Tag: Pakistan

  • Russian market reopens for Pakistani rice: 15 mills get export approval

    Russian market reopens for Pakistani rice: 15 mills get export approval

    In a significant development for Pakistan’s rice industry, the Department of Plant Protection (DPP) of the Ministry of National Food Security and Research has registered 15 rice establishments for exports to the Russian Federation. This announcement comes as a ray of hope amid a declining trend in rice exports during the outgoing fiscal year.

    The recommendation of these establishments to the Russian Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) follows a thorough technical audit conducted by the DPP. The successful registration has been hailed as a significant achievement by the food ministry, highlighting its potential to boost exports and contribute to the overall economy of the country.

    In the past, Russia had restricted imports of rice from Pakistan due to concerns over pest interception. However, in 2021, the ban was lifted, allowing only four mills that had met the required quality standards to export rice to Russia.

    Recognising the need to capitalise on this opportunity, the DPP, in collaboration with the Rice Exporters Association of Pakistan (REAP), took proactive measures to upgrade 15 additional mills, ensuring compliance with the sanitary and phytosanitary (SPS) requirements set by Russia for rice exports.

    With the registration of these establishments, the total number of rice companies eligible to export to Russia has now risen to 19. This development is particularly significant for rice farmers, primarily located in Punjab and Sindh, as they heavily rely on these exports as a primary source of income.

    Beyond the immediate benefits to rice farmers, this achievement sets a positive precedent for Pakistan’s agrarian economy, opening doors to enhance exports in other domains by improving quality standards to meet global market demands. The agreement with Russia acts as a gateway for potential rice exports to international markets.

    Building on this success, efforts are underway to bring more rice processing facilities in line with international standards, with the aim of securing a substantial share in high-end export markets across Asia, Europe, the United States, and Australia.

    The recent decline in Pakistan’s basmati rice exports, which contracted to 541,492 tonnes ($588m) in 11MFY23 from 695,564 tonnes ($632m) in the corresponding period of the previous fiscal year, has underscored the importance of revitalising the sector.

    However, foreign sales of other rice varieties have remained strong, totaling $1.4bn with shipments of 2.964 million tonnes in July-May FY23, albeit slightly lower than the $1.6bn (3.816 million tonnes) recorded during the same period last year.

    As Pakistan’s rice industry finds new avenues for growth, there is renewed optimism among farmers, exporters, and policymakers regarding the sector’s potential to contribute significantly to the country’s economic recovery.

    By tapping into international markets, enhancing quality standards, and diversifying export destinations, Pakistan aims to strengthen its position as a leading player in the global rice trade and capitalise on its status as an agrarian economy.

  • Court sentences man to jail for marrying without first wife’s consent

    Court sentences man to jail for marrying without first wife’s consent

    A man has been sentenced to jail by a court in Bahawalpur for marrying for a second time without the permission of his first wife, Geo News has reported.

    The Pakistani state observes a punishment of up-to a one year sentence and a fine for men that take up second wives without the written consent of their first wife.

    The first wife filed an application in the court against the second marriage of the husband. The family court of Bahawalpur sentenced him to six months in prison and fined him half a million rupees.

    While pronouncing the verdict, the court said that the accused will have to serve two more years of imprisonment if he fails to pay the fine.

  • ‘Pakistan was prepared but largely spared the full force of Cyclone Biparjoy’: Senator Sherry Rehman

    ‘Pakistan was prepared but largely spared the full force of Cyclone Biparjoy’: Senator Sherry Rehman

    Cyclone Biparjoy made landfall in India’s Gujarat on Thursday, largely sparing the coastal areas of Sindh in Pakistan. Due to swift evacuations ordered by Senator Sherry Rehman and executed by army forces, the inundated areas saw no loss of human lives.

    Forecasted to be hit hardest by the storm was the fishing port of Keti Bandar. According to an official from the Sindh provincial irrigation department, Keti Bandar suffered “zero damage”. Some shops have reopened in the city as intruding seawater has started receding. Fishermen have gradually started returning to Keti Bandar, anxious to make up for the several days of lost income.

    Biparjoy made landfall as a Category 1 cyclone, after weakening from its initial Category 3 status while it was in the Arabian Sea. Biparjoy further weakened into a cyclonic storm and was expected to become a depression by Friday evening, according to the Pakistan Meteorological Department.

    Life in Sindh is returning to normal, said Sindh Chief Minister Murad Ali Shah. Shops and markets have gradually reopened in Thatta and Karachi Commissioner ordered the resumption of examinations and other education-related activities from June 17.

    The authorities also lifted the ban on going out into the sea.

    However, fishermen were advised to refrain from venturing out into the open sea until the system ends on Saturday (today).

  • Pakistan’s foreign exchange reserves get a boost as China rolls over $1 billion loan

    Pakistan’s foreign exchange reserves get a boost as China rolls over $1 billion loan

    In a significant development, China has rolled over a $1 billion loan to Pakistan, bolstering the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP). This move comes as a much-needed relief for cash-strapped Pakistan, which has been grappling with a severe liquidity crunch and the looming expiration of its International Monetary Fund (IMF) programme.

    Pakistan’s Finance Minister Ishaq Dar said that the $1 billion loan from China would be received on Monday. Additionally, negotiations are underway with the Bank of China for a loan amounting to $300 million. Pakistan is also set to benefit from the dollars obtained through its swap agreement with China.

    Prior to this infusion of funds, the SBP and commercial banks jointly held foreign exchange reserves amounting to $9.4 billion as of June 9. With the $1 billion loan, the reserves will rise to $10.4 billion, providing some stability to Pakistan’s economic situation.

