Tag: Pakistan

  • PM to address the nation, likely to announce relief package

    PM to address the nation, likely to announce relief package

    Prime Minister (PM) Shehbaz Sharif will announce a relief package for the poor in an address to the nation today (Friday).

    According to media reports, PM will explain the government’s decision to remove subsidies on petroleum products and also take the nation into confidence over the prevailing economic situation in Pakistan.

    Last night, the government announced a massive hike of up to Rs30 in the prices of petroleum products for the revival of the $6 billion International Monetary Fund (IMF) loan programme.

    Lambasting the Shehbaz Sharif-led government for the hike in petrol prices, Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan said that the nation would “suffer another massive dose of inflation at the hands of this cabal of crooks”.

    Meanwhile, Pakistan Business Council has supported the government’s decision.

  • Pak vs WI ODI: Series moves from Pindi to Multan due to political situation

    The three-match Pakistan-West Indies One Day International (ODI) series has been moved from Rawalpindi to Multan due to the political situation in Islamabad.

    The first ODI between Pakistan and West Indies will take place on June 8. The West Indies team is likely to arrive in Multan next week on June 5.

    Earlier, the Pakistan Cricket Board (PCB) had sought guidelines from the federal government to decide on the future of the West Indies series, which was set to start in Rawalpindi.

    It is pertinent to mention here that the ODI series is part of the World Cup 2023 qualifying round.

    Former Prime Minister (PM) Imran Khan warned Pakistan’s government to set new elections in the next six days or he will again march on the capital along with millions of people.

  • Ali Zafar lands in hot waters for sharing seminude pictures

    Ali Zafar lands in hot waters for sharing seminude pictures

    Actor-singer  Ali Zafar recently shared some bold seminude pictures on his official Instagram handle, which is generating polarising response from netizens.

    Now, the Teefa in Trouble star has created an uproar on the internet by posting scandalous clicks of himself on his social media handle.

    Zafar decided to set the internet on fire once again when he accepted a dare from his friend a posted a rather controversial picture. “A friend dared me to post this picture. Sorry.”, captioned the Kill Dill hero.

    https://twitter.com/itsfayyazkhann/status/1528767648225447936?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1528767648225447936%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fen.dailypakistan.com.pk%2F24-May-2022%2Fali-zafar-in-trouble-for-sharing-shirtless-photo

    Earlier he created a stir by doing bold scenes in his Bollywood film, London Paris New York.

    Hot Body Shirtless Indian Bollywood Model & Actor: Ali Zafar
    Ali Zafar and Aditi Rao in steamy lovemaking scene from the Bollywood venture 'London, Paris, New York'
    Ali Zafar shows off his toned bod! | Hindi Movie News - Times of India
  • No ban on diapers, sanitary pads, their raw material, clarifies Miftah Ismail

    No ban on diapers, sanitary pads, their raw material, clarifies Miftah Ismail

    Finance Minister Miftah Islamail has clarified there is no import ban on sanitary pads or their raw materials.

    “There is no ban on any industrial raw material. The ban is only on some luxury or non-essential goods. And there is certainly no ban on sanitary pads or diapers (or their raw materials), which are obviously essential goods. We will issue further official clarification on Monday.”

    Head of the Prime Minister’s Strategic Reforms, Salman Sufi, tweeted that the news circulating regarding ban on saintry pads is “absolutely incorrect”.

    “Women’s health is of paramount importance and shall never be compromised,” said Sufi.

    It was reported earlier that government has added raw materials for sanitary napkins to the list of non-essential luxury items in its recent import ban, which will affect the production of pads in Pakistan.

    A major chunk of sanitary napkins is produced by two companies in Pakistan — P&G and Santex, which make Always and Butterfly respectively. The production of sanitary napkins of one of these brands has been majorly affected, reports Dawn.

    “Though all of our products are produced in Pakistan, two of the core raw materials that form the base of the napkin are imported. The ban would mean the factory would have to shut down eventually because we can’t manufacture them anymore after the current supply runs out,” said Muhammad Kamran, Chief Operating Officer of Santex while talking to Dawn.

    The main components in question, he explained, are sap paper and wadding cellulose fibre. These items are classified as HS Code 4803.000, which is prohibited under the new import ban according to the Ministry of Commerce.

    “[These] are basic raw materials utilised in the manufacturing of female sanitary napkins. These items are neither tissues nor luxury but are included in S.No 63 of the SRO,” he added.

