Pakistan to announce 'alternative strategy' to save economy as talks with IMF stuck in limbo

The still image taken from a video of Pakistan's energy minister Khurram Dastgir's press conference on May 23, 2023. (Photo courtesy: local media)
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Updated 24 May 2023
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Pakistan to announce 'alternative strategy' to save economy as talks with IMF stuck in limbo

  • Pakistan’s energy minister blames ex-PM Khan and his supporters for damaging the economy through violence
  • Khurram Dastagir says the strategy will be jointly announced by the PM and his finance minister before budget

ISLAMABAD: Pakistan’s energy minister Khurram Dastagir said on Tuesday the government would announce an “alternative strategy” before presenting the annual budget to deal with the ongoing economic crisis as its negotiations with the International Monetary Fund (IMF) were still in a state of limbo.

Pakistan has been facing an economic turmoil for the last several months, with soaring inflation, a depreciating currency, and critically low foreign currency reserves. To avert the possibility of default, the government has been striving for the resumption of a stalled IMF loan program, though the global lender is yet to sign a staff-level agreement with Pakistan which has tried to meet most of its conditions.

As the country prepares to announce the budget for the next fiscal year on June 9, the energy minister said the government had prepared a contingency plan to keep the economy afloat and undo the damage caused by the prevailing political instability.

“The preparations for the budget are in their last stages as it has to be presented on June 9, but before that, the prime minister and the finance minister will collectively announce an alternative strategy to deal with the economic woes as well as a fascist assault on Pakistan [by former prime minister Imran Khan’s political party],” he said in an interview with Dawn News TV.

Dastagir was referring to the violent protests that unfolded in different Pakistani cities following the arrest of the ex-premier in a land fraud case on May 9. Protesters burned and vandalized public properties and sensitive military installations to demand the release of their leader. Khan was later released on bail by a court. However, a massive crackdown was launched against his Pakistan Tehreek-e-Insaf (PTI) party in the wake of the development.

The energy minister accused Khan’s political faction of “deliberately spreading uncertainty and anarchy” in Pakistan to damage the economy.

Khan was ousted in a no-trust vote in April last year and has since been seeking early elections in the country. He also instructed his party and its allies to dissolve two provincial assemblies earlier this year to mount pressure on the ruling coalition of Prime Minister Shehbaz Sharif to hold snap polls.

“We have to ponder over how Imran Khan and his supporters launched a fascist assault on Pakistan and indirectly targeted defense installations,” Dastagir said. “But the purpose was also to damage the economy of the country.”

 


Officials from global container logistics company in Pakistan for talks on developing ports

Updated 8 sec ago
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Officials from global container logistics company in Pakistan for talks on developing ports

  • Maersk is integrated container logistics company operating in 130 countries
  • Company delegation meets Pakistani finance and maritime affairs ministers 

ISLAMABAD: A delegation from a leading logistics company, A.P. Moller-Maersk (APM) Terminals, met Pakistani officials in Islamabad this week for talks on developing and modernizing the South Asian nation’s ports, state-run Radio Pakistan reported on Friday.
Maersk is an integrated container logistics company operating in 130 countries. APM Terminals has been developing and operating advanced ports and container terminals for over half a century and has 60 strategically located ports and container terminals around the globe and several more in development.
On Thursday, a delegation from the company led by its CEO Keith Svendsen separately met Pakistani Finance Minister Muhammad Aurangzeb and Minister for Maritime Affairs Qaiser Ahmed Sheikh.
“Pakistan is keen to explore future projects and investments with APM especially in the maritime sector,” Aurangzeb was quoted as telling the APM delegation in a report by Radio Pakistan. “The government is fully committed to facilitate an environment conducive to business and investments.”

