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At the Bilawal House in Lahore, PPP leaders Asif Ali Zardari and Bilawal Bhutto-Zardari meet a group from the PML-N, which is led by former prime minister Shehbaz Sharif.

February 12, 2024 / By Zunair Tahir / Pakistan News

Following the February 8 election, in which no political party was able to gain a simple majority, political scheming has reached its pinnacle. With the support of their allies, the PML-N and PPP have formally begun negotiations to establish a government in the center.

In light of the PPP conversation, PML-N leader Shehbaz Sharif spoke with Maulana Fazlur Rehman, the head of the JUI-F, to reassure him about the PPP meeting and to ask for his assistance in forming the federal government. On Wednesday, Maulana Fazl promised to return to the PML-N.

According to insiders, PML-N offers PPP “president, Senate chairman, and NA speaker” positions.
PPP Central Executive Committee meets today; N-League and PML-Q are set to have a meeting. Shehbaz gives Fazl confidence on PPP talks and asks for JUI-F support.

Similarly, a meeting with the MQM was also conducted in Lahore, while today (Monday) in Islamabad is the scheduled meeting with the PML-Q, which is led by Shujaat Hussain.

The PTI-backed independent candidates are dominating in the National Assembly polls, with at least 93 seats, at the moment of this flurry of political activity. There are 75 seats for PML-N and 54 seats for PPP.

A group led by Shehbaz Sharif met Asif Ali Zardari and his son Bilawal Bhutto-Zardari at Bilawal House in Lahore on Sunday as they formalized their relationship. They talked for almost an hour. The only statement released on the gathering described it as “constructive” but did not present a detailed strategy.

لاہور: پاکستان پیپلزپارٹی کی قیادت سے مسلم لیگ ن کا حکومت سازی کے لئے پہلا باضابطہ رابطہ

لاہور: مسلم لیگ ن کے صدر میاں شہباز شریف پاکستان پیپلزپارٹی سے حکومت سازی میں تعاون کیلئے بلاول ہاؤس پہنچ گئے

لاہور: صدر پی پی پی پی آصف علی زرداری، چیئرمین پی پی پی بلاول بھٹو زرداری اور… pic.twitter.com/bFTAo6JOPW
— PPP (@MediaCellPPP) February 11, 2024

“The assessment of Pakistan’s overall situation, deliberations on future political strategies, and the exchange of recommendations aimed at promoting stability and progress across the board” were among the topics covered in the proclamation.

According to insiders who spoke to Dawn, the PML-N promised the PPP the desired positions of president, speaker of the National Assembly, and chairman of the Senate in exchange for the PDM coalition government’s desire to retain its position as prime minister. When the PPP leaders met today in Islamabad as planned, they announced that they would confer with the central executive committee.

The statement stated that the discussion took place in a friendly atmosphere and reaffirmed the commitment to prioritizing the interests and welfare of the country above everything else. “The leaders of the two parties held meaningful conversations about the current political climate and the necessity of working together for the benefit of the nation.”

According to the statement, the leaders demonstrated a spirit of consensus-building by recognizing the significance of creating a framework for “sustained political cooperation” between the PML-N and PPP, setting the foundation for a more powerful and cohesive response to the problems confronting the country.

In order to guide the nation away from political instability and toward prosperity and resilience, all parties reaffirmed their commitment to this goal. It stated that the leaders emphasized their steadfast commitment to achieving the people’s goals and making sure their opinions are heard and taken into consideration, stressing the apparently mandated decision they received from the “majority of the people.”

Azam Nazeer Tarar, Ayaz Sadiq, Ahsan Iqbal, Rana Tanveer, Saad Rafique, Malik Ahmad Khan, Marrriyum Aurangzeb, and Shaza Fatima made up the PML-N delegation.

Furthermore, reports reported that Bilawal Bhutto-Zardari, who had been in Lahore the day before, had hurried to Islamabad in the morning to see US Ambassador Donald Blome and “discuss with him federal government’s formation and the Feb. 8 election process.” Following his return from Islamabad, the PPP chairman met with Asif Zardari for an hour at the airport before heading to Bilawal House.