     “We’ve sent an application to the Ministry of Commerce that will take 15 to 20 days to review. We’re hoping for a positive response.”

    Read more- Govt bans import of ‘luxury items’ to fight economic crisis

    On May 19, 2022, the federal cabinet issued a list of 41 items, which will be banned from being imported for two months. This is in an attempt to address the current account deficit.

  • Govt considering gas import contract with countries including Russia

    Govt considering gas import contract with countries including Russia

    Pakistan is in talks with multiple countries, including Russia, to sign a liquefied natural gas (LNG) import agreement in order to alleviate the country’s ongoing energy supply crisis.

    According to Bloomberg, the Ministry of Energy will go for the ‘most favourable deal’ and is considering government-to-government contracts for importing the gas.

    This action came as Pakistan battles blackouts caused by a fuel crisis caused by long-term suppliers’ failure to deliver shipments. To keep the lights on, the government previously resorted to purchasing LNG on the spot market, incurring debt that endangers worsening inflation on a massive scale.

    The government of Prime Minister (PM) Shehbaz Sharif, which took office on April 11, hopes to capture a new long-term LNG contract to help reduce fuel costs. Long agreements are remarkably affordable than existing spot pricing, while market participants also anticipate that this will provide some relaxation to the government.

  • IMF programme will only revive if Govt hikes fuel, electricity prices

    IMF programme will only revive if Govt hikes fuel, electricity prices

    The International Monetary Fund (IMF) has stated unequivocally that the loan programme under the Extended Fund Facility (EFF) will not be revived unless oil and electricity prices are increased. The Pakistani delegation, on the other hand, has asked for more time to withdraw the subsidy.

    The delegation would meet with Prime Minister (PM) Shehbaz Sharif to discuss it. Both parties have agreed to continue discussions. Apart from the withdrawal of the subsidy, officials claim that all other issues have been resolved.

    Pakistan was unable to persuade the IMF despite a week of discussions in Doha, Qatar, from May 18 to May 25.

    IMF postponed the rollback of Pakistan’s stalled $6 billion External Financing Facility (EFF) programme late Wednesday as the government hoped that the revival would bring stability to the financial markets, the rapid weakening of the local currency with depleting foreign exchange reserves.

    In a statement, the Fund underlined the elimination of petroleum and energy subsidies, among other conditions, as a prerequisite for the program’s restoration. Following the conclusion of the talks, Nathan Porter, the IMF Mission Chief for Pakistan, stated that the Fund held meaningful talks with Pakistani representatives.

    “The Mission has engaged in highly constructive discussions with Pakistani authorities in order to reach an agreement on policies and reforms that will lead to the completion of the awaiting seventh evaluation of the authorities’ reform programme, which is backed by an IMF Extended Fund Facility arrangement”.

    As per Porter, significant progress was made during the mission, including the need to continue addressing massive inflation and rising fiscal and current account shortfalls, whereas ensuring sufficient protection for the weakest.

    The Fund also lauded the State Bank of Pakistan’s (SBP) decision to raise the policy rate from 12.25 per cent to 13.75 per cent in order to combat rising inflation. However, the mission chief noted that there were fiscal deviations from the policies agreed upon in the previous review, reflecting in part the fuel and power subsidies announced by the authorities in February.

    The PTI-led government initially concurred to increasing the prices of energy and petroleum products, but Imran Khan announced a subsidy on both commodities later in March, and the present government is proceeding with the same arrangement.

    As per Porter, the IMF team highlighted the importance of tangible policy actions, including the removal of fuel and energy subsidies and the FY2023 budget, to achieve programme objectives. He went on to say that the IMF team is looking forward to proceeding with its discussion and close engagement with the Pakistani government on policies to ensure price stability for the benefit of all Pakistanis.

  • Senior journalist Talat Aslam passes away

    Senior journalist Talat Aslam passes away

    Veteran journalist and senior editor of the English Daily The News International, Talat Aslam passed away on Wednesday at the age of 67.

    In his final few tweets, he talked about ARY News channel being pushed back. He urged the government to not do what its predecessor did to the media.

    Aslam was a veteran journalist with a career spanning many publications, including Herald and The News.

    Following the news of Aslam’s death, Prime Minister (PM) Shehbaz Sharif expressed deep sorrow over the death of senior journalist and paid tribute to him.

