Tag: Prime Minister Shehbaz Sharif

  • PM Shehbaz allocates Rs14 billion for Pakistan Endowment Fund for Education, adds coding to national curriculum

    PM Shehbaz allocates Rs14 billion for Pakistan Endowment Fund for Education, adds coding to national curriculum

    On Wednesday, Prime Minister (PM) Shehbaz Sharif officially launched the Pakistan Endowment Fund for Education, which includes the incorporation of computer coding and constitutional studies into the National Curriculum. During the launching ceremony, he announced a budget of Rs14 billion for the program over the next four years, with Rs3 billion allocated for the current fiscal year.

    PM Shehbaz Sharif expressed his desire to sustain this project indefinitely, with increased funding, in order to provide maximum opportunities for higher education to deserving students. He emphasised the importance of prioritising the education sector in the future and recommended that the next elected government allocate up to Rs140 billion for the program over the next 10 years.

    The prime minister reflected on his past achievements as the Chief Minister of Punjab, where he initiated the Punjab Education Endowment Fund (PEEF) in 2008 with an annual allocation of Rs2 billion. He proudly mentioned that more than 400,000 students have benefited from this fund and are now serving the country in various professions.

    PM Shehbaz Sharif emphasised that the promotion of education should not be influenced by political motivations, but rather be considered a form of worship. He pledged to focus on underdeveloped areas of the country, where many young people are unable to complete their studies due to limited resources.

    Regarding the financial situation of the country, the prime minister noted that the International Monetary Fund (IMF) board meeting was scheduled for that day, with hopes of approving a $3 billion stand-by agreement with Pakistan. He acknowledged the need for self-reliance and expressed his determination to make serious efforts for the development and prosperity of the country, highlighting China as an example of regaining lost glory through a focus on education and various sectors.

    PM Shehbaz Sharif also mentioned the support received from friendly countries, including China, which had provided $5 billion in the past three months. He further mentioned that Saudi Arabia had sent $2 billion, and another $1 billion was expected from the UAE in the near future.

    During the ceremony, PM Shehbaz Sharif distributed scholarship checks to talented and deserving students as part of the newly launched project. Minister for Education and Professional Training, Rana Tanvir Hussain, explained that the program was designed based on the Punjab Education Endowment Fund (PEEF) and aimed to provide merit-based scholarships to talented students in fields such as engineering, nursing, agriculture, social sciences, and allied health sciences.

    Minister Hussain also mentioned the government’s decision to introduce computer coding and constitutional studies into the national curriculum, considering the current situation. He emphasised that the amended curriculum, agreed upon by all provinces under the leadership of Prime Minister Shehbaz Sharif, was necessary to provide students with quality education and enable them to contribute to the socio-economic development of the country.

    Federal Secretary of Education, Waseem Ajmal, informed that scholarships under the Pakistan Endowment Fund for Education would be provided to students through the Higher Education Commission (HEC) and National Endowment Scholarships for Talent (NEST).

  • Journalist removed from PTV panel after questioning PM Shehbaz

    Journalist removed from PTV panel after questioning PM Shehbaz

    President of Lahore Press Club, Azam Chaudhry, was dismissed by state-run PTV after questioning Prime Minister Shehbaz Sharif on the “diminishing space for freedom of speech” and the increased restrictions over media in Pakistan during a press conference in the provincial capital. 

    Chaudhry posed a two-part question to the prime minister, addressing both widespread media restrictions in the country as well as the interim government’s plan to continue executing the current economic policy. He inquired about the end of media restrictions, specifically, when would journalists be granted the freedom to speak and write without constraint. 

    In response, Prime Minister Shehbaz expressed his disapproval of curbs on media freedom but deflected responsibility to Federal Minister for Information & Broadcasting Marriyum Aurangzeb. Aurangzeb, while acknowledging the need to distinguish between politics and the authority of the state, emphasized that the two should be treated separately.

    In a conversation with The Current, Chaudhry revealed that he was reportedly told by PTV right after the conference that he would not be invited back to his regularly scheduled program Ba-khaber, of which he is one of the pioneer journalists since 2022. 

