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  • Nawaz Sharif believes in divine justice: Ishaq Dar

    Nawaz Sharif believes in divine justice: Ishaq Dar

    Former finance minister Ishaq Dar has said in a major policy statement on the Pakistan Muslim League-Nawaz (PML-N) narrative that Nawaz Sharif has left his matters to Allah to punish his tormentors and those who threw him out of power using illegal, vindictive, and unethical means, as reported by Geo News.

    It is pertinent to remember that on September 22, Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif conveyed that former army chief Gen Qamar Javed Bajwa, Gen Faiz Hameed, Saqib Nisar, and Asif Saeed Khosa should be brought to justice.

    When asked about Sharif’s stance on individuals such as former army chief Gen (retd) Qamar Javed Bajwa, Inter-Services Intelligence (ISI) ex-director general Lt Gen (retd) Faiz Hameed, and the Panama judges, Dar reiterated Sharif’s commitment to leaving his fate in the hands of Allah. Dar mentioned how various individuals who were perceived as unjustly targeting Sharif have faced exposure and accountability, highlighting Judge Arshed Malik’s video confession and Justice Shaukat Siddiqui’s revelations.

    Dar said: “There are two choices: take revenge and personal scores settlement or fix the country and the economy. Nawaz Sharif has left his matter to Allah the Almighty. I have never seen in history that nature has exposed culprits in such a short time. Look how Judge Arshed Malik made his video confession of unfairly convicting Nawaz Sharif, how Justice Shaukat Siddiqui exposed injustice to Nawaz Sharif and informed the nation. This has happened in the fastest manner because Nawaz Sharif had left his matter with Allah and Allah is the best of judges.”

    Dar said that Sharif’s focus, upon his return to Pakistan, will be on nation-building, to help the country come out of the crisis, to bring economic progress and reforms, to bring prosperity to the nation and to reduce the difficulties of the masses, to put Pakistan on the path of progress.

    Dar said: “Allah has exposed them and Allah will hold them accountable too. Some are hiding, some are on the run and some are unable to show their faces. This is happening thanks to Allah’s justice and today the whole world knows that these were fraudulent and false cases against Nawaz Sharif; that he was victimised and the nation of Pakistan paid a price for this. The biggest victim in all this is Pakistan, the progress of Pakistan has been pushed back many decades as Pakistan has become the 4th economy of the world today and under Nawaz Sharif, it was the 24th economy of the world. This is the sum total of the destruction of Pakistan.”

    He further said: “The formation of the Special Investment Facilitation Council (SIFC) is a step in the right direction. All stakeholders are part of it. The vehicle needed for it is already formed in the shape of the Pakistan sovereign wealth fund. Lots of sub-funds will be formed under it. These are revolutionary steps. If we win elections, I have no doubt that Pakistan will take off again.”

    Speaking to journalists after meeting Sharif and Maryam Nawaz at Thornhope House, both Shehbaz Sharif and Dar said that the narrative of PML-N will be defined by the fact that Pakistan progressed under Nawaz from 2013 till 2017 and then his govt was dislodged and the journey of Pakistan’s economic progress was halted.

    “The programme is final for October 21 and Mian Nawaz Sharif is returning to Pakistan,” Dar told the media.
    Dar will be returning to Pakistan on Saturday. He said he would appear before the National Accountability Bureau (NAB) in the re-opened assets beyond means case.

    He said: “This is a false case, based on falsehood and lies. I have not missed my tax returns for a second in my life but lies as big as mountains were told about me to victimise me by the Saqib Nisar-led system in order to bring in Imran Khan projects which have failed badly. I will prove before the courts that I am an innocent man who has been victimised on political grounds.”

  • Pakistani rupee claims top spot as best-performing currency worldwide 

    Pakistani rupee claims top spot as best-performing currency worldwide 

    Amidst a determined crackdown on smuggling and illegal financial activities, the Pakistani rupee has emerged as the world’s top-performing currency for September. During this remarkable month, the rupee’s value surged from Rs305.54 against the US dollar on August 31st to Rs287.74 on September 28th, a notable increase of Rs17.8 or 6.2 per cent.

    Impressively, this positive trend persisted for 17 consecutive trading sessions, resulting in an overall gain of nearly 7 per cent since hitting its lowest point at 307.1 on September 5th. 

