ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday and discussed joint ventures and business collaborations as well as steps Islamabad is taking as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
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 nation.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by 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.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
“Aurangzeb expressed deep appreciation for Saudi Arabia’s consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan’s private sector,” Radio Pakistan said on Thursday.
“Aurangzeb noted the significant outcomes of the high-level business delegation’s visit from Saudi Arabia to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.”
The minister also outlined Pakistan’s “positive” economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit and foreign exchange reserves sufficient to cover two months of imports.
“The Minister emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government’s policy agenda,” Radio Pakistan said.
The report said Al-Malki “commended” the government of Pakistan’s efforts in implementing structural and institutional reforms and reiterated the Kingdom’s “unwavering commitment to contributing to Pakistan’s economic growth.”
“The Ambassador also acknowledged the immense potential for investment and business opportunities between the two countries,” Radio Pakistan said. “He indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.”
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for a new 37-month $7 billion loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
Last month, Bloomberg reported Pakistan had secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year, a boost for Islamabad as it awaits final approval of the IMF loan program.
Rollovers or disbursements on loans from Pakistan’s long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.
Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
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Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
- Last month, Pakistan said it had secured commitments from China, Saudi Arabia and UAE to roll over debt for a year
- Debt rollovers will be a boost for Islamabad as it awaits final approval of a $7 billion IMF loan program signed in July
Pakistan steps up security ahead of regional leaders’ meeting
- Pakistan announces three-day holiday in Islamabad with schools, businesses shut
- Threat alert in country has been high especially after suicide attack targeting Chinese nationals
ISLAMABAD: Pakistan’s capital was under strict security lockdown starting Monday ahead of the arrival of Chinese Premier Li Qiang for a four-day bilateral visit and a heads-of-government gathering of the Shanghai Cooperation Organization (SCO) this week.
The government has announced a three-day public holiday in Islamabad, with schools and businesses shut, and large contingents of police and paramilitary forces deployed.
Pakistan army troops will be responsible for the security of the capital’s Red Zone, which will house most of the meetings and is also home to parliament and a diplomatic enclave, according to interior ministry.
The threat alert has been high in the South Asian nation ahead of the SCO summit meeting, especially after the killing of two Chinese engineers and shooting to death of 21 miners.
Tensions have mounted after jailed former Prime Minister Imran Khan called for a protest on Oct. 15 to press for his release and agitate against the coalition government, following violent clashes between his party loyalists and security forces.
Islamabad has sought to curb all movement of Chinese nationals in the city, citing fears of violence from separatist militants.
The SCO’s 23rd meeting, which comprises nine full members including China, India, Iran and Russia, is scheduled for Tuesday and Wednesday in Islamabad.
Prime Minister Li is undertaking a bilateral visit to Pakistan from Monday to Thursday, accompanied by senior officials, Pakistan’s foreign office said.
Li and Pakistani Prime Minister Shehbaz Sharif will lead their respective delegations to discuss economic and trade ties and cooperation under the China Pakistan Economic Corridor (CPEC), a $65 billion investment in the South Asian country under Chinese President Xi Jinping’s Belt and Road Initiative.
Li is also likely to inaugurate the CPEC funded Gwadar International Airport in restive southwestern Balochistan province, which borders Afghanistan and Iran.
The SCO participants will be represented by the prime ministers of China, Russia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan as well as the first vice president of Iran and external affairs minister of India, the foreign office said.
First batch of 27 Palestinian medical students arrive in Pakistan to continue studies
- Batch is part of 192 Palestinian students who will continue fully funded studies in Pakistani universities
- Initiative is a collaborative effort by Al-Khidmat Foundation, Doctors of Rahman and Global Relief Trust
KARACHI: The first batch of 27 Palestinian medical students out of a total of 192 arrived in Lahore from Cairo on Monday to continue their studies in the country, a leading charitable organization involved in the initiative said.
Pakistan’s foreign ministry announced in July that Islamabad will provide scholarships to over 100 Palestinian students enabling them to continue their medical studies in Pakistan, as Israel’s war wreaks havoc in the Middle East. Since Oct. 7, 2023, Israel has killed over 42,000 people in Gaza through relentless bombardment despite ceasefire calls and angry protests in several countries.
The Palestinian students will continue their medical and dental studies in Pakistani institutions through fully funded programs. The initiative is a collaborative effort by the Global Relief Trust, Doctors of Rahman, and leading Pakistani charity organization, the Al-Khidmat Foundation.
“Twenty-seven more Palestinian students from Gaza arrived in Pakistan to continue their education,” Al-Khidmat Foundation said in a press release. Pictures showed Palestinian students poising with airport officials after their arrival.
“Welcome Palestine students,” read a large banner carried by the airport officials.
Al-Khidmat Foundation representatives and the Pakistani embassy in Cairo facilitated the students’ departure from Cairo International Airport on Sunday, Al-Khidmat Foundation said.
“During the first phase, a total of 192 Palestinian students will arrive in Pakistan through various flights and continue their medical and dental studies in Pakistan through the collaboration of Al-Khidmat Foundation, Doctors of Rahman and the Global Relief Trust,” the statement added.
Several international media outlets have reported significant destruction of hospitals and universities in Gaza since October last year.
The World Health Organization and other sources have documented severe damage to the area’s health care facilities, including the largest hospital Al-Shifa, which has been rendered non-functional due to extensive damage in the ongoing conflict.
There have also been widespread reports of substantial damage to educational institutions along with reports of deliberate targeting of Palestinian academics.
