Tag: Pakistan

  • Lahore-Canada flight turns back after hydraulic dysfunction

    Lahore-Canada flight turns back after hydraulic dysfunction

    A Pakistan International Airline (PIA) aircraft enroute to Canada has returned back to Pakistan midway due to hydraulic dysfunction during the trip, The News has reported.

    The technical problem was discovered when flight PK-797 was flying over Russia, forcing the plane to return to Allama Iqbal International Airport.

    The aircraft took off from Lahore at 4:30 a.m. on Monday and landed back at 1:30 p.m at the same airport.  

    According to the PIA spokesman, due to delays in repair, the passengers of the flight would be sent to Toronto on an alternative flight.

  • Terror activities remain a huge hurdle for peace in the region: Shehbaz at SCO Summit

    Terror activities remain a huge hurdle for peace in the region: Shehbaz at SCO Summit

    Prime Minister (PM) Shehbaz Sharif advised India at the 23rd meeting of the Shanghai Cooperation Organisation (SCO) on Tuesday to not use terrorism for diplomatic point scoring. The Premier emphasized that terror activities remain a huge hurdle for peace in the region.

    Indian Prime Minister Narendra Modi, as the current chair of the SCO, invited Shehbaz Sharif to attend the meeting of the Shanghai Cooperation Organisation (SCO).

    The PM noted that all the members of the SCO have shared interests in maintaining peace and economic stability in the region.

    “The hydra-headed monster of terrorism and extremism, whether committed by individuals, societies, or states, must be fought with full vigour and conviction,” the premier said.

    Earlier, Narendra Modi said that the SCO should stand together to fight terrorism and condemn the countries that support it. He also added that Afghan soil should not be used to destabilise the peace and stability of the neighbourhood.

  • Pakistan commits to boost foreign exchange reserves to $11.7 billion by 2024

    Pakistan commits to boost foreign exchange reserves to $11.7 billion by 2024

    Pakistan has made a commitment to the International Monetary Fund (IMF) to significantly increase its gross foreign exchange reserves by $7.65 billion. The goal is to raise the reserves to $11.7 billion by the end of the financial year 2024, up from the current level of $4.056 billion in the financial year 2023. This move is aimed at building a buffer of foreign exchange reserves to protect the national economy from external shocks.

    The assurance was given through a Letter of Intent (LoI) signed by Finance Minister Ishaq Dar and State Bank of Pakistan (SBP) Governor Jameel Ahmed. Under a $3 billion stand-by arrangement (SBA) for nine months, Pakistan assured the IMF and its executive board of its commitment to bolster its foreign exchange reserves.

    If the gross foreign exchange reserves reach $11.7 billion by the end of June 2024, they will be sufficient to meet the country’s import requirements for goods and services for approximately 1.8 months.

    The balance of payment (BoP) chart, agreed upon by the IMF and Pakistan, indicates that projected disbursements of foreign loans during the current financial year 2023-24 are expected to amount to $15.01 billion from multilateral and bilateral creditors. This financial year started on July 1, 2023, and will end on June 30, 2024.

    The analysis of the BoP data suggests that Pakistan needs to secure external financing from multilateral and bilateral creditors during the current fiscal year. Additionally, Pakistan is seeking an additional deposit of $2 billion from the Kingdom of Saudi Arabia and $1 billion from the United Arab Emirates (UAE). The Islamic Development Bank (IsDB) has agreed to provide a $1 billion loan program.

    Furthermore, Pakistan is actively working on program loans and project financing from the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank (AIIB) to secure a total disbursement of $15 billion from all multilateral and bilateral sources.

    To further strengthen its reserves, Pakistan intends to engage with bilateral partners, especially China, Saudi Arabia, and the UAE, to extend the maturity of their existing deposits, which amount to $2 billion, $3 billion, and approximately $2 billion, respectively, in the current financial year.

    The IMF executive board is scheduled to convene on July 12, 2023, in Washington DC, to review and consider Pakistan’s request for approval of a $3 billion short-term bailout package, including a $1 billion tranche release. Upon approval by the executive board, the $1 billion tranche will be disbursed within a few days.

    The IMF staff has already circulated copies of the Letter of Intent among the executive board members. In this document, Finance Minister Ishaq Dar and the SBP governor have provided assurances regarding the implementation of crucial fiscal and energy reforms to address fiscal challenges. Islamabad has also committed to tackling issues in the energy sector, including measures to control the circular debt problem.

    To address energy sector concerns, the government plans to raise power and gas tariffs in line with the determinations made by the regulators. The National Electric Power Regulatory Authority (NEPRA) will finalise the power tariff, while the facts regarding gas tariffs are being ascertained by relevant officials.

    The Oil and Gas Regulatory Authority (OGRA) has already recommended increasing gas tariffs by 45 per cent and 50 per cent for two major gas utilities. The government has a 40-day timeframe to make a decision on this matter, after which the recommendations will be notified in the second week of July 2023.

    Under the nine-month SBA program, it is anticipated that there will be two reviews conducted by the IMF mission in September and December 2023. Each review is expected to lead to the disbursement of a $1 billion installment.

