Tag: November

  • Pakistan’s inflation soars to 29.2% in November, exceeding October figures

    Pakistan’s inflation soars to 29.2% in November, exceeding October figures

    In November, Pakistan’s headline inflation surged to 29.2 per cent year-on-year, as reported by the Pakistan Bureau of Statistics, surpassing the October figure of 26.9 per cent. 

    On a monthly basis, there was a 2.7 per cent increase. The average inflation for July-November reached 28.62 per cent, up from 25.14 per cent in the same period the previous year.

    CPI inflation in urban areas rose to 30.44 per cent in November 2023, compared to 25.5 per cent in the previous month and 21.6 per cent in November 2022. On a monthly basis, it increased to 4.34 per cent, reflecting a substantial jump from the previous month and November 2022.

    Conversely, rural CPI inflation stood at 27.53 per cent year-on-year in November 2023, showing a slight decrease from the previous month but an increase from November 2022.

    Anticipated by several brokerage houses, the November inflation spike, driven partly by a rise in gas tariffs, aligns with predictions. 

    JS Global and Arif Habib Limited had forecasted CPI-based inflation to be around 28.26 per cent and 28.2 per cent, respectively.

    Beyond inflation, Pakistan faces economic challenges. A recent staff-level agreement with the IMF, subject to board approval in December, will provide access to SDR 528 million. The International Monetary Fund (IMF) expects inflation to decrease in the coming months due to improved supply conditions.

    Despite maintaining a key policy rate of 22 per cent, the State Bank of Pakistan projects a downward trajectory for inflation, citing fiscal consolidation, commodity availability, and exchange rate alignment as offsetting factors against risks like global oil price volatility and increased gas tariffs.

    Caretaker Finance Minister Dr Shamshad Akhtar expressed optimism about gradual inflation reduction, attributing it to improved financial management. The government believes effective policies will contribute to an overall improvement in economic conditions.

  • Finance Minister Dar assures no global sanctions for Russian oil purchase

    Finance Minister Dar assures no global sanctions for Russian oil purchase

    Pakistan’s Finance Minister, Senator Ishaq Dar, has provided reassurances that Pakistan will not be subjected to global sanctions for its purchase of Russian oil. Dar made these remarks during a briefing to the Senate’s Standing Committee on Finance, highlighting that both India and China continue to purchase crude oil from Russia despite existing global sanctions.

    Dar emphasised that significant progress had been made in November of the previous year regarding the procurement of Russian oil, and the government had diligently completed all necessary preparations before proceeding with the purchase. He further explained that Pakistan adhered to an approved procedure established by a committee comprising G7 countries for oil production from Russia.

    Dar acknowledged the instrumental role played by Foreign Minister Bilawal Bhutto Zardari in consulting and obtaining approval from the G7 countries prior to the procurement of Russian oil.

    In terms of payment, the finance minister disclosed that the Chinese currency Yuan would be used for settling the payment for the Russian crude oil. He expressed Russia’s satisfaction with this arrangement, noting that it would not only reduce shipping costs but also lead to a decline in crude oil prices.

    When questioned about border trade with Iran, Dar confirmed that the government intended to enhance such trade but clarified that petroleum products were not included in these border trade activities.

    On Sunday, Pakistan successfully unloaded over 45,000 metric tons of oil from a Russian vessel that arrived at the Karachi port. Another Russian oil carrier is expected to reach the port of Karachi in the coming week.

    It is worth mentioning that earlier this week, the first ship carrying Russian oil had already docked at the Karachi port.

    During a press briefing on June 15, US State Department spokesperson Matthew Miller highlighted that every country has the right to make decisions based on its energy requirements. He further acknowledged that Russian oil was being sold at significantly lower prices compared to global market rates.

    Miller attributed this decrease in price to the limitations imposed by the US and its allies, resulting in Russia losing an estimated $100 billion in revenue that could have been used in the Ukraine conflict. Miller clarified that the US had not imposed any restrictions on Russian oil exports.