    He also shared that he was informed earlier in the day that PTV would be doing a panel program after the press conference with two other journalists, Sajjad Mir and Salman Ghani. However, after his questions to PM Shehbaz, he was taken off-air and told that he was no longer with PTV.

    Many news platforms have reported that Azam Chaudhry lost his contract with the state channel; he asserts that he never claimed to be an employee of PTV. He was working as a freelance journalist, with an ‘approval letter’ stating he would be paid PKR 18,000 per program appearance (for Ba-khaber), for three programs per week. 

    According to Chaudhry, the moment the press conference concluded, PTV verbally conveyed to him that he would not be invited back to present on Ba-khaber, so he could take his leave. 

    Speaking to The Current, Chaudhry chuckled at how well-punctuated his point at the press conference became after his dismissal. “I talked about freedom of expression at the press conference, and I was off-aired right after – it proves my initial point [of ongoing media restrictions]”. 

    Ironically enough, Finance Minister Ishaq Dar was reportedly discussing his government’s media-friendly policy at the very same press conference, chiding the previous Pakistan Tehreek-e-Insaf (PTI) government for only inviting “chosen journalists” to media interactions. According to the Tribune, however, leading journalists from prominent English dailies were excluded from this particular press conference.

    Marriyum Aurangzeb tweeted earlier that the story is “completely false and baseless”. She reiterated Dar’s point of the previous PTI government being declared a ‘Press Freedom Predator’ by Reporters Without Borders, and only allowing selected reporters and journalists to its press conferences. 

    In conversation with the Express Tribune, Chaudhry said journalists in Pakistan were operating in a “very suffocating environment”, where they were not allowed to express themselves freely. 

    “I was not fired on establishment’s orders, I was fired by this government, but in the larger scheme of things, people would blame them.” he said, adding that this tenure also “exposes Pakistan People’s Party and their claims of being upholders of democratic principles”.

  • PM Shehbaz urges IMF to release stalled funds, assures compliance with conditions

    PM Shehbaz urges IMF to release stalled funds, assures compliance with conditions

    On Thursday, Prime Minister (PM) Shehbaz Sharif had a meeting with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), where he urged the lender to release the stalled funds for Pakistan. He assured the IMF of Pakistan’s compliance with all the conditions set by the lender.

    The meeting took place during the Summit for a New Global Financial Pact held in Paris, emphasising Pakistan’s commitment to fulfilling its promises.

    During the meeting, the two leaders discussed the ongoing programmes and cooperation between Pakistan and the IMF. The prime minister briefed Georgieva on Pakistan’s economic outlook, highlighting the government’s efforts for economic growth and stability.

    He emphasised that all the necessary actions for the 9th review under the Extended Fund Facility (EFF) had been completed, and Pakistan was fully dedicated to meeting its obligations as agreed with the IMF.

    The prime minister expressed his hope for the timely release of the funds allocated under the EFF, as it would contribute to Pakistan’s ongoing efforts in economic stabilisation and provide relief to the people.

    Georgieva shared the IMF’s perspective on the ongoing review process and acknowledged the meeting as an opportunity to assess the progress made in that context.

    It is crucial to note that Pakistan’s currency reserves are currently sufficient to cover only one month’s worth of imports. The country had expected $1.1 billion of the funds to be released in November, but the IMF has imposed certain conditions before making further disbursements.

    With only one IMF board review remaining before the end of the $6.5 billion EFF programme, Pakistan is expected to present a budget aligned with the programme objectives, restore proper functioning of the foreign exchange market, and bridge the $6 billion gap before the board review.

  • ‘No need to panic’: PM Shehbaz hopes Pakistan and IMF will sign deal this month

    ‘No need to panic’: PM Shehbaz hopes Pakistan and IMF will sign deal this month

    Prime Minister Shehbaz Sharif reiterated on Sunday that Pakistan has successfully fulfilled all the prerequisites set by the International Monetary Fund (IMF) to revive the halted bailout program. He expressed confidence that no obstacles remain in finalising a staff-level agreement between the nation and the IMF, emphasising that Pakistan is committed to resolving its financial challenges.

