Page 16 - Pakistan

Pak imported cars worth $1.2 bn in 6 months despite economic crisis: Report

Pakistan spent USD 1.2 billion (Rs 259 billion) on the import of transportation items, including luxury cars, high-end electric vehicles, and their parts, during the last six months amidst sinking reserves and fear of default, according to a media report. The country is in the middle of a financial crunch with the foreign exchange reserves depleting to as low as USD 4 billion, forcing the central bank to slow down the import of even essential items. The News reported that despite the overall reduction in imports of transportation vehicles and other items compared with last year, the economy was still burdened with heavy outflows for buying expensive luxury vehicles and useless items. During these six months, the country imported completely built units (CBU), completely knocked down/semi knocked down (CKD/SKD) of USD 530.5 million equivalent to Rs 118.2 billion. Since CKD kits are not allowed to be imported, yet millions of dollars of these kits are being imported, harming the local

Petrol stocks may dry up in Pakistan as banks refuse to open, confirm LCs

The Petroleum Division has warned the State Bank of Pakistan (SBP) that the stocks of petroleum products may dry up as banks are refusing to open and confirm Letters of Credit (LCs) for imports

Leave Pak to Pak

Pakistan desperately needs breathing space and financial generosity, but India should not indulge it

Pak to pay for Russian oil in currencies of 'friendly countries': Official

Pakistan will pay for energy purchases from Russia, when they start in late March, in currencies of friendly countries, a top energy official said on Friday. The development came at the conclusion of the 8th session of the Pakistan-Russia Inter-Governmental Commission (IGC) on trade, economic, scientific, and technical cooperation led by Ayaz Sadiq, Pakistan Minister for Economic Affairs, and Nikolay Shulginov, Russian Energy Minister, from respective sides between January 18 and 20 here. Shulginov, in a joint statement read out before the media, said Islamabad would pay for energy purchases in currencies of friendly countries, adding that the two countries agreed in late March as the timeline for crude oil export to cash-strapped Pakistan. The friendly countries were not named but likely include China which has close ties with both Pakistan and Russia. The two sides worked under the guidance of Prime Minister Shahbaz Sharif and President Vladimir Putin and took the opportunity to

World Bank delays $1.1 billion loan to cash-starved Pakistan until next FY

The Bank's documents also showed that the PACE-II loan might be approved in the next fiscal year

Want to see Pakistan in an economically sustainable position, says US

United States wants to see Pakistan in an economically sustainable position, an official spokesperson said, amid reports that the South Asian country's foreign exchange reserves are fast running out

Bill introduced in US to terminate Pak's designation as major non-NATO ally

A US lawmaker has introduced a legislation in the US House of Representatives that seeks to terminate Pakistan's designation as a major non-NATO ally

UN experts concerned over rise in abductions, conversions of girls in Pak

A group of top UN human rights experts has expressed alarm at the reported rise in abductions, forced marriages and conversions of underage girls and young women from religious minorities in Pak

'Have learnt our lesson, want peace with India': Pak PM Shehbaz Sharif

Sharif said that both countries are nuclear powers, and if the conflict triggers a war, then there will be no one left to live and tell what happened

Pak EC suspends 271 lawmakers for not submitting financial statements

Pakistan's top election body has suspended the membership of 271 lawmakers across the country for not submitting their statements of assets and liabilities. The statements have to be filed by December 31 every year, and the lawmakers were directed by the Election Commission of Pakistan (ECP) to submit their financial statements up to June 30, 2022, by January 16, 2023. It also warned that failing to submit the financial statements would result in the suspension of their respective memberships. The ECP said on Monday that those targeted include 136 Members of the National Assembly, 21 senators, and 114 Members of Provincial Assemblies.

Asking for more loans from friendly countries is embarrassing: Pakistan PM

Pakistan Prime Minister Shehbaz Sharif has said that it was embarrassing for him to seek more loans from friendly countries, saying it was not a permanent solution for the cash-strapped country's economic challenges. Addressing the passing out ceremony of probationary officers of the Pakistan Administrative Service (PAS) here in the capital of Punjab province on Saturday, Prime Minister Sharif regretted that during the past 75 years, different governments whether headed by political leadership or military dictators could not address the economic issues. Sharif said it really embarrassed him to ask for further loans while lauding the Kingdom of Saudi Arabia for the financial support, Geo News quoted him as saying. He said that seeking foreign loans was not the right solution to address Pakistan's economic challenges as the loans would have to be eventually returned. The prime minister said that sustainable development goals (SDGs) could be achieved and foreign loans avoided had th

