ISLAMABAD: Prime Minister Shehbaz Sharif said on Friday he wrote a letter to the Chinese government requesting debt reprofiling as his administration seeks a $7 billion loan from the International Monetary Fund (IMF), which has consistently focused on the country’s debt obligations and energy sector issues.
Last month, Pakistan reached a staff-level agreement with the IMF for a fresh loan, which it expects to be validated by the Fund’s executive board later this month. The IMF has repeatedly expressed concerns about Pakistan’s plans to manage its escalating circular debt in the energy sector while also addressing its external financial obligations.
“I have written to China for [debt] reprofiling,” the prime minister informed his cabinet ministers.
Debt reprofiling is a financial strategy used to restructure a country’s existing debt obligations. It involves extending the maturity dates of debt, reducing interest rates or altering other terms of the debt agreements to make repayment more manageable.
The IMF previously raised concerns about Pakistan’s external financing gaps, prompting the country to seek assistance from friendly nations like Saudi Arabia, the United Arab Emirates and China, which shored up its foreign exchange reserves by depositing significant amounts into the central bank.
These nations also rolled over existing funds when Pakistan requested it, thereby providing additional relief to its financial situation.
The prime minister pointed out his government had also sent Finance Minister Muhammad Aurangzeb to China for talks on power sector debt relief.
He said he had a detailed conversation with President Xi Jinping during his own visit to China, where Xi asked about Pakistan’s plans to convert to coal-based projects under the multibillion-dollar joint economic corridor project.
Sharif told him it would help Pakistan save “$500 million in investment, and annually, we will save $1 billion, which will be a very significant thing.”
He maintained that his administration was aware of people’s hardship amid rising power tariffs causing inflationary pressure. But he noted that it was taking steps to provide relief to power consumers, though it would take some time before these efforts produce the desired outcomes.
“Rome was not built in a day, and you cannot expect instant results,” he added.
Pakistan PM writes to China for debt reprofiling as IMF loan approval nears
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Pakistan PM writes to China for debt reprofiling as IMF loan approval nears
- Debt reprofiling involves altering the terms of loan agreements to make it more manageable for a country
- IMF has consistently focused on Pakistan’s debt obligations, energy sector issues during talks with government
Daesh claims responsibility for weekend bombing that killed 2 cops in Pakistan
- An explosion on Saturday targeted Pakistani police vehicle in Kuchlak town in southwestern Quetta city
- Analysts say latest violence sign of increasing coordination between separatists, other militants in Pakistan
QUETTA, Pakistan: Militant group Daesh claimed responsibility for the weekend bombing that killed two police officials in restive southwestern Pakistan, officials said Monday.
Analysts say the latest violence is a sign of increasing coordination between militants and separatists who for years have been targeting security forces and civilians in the oil-and gas-rich Balochistan province bordering Iran and Afghanistan.
Daesh said in a statement on Sunday that it detonated an explosive device a day earlier targeting a Pakistani police vehicle in Kuchlak town near Quetta, the capital of Balochistan. Pakistani officials say the attack killed two officers and wounded two others on a highway.
The Balochistan Liberation Army has previously claimed such attacks, but Daesh has carried out similar attacks in recent months.
BLA last month killed dozens of people in gun and suicide attacks on passenger buses, police stations and military facilities.
Abdullah Khan, a senior defense analyst and managing director of the Islamabad-based Pakistan Institute for Conflict and Security Studies, told The Associated Press that the latest claim by Daesh indicates that BLA and militants are now working together on attacks in Balochistan and elsewhere in the northwest.
Balochistan is the scene of a long-running insurgency, with an array of separatist groups staging attacks mainly on security forces. The separatists demand independence from the central government.
Pakistan court grants bail to ex-PM Khan’s party lawmakers arrested after Islamabad rally— lawyer
- Police arrested lawmakers last week on charges of violating law on public gatherings with Sept. 8 rally in Islamabad
- Ex-PM Khan’s party, which says it has faced crackdown since his ouster in 2022, will hold next rally on Sept. 22 in Lahore
ISLAMABAD: An anti-terror court in Pakistan’s capital on Monday granted bail to 10 lawmakers and members of jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, after they were arrested last week on charges of violating a new law to regulate public gatherings, their lawyer confirmed.
Pakistani police arrested several PTI MPs Sher Afzal Khan, Malik Muhammad Aamir Dogar, Muhammad Ahmad Chattha, Makhdoom Zain Hussain Qureshi, Waqas Akram, Zubair Khan Wazir, Awais Haider Jakhar, Syed Shah Ahad Ali Shah, Nasim Ali Shah, and Yousaf Khan on late Monday night and Tuesday. The legislators were charged with violating the Peaceful Assembly and Public Order Act by holding a rally in Islamabad on Sept. 8. The PTI said a number of the lawmakers were arrested while they were inside the parliament, triggering protests and condemnation from the party.
The party had held the rally to demand the release of Khan, who has been in prison since August last year, facing a slew of cases. The Islamabad administration had allowed the PTI to hold the rally from 4pm till 7pm, but it went on until around 11pm. Though the gathering was mostly peaceful, a policeman was injured in clashes between police and PTI supporters en route to the rally.
On Friday, the Islamabad High Court (IHC) suspended the physical remand of the lawmakers that had been issued by the anti-terror court.
