Pakistan’s economy fared best in past three decades under Nawaz Sharif — Bloomberg Economics report

Pakistan's former Prime Minister and leader of Pakistan Muslim League Nawaz (PMLN) party Nawaz Sharif (R) with his daughter Maryam Nawaz (L) waves to supporters during an election campaign rally at Mansehra in Khyber Pakhtunkhwa province on January 22, 2024. (AFP)
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Updated 23 January 2024
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Pakistan’s economy fared best in past three decades under Nawaz Sharif — Bloomberg Economics report

  • Bloomberg calculates misery index, an informal measure of state of economy generated by adding rates of inflation and unemployment
  • Results showed Sharif’s Pakistan Muslim League at 14.5%, Khan’s Pakistan Tehreek-e-Insaf at 16.1%, Pakistan Peoples Party at 17.2%

ISLAMABAD: Pakistan’s government under three-time former Prime Minister Nawaz Sharif’s party had the best performance in managing the South Asian nation’s economy over the past three decades compared with rivals, an analysis by Bloomberg Economics published this week said.

Using a misery index for Pakistan — an informal measure of the state of an economy generated by adding together its rates of inflation and unemployment — Bloomberg Economics found that Sharif’s Pakistan Muslim League (PML-N) scored better than Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) and the Pakistan Peoples Party (PPP) of former foreign minister Bilawal Bhutto Zardari.

The past three decades saw the PML-N rule Pakistan four times under Sharif and his younger brother Shehbaz Sharif. The PPP under the Bhutto dynasty has held power three times, while Khan was in office for a four-year term ending in April 2022 when he was ousted from power in a parliamentary no-trust vote.

“Bloomberg Economics used an average of the index values over the respective years when each of the major political parties ruled the country since 1990. A higher value indicates more economic hardship for citizens,” the publication said, explaining its conclusions.

Bloomberg Economics Misery Index Results for Pakistan showed the Pakistan Muslim League scored 14.5 percent, Pakistan Tehreek-e-Insaf 16.1 percent and the Pakistan Peoples Party 17.2 percent.

Despite a higher misery index, Khan is still the most popular politician, with an approval rating of 57 percent, according to a recent Gallup opinion poll. Sharif’s ratings have jumped to 52 percent from 36 percent in the past six months.

“The public may be giving Sharif the benefit of the doubt,” Ankur Shukla of Bloomberg Economics wrote in the report, adding that “road ahead won’t be easy for any party that wins the election,” given inflation remains near record highs and unemployment is also elevated.

Inflation is close to 30 percent in Pakistan, the currency was Asia’s worst performer last year and foreign exchange reserves have slumped.

 The country is currently relying on a financial bailout from the International Monetary Fund, and under the fund’s conditions, the new government will need to implement policies that may be unpopular with voters, such as withdrawing subsidies and raising taxes. 

The IMF expects Pakistan’s economy to grow 2 percent in the current fiscal year after contracting in the previous year.


Saudi crown prince sincerely wants Pakistan to progress— PM Sharif

Updated 55 min 39 sec ago
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Saudi crown prince sincerely wants Pakistan to progress— PM Sharif

  • PM Sharif says Saudi business delegation’s upcoming visit to Pakistan will enhance its economic ties with Kingdom
  • Sharif returned from Riyadh this week after holding extensive discussions on trade, investment with Saudi officials

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman sincerely wants Pakistan to progress and prosper, Prime Minister Shehbaz Shari said on Wednesday after returning from a trip to the Kingdom earlier this week.

Sharif was in Riyadh from Apr. 27-30 to attend a special two-day meeting of the World Economic Forum on global collaboration, growth and energy. The Pakistani prime minister met the Saudi crown prince and the Kingdom’s various ministers to discuss bilateral investment and economic partnership during his stay.

Sharif spoke about his recent visit to the Kingdom during a luncheon he hosted at his Lahore residence for laborers and their families on the occasion of Labor Day.

“I have just returned from Saudi Arabia and believe me, my honorable brother there, Crown Prince Mohammed bin Salman, with all his heart, wants Pakistan to progress and wants to see prosperity in Pakistan,” Sharif said to loud applause. 

The Pakistani prime minister said he held extensive meetings with Saudi ministers and their teams in Riyadh on the sidelines of the WEF meeting, describing them as “extremely satisfactory.”

“In a few days, [a delegation of] Saudi businesspersons will come to Pakistan and that will enhance our trade relations,” he said.

In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of the Saudi crown prince 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.

Saudi Foreign Minister Prince Faisal bin Farhan visited Pakistan last month with a high-level delegation to strengthen bilateral economic cooperation and push forward previously agreed investment deals with the South Asian country.

Pakistan has said it pitched investment projects worth $30 billion to Riyadh during Prince Faisal’s visit.

