Gulf nations to invest billions of dollars in Pakistan under economic revival plan — PM

Pakistan Prime Minister Shehbaz Sharif addresses nation in Islamabad, Pakistan, on May 27, 2022. (Government of Pakistan/FILE)
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Updated 30 June 2023
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Gulf nations to invest billions of dollars in Pakistan under economic revival plan — PM

  • Sharif this month announced setting up Special Investment Facilitation Council with army in key role
  • Agriculture, information technology and defense production key elements of the economic revival plan

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif said on Friday billions of dollars would come into Pakistan in the future in the form of investments from Gulf nations as part of a new economic revival plan devised by his government.

Sharif was speaking at a press conference a day after Pakistan and the IMF International Monetary Fund signed an agreement for the provision on $3 billion in bailout funds under a stand-by arrangement (SBA).

Despite the larger than expected IMF bailout, the agreement stressed that Pakistan will have to continue to mobilize multilateral and bilateral financial support. Saudi Arabia and the United Arab Emirates have pledged a combined $3 billion that is expected to come in now that the IMF deal has materialized. Debt rollovers from China, Pakistan’s largest creditor, will also be key.

Ensuring the materialization and building of a spending framework for pledges secured earlier this year in an international donor conference will be key. Over $9 billion in climate-related pledges were made to help Pakistan recover from devastating floods in 2022.

Pakistan needs $22 billion to fund its external payment obligations, including international debt servicing, in the financial year 2024, that starts on Saturday, July 1, and ends on June 30, 2024.

Earlier this month, Sharif announced his government new economic revival plan, including setting up a Special Investment Facilitation Council (SIFC) to attract foreign investment, particularly from Gulf nations.

“Four million jobs will be created under this economic revival plan,” Sharif told reporters. “Billions of dollars in investment will come from Gulf nations.”

He said agriculture, information technology and defense production were key elements of the new plan.

“Today if we want to get rid of these loans, then we must bring investments from Gulf states, billions of dollars … back-to-back agreements,” Sharif said.

“These agricultural resources, lands will be utilized by them [Gulf nations], they will bring their technology and manpower here, millions of jobs will be created, they will take the produce according to their required quality and we will not have to give the profits in dollars … Similarly, they can process our mineral resources and produce the final products and the profits will go but not in terms of dollars but in commodities. Same for IT.”

A notification dated June 17 from the Prime Minister’s Office said SIFC was being set up after a meeting on June 2 to discuss attracting investments in energy, IT, minerals, defense and agriculture from GCC countries.

The military will have a significant role in the new body, with the army chief being a member of its apex committee and the army itself serving as the national coordinator for both the apex and executive committees. An army official will also be the director general of the body’s implementation committee.

At a meeting at the Prime Minister’s Office on SIFC on Tuesday, Army Chief Asim Munir “assured Pakistan Army’s all out support to complement Government’s efforts for Economic Revival Plan, considered fundamental to socio-economic prosperity of Pakistanis and reclaiming Pakistan’s rightful stature among the comity of nations.”


Survivor recalls ‘chaos’ after suicide bomber struck Islamabad mosque

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Survivor recalls ‘chaos’ after suicide bomber struck Islamabad mosque

  • Witnesses say worshippers were bowing in prayer when blast tore through imambargah
  • Authorities blame Daesh network, say attack planned and bomber trained in Afghanistan

ISLAMABAD: Hamza Ali Naqvi was bowing with his hands on his knees during Friday prayers when the first shot rang out. The 21-year-old university student initially mistook the sharp crack for distant fireworks. Seconds later, a second shot, much louder and much closer, resounded through the Qasr-e-Khadijatul Kubra mosque.

“We were prostrating,” Naqvi recalled, his eyes still showing signs of fear as he described the moment the floor beneath him shook from the force of the blast. “I immediately got up, looked around and [saw that] chaos had broken out.”

Friday’s suicide bombing in the Tarlai Kallan area on the outskirts of Islamabad has left 32 people dead and over 150 injured, marking the deadliest assault on the Pakistani capital in nearly two decades. On Saturday, a police officer was killed and four suspects, including an “Afghan Daesh mastermind” behind the attack, were arrested in overnight raids in Peshawar and Nowshera, according to a statement released by Pakistan’s Interior Ministry on social media.

For the survivors, everything else is secondary to the carnage they witnessed in the moments that followed the blast. Naqvi, who had been standing near the door in the fifth or sixth row, said that he stepped over the bodies to reach the epicenter of the explosion.

“When I reached there, I saw a severed head,” he said. “I found out later that it was the head of the attacker.”

“Because people were prostrating, most injuries were to the legs and backs,” he added. “When we lifted the injured, their legs were broken. Those whom I personally helped had broken legs. As we were lifting them, they were screaming and crying.”

Among the screams was the voice of a child, no older than 10, standing over the body of his father, Naqvi recalled as he prayed for the departed souls at the graves of those laid to rest on Saturday.

“I have become an orphan,” he said, quoting the boy who was screaming.

“We were helpless,” he added. “There was nothing we could do.”

While Naqvi was trying to help the injured, 24-year-old Malik Aon Abbas did not survive the attack. Abbas, who had just been engaged and was set to be married later this year, is being hailed as a hero by his family who say he prevented an even higher death toll.

His younger brother, Muntazir Mehdi, said Abbas was in the back rows when two attackers stormed into the mosque. One of them reportedly fled, but the other, already wounded by gunfire from security guards, rushed toward the main congregation.

“The attacker continued firing inside, but my brother abandoned his prayer and caught him,” Mehdi said. “He restrained him and grabbed him. As soon as my brother took hold of him, the attacker detonated himself.”

Mehdi, who shared a deep bond with his brother through their mutual love of religious gatherings and Abbas’s hobby of going live on TikTok, said the family stood between grief and pride.

“Because of my brother, had he, God forbid, not stopped this man, a very major tragedy would have occurred,” Mehdi continued. “He has raised all our heads with pride.”

Pakistan’s interior ministry said on Saturday the attack was carried out by Daesh, with its planning and the bomber’s training being done in Afghanistan.

“The nexus of terrorism under Afghan Taliban patronage remains a serious threat to regional peace,” it said in a social media post, adding that a law enforcement official was killed during the raids carried out to capture the facilitators of the attacker.

Taliban’s Afghan government has denied any role in the attack advising Pakistani authorities to “fulfil their obligations, responsibly review their policies, and adopt a constructive approach based on positive engagement and cooperation.”

For survivors like Naqvi, the horror of that Friday is far from over.

“I went to university, but even there, the same images kept coming back,” he said. “It keeps replaying in my mind. It is difficult to come out of it.”