Page 2 - Pakistan

Pakistan's trade deficit narrows by over 35% in 1st nine months of FY23

The exports from July 2022 to March this year were recorded at $21.046 billion against the exports of $23.350 million in the same period of last fiscal year

Pakistan raises benchmark interest rate by 100 bps as IMF Loan in Limbo

The overall balance of payments position continues to remain under stress, with foreign exchange reserves still at low levels, the central bank said

Pakistan rupee falls all-time low, struggles to unlock IMF funding

The Pakistani rupee sank to Rs 287.29 against the US dollar, a record low on Tuesday as the cash-starved country struggles to unlock critical International Monetary Fund (IMF) funding while dwindling foreign exchange reserves become another source of concern for investors, a media report said. The local unit, in the interbank market, closed at 287.29 against the US dollar, 0.78 per cent or Rs 2.25, down from Monday's close of 285.04, Geo News reported. Last month, the rupee hit a record low, closing at Rs 285.09 per US dollar on March 2, the data released by the State Bank of Pakistan (SBP) showed. According to financial experts, Financial importers have resumed the panic buying of US dollars, while the supply of foreign currency remained low in the interbank market. Pakistan's loan programme is yet to materialise months after it raised taxes and energy prices and allowed the currency to depreciate to meet IMF's conditions. The nation has missed multiple deadlines to resume its ...

Pak's anti-terrorism court grants interim bail to Imran Khan in 3 cases

In a huge relief, embattled former Pakistan Prime Minister and PTI chief Imran Khan was granted interim bail by a Lahore anti-terrorism court on Tuesday in three cases, reported Geo News

Pakistan PM hits back at Chief Justice Bandial for his critical remarks

Prime Minister Shehbaz Sharif on Monday hit back at Chief Justice of Pakistan Umar Ata Bandial for his critical remarks, taking the polarisation in the coup-prone country to new limits amid economic meltdown and bitter political divide. During a hearing on the postponement of polls in Punjab on March 31, the chief justice said: "Today, when you go to parliament, you find people addressing the parliament who were till yesterday in captivity, imprisoned, declared traitors. They are now talking over there, and being respected because they are representatives of the people." The stark reference was interpreted as a jibe at the Prime Minister who was arrested twice during the government of Imran Khan on the charges of alleged corruption but was bailed out by the courts. Speaking in the National Assembly, Prime Minister Sharif said that he faced unfounded allegations in the previous government followed by arrests but he succeeded to counter them on merit. "It is God's grace that I was ..

Pakistan has choice whether to become Turkiye or Myanmar: Imran Khan

In a fresh attack on Pakistan's powerful military, ousted prime minister Imran Khan on Monday said the country is left with two choices -- either follow Turkiye or become another Myanmar. In Myanmar, the military ousted democratically elected government of Aung San Suu Kyi in 2021 while in Turkiye, a bloody military coup to topple the government of President Recep Tayyip Erdogan in 2016 was foiled after people came out on the streets and resisted a regime change. "Today, we stand at a turning point in our Constitutional history where we can be like Turkiye or become another Myanmar.

Currency dealers offer $24 bn in loans to Pak to stay away from IMF package

Currency dealers in open market in Pak have offered loans of $24 billion to the government for the next two years to help it stay away from the International Monetary Fund (IMF) programme

BrahMos accidental firing a case of policy failure: Sacked Wing Commander

In a case of accidental firing, the BrahMos combat missile landed in Pakistan in March last year

Inflation, unorganised distribution of flour blamed for stampede in Pak

There have been multiple stampede incidents across Pakistan due to the unorganised distribution of free flour which led to the death of various inflation-hit people, who gathered to collect food

Inflation in Pakistan rises by record as IMF reforms spur gains: Data

Consumer prices rose 35.37% from a year earlier, according to data released by the statistics department Saturday

Stampede at food distribution centre kills 12 in Pakistan's Karachi city

At least 12 people, including women and children, were killed and several others injured in a deadly stampede at a Ramzan food distribution centre in Pakistan's port city of Karachi on Friday, officials said. The stampede took place after some people unknowingly stepped on a live wire where food was being distributed, leading to the tragedy. Soon, people started pushing each other, due to which some even fell into a nearby drain, police said. "Initially two persons were electrocuted after stepping on the live wire and that led to panic and stampede, SSP Ameerullah told PTI. Two children and two women fell in a drain when its wall collapsed due to the rush of the people, he said. In a statement, a spokesperson for Keamari police initially said that 11 people had died while five others had been injured. The spokesperson said the injured had been shifted to the hospital while further investigation was underway. Most of the victims were women between 40 to 50 years of age. Later, S