On Sunday night, Nawaz Sharif and PML-Q president Chaudhry Shujat were scheduled to meet in Lahore. It was, however, rescheduled for Monday in Islamabad. Three NA spots are now held by the Q-League. A team from the MQM, which has 17 NA seats, also paid a visit to the Lahore leadership of the PML-N and promised to assist in “steering the country out of crisis.”

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The Govt May Block The Internet Due To A “Security” Concern On Election Day

February 7, 2024 / By Zunair Tahir / Pakistan News

While Amnesty International urged for continuous internet access nationwide during the voting process, acting interior minister Gohar Ejaz warned on Tuesday that internet connectivity may be suspended in the event of security concerns in any location on election day (tomorrow).

**At a news conference on election safety in Islamabad, acting interior minister Gohar Ejaz (R) and acting information minister Murtaza Solangi speak.**

According to the minister, given the security situation, the government would only think about blocking internet access on February 8 if a district or province requested it.

Mr. Ejaz asserted that the caretaker administration has not yet decided whether to halt internet access on election day and that any such move would only happen in response to a request from a district or province in question.

Caretaker Minister for Information
Murtaza Solangi Addressing a News Conference | 06 02 2024https://t.co/qIrz6Zj7OT
— Ministry of Information & Broadcasting (@MoIB_Official) February 6, 2024

He said, “The government would look into the nature of the threat before taking any such decision for a specific area as it is necessary to block the online communication of terrorists.”

The day before, Mr. Solangi had ruled out the prospect of an internet outage on election day, citing the ability of local administrations to take such a choice given the state of law and order and the fact that no such crisis had been recorded up to that point.

On election day, the province’s key voting places would have temporary internet connection restrictions, according to interim Balochistan Information Minister Jan Achakzai.

🇵🇰PAKISTAN: Amnesty International, along with several other human rights organizations, call on Pakistani authorities to guarantee uninterrupted access to the internet and digital communication platforms for everyone across the country.

In light of the statement by caretaker…
— Amnesty International South Asia, Regional Office (@amnestysasia) February 6, 2024

It asked in an open letter to the authorities to ensure that everyone in Pakistan had “uninterrupted access” to digital communication platforms and the internet during the voting process.

“Prime Minister Anwaarul Haq Kakar and Chief Election Commissioner Sikandar Sultan Raja, we, the undersigned organizations and members of the #KeepItOn coalition — a global network of over 300 organizations from 105 countries working to end internet shutdowns — appeal to you, to publicly commit to ensuring that the people of Pakistan have unfettered access to the internet, social media platforms, and all other communication channels throughout the upcoming general election on February 8, 2024,” the statement read.

It stated that the government must prioritize and enact steps that promote human rights by providing unimpeded access to information and channels for offline and online freedom of speech, assembly, and association, as the people of Pakistan get ready to cast their ballots.

The group stated, “This will also contribute to an inclusive, free, and fair election process.”

In a similar event, the federal authorities in question were once again instructed by the Sindh High Court (SCH) on Tuesday to guarantee the seamless and continuous supply of internet service and access to social media platforms, excluding the application of applicable laws until February 21.

Chief Justice Aqeel Ahmed Abbasi’s two-judge panel took up three petitions challenging suspension of internet services, although the Pakistan Telecommunication Authority’s (PTA) attorney was not present.

The high court decided to uphold its prior interim ruling until the next hearing and postponed the hearing until February 21.

The interior, information technology, and communication ministries, as well as a federal law officer, requested an extension of time on January 29 to submit remarks. In response, the court postponed the hearing until February 6 and prolonged the temporary injunction.

Attorneys Jibran Nasir and Hyder Raza, along with the Public Interest Law Association of Pakistan, filed petitions against the ministries and PTA for interfering with the use of social media platforms, disrupting broadband and mobile internet service without a valid reason, and attempting to prevent political parties and independent candidates from using social media to campaign ahead of the February 8 election.

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Beijing Declares It Is Ready to Upgrade the CPEC

January 25, 2023 / By Zunair Tahir / Pakistan News

In order to modernize the China-Pakistan Economic Corridor (CPEC) and hasten the development of an even closer China-Pakistan community with a shared destiny in the new era, China has declared that it is prepared to collaborate with Pakistan.

