Blog

  • SBP receives second IMF installment, total disbursements reach $1.9 billion

    SBP receives second IMF installment, total disbursements reach $1.9 billion

    The State Bank of Pakistan (SBP) announced today that it has successfully received the second installment of SDR 528 million, equivalent to $705.6 million, from the International Monetary Fund (IMF).

    This disbursement, slated to be reflected in SBP reserves for the week ending on January 19, 2024, marks a significant step in the ongoing financial collaboration between Pakistan and the IMF.

    The latest disbursement brings the total disbursements under the stand-by arrangement (SBA) to a substantial $1.9 billion.

    It is noteworthy that the remaining $1.1 billion is expected to be received after another comprehensive review scheduled for February 2024.

    As of January 5, 2024, the State Bank of Pakistan’s total reserves stand at $8.15 billion, showcasing the positive impact of the financial support received through the IMF programme.

    To recall, Pakistan secured a $3 billion SBA from the IMF towards the end of FY23, crucially preventing the nation from defaulting on its sovereign debt.

    The disbursement of the IMF funds has been phased out over two installments, subject to meticulous reviews.

    On January 11, 2024, Pakistan successfully completed the first review of the economic reform programme, a significant milestone in ensuring the country’s financial stability.

    Following the board’s approval, the IMF highlighted that economic activity has stabilised, though acknowledging that the outlook remains challenging and is contingent on the implementation of sound policies.

    Pakistan’s 9-month SBA aims to provide a robust policy anchor for addressing both domestic and external balances, serving as a framework for continued financial support from multilateral and bilateral partners.

    This financial collaboration with the IMF is instrumental in navigating Pakistan through economic challenges, providing a solid foundation for sustained growth and stability in the region.

    The country remains committed to implementing prudent economic policies as outlined in the reform programme, with the ongoing support of international partners.

  • Doped out! Eight billion rupees ki chars pakri gai

    Doped out! Eight billion rupees ki chars pakri gai

    In a significant operation conducted by the Pakistan Coast Guard, a staggering amount of narcotics, valued at over 8 billion rupees, was seized in the Pasni district of Balochistan.

    As per Geo news, the spokesperson for the Pakistan Coast Guards said that more than 1700 kilograms of narcotics were confiscated from the mountainous region of Kulanch, a sub-tehsil of Pasni, Gwadar District.

    The estimated international market value of the seized narcotics is approximately 29.28 million dollars, equivalent to over 8 billion rupees in Pakistani currency.

    The government’s intensified nationwide anti-drug campaign continues to reap results, with the authorities seizing over 3,929 kilograms of narcotics and apprehending 26 suspects in just a week (December 31 to January 7).

    According to official data, most of the seized drugs, 3,369kg, were confiscated from Balochistan, a province long considered a key drug trafficking hub.

    Another 303kg were recovered from Khyber Pakhtunkhwa (KP), followed by 17kg from Gilgit-Baltistan, 18kg from Punjab, and 220kg from Sindh.

    The breakdown of individual drug types reveals a significant quantity of heroin (412kg) and 2,956kg of hashish seized from Balochistan, while from KP, 295kg of hashish and 8kg of heroin were seized.

    Additionally, 12kg of methamphetamine was confiscated in Punjab, 220kg of hashish in Sindh, and 12kg from Gilgit.

    These successes build upon the progress achieved since the national anti-narcotics operation began on September 1, 2023. To date, a staggering 819,388kg of drugs have been recovered from across Pakistan, and 716 criminals have been apprehended.

  • What is going on in PTI as leaders clash publicly?

    What is going on in PTI as leaders clash publicly?

    In a surprising turn of events within the Pakistan Tehreek-e-Insaf (PTI), party founding chief Imran Khan has reportedly instructed senior vice chairman Sher Afzal Marwat to suspend all political activities in Sindh.

    Disagreements between Marwat and other party leaders, including Raoof Hasan and Barrister Hamid Khan, have escalated, leading to a temporary halt in political engagements.