    During the inauguration of the Sabzazar Sports Complex in Lahore, Prime Minister Shehbaz hinted at a contingency plan, stating, “If there are further delays in reaching an agreement with the IMF, I will address the situation.” He urged the public not to panic, assuring them that Pakistan will be safeguarded by the divine will of Allah. He expressed hope that the government and the IMF will achieve a staff-level agreement within the current month.

    Highlighting the significance of political stability, the Prime Minister emphasised its crucial role in ensuring economic stability. He pledged to bring about economic prosperity in the country under the leadership of PML-N supremo Nawaz Sharif.

    In strong criticism of the former ruling party, Prime Minister Shehbaz held deposed Prime Minister Imran Khan responsible for the events of May 9 and vowed to bring all those involved in the violent protests and attacks on civil and military installations to justice.

  • First-ever discounted Russian crude oil cargo arrives in Karachi

    First-ever discounted Russian crude oil cargo arrives in Karachi

    Under a newly established agreement between Islamabad and Moscow, the inaugural shipment of discounted Russian crude oil arrived in Karachi on Sunday, marking the beginning of enhanced trade relations between the two nations.

    Departing from Russia over a month ago, the oil cargo reached Pakistan via Oman. Officials announced that the unloading process would commence on Monday, with the oil undergoing processing at the Pakistan Refinery Limited (PRL).

    During its lengthy voyage, the 100,000 metric ton oil shipment was divided into two parts in Oman due to the Karachi port’s limited capacity to accommodate larger vessels. Subsequently, two smaller ships, each carrying 50,000 metric tons of oil, embarked on their journey to Karachi.

    Upon the cargo’s arrival, Prime Minister Shehbaz Sharif expressed his enthusiasm on Twitter, describing Sunday as a “transformative day” and affirming the fulfillment of his commitment to the nation.

    He expressed the belief that these developments would contribute incrementally to prosperity, economic growth, energy security, and affordability. The Prime Minister further recognised and commended all those involved in this national endeavor who helped turn the promise of Russian oil imports into reality.

    Sources indicate that this Russian oil shipment will not be subject to the existing domestic oil pricing mechanism in the country. Consequently, the PRL will assume the benefits or losses associated with the Russian oil. Additionally, the sources stated that this shipment serves as a test case to evaluate the quality of the crude oil and the ratio of refined products. A report will be submitted to the federal government to inform future decisions regarding long-term commercial oil agreements.

    Pakistan had secured its order for the initial cargo of Russian crude oil at a discounted rate of up to $18 per barrel. Following the Platts crude oil prices, Islamabad applied a discount ranging from $16 to $18 per barrel, according to insider information.

  • PM Shehbaz urges Finance Ministry to ensure strict adherence to IMF guidelines in upcoming budget

    PM Shehbaz urges Finance Ministry to ensure strict adherence to IMF guidelines in upcoming budget

    In a meeting held between Prime Minister (PM) Shehbaz Sharif and Finance Minister Ishaq Dar on Tuesday, it was emphasized that the upcoming budget, scheduled to be presented on June 9, should strictly adhere to the parameters set by the International Monetary Fund (IMF).

    PM Shehbaz Sharif has expressed his optimism about reaching an agreement with the IMF, dispelling media reports suggesting a populist budget typically seen in election years.

    An informed source, who was present during the meeting, highlighted that Pakistan cannot afford to deviate from the IMF’s prescribed principles in the budget. The PM’s resolve to adhere to these guidelines was reinforced after his recent telephonic conversation with IMF Managing Director Kristalina Georgieva. It was during this conversation that PM Shehbaz Sharif personally appealed to Georgieva to revive the stalled $6.5 billion bailout package.

    The discussion between the PM and the IMF Managing Director took place due to the finance ministry’s inability to break the deadlock over loan talks in the past four months. However, the source disclosed that PM Shehbaz Sharif expressed satisfaction after his conversation with Georgieva, leading to an agreement to share the budget details with the IMF.

