Month: June 2023

The United Nations General Assembly has decided to continue intergovernmental negotiations on enlarging the Security Council during its upcoming 78th session.

Pakistan’s Permanent Representative to the world body at New York, Munir Akram in his remarks has urged the need to reach agreement on the principles of reform in all 5 Clusters.

He said this is the only agreed and accepted modality to promote Security Council reform and it would be unwise to disrupt the IGN process by advancing new modalities and precipitate initiatives.”

The so-called Group of Four — India, Brazil, Germany and Japan seek for themselves permanent seats on the Council have shown no flexibility in their push for expanding the Council by 10 seats, with six additional permanent and four non-permanent members.

On the other hand, the Italy/Pakistan-led Uniting for Consensus group has proposed a new category of members not permanent members with longer duration in terms and a possibility to get re-elected.

Source: Radio Pakistan

International Monetary Fund has reached staff-level agreement with Pakistan on a three billion stand-by arrangement.

According to a press release issued by IMF, the staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July.

The new SBA will support the authorities’ immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.

Source: Radio Pakistan

Prime Minister Shehbaz Sharif says staff-level agreement of three billion US dollars with IMF will enable Pakistan to achieve economic stability.

In a tweet on Friday, he said this agreement will help to strengthen Pakistan’s foreign exchange reserves and put the country on the path of sustainable economic growth.

The Prime Minister appreciated the efforts and hard work of Finance Minister Ishaq Dar and his team at the Ministry of Finance for achieving this outcome.

He also thanked Managing Director IMF Kristalina Georgieva and her team at the IMF for their cooperation and collaboration, especially during the course of last week.

Source: Radio Pakistan

The International Monetary Fund (IMF) earlier today announced a staff-level agreement (SLA) with Pakistan, which experts believe will prevent a likely default and bring stability to the country’s economy.

In an interview with a local news channel, Michael Kugleman, Director of the South Asia Institute at the Wilson Center, stated that the deal would avert default, unlock additional funding from key creditors, and improve investor confidence to some extent. The agreement pertains to a $3 billion “stand-by arrangement (SBA)” with the IMF.

Nathan Porter, the IMF’s Mission Chief to Pakistan, also confirmed the agreement, stating that the IMF team had reached a staff-level agreement with the Pakistani authorities on a nine-month SBA worth $3 billion.

Kugleman acknowledged that the agreement would restore short-term stability but noted that the country still faces deep-rooted structural flaws, making a complete recovery challenging.

Addressing Finance Minister Ishaq Dar’s claim that geopolitical factors delayed the agreement, Kugleman stated that the deal disproves this notion.

He highlighted that once Islamabad took the necessary fiscal policy steps to meet IMF conditions, negotiations swiftly progressed and resulted in an agreement.

In a final attempt to secure the stalled rescue package, the government introduced budget changes for the upcoming fiscal year, including a key interest rate hike to 22%.

The IMF deal, which comes after an eight-month delay, offers some relief to Pakistan, which has been grappling with a severe balance of payments crisis and declining foreign exchange reserves.

The $3 billion funding, spread over nine months, exceeds Pakistan’s expectations. The country had been awaiting the release of the remaining $2.5 billion from a $6.5 billion bailout package agreed in 2019, which expires on the day of the announcement.

CEO Topline Securities, Mohammad Sohail, said foreign investors have reacted in a positive manner after the announcement of Pakistan-IMF deal. Pakistan Eurobond surged by more than 10% in UK OTC market in morning trade. Short duration bonds are also performing well. Pak 2024 is now near 71 cents, while Pak 2025 is around 55 cents. These prices are up 70-80% since Oct 2022.

Source: Pro Pakistani

In a significant announcement, Prime Minister (PM) Shehbaz Sharif has declared that the salaries of Frontier Corps (FC) personnel would be equalized with those of the Pakistan Army.

Prime Minister Shehbaz Sharif and Chief of Army Staff (COAS) General Syed Asim Munir made a special visit to Parachinar on the Pakistan-Afghanistan border to spend the first day of Eid ul Azha with army soldiers.