    It’s essential to note that the currency market was closed on Friday, September 29th. In terms of global currency performance, the Mauritian rupee secured the second position with a modest appreciation of 0.7 per cent, while the Hong Kong dollar claimed third place, showing a slight improvement of 0.2 per cent throughout September. These figures are based on data from the brokerage house Arif Habib Limited (AHL), reported on a recent Friday. 

    Financial experts attribute this remarkable rupee surge to a series of government measures aimed at curbing dollar smuggling and currency hoarding. Additionally, during the same month, the State Bank of Pakistan (SBP) introduced structural reforms targeting the Exchange Companies (ECs) sector. These reforms included a directive for commercial banks to establish their own ECs as wholly-owned subsidiaries and an increase in the minimum capital requirement for ECs from Rs200 million to Rs500 million. 

    Notably, the Pakistani rupee recorded substantial gains in the inter-bank market, appreciating by 6-9 per cent against three major currencies – the US dollar, UK Pound, and Euro – over the past few weeks. Even in the open market, the rupee showed a significant upswing of 11-13 per cent, effectively eliminating the premium associated with the open-market rate. This is particularly impressive given that the US Dollar index reached a 10-month high. 

    This strengthening of the rupee aligns with the commitment made by Pakistani authorities in July when they entered into a vital $3 billion Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). This agreement was pivotal in averting a potential sovereign default and required the adoption of a market-based exchange rate, which has now proven to be a pivotal factor in the rupee’s impressive resurgence. 

  • Man hypnotised and robbed in Karachi

    A man in Karachi was robbed after being hypnotised in Saadi Town area.

    The victim’s brother said that the accused claimed that his card was stuck in the ATM, after which his brother put his card and password in the machine in front of him at his request.

    The accused fraudulently took his brother’s ATM card and fled in a car.

    The suspect is said to have withdrawn Rs 40,000 from the ATM on Jinnah Avenue, and blocked the brother’s card.

  • Petroleum prices expected to decline as rupee gains ground against US dollar 

    Petroleum prices expected to decline as rupee gains ground against US dollar 

    As reported by Geo News on Saturday, there’s an expectation that starting on October 1st, petroleum prices will see a decrease due to the stability of the Pakistani rupee (PKR) against the US dollar (USD). This shift is also attributed to a decline in international market prices. 

    The final decision on these petroleum prices will be made by the Ministry of Finance following consultations with interim Prime Minister Anwaar-ul-Haq Kakar. 

    In recent news, the Oil and Gas Regulatory Authority (OGRA) cautioned against prematurely speculating about petroleum product pricing. This comes after federal ministers suggested that rates for petroleum, oil, and lubricants (POL) might decrease in the next fortnightly review. 

    Earlier statements by Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi hinted at a potential drop in POL prices, thanks to the recent strengthening of the Pakistani rupee against the US dollar. 

    Over the past two weeks, the Pakistani rupee has gained about Rs19 against the US dollar. This is significant because Pakistan, as a net importer of POL products, conducts transactions in US dollars. 

    In the previous fortnightly review, the caretaker government had raised petrol prices by more than Rs26 per litre and diesel prices by over Rs17 per litre, reaching record highs at Rs331.38 and Rs329.18 per litre, respectively. 

    OGRA emphasised that the pricing of petroleum products in Pakistan depends on international market trends and the exchange rate between the US dollar and the Pakistani rupee. While international petroleum prices have risen recently, the exchange rate between the US dollar and the Pakistani rupee has improved. 

    However, OGRA pointed out that there’s still one week left before the official announcement of new prices. So, any speculations about price changes during this period are speculative and could disrupt the smooth operation of the oil supply chain. 

  • FIA submits challan against PTI leaders in cipher case

    FIA submits challan against PTI leaders in cipher case

    The Federal Investigation Agency (FIA) has filed a challan against Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and Vice Chairman Shah Mahmood Qureshi in the cipher case on Saturday.

    The agency asked the court to hold the two at trial and sentence them, claiming that the former prime minister and vice chairman were found guilty in the matter.

    According to Geo’s sources, Asad Umar, former PTI secretary-general, was not included on the list of suspects. Azam Khan, formerly Imran Khan’s principal secretary, has been referred to as a “strong witness” in the case.

