Saudi Arabia finalizing extension of $3 billion deposit to Pakistan — finance minister
Mohammed Al-Jadaan says Pakistan is a key ally and the kingdom will stand behind the South Asian nation
On May 1, both countries said they would discuss possibility of supporting deposit by extending its term
Updated 25 May 2022
DAVOS: Saudi Arabia is finalizing the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed Al-Jadaan told Reuters.
“We are currently finalizing extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos.
Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to help support its foreign reserves.
Al-Jadaan did not offer further details, but on May 1 the two countries said in a joint statement that they would discuss the possibility of supporting the deposit by extending its term “or through other options.”
Pakistan is in dire need of external finances, hurt by high inflation, reserves declining to as low as less than two months’ of imports, and a fast-weakening currency.
Al-Jadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.
Uncertainty over the revival of an International Monetary Fund program has compounded volatility in the economy and markets amid a political crisis since a new government took over last month from ousted Prime Minister Imran Khan.
ISLAMABAD: The provincial governments in Pakistan's Sindh and Punjab provinces as well as the federal capital administration have relaxed 9pm restriction on market timings for a period of one week, as people prepare for Eid Al-Adha that follows weeks of heightened business activity.
The local administrations in Sindh, Punjab and Islamabad last month ordered businesses and markets to close by 9pm in order to conserve energy and subsequently, the much-needed foreign exchange to import it.
Pakistan's information ministry said on June 7 there was currently a gap of 4,600 megawatts between supply and demand, while the country's petroleum import bill soared by over 99 percent to $19.7 billion during the last fiscal year between July 2021 to May 2022, mainly due to rising global fuel prices, according to the official data.
Global fuel price hikes and depreciation of local currency have compounded economic woes of the cash-strapped and energy-deficient South Asian nation of more than 220 million, with inflation hitting a 13-year high of 21.3 percent in June.
However, the governments in Punjab, Sindh and Islamabad announced easing restrictions on market timings a week before Eid Al-Adha as people remain busy buying sacrificial animals as well as clothes and food for the major Islamic festival. In Pakistan, Eid Al-Adha will be celebrated on July 10.
"The government of Sindh is pleased to suspend... restrictions on closing hours of various shops, restaurants and wedding halls," the Sindh home department said in a notification, "with immediate effect to 10.7.2022."
The restrictions will "come back into force from 11.7.2022, instantly," it added.
Similarly, the Punjab government on Saturday allowed markets across the province to remain open past 9pm until Chand Raat (the night Eid).
"Restriction to close markets and bazaars across Punjab ended," the provincial government said in a tweet on Saturday. "The decision will take effect today."
The local administration in the Pakistani capital of Islamabad also followed suit in the "interest" of the people.
"The office order issued... regarding the closure of shops and establishments are hereby suspended till 10-07-2022 in public interest," the Islamabad district magistrate's office said in a notification on Saturday.
The restriction will come back into force with effect from July 11 immediately, it added.
GHIZER: A French paraglider pilot, Savall Xavier Alain Francois, went missing shortly after he took a flight from a peak in Pakistan's northern Gilgit-Baltistan region on Saturday, officials told Arab News.
Gilgit-Baltistan, a region administered by Pakistan as an autonomous territory, is home to some of the highest peaks in the world and a major tourist destination. Hundreds of tourists visit the region each year for expeditions on various peaks, paragliding and other sports.
The French paraglider pilot flew along with two Spanish paragliders from a peak in Hunza district at around 4pm on Saturday, according to officials. While the Spanish duo landed safely, there was no trace of Francois.
“Upon receiving the information, a team comprising Rescue 1122 members, police and local volunteers was dispatched to the site,” Hunza Superintendent of Police (SP) Zahoor Ahmed told Arab News over the phone. "But they could not trace him."
Hunza Deputy Commissioner Muhammad Usman said they have decided to trace the missing French paraglider with the help of a chopper.
An official of the Gilgit-Baltistan Tourist Police, who wished not to be named, said the three paragliders flew from the Duikar village of Hunza and two of them safely landed at the riverside in Ganish valley.
He said a helicopter has reached Hunza to launch a search for missing French paraglider pilot.
ISLAMABAD: Pakistan’s finance minister Miftah Ismail confirmed on Sunday he was facing opposition and criticism from the ruling Pakistan Muslim League-Nawaz (PML-N) party since he had become the face of unpopular economic decisions taken by the government, though some of his senior colleagues openly came to his rescue as well.
Ismail, a former International Monetary Fund (IMF) employee and the owner of Pakistan’s largest confectionary company, was handed the finance portfolio by Prime Minister Shehbaz Sharif in April when the country’s cash-strapped economy was facing multiple crises.
With a mounting import bill and dwindling foreign currency reserves, the finance minister was forced to raise the prices of petroleum products four times in little over one month while trying to revive a $6 billion IMF loan program.
His political woes were further compounded by media reports about the possible return of Pakistan’s former finance minister Ishaq Dar from self-imposed exile in London, creating some speculation that Ismail may ultimately have to step down and make space for his senior party colleague.
“I have support from the federal cabinet and PML-N but there are few party members criticizing and opposing me,” he was quoted by Pakistan’s Express Tribune newspaper.
The finance minister acknowledged he was under tremendous pressure, adding he did not want to hold his last press conference in which he announced increase in the petroleum product prices. However, he informed it was the prime minister who convinced him otherwise.
“I swear it has never happened that I was unable to find suitable words,” he said. “I kept thinking what words should I be using to start the press conference.”
Asked if he was willing to be replaced by Dar, he said it was the prime minister’s prerogative to make such decisions.