Keith Svendsen (2L), CEO of A.P. Moller-Maersk Terminals, accompanied by Danish Ambassador Jakob Linulf (L) meets Pakistan’s Minister for Commerce Jam Kamal Khan (R) in Islamabad on April 25, 2024, to discuss prospective opportunities for APM Terminals in Pakistan. (Photo courtesy: Finance Ministry)

Radio Pakistan quoted Svendsen as telling Aurangzeb APM was “pleased” to engage with Pakistan and saw “great potential” in the Pakistani market.
“Affirming confidence in the country’s growth prospects and development agenda, he expressed commitment to enhance its investment and operations to support the country’s trade,” the report said. 
Svendsen and his delegation also met the maritime affairs minister and discussed investment prospects in Pakistan’s ports and terminals sector.
“The delegation head highlighted Moller-Maersk’s prominent global position and its robust relationship with Pakistan, which reflects a market share of approximately 20 percent in containerized import-export activities,” Radio Pakistan said. 
“Recognizing the immense growth potential, Keith Svendsen proposed investments to enhance integrated supply chain solutions, including the upgrading of ports and logistics infrastructure. The delegation pledged support for the advancement of maritime affairs in Pakistan and for nurturing a skilled workforce in this sector.”
On Monday, Pakistani and United Arab Emirates (UAE) officials performed the groundbreaking of a $175 million Bulk and General Cargo terminal as part of a new 25-year concession agreement signed between AD Ports Group and Karachi Port Trust (KPT) in Feb. 2024 to outsource operations of the terminal.
Under the terms of the agreement, Karachi Gateway Terminal Multipurpose Limited (KGTML), a joint venture between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company, will develop, operate and manage the Bulk and General Cargo Terminal, berths 11 to 17 at Karachi Port’s East Wharf.


Pakistani PM to attend Islamic Summit Conference in Gambia on May 4

Updated 16 min 12 sec ago
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Pakistani PM to attend Islamic Summit Conference in Gambia on May 4

  • Palestine, Islamophobia, climate change on agenda of meeting arranged by OIC
  • Summit to be attended by concerned heads of state such as PMs, presidents, emirs

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif will attend the 15th session of the Islamic Summit Conference organized by the OIC on May 4-5 in the Gambian capital of Banjul to discuss a variety of regional and global issues, including Palestine, Islamophobia, climate change and the status of minorities, state-run APP reported. 
The session will be held under the slogan “Enhancing Unity and Solidarity through Dialogue for Sustainable Development,” according to a press release issued by the OIC General Secretariat.
The Islamic Summit Conference attended by Sharif will be preceded by a preparatory meeting of senior officials on April 30 and May 1, who will discuss the documents of the session and submit a report to a preparatory meeting of the Council of Foreign Ministers (CFM).
“The preparatory CFM meeting will be held on May 1-2 to consider the results of the senior officials meeting and in turn, submit its report to the Summit,” the OIC said.
Pakistani foreign minister Ishaq Dar will attend the CFM meeting. 
“Leaders of the member states will discuss the political issues of the Islamic world, most notably the Palestinian cause, and the economic, humanitarian, social and cultural issues, in addition to the issues of youth, women, family, science and technology, information, Muslim communities and minorities in non-OIC member states, and legal matters,” the OIC said. 
The Summit will also tackle issues related to hate speech and Islamophobia, the promotion of dialogue, climate change and food security.
“The 15th session will issue a final communique that includes the OIC positions on the issues submitted to the Summit, a resolution on Palestine and Al-Quds Al-Sharif, and the Banjul Declaration,” the OIC added. 
The Islamic Summit is a principal organ of the OIC focused on the formulation, development, and implementation of decisions made by 57 member states. The Summit is attended by concerned heads of state such as prime ministers, presidents, emirs and other equivalent heads.


