence in that committee,” Law Minister Azam Nazeer Tarar said.
“There is no lack of seriousness on the government’s part to resolve this issue.”