  • Suggestions are being made to govt to let COAS Bajwa continue

    Suggestions are being made to govt to let COAS Bajwa continue

    Suggestions are being made to Prime Minister Shehbaz Sharif and the leadership of Pakistan Muslim League-Nawaz (PML-N) by “certain elements” to convince Chief of Army Staff (COAS) General Qamar Javed Bajwa to continue as the head of the armed forces, reports The News.

    According to the newspaper’s sources, a suggestion was given to the government to give an extension to the incumbent army chief, and dissolve the government so that an interim government could form which would then continue for six to seven months.

    However, it has been reported that the party has said “no” to these options. PM Shehbaz and his senior party leadership insist on completing the term of the present assemblies and holding the next elections in October-November 2023. According to the party, the appointment of the COAS is at the discretion of the Premier and key military appointments would be made as per the law and Constitution.

    It is pertinent to mention that COAS Bajwa is set to retire by the end of November, a time frame that he has reportedly verbally confirmed multiple times.

    It was also reported a few weeks ago that Imran Khan, former Prime Minister and Chairman of the Pakistan Tehreek-e-Insaf (PTI) has been seeking the continuation of the incumbent army chief until the new elections are called.

    In an interview with Kamran Khan on Dunya News, Khan suggested that COAS Bajwa, be given an extension in his tenure of service.

    Talking about the possibility of appointing a new Army Chief, Khan said, “There can be a provision in relevance to the selection of the new COAS. When the next government comes, they can appoint a new COAS.”

  • ‘Let’s appoint army chief together’: Shehbaz says Khan wanted to make a secret deal with him

    ‘Let’s appoint army chief together’: Shehbaz says Khan wanted to make a secret deal with him

    Prime Minister (PM) Shehbaz Sharif has made a claim that Imran Khan, Chairman of the Pakistan Tehreek-e-Insaf (PTI) offered to conduct talks with the government through a mutual businessman friend, reports Geo News.

    During a meet-up with vloggers in Lahore, the premier said that the PTI chief approached him a month ago and wanted to settle two issues through dialogue.

    PM Shehbaz said, “The first matter was the army chief’s appointment and the second was holding elections. However, I refused,” he stated.

    Shehbaz Sharif said that he instead offered Imran Khan a discussion on the Charter of Democracy and the Charter of Economy.

    The prime minister shared that Khan offered to send him three names for the Chief’s slot and sought three from him to appoint the next army chief. The Premier said that Khan told him through the intermediary, “Let’s appoint the army chief together.”

    “I sent a message to him [Khan] that is a constitutional duty that the prime minister has to perform,” said PM Shehbaz.

    About the press conference by Director-General (DG) Inter-Services Public Relations (ISPR) Lieutenant General Babar Iftikhar and Inter-Services Intelligence (ISI) Chief Nadeem Anjum, the premier said: “General Nadeem Anjum held the press conference with my permission.”

    Earlier this month, Khan himself said that COAS appointment should be on merit. “COAS should neither be my man nor someone else’s”, said Khan.

    This revelation has come at a time when the retirement date of current COAS, General Qamar Javed Bajwa, looms closer.

    General Bajwa will be completing his extended term in November this year. He was appointed to this position in 2016.

    COAS Bajwa has reiterated his promise to leave office after completing his second three-year term in November.

  • No decision has been reached so far on COAS appointment: Khawaja Asif

    No decision has been reached so far on COAS appointment: Khawaja Asif

    Defence Minister Khawaja Asif has revealed that no decision has been reached by the federal government yet about the appointment of a new Chief of Army Staff (COAS).

    According to the defence minister, the selection process for the new army chief will likely begin within the next five to seven days.

    Talking in Geo News’ programme “Aaj Shahzeb Khanzada Kay Saath”, the minister said five names will be forwarded and then Prime Minister (PM) Shehbaz Sharif will pick one of those names. He was of the view that the appointment is quite a simple method as this exercise has been conducted several times in the past too.

    The appointment for the COAS position is due to take place in November.

    About the Pakistan Tehreek-e-Insaf’s (PTI) planned long march, the federal minister said that the government will not be blackmailed by the PTI if the party comes to Islamabad.

    The minister also said that no negotiations have taken place with PTI. “A couple of meetings took place because of Imran’s old acquaintances”, he added.