Accompanied by Minister for Finance Ishaq Dar, Minister for Defence Khawaja Muhammad Asif, and Minister for Information and Broadcasting Marriyum Aurangzeb, the PM and the COAS participated in Eid prayers alongside army officers and soldiers.

Following the prayers, they exchanged warm Eid greetings with the personnel.

During their interaction with the officers and soldiers, Prime Minister Shehbaz Sharif expressed his admiration for the Pakistan Army, commending their strong resolve, operational preparedness, and professional standards.

He emphasized the significance of their service and reiterated the government’s commitment to supporting them in their mission to protect the nation.

Source: Pro Pakistani

On the first day of Eid ul Adha, the snooker community faced a tragic loss as Mohammad Majid Ali, an accomplished player and Asian U21 silver medalist, took his own life after battling depression for several years.

Family sources have confirmed this devastating news. The Chairman of the Pakistan Billiards and Snooker Association (PBSA), Alamgir Sheikh, shared the heartbreaking information with fellow players and members of the sports organization through a text message.

This unfortunate incident follows the recent death of another snooker player, Mohammad Bilal, adding to the grief within the Pakistan snooker fraternity.

The circumstances surrounding Majid’s death are profoundly distressing. According to Majid’s brother, Umar, it was indeed a case of suicide. Majid ended his life by using a wood-cutting machine in his hometown of Samundri, near Faisalabad.

Umar confirmed that Majid had been suffering from depression for the past few years, although the exact reasons behind his condition remain unknown, and there were no financial issues contributing to his struggle.

Alamgir Sheikh, the PBSA chairman, expressed deep shock upon learning about Majid’s tragic death. He acknowledged Majid’s exceptional talent, noting that although he had recently fallen in the rankings, he consistently demonstrated great potential.

Sheikh conveyed his sadness and emphasized that Majid’s passing is a significant loss to the Pakistani snooker community.

The snooker fraternity mourns the loss of a talented player and extends their sympathies to Majid’s family and friends. This unfortunate incident serves as a reminder of the importance of mental health awareness and support within the sports community and beyond.

Source: Pro Pakistani

Prime Minister Shahbaz Sharif and Finance Minister Ishaq Dar held a press briefing on the recent $3 billion staff-level agreement reached with the International Monetary Fund (IMF) earlier today.

Prime Minister Shahbaz Sharif expressed his gratitude to the IMF, highlighting the sacrifices made by Pakistan to avert a default.

He assured the public that they had managed to secure $4 billion, surpassing the $2 billion gap identified by the IMF.

Furthermore, during the recent Paris visit, discussions were held with the President of the Islamic Development Bank (IDB) regarding the financial crisis. Prime Minister Shahbaz Sharif requested assistance from the IDB, citing the $2 billion difference. To Pakistan’s relief, the IDB announced a commitment of $1 billion, offering much-needed support in these testing times.

Expressing gratitude for the aid received, Prime Minister Shahbaz Sharif acknowledged the invisible help from Allah. He also mentioned that the melting snow in Paris acted as a symbolic turning point.

A staff-level agreement has been reached, with the Executive Board meeting scheduled for July 12. Pakistan is set to receive $3 billion under this nine-month program, and installments will commence after the board meeting.

Prime Minister Shahbaz Sharif extended his appreciation to the IMF, Ishaq Dar, and their team for their dedicated efforts in securing the agreement. He praised their round-the-clock work, which was aimed at benefiting Pakistan. However, he emphasized that this moment should not be regarded as a point of pride but rather as a moment of concern.

Stressing the need to break free from the cycle of loans, Prime Minister Shahbaz Sharif highlighted the progress made under Nawaz Sharif’s leadership until 2018. He mentioned the end of 20-hour load shedding and the swift progress of the China-Pakistan Economic Corridor (CPEC) projects. He also criticized the previous government for their mismanagement, alleging corruption and pocket-filling at the expense of the people.