    The FIA also included Azam Khan’s confessions made under Sections 161 and 164 with the challan that Imran Khan keep the cipher to himself and used against the state.
    Last month, FIA booked Imran Khan and Shah Mahmood Qureshi under official secret act for misusing and misplacing classified document for their political interests.

    “Consequent upon the conclusion of the enquiry No. 111/2023 dated 05.10.2022, registered in the CTW, FIA Islamabad, it transpired that former prime minister namely Imran Ahmad Khan Niazi, former foreign minister namely Shah Mahmood Qureshi and their other associates are involved in communications of information contained in the secret classified document (Cipher Telegram received from Parep. Washington dated 7th March, 2022 to Secretary Ministry of Foreign Affairs) to the unauthorised person (i.e. public at large) by twisting the facts to achieve their ulterior motives and personal gains in a manner prejudicial to the interests of state security,” read the first information report (FIR) registered against the PTI leaders.

  • Film about Titanic submersible tragedy is in development

    Film about Titanic submersible tragedy is in development

    The Ocean Gate Titanic submersible tragedy shocked the world as multiple countries worked frantically to save five billionaires trapped under the sea. The effort ended in tragedy, as all aboard the sun died, including the founder Stockton Rush.

    Now, there is a film in development which will explore the incident, according to Deadline.

    The film’s title is ‘Salvaged’ and the producer is E. Brian Dobbins, who is also working with his company MindRiot Entertainment to produce a docuseries about Kyle Bingham, the former director of Ocean Gate.

    “The Titan tragedy is reminiscent of the space shuttle Challenger disaster of 1986: it’s a tragedy I’ll never forget,” said Justin MacGregor, the group’s head of European content

    James Cameron,the director behind the 1997 romantic thriller ‘Titanic’ criticised the idea of making a film on the Oceangate tragedy, saying, “It doesn’t respond to offensive rumors in the media usually but I need to now.”

    “I’m NOT in talks about an OceanGate film, nor will I ever be,” the Avatar director said.

  • Death in the family; major blow for Shadab Khan before WC

    Death in the family; major blow for Shadab Khan before WC

    A few days before the start of World Cup 2023, vice-captain Shadab Khan’s phupho (paternal aunt) passed away.

    The Pakistani team is now in India to play the World Cup with the first warm-up match against New Zealand played on Friday, in which New Zealand defeated Pakistan by 5 wickets.

    Pakistan will play their first World Cup match against the Netherlands on October 6, but before the start of the mega event, Shadab Khan’s phupo passed away.

    In a message on social media, Shadab Khan said “Just heard that Phuphu has passed away, and everyone is requested to pray for her forgiveness”.

    Read More: How much will the cricket team earn under new contract?

  • Who hasn’t paid house rent for the last 12 years?

    Who hasn’t paid house rent for the last 12 years?

    Janay kab hongay kum, PTI leadership ki zindagi kay gham

    The owner of ‘Insaf House’, PTI headquarters in Karachi, who rented the place to PTI leadership, has approached a court to seek unpaid rent worth more than Rs 10 million accumulated over the past 12 years, as per Geo News.

    Dues calculated till July 2023 are Rs 13.9 million. The rent agreement was signed between the landlord and PTI’s late leader Naeem ul Haque, President Arif Alvi, and former Sindh governor Imran Ismail. Meanwhile, Firdous Shamim Naqvi and Samar Ali Khan signed the agreement as ‘guarantors’.

    Under the rental agreement, PTI leaders including Alvi, Ismail and Haque had agreed to pay Rs100,000 in rent each month.
    Party leaders, including President Arif Alvi, might face legal consequences after the owner filed a case under section 15 of the Sindh Rental Ordinance Act 1969.

    As per the documents, PTI leadership not only faces legal consequences due to unpaid rent but also might face charges for violating the agreement’s clause that prohibited any political activities at the premises.

    If the case is decided in favor of the landlord, Alvi, Ismail, and the guarantors might even face disqualification.

    PTI had moved the court to de-seal the Insaf House after it was cordoned off following the May 9 riots. The court directed authorities to de-seal the party’s office and barred any gathering of more than five people at the premises.