In a related development, acting prime minister Anwaarul Haq Kakar stated that Pakistan is reaping the benefits of its early harvest projects and is still working with China to carry out the next phase of the CPEC.

“China stands ready to work with Pakistan to deliver on the important common understandings between the leaders of the two countries, deepen political mutual trust, and expand practical cooperation,” Chinese Foreign Ministry spokesperson Wang Wenbin said in response to a question during a briefing on Wednesday.

Regarding the recent visit of Chinese Vice Foreign Minister Sun Weidong to Pakistan, he said that the minister met with Foreign Minister Jalil Abbas Jilani, President Arif Alvi, Prime Minister Kakar, General Sahir Shamshad Mirza, Chairman of the Joint Chiefs of Staff Committee, General Syed Asim Munir, Chief of the Army Staff, and Vice Foreign Minister Sun Weidong on January 20–22 to have a thorough discussion on issues of mutual interest and bilateral relations.

The spokesman went on to say that the Chinese minister and Foreign Secretary Syrus Sajjad Qazi co-chaired the fourth meeting of the CPEC Joint Working Group on International Cooperation and Coordination. He stated, “China and Pakistan are strategic cooperative partners that are weather-proof.”

Speaking in Islamabad, Prime Minister Kakar stated that Pakistan is reaping the benefits of its early harvest projects and is still working with China to carry out the next phase of the CPEC, having completed the first phase.

The first phase of the CPEC has already been completed, and its early harvest projects are helping us. We’ve moved onto the second stage. During his recent trip to Davos for the World Economic Forum, he was interviewed by CGTN and stated, “We do need more deliberations when it comes to the second phase.” The interview was broadcast on Wednesday by the Chinese news channel.

According to PM Kakar, aviation and road connectivity surrounding industrialization projects was necessary for the second phase of the CPEC.

نگران وزیرِ اعظم انوار الحق کاکڑ کا اپنے دورہءِ ڈیووس کے دوران چائنہ گلوبل ٹیلی ویژن نیٹ ورک CGTN کودیاگیاانٹرویو @anwaar_kakar https://t.co/7P5sRimeZB
— PTV News (@PTVNewsOfficial) January 24, 2024

“Both sides are involved, and we have created a great deal of air, road, and other connecting corridors. The ecology that results from our commerce with one another benefits us,” he said.

Regarding the Chinese economy, the prime minister responded, “I am always optimistic about it,” when asked. Both 1.5 billion producers and 1.5 billion consumers exist. How can 1.5 billion people be divorced from 8 billion people? It must continue to be connected.

The caretaker administration promised on Wednesday, less than two weeks before its term ends, to come up with a strategy to pay off the massive circular debt in the gas and electricity industry.

Over Rs5.73 trillion was reportedly owed in circular debt (Rs 2.5 trillion for power and Rs 3 trillion for gas).

PM Kakar presided over a meeting and gave the relevant authorities instructions to create a workable, long-lasting plan to eliminate circular debt.

According to an official, the PM had previously voiced his displeasure with Discos’ subpar performance and had instructed the electricity division to provide a thorough plan with precise deadlines, roles, and objectives.

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Winter break In Punjab Schools Is Probably Extend Till January 8

December 27, 2023 / By Zunair Tahir / Pakistan News

In response to parent demands amid the bitter weather and fog, the Punjabi school education department is considering extending the winter break by one week.

A dense, poisonous fog, sometimes referred to as smog, has engulfed the city, making many people sick, particularly the elderly and school-age children.

Amidst the very low temperatures and heavy fog in the morning, the Department of Education is considering extending the winter break by one week.

Parents have demanded that the school break be extended by one week due to their concerns about the severe weather that is predicted to persist in January.

They point out that a number of private institutions have already been granted a vacation of more than a week, with classes starting again on January 8.

Parents are pleading for an extension of the holidays till January 7 in order to guarantee the safety and well-being of pupils during the cold weather, and this appeal also goes to Punjab government schools.

In a day or two, the Education Department will discuss with the government before making a final decision on whether to extend the vacations.