    Overall, Pakistan is taking significant measures to strengthen its foreign exchange reserves, seek external financing, and implement necessary reforms in order to address its economic challenges and ensure stability.

  • Shoaib Akhtar secures stay order against filming, release of biopic 

    Shoaib Akhtar secures stay order against filming, release of biopic 

    Former cricketer Shoaib Akhtar took to his Instagram account to announce that he has secured a stay order against the makers of his biopic ‘Rawalpindi Express’. The stay orders will prevent the crew from filming the movie.

    Akhtar warned that any person involved in the production process of the film will be held responsible by authorities:

    “I have issued a stay order against the filming and release of the supposed biopic being made on my life by a certain group of people. I had to do this because they had threatened in writing of continuing filming regardless of the legal termination of the agreement. Any person involved in the project should know that its completely illegal and they will be responsible for any reputational loss.”

    In the legal notice, it was mentioned that anyone associated with the film would be held responsible, and the police will raid any future filming with a court order.

    Previously, Akhtar announced his departure from the film, citing “failure to resolve disagreements amicably and constant contractual violations finally resulted in us cutting ties with them,” after which the former cricketer revealed he completed all legal protocols and revoked the rights to the story of his life.

    Actor Umair Jaswal, who had been selected to portray the cricket star in the project, also announced back in January in an Instagram post that he was stepping away from the film due to “personal and creative reasons”:

    “Due to creative and personal reasons, I have decided to step away from the Shoaib Akhtar biopic project RAWALPINDI EXPRESS. I will no longer be associated with any media or news related to this project.”

  • Pakistani transgender comedian and activist barred from using Emirates

    Pakistani transgender comedian and activist barred from using Emirates

    Pakistani transgender activist and stand up comedian Anaya Rahimi took to Twitter to share that she was preventing from boarding an Emirates flight to Tunisia because of the X gender on her card, which signifies that she is a trans woman.

    Describing the experience in an Instagram post, Rahimi said that the Emirates staff misbehaved with her, prohibiting her from travelling as trans people are not allowed to board their planes, despite her efforts to communicate with them.

    “When I went to emirates check in Lahore @lahoreairport the @emirates staff there stopped me and insulted me first because of my gender they along with there manager used transphobic slurs and then told me that you cant travel as @emirates does not allow trangender people to travel. I tried my best to argue and make my case presented the email approval by emirates and told that I confirmed from headoffice too but they shut me down and asked guards to escort me out didn’t let me use my phone as well.”

    Since the post went viral on Twitter, transgender activists like Shahzadi Rai, who was previously prevented from using FlyDubai because of her gender identity, condemned the airline and called for authorities to take action against the organisation.

    https://twitter.com/Bubbleskhanum/status/1675907955055636493?s=20
  • Imran Khan gets relief from Islamabad High Court in Toshakhana case

    Imran Khan gets relief from Islamabad High Court in Toshakhana case

    The Islamabad High Court (IHC) on Tuesday declared the Toshakhana case against Pakistan Tehreek-e-Insaf (PTI) chairman, Imran Khan, inadmissible.

    Chief Justice of Islamabad High Court, Justice Aamer Farooq, announced the verdict while accepting Imran Khan’s plea against the trial court’s decision.

    The court has ordered the trial court to reconsider the arguments presented by Khan’s lawyer. IHC has also ordered the trial court to take a decision on Imran Khan’s plea within seven days.

    It is worth mentioning that investigations are underway against Imran Khan in the Toshakhana case at the National Accountability Bureau (NAB), where he will today appear before the NAB inspection team in Islamabad.

  • Nawaz Sharif will be our next candidate for PM: Ishaq Dar

    Nawaz Sharif will be our next candidate for PM: Ishaq Dar

    Financial Minister Ishaq Dar has said on Monday that Pakistan Muslim League-Nawaz (PML-N) head, Nawaz Sharif, will be the party’s next candidate for Prime Minister in the upcoming general elections.

    While speaking on Geo News’ programme Aaj Shahzaib Khanzada Kay Sath, Dar said that Nawaz Sharif is in London for medical treatment and will return to his home country after the completion of the same.

    He also said that now there is no hurdle for former Prime Minister Nawaz Sharif to participate in the upcoming elections after parliament recently passed an amended election law that limits the disqualification period to a maximum of five years.

    Dar gave his statement a day after Nawaz said that inflation will be wiped out in the country if the PML-N won the upcoming elections, adding that his party will resolve all the problems in the country.

    Nawaz Sharif and his daughter Maryam Nawaz arrived in the United Arab Emirates for Eid, and held meetings with Pakistan Peoples Party (PPP) top leaders, including Asif Ali Zardari and Bilawal Bhutto.

  • The journey of economic progress will pick up pace: PM Shehbaz

    The journey of economic progress will pick up pace: PM Shehbaz

    Prime Minister Shehbaz Sharif congratulated the nation and the business community on the start of business activities with a remarkable flow of 2231 points in the stock exchange on the first day of the week.

    In a statement, the PM said that the country’s economic recovery has started, crediting it to the continuous hard work and effective policies of the government.