    On the contrary, Khan has claimed that negotiations were indeed held. He also warned the government to give a date for early general elections or else he will announce a date for the long march within the current month.

    Discussing the recent by-elections held on the past Sunday, Asif said that if Khan had let his party candidates run from their respective constituencies instead of contesting himself, the results would have been different.

    During the show, he also hinted towards keeping the Pakistan Democratic Movement (PDM) alliance in place in the next elections.

  • ‘Not convinced there was a conspiracy’: President Dr Alvi

    ‘Not convinced there was a conspiracy’: President Dr Alvi

    President Dr Arif Alvi while discussing the infamous ‘cipher’, has said that he is not convinced that a “foreign conspiracy was hatched” against former Prime Minister (PM) Imran Khan.

    However, Imran Khan has claimed that the no-confidence motion against him was part of a foreign conspiracy.

    In an interview with journalist Asma Shirazi, the president stated: “I sent that letter to the Chief Justice of Pakistan (CJP). I am convinced that it must be probed. I am not convinced of the fact that a conspiracy was hatched.”

    Appointment of COAS:

    About the appointment of the new Chief of Army Staff (COAS) in November, the president was of the view that “broader consultation” should be held.

    Dr Alvi said that he learned through the newspaper that there’s a consultation going on in London regarding the appointment. The government should consult PTI chief Imran Khan on the matter, he said.

    He claimed that the Pakistan Tehreek-e-Insaf (PTI) government also consulted the Opposition when former PM Imran Khan extended the three-year term of the incumbent COAS General Bajwa in 2019.

    Importance of dialogue:

    During the interview, President Alvi stressed on the importance of “dialogue”. When asked about the speculation that he had arranged a meeting between the establishment and Imran Khan, he responded: “Meri koshish yeh hai ke logo ko bethao ke dialogue karo” (I am trying that I get people to sit down and have a dialogue).

    He said dialogue is necessary for settling political issues between the government and the Opposition. He was of the view that the people are concerned about political polarisation and one of its causes was that there are different governments in the provinces.

    ‘Khan was very disappointed’: President Alvi

    President Dr Alvi, who is also a PTI leader, talked about the party not going back to Parliament. “Imran Khan was very disappointed with the manner in which his government was ousted and on that basis, he decided not to sit in the assembly,” he told Asma Shirazi.

    However, when asked about the party’s decision of resigning from the National Assembly (NA), President Alvi said that if he had been consulted, he could have given “different advice”.

    He observed that politicians are the biggest stakeholders in the country. The president said that the army should be “neutral”. When asked that Khan says that the establishment shouldn’t be neutral, he said, “You can ask him about his views”.

    ‘Free and Fair elections’: President Alvi

    President Alvi said that in August 2023, assemblies will be dissolved, stressing that both the Pakistan Democratic Movement (PDM) and the PTI wanted early polls in the past. “Even the Supreme Court had considered the issue of early elections and consulted politicians,” he added.

    “I am trying to evolve an understanding of these issues and I will facilitate the process. The most important issue is the holding of free and fair elections”, he said.

  • Process for appointment of next COAS will start from Oct-end or November: Khawaja Asif

    Process for appointment of next COAS will start from Oct-end or November: Khawaja Asif

    Defence Minister, Khawaja Asif, has revealed that the process for the appointment of a new Chief of Army Staff (COAS) will either start by the end of this month or the beginning of the next and that it will be done in line with the law and constitution.

    In a press conference on Wednesday (today), the minister stressed that it is the discretion of the sitting prime minister to pick any name which has been recommended by GHQ (General Headquarters).

    He stated that anyone from among the five nominated names could be appointed as the next chief of army staff. However, he pointed out that in the past, names other than the five suggested have also been chosen for the military chief’s position.

    Speaking about the appointment of the army chief on the basis of seniority, the defence minister said: “All three-star generals are eligible for this post”.

    During the conference, the minister said that the army is currently fighting against terrorism and the nation should support it.

    Taking a jibe at PTI Chairman Imran Khan’s apprehension over the appointment of COAS, Asif said that he is anxious as November is approaching.

    The present COAS, General Qamar Javed Bajwa, will be completing his extended term in November this year. He was appointed to this position in 2016.

