Author: newsdesk

  • Fact-check: Is the First Lady of Pakistan ill?

    Fact-check: Is the First Lady of Pakistan ill?

    Claim: A screen grab of a news channel apparently airing news that Prime Minister (PM) Shehbaz Sharif’s wife Tehmina Durrani is experiencing heart trouble is doing the rounds on social media.

    The screenshot says that Tehmina Durrani is experiencing heart complications.

    Fact: Taking to Twitter, Durrani clarified that she is doing very well.

    She wrote, “A country that makes falsehood it’s national language needs to recognise that TRUTH is Islam. By the grace of God, I am very well.”

    VERDICT: The news is false.

  • Modi says want normal and neighbourly relations with Pakistan

    In an interview with a Japanese news media outlet, Indian Prime Minister Narendra Modi has said that he wants “normal and neighbourly relations” with Pakistan.

    “However, it is incumbent upon them to create a conducive environment free from terrorism and hostilities. The onus is on Pakistan,” he added.

    While talking about Indian’s relation with China, Modi said, “Peace and tranquility in the border areas are essential for normal bilateral ties with China”.

    He said that future development of India-China relationship can only be based on mutual respect, mutual sensitivity and mutual interests.

    He added that “normalising” the ties would benefit the wider region and the world.

  • Weekly inflation in Pakistan remains stubbornly high at 45.72%

    Weekly inflation in Pakistan remains stubbornly high at 45.72%

    Despite coming down marginally, weekly inflation remains above 45 per cent and stood at 45.72 per cent on a year-on-year (YoY) basis for the week ended on 18th May 2023, showed data released by the Pakistan Bureau of Statistics (PSB) on Friday.

    The Sensitive Price Indicator (SPI) based inflation for the week ended 11th May 2023, recorded a decrease of 0.16 per cent over the previous week due to a decrease in the prices of food and non-food items.

    The year-on-year trend posted an increase due to an increase in the prices of Cigarettes (138.50 per cent), Tea Lipton (114.93 per cent), Potatoes (114.69 per cent), Gas Charges for Q1 (108.38 per cent), Bananas (104.44 per cent), Gents Sponge Chappal (100.33 per cent), Wheat Flour (90.77 per cent), Rice Basmati Broken (86.30 per cent), Eggs (85.86 per cent), Rice Irri-6/9 (80.44 per cent), Petrol (79.85 per cent), Diesel (78.68 per cent), Pulse Moong (66.79 per cent), Bread (63.17 per cent), and Pulse Mash (57.06 per cent), while a decrease was observed in the prices of Tomatoes (38.30 per cent), Onions (30.18 per cent), and Chilies Powdered (6.48 per cent).

    A decrease was observed in the prices of food items: Onions (9.04 per cent), Garlic (1.76 per cent), Sugar (1.42 per cent), Wheat Flour (1.40 per cent), Vegetable Ghee 2.5kg (0.63 per cent), Mustard Oil (0.48 per cent), Pulse Masoor (0.40 per cent), Pulse Gram (0.12 per cent), and Vegetable Ghee 1kg (0.11 per cent); and non-food items: Diesel (10.38 per cent), Petrol (4.24 per cent), LPG (3.02 per cent), and Firewood (0.89 per cent).

    On the other hand, an increase was observed in the prices of Chicken (7.51 per cent), Tea Lipton (4.53 per cent), Gur (2.79 per cent), Eggs (2.29 per cent), Energy Saver (2.22 per cent), Tomatoes (2.11 per cent), Tea Prepared (1.09 per cent), and Curd (1.08 per cent).

    During the week, out of 51 items, prices of 23 (45.10 per cent) items increased, 13 (25.49 per cent) items decreased, and 15 (29.41 per cent) items remained stable.

  • Fact-Check: Have Imran Khan’s sons joined Twitter?

    Fact-Check: Have Imran Khan’s sons joined Twitter?

    Claim:

    Twitter accounts of both the sons of Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan have emerged on the micro-blogging site with usernames @SulemanIsaKhan and @kasimkhanreal. Many people are sharing tweets from the accounts, believing them to be Qasim and Suleman Khan.

    Fact:

    However, the screenshots of the accounts are fake, as are the accounts themselves.