The possible postponement signifies a cooperative endeavor to give students’ well-being first priority within the difficult weather circumstances.

The Punjab government was forced by the dangerously high levels of pollution to declare early winter breaks for universities and schools. As a result, pupils would not be able to take advantage of the holiday until December 18.

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The Iran-Pakistan Gas Pipeline Is Going Nowhere

September 30, 2023 / By Zunair Tahir / Pakistan News

The Iran-Pakistan gas pipeline isn’t moving forward despite several promises from succeeding governments that the plan is still on the table. Foreign parties who do not want to see the pipeline finished are the main opponents of the project.

This unsettling truth was brought to light once more during a Senate committee hearing on Wednesday, when representatives informed members that “commercial and foreign concerns” were impeding the project’s long-awaited conclusion.

The US and, to a lesser extent, Saudi Arabia are the foreign quarters in question because they are concerned about Pakistan’s growing economic connections with Iran from a geopolitical standpoint. Commercial issues, such as gas price, project finance, etc., can be discussed bilaterally with Iran.

However, Pakistan is finding it difficult to allay the worries that our international allies have regarding the initiative.

Pakistan’s reputation for upholding international responsibilities is not particularly favorable given the scheme’s ambiguity and lack of commitment.

In its last days, the PDM administration had reassured the people that attempts were being taken to get exemptions from the US for the project in order to avoid possible penalties.

When the next elected administration becomes power, they must approach this matter decisively while putting the needs of the country first. There is little doubt that Pakistan needs inexpensive gas to power its infrastructure and economy.

However, a weak economy cannot support crippling sanctions. In order to convey to the US that Pakistan must respect its promise to Iran, a legally sound diplomatic strategy must be adopted.

In the same way that the yuan was used to purchase Russian oil, various currencies can be utilized if obtaining dollars to fund the plan proves challenging.

Will we comply if Washington demands us to stop these and other plans endorsed by China in the future? We have two options when it comes to the pipeline.

We can either move forward with it and other beneficial plans for the nation, or we can continue to delay it, risk tumultuous international arbitration, and prepare to pay millions of dollars in fines.

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IMF Agreement Is Not A “Magic Cure,” Claims Shehbaz

July 2, 2023 / By Zunair Tahir / Pakistan News

Prime Minister Shehbaz Sharif stated that the current arrangement is not a panacea and that he hopes it would “be the last one” shortly after the government received a much-needed $3 billion short-term financing package from the IMF.

A Friday IMF accord was set to expire only hours before the new nine-month standby agreement was announced. Now, the IMF’s board must approve the staff-level agreement with Pakistan later this month.

Although the accord provided a “much-needed breather,” Prime Minister Sharif stated he hoped this new program would be “the last one.”

Hours before the last package’s expiration, a nine-month standby agreement is announced;
The IMF board must approve a $3 billion package later this month.
Despite his insistence that loans do not build nations, the PM calls the current agreement a “much-needed breather.”

“This is not a time for arrogance, but rather for reflection on reality. Do countries manage without loans? Let’s pray that this is the last time we obtain a loan from the IMF and that we won’t need to do so in the future, he said to the media in Lahore on Friday after the agreement was reached.

The conversations he had last week in Paris with IMF Managing Director Kristalina Georgieva were characterized by him as a “turning point” in a string of recent negotiations with the international organization.

As it struggles to pay off debilitating external debt, the economy is experiencing a balance of payments crisis, and months of political unrest have discouraged foreign investment.

The country is struggling to afford imports as a result of skyrocketing inflation, the rupee’s record low against the dollar, and a country-wide decrease in industrial production.

“I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month standby arrangement in the amount of SDR 2,250 million (about $3bn),” IMF mission leader Nathan Porter said in a statement late Thursday.

According to Mr. Porter, the agreement will be evaluated by the IMF executive board by mid-July.

Since last November, the administration has been trying to satisfy the terms of the bailout arrangement by making hurried modifications to the national budget. According to Mr. Porter, it ended on Friday, and the new pact builds on the IMF’s initiatives under the earlier accord.

A $1.1 billion advance payment would be made under the revised agreement, according to Finance Minister Ishaq Dar, immediately after the IMF board meeting this month.

