DHAKA: Bangladesh has sought a $4.5 billion loan from the International Monetary Fund, the Daily Star newspaper reported on Tuesday, joining South Asian neighbors Pakistan and Sri Lanka in seeking help to cope with mounting pressure on their economies.
Known for its big garment-exporting industry, Bangladesh has sought the funds for its balance of payment and budgetary needs, as well as for efforts to deal with climate change, the Daily Star reported, citing documents it had seen.
It said Finance Minister AHM Mustafa Kamal wrote to IMF Managing Director Kristalina Georgieva on Sunday.
Officials at the finance ministry and the office of the IMF in Bangladesh did not immediately respond to requests for comment.
The Bangladesh Bank recently announced a policy to preserve dollars by discouraging imports of luxury goods, fruit, non-cereal foods, and canned and processed foods.
The bank’s foreign-exchange reserves fell to $39.67 billion as of July 20 — sufficient for imports for about 5.3 months — from $45.5 billion a year earlier.
Remittances from overseas Bangladeshis fell 5 percent in June to $1.84 billion, the central bank said, as many migrant workers lost their jobs because of the COVID-19 pandemic and many of them could not get home because of the travel disruption is caused.
Elsewhere in South Asia, Sri Lanka is facing its worst economic crisis in seven decades while Pakistan’s foreign exchange reserves are depleting rapidly.
The region’s economies have been hit particularly hard by the Ukraine war, which has raised the cost of fuel and other essential imports.
Bangladesh’s July to May current account deficit was $17.2 billion, compared with a deficit of $2.78 billion in the year-earlier period, according to central bank data.
In the first 11 months of the fiscal year that ended on June 30, imports jumped 39 percent but exports grew 34 percent.
Bangladesh joins Pakistan and Sri Lanka in seeking IMF loan to tackle economic crises
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Bangladesh joins Pakistan and Sri Lanka in seeking IMF loan to tackle economic crises
- Pakistan and Sri Lanka are also seeking help to cope with mounting pressure on their economies
- Remittances from overseas Bangladeshis fell 5 percent in June to $1.84 billion, the central bank said
Two more flights bring over 300 Pakistanis home from Bishkek days after mob attacks
- Frenzied mobs targeted hostels of medical universities, lodgings of international students, including Pakistanis, in Bishkek last week
- Pakistan has since then ramped efforts to repatriate its students from the city and over 1,000 Pakistani students have returned home
ISLAMABAD: More than 300 Pakistanis returned home on Tuesday from Bishkek via two Pakistan International Airlines (PIA) flights, the PIA said, days after mob attacks on foreign students in the Kyrgyz capital.
Frenzied mobs targeted hostels of medical universities and private lodgings of international students, including Pakistanis, in Bishkek on May 17 after videos of a brawl between Kyrgyz and Egyptian students went viral on social media. The attacks raised concerns about safety of students from Pakistan, India, Bangladesh and other countries.
Pakistan has since then ramped efforts to repatriate its students from the city and more than 1,000 Pakistani students have returned home via different flights. According to official statistics, around 10,000 Pakistani students are enrolled in various educational institutions in Kyrgyzstan, with nearly 6,000 residing and studying in Bishkek.
On Tuesday, a group of 167 students arrived in Islamabad from Bishkek via a PIA flight, while another flight carrying 169 students landed in the eastern city of Lahore where they were received by PIA Deputy General Manager Athar Hassan and Station Manager Ashfaq Awan, according to the PIA.
“The national airline always stands by its compatriots in times of trouble,” a PIA spokesperson said in a statement. “Additional flights will also be operated as per government guidelines and as per requirement.”
The development came a day after Pakistan Deputy Prime Minister Ishaq Dar met Kyrgyz Foreign Minister Jeenbek Kulubaev in Astana, Kazakhstan on the sidelines of a meeting of the Shanghai Cooperation Organization (SCO) Council of Foreign Ministers.
Dar told his Kyrgyz counterpart that Pakistan’s main concern was the well-being of its nationals, especially the students who were primarily affected by last week’s violence, according to Pakistani state media.
Kulubaev said the Kyrgyz government had taken swift action to restore law and order in the country, and the perpetrators of the mob riots would be punished under the Kyrgyz law.
Pakistan approves petrol, diesel supply agreement between Saudi Aramco, GO Petroleum
- Under the agreement, Aramco will meet GO Petroleum’s petrol, diesel demand for its outlets in Pakistan
- Pakistan last month approved the Saudi oil giant’s move to acquire a 40 percent stake in GO Petroleum
KARACHI: The Competition Commission of Pakistan (CCP) has granted a time-bound exemption on relevant clauses of a product supply agreement between Saudi oil giant Aramco and Gas & Oil Pakistan Ltd. (GO Petroleum) for the import and sale of petrol and diesel products to Pakistan, the CCP said on Tuesday.
