KARACHI: Pakistan named Jameel Ahmad, a deputy governor of the State Bank of Pakistan (SBP), as the central bank’s new governor on Friday, appointing him for a five-year term.
The Pakistani central bank had been without a full-time governor since May and one of Ahmad’s first tasks will be to chair a monetary policy meeting to consider its policy rate.
Ahmad’s career spans more than 30 years in various positions at the State Bank of Pakistan and the Saudi Central Bank, the country’s central bank said in a profile on its website.
Among these included his stint as a member of the central bank’s Monetary Policy Committee. Ahmad was also the chairman of the Board of Directors of Deposit Protection Corporation of Pakistan.
During his career, Ahmad also coordinated with various ministries and represented the central bank in various parliamentary committees including the Senate and National Assembly committees.
According to the State Bank of Pakistan, Ahmad has significant contributions to his credit in formulating the policy and regulatory framework for the banking systems of Pakistan and Saudi Arabia and monitoring their financial soundness and stability.
As a deputy SBP governor, Ahmad played an instrumental role in the digitization of banking and payments as well in the enabling of financial technology services, the bank said.
Prior to his appointment as deputy governor of the Pakistani central bank in 2018, he was executive director of its Banking Supervision and Financial Stability Group.
Pakistan picks State Bank, Saudi Central Bank veteran Jameel Ahmad as new governor
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Pakistan picks State Bank, Saudi Central Bank veteran Jameel Ahmad as new governor
- Pakistan’s central bank has been without a governor since May
- New central bank governor will serve a five-year term
Pakistan’s foreign minister stresses early resumption of PIA flights to Europe
- Foreign Minister Ishaq Dar meets EU ambassador to discuss bilateral ties, trade and matters of mutual interest
- PIA flights to Europe and the UK have been suspended since 2020 following Pakistan’s infamous pilot license scandal
ISLAMABAD: Pakistan’s Foreign Minister Ishaq Dar on Wednesday stressed the resumption of direct flights from the country’s national airline to Europe, the foreign ministry said, in his meeting with EU Ambassador Riina Kionka during which both sides discussed bilateral relations, trade and matters of mutual interest.
PIA flights to Europe and the UK have been suspended since 2020 after the EU’s Aviation Safety Agency revoked the national carrier’s authorization to fly to the bloc following a pilot license scandal that rocked the country. The issue resulted in the grounding of 262 of Pakistan’s 860 pilots, including 141 of PIA’s 434.
Kionka and Dar discussed Pakistan-EU bilateral ties and important issues of mutual interest during their meeting, Pakistan’s Ministry of Foreign Affairs (MoFA) said. Dar told Kionka Pakistan views the EU as a “valued partner” and an important factor of stability during the current volatile times.
“FM emphasized the significance of direct flights between Pakistan and European countries in view of large diasporas,” MoFA said. “In this regard, he stressed on the need for an early resumption of PIA flights to Europe.”
Both sides also expressed satisfaction over the “significant progress” of Pakistan-EU institutional mechanisms and resolved to maintain the upward trajectory of their relations by increasing their high-level interactions.
“FM vowed to further strengthen the existing strategic partnership in all areas, inter alia, trade, migration, climate change,” MoFA said.
“The EU side assured their full cooperation to Pakistan in achieving the objectives of economic diplomacy.”
The EU is Pakistan’s second most important trading partner, accounting for over 14 percent of the country’s total trade and absorbing 28 percent of Pakistan’s total exports. Pakistani exports to the EU are dominated by textiles and clothing.
Pakistan’s GSP+ status is a special trade arrangement offered by the EU to developing economies in return for their commitment to implement 27 international conventions on human rights, environmental protection and governance.
Pakistan, Egypt among countries who pay most in surcharges to IMF— report
- Indebted member countries paid about $6.4 billion in surcharges between 2020-2023, says report by US think tanks
- Surcharges do not hasten repayment, instead punish countries already struggling with liquidity constraints, critics say
Countries, mostly middle and lower-income, have been burdened by surcharges on top of interest payments on their borrowings from the International Monetary Fund (IMF), widening global inequities, according to a report by US think tanks.
WHY IT’S IMPORTANT
Indebted member countries paid about $6.4 billion in surcharges between 2020-2023, the report from Boston University’s Global Development Policy Center and Columbia University’s Initiative for Policy Dialogue released on Tuesday showed.