    Furthermore, the IMF Managing Director indicated the possibility of a revival of the programme. This positive development prompted PM Shehbaz Sharif to inform the Turkish media during his visit to Ankara that Pakistan remains hopeful of finalising a deal with the IMF this month. He assured that Pakistan had met all the required conditions and that the upcoming budget would align with the terms and conditions set forth by the IMF.

    “We are still very hopeful that the IMF programme will materialise. Our ninth review by the IMF will match all terms and conditions, and hopefully, we’ll have some good news this month,” PM Shehbaz Sharif stated during an interview with Anadolu in Ankara, where he was present for President Recep Tayyip Erdogan’s inauguration ceremony.

    According to Geo, the PM further clarified that while some actions are typically met after the board’s approval, this time, the IMF insisted on meeting those actions before granting approval. He affirmed that Pakistan has fulfilled these requirements as specified by the IMF.

    As the budget presentation approaches, all eyes are now on the Ministry of Finance, which has been tasked with ensuring strict compliance with IMF parameters. With the PM’s renewed optimism and the positive signals received from the IMF, there is a growing sense of hope that Pakistan will be able to secure the much-needed financial support to address its economic challenges.

    It remains to be seen how the upcoming budget will reflect the government’s commitment to IMF compliance and whether it will lead to a successful conclusion of negotiations with the international financial institution.

  • PM Shehbaz urges Turkish business community to boost investments in Pakistan

    PM Shehbaz urges Turkish business community to boost investments in Pakistan

    Prime Minister (PM) Shehbaz Sharif, amid increasing debt burden and declining foreign exchange reserves, has invited Turkish investors and businessmen to expand their investments in different sectors of Pakistan. The premier is currently in Ankara on a two-day official visit to attend the inauguration ceremony of President Recep Tayyip Erdogan.

    During a meeting with a delegation from the Anadolu Group, which included Coca Cola CCI CEO Karim Yahi, Chief Strategy Officer Atilla Yerlikaya, and Head of Public Policy Taylan Coban, the PM expressed his encouragement for the Anadolu Group to invest in Pakistan and provide job opportunities to the people.

    Minister for Information and Broadcasting Marriyum Aurangzeb, Special Assistant to the Prime Minister Tariq Fatimi, and Pakistan’s Ambassador in Turkey Dr Yousuf Junaid were also present at the meeting.

    Prime Minister Shehbaz Sharif’s visit to Turkey is a result of an invitation from Turkish President Erdogan, who emerged victorious in the second round of elections held on 28 May. Upon his arrival at Ankara airport last night, the Prime Minister was received by senior officers of the Turkish Foreign Ministry and Pakistan’s ambassador in Turkey, emphasising the significance of the visit.

    Pakistan, facing economic challenges, is actively seeking foreign investments to alleviate its debt burden and stabilize its foreign exchange reserves. The Prime Minister’s appeal to Turkish investors and businessmen reflects the government’s commitment to attracting international investment and fostering economic partnerships.

    By engaging with the Anadolu Group and inviting increased investment, Prime Minister Shehbaz Sharif aims to leverage Turkish expertise and capital to drive economic growth and create employment opportunities in Pakistan.

    During the ongoing visit, it is anticipated that discussions between Pakistani and Turkish officials will focus on exploring potential areas of collaboration, identifying investment opportunities, and strengthening bilateral ties. The outcome of these engagements may play a pivotal role in shaping Pakistan’s economic trajectory, leading to increased foreign investment and a revitalized economy.

    In a time of economic challenges, Prime Minister Shehbaz Sharif’s proactive approach and diplomatic outreach to Turkish investors send a clear message of Pakistan’s commitment to enhancing economic cooperation and attracting much-needed investment.

  • ‘Should be held accountable for militant actions’: PM says resounding no to negotiations with PTI

    ‘Should be held accountable for militant actions’: PM says resounding no to negotiations with PTI

    Prime Minister Shehbaz Sharif has refused to negotiate with Pakistan Tehreek-e-Insaf (PTI) after Imran Khan constituted a committee to hold dialogue with the government. The PM, in a tweet referred to the events of May 9, stating that ‘anarchists and arsonists’ who attack state symbols do not qualify for dialogue.