    Hamid Khan endorsed the statements of Raoof Hasan.

    https://twitter.com/BrHamidKhan/status/1747182074191360492?s=20

    The directive from Imran Khan came a day after Marwat initially announced the suspension of the election campaign in Sindh, citing an alleged “attack” by party leaders Raoof Hasan and Hamid Khan.

    “Keeping in view the statements against me by sick-minded people like Hamid Khan and Rauf Hassan, I am calling off my campaign in Sindh,” said Marwat.

    However, conflicting statements emerged later after Marwat declared his intention to continue the polls campaign.

    “Workers are right and I will continue campaigning for PTI in Sindh. I will not be distracted,” wrote Marwat.

    In a social media post, he expressed his determination to continue campaigning for PTI in Sindh, urging party activists to confront what he referred to as “satanic forces” independently.

    The internal strife unfolded after Marwat launched the PTI’s election drive in Sindh but later called it off due to statements against him by party leaders.

    The controversy intensified as Marwat accused President Arif Alvi of being a “wrong number” and alleged a conspiracy against the party.

    In response, Hasan and Hamid disowned Marwat’s statements, asserting that he did not represent the party’s position and had no official post within PTI.

    Barrister Gohar Ali Khan, chairman of PTI, addressed the media, emphasizing the party’s commitment to democratic values and calling for unity among party members. Despite internal disagreements, he expressed confidence in Marwat’s candidacy for the upcoming elections from Lakki Marwat.

    The ongoing disputes raise questions about Marwat’s purported meetings with Imran Khan in jail, with conflicting statements from PTI leaders.

    While Hasan claimed no political leader was allowed to meet Imran, Gohar Ali Khan affirmed Marwat’s continued affiliation with the party.

    As PTI works towards finalizing its candidate list for the February 8 elections, the internal conflicts underscore the challenges inherent in the democratic process. PTI members are urged to set aside personal differences for the party’s success in the upcoming polls.

  • No Bat for PTI ka matlab kya, jo bhi? PTI candidate election campaigns that scream creativity

    No Bat for PTI ka matlab kya, jo bhi? PTI candidate election campaigns that scream creativity

    Pakistan Tehreek-e-Insaf (PTI) has always remained ahead of others when it comes to the use of social media in Pakistan’s political landscape.

    Data shared in a report from Digital Pakistan 2023 states that the number of internet users in Pakistan swelled to a record 87.35 million in January last year, showing a 4.4 million increase between 2022 and 2023.

    The number of social media users also increased to a record 71.70 million in 2023, including 37.30 million users of Facebook, 71.70 million users of YouTube, 12.95 million on Instagram, and 16.51 million on TikTok.

    Similarly, about 11.95 million people are using Facebook Messenger, 9.30 million Linkedin, 25.70 million Snapchat, and 4.65 million users of X — formerly Twitter — in the wake of an increase in mobile connections to 191.8 million in January 2023 in Pakistan.

    The importance of social media is made very clear by the fact that there is news circulating that the internet might be shut down two days prior to the election. Young Pakistanis will be turning to social media for the truth on election day and if the election is to be seen as free and fair, social media will be the judge and the jury, senior producer and journalist Marium Chaudhary said while talking to TheCurrent.

    The results show the importance of social media in the election arena. Its power was fully exhibited when a huge number of supporters turned up online using VPNs when the internet was down during PTI’s virtual jalsa.

    Senior Journalist Benazir Shah recently tweeted that according to a google search, PTI has emerged as the most searched political party in the last fortnight.
    As the elections are approaching in less than a month, the party is in a crisis because they have been stripped from their preferred election symbol of a cricketing bat.

    The candidates however have been issued varying symbols from a human eye to an eggplant.

    PTI’s candidate Zain Pervaiz from PS-99 has been given the symbol of human eye and he used a creative way to propagate it. He made a rip-off of the famous Tahir Shah’s song Eye to Eye.

    In another video, a clip from a cartoon film is extracted to publicise the symbol of eye.

    The same candidate, Zain Parvez, came up with a clip from a Pakistani Drama where the heroine is seen saying that she will only what Zain wants her to do.

