Pakistan says special Hajj flight for parliamentarians to depart for kingdom on Sunday

This picture taken on May 21, 2023, shows a general view of the international departure area of the Islamabad International Airport in Islamabad. (AN Photo/File)
Short Url
Updated 24 June 2023
Follow

Pakistan says special Hajj flight for parliamentarians to depart for kingdom on Sunday

  • Pakistan’s finance minister says government arranged flight under special agreement with Saudi authorities
  • Ishaq Dar says special Hajj flight would depart from Pakistan during early morning on Sunday, June 25

ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar on Saturday said the government had arranged a special flight for parliamentarians to go to Saudi Arabia for Hajj on Sunday morning, adding that the arrangement was made after entering an agreement with the Saudi authorities. 

This year, Saudi Arabia reinstated Pakistan’s pre-pandemic Hajj quota of 179,210 pilgrims and scrapped the upper age limit of 65 in January. About 80,000 Pakistani pilgrims are expected to perform the pilgrimage under the government scheme this year, and the rest have been facilitated by private tour operators.

Pakistan launched a special flight operation for pilgrims on May 22. The first group of flights was directed to Madinah, where people performing Hajj under the government scheme spent approximately eight days before traveling onwards to Makkah. Flights to Jeddah started in the first week of June. Meanwhile, the last Hajj flight departed from Pakistan on June 20.

“Some of our fellow [parliamentarians] want to go for Hajj, therefore, we have arranged a special last flight for them tomorrow (Sunday) under the protocol and in agreement with the Saudi authorities, as they were not allowing Hajj flights in between June 22- 23,” Dar said during his speech in parliament.

“Therefore, our parliamentarian brothers and sisters can avail this [opportunity], and since pilgrims already in Saudi Arabia are moving towards Mina for the Day of Arafat, these [parliamentarians] would very easily join them to perform the Hajj.”

He added that the flight would depart from Pakistan early in the morning on Sunday, therefore, all parliamentarians who intend to perform the religious ritual can go to the kingdom via the flight.

“Once they are in [Makkah], I ask them to pray for the country to be able to steer itself out of the problems it has been facing for the last few years and move toward betterment.”


Pakistan stocks close at record high over current account surplus, falling bond yields

Updated 9 sec ago
Follow

Pakistan stocks close at record high over current account surplus, falling bond yields

  • KSE-100 index gains 1,646.79 points or 0.97% to close at new high of 171,960.64 points
  • Pakistan’s central bank posted a current account surplus of $100 million in November

KARACHI: Pakistani stocks closed at an all-time high of 171,960.4 points on Thursday, with financial analysts attributing the surge to increasing investor confidence stemming from a current account surplus reported in November and a drop in government bond yields.

The benchmark KSE-100 index gained 1,646.79 points or 0.97% to close at an all-time high of 171,960.64 points on Thursday. The previous day, Pakistani stocks surged to 170,313.85 points at close of business. 

Ahsan Mehanti, chief executive officer at Arif Habib Commodities, said the optimistic mood at the stock exchange was fueled by the $100 million current account surplus reported by the central bank in November.

“Speculations ahead of year-end close and fall in government bond yields up to 70 basis points after the SBP (State Bank of Pakistan) policy easing played the catalyst role in bullish activity at PSX,” Mehanti told Arab News. 

The surplus was a welcome development for Islamabad as Pakistan’s central bank reported a $291 million deficit in October.

Topline Securities, a Pakistani brokerage firm, said in its daily market review that strong buying by local funds followed a drop in Pakistan Investment Bond (PIB) yields, which boosted investor confidence.

PIB yields are the returns on bonds or government-backed securities that pay fixed semi-annual interest, with rates influenced by market demand and SBP auctions.

“Strength in ENGRO (Engro Corporation), FFC (Fauji Fertilizer Company), UBL (United Bank Limited), LUCK (Lucky Cement) and BAHL (Bank AL Habib) underpinned positive momentum, collectively contributing 1,504 points to the index,” the brokerage firm wrote on X. 

“This upside was partly offset by declines in PIOC (Pakistan International Oil Company), DHPL (D.H. Corporation Limited) and MLCF (Millat Tractor Limited), which together subtracted 176 points.”

The sustained rise in equities comes amid improving liquidity conditions and continued investor participation, with market participants focusing on corporate earnings, sector-specific developments and broader macroeconomic signals.

Earlier on Monday, Pakistan’s central bank cut its key policy interest rate by 50 basis points to 10.5%, a move that surprised analysts and followed four consecutive policy meetings where rates were held unchanged.

The cut came despite an International Monetary Fund staff report earlier this month cautioning against premature monetary easing.

Inflation eased to 6.1% in November, remaining within the SBP’s target band, though analysts have warned that price pressures could resurface later in the fiscal year as base effects fade and food and transport costs remain volatile.