The agreement will also make other finance available on a bilateral and international basis. Saudi Arabia, the UAE, and China, longtime friends, have already committed or extended billions in credit. The IMF stated that this “will support near-term policy efforts and replenish gross reserves.”

According to Tradeweb statistics reported by Reuters, Pakistan’s sovereign dollar bonds were trading higher after the announcement, with the 2024 issue seeing the greatest gains, up more than 8 cents at little above 70 cents in the dollar.

Shorter-dated bonds had the biggest increases, showing ongoing doubts about the nation’s longer-term budgetary picture.

Later, on Friday night, PM Shehbaz tweeted that the new IMF agreement was a “much-needed breather” that will aid the nation in achieving economic stability. He stressed, nevertheless, that “loans are not used to build states. I ask God that this new program will be the last.

Miftah Ismail, a former finance minister, wrote in a tweet, “We must acknowledge that this IMF accord affords us yet another opportunity to make significant reforms. The people of Pakistan will continue to suffer for the structural and governance failings of their governments if we don’t implement these changes, leaving Pakistan at the mercy of multilateral lenders.

Pakistan’s poor progress in fulfilling the conditions set forth by the IMF for an agreement has drawn criticism from Michael Kugelman, head of the South Asia Institute at the Wilson Centre.

He stated that Islamabad has postponed politically hazardous fiscal policy actions that the IMF had been hoping to see for months.

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Sindh Will Start Its Coastal Evacuations Today Because Of Cyclone Biparjoy

June 12, 2023 / By Zunair Tahir / Pakistan News

The government has made the decision to evacuate the residential areas and other human settlements close to Sindh’s shore as the risk of tropical storm Biparjoy, which is currently existing in the Arabian Sea, increases.

All relevant agencies have been placed on high alert to deal with the storm’s effects as Biparjoy continues to intensify after developing into an Extremely Severe Cyclonic Storm (ESCS). The storm is expected to strike Sindh’s coastal districts on June 15 (Thursday).

The location of Cyclone Biparjoy is 660 km south of Karachi.
Authorities talk about storm-related preventative actions.
Directives have been made in response to the Biparjoy danger to avert deaths.

It is very likely to move nearly northward until the morning of June 14 before shifting to the north-northeast and crossing the Saurashtra and Kutch and adjacent Pakistani coasts by noon on June 15 as a very severe cyclonic storm with maximum sustained wind speeds of 125–135 kph gusting to 150 kph.

A decision to evacuate neighborhoods was made on Sunday at a meeting presided over by Karachi Commissioner Iqbal Memon while keeping the risk in mind.

Sardar Sarfaraz, the chief meteorologist for Sindh, as well as representatives from the Pakistan Navy, the Met Department, the Health Department, and all other local and municipal organizations were there.

The meeting’s attendees talked about taking preventive action against the cyclone.

At a post-budget news conference on Sunday, Chief Minister Murad Ali Shah announced that 10,000 people will be relocated as part of the plan.

The conference instructed the deputy commissioners for Keamari, Malir, South, and Korangi to make sure that everyone living in the aforementioned regions had been evacuated by the deadline and sent to safe locations or relief camps created to help evacuees.

At a post-budget news conference on Sunday, Chief Minister Murad Ali Shah announced that 10,000 people will be relocated as part of the plan.

The locations under threat will also be cleared of any cranes and other construction equipment that may have been erected there.

While staying in the relief camps, the evacuees will have access to all amenities.

At a post-budget news conference on Sunday, Chief Minister Murad Ali Shah announced that 10,000 people will be relocated as part of the plan.

The commissioner informed all city agencies to prepare for Cyclone Biparjoy’s impending danger at the meeting. He gave the order for all pertinent organizations to finish making plans for the cyclone’s aftermath.

All major metropolitan hospitals had been instructed to be on high alert, and control rooms had also been set up.

Additionally, a control room has been established by the Mirpurkhas commissioner’s office to keep track of the cyclone situation.

By the afternoon of June 15, Cyclone Biparjoy is forecast to make landfall as a Very Severe Cyclonic Storm (VSCS) in the coastal belt of southeast Sindh between the Indian Gujarat and Pakistani Rann of Kutch coastlines, according to authorities on Sunday night.