Pakistan to re-use Multan pitch for second England Test
- England scored mammoth 823-7 in first Test on pitch severely criticized for batting-friendly nature
- Pakistan skipper Shan Masood, Head Coach Jason Gillespie inspected pitch during practice on Sunday
MULTAN: Under-pressure Pakistan are set to re-use the controversial Multan pitch used for the first Test against England for the second match starting Tuesday, in a rare move as they seek to level the series.
England scored the fourth highest Test score of 823-7 to inflict an innings and 47-run defeat on the home side on a pitch severely criticized for its batting-friendly nature.
Pakistan scored 556 in their first innings.
Sources in the Pakistan camp confirmed the same first Test pitch will be used on Tuesday.
“We have decided to use the same pitch of the first Test and it is watered and being dried for the use,” said a source who did not wish to be named.
Industrial-sized fans were used at both ends to dry the pitch while both teams practiced at the ground on Sunday.
Pakistan skipper Shan Masood and head coach Jason Gillespie inspected the pitch and had a lengthy discussion, while England head coach Brendon McCullum also had a long look.
The ICC playing conditions allow re-use of a pitch for successive Tests, but it could result in getting a poor rating if the surface does not play well.
Pakistan has a history of flat pitches, with former Australian great Dennis Lillee denouncing a pitch as “bowlers’ graveyard” back in 1980.
Two years ago, the Rawalpindi stadium pitch was deemed “below average” by the International Cricket Council, after 1,187 runs were scored in a Pakistan-Australia Test for the loss of only 14 wickets.
But the ICC rescinded the one demerit point after the Pakistan Cricket Board appealed against the decision.
Pakistan police say 63 bandits killed, 45 injured in Rahim Yar Khan in ongoing operation
- Riverine areas or “kacha” areas in Sindh and Punjab are notorious for bandits who reside there to evade police
- Punjab Police say long-range weapons, bulletproof vehicles being used in operation against riverine dacoits
ISLAMABAD: Police in Pakistan’s eastern Punjab province have said that around 63 bandits have been killed and 45 injured in an ongoing operation against criminals residing in the riverine areas of Rahim Yar Khan district, state-run media reported.
The riverine areas or “kacha” areas as they are known in the local language, have been long associated with bandits. The hostile terrains in these areas, located in Sindh and Punjab, make it difficult for law enforcers to act against criminals who take shelter here. Some of the kacha areas notorious for crimes include Ghotki, Kashmore, Rajanpur, and Rahim Yar Khan.
Some areas in the two provinces are so dangerous that people avoid traveling after sunset to avoid getting robbed, though police say they have cleared most “no-go areas.” In August, 12 policemen were killed when bandits attacked them with guns and rocket-propelled grenades in Rahim Yar Khan district’s riverine areas.
“The Punjab police’s intelligence-based operations are ongoing in the Kacha area of Rahim Yar Khan in which 63 dangerous criminals were killed and 45 injured so for,” state-run Associated Press of Pakistan reported on Sunday.
The APP quoted a Punjab Police spokesperson saying that Rahim Yar Khan Police has established permanent posts in the district’s riverine area.
“The Punjab police are present in the region with full force and extensive resources,” the spokesperson was quoted as saying by the APP.
Inspector General of Police Punjab Dr. Usman Anwar said all necessary resources, including long-range weapons, vehicles and bulletproof vehicles were being utilized against criminal elements in the area.
“The intelligence-based targeted operations will continue in Kacha till the complete elimination of criminal activities,” Dr. Anwar was quoted as saying by the APP.
The state-run media said 531 citizens were prevented from being kidnapped in the kacha area so far through “vigilance at border checkpoints.” The state media said police teams will continue intelligence-based targeted operations to “completely eradicate” crimes.
India pin World Cup hopes on arch-rivals Pakistan beating Kiwis in Dubai today
- If Pakistan beat New Zealand today, India can qualify for semifinal on net run rate basis
- Pakistan’s Muneeba Ali says her team hopes to qualify for semifinals by beating Kiwis today
ISLAMABAD: The Indian women’s cricket team are hoping Pakistan beat a strong New Zealand side today, Monday, in order for them to survive in the ongoing ICC Women’s T20 World Cup tournament.
India, one of the strongest sides in the tournament, suffered another setback on Sunday after they lost to Australia by nine runs. The blue shirts, who have lost to New Zealand and Australia and secured wins only against Pakistan and Bangladesh, will want Fatima Sana’s side to beat New Zealand in Dubai on Monday so that the second semifinal spot is decided on the net run rate basis.
Defending champions Australia have already qualified for the semifinal after winning four matches.
“In ICC Women’s T20 World Cup, Pakistan women will play against New Zealand women in Dubai, today,” state broadcaster Radio Pakistan said.
Indian skipper Harmanpreet Kaur admitted on Sunday that it was no longer in her side’s power to make it to the semifinal stages of the tournament.
“If we get the opportunity to play another game, that will be great. But otherwise, whoever deserves to be there, that team will be there,” Kaur told reporters.
Meanwhile, Pakistan stand-in skipper Muneeba Ali said her team has not given up hopes of qualifying for the semifinal. To do that, Pakistan will have to not only beat New Zealand but also significantly improve a run rate inferior to that of India and New Zealand.
“We know that the pool is still open. We have a chance to win tomorrow’s match and if we win by a good margin, we have a chance to qualify for the semifinals,” Ali told reporters on Sunday.
Pakistan will be boosted by the return of skipper Sana, who missed the green shirts’ match against Australia after briefly returning home following the death of her father. Pakistan lost to Australia by nine wickets in a one-sided contest.
The Pakistan-New Zealand match is scheduled to begin at 7:00 p.m. Pakistan Standard Time.
