ISLAMABAD: A leading international financial institution has urged politicians and policymakers in Pakistan to jointly develop an economic reform program and work toward climate-resilient and sustainable development at a time when the upcoming general elections are fast approaching in January.
Over the past few years, Pakistan has undergone one of the most challenging economic phases in its history, marked by record-high inflation, severe balance of payment crisis, critically low foreign exchange reserves, and historic depletion in its currency against the US dollar.
While the country averted default on its international obligations with a $3 billion bailout from the International Monetary Fund (IMF) this year, it still needs to stabilize the economic situation to ensure long-term sustainability.
The World Bank, which has traditionally played a strong role in influencing policy discussions and provided development guidance to countries, decided to make its draft discussion notes available to the Pakistani public prior to the upcoming elections.
It said the move aimed at fostering more productive outcomes and facilitating discussions among an array of stakeholders to identify essential policy changes required to guide the economy toward sustainable growth.
“Pakistan is at a critical moment, possibly at a turning point moment and the economic situation is dire, so a difficult adjustment is needed to restore growth sustainably,” World Bank Country Director Najy Benhassine said during the launch of a new program called “Reforms for a Brighter Future: Time to Decide” in Islamabad this week.
He said that to streamline its economy, Pakistan needed a “broad-based policy shift” that went beyond mere labeling as a “Charter of Economy” and focuses on achieving consensus on a minimum reform agenda.
“There was a lot of stop-and-go as well as policy reversals in the past, so there is a need for a broader economic reforms agenda with full implementation mechanism,” he continued.
As part of the newly launched program, the World Bank and Pakistan Institute of Development Economics conducted extensive consultations across the country to seek inputs and feedback on the recommendations included in the draft discussion notes, the international financial institution said in a statement.
These included discussions with students across 21 universities and provincial roundtables with thinkers from academia, and the public and private sectors.
“Participants in all four provinces have shared insights and perspectives that have helped shape the understanding of what it would take to put Pakistan back on a path toward sustainable, climate-resilient, and inclusive growth.”
It added that the program would continue in the coming months in both online and at in-person formats in the country.
The notes, according to the statement, propose a set of fundamental policy changes for Pakistan, which include improving service delivery and social protection systems, particularly for vulnerable communities.
They recommend prioritizing investments in public services, infrastructure, and climate adaptation. Additionally, the notes suggest creating a more inclusive, efficient, and equitable tax system.
They also advocate for a transition to a more dynamic open economy driven by private investment and exports, as well as promotion of a market-driven and productive agricultural sector.
Finally, they call for a shift toward a sustainable and clean energy sector and emphasize the importance of establishing accountable, efficient, and transparent government practices, even at the local level.
World Bank urges collaborative economic reform in Pakistan ahead of national elections
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World Bank urges collaborative economic reform in Pakistan ahead of national elections
- The international financial institution says Pakistan must create economic reform plan for climate-resilient growth
- It calls for a comprehensive policy shift beyond ‘charter of economy label,’ prioritizing minimal reform consensus
Pakistan’s top court resumes hearing on alleged intelligence interference in judiciary
- The Supreme Court took up the case after six high court judges accused powerful spy agencies of intimidating them
- Chief Justice Qazi Faez Isa says that judgments and court orders ‘shout’ on their own if there has been any meddling
ISLAMABAD: Pakistan’s top court on Tuesday resumed the hearing of a case involving accusations by six high court judges of interference and intimidation by the country’s powerful intelligence agencies in judicial matters.
The Supreme Court of Pakistan took up the case after six out of the eight Islamabad High Court judges accused the military’s Inter-Services Intelligence (ISI) agency of intimidating and coercing them over legal cases, particularly those with significant political consequences.
The judges provided various examples of alleged interference, including a case concerning Pakistan’s imprisoned former prime minister, Imran Khan. They also mentioned incidents where they said their relatives were abducted and tortured, and their homes were secretly surveilled, aiming to coerce them into delivering favorable judgments in specific cases.
Chief Justice of Pakistan (CJP) Qazi Faez Isa, who has repeatedly noted that judicial meddling would not be tolerated, mentioned that such interference could occur in multiple ways.
“Interference can be from within and without, from intelligence agencies, from one’s colleagues and family members or from social media,” he said.
He maintained that judgments and court orders “shout” on their own if there has been interference.