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 Pakistan and Saudi Arabia 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.

Cash-strapped Pakistan desperately needs to shore up its foreign reserves and signal to the International Monetary Fund (IMF) that it can continue to meet requirements for foreign financing which has been a key demand in previous bailout packages. 

Saudi Arabia has often come to Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up its forex reserves.


President Zardari directs Sindh to launch ‘large-scale operation’ against criminals in Karachi

Updated 40 min 39 sec ago
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President Zardari directs Sindh to launch ‘large-scale operation’ against criminals in Karachi

  • President Zardari chairs high-level meeting attended by interior minister, provincial ministers in Karachi
  • Zardari asks chief ministers to provide security to foreign nationals in Sindh, curb street crimes in Karachi

KARACHI: President Asif Ali Zardari on Wednesday directed Sindh Chief Minister Syed Murad Ali Shah to launch a “large-scale operation” against criminals in Karachi and Sindh, amid a surge in street crimes and incidences of kidnapping in Pakistan’s southern province. 

The president issued these directions while he chaired a meeting on the deteriorating law-and-order situation in Sindh. The meeting was also attended by Interior Minister Mohsin Naqvi and Minister of Science and Technology Khalid Maqbool Siddiqui. Provincial ministers Sharjeel Inam Memon, Nasir Shah and Ziaul Hasan Linjar, Inspector General Police Sindh Ghulam Nabi Memon and others also participated in the huddle. 

Karachi, a metropolis of 20 million that hosts the stock exchange and central bank, has for decades been beset by armed violence. While an armed campaign by the military, with help from police, paramilitary Rangers and intelligence agencies, against armed gangs and suspected militants in the city brought down murder rates after 2013, street crimes have been on the rise again since last year, with shooting deaths in muggings and robberies once again becoming a daily headline. 

Street crimes saw an increase during the first four months of 2024, particularly during the Islamic holy month of Ramadan, driving fear into the hearts of the city’s citizens. 

“President of Pakistan Asif Ali Zardari presiding over a special law & order meeting at CM House directed the Sindh Chief Minister Syed Murad Ali Shah to launch a large-scale operation against street criminals in Karachi,” the Chief Minister’s House said. 

President Asif Ali Zardari (left) chairs a meeting special meeting on the law and order situation in Karachi, Pakistan on May 1, 2024. (CM House)

It added that the president ordered strict action be taken against dacoits in Sindh and drug traffickers throughout the province in close coordination with other provinces.

Zardari urged the chief minister to provide a posting tenure to police officers, monitor their performance, and remove them when they fail to deliver, the statement added. The president asked Shah to ensure foreign nationals living and working in Sindh were guaranteed security.

“He emphasized the need to particularly look after the Chinese nationals working on CPEC-related projects,” the CM House said. 

Memon briefed the president that in total 5,357 crimes were reported in Sindh during the first four months of the year, corresponding with 5,259 incidents in the corresponding period last year.

Zardari was told that in January, 252.32 street crime cases were reported in Karachi while in February the number decreased to 251.96. 

“The trend of street crime decreased in March and April when 243.35 and 166.2 cases were reported respectively,” the statement said.

The Sindh IG disclosed that 49 people were killed in 48 street crimes in Karachi this year, adding that in these cases 43 accused have been arrested while 13 were killed in encounters. 

President Zardari directed the chief minister to control street crimes in the province by launching a result-oriented special operation. 

“The operation must deliver results so that confidence of the citizens could be developed,” Zardari was quoted as saying by the CM House. 

President Zardari lamented that stolen/snatched vehicles and mobile phones were sold in the city’s market in parts, adding that this was known to police and others. 

“Why the police were not taking operations against the markets and people involved in the business of stolen/snatched vehicles and mobile sets,” he asked. 

The president directed Shah to ensure the Karachi Safe City Project, an initiative to install surveillance cameras in key parts of the city to monitor crime, was completed on a “war footing.”


Pakistan’s Babar Azam closes in on India’s Yadav for top T20I batter spot

Updated 01 May 2024
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Pakistan’s Babar Azam closes in on India’s Yadav for top T20I batter spot

  • Babar Azam climbs one place to secure number four spot on T20I Batter Rankings
  • Azam scored 125 runs from four innings in recent home series against New Zealand

ISLAMABAD: Pakistan captain Babar Azam has improved one spot on the ICC Men’s T20I Batter Rankings, closing in on India’s top-ranked batter Suryakumar Yadav, the International Cricket Council (ICC) said on Wednesday. 

Azam was Pakistan’s leading run-scorer during the recently concluded home series against New Zealand. The right-handed batter scored a half-century to lead his team to victory in the fifth and final T20I of the series. He scored 125 runs from four innings at the top of his side’s batting order.