    “Dialogue is deeply embedded in the political process, which helps democracy mature & evolve. Many political & constitutional breakthroughs occurred when political leaders sat across the table to craft a consensus,” he tweeted.
    “However, there is a major difference here, the anarchists & arsonists who wear the garb of politicians and attack the symbols of the State do not qualify for a dialogue. They should rather be held to account for their militant actions. This is the prevalent practice even in developed democracies,” the tweet added.

    Finance Minister Ishaq Dar on Sunday, while talking about the possibility of negotiating with Pakistan Tehreek-e-Insaf (PTI), said that negotiations with Imran Khan can be held if he took “corrective measures: apologises to the nation, admits his mistake and promises not to do anything like May 9 in the future.”

    Imran Khan on May 27 constituted a seven-member negotiation committee for talks with the incumbent government over elections.

  • Pakistan to receive $10 billion investment in refinery sector soon

    Pakistan to receive $10 billion investment in refinery sector soon

    Minister of State for Petroleum, Musadik Malik, announced that Pakistan will soon receive a $10 billion investment in its refinery sector. The investment, to be inaugurated by Prime Minister Shehbaz Sharif, holds significant details that cannot be disclosed at this time, according to Malik’s statement at a ceremony.

    This development follows the approval of a new refinery policy by the current government, which aims to incentivise greenfield investment.

    Malik emphasised the need for sustained GDP growth of 5 per cent in Pakistan’s growing population. To achieve this, he stated that an annual energy sector growth rate of 7.5-10 per cent is necessary. As part of this plan, the government aims to establish a comprehensive energy agreement with Central Asian countries and Russia, which will be made public by the end of the year.

    Additionally, Pakistan intends to leverage its historical ties with the Gulf Cooperation Council (GCC) countries for trade and commerce, including meeting energy needs such as LNG and petroleum products.

    The government also plans to open energy corridors with Central Asia and the GCC countries. Malik highlighted the significance of purchasing crude oil from Russia, stating that it will have a transformative impact on Pakistan, leading to industrial proliferation. The goal is to establish small industrial areas in rural regions to promote value addition.

    Malik underscored that Pakistan possesses the necessary infrastructure, labour force, and technology to present itself as an attractive investment destination. He emphasised the government’s efforts to enhance border enforcement to curb oil smuggling from Iran, expressing confidence that the flow of smuggled oil will reduce in the coming days.

    In an off-camera meeting with media persons, the minister revealed that vessels carrying 100,000 tonnes of discounted Russian oil will arrive at Pakistan’s ports in the first week of June as part of the government’s energy security plan. The oil will be transported from Oman port to Pakistan in smaller vessels within seven to ten days. Malik assured that although transportation costs may increase slightly, the impact will be minimal.

  • IMF demands approval for subsidies as Pakistan struggles to secure tranche

    IMF demands approval for subsidies as Pakistan struggles to secure tranche

    Pakistan has been negotiating an agreement with the International Monetary Fund (IMF) since January 2023. The IMF has specified that Pakistan must receive prior approval before providing any additional subsidies.

    Negotiations have hit a snag over a plan announced by Prime Minister Shehbaz Sharif in March to charge wealthy fuel consumers more to subsidise prices for the poor who have been severely impacted by inflation.

    Despite meeting almost all of the Fund’s conditions, the government is struggling to convince the lender to release the tranche. On a separate issue of securing confirmation on the external financing gap of $5 billion by June 2023, the Kingdom of Saudi Arabia and the United Arab Emirates have provided over $2 billion and $1 billion respectively.

    The formal agreements with these countries are expected to be signed soon. The Pakistani authorities are complaining that the IMF has placed prior actions before signing the staff-level agreement, which was not done in the past.

    According to The News, the IMF asks for confirmation from commercial banks before signing the agreement, while banks are asking for IMF’s board approval and the revival of the Fund program to refinance loans worth $2-3 billion.

    Finance Minister Ishaq Dar has assured US diplomat Andrew Schofer that the government is committed to completing the ongoing IMF program.