Prime Minister Shahbaz Sharif expressed hope that this would be the last IMF program for Pakistan, calling on the public to pray for it. He urged everyone to remember the economic burden borne by the people and emphasized the importance of economic stability. Furthermore, he announced an agreement with Azerbaijan for liquefied natural gas (LNG), showcasing efforts to diversify partnerships and boost economic growth.

The Prime Minister acknowledged the support of friendly countries during these challenging times. China’s rollover of $5 billion in commercial loans prevented Pakistan from defaulting. Saudi Arabia has pledged $2 billion, while the UAE has already provided $1 billion. Additionally, the Islamic Development Bank has committed $1 billion to assist Pakistan.

By successfully securing financial assistance, Pakistan has managed to avoid the looming threat of default. Prime Minister Shahbaz Sharif expressed gratitude to the President of Sri Lanka for his support and dismissed claims that Pakistan was becoming another Sri Lanka, pointing out that the country’s debt troubles would not end this way.

Furthermore, he addressed a conspiracy that targeted Pakistan’s economic stability, involving both internal and external adversaries. The Army Chief played a significant role in completing the loan program and supporting the country’s recovery efforts. Prime Minister Shahbaz Sharif outlined a comprehensive five-point plan, including measures to increase revenue.

The economic recovery plan for Pakistan involves collaboration between civilian and military leadership, as well as support from allied parties. The Prime Minister emphasized the importance of Gulf states’ investment, stating that it would not only benefit them but also generate employment opportunities for four million individuals in Pakistan.

Pakistan remains hopeful that through increased investment from Gulf states and the implementation of their economic recovery plan, they will be able to bid farewell to the IMF and achieve sustainable progress.

Minister of Finance, Ishaq Dar, said that had the 9th economic review taken place, the subsequent 10th and 11th reviews would have been unnecessary.

Through daily discussions with the IMF, Pakistan’s delegation emphasized the importance of securing $2.5 billion to avoid any financial imbalances. The program’s duration was a key consideration, with the preference for a concise nine-month period.

Prime Minister’s relentless efforts in advocating for Pakistan’s economic stability bore fruit as the breakthrough occurred during discussions held in Paris. The letter of intent has been signed, paving the way for the first installment of $1 billion to be received following the executive board meeting scheduled for July 12.

Regarding the new budget, Ishaq Dar expressed reservations about a proposed tax of Rs. 215 billion in his closing speech. However, all previous conditions set forth by the IMF program have been successfully met.

Highlighting Pakistan’s resilience, Minister Dar refuted claims of the country facing default, emphasizing its status as an independent nation. Pakistan possesses substantial assets amounting to billions of dollars, reinforcing its position. The finance minister affirmed that Pakistan is not a beggar but rather a proud member of the IMF.

The ultimate objective is to restore Pakistan’s economy to its deserved position as the 24th largest in the world. Acknowledging the importance of the IMF program, Minister Dar reassured that alternative plans were available to safeguard Pakistan’s interests in case the program had not materialized.

Achieving economic stability is now the focus, and Minister Dar unveiled a future roadmap designed to halt the economic decline. He firmly stated that Pakistan will not face default and emphatically denied any comparisons to Sri Lanka, reinforcing the country’s commitment to financial integrity.

Significant progress has already been made, with $5 billion in commercial bank loans being successfully repaid, contributing to a reduction of $4 billion in external debt. Minister Dar expressed gratitude for China’s substantial assistance, which has played a vital role in boosting Pakistan’s overall reserves to $10 billion. The target is to further increase reserves to $14-15 billion by July.

In the new budget, there is an option to increase the petroleum development levy to Rs. 60 per liter. However, it has been decided to maintain an average rate limited to Rs. 55 per liter in the upcoming year.

Source: Pro Pakistani

The federal government has announced its decision regarding the petrol prices for the next fortnight across the country.

Finance Minister, Ishaq Dar, announced the decision in a video statement. The petroleum prices will remain effective from 1 to 15 July.

According to details, petrol prices will remain unchanged at Rs. 262 per liter.

However, diesel prices have been increased by Rs. 7.50. The new per liter price of diesel will be Rs. 261 for the next fortnight.

Source: Pro Pakistani