PM Sharif arrives in London to attend Queen Elizabeth’s funeral

Pakistan's Prime Minister Shehbaz Sharif arrives in London on September 17, 2022 to attend Britain's Queen Elizabeth funeral. (Twitter/@PakPMO)
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Updated 18 September 2022
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PM Sharif arrives in London to attend Queen Elizabeth’s funeral

  • The prime minister is en route to New York to attend the United Nations General Assembly session
  • The UN session is likely to focus on Ukraine, though the PM will discuss the recent floods in Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif arrived in London on Saturday to attend the funeral of Queen Elizabeth II who died at Balmoral Castle in Scotland on September 8.
The Queen ruled the United Kingdom and acted as the head of the Commonwealth realm for over 70 years, making her the longest serving British monarch in history.
According to the British media, the Queen’s funeral would be held at Westminster Abbey in London, where she was also crowned, on Monday, September 19.
The Pakistani prime minister, who is also accompanied by senior cabinet members, would represent his country on the occasion and attend a party meeting in London where the founding leader of his political faction, Nawaz Sharif, has been living since securing a medical bail after being convicted in a corruption reference.
“Prime Minister Muhammad Shehbaz Sharif being received on his arrival in London,” proclaimed a Twitter post shared by his office along with a photo of him stepping out of his plane.

 

 

The prime minister was received by Pakistan’s envoy to the United Kingdom Moazam Ali Khan and a special representative of the British foreign secretary at the airport.
After making a brief stopover in London, Sharif will leave for New York where he will attend the 77th Session of the United Nations General Assembly.
While the gathering of the world leaders is expected to be dominated by the Ukraine crisis, the prime minister will focus on climate-induced floods in Pakistan that have killed more than 1,500 people and displaced about 33 million.
The Pakistani government has already urged the international community to help it with the rehabilitation activities while pointing out that the climate catastrophe was primarily triggered by developed nations whose economic policies were proving detrimental to the global environment.
 


Pakistan stocks edge higher as export financing, industrial power tariffs are cut

Updated 8 sec ago
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Pakistan stocks edge higher as export financing, industrial power tariffs are cut

  • KSE-100 index gained 1,607.26 points, or 0.88%, to close at 183,945.38
  • Rebound follows steep sell-off a day earlier amid regional geopolitical tensions

ISLAMABAD: Pakistan’s stock market rebounded on Friday, with the benchmark index gaining more than 1,600 points, as analysts pointed to cuts in export refinancing rates and lower electricity tariffs for industrial consumers as key drivers of the recovery.

The KSE-100 index rose 1,607.26 points, or 0.88%, to close at 183,945.38, up from 182,338.12 a day earlier, according to Pakistan Stock Exchange (PSX) data.

The uptick followed Prime Minister Shehbaz Sharif’s announcement of a Rs4.4 per unit cut in electricity tariffs for industrial consumers, alongside a reduction in the export refinance rate from 7.5% to 4.5%.

“Stocks staged an early recovery at the PSX on institutional buying in oversold scrips after the prime minister’s assurance to renegotiate the IMF deal, along with cuts in the export refinance rate to 4.5% and industrial power tariffs by Rs4.4 per unit,” Arif Habib Commodities Chief Executive Officer Ahsan Mehanti told Arab News.

He added that higher global crude oil prices and earnings-season speculation also acted as catalysts for bullish activity.

According to local media reports last week, Pakistan is seeking flexibility in IMF lending conditions for the 2026–27 budget and aims to renegotiate its agreement to complete the remaining $7 billion under the Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF) by September 2027.

The rebound came a day after Pakistani stocks plunged 6,042.26 points on Thursday, a drop analysts attributed to heavy selling and heightened geopolitical tensions between Iran and the United States.

Those concerns intensified after US President Donald Trump warned Iran this week that “time is running out” to reach a deal on its nuclear program, amid a steady buildup of US military forces in the Gulf.