According to the National Disaster Management Authority (NDMA), the storm might bring about strong gusts, heavy rainfall, and flooding in the province’s coastal regions.

The NDMA instructed the relevant authorities to launch a local language awareness campaign to warn inhabitants of coastal regions about the weather and discourage them from going to the shorelines.

Boating on the open sea should be avoided by fishermen. In an emergency, heed their instructions and work with them, it continued.

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Budget For Sports Has Been Significantly Reduced

June 10, 2023 / By Zunair Tahir / Sport News

With the government granting Rs1.9 billion to the Ministry of Inter-Provincial Coordination (IPC) for 14 existing and three new sports projects, the development budget for the sports industry has been severely decreased.

The government set aside Rs3.4 billion last year for 12 current and seven new program.

The IPC ministry oversees the federal sports sector even though it devolved following the 18th constitutional amendment.

What Actually New Budget 2023-24 Is For ???

June 10, 2023 / By Zunair Tahir / Pakistan News

The budget for fiscal year 2023–24, like the majority of recent budgets, places a significant emphasis on borrowing money to finance expenditures, despite the fact that a sizable portion (more than 50%) of current expenses go towards debt payment.

Despite a narrative that indicates otherwise, the process taken to create this year’s budget wasn’t particularly novel, but some of the actions were.

The government has significantly raised the amount of money that may be sent from outside Pakistan without any questions being asked about the source, which is one of them.

A “bar on asking nature and source of unexplained income/assets” is proposed to be placed on this ceiling, which would be raised from Rs5 million to $100,000 (approximately Rs30 million). This action is most likely an effort to increase the nation’s diminishing foreign exchange reserves, which are now less than $4 billion and barely cover a month’s worth of imports.

In an effort to stop the flow of dollars out of the nation, the administration has also suggested raising the withholding tax rate on payments made to “non-residents through debit/credit or prepaid cards” from 1 to 5 percent. If this proposal were to be ultimately accepted, all foreign online purchases (including those from Netflix and Amazon) would become more expensive.

Another new initiative put up by the finance minister aims to make it easier for small and medium-sized businesses (SMEs) to receive bank loans.

Ishaq Dar brought up a central bank program that allows SMEs to refinance their debts at a 6 percent markup during his address. But he emphasized that banks are reluctant to lend to SMEs since they frequently lack a credit history.

The finance minister stated that this will be fixed by the government taking up 20% of the risk for loans made to SMEs under this program.

The budget for this year also included incentives for IT experts and services, giving Pakistani freelancers who provide IT services to overseas businesses the status of a cottage industry. Therefore, independent exporters won’t need to submit a sales tax report.

Additionally, “old and used vehicles of Asian makes above 1300cc” imports are no longer subject to set duty and tax ceilings.

This implies that reconditioned 1300cc automobiles from China and Japan, which have a considerable market in Pakistan, would probably cost more. Smaller vehicles like the Mira and Alto would not be impacted by this change.

Additionally, “old and used vehicles of Asian makes above 1300cc” imports are no longer subject to set duty and tax ceilings.

The budget offered, among other important sales tax or customs duty exemptions:

Customs tariffs on nappy and sanitary product raw components are exempt.
Customs charges on prawns, prawns and juveniles imported for breeding in industrial fish farms and hatcheries are exempt.

The prohibition on buying second-hand clothes has been lifted. The exemption of contraceptives and their accessories from sales tax.

For nonresident individuals who possess a National Identify Card for Overseas Pakistanis/Pakistan Origin Card and purchase real estate using foreign remittances sent from overseas, there is a 2 percent final withholding tax exemption.

For a builder, a 10% tax liability reduction or Rs. 5 million, whichever is less, and for a person, a 10% tax liability reduction or Rs. 1 million, whichever is less, for three years of self-construction of a home.

In contrast, there were several actions that may affect the average person’s finances:

The elimination of the sales tax exemption for foods sold in large quantities under brand names or trademarks.

An increase in the lower rate of sales tax on supplies produced by point-of-sale shops selling leather and textile items from 12 percent to 15 percent.

