Page 103 - Pakistan

Foreign powers want Pak to default like Sri Lanka, claims FM Ishaq Dar

Pakistan Finance Minis­ter Ishaq Dar continued with his "contradictory" approach with the International Monetary Fund (IMF), alleging that geopolitics was behind a stalled loan programme

Journalists covering events in Pak should be allowed to do their work: US

US expects that journalists covering events in Pakistan should be permitted to do their work, Department of State official spokesperson Matthew Miller said in a press briefing on Thursday

IMF criticises Pakistan's tax scheme, calls budget 'missed opportunity'

The IMF on Wednesday said that the proposed budget missed the opportunity to broaden the tax base

Social media profiles of Imran Khan, others sent to FIA for forensics

The social media profiles of PTI Chairman Imran Khan and other prominent leaders in Pakistan have been shared with the Federal Investigation Agency (FIA) for forensic test

Asia Cup to be held in hybrid model from August 31 to September 17: ACC

Ending months of speculation around the Asia Cup, the the Asian Cricket Council (ACC) on Thursday announced that the tournament will be staged in a hybrid model with four games in Pakistan and nine in Sri Lanka from August 31 to September 17. The deadlock over the staging of the 50-over tournament was broken last week when Jay Shah-led ACC accepted to host Pakistan Cricket Board's hybrid model of conducting four non-India games in Pakistan. The hybrid model was proposed as the BCCI had made it clear that it won't send its team to Pakistan due to the longstanding geo political tensions between the two countries. "We are delighted to announce that the Asia Cup 2023 will be held from 31st August to 17th September 2023 and will see the elite teams from India, Pakistan, Sri Lanka, Bangladesh, Afghanistan, and Nepal, compete in a total of 13 exciting ODI matches. "The tournament will be hosted in a hybrid model with four matches being held in Pakistan, and the remaining nine matches bein

Asia Cup 2023 to be played in the hybrid model in Pakistan and Sri Lanka

Asia Cup 2023 will be hosted in a hybrid model, with four matches being held in Pakistan and the remaining nine matches being played in Sri Lanka

Pak FM Bilawal to travel to China and Japan to boost bilateral ties

Pakistan Foreign Minister Bilawal Bhutto Zardari will embark on a two-nation visit to China and Japan from June 27 to deepen bilateral cooperation. He will travel to China in the last week of June to attend the 14th Annual Meeting of the New Champions, also known as the World Economic Forum's (WEF) "Summer Davos", to be held from June 27 to June 29 in China's Tianjin Municipality, official sources told The Express Tribune newspaper on Wednesday. Bilawal will also undertake a maiden visit to Japan in the first week of July. Japan is a key development partner of Pakistan and the foreign minister's visit would likely further deepen the cooperation, it said. Pakistan has tried to maintain a fine balance while pursuing ties with its all-weather ally China and its rival Japan. Tokyo has old ties with Islamabad and supported the country financially. But in the preceding years, Japan's relationship has grown exponentially with India while Pakistan found greater comfort in the arms of ...

Pak biz house seeks revival of trade with India to bail out ailing economy

"Pakistan needs to overhaul the regulatory system along with implementation of structural changes to address the economic crisis"

IMF raises issues with Pak's FY23-24 budget; calls it 'missed opportunity'

The IMF has raised several issues in Pakistan's budget for the fiscal year 2023-24, calling it a "missed opportunity" but expressed its readiness to work with the cash-strapped country to refine the budget ahead of its passage in Parliament. The government unveiled a Rs 14.4 trillion budget for 2023-24 in the National Assembly last week as it battled to fend off a looming default due to shrinking foreign reserves. A day before its tabling, IMF Resident Representative for Pakistan, Esther Perez Ruiz, said Pakistan needed to satisfy the Washington-based lender on three counts, including the budget for the upcoming fiscal year before its board reviews whether to release at least some of the USD 2.5 billion pending disbursement under the 2019 Extended Fund Facility (EFF) set to expire at the June end. In a statement late on Wednesday, Ruiz said that a new tax amnesty scheme proposed by the government in the budget sets a damaging precedent and runs against the programme's conditionality

Pakistan farmer seeks newly developed rice seeds for cultivation from BHU

A farmer from Pakistan has sought seeds of newly developed 'Malviya Manila Sinchit Dhan-1' paddy variety for cultivation from the Banaras Hindu University (BHU)

India offers Pak 'utmost sympathy' for its ignorance of peace culture

India's Permanent Representative Ruchira Kamboj has offered Pakistan the utmost sympathy for what she described as its mindset of ignorance and inability to comprehend the culture of peace

Shell Petroleum decides to sell its shares, exit Pakistani market

According to the Shell Pakistan spokesperson, the announcement of the sale of shares by the global petroleum giant company will not affect the business operations of the company

Pak lost $3.7 bn as expatriates used unofficial channels for remittances

Pakistan lost at least USD 3.7 billion in the first 11 months of the current fiscal year as expatriates used unofficial channels for remittances due to the huge exchange rate gap, the cash-strapped country's central bank has said. The Pakistani rupee has been in a state of freefall for most of the year due to pressure on the depleting foreign exchange reserves, creating a difference between the inter-bank and private money market exchange rates. Data released by the State Bank of Pakistan (SBP) on Tuesday showed that the country lost USD 3.7 billion in remittances during the first 11 months of FY23 mainly due to a widening exchange rate gap. Overseas Pakistanis who sent money to their relatives and families apparently resorted to unofficial channels to transfer funds, causing a loss to the official remittances that majorly contribute to helping support the balance of payments, the Dawn newspaper reported. It said the remittances sent by Pakistani expatriates dipped month-on-month b