The CJP initially constituted a seven-member bench that last heard the matter on April 3. However, the bench had to be reconstituted after Justice Yahya Afridi recused himself.
Prior to that, the top Supreme Court judge also discussed the matter with Prime Minister Shehbaz Sharif, during which it was decided to form an inquiry commission.
However, a former Pakistan chief justice, Tassaduq Hussain Jillani, who was asked to head the commission, recused himself, asking the Supreme Court to deal with the issue on an institutional level.
Pakistani actress Mahira Khan bags ‘Artist in Fashion’ award at EMIGALA ceremony in Dubai
- EMIGALA awards in Dubai acknowledge creative and innovative impacts in the beauty and fashion industries
- With a string of successful projects in film and TV, Mahira Khan is considered Pakistan’s most successful actress
ISLAMABAD: Pakistani actress Mahira Khan bagged the “Artist in Fashion” award at the recently held prestigious EMIGALA awards in Dubai, where some of the world’s biggest names in fashion and beauty worldwide were honored.
Khan was in attendance at the award ceremony held at Festival Bay in Dubai on Apr. 27 and 28. The event featured an array of A-list attendees such as Brazilian-American beauty personality Camila Coelho, Lebanese-British fashion entrepreneur Karen Wazen, Dubai Bling star Loujain Adada, social media sensation Narins Beauty, Indian singer Arjit Singh and Khan, among others.
The EMIGALA awards acknowledge the creative and innovative impacts of global celebrities in the realms of beauty and fashion.
“The Artist in Fashion, Mahira Khan,” Emi Gala Awards wrote on Instagram with a picture of Khan posing with her trophy on Monday.
Khan is counted among Pakistan’s most prolific actresses, gaining widespread recognition for her work in her country’s entertainment industry. The Pakistani actress became a household name after a string of successful drama serials following which she forayed into movies and made her mark across the border in India.
She had her Bollywood debut opposite iconic actor Shah Rukh Khan in a crime action film, “Raees,” which was released in 2017. The Pakistani celebrity was also working on other Indian movie projects, though they could not take off when relations between the two countries deteriorated in 2016 after an Indian army brigade headquarters came under attack in Uri. The administration in New Delhi suspected Pakistan’s involvement which was denied by officials in Islamabad.
In 2021 Khan achieved another milestone when she debuted at the Cannes Film Festival, representing L’Oreal Paris Hair in her country. She has also represented various renowned local brands such as Elan, Zohra Rahman, and Menahel and Mehreen.
Death toll from heavy rains in northwestern Pakistan surges to 92
- Heavy rains in Pakistan’s northwest have injured 110, destroyed 4,200 houses since Apr. 10, says authority
- Prone to natural disasters, Pakistan consistently ranks among countries most affected by impacts of climate change
PESHAWAR: The death toll from rain-related incidents in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province since Apr. 10 has surged to 92 while the number of injured has increased to 116, a spokesperson of the Provincial Disaster Management Authority (PDMA) confirmed on Tuesday.
The rains which began on Apr. 10 have destroyed 4,200 houses and damaged 5,900 others, PDMA spokesperson Anwar Shehzad shared. At least 17 people have been killed and 23 injured in rain-related incidents over the past three days, as per data from the PDMA’s latest report on Tuesday.
The report said the 17 dead included nine men, three women and five children while the 23 injured included nine men, three women and 11 children. Deaths and financial losses due to heavy rains were reported in Bajaur, Swat, Mansehra, Battagram, Dir Lower, Malakand, Lakki Marwat, Shangla, Mohmand and South Waziristan districts, the PDMA report added.
“At least 92 persons have died including women, children, and elderly people while 116 others were wounded since Apr. 10 in incidents involving roof collapse and lightning in parts of the province,” Shehzad told Arab News.
The PDMA’s report said the authority, district administrations and relief teams are engaged in relief activities in the affected districts. “The PDMA has also directed district administrations of the affected districts to provide immediate financial support to the victims,” it added.
Pakistan has received heavy rains this month that have triggered landslides and flash floods in several parts of the country.
The eastern province of Punjab has reported 21 lighting- and roof collapse-related deaths, while Balochistan, in the country’s southwest, reported at least 15 deaths this month from torrential rains.