    The IMF has made external financing a prerequisite for Pakistan, emphasising the importance of securing additional funds. In an effort to address its financial challenges, Pakistan had approached China to refinance commercial loans worth $1.3 billion. However, without the revival of the IMF programme, the SBP’s foreign exchange reserves were at risk of plummeting to less than $3 billion.

    Despite these positive developments with China, Pakistan is still struggling to secure external financing in a timely manner, primarily due to ongoing political instability. The country’s fragile economy, valued at $350 billion, continues to be in turmoil, with financial woes exacerbating the situation. The delayed agreement with the IMF has further compounded the need for crucial funding to avoid the risk of default.

    Negotiations between the Pakistani government and the IMF have been ongoing since the end of January to resume the $1.1 billion loan tranche that has been on hold since November. This loan is part of a larger $6.5 billion Extended Fund Facility agreed upon in 2019. The impending challenge lies in repaying $900 million to multilateral creditors, which includes both principal and mark-up repayments, by the end of June 2023.

    Pakistan remains hopeful that these recent developments with China will provide some respite in the face of its economic challenges. However, the government must continue its efforts to secure external financing and navigate through the political instability to ensure long-term stability and growth for the country’s economy.

  • Not involved in leg pulling business, says Miftah Ismail

    Not involved in leg pulling business, says Miftah Ismail

    Former Finance Minister, Miftah Ismail has said that he is not involved in the business of leg pulling but asserted that he speaks the truth. He made the comments while speaking to The News.

    The former minister was referring to Prime Minister Shehbaz Sharif’s statement in which the Premier said without naming anyone that the people criticising current Finance Minister Ishaq Dar have no place in his party, Pakistan Muslim League-Nawaz (PML-N).

    Miftah Ismail said he is in Islamabad to meet friends and is also trying to contact former Prime Minister Shahid Khaqan Abbasi.

    He further added he has no clue about the PM’s statement about Dar’s leg pulling, and he does not know why the PM gave the statement. According to sources of The News, Miftah Ismail and Shahid Khaqan Abbasi have no intentions of parting ways with PML-N.

    However, Miftah Ismail served PML-N as Finance Minister in 2017 while Shahid Khaqan Abbasi was Prime Minister at that time.

  • Indian mother names child ‘Biparjoy’ after cyclone

    Indian mother names child ‘Biparjoy’ after cyclone

    A woman in Gujarat India has named her one-month-old daughter ‘Biparjoy’.

    The family of the baby girl was in a shelter house in Jakhau in Kutch district, when she named the child after the cyclone. They are among thousands of Indians evacuated to safer locations due to the storm.

    The name ‘Biparjoy’ was coined by Bangladesh. It means disaster or calamity in Bengali.

    The reasoning behind naming cyclones is pretty simple. The storm is either given a code or a name, and it’s simpler to remember a name than a string of letters, numbers, or technical terminology.

  • Imran Khan’s former principal secretary goes missing

    Imran Khan’s former principal secretary goes missing

    Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan has said in a tweet that his former principal secretary Azam Khan has gone missing.
    “Azam Khan, who was my Principal Secretary, has gone missing since last evening. Anyone who was perceived to be close to me is targeted,” he wrote.

    In his tweet, Khan also condemned the attack on the residence of the former Governor of Punjab, Latif Khosa.

    “Also I strongly condemn the attack on ex governor Latif Khosa’s house last night just because he has been critical of the fascism unleashed on our nation,” he added.

    On Thursday night, unidentified persons attacked the residence of Latif Khosa, in the Defense area of Lahore.
    Latif’ Khosa’s driver got injured while he remained safe.
    The attacker managed to run away from the spot after firing.

  • Events of May 9 led to political death of PTI: Firdous Ashiq Awan

    Events of May 9 led to political death of PTI: Firdous Ashiq Awan

    The Central Secretary Information of Istehkam-e-Pakistan, Firdous Ashiq Awan, has said that the events of May 9 are the reason for the political death of Pakistan Tehreek-e-Insaf (PTI).

    In her statement, she said that she was away from politics for almost two years, stressing that it was difficult for her to stand with the PTI chairman Imran Khan and the party’s narrative.The former minister, once one of the most prominent faces of the then-ruling PTI said that when Imran was targeting his political rivals, she was standing by him but when he turned the direction of his cannons towards the armed forces of Pakistan, she became silent.

    She further added that there is economic and political instability as well as hatred for each other in the country.
    She added that doors are always open for PTI victims and Istehkam-e-Pakistan party is working for the stability of Pakistan.

  • 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.

  • Pakistani film ‘Hum-Saya’ receives Best Short Documentary award at Venice Film Festival

    Pakistani film ‘Hum-Saya’ receives Best Short Documentary award at Venice Film Festival

    Director Dawood Murad’s venture ‘Hum-Saya’, produced by the Centre For Social Justice, has received the prestigious award for ‘Best Short Documentary on Human Rights’ at the Venice Intercultural Festival 2023. The film focuses on the story of two girls who are abducted, forcibly converted and then married off, while also exploring the turmoil their families undergo.

    In an Instagram post, the director revealed that the film will also be screened in Venice, Italy, on June 23 and later at Kellogg College, Oxford, on June 16.

    A recent report compiled by the Human Rights Commission of Pakistan found that in the year 2021, at least 60 cases of forced conversions were reported in the media, out of which 70% of the girls were under the age of 18 and were from Sindh.

    The data also revealed that blasphemy cases were on the rise in the country. In 2021 there were 585 blasphemy cases registered in Punjab, out of which 16 were filed against the Ahmadi community.