And the number of countries paying these surcharges has more than doubled in the last four years.
The IMF is expected to charge an estimated $9.8 billion in surcharges in the next five years, according to an earlier report by the Center for Economic and Policy Research.
Critics of the policy argue that surcharges do not hasten repayment and instead punish countries already struggling with liquidity constraints, increase the risk of debt distress and divert scarce resources that could be used to boost the struggling economies.
BY THE NUMBERS
Countries such as Ukraine, Egypt, Argentina, Barbados and Pakistan pay the most in surcharges, the report showed, accounting for 90 percent of the IMF’s surcharge revenues.
These surcharges, levied on top of the fund’s increasingly steeper basic rate, are IMF’s single largest source of revenue, accounting for 50 percent of total revenue in 2023.
KEY QUOTES
“IMF surcharges are inherently pro-cyclical as they increase debt service payments when a borrowing country is most need of emergency financing,” Global Development Policy Center’s director Kevin Gallagher said.
“Increasing surcharges and global shocks are compounding the economic pressure on vulnerable countries.”
CONTEXT
Data published by the Institute of International Finance earlier this year showed global debt levels hit a record of $313 trillion in 2023, while the debt-to-GDP ratio — a reading indicating a country’s ability to pay back debts — across emerging economies also scaled fresh peaks.
IMF shareholders agreed last week on the importance of addressing challenges faced by low-income countries, Managing Director Kristalina Georgieva said on Friday.
ICC names Pakistan’s Sana Mir as Women’s T20 World Cup Qualifier ambassador
- Sana Mir led Pakistan in 137 of 226 international matches she played during her career
- Mir says will guide teams and players on how to deal with pressure in the tournament
ISLAMABAD: The International Cricket Council (ICC) on Wednesday named Pakistan’s former iconic cricketer Sana Mir as its ambassador for the upcoming Women’s T20 World Cup Qualifier tournament.
Former skipper Mir, considered widely as Pakistan’s best woman cricketer to date, will keep a keen eye on the tournament which would see 10 women’s teams battle it out for two spots at the ICC Women’s T20 World Cup 2024.
The first four matches of the tournament will take place tomorrow, Thursday, which is scheduled to go on till May 7.
The 10 teams have been divided into two groups of five, with the top two from each group entering the semifinals. The winning semifinalists confirm a trip to Bangladesh for the T20 World Cup later this year.
“ICC named Sana Mir, who represented Pakistan in 226 international games, 137 of them as skipper, as the ambassador of the Women’s T20 World Cup Qualifier on Wednesday, 24 April,” the cricket regulatory body said in a post on its website.
Mir told ICC the tournament would provide an excellent opportunity for fans to witness exciting cricket.
“The women’s game has become more and more competitive in recent years,” Mir said. “And the 10 nations involved in the Qualifier possess a number of quality players.”
Mir featured in several ICC tournaments during her impressive career. Her most memorable one was in the 2008 ICC Women’s Qualifying Series for the Women’s Cricket World Cup where Pakistan went all the way to the finals.
Sana won the joint Player of the Series award for the tournament. The Pakistani icon said she aims to share her expertise and experience with the international players as ambassador.
“My aim is to talk to the various teams and players during the Qualifier and help guide them on how to deal with the pressure of these events and what it takes to succeed,” Mir explained.
“Pakistan had a great record in these events, and I in particular have fond memories of the 2008 edition of the 50 over World Cup qualifier event that I played.”
Mir said that while Sri Lanka and Ireland were favorites to qualify for the World Cup, others had a chance to cause major upsets too.
“Teams like Scotland, Netherlands, United Arab Emirates, Uganda, and Zimbabwe surely have the potential to cause major upsets,” she said. “And make their way through to the semis and eventually to the final as well.”
Pakistan’s disaster management authority urges citizens to be cautious as heavy rains loom
- Pakistan’s NDMA says heavy rains expected in KP, Balochistan, Gilgit-Baltistan and Azad Kashmir from Apr. 25-30
- Disaster management authority warns administrations to prepare for emergencies in vulnerable areas from Apr. 25-30
ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) on Wednesday cautioned citizens in Khyber Pakhtunkhwa, Balochistan, Azad Kashmir and Gilgit-Baltistan areas against rising water levels, as it braces for heavy rains in various parts of the country from Apr. 25-30.