In 2022, unprecedented rains swelled Pakistan’s rivers and at one point flooded a third of the country, killing 1,739 people. The floods also caused over $30 billion in damages, from which Pakistan is still trying to rebuild.
Pakistan has been prone to natural disasters and consistently ranks among the most severely affected countries in the world due to the effects of climate change.
Pakistani PM says IMF approval of $1.1 billion funding to bring economic stability
- Funding is last tranche of a $3 billion standby arrangement with the IMF secured last year
- Islamabad is seeking a new, larger long-term Extended Fund Facility agreement with the IMF
ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday the International Monetary Fund’s approval of $1.1 billion in funding for Pakistan would bring economic stability, amid discussions for a new bailout loan.
The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which Islamabad secured last summer to help avert a sovereign default.
The approval came a day after Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum in Riyadh.
“Sharif expressed his satisfaction over the release of the last financial tranche of the IMF today,” the Prime Minister’s Office (PMO) said in a statement. “Receiving the last tranche of 1.1 billion dollars from the IMF will bring more economic stability in Pakistan.”
This is the second Stand-by Arrangement (SBA) for short-term financial assistance that Pakistan has completed, the last one being in 2016 during the government of three-time PM Nawaz Sharif, who is Sharif’s elder brother.
“Bitter and difficult decisions were taken for the economic security of Pakistan, but their fruits are coming in the form of economic stability,” Sharif added about reforms under the IMF program.
The $350 billion economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.
Islamabad is seeking a new, larger long-term Extended Fund Facility (EFF) agreement with the fund after the current standby arrangement expires this month, and continuing with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing.
Aramco acquires 40% stake in GO, marking first entry into Pakistani fuel retail market
- Saudi oil giant Aramco inked agreement to buy 40 percent stake in Gas and Oil Pakistan Ltd. in December 2023
- Acquisition to bring much-needed foreign direct investment in Pakistan’s energy sector, says competition commission
KARACHI: The Competition Commission of Pakistan (CCP) this week approved Saudi oil giant Aramco’s decision to acquire a 40 percent stake in local company Gas & Oil Pakistan Ltd, officially marking the Saudi company’s entry into Pakistan’s fuels retail market.
Aramco and Gas signed the agreement to acquire 40 percent stake in Gas and Oil Pakistan Ltd., a licensed oil marketing company, in December 2023. Gas and Oil Pakistan Ltd. is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. It is also one of Pakistan’s largest retail and storage companies.
Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply and develops cutting-edge energy technologies. Aramco Asia Singapore Pte. Ltd., a Singaporean company wholly owned by Saudi Aramco, filed the pre-merger application with the CCP. It specializes in sales, marketing, procurement, logistics, and related services, with a focus on prospecting, exploring, drilling, extracting, processing, manufacturing, refining, and marketing hydrocarbon substances.
“The Competition Commission of Pakistan (CCP) approved a 40 percent equity stake acquisition in Gas & Oil Pakistan Ltd. (GO) by Aramco, a global leader in integrated energy and chemicals,” the CCP said in a statement on Monday. “This transaction marks Aramco’s first entry into Pakistan’s fuels retail market, underscoring its confidence in the country’s economic potential and its commitment to its growth.”
The CCP said it had authorized the merger after determining that the acquisition would not result in the acquirers’ “dominance” in the relevant market post-transaction.
“Aramco’s acquisition indicates a significant milestone in Pakistan’s energy sector, bringing advanced expertise and technology to the fuels retail market,” it said. “This development is expected to boost competition, elevate service standards, and provide consumers with a broader range of high-quality products.”
The CCP said the acquisition would help bring much-needed foreign direct investment in Pakistan’s energy sector, contributing to economic growth and development of the country.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed Bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Pakistan’s Prime Minister Shehbaz Sharif, who is in Saudi Arabia for a special meeting of the World Economic Forum, held meetings this week with Saudi Arabia’s ministers of energy, economy and planning, and environment, according to his office.
In a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman on Monday evening, Sharif highlighted initiatives undertaken by Pakistan to facilitate investment in the energy sector. The Saudi side showed keen interest in Pakistan’s energy projects highlighted by Sharif, the Prime Minister’s Office (PMO) said.
The proposed projects included building new and improving existing energy infrastructure, increasing focus on renewable energy, and bringing efficiency across entire energy ecosystem in Pakistan, according to the statement.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Both countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.