    The PM said that the journey of economic development, reduction in inflation, and progress in Pakistan is going to restart again. Shehbaz Sharif further said that the country is again on the track of development.

    He congratulated the nation, saying a new light of hope had emerged after severe disappointments, after the staff-level agreement with the International Monetary Fund (IMF).

    He further said that the country will continue the journey of economic development and stability with the same hard work and passion.

    The PM also said that the journey of progress will pick up pace in multiple sectors like agriculture, Information Technology (IT), and industry.

  • ‘I was blackmailed’: boxer Amir Khan says model Sumaira extorted money from him

    ‘I was blackmailed’: boxer Amir Khan says model Sumaira extorted money from him

    Bridal model Sumaira has shared screenshots of former Pakistani-British boxer Amir Khan begging her for nudes, and encouraging her to meet him behind the back of his wife Faryal, The Sun has reported. The article, dated July 1, gave details of Khan’s alleged messages, including ones where he is terming his marriage a “business arrangement” and saying that he and Faryal were not on speaking terms anymore.

    Sumaira revealed to The Sun:

     “We had a phone call and he said he and Faryal were not properly together and that it was a bit of a business arrangement.

    “He said he was 36 and retired and that Faryal spent a lot of time in London. He spun me a bit of a sob story, and to begin with I felt sorry for him and thought he was lonely.”

    Khan has finally responded, recounting his side of the story by revealing that Sumaira deleted a lot of messages, only sharing a select few with the British tabloid which pushed the narrative of cheating on his wife, Geo reports.

    The former boxer alleged that Sumaira had reached out to him on social media where she stated that she was looking to escape from her family. The model sent revealing pictures of Amir when he asked her about her faith, which Khan said he had rejected because he wasn’t impressed by the model’s actions.

     “All I replied was that you look good but really that wasn’t something I was impressed by. To be honest, it put me off.”

    Amir then went on to address whether he had written ‘I can’t stop looking’ to Sumaira, and he responded that it was on her request to give her a compliment.

    “I wish you would say I can’t stop looking so I did. Then she sent a lot more and all I said was it’s nothing I haven’t seen before,” he confessed.

    Then Khan revealed that Sumaira asked him to give her £20,000, saying that she needed to get hand surgery.

    “I said I can’t give you any money. Go get a job and it’s wrong if you want money.”

    Khan said the model was writing lies about him in order to make money to leave her family:

    “The reason she went to the paper was I didn’t want to give her money. Her story about her family disowning her did upset me but I knew she’s on the money thing and is a liar. I stopped messaging her.”

    He also went on to reject the allegation by Sumaria that the boxer wanted to cheat on his wife, and that their marriage was a ‘business relation’:

    “I told her I am happily married. Not once did we speak about me and Faryal being together for the TV show. I think all my followers on socials know we are together and very happy. I reacted to the pictures out of the blue she sent me because I wanted to not upset her. But it wasn’t something you would take a look at twice. I also said to her sort your life out and that you are a Muslim girl. I’m sure your family will help you. She spoke ill about her family and why she didn’t live with them,” he confessed.

  • Govt expected to hike gas prices by 50%, electricity by Rs4 per unit for IMF deal

    Govt expected to hike gas prices by 50%, electricity by Rs4 per unit for IMF deal

    Pakistan is expected to increase gas sale prices by 45-50 per cent and electricity base tariffs by Rs3.50 to over Rs4 per unit for the fiscal year 2023-24.

    These adjustments must be notified before the upcoming meeting of the International Monetary Fund’s (IMF) Executive Board on July 12.

    According to reports, this increase in energy prices is necessary to pave the way for the $3 billion programme agreed upon under the Stand-By Arrangement (SBA) with the IMF at the staff level.

    Earlier, the Oil and Gas Regulatory Authority (Ogra) announced an increase of 50 per cent (Rs415.11 per MMBTU) for consumers of the Sui Northern Gas Pipeline Limited (SNGPL), bringing the subscribed gas price to Rs1,238.68 per MMBTU.

    Additionally, the regulator raised the gas price by 45 per cent (Rs417.23 per MMBTU) for consumers of the Sui Southern Gas Company Limited (SSGCL) for the fiscal year 2023-24. However, the government has yet to officially notify the increase in gas prices for the upcoming financial year.

    The SNGPL has an accumulated shortfall of Rs560.378 billion up to FY23, while Sui Southern has a shortfall of Rs97.388 billion. The federal government had previously notified the increase in gas sale prices based on different categories from January 1, 2023.

    As per the existing policy, high-end consumers subsidise the gas prices for low-end consumers. It is likely that the government will continue this policy, with high-end consumers paying the gas price for low-end consumers starting from July 1, 2023.

    According to The News, the entire energy sector is currently burdened by circular debt, which amounts to over Rs4,300 billion. This debt is divided between the oil and gas sector, with Rs1,700 billion, and the power sector, with Rs2,600 billion.

    The IMF emphasises the need for Pakistan to make the energy sector viable and sustainable, which requires increasing the base tariff for the fiscal year 2023-24.