    As a candidate was allotted the symbol of a desi bed (charpayi), he got a charpayi painted in colours of the PTI flag. Along with that they were seen chanting the slogan, “Aye Aye Charpayi”.

    The same candidate got a charpayi made adorned with fairy lights and released a song titled, “Charpayi da nishan, Rakho yad meri jan”.

    The candidate alloted the sign of brinjal has taken a huge leap of creativity by releasing a “baingan song”. This symbol of is given to the candidate of PTI from NA 46.

    The meme brigade were tickled enough to promote the different election symbols including a wheelchair where the punch line was give vote to wheelchair to be able to get the system back on foot.

    The meme for the symbol tap, that is “Nalka” shows a clip from an Indian movie.

    Summing up the whole confusion folk singer Malko released a song with lyrics implying, whatever the symbol is, vote will be cast to Khan.

    Apart from the hilarious campaigns by PTI, the party is also seriously pursuing the upcoming elections by using social media. The party has launched an online portal containing detailed information of candidate names & symbols to avoid disinformation.

  • Pakistan expels Iranian ambassador from Pakistan, suspends all high level visits in response to Iranian attack on Pakistan

    Pakistan expels Iranian ambassador from Pakistan, suspends all high level visits in response to Iranian attack on Pakistan

    Pakistan confirmed on Wednesday that Iran carried out an air strike on its territory that killed two children and injured three girls after Tehran launched attacks in Iraq and Syria against what it called “anti-Iranian terrorist groups”.

    As of yet, Pakistan has expelled Iranian ambassador from Pakistan, and has suspended all high level visits in response.

    Iran offered no immediate official comment but its state-run Nour News agency said the attack destroyed the Pakistan headquarters of the jihadist group Jaish al-Adl (Army of Justice).

    However, Iran’s semi-official Tasnim news agency that, “Two key strongholds of the Jaysh al-Dhulm (Jaish al-Adl) terrorist group in Pakistan” were “specifically targeted and successfully demolished by a combination of missile and drone attacks”, cites Dawn.

    Tasnim reported that the “focal point of this operation was the region known as Kouh-Sabz (green mountain)” in Balochistan.

    Local authorities said they had also received information about such an attack but had no further details at the time of going to print. Reports from the area suggested that a missile hit a mosque, partially damaging it and injuring some people.

    In its statement, the foreign office described the incident as an “illegal act”.

    Formed in 2012, Jaish al-Adl is blacklisted by Iran as a terrorist group and has carried out several attacks on Iranian soil in recent years.

    The strike came after Iran launched missile attacks on “spy headquarters” and “terrorist” targets in Syria, and in Iraq’s autonomous Kurdistan region.

    The Iranian strikes add to multiple crises across the Middle East, with Israel waging a war against Hamas in Gaza and pro-Palestinian Huthi rebels in Yemen attacking commercial vessels in the Red Sea.

  • Mannat Murad’s finale wins hearts: Fans celebrate memorable moments

    Mannat Murad’s finale wins hearts: Fans celebrate memorable moments

    Mannat Murad, the hit Pakistani drama aired on Har Pal Geo, concluded its journey with the final episode receiving widespread appreciation from fans.
    The last episode particularly stood out as Murad, portrayed by Talha Chahour, took a stand for his wife, earning admiration from viewers. Fans had eagerly waited for this moment, egging Murad on to speak up for his wife Mannat against his mother.

    Viewers also praised Mannat’s decision to arrange a match between her elder brother and Murad’s sister, Fazeelat. The happiness of the couples brought joy to fans, but many expressed sadness for Murad’s youngest sister, Niggi, whose story was left in limbo.

    While some fans criticized the ending, stating that an educated and independent girl like Mannat would not typically choose to save her marriage with someone like Murad, others celebrated the portrayal of love between the main characters. Despite varying opinions, Mannat Murad’s finale left a lasting impression on its audience, showcasing memorable moments that will be remembered by fans.