    Recently, COAS Bajwa — who is currently in the US— reiterated his promise to leave office after completing his second three-year term in November.

  • Gen Bajwa says he will retire in November

    Gen Bajwa says he will retire in November

    Putting months of speculation to rest, Chief of the Army Staff (COAS) General Qamar Javed Bajwa has reiterated his promise to leave office after completing his second three-year term in November, adding that he would fulfil the pledge he made earlier.

    The army chief made these remarks at a lunch at the Pakistan Embassy in Washington.

    The COAS also stated that the armed forces have distanced themselves from politics and want to stay out of it in the future as well.

    “There can be no diplomacy without a strong economy,” said the army chief stressing that restoration of the ailing economy of the country should be the priority of every stakeholder of the society.

    After the lunch, Gen Bajwa went to the Pentagon for a meeting with US Defence Secretary Lloyd Austin.

    According to the ISPR, Gen Bajwa called on retired General Lloyd James Austin III, Secretary of Defence; Jacob Jeremiah Sullivan, National Security Adviser; and Wendy Ruth Sherman, Deputy Secretary of State.

    The army chief arrived in the US on September 30 and met with UN officials in New York.

    General Bajwa is heading a delegation that will stay in the US for another couple of days, diplomatic sources said, terming the visit an important one that portrayed “robust relations” between the two countries.

  • India to become the most populous country in 2023

    India to become the most populous country in 2023

    India will become the world’s most populous country next year i.e 2023, beating China, according to a United Nations (UN) report. Currently, India’s population stands at 1.412 billion, compared to China’s 1.426 billion.

    The findings were released by the UN on July 11 to mark World Population Day.

    The latest projections also suggest the world population is expected to reach eight billion by mid-November 2022, 8.5 billion in 2030 and 9.7 billion in 2050, 10.4 billion people during the 2080s and to remain at that level until 2100.

    India is also among eight countries where the population is expected to be concentrated in 2050. The other seven countries are Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines and Tanzania.

    UN Secretary-General António Guterres said, “This year’s World Population Day (July 11) falls during a milestone year when we anticipate the birth of the Earth’s eight billionth inhabitant. This is an occasion to celebrate our diversity, recognise our common humanity, and marvel at advancements in health that have extended lifespans and dramatically reduced maternal and child mortality rates.”

    In a tweet, he added, “On ensuring our world can support our needs and those of future generations. On protecting human rights and the ability of all individuals to make informed choices about whether and when to have children.”

  • PCB to award cash incentives to 15 cricket players

    PCB to award cash incentives to 15 cricket players

    The Pakistan Cricket Board (PCB) will be giving cash incentives to 15 Pakistani cricket players in recognition of their outstanding performance throughout 2021.

    Chairman PCB Ramiz Raja is expected to present the cash prize of Rs1.5 million to each of the top 15 players who remained an integral part of the unit in all three formats of the game.

    Two Test specialists Abid Ali and Sajjid Khan have also been invited apart from 18 players (three reserves) for their exceptional show in the longer version of the game.

    “The reception to honour the top cricketers is meant to recognise the services of all those cricketers who have helped the team stand tall in almost all the formats of the game,” a PCB official said in a statement.

    “Barring some brief hiccups, the team members have given exceptional performance throughout the year. Be it T20 World Cup performance, Test matches performance at home and abroad, the team has shown exceptional courage in all the departments of the game.”

    “Beating South Africa at their own soil and later sweeping through Bangladesh in their own backyard were exceptional achievements that needed to be recognised,” the PCB official said.

    Pakistan won 20 of 29 T20Is during the year which also saw them putting up some resolute show in the T20 World Cup. The team that was unbeaten eventually lost to Australia in the semi-finals but not before winning many hearts for the competitive element that was on display.

    The reception which will only be attended by the PCB high-ups is supposed to improve morale of the team members in front of the hectic season that also incorporates some important series and T20 World Cup to be held in Australia in October/November.

    Pakistan may also host leading international outfits including Australia, England, New Zealand, and West Indies through the coming season.

    Every player in the 15-man squad would receive Rs1.5 million each as cash incentive while the rest of the five including three reserves and two Test specialists will also be awarded.