Pak may fail to restart $6.7 bn bailout, default on sovereign debt: Moody's

Moody's Investors Service has warned that Pakistan is at an increased risk of failing to restart its $6.7 billion bailout programme with the International Monetary Fund (IMF)

Cyclone Biparjoy: 37,800 people evacuated from coastal areas in Gujarat

As Cyclone Biparjoy barrels towards the Kutch coast in Gujarat, the government said they have so far evacuated nearly 37,800 people living near the sea in eight districts of the state. The powerful cyclone will make landfall near Jakhau port on the evening of June 15, according to India Meteorological Department (IMD). VSCS (very severe cyclonic storm) BIPARJOY over Arabian sea moved north northwestward and lay centered at 2.30 IST of 14th June, about 280 km WSW of Jakhau port. To cross near Jakhau Port (Gujarat) by evening of 15th June as VSCS, IMD said in the latest post. The Gujarat government said in a release that they have so far evacuated 37,794 people living along the coastline. Chief Minister Bhupendra Patel visited the state government's emergency operations centre on Tuesday night for a review of the preparedness, it said. The cyclone has extensive damaging potential and is likely to impact Kutch, Devbhumi Dwarka and Jamnagar districts the most, IMD has said. The stat

Pakistan seeks fast-track refinancing of $1.3 billion loans from China

Cash-strapped Pakistan has requested its all-weather ally China to fast-track the refinancing of maturing commercial loans of USD 1.3 billion and apprised it of the diminishing prospects of revival of the IMF loan programme, a media report said on Tuesday. The request was made on Monday by Finance Minister Ishaq Dar during a meeting with China's Charge d'affaires Pang Chunxue, The Express Tribune newspaper reported. Officials said that the finance minister raised the issue of refinancing the two Chinese commercial loans amounting to USD 1.3 billion, maturing in the next two to three weeks. Chinese authorities have already assured Pakistan that they will refund both loans, but Islamabad wants the money to be re-lent as soon as it is paid back, the report quoted sources as saying. Dar urged the Chinese charge d'affaires about timely refinancing the loans, which will prop up Pakistan's foreign exchange reserves. Pakistan is scheduled to make a debt repayment of USD 300 million to the

Pak deploys military to evacuate 100,000 people as cyclone moves closer

Pakistan on Tuesday deployed the military to speed up the evacuation of around 100,000 people from the low-lying coastal areas in the southern Sindh province as Cyclone Biparjoy moved closer to the country's financial capital, Karachi. According to the Pakistan Meteorological Department's (PMD) latest advisory, Biparjoy which has been downgraded from extremely severe cyclonic storm to very severe cyclonic storm moved further north-northwestward during last six hours and now lay at a distance of about 410-km south of Karachi and 400-km south of Thatta. Cyclone Biparjoy - which means disaster or calamity in the Bengali language - is likely to hit the coastal belt of Sindh on June 15, but its intensity will subside by June 17 to 18. The PMD stated that maximum sustained surface winds are 140-150 km/hour gusts 170 km/hour around the system centre, and sea conditions are phenomenal around the system centre with a maximum wave height of 30 feet. Under the existing upper-level steering

Biparjoy may cause extensive damage; Kutch, Jamnagar to be most impacted

Cyclone 'Biparjoy' has an extensive damaging potential and it is likely to impact Kutch, Devbhoomi Dwarka and Jamnagar districts of Gujarat the most, the India Meteorological Department said on Tuesday. Cyclone Biparjoy is predicted to cross Saurashtra and Kutch coasts near Jakhau Port on the evening of June 15 as a 'very severe cyclonic storm' with a maximum sustained wind speed of 125-135 kmph gusting to 150 kmph. "Its damaging potential could be extensive," IMD chief Mrutyunjay Mohapatra said at a press conference. The cyclone could lead to extremely heavy rainfall (over 20 cm) at isolated places in Kutch, Devbhoomi Dwarka and Jamnagar districts on June 15. "Usually these areas do not receive such massive rainfall. Therefore, it can lead to flooding in low-lying areas," he said. Porbandar, Rajkot, Morbi and Junagarh may receive heavy to very heavy rainfall. Winds gusting up to 145 kilometers are predicted to batter these districts. "Tidal waves reaching heights of up to six m

Biparjoy to make landfall: Here's a look at India's deadliest cyclones

Biparjoy, with maximum sustained wind speeds of 125-135 km per hour (78-84 mph) gusting up to 150 kph, is expected to make landfall on Thursday between Mandvi in Gujarat and Karachi in Pakistan

Russia seeks expansion in ties with Pakistan: Foreign Minister Lavrov

Russia is keen to expand and deepen bilateral ties with Pakistan as the first shipment carrying discounted Russian oil reached Karachi Port at the weekend, Russian Foreign Minister Sergei Lavrov said. Lavrov made these remarks in a video message on the 75th anniversary of the establishment of diplomatic relations between Moscow and Islamabad, the Express Tribune newspaper reported. He said Russia views Pakistan as a "key international partner in the joint efforts to combat common security challenges and threats, including transborder crime and terrorism. Pakistan on Monday began transporting the much-anticipated discounted Russian crude oil to a refinery here in the cash-strapped country's port city, a development that is likely to provide relief to the people hit by skyrocketing inflation. The first shipment of discounted Russian crude oil arrived in Karachi on Sunday after an agreement was inked between Islamabad and Moscow in April. We know about the great interest and respect