Aramco Trading Company (ATC) Fujairah FZE Ltd. is one of the world’s largest integrated energy and chemicals companies, while GO Petroleum is an oil-marketing company (OMC) registered in Pakistan that operates a network of retail outlets across the country that sell petrol, diesel and lubricants.
Under the agreement, ATC Fujairah intends to meet GO Petroleum’s demand for essential petroleum products for its outlets, which primarily includes petrol and diesel.
“The parties submitted to the CCP that this arrangement is expected to achieve economies of scale in procurement for GO Petroleum, potentially resulting in better prices for Pakistani consumers,” the CCP said in a statement.
“The exemption sought was on exclusivity aspects of the commercial agreement to supply 100 percent demand of imported products for GO Petroleum’s retail outlets. The CCP has accordingly granted exemption on the product supply agreement with certain conditions included therein.”
The CCP grants exemptions pursuant to Section 9 of the Competition Act, 2010, ensuring that such exemptions have economic benefits that outweigh anti-competitive effects.
“The CCP’s conditions stipulate that both parties must refrain from engaging in anti-competitive activities. Importantly, the exemption does not include approval on any pricing terms and mechanisms related to the products,” the CCP statement read.
“Additionally, as the agreement has referred to certain off specification products, however approval of concerned sector regulator should be ensured for import and sales. The applicants have also been directed to ensure required approvals on their terminals and storage facilities by relevant authorities to be used in the execution of this agreement.”
Subject to the conditions, the CCP said, it had granted the exemption until June 2026 and both applicants could approach it for an extension with required details and also identifying the benefits that have accrued to the improved distribution network of petroleum products and enhanced competition in the market.
Last month, the CCP approved Saudi oil giant Aramco’s move to acquire a 40 percent stake in Go Petroleum, officially marking the Saudi company’s entry into Pakistan’s fuels retail market.
The CCP said it had authorized the merger after determining the acquisition would not result in the acquirers’ “dominance” in the relevant market post-transaction. The acquisition would help bring much-needed foreign direct investment in Pakistan’s energy sector, contributing to economic growth and development of the country, it added.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.
Pakistan’s Sirbaz Khan scales Mt Everest without supplementary oxygen
- Khan is the first Pakistani to summit 11 out of 14 ‘eight-thousanders’ without using supplementary oxygen
- He was part of ‘Imagine Nepal 2024 Everest Expedition,’ which included 14 international climbers, 18 sherpas
KHAPLU, GILGIT-BALTISTAN: Pakistani mountaineer Sirbaz Khan on Tuesday achieved another milestone by successfully scaling the world’s tallest mountain, Mount Everest, without supplementary oxygen, Pakistani and Nepalese expedition organizers said.
Born and raised in Ali Abad village in Pakistan’s mountainous Hunza district, Khan has previously summited 13 of the 14 peaks in the world above the height of 8,000 meters, including K2.
He was part of the ‘Imagine Nepal 2024 Everest Expedition’ team, which included 14 international climbers and 18 sherpas who reached the 8,849-meter-high summit on Tuesday morning, according to the Imagine Nepal tour company and the Alpine Club of Pakistan.
“Congratulations to Sirbaz Khan on successfully summiting Mount Everest 8,848.86 meters (29,031.69 feet) without the use of supplemental oxygen,” Karrar Haidri, secretary-general of the Alpine Club of Pakistan, said in a statement.
The team of 14 international climbers and 18 sherpas summitted Everest in “various hours between NPT 5:15 a.m. and 10:00 a.m. on the morning of 21 May 2024,” the Imagine Nepal tour company said in a Facebook post.
Khan’s family celebrated the feat in Pakistan, according to his younger brother, Shahbaz Khan.
“We are very happy because today Sirbaz summited Everest without supplementary oxygen. We are celebrating this moment and especially our mother is very excited. There is an environment of festivity at our home,” Shahbaz told Arab News over the phone.
“Whenever he [Sirbaz] starts his summit push, we offer special prayers for him. Because you know, we can’t trust the mountains. However, when he summits, we celebrate. Now we are also offering prayers for his safe descent.”
Khan planned to summit the 8,027-meter Shishapangma peak — the last of the 14 peaks above 8,000 meters — but had to delay the expedition as China did not open the mountain to international climbers, according to his brother.
He also climbed Everest in 2021 and is the first Pakistani to climb 11 out of 14 ‘eight-thousanders’ without oxygen support. Khan had summitted only Annapurna and Kangchenjunga peaks using oxygen support.
“Congratulations @sirbazkhan_mission14 for climbing Everest without supplemental oxygen and a personal sherpa. He is now the only Pakistani to climb 11 peaks without Oxygen,” Naila Kiani, a Pakistani woman climber, said in an Instagram post.