Pakistan's forex reserves fall to less than a month's import cover

As Pakistan struggles to secure external financing to pull the country out of the economic crisis, foreign exchange reserves held by the SBP reversed their course, snapping their 6-week winning streak

China rolls over $2 bn as loan to Pakistan: Finance Minister Ishaq Dar

Cash-strapped Pakistan has received a rollover loan of USD 2 billion that matured last week from its "all-weather ally" China, finance minister Ishaq Dar said on Friday, a move that will help Islamabad secure the much-required bailout from the IMF. The rollover is one of the key requirements for Pakistan meeting its external financing needed for it to ink the staff-level agreement with the International Monetary Fund (IMF). "I am happy to confirm that this has been rolled over on March 23," Dar told parliament, adding that all formalities were completed. Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt and dwindling foreign exchange reserves. Pakistan is scrambling to increase its forex reserves which are estimated to be at USD 4.8 billion after China refinanced USD 500 million a fortnight ago. Pakistan has been negotiating with the IMF for the release of a USD 1.1 billion bailout package since February but has so far met with litt

Pak FM calls for working together to address economic, climate challenges

"The world is still suffering from the economic consequences of the Covid-19 pandemic, and it should be our collective responsibility to put a minimum burden on the low-income people," Bilawal said

Pakistan govt's Twitter account withheld for the third time in India

The Pakistan government's official Twitter account has been withheld in India.When anyone tries to access the Twitter account of the Pakistan government, it says, "Account Withheld @GovtofPakistan's account has been withheld in India in response to a legal demand."This is reportedly the third time when Pakistan's Twitter account has been restricted to be viewed in India.Earlier in October 2022, the Twitter account of the Pakistan government was withheld in India.It was reportedly the second such incident in recent months. This account was withheld earlier in July as well but had been reactivated and was visible.According to Twitter guidelines, the microblogging site takes such action in response to a valid legal demand, such as a court order. Currently, the Twitter feed of the Pakistan government "@GovtofPakistan" is not visible to Indian users.In June last year, Twitter in India banned official accounts of Pakistan Embassies in the United Nations, Turkey, Iran and Egypt. In August, ..

PM Sharif orders withdrawal of review petitions against senior SC judge

Pakistan Prime Minister Shehbaz Sharif on Thursday announced that his government will withdraw a case against a Supreme Court judge as differences among the judges of the superior judiciary sharpened over the issue of taking cognizance of political cases. Justice Qazi Faez Isa, who is the senior-most judge after the Chief Justice, has been facing challenges since the government of Imran Khan filed a case, called reference, against him in May 2019 for allegedly not disclosing assets owned by his family in London. The prime minister tweeted that he had directed Law Minister Azam Nazir Tarar to withdraw the curative review reference filed against Justice Qazi Isa, observing that the action was taken by the previous government on "flimsy" and "baseless" grounds. "On my direction, the government has decided to withdraw the Curative Review Petition against the senior-most Judge of the Supreme Court, Justice Qazi Faez Isa. The Curative Review was based on ill-will & meant to harass &

Pak's Senate adopts bill to curtail powers of Chief Justice amid protest

Pakistan's Parliament on Thursday passed a bill to curb the powers of the chief justice of the Supreme Court regarding suo motu cases and the constitution of benches, in a significant move to rein in the top judiciary amid criticism by the Opposition. Minister for Law and Justice Azam Nazeer Tarar introduced 'The Supreme Court (Practice and Procedure) Bill, 2023' on Thursday in the Senate, a day after it was passed by the National Assembly - the lower house of the parliament. There were 60 votes in favour of the bill and 19 against it. The bill will now be presented to President Arif Alvi for his assent. If the president does not give his approval within 10 days, it will be deemed to have been given.

Saudi Arabia signals readiness to provide more credit to Pakistan

Pakistan claimed that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF)

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Move to clip Chief Justice's powers taken to put pressure: Imran Khan

Pakistan Tehreek-e-Insaf chairman Imran Khan has lashed out at the federal government for trying to clip the discretionary powers of the country's chief justice, asserting that the move was aimed at putting more pressure on the judiciary. Law Minister Azam Nazeer Tarar presented "The Supreme Court (Practice and Procedure) Act, 2023" on Tuesday, after a suo motu notice taken by Chief Justice Umar Ata Bandial on February 22 on elections in Punjab and Khyber Pakhtunkhwa provinces. "Every one of us wants judicial reforms.