    Climate Change Minister Sherry Rehman tweeted: “Burst with grief upon hearing that old friend, Aslam just passed away. He was the kindest, funniest, wittiest, warmest soul in the whole world.”

    Several journalists also came forward to express their condolences.

  • Gold prices in Pakistan hit historic high of Rs143,600 per tola

    Gold prices in Pakistan hit historic high of Rs143,600 per tola

    Gold prices in Pakistan continued to rise as the Pakistani currency fell deeper versus the US dollar, pushing the precious metal to a high of Rs143,600 per tola.

    The price of gold per tola increased by Rs1,950 per tola, as per the All Sindh Sarafa Jewellers Association (ASSJA). Moreover, the price per 10 gramme jumped by Rs1,672 to Rs123,114.

    Following yesterday’s gain of Rs1,950 per tola, the gold price has risen by Rs5,250 in the last four days (Friday-Tuesday).

    During the current economic crisis, gold has resurfaced as a secure investment, and consumers have been eagerly buying gold to preserve their savings against inflation.

    The rupee’s collapse, which reached an all-time low of Rs201.41 versus the US dollar in the interbank market, compelled the gold trading body to drastically raise the bullion price.

    The price of yellow metal fell by $4 per ounce on the international market to settle at $1,858. When compared to the Dubai market, gold prices in Pakistan are roughly Rs1,500 lower.

  • A Chinese company will invest $50 million to enhance Pakistan’s agricultural sector

    A Chinese company will invest $50 million to enhance Pakistan’s agricultural sector

    Optima Integration Group of China and Asia Pak Investments of Pakistan agreed on May 23 to invest $50 million in the first stage to enhance agriculture, power, and logistics sector in Gwadar and Karachi.

    The Board of Investment (BoI) facilitated the signing of a memorandum of understanding (MoU) in this respect between the two businesses, which may result in the creation of more than 100 job vacancies in Gwadar and Karachi, as well as the establishment of a high-tech processing facility and technology transition.

    The event was attended by Federal Minister Board of Investment Chaudhry Salik Hussain, who signed the MoU with Optima Integration Group Chairman Sam Siu and Chief Executive Officer of Sino Pak Optima Technologies (SPOT) in the spirit of strengthening business-to-business (B2B) agricultural collaboration among the two nations. Ms Fareena Mazhar, Secretary of the BoI, was also present at the occasion.

    Under the terms of the agreement, the two parties would establish an end-to-end supplier base for seafood [79 breeds of fish have been certified for exporting from Pakistan to China by the General Administration of Customs of the People’s Republic of China (GACC)].

    In the long term, the initiative would grow from fish to beef and goat, beginning with cold chain transporting beef and then expanding with Chinese standard breeding, feedlot operations, immunizations, track and trace technologies, and slaughter and pack facilities in Karachi.

    Read more: SBP hikes interest rate by 150 basis points to control inflation

    Addressing the gathering, Minister Chaudhry Salik Hussain praised the Chinese government’s involvement in Pakistan’s agriculture and livestock sectors, notably the fish and seafood business.

    He briefed the attendees regarding the formation of the Pakistan-China Business and Investment Forum (PCBIF), which was the outcome of a collaboration between the BoI, the Chinese Embassy, and the All-Pakistan Chinese Enterprises’ Association (APCEA). He informed Chinese investors that the BoI would take deliberate steps to assist interested investors.

  • PIA Hajj operations to start May 31

    PIA Hajj operations to start May 31

    Pakistan International Airlines (PIA) will begin Hajj operations, with 297 flights to Jeddah and Madinah departing from eight cities from May 31.

    A meeting was held under the chairmanship of Federal Minister for Aviation Khawaja Saad Rafique, he was briefed by the national flag-carrier’s administration on important matters.

    According to the federal minister, the state airline will start Hajj operations on May 31 as planned, with flights to Jeddah and Madinah departing from Karachi, Lahore, Islamabad, Faisalabad, Sialkot, Multan, Peshawar, and Quetta.

    The national flag-carrier’s administration said that 297 flights will operate from May 31 to August 31.

    The leadership of the state airline announced the addition of four Airbus 320 aircraft to its fleet. One plane arrived in Pakistan last week and is currently being processed by Pakistan Customs and the Federal Board of Revenue (FBR), while a second plane is expected to arrive by the end of the month.