“I know only one thing that I would comply with whatever decision the prime minister takes within the next 15 minutes of becoming aware of it,” he said.
He maintained he would continue to be with the party and support its decisions even if he was removed from the post.
However, he got some support from defense minister Khawaja Asif on Saturday who said Miftah was “among the hardest working members of the PM’s team” who was performing “well under difficult circumstances.”
Asif asked other PML-N members to “show solidarity” with the finance minister.
FM Miftah is among the hardest working members of PM’s team, accessible to all stakeholders. He is performing v. well under difficult circumstances, with immense criticism from vested interests - including, and unfortunately, from within PMLN. Time to show solidarity with Miftah
Another PML-N stalwart and former prime minister of the country Shahid Khaqan Abbasi agreed with him, saying Ismail’s knowledge of Pakistan’s economy was “without parallel in Pakistan[‘s] politics today.”
“He is one of the most effective members of PM’s cabinet,” Abbasi continued. “He has played a crucial role in saving Pakistan from default and in implementing PMLN’s economic reform agenda.”
Miftah Ismail’s knowledge of economics and the Pakistan economy is without parallel in Pakistan politics today. He is one of the most effective members of PM’s cabinet .He has played a crucial role in saving Pakistan from default and in implementing PMLN’s economic reform agenda.
KARACHI: The owner of Simba, a Pakistani baby goat born with unusually long ears, is aiming at having it recognized by Guinness World Records as the kid’s earlobes are already half a meter long and keep on growing.
Simba was born on June 4, 2022, with 48 cm-long ears that in less than a month have already reached 53 cm — 10 cm longer than of a goat born in Saudi Arabia, which according to the Pakistani kid’s owner, Muhammad Hasan Narejo, has been assumed by breeders to be the unofficial current record holder.
“I applied to the Guinness book team,” he told Arab News over the weekend. “They have successfully accepted our request and we are expecting their answers in 10 to 12 weeks.”
While Simba was born at Narejo’s home in Karachi, he also owns a farm in Sanghar in Pakistan’s southern Sindh province, where for the past four years he has been breading goats from the Lady and Barbari breeds.
Simba is from the Lady breed, which generally has longer ears, although not this long.
“This is a giant size,” he said. “I went to the tailor and made a special bag for this baby goat. We carry the ears in the bag.”
The kid’s ears are longer than its body. The pelage is also rare, as the ears are white, contrasting with its camel-color coat.
The name Simba comes from the protagonist of Disney’s “The Lion King” animated feature, which Narejo said he had watched in childhood.
“Simba means a lion,” he said. “This name clicked in my mind, so I gave this name to this goat baby.”
The one takes care of Simba is Narejo’s younger brother, Yasir Ali Narejo, who told Arab News the goat is his “best friend.”
“I brush him, I walk with him. Simba is very naughty. He tries to eat sand and grass, but since he is a baby, he cannot eat grass.”
The owner said he has already received offers from breeders in Saudi Arabia and Oman interested in buying Simba.
“They say, 'you set the price and we will buy.' But so far, my focus is to bring Simba into the Guinness Book of World Records, register it with the name of Simba Pakistani, make Pakistan feel proud.”
Some of Narejo’s neighbors in Karachi, like Muhammad Salman, are already proud of the little goat.
“We all are happy, as Allah has blessed this area with this beautiful creature,” he said. “We feel proud of such a beautiful animal.”
ISLAMABAD: Federal Minister for Religious Affairs Mufti Abdul Shakoor said on Sunday Pakistan’s Hajj operations were running smoothly as a majority of pilgrims had already arrived in Saudi Arabia.
Pakistan was initially allocated a quota of 81,132 pilgrims this year, out of which more 34,000 were supposed to utilize the government scheme while the rest had to be facilitated by private operators.
However, the Saudi authorities later increased Pakistan’s quota by 2,000, the minister confirmed, taking it to 83,132 pilgrims.
“The Saudi government has provided best facilities to Pakistani pilgrims,” he told Arab News over the phone from Makkah. “With [the kingdom’s] cooperation, we have completed all arrangements and our Hajj operation is going on smoothly without any problem.”
Shakoor said the arrangements provided to pilgrims included pick and drop service from airport, provision of good residential facilities in both Makkah and Madinah, hygienic food, transport and medical facilities.
“The Hajj medical mission has established one main hospital and five dispensaries in Makkah along with one main hospital and two dispensaries in Madinah,” he continued. “78,322 pilgrims have already arrived [in Saudi Arabia], including 34,322 under the government scheme, and the arrival of private scheme pilgrims will complete on July 4.”
The minister applauded the Saudi government for providing the Makkah Route facility to Pakistani pilgrims on a bigger scale this year, making it possible for the religious affairs ministry to operate “Hajj flights of Peshawar Faisalabad and Sialkot from the Islamabad airport.”
“To help pilgrims perform Hajj without any trouble, the Saudi government has improved the services at Mina, Arafat and Muzdalifah,” he said, adding the authorities had also established a toll-free helpline and there were guides in both Makkah and Madinah to help pilgrims and resolve their problems.
Shakoor said the Saudi authorities had also provided home check-in facility on return flights that would make them collect luggage from the residential facilities of pilgrims for flights from Makkah and Madinah.
Asked about Hajj expenses, he said the government had managed to significantly bring them down despite the depreciation of the Pakistani currency and other financial challenges.
“We have brought down Hajj expenses by eliminating the role of the middle man and got residences directly from Saudi companies at much lower rates,” he said.
The minister added the government had tried to further cut down the expenses by providing one way trip to pilgrims in such a way that those who landed in Madinah would return to Pakistan after performing the pilgrimage from Makkah and those who arrived in Jeddah would return from Madinah.