The suggested tax rate for electric power transmission services is 15%.

0.6 percent advance adjustable withholding tax will once again be applied to cash withdrawals made by inactive taxpayers.

An increase in the rate of withholding tax on payments made to non-residents using debit, credit, or prepaid cards from 1 percent to 5 percent. (Taxpayers who are not active pay two to ten percent).

It is suggested to impose a federal excise levy of Rs 2,000 per energy-inefficient fan and Rs 20 per cent of the value on incandescent bulbs.

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Dar Again Eliminates The Option Of A Default

June 3, 2023 / By Zunair Tahir / Pakistan News

Reforms are promised by the finance minister for “long-term improvement” of the nation.

Ishaq Dar, Pakistan’s finance minister, again ruled out the idea of a default on Saturday and pledged that changes are being prepared for the “long-term improvement” of the nation.

The finance czar promised to work with other government officials to help the nation overcome its present economic difficulties while speaking to a delegation from the Karachi Chamber of Commerce and Industry in Islamabad.

Finance Minister Senator Mohammad Ishaq Dar met a delegation from KCCI led by Mr. Zubair Motiwala at FBR,today and discussed budget 2023-24 proposals. FM appreciated KCCI in its pivotal role in the promotion and growth of the economy. (1/2).. pic.twitter.com/SuyCwI9V6W
— Ministry of Finance (@FinMinistryPak) June 3, 2023

Dar said that the Ministry of Finance will start a revolution in agriculture and create a sovereign wealth fund. He added that he is committed to take actions that have previously been disregarded and that the IT industry would also be a priority of his.

The group was also told by the finance minister that there is “no technical justification” for the IMF program’s postponement, which is unprecedented.

He insisted that Pakistan was an independent nation with trillions of dollars’ worth of assets.

Dar said that the nation has over $100 billion in foreign liabilities, but just one asset, its gas infrastructure, is valued between $40 and $45 billion.

The business sector was also urged by the finance minister to make fair expectations for the 2019 budget, and the administration promised to work with them.

Dar’s remarks came a day after a cabinet member said that Pakistan’s request to lessen the need of arranging $6 billion in new loans had been denied by the global lender, leaving the government with little choice except to attempt to resurrect the arrangement.

Minister of State for Finance Dr. Aisha Pasha stressed that Pakistan’s only choice was to return to the IMF in a policy statement delivered at the National Assembly Standing Committee on Finance.

Dr. Pasha claims that Pakistan asked the IMF to take into consideration lowering the $6 billion external funding demand based on fresh data on the current account deficit, but the Fund declined. The other $3 billion was to be arranged after the staff-level agreement, she said, but the IMF insisted on “demonstrating the $6 billion.” She went on to say that there was an understanding to arrange $3 billion before the agreement.

The statement from the ministry of finance shows that the IMF has not altered its position despite a call from Prime ministry Shehbaz Sharif to IMF Managing Director Kristalina Georgieva.

The IMF has already paid out $3.9 billion of the overall $6.5 billion rescue package during the previous four years, with the remaining amount depending upon the conclusion of three outstanding assessments.

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In Order To Form Government, PML-N And PPP Establish “First Formal Contact”

In Order To Form Government, PML-N And PPP Establish “First Formal Contact”

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The Govt May Block The Internet Due To A “Security” Concern On Election Day

The Govt May Block The Internet Due To A “Security” Concern On Election Day

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Beijing Declares It Is Ready to Upgrade the CPEC

Beijing Declares It Is Ready to Upgrade the CPEC

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Winter break In Punjab Schools Is Probably Extend Till January 8

Winter break In Punjab Schools Is Probably Extend Till January 8

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The Iran-Pakistan Gas Pipeline Is Going Nowhere

The Iran-Pakistan Gas Pipeline Is Going Nowhere

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IMF Agreement Is Not A “Magic Cure,” Claims Shehbaz

IMF Agreement Is Not A “Magic Cure,” Claims Shehbaz

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Sindh Will Start Its Coastal Evacuations Today Because Of Cyclone Biparjoy

Sindh Will Start Its Coastal Evacuations Today Because Of Cyclone Biparjoy

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