Pak's Punjab Assembly dissolves; caretaker CM nominations asked by Jan 17

Pakistan's Punjab Assembly on Saturday evening stood dissolved after Punjab Governor Balighur Rehman refused to sign an advice of Chief Minister Chaudhry Parvez Elahi. Elahi on the "wish" of Pakistan Tehreek-i-Insaf chairman Imran Khan on Thursday had sent the advice to dissolve the assembly. As the governor did not sign the dissolution summary, it stood dissolved 48 hours (Saturday evening) from the time the CM sent it to governor as per the Constitution. The governor said in a tweet: "I have decided not to become part of the process leading to the dissolution of Punjab Assembly. I would rather let the Constitution and law take its own course. Doing so will not hamper any legal process as the Constitution clearly provides a way forward." The governor also invited CM Elahi and Leader of the Opposition in the PA, Hamza Shahbaz (son of prime minister Shehbaz Sharif), to start the process of the appointment of the caretaker chief minister. He asked them to submit their nominations by .

Imran Khan says PM Shehbaz Sharif will have to take trust vote: Report

Khan's remarks came after the Muttahida Qaumi Movement-Pakistan (MQM-P) threatened to leave the present coalition government

India's counter response shows country won't be coerced by anybody: EAM

India's counter response to terrorism emanating from Pakistan and to aggressive cross-border skirmish with China displayed that the nation will not be coerced by anybody, External Affairs Minister S Jaishankar said on Saturday. He added that the country will do everything to ensure its security. The Balakot air strikes conducted by the Air Force in response to the Pulwama terror attack had sent the much-needed message across, he said referring to the incident in 2019. "On the northern borders, China is today seeking to change the status quo by bringing in large forces and violating our borders. Despite COVID-19, our counter response was strong and firm. Our troops deployed in thousands safeguarded our frontiers in extreme terrain and harsh border and (protection of borders) continues to this day," Jaishankar said while addressing the Tamil weekly Thuglak's 53rd anniversary here on Saturday evening. "The national wellbeing has many facets and national security is without question th

Pak consulate brings up 'freedom' of Uyghur, Islamabad says account hacked

Hours after tweeting that Islamabad and Beijing will "work closely on matters of mutual interests including Rights & Freedom of Uyghurs community", Pakistan backtracked saying that their Twitter handle of Pakistan Consulate General Chengdu had been hacked.The tweet referred to Pakistan's Ministry of Foreign Affairs being thankful to China for support to flood victims and then mentioned concerns regarding the Uyghur community."MoFA Pakistan is thankful for Chinese aid and support for flood reconstruction. We will work closely on matters of mutual interest including the Rights and Freedom of the Uyghurs community," read the tweet from the official handle of Pakistan Consulate General Chengdu on Friday.The tweet was seen as the first instance of Pakistan coming out in support of Uyghur community, a predominantly Turkic-speaking ethnic group primarily in China's northwestern region of Xinjiang which has faced "serious human rights violations" from Beijing.UN human rights report ...

US, Pakistan share long-standing defence partnership: Defence Secy Austin

Defence Secretary Lloyd Austin on Friday congratulated General Asim Munir on his appointment as the Pakistan Army Chief, noting that the two countries have a long-standing defence partnership. According to a Pentagon readout of the call, Austin congratulated Gen Munir on his appointment as the Chief of Army Staff and discussed areas of mutual interest as well as recent regional developments. "Today I had the opportunity to congratulate General Asim Munir, Pakistan's newly appointed Chief of Army Staff," Austin said. "The United States and Pakistan have a long-standing defence partnership and I look forward to working with General Munir," he said in a tweet.

Pak: Imran wins in Punjab as govt fails to prevent CM's confidence vote

Imran Khan and his party's coalition partner PML (Q) have emerged victorious as Punjab Chief Minister Parvez Elahi has signed a summary for the dissolution of the provincial assembly

As flour prices start to ease, pulses start becoming costlier in Pakistan

Prices of pulses are going up, thanks to the non-clearance of imported consignments at the port due to a delay in the approval of relevant documents by banks, Dawn reported

Food supply at risk as banks in Pak reluctant to open letters of credit

Amid the shortage of wheat, the banks in Pakistan remain hesitant in opening letters of credit (LCs) for the import of necessities, posing threat to the food supply, reported The News International

PoK on the verge of food riots as it grapples with flour shortage

The desperate situation has triggered chaos and some clashes among people were also seen in the region in the past few days