Hit repeatedly by floods in northwest Pakistan, 70-year-old to rebuild house for 10th time

Updated 34 min 16 sec ago
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Hit repeatedly by floods in northwest Pakistan, 70-year-old to rebuild house for 10th time

  • Mian Awal Khan lives in Charsadda district, prone to floods after heavy rains
  • 65 killed, 80 injured in heavy rains in Khyber Pakhtunkhwa province since Apr. 12

CHARSADDA, Pakistan: Mian Awal Khan stared at the remains of his house, destroyed by flooding in the River Khyali earlier this month, and cried quietly into his sleeve.

This is the 10th time the 70-year-old would have to rebuild his house in Charsadda, a district in Pakistan’s northwestern Khyber Pakhtunkhwa province prone to floods after heavy rains.

At least 65 people have been killed and 80 injured in downpours and subsequent flooding in KP since Apr. 12. Charsadda district is one of the worst hit, with three rivers, Jindi, Khyali and Kabul, meeting downstream at the Shahbara village.

Unfortunately for Khan, his house initially stood on the banks of the River Kyali and was first washed away by floods in 2010. He built a new house 500 meters away from that spot after the river carved out a path for itself on his land.

Flooding would destroy his house many times again.

“This will be the tenth time I will rebuild my house,” an emotional Khan told Arab News, seated on the concrete remains of his three-room house.

“My house was washed away by the floods six times when it was over there [initial spot] and four times when it was here.”

Khan’s 35-year-old son, Mian Fawadullah, said the family was unable to save any belongings on the day of the flooding.

“When we were busy rescuing our children and women, this [destruction] happened to our house,” he told Arab News. “We didn’t take any household items as our life was in danger. We left everything just as it was in its place.”

The flood had cost the family Rs1.5-1.6 million [$5,385-$5,744], Fawadullah said, and also destroyed 108,900 square feet of fields as well as washed away livestock and filled the fields with mud at a critical time for farming.

“Farming has also vanished now,” he lamented. “The wheat and the sugarcane have rotten in the water. This is a real mess. We do labor, prepare the field and the river washes it away [every single time].”

“EATEN MY YOUTH”

Flood survivors say they want the government to build protection walls and put in place preventative mechanisms in a country consistently ranked among the most affected by climate change impacts.

Unprecedented rains in 2022 triggered flash floods that killed over 1,700 people and caused damages worth $33 million.

Ihsan Dawar, a public relations officer at the KP Provincial Disaster Management Authority, said the government was carrying out relief works, particularly to rebuild around 3,500 houses partially or fully damaged in the recent floods.

“Up until this time, about Rs200 million [$718,096] have been distributed among the victims of the fresh spell of rain incidents,” Dawar told Arab News.

But Khan has little hope floods won’t wreak havoc on his life again.

“The river is not going to spare it [my house] here also,” he said, adding that it was cutting at the edges of the land like a “butcher cutting meat.”

When asked what he would do now, he broke down and cried quietly.

“This is too difficult,” he said about having to rebuild his house yet again. “It has eaten all my youth.”


He was ‘joyous’ in Australia, says family of Pakistani guard killed in Sydney attack

Updated 12 min 5 sec ago
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He was ‘joyous’ in Australia, says family of Pakistani guard killed in Sydney attack

  • Faraz Tahir, 30, was the only male killed in fatal Sydney knife attack on April 13
  • Tahir’s was working his first day shift when Bondi Junction stabbing took place