  • Yo Yo Honey Singh wants to visit Pakistan

    Yo Yo Honey Singh wants to visit Pakistan

    Indian rapper Yo Yo Honey Singh recently talked with RJ Tayyab Arshmaan in Dubai. He wanted to thank his Pakistani fans for always supporting him, emphasizing that he had a personal connection to Lahore, where his ancestors came from and expressed a wish to visit the city.

    When asked to share a message with his fans in Pakistan, Honey Singh said, “Just keep loving and supporting me.” The rapper added a personal touch by saying, “Whenever I get a chance to visit Pakistan, if it’s meant to be – since my forefathers were from Lahore – I’d like to go to Lahore, visit Nankana Sahib to pay my respects, and meet all of you.” This revelation sparked interest among fans as they learned about the rapper’s roots.

    Honey Singh’s words brought fans from both sides closer, making them feel connected. His recognition of family ties to Lahore strengthened the bond with his diverse fan base.

    We hope to see him soon in Pakistan, performing for a rapturous crowd in his ancestral city.

  • Pakistani rupee edges up against US dollar, marks 0.5% gain at closing

    Pakistani rupee edges up against US dollar, marks 0.5% gain at closing

    The Pakistani rupee exhibited a modest uptick of 0.1 per cent against the US dollar during the initial trading hours on Wednesday in the inter-bank market.

    At approximately 10:40 am, the local currency stabilised at Rs280.

    However, at the time of closing, the PKR experienced further appreciation against the US dollar, increasing by 0.05 per cent.

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs280.1, marking an increase of Re0.15 against the US dollar.

    In contrast, on the preceding day, the rupee experienced a dip, settling at Rs280.25 against the US dollar, as reported by the State Bank of Pakistan.

    Internationally, the US dollar index maintained a one-month high on Wednesday, propelled by comments from Federal Reserve Governor Christopher Waller that tempered expectations of a March rate cut. 

    Consequently, market projections for a March rate cut decreased from 76.9 per cent to 62.2 per cent, according to CME’s FedWatch Tool.

    Although the current market pricing aligns the Fed rate curve more reasonably, there are still a notable 157 basis points of rate cuts anticipated for 2024, suggesting potential for further adjustment.

    The dollar index, gauging the greenback against major currencies, concluded at 103.35, having reached 103.42 in the previous session—the highest level since December 13.

  • Nine, including four children and police official, injured in Quetta blast

    Nine, including four children and police official, injured in Quetta blast

    A locally made explosive device went off near the Civil Secretariat and Commissioner Office on Quetta’s Zarghoon Road, injuring nine people, including a traffic policeman and four children.

    Senior Superintendent of Operations has said that the explosion happened in a garbage heap under the bridge on Zarghoon Road, adding that an investigation into the blast has been initiated.

    The SSP also confirmed that the injured children were ragpickers.

    Commissioner Quetta Division Muhammed Hamza Shafqaat, took to X (formerly Twitter) to urge citizens to avoid the Zarghoon Road for the next few hours.

    Terrorist attacks in Pakistan have ratched up in 2023, particularly on security and military personnel, ever since the end of a tentative truce deal with the proscribed Tehreek-e-Taliban Pakistan ended in November of 2022.

  • Gold price drops by Rs2,000 per tola to Rs215,300

    Gold price drops by Rs2,000 per tola to Rs215,300

    On Wednesday, the domestic bullion market experienced a notable decline, influenced by a drop in international prices. 

    In Pakistan, the price of 24-karat gold plunged by Rs2,000 per tola, reaching Rs215,300.

    The Karachi Sarafa Association reported a decrease of Rs1,715 in the price of 10-gramme 24-karat gold, standing at  Rs184,585. 

    Additionally, the price of 10-gramme 22-karat gold dipped to Rs169,203 compared to Rs170,775 on Tuesday.

    Silver prices also witnessed a downturn in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme, reflecting declines of Rs50 per tola and Rs 42.86 per 10-gramme, respectively.

    On the global stage, international spot gold experienced a $6, or 0.31 per cent, decrease, currently trading at $2,021.77 [02:46 pm PST]. 

    This follows a $26 or 1.27 per cent decline yesterday, contributing to the overall impact on the domestic bullion market.