“Sirbaz is the second [Pakistani after] Sajid Ali Sadpara to climb Everest without O2, following our younger brother @sajidalisadpara, who climbed it last year. Sirbaz is also the only Pakistani to climb Everest twice. Climbing Everest without oxygen is a true test of human grit. Congratulations, Ustad.”
PTI leader Raoof Hassan injured in attack outside private news channel office in Islamabad
- PTI calls the attack ‘very shameful and reprehensible,’ demanding full inquiry into the incident
- CCTV footage shows Hassan was attacked by transgender persons who wielded a sharp blade
ISLAMABAD: Former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party said on Tuesday one of its senior leaders, Raoof Hassan, was injured in an attack after he arrived at the office of a private news channel in Islamabad.
Hassan, who has served as the PTI spokesperson, gained political prominence following a crackdown on the party after the May 9 riots, which erupted in the wake of Khan’s brief detention on corruption charges.
The crackdown resulted in the incarceration of top PTI leadership, many of whom continue to remain behind bars. Despite these circumstances, Hassan was vocal, addressing news conferences and passionately advocating for his party’s position.
“Very shameful and reprehensible,” the PTI said in a social media post after the attack. “Central Information Secretary Rauf Hassan attacked by unknown persons outside the office of a private channel.”
The party also shared Hassan’s video in which one can see blood coming out of his face as he walks into a building.
CCTV footage aired by Geo TV captured the incident involving a group of five or six transgender individuals who surrounded and attacked Hassan, slapping him and knocking him to the ground.
The motivation for the attack remains unclear, but PTI’s Shibli Faraz called for a full inquiry into the incident while addressing an ongoing Senate session.
“This is not coincidental,” he said. “These transgender people also attacked a journalist in the past.”
Islamabad police also confirmed that Hassan was attacked by transgender people, with one of them inflicting a gash on his face with a sharp blade.
Experts warn of health risks as Pakistan braces for severe heatwave
- The meteorological department says temperatures may rise up to 50°C in parts of Pakistan in the coming days
- Health experts say heatstroke can damage brain, heart and kidneys, leading to serious complications or even death
KARACHI: Experts on Tuesday warned of health risks and advised people to limit time spent in harsh sunlight as Pakistan is poised to experience some of the hottest weather conditions in the coming days.
According to the Pakistan Meteorological Department (PMD), a heatwave is expected to hit parts of Pakistan this week, with temperatures in certain areas of the southern Sindh and eastern Punjab provinces potentially surging past 40°C.
The PMD also warned of glacial lake outburst floods in the country’s northern Gilgit-Baltistan region and northwestern Khyber Pakhtunkhwa province due to rising temperatures.
In previous years, heatstroke, which occurs when the body temperature rises to 104°F (40°C) or higher due to prolonged exposure to high temperatures or physical exertion in the heat, has been reported by dozens.
“Without prompt care, heatstroke can damage the brain, heart, kidneys and other organs, leading to serious complications or death,” Dr. Naseem Salahuddin told Arab News, adding it was always important to act immediately and cool down the body of a heatwave victim.
“Extreme heat can damage the temperature control center in the brain,” she said, urging caution during high temperatures.
On Tuesday, as of 2 PM, temperature in Jacobabad and Mohenjo Daro reached 47°C, while it was 45°C in Sibbi, Lasbela, Rahimyar Khan, Hyderabad, Khairpur and Bhakar.
“The temperature is expected to further rise from tomorrow, with the upper regions of Sindh experiencing up to 50°C,” Dr. Sardar Sarfaraz, Pakistan’s chief meteorologist, said, noting the heatwave would affect settlements in upper Sindh and Punjab provinces.
With temperatures expected to rise further in coming days, Dr. Qaiser Sajjad, a health expert and former secretary general of the Pakistan Medical Association, emphasized social awareness was crucial to avoid health problems in such extreme weather.
“People should not spend too much time in the sun,” he said. “If it is essential to go out, the body should be completely covered.”
In June 2015, Pakistan experienced the worst heatwave in the country’s south, especially in its port city Karachi, where over 2,000 people died of dehydration.
Dr. Sajjad recalled the cases where patients, after receiving first-aid, instead of moving to the shade or discontinuing work, went back to perform labor and died shortly thereafter.
“If a person has suffered heatstroke, he or she should be taken to a cold place and not allowed to work, even if they seem to recover,” he said, adding people should pour water on their head in such a case.
He pointed out since climate change had made the weather more extreme, every household should keep umbrellas which should be used by its members to shield themselves from the sun.
“An umbrella should be a must,” he said. “Water intake should be increased to 22 glasses daily to keep the body hydrated.”
Dr. Sajjad also noted that people should consume fresh vegetables and fruits after washing with clean water and avoid dining outside.
“Prevention is better than cure,” he continued. “We don’t see as many deaths now as we unfortunately witnessed during the 2015 heatwave because there was no awareness then. More awareness can keep citizens safe.”