    Imran Khan’s ex-wife and mother of his sons, Jemima Goldsmith, has confirmed that both accounts are imposters.
    “Fake accounts pretending to be my children, created by imposters with a political agenda in Pakistan. This is exactly what I feared would happen when you took away Twitter’s verification blue ticks. FYI my children are not on social media & have no plans to be,” she wrote in a tweet.

    Verdict: The verdict is false.

  • JI chief Siraj-ul-Haq attacked by suicide bomber in Balochistan

    JI chief Siraj-ul-Haq attacked by suicide bomber in Balochistan

    A convoy led by Siraj-ul-Haq, the Ameer of Jamaat-e-Islami (JI), was attacked by a suicide bomber on Friday in Zhob, Balochistan.

    The Secretary General of the party, Ameer ul Azeem, has confirmed that an explosion took place near the convoy. He further said that the attacker has been killed.

    Siraj-ul-Haq and all members of his convoy are safe.

    The JI chief was on his way to address a rally in Zhob when the attack took place.

  • Pakistan’s forex reserves decline to $4.31 billion, covering less than a month’s worth of imports

    Pakistan’s forex reserves decline to $4.31 billion, covering less than a month’s worth of imports

    The State Bank of Pakistan (SBP) has experienced a continuous decline in foreign exchange reserves for the third consecutive week. This decline is attributed to the country’s ongoing struggle to secure a deal with the International Monetary Fund (IMF).

    The central bank’s statement indicates that the reserves decreased by $72 million to reach $4.31 billion as of May 12, primarily due to external debt payments. This amount is sufficient for less than a month’s worth of imports.

    In contrast, commercial banks in Pakistan hold net foreign reserves amounting to $5.62 billion, which is $1.01 billion higher than the central bank’s reserves. Therefore, the country’s total liquid foreign reserves amount to $9.93 billion.

    Pakistan’s economy is currently facing significant challenges, exacerbated by financial difficulties and the delay in reaching an agreement with the IMF. Such an agreement is crucial as it would provide much-needed funding to mitigate the risk of default.

    Earlier, on May 11, the State Bank of Pakistan (SBP) witnessed a decline of $74 million in foreign exchange reserves within a week, resulting in reserves amounting to $4.38 billion. Additionally, commercial banks held net foreign reserves of $5.6 billion.

    Reports indicate that the IMF remains skeptical and is urging Islamabad to take further actions to unlock the loan program, despite assurances from friendly countries regarding external funds for Pakistan.

    Pakistan has been asked to present a repayment plan for a $3.7 billion loan to the IMF in June and demonstrate stronger support from friendly nations to fulfill its commitments.

  • Imran Khan says crackdown on party worse than Zia, Musharraf eras

    Imran Khan says crackdown on party worse than Zia, Musharraf eras

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has expressed concern on recent crackdowns by law-enforcement authorities on party members.

    In a tweet, Khan said that such episodes didn’t even take place during General Ziaul Haq and General Pervez Musharraf’s regimes.

    He added that despite all of this his party will not bow down.

    The Punjab government has claimed that terrorists who were involved in the attack on military installations on May 9, are hiding at Khan’s Zaman Park residence. The authorities have asked the former Prime Minister to hand them over. On May 18, an operation was expected to take place at Imran Khan’s home, however, it didn’t happen.

    Now, it is being reported that Punjab police have obtained warrants from the court to carry out a search operation in Zaman Park.

    According to details, an officer of the rank superintendent of police will lead the party which will also include female personnel. Commissioner Lahore Division will accompany the search team.

  • Renowned PCB official sacked, some in the line of fire

    Pakistan Cricket Board (PCB) Management Committee has seen immense changes after the arrival of Chairman Najam Sethi.

    Chief Medical Officer, Dr. Najeeb Soomro, has been sacked by the Board, and it is being said that he was unable to play his role in saving several players from injuries.

    Despite a power show of performance by the players in the New Zealand series, many players are playing without proper rest and recovery which caused problems for the management committee. Several players, including Yasir Shah, Shadab Khan, Shaheen Shah Afridi, Mohammad Wasim Jnr, Shahawaz Dahani, Fakhar Zaman, Hasan Ali, Mohammad Rizwan, Naseem Shah, and Imam-ul-Haq have suffered injuries. Despite not being fully fit, some players were given the go ahead to play, which not only aggravated their injuries but also affected the team.
    Meanwhile, PCB has given an advertisement for the post of Director Sports Medicine.