“By the grace of god, all our MNAs have been granted bail,” Naeem Haider Panjutha, a PTI lawyer, wrote on social media platform X. “The court has ordered their immediate release.”
According to international news agency Agence France-Presse (AFP), the lawmakers were granted bail upon the submission of surety bonds worth Rs30,000 [$100].
Following the arrests, the National Assembly speaker opened an inquiry into the incident on Tuesday, citing that under Pakistani law, legislators cannot be detained from within the precincts of the parliament without the speaker’s permission.
Khan’s party alleges it has faced an over a year-long crackdown since protesters allegedly linked to the party attacked and damaged government and military installations on May 9, 2023 after Khan’s brief arrest that day in a land graft case.
Hundreds of PTI followers and leaders were arrested following the riots and many remain behind bars as they await trial. The military, which says Khan and his party were behind the attacks, has also initiated army court trials of at least 103 people accused of involvement in the violence.
Khan, who is in jail since last August, was ousted from the PM’s office in 2022 in a parliamentary vote of no confidence after what is widely believed to be a falling out with Pakistan’s powerful military, which denies being involved in politics.
Since his removal, Khan and his party have waged an unprecedented campaign of defiance against the military and now the PTI is aiming to mobilize the public through rallies to call for their leader’s release from jail in “politically motivated” cases.
The party’s next rally is planned for Sept. 22 in the eastern city of Lahore.
Pakistan PM announces national drive to promote organ donation
- As per government’s new initiative, identity cards of voluntary organ donors will feature special logos
- Organ donation is a “profound act of kindness” that can give new lease of life to those in need, says PM
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Monday announced the launch of a national initiative to promote organ donation across the country, state media reported, which would feature special logos on National Identity Cards for voluntary donors.
The prime minister’s statement came on the occasion of ‘International Identity Day,’ which is marked annually on Sept. 16. This global initiative seeks to sensitize governments and nations around the world about the responsible adoption of legal identity.
“Prime Minister Muhammad Shehbaz Sharif has announced the launch of a national initiative aimed at promoting organ donation and to save human lives,” state broadcaster Radio Pakistan said.
Sharif said individuals who voluntarily register themselves as organ donors will have a special logo printed on their National Identity Cards, adding that organ donation is a “profound act of kindness” that can give a new lease on life to those in need.
“He urged to work collectively toward building a more inclusive world where every individual’s rights are recognized and respected,” the state media said.
An organ transplant is usually performed when any organ of a person has stopped functioning properly, leading to severe limitation in regular activities and a high likelihood of early death.
Organs or tissues for transplantation may be obtained either from a living or a deceased person. A living person may donate from paired organs such as kidneys, or a piece from the organ such as the liver. Blood, bone marrow, skin or bones may also be donated by living donors.
Multiple organs and tissues may be obtained from a deceased person including kidneys, liver, pancreas, heart, lung and intestine and other tissues.
Pakistan ranks eighth in kidney diseases worldwide, causing 20,000 deaths every year where more than 20 million people suffer from renal disease, according to the not-for-profit hospital The Kidney Center. Chronic Kidney Disease (CKD) is rapidly growing in Pakistan owing to factors such as late diagnosis, kidney stone disease, diabetes and high blood pressure.
Turkmenistan set to become first Central Asian state to gain access to Gwadar port under CPEC — report
- Pakistan and Turkmenistan will soon sign agreement in this regard, Pakistani state media says
- Both countries already working on TAPI gas pipeline, rail track and fiber connectivity projects
ISLAMABAD: Turkmenistan is set to become the first Central Asian country to gain access to Pakistan’s strategically positioned Gwadar port under the China Pakistan Economic Corridor (CPEC), Pakistani state media reported on Sunday.
The Gwadar port lies at the heart of CPEC, a part of China’s Belt and Road Initiative under which Beijing has pledged more than $60 billion in infrastructure and energy projects in Pakistan.
It aims to connect China to the Arabian Sea through a network of roads, railways, pipelines and ports in Pakistan and help Islamabad expand and modernize its economy.
Pakistan and Turkmenistan will soon sign an agreement in this regard, the state-run Radio Pakistan broadcaster reported.
“The government has constituted a committee to examine the draft agreement between Gwadar Port and Turkmenbashi Port under CPEC,” the report read.
Pakistan and Turkmenistan are already working on various joint projects, including Turkmenistan–Afghanistan–Pakistan–India (TAPI) gas pipeline, rail track and fiber connectivity, to connect South and Central Asia.
Cash-strapped Pakistan hopes to leverage its strategic geopolitical position and enhance its role as a pivotal trade and transit hub connecting the landlocked Central Asian republics with the rest of the world.
Pakistan cuts petrol price by Rs10 per liter
- The South Asian country revises petroleum prices every fortnight
- The latest cut likely to offer some relief to inflation-hit Pakistanis
ISLAMABAD: The Pakistani government has reduced the price of petrol by Rs10 per liter, the Finance Division said late Sunday.
Pakistan revises petroleum prices every fortnight. After the latest revision, petrol will now cost Rs249.10 per liter.
The government reduced the price of high-speed diesel by Rs13.06 to Rs249.69, according to the Finance Division notification.
“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variations in the international market,” the notification read.
In Pakistan, petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers, while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
Similarly, the price of kerosene oil went down by Rs11.15 to Rs158.47, while that of light diesel oil was reduced by Rs12.12 to Rs141,93.
The new prices have already taken effect.