ISLAMABAD: The family of Faraz Tahir, a 30-year-old Pakistani security guard killed in a deadly shopping center knife attack in Sydney this month, said he had been “joyous” about making a new life for himself as a refugee in Australia. 
Six people were killed and 12 hurt when 40-year-old Joel Cauchi stabbed citizens at the Westfield Bondi Junction on April 13 in one of the city’s worst violent crimes in recent years. Among the dead were five women and Tahir, a refugee from Pakistan who worked as a security guard at the ball. 
Police have said the man who fatally stabbed the six people seemed to have targeted women, as the attacker’s family has opened up about Cauchi’s long history of mental illness and frustrations with women.
Mass killings are rare in the country of about 27 million people, which has some of the world’s toughest gun and knife laws.
Speaking to the media, Tahir’s brother Mudasar Bashir said the day he was killed was the first time he was working the day shift. 
“We are very proud of him because Islam, our religion, says that if you save even one human, you save all of humanity,” Bashir said. 
“So he saved, I don’t know how many people he saved in that time. I think there are lots of people.”
He said Tahir was happy to have moved to Australia from Pakistan.
“He was very happy, he was joyous,” Bashir said. “So, every time he was saying that ‘I am happy here, it’s a very good place. At least I can pray, I can go to my mosque’.” 
Bashir last spoke to his brother the night before the attack.
“Night [before the attack] we spoke and he said that ‘I have a job, let me sleep, it’s nighttime’,” Tahir’s brother said. “I said, ‘Okay don’t worry, sleep. We’ll talk tomorrow.’ And it was the last time we spoke with him.”
With inputs from Reuters


New Zealand outclass Pakistan to win 4th T20I

Updated 25 April 2024
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New Zealand outclass Pakistan to win 4th T20I

  • Opener Tim Robinson hit a half-century to ensure New Zealand reached 178-7 in 20 overs
  • Pacer William O’ Rourke returned figures of 3-27 to keep Pakistan down to 174-8 in 20 overs

LAHORE: Experienced allrounder Jimmy Neesham kept his cool to defend six off the last ball to clinch a four-run victory for New Zealand on Thursday in the fourth Twenty20 international against Pakistan in Lahore.

Pakistan needed 18 off the last over in their chase of 179 but Neesham came out in flying colors despite being hit for a boundary off the first ball, giving a packed Qaddafi Stadium crowd heartbreaks.

Opener Tim Robinson hit a maiden half century to lift New Zealand to 178-7 in 20 overs before pacer William O’Rourke claimed 3-27 to keep Pakistan down to 174-8.

Returning allrounder Imad Wasim (22 not out) managed to hit the last ball for a single as New Zealand take an unassailable 2-1 lead in the five-match series with the last game on Saturday, also in Lahore.

Pakistan also lost the third match by seven wickets after winning the first by the same margin while the first match was abandoned after just two balls — all three in Rawalpindi.

The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup to be held in the United States and the West Indies in June.

New Zealand, missing a host of players due to Indian Premier League, injuries and unavailability, can feel elated at their bench strength going into the World Cup.

Pakistan sensed they were in with a chance when Fakhar Zaman, who made 45-ball 61 with three sixes and four boundaries, lifted Pakistan from 79-4 with a 59-run stand for the fifth wicket with Iftikhar Ahmed who made a 20-ball 23.

But O’Rourke, playing only his fourth T20I, dismissed Ahmed to add to his wickets of Babar Azam (five) and Saim Ayub (20) to give New Zealand a boost.

Fellow pacer Ben Sears (2-27) claimed Zaman’s wicket with 33 needed off 14 balls.

Earlier, Robinson batted with aggression.

Robinson’s 36-ball 51 with two sixes and four fours lifted New Zealand — who were sent in to bat — to 93-1 in 10 overs before Abbas Afridi’s career best 3-20 helped Pakistan pull back.

New Zealand started briskly with Robinson and Tom Blundell, who made 28 off 15, putting on 56 for the opening stand in five overs.

But from 94-1 New Zealand lost three wickets, including that of dangerman Mark Chapman for eight, as Pakistan’s fielders held catches to back some good bowling by Abbas.

Dean Foxcroft chipped in with 34 off 26 deliveries and skipper Michael Bracewell added 27 to keep the scoreboard ticking as New Zealand managed 43 in the last five overs.

Pakistan were forced to make five changes as wicketkeeper-batter Mohammad Rizwan and Muhammad Irfan Khan were injured while they rested Shaheen Shah Afridi, Naseem Shah and Abrar Ahmed.