Pakistan’s finance minister says additional deposit from Saudi Arabia expected soon

Pakistan finance minister Ishaq Dar (center) gestures during a press briefing on the country's economic conditions in Islamabad on January 4, 2023. (Photo courtesy: Associated Press of Pakistan)
Short Url
Updated 04 January 2023
Follow

Pakistan’s finance minister says additional deposit from Saudi Arabia expected soon

  • Ishaq Dar promises improved foreign exchange reserves by the end of this fiscal year
  • The finance minister informs China is in the process of rolling over $1.2 billion deposit

ISLAMABAD: Pakistan’s finance minister Ishaq Dar said on Wednesday the government was hoping to receive an additional financial deposit from Saudi Arabia in the coming days which would strengthen the position of its foreign currency reserves.

According to official figures, the forex reserves with Pakistan’s central bank plummeted to $5.8 billion in December which only provided an import cover of about a month to the country.

The dip in the foreign reserves arrived amid a major balance of payment crisis and currency depreciation, raising suspicion the that country could default on its international financial obligations.

Dar acknowledged in a news conference in Islamabad that Pakistan was facing a tough economic challenge, though he maintained the government was working on multiple fronts to deal with the situation and rescue to the country.

“We will deliver to you, until 30th of June, a much better forex position than you can think,” he promised the media. “We are working on that. There will be a combination of things, and we will be working on it day and night.”

Asked if he had received “concrete” financial commitments from China and Saudi Arabia, he said: “I am hopeful that Saudi Arabia will beef up its deposits in a matter of days, not weeks.”

The finance minister informed that China was also in the process of rolling over its deposit, though its system required Pakistan to return the money before it could be handed back to Islamabad.

He said the rollover amount, in case of China, was $1.2 billion.

“Once the facility is renewed and it is paid back, it will go straight into our reserves,” he continued. “What we get from Saudi Arabia will also beef up our reserves. Apart from all this, we are working on several other transactions.”

Dar said the government was focusing on privatization, working to improve the investment environment and prevent further economic bleeding.

He maintained the country’s prevailing political situation was making it difficult for the government to fix the financial situation.

“But these are things that you cannot do overnight,” he added. “The negative environment is weighing down the economy.”

The finance minister criticized the Pakistan Tehreek-e-Insaf (PTI) administration for ruining the national economy, saying the country’s present financial situation was not the result of what the new government had done in the last eight months.

He noted that former prime minister Imran Khan’s PTI government had even reneged on sovereign commitments given to international financial institutions before it was brought down in a no-trust vote last April, making the job of the new administration even more difficult.


In Peshawar, 76-year-old artist struggles to keep near-extinct Mughal wax art alive

Updated 4 sec ago
Follow

In Peshawar, 76-year-old artist struggles to keep near-extinct Mughal wax art alive

  • Craft involves intricate process using heated wax, oil, pigments, limestone to create textured, miniature artworks
  • Riaz Ahmad, who has trained his son in wax art, says he hopes to train more people to preserve traditional craft 

PESHAWAR: Riaz Ahmad, 76, stirs wax in a small plastic can with a long chopstick, takes it out on the palm of his left hand and adds natural color before drawing designs on a piece of cloth.

Surrounded by several such pieces of black cloth with unique art, Ahmad strives every passing day to keep the 500-year-old, Mughal-era wax art alive at his home near the Lahori Gate in the northwestern Pakistani city of Peshawar.

Ahmad comes from a well-known family of wax artists who were based in Shillong and Darjeeling in present-day India and had migrated to Peshawar during the 1947 partition of the sub-continent.

His work remains rooted in tradition, faithfully repeating patterns passed down through generations and winning Ahmad several awards both at home and abroad in recognition of his dedication.

“I have been making the same Mughal era designs that my forefathers used to make,” he told Arab News last week.

 

“I went to India in 2004, where I received the UNESCO Seal of Excellence [for Handicrafts] award... On 23 March, 2012, the Government of Pakistan awarded me the Tamgha-i-Imtiaz.”

The near-extinct traditional craft, which is believed to have originated in Central Asia and refined under the Mughal patronage, particularly in Peshawar, involves an intricate process using heated wax, linseed oil, powdered pigments, and limestone to create detailed, textured and often colorful miniature artworks by hand.

Ahmad learnt wax art from his father, Miran Bakhsh, nearly six decades ago.

“My parents used to do this work in Shillong and Darjeeling [in present-day India]. They had a shop there, and after the Partition, they migrated to Peshawar, Pakistan,” he said. “When they came here, they started doing the same work.”

A basic piece of his work costs around Rs3,000 ($10.7). A larger piece made on order can fetch between Rs5,000 and Rs15,000 ($17-$53), but such orders are rare.

“Wax and colors have become expensive. When I sell a piece for Rs3,000, around Rs1,000 goes into expenses, and Rs2,000 is my daily wage,” Ahmad said.

But the 76-year-old worries more about the future of the art form, which he insists cannot be learned quickly and requires “love and dedication.”

“Some people say they want to come, some from Karachi and some from Lahore, but it becomes difficult for me to go there or for them to come here,” he said.

Most wax artists in Peshawar have abandoned the art due to a lack of institutional support, according to Ahmad, who relies primarily on exhibitions to earn a living.

“The reason [for the decline of this art form] is that the government does not pay attention. They are caught in their own conflicts, and the culture is suffering,” Ahmad said.

“Other artists have left this art. Some are selling rice and some are driving rickshaws,” he added. “I have been doing this work inside my house. If there is any event, we go there and sell our art.”

Saad Bin Awais, a spokesperson for the Khyber Pakhtunkhwa Culture and Tourism Authority (KPCTA), said the government has engaged artisans in several projects. He said some of these projects have come to an end while others are ongoing.

“Riaz Ahmad is the only wax artist in Khyber Pakhtunkhwa and the authority is serious about facilitating him,” he said, adding that the KPCTA facilitates Ahmad’s participation in exhibitions across the country to showcase his art.

“We have also been collecting data of artists in Khyber Pakhtunkhwa for an upcoming project to facilitate them in any way possible.”

Ahmad has trained his son, Fayyaz, in wax art who now practices it in Islamabad. The septuagenarian says he wishes to train more people to preserve the dying art form.

“I cannot leave this work,” he said. “I will continue this art even though my hands shake.”