  • ‘This is no boarding house’; German Ambassador fact checks Indian ad

    Dr Philipp Ackermann, German Ambassador to India and Bhutan, was forced to fact check an advertisement printed in an Indian newspaper on X (formerly Twitter).

    The ad was of a boarding school fair, complete with a picture of an impressive building. And while India does have numerous buildings built on European architecture styles, the one in the ad, however, was actually Schloss Bellevue — residence for the German Federal President’s principal official in Berlin.

    Ambassador Philipp factually corrected the advertiser as well as the newspaper with humour, directing the post to “Dear Indian parents” stating, “this building is no boarding school! It is the seat of the German President in Berlin. Our Rashtrapati Bhavan as it were.”

    Rashtrapati Bhavan is the official residence of the President of India in New Delhi.

    “There are good boarding schools also in Germany – but here, no child will be admitted”, he said, jokingly.

    Dear Indian parents – I found this in today’s newspaper. But this building is no boarding school! It is the seat of the German President in Berlin. Our Rashtrapati Bhavan as it were. There are good boarding schools also in Germany – but here, no child will be admitted

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  • Govt hints at major taxation system overhaul in economic revival drive

    Govt hints at major taxation system overhaul in economic revival drive

    The federal government is contemplating significant changes to the tax structure in its economic revitalisation plan, with a particular focus on sectors like retail, agriculture, and real estate. Additionally, the plan includes the introduction of a wealth tax on movable assets. These proposed revisions were outlined in the Ministry of Finance’s September 2023 Economic Update and Outlook report. 

    Underpinning the economic recovery efforts are strategies aimed at enhancing revenue, which include not only tax adjustments but also the restriction of tax exemptions to essential sectors such as food and medicine. To streamline government expenses, the plan also incorporates austerity measures and a review of subsidies and grants. 

    Furthermore, the government is set to scrutinise the development plan and promote public-private partnership (PPP) initiatives. Compliance with quarterly budget targets and agreements with the International Monetary Fund (IMF), encompassing aspects like tax collection and debt management, will be a priority. 

    The plan adopts a 5Es framework—exports, equity, empowerment, environment, and energy—to address socio-economic challenges and stimulate export growth and business facilitation. The digitization of the economy and an expanded tax base through information technology are also on the agenda. 

    According to Business Recorder, state-owned enterprise (SOE) reforms, including the enactment of an SOE policy, are part of the plan. It involves the establishment of a Central Monitoring Unit (CMU) and the preparation of SOE performance reports. The implementation of a Treasury single account (TSA), remittance incentives, energy conservation, and price controls are among the planned actions. 

    Additionally, the Privatisation Commission aims to privatise select public sector enterprises through various methods, including assessing privatisation options for distribution companies (DISCOs) and restructuring options for PIA-CL while conducting unbundling studies for SNGPL and SNGPL. 

    To bolster non-bank finance and promote the capital market, corporate taxes will be reduced. Short-term measures for export enhancement include the implementation of the Weighted Average Cost of Gas (WACOG), the operationalization of the EXIM bank, and expedited sales tax refund processes. 

    Business facilitation and investment promotion will be addressed by the Board of Investment, with initiatives like the Asaan Karobar plan, which involves the establishment of a central e-registry and the development of the Pakistan Business Portal. 

    The plan also outlines measures to boost IT exports, stimulate telecommunications growth with a focus on 5G technology, and revitalise the maritime, railway, and highway sectors. Price reforms, attracting foreign investment, and combating theft are key objectives in the energy sector. 

    Recent administrative actions have already begun to yield positive results in curbing illegal activities in the foreign exchange market and improving the availability of essential food items. The outlook for inflation has improved, albeit with ongoing concerns related to international oil prices and energy costs. 

    On the fiscal front, the fiscal deficit has remained stable, while the primary balance surplus has improved. Notably, federal revenues have seen significant growth, driven by higher non-tax collections and import-related taxes. Reductions in non-markup spending have contributed to this positive fiscal development. 

    The current account deficit has narrowed, primarily due to improvements in the trade balance. Overall, the government’s strategic measures, coupled with prudent economic policies, are expected to attract new investments and stimulate economic growth for fiscal year 2024 and beyond, following the initial steps towards recovery at the beginning of FY2024.