Page 85 - Pakistan

China, Pak to ink key agreements under CPEC during caretaker PM's visit

China and Pakistan will ink significant agreements regarding motorways and highways during caretaker Prime Minister Anwaarul Haq Kakar's four-day visit to Beijing starting Monday, according to a media report on Sunday. The agreements would be signed under the USD 60 billion China-Pakistan Economic Corridor (CPEC) programme, Dawn newspaper reported. Kakar would travel to Beijing on October 16 to participate in the Third Belt and Road Forum (BRF) for International Cooperation' from October 17 to 18. The prime minister will attend the opening ceremony of the BRF and address the high-level forum entitled 'Connectivity in an Open Global Economy', the PM office said in a post on X on Saturday. A significant Memorandum of Understanding scheduled to be signed is related to the establishment of a modern Highway Research and Training Centre (HRTC) with China's assistance, the paper said. The project will prominently take centre stage during the prime minister's discussion with the Chinese .

Pak at tipping point with 40% of population below poverty line: World Bank

The warning comes ahead of the elections. The Bank's policy note is meant to act as a guide for the new government that will take office after the elections for policy reforms

Pakistan's railway upgradation project under CPEC subject to IMF approval

One of Pakistan's key railway modernisation projects planned to be built under the China-Pakistan Economic Corridor (CPEC) is in trouble due to the IMF's conditions regarding sovereign guarantees, according to a media report on Saturday. The Main Line-1 (ML-1) aimed to modernise over 1,726 kilometres of colonial-era rail line stretching from Karachi to Peshawar remains subject to IMF approval and the finance ministry's ability to provide sovereign guarantees for a USD 6.67 billion loan from China, even though the project's budget has been cut by 32 per cent, reported the Dawn newspaper. The CPEC is a collection of infrastructure and other projects under construction throughout Pakistan since 2013. Pakistan had secured a last-gasp USD 3 billion bailout from the International Monetary Fund (IMF) on June 30, which later disbursed an initial upfront instalment of about USD 1.2 billion. The debt-trapped nation had given the IMF assurances of USD 8 billion for external payments. A senio

World Cup 2023: PCB chief gives pep talk to team ahead of IND vs PAK

Pakistan Cricket Board (PCB) chief Zaka Ashraf on Friday gave a pep talk to the Pakistan cricket team ahead of its much-anticipated World Cup match against arch-rivals India here on Saturday. Ashraf motivated the players in a meeting which was also attended by the support staff, including coach Grant Bradburn, PCB's director of cricket Mickey Arthur and captain Babar Azam among others. Pakistan, who are touring India for the first time since 2016, are set to play their biggest match of the World Cup against the home team at the Narendra Modi Stadium here. It has also been learnt that the BCCI is hosting a dinner for Ashraf on Friday night here, which will be attended by secretary Jay Shah and other top officials of the board. It remains to be seen whether the pep talk from the PCB chief would act as motivation or create additional pressure for his nation in the big game. Both India and Pakistan are unbeaten so far in the early stages of the tournament. While Pakistan beat Netherl

Nawaz Sharif to reach Pakistan in chartered plane from Dubai on October 21

Former prime minister Nawaz Sharif will reach Pakistan in a chartered plane from Dubai on October 21, ending his four-year-long self-imposed exile in the UK, according to a media report. The flight carrying Nawaz will have the name "Umeed-e-Pakistan" which can carry approximately 150 passengers, Geo News reported. The booking has been made and all arrangements are in place, the report said. The 73-year-old three-time prime minister is expected to lead his Pakistan Muslim League-Nawaz (PML-N) party in the general elections likely to be held in January next year. Sharif, along with party members and journalists, is scheduled to leave Dubai for Pakistan on October 21. The special flight will land in Islamabad from Dubai before proceeding to Lahore, Sharif will address the gathering at Minar-e-Pakistan. Sharif will reach Saudi Arabia for Umrah on Wednesday. He will stay in Saudi Arabia for a week during which he will hold important meetings. He will arrive in Dubai on October 18. Sha

Pakistan: World Bank suggests taxes on agri, real estate to infuse Rs 3 trn

The World Bank has suggested closing all tax exemptions and bringing agriculture, retail, and real estate under a tax bracket that can fetch three per cent of GDP in the cash-strapped Pakistan's kitty, media reports said on Tuesday. The people in two major areas in the provincial jurisdiction real estate and agriculture had most of the untaxed wealth, which should be taxed by the provincial governments to be able to improve services and reduce the financial burden on the centre, which was financing these services, newspaper Dawn quoted WB's Country Director Najy Benhassine and senior economist Tobias Haque as saying. The lender has projected that if agriculture income and properties tax is enforced properly then it could fetch three per cent of GDP in the tax collection on an annual basis, equivalent to slightly over Rs 3 trillion, the Dawn newspaper quoted Haque as saying. He said real estate and agriculture should yield revenue of two per cent and one per cent, respectively, of

'Pakistan, China to invite 3rd parties to participate in CPEC projects'

Pakistan and China have agreed to invite third parties to participate in the USD 60 billion China-Pakistan Economic Corridor (CPEC) which is a key part of Beijing's ambitious Belt and Road Initiative, a top Pakistani diplomat has said. Pakistan's state-run Associated Press of Pakistan reported that the country's ambassador to China Moinul Haque told China's official CCTV on Sunday that the two countries are now working to extend CPEC to Afghanistan. India firmly opposes the CPEC, which will link Xinjiang in China and the Gwadar port in Pakistan, because it passes through Pakistan-occupied Kashmir. The CPEC, which connects Gwadar Port in Pakistan's Balochistan with China's Xinjiang province, is the flagship project of China's ambitious multi-billion-dollar Belt and Road Initiative (BRI). The BRI is seen as an attempt by China to further its influence abroad with infrastructure projects funded by Chinese investments all over the world. In his comments, the Pakistani envoy said the CP