A westerly wave from Apr. 25-30 is expected to bring “significant” rainfall and thunderstorms in Balochistan, KP, the northern Gilgit-Baltistan region, and Azad Kashmir, the NDMA said.
The disaster management authority said these areas are expected to face heavy to moderate rains, windstorms, and hailstorms while it was expected to snow over high mountains.
“Residents near riverbanks and nullahs should be aware of rising water levels and evacuate if necessary,” the NDMA said. “Citizens are urged to exercise caution, avoid weak structures and waterways, and stay updated on weather conditions.”
It also urged farmers, livestock owners, tourists, and travelers to take protective measures for their safety and properties.
The NDMA urged authorities to prepare for potential floods and landslides, especially in upper KP, Murree, Galyat, Azad Kashmir, and GB.
“Authorities should ensure readiness to respond to emergencies, with machinery and staff pre-positioned in vulnerable areas,” it added.
A spell of heavy rains from April 12-21 in Pakistan’s Punjab, Balochistan and KP killed over 90 people, destroying property and farmlands. Experts say the country is experiencing heavier rains than normal in April because of climate change effects.
In 2022, downpours swelled rivers and at one point flooded a third of Pakistan, killing 1,739 people. The floods also caused $30 billion in damages, from which Pakistan is still trying to rebuild.
Pakistan consistently ranks among the world’s worst-affected countries due to climate change.
PM Sharif stresses unity to overcome national challenges during Karachi visit
- Prime Minister Shehbaz Sharif arrived in Karachi on maiden visit to the city since assuming country’s top political office
- PM Sharif says business community “backbone” of Pakistan’s economy, vows to facilitate them in boosting economy
KARACHI: Prime Minister Shehbaz Sharif on Wednesday called for unity to overcome Pakistan’s economic challenges, as he arrived in the southern port city of Karachi on his maiden trip to the metropolis since assuming the country’s top political office.
Sharif held meetings with Sindh Chief Minister Syed Murad Ali Shah and the province’s governor, Kamran Tessori, after arriving in the city. The two sides discussed administrative and financial matters concerning the province.
Flanked by the two officials, the prime minister later spoke to a delegation of Karachi’s prominent businesspersons, referring to them as “the backbone of Pakistan’s economy.”
“We should rise before our personal likes and dislikes and work together to serve the country,” he told the business delegation. Sharif added he wanted to carve out the best business policies for Pakistan to improve the country’s financial health.
Sharif noted Pakistan’s stock market was performing well with each passing day, highlighting that the country’s economic outlook was improving as was evident from its surging IT exports and positive current account.
“I think we should avail this opportunity [for economic stability] completely,” he said. “And the only way to do that is to meet the business community’s legitimate demands. And our focus should be on export-led growth.”
Sharif assured the business community that privatization of state-owned entities (SOEs) would be done in the most transparent manner possible.
“It would be done free of any obstacle or bureaucratic delay,” he said, adding that billions of rupees annually were being wasted due to loss-making SOEs.
“It is not the job of the government to run the industry, the government’s job is to give only policy and act as a catalyst,” he said. “I believe in this and so does my team. You should move forward, sky is the limit.”
During the interaction, Pakistani business tycoon Arif Habib appreciated Sharif for securing Pakistan’s bailout package with the International Monetary Fund (IMF) last year, which helped the country avoid a sovereign default.
Habib also urged the prime minister to mend Pakistan’s ties with India and extend an olive branch to former prime minister Imran Khan, his political nemesis.
SINDH’S OUTSTANDING DUES
Earlier in his meeting with the Sindh chief minister, Sharif was informed about financial matters between the province and the center.
The chief minister’s spokesperson informed Sharif that the center owed Sindh a whopping Rs1,078.198 billion yet it had handed over Rs28 billion less than that.
“The prime minister instructed the federal finance minister to speak to the chief minister and resolve financial matters,” the chief minister said.
Sharif later announced the addition of 150 buses in Karachi to a fleet of 300, which the provincial government aims to deploy to alleviate the people’s transport woes.
“On the insistence of transport minister, Sharjeel Inaam Memon, prime minister announced 150 buses in the pool of 300 buses,” Abdul Rasheed Channa, the Chief Minister’s House spokesperson said, adding that the prime minister praised the provincial transport department.
Karachi, one of the largest cities in the world with a population of 20.3 million people, has 25,000 buses operating on over 700 routes covering the city. The number of private buses has decreased to 300 which operate on only 50 routes.