“Good signs for the Pakistan captain just weeks out from the start of the ICC Men’s T20 World Cup as he closes in on the No.1 T20I batter ranking,” a post by the ICC on its website read. 

Azam’s performance helped him improve one spot to number four on the updated list of T20I rankings for batters. It boosted his rating by a total of 10 points, helping him reach 763 points with Yadav now just 98 rating points ahead of the Pakistan skipper. 

Azam is one number behind teammate Muhammad Rizwan, who occupies the number three spot in the rankings with 784 points behind England’s Phil Salt, who has 802 points. 

Pakistani pacer Shaheen Shah Afridi also jumped three places to equal 14th spot following his eight wickets across four matches against the Kiwis.

Pakistan will next head to Ireland and England to play three T20Is against the former from May 10-14 and four T20Is against the latter from May 22-30. 

The 2009 World Cup champions will then head to the USA and West Indies to take part in the ICC Men’s T20 World Cup 2024 scheduled to be held in June. 


Barrick Gold in talks with IFC, other agencies to raise $2 billion for Pakistan’s Reko Diq

Updated 01 May 2024
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Barrick Gold in talks with IFC, other agencies to raise $2 billion for Pakistan’s Reko Diq

  • Reko Diq in southwestern Pakistan is one of world’s biggest under-developed copper mines 
  • Barrick Gold CEO says mining company needs $2 billion for first phase of Reko Diq project

TORONTO: Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from BHP, and is building its own copper portfolio, the Canadian miner’s CEO Mark Bristow said on Wednesday.

If BHP’s proposed acquisition of Anglo is successful, it would create one of the world’s biggest copper miners.

Analysts and investors expect rival bids to emerge after BHP’s offer was rejected last week by Anglo, which said it was opportunistic, significantly undervaluing the company and its future prospects.

“We are not interested in bidding for Anglo American, as we are building (copper assets) of our own,” Bristow told Reuters.

Bristow is betting on developing the Reko Diq copper project in Pakistan in which it holds a 50 percent stake, the first phase of which is expected to cost $5.5 billion.

Barrick is in talks with the International Finance Corporation and other agencies to raise at least $2 billion for the first phase of the project, Bristow added.

Reko Diq, one of the biggest yet-to-be-developed copper mines in the world, is also 50 percent owned by the government of Pakistan. Saudi Arabia is in talks to buy part of the stake from the Pakistan government.

In Mali, where Barrick has a gold mine, the military-led government was last year in talks with miners over a change to its mining law that could see it boost state and private Malian interests in new projects to 35 percent from up to 20 percent previously.

However, Bristow said that the company has received written assurances from the junta that there was no threat of its assets being nationalized.


Pakistan strongly condemns ‘heinous’ Afghanistan mosque attack that killed six

Updated 01 May 2024
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Pakistan strongly condemns ‘heinous’ Afghanistan mosque attack that killed six

  • Gunman stormed mosque in Afghanistan’s Herat province on Monday, killing six and injuring one
  • Pakistan says it condemns “terrorism” in all its forms, including attacks on places of worship

Islamabad: Pakistan’s foreign office on Wednesday strongly condemned a “heinous terrorist attack” that left six people dead in Afghanistan’s Herat province this week, reiterating Islamabad’s stance that it condemns violence in all its forms.

A gunman stormed a mosque in Herat province’s Guzara district on Monday, killing six worshippers and injuring one. Locals said the attackers had targeted the minority Shia community in the country.

Militant group Daesh claimed responsibility for the attack in a post on social media platform Telegram. Its regional chapter is the largest security threat in Afghanistan and has frequently targeted Shia Muslims.

“Pakistan condemns in the strongest terms yesterday’s heinous terrorist attack at a mosque in Herat, Afghanistan, resulting in loss of life and injuries,” the Ministry of Foreign Affairs (MoFA) said in a press release.

The foreign office said the people and government of Pakistan stand with the people of Afghanistan and express their heartfelt condolences over the loss of lives in the incident.

“Pakistan condemns terrorism in all its forms and manifestations, including despicable attacks on places of worship,” it added.

Relations between Afghanistan and Pakistan have deteriorated after militant attacks in Pakistan’s Khyber Pakhtunkhwa and Balochistan provinces bordering Afghanistan surged. The attacks increased after a fragile truce between Islamabad and the Tehreek-e-Taliban Pakistan (TTP), a banned outfit that pledges allegiance to the Afghan Taliban but is a separate group from it, broke down in Nov. 2022.

Islamabad says the attacks are launched mostly by TTP members who operate from safe havens in Afghanistan. Kabul denies this and blames Islamabad for not being able to handle its security challenges.

Tensions escalated in March when Pakistan conducted two airstrikes in Afghanistan against what it said were militant targets. Afghan officials said the airstrikes killed eight civilians, including five women and three children.