Black market, smuggling cost Pakistan's economy $23 bn annually: Report

Illegal activities such as black market currency trade, gold smuggling, and oil smuggling among others are costing Pakistan's economy a whopping USD 23 billion per year, according to a UK-based financial service company. ACE Money Transfer, the UK-based money transfer company, in its recent report said that the black market and smuggling of US dollars in key sectors are draining Pakistan's economy of a staggering USD 23 billion per year, The Express Tribune newspaper reported on Saturday. These clandestine operations, encompassing black market currency trade, oil smuggling, gold smuggling, and import controls, have detrimental effects on Pakistan's economic stability, it said. They distort exchange rates, leading to currency devaluation, which, in turn, can fuel inflation as imported goods become costlier. Moreover, such activities undermine the efficacy of monetary policies and erode confidence in the financial system. This not only leads to a loss of government revenue but also

Pakistan to go ahead with eviction of illegal immigrants, says report

The Pakistan government has decided to go ahead with its controversial plan to evict all illegal immigrants -- including around 1.7 million Afghan refugees-- from the country by October 31, saying that the decision was in line with international practices, according to a media report. The move came as law enforcement agencies continued their crackdown on people they call illegal aliens', a sizeable number of families have been crossing the border into Afghanistan over the past week. No country allows illegal people to live in their country whether it is Europe, whether it is countries in Asia, in our neighbourhood. So, accordingly, this is in line with the international practice that we have taken this decision, caretaker Foreign Minister Jalil Abbas Jilani was quoted as saying to Hong Kong's Phoenix TV in an interview on the sidelines of a forum in Tibet. Pakistan's decision to ask illegal immigrants to leave by October 31 or face forcible expulsion from November 1 has drawn ...

Upcoming Pak govt would carry on economic plan of previous regime: Dar

In June, the IMF announced that the Pakistan and IMF reached a long-awaited staff-level agreement (SLA) on a USD 3 billion "stand-by arrangement" (SBA)

90% polio cases in Pakistan 'imported' from Afghanistan: Health minister

Nadeem's remarks came after two more samples tested positive for the poliovirus in Pakistan, just a day after this year's third case surfaced

Pakistan's foreign debt ratio rises amid ongoing economic crisis: Report

The ratio of foreign debt of cash-strapped Pakistan has shot up from 36.9 per cent in FY22 to 38.3 per cent in FY23, according to a media report on Friday. The Ministry of Finance's Annual Debt Review and Public Debt Bulletin FY2023 comes amid unchecked domestic inflation as the cash-strapped Pakistan's economy has been in a free-fall mode for the last several years. Terming it as an alarming development, Geo News said, the FY2023 Bulletin shows that the total public debt peaked at Rs 62.88 trillion till the end of June 2023 against Rs 49.2 trillion, indicating that the total public debt increased by Rs 13.64 trillion during the last fiscal year 2022-23 in the tenure of Pakistan Democratic Movement (PDM) coalition government. After giving details of the total outstanding guarantees to public sector enterprises, those issued to the oil and gas sector and the guarantees issued against commodity operations, the report said, the ratio of domestic debt to total public debt in percentage

Emerging economies face China and rate pressures as IMF, World Bank meet

Restructuring efforts for defaulted countries could reach a breakthrough before year-end as talks continue, while the finances of nations like Pakistan and Egypt will also be under scrutiny

Pak holds right to expel individuals, including Afghans: Balochistan govt

"It is important to recognize that Pakistan holds the sovereign right to expel any individuals, including those from Afghanistan if deemed necessary," Balochistan's Jan Achakzai said

Unjust, unfair: Taliban on Pakistan's decision to expel Afghan refugees

The Taliban's acting minister urged the Pakistani people and clerics to stop such "violent" actions against Afghan refugees in the country

Pakistan bans export of 212 items to Afghanistan after imposing import fees

The country has put a ban on the export of 17 types of clothes, all types of vehicle tires, tea leaves, cosmetics and dozens of toiletries

China seeks to control Pak media, develops web of int'l ops: US report

China has developed a web of international operations to have a say over media narratives and seeks to gain significant control over the Pakistani media, an official US report has said. In addition to working closely with Russia in the information space, China has attempted to enlist other close partners to counter unfavourable narratives, the State Department said in a report released here last week. Prominent among them is Pakistan, it said. With Pakistan, Beijing has sought to deepen cooperation on combating disinformation', including under the China-Pakistan Economic Corridor (CPEC) Media Forum, said the report. Beijing and Islamabad use the Media Forum to address what they view as propaganda and malicious disinformation and have launched initiatives like the CPEC Rapid Response Information Network and, most recently, pledged to launch the China-Pakistan Media Corridor (CPMC), it said. According to the State Department report in 2021, China sought to negotiate significant contr

Pakistan's tax collection insufficient to meet financial needs: World Bank

It also suggested that the country should increase tax collection from major sectors and eliminate income tax, sale tax, and customs duties exemptions

China spurns new CPEC projects for Pakistan citing political instability

The Chinese side reportedly turned down Pakistan's suggestions to add more projects related to energy, climate change, electricity transmission lines and tourism under CPEC

Pakistan sets Nov 1 as deadline for illegal immigrants to leave country

Bugti further said that a task force has also been constituted which will take action against illegal immigrants. "Pakistan is the only country permitting people's entry even without a passport"