    Senior General Manager Finance and Accounts, Ateeq Rashid, was also recently asked to hand in his resignation. Another official was sacked due to apparent irregularities regarding honorary match tickets.

    Another director is now also on the hit list. Board officials are not satisfied with his work. Sethi is currently in England, therefore a decision is expected after his return to Pakistan.

  • 5 Pakistani’s make it to the Forbes ’30 Under 30′ list

    5 Pakistani’s make it to the Forbes ’30 Under 30′ list

    Forbes magazine has unveiled its highly anticipated list of 30 under 30 successful individuals across Asia, which features 300 people who have excelled in the fields of arts, tech, medicine and more. This year, spotted among the prodigies, are five Pakistanis who exceeded against the odds and made their mark in the fields of media, finance, marketing. Check them out below!

    Azam Mahmood as screenwriter for ‘Ramy’

    Originally from Karachi, Azam Mahmood is a story editor for the Peacock show ‘Queer As Folk’, who is also working with the Golden Globes award winning actor Ramy Youssef for the show ‘Ramy’.

    Anas Niaz as the founder of ‘Bioniks’

    Niaz is a mechatronics engineer who is the founder and CEO of Bioniks, a social enterprise from Karachi which is developing low-cost bionic arms using 3D printing technology, to create custom-made prosthetics which can allow users to manipulate objects using robotic fingers.

    Ayesha Mubarak Ali as a visual tech artist

    Mubarak is a multimedia visual tech artist whose work revolves around identity politics, space applications and the future of humanity. She made history by becoming the first Pakistani artist to collaborate with NASA scientists with her work being sent to the International Space Station for the Maleth II mission.

    Shershah Hassan and Waleed Amjad Islam, co-founders of KalPay

    Shershah Hassan and Waleed Amjad Islam are co-founders of the fin-tech startup KalPay, a Sharia compliant buy now pay later venture, which aims to provide financial access to a country where credit card use is less than 1%. The company had previously partnered with Pakistani ventures like Food Panda and Muawin to provide users with a convenient and easy way to conduct banking transactions.

  • Currency crisis alert: Pakistani rupee could drop to Rs350 against dollar without IMF assistance

    Currency crisis alert: Pakistani rupee could drop to Rs350 against dollar without IMF assistance

    The Pakistani rupee is poised to face a significant downfall, with expectations that it may plummet to as low as Rs350 against the US dollar. This alarming projection has raised concerns among stakeholders, as the weakening currency is anticipated to have far-reaching implications, particularly in terms of inflationary pressures that will disproportionately affect the lower and middle classes.

    According to Geo, the steep devaluation of the rupee, which has already lost approximately 20 per cent of its value this year, positions it among the worst-performing currencies worldwide.

    Experts, including economists Ankur Shukla and Abhishek Gupta, attribute this weakness to a range of factors. Capital flight from Pakistan is intensifying due to the growing apprehension that the International Monetary Fund (IMF) may not provide the much-needed bailout required to prevent a fiscal default in the upcoming fiscal year commencing in July.

    The delay in receiving aid, which has been stalled since November, is suspected to be linked to political unrest, further exacerbating the rupee’s decline. The country’s leadership has been plagued by instability since the removal of Imran Khan, Chairman of Pakistan Tehreek-e-Insaf (PTI), through a no-confidence motion vote in April last year.

    Khan’s recent arrest has heightened tensions between him, the government, and the military. Following his imprisonment, the rupee experienced a sharp drop to a record low of 299 per dollar, only to partially recover and stabilize at 285 after his release.

    Multiple experts are warning of an imminent massive drop in the rupee, with some analysts even foreseeing a further 20 per cent depreciation. The currency’s future trajectory heavily depends on the ongoing clashes between Khan and the government, as well as the IMF’s decision regarding financial assistance.

    Adil Ghaffar, CEO at Premier Financial Services Pvt in Karachi, concurs, stating that failure to secure the loan could lead to a slump in the rupee’s value to Rs350 per dollar in June. Market sentiment remains precarious, and economists such as Farooq Pasha highlight the persistent uncertainty surrounding the rupee’s path.

    In the near term, politics will continue to pose a key risk until the elections. The bond market has also been adversely affected, with bond investors growing increasingly nervous as the spread between Pakistan’s dollar bonds and US Treasuries reached a record high of over 35 per cent this month.

    With the looming prospect of the rupee’s significant decline, the economic landscape of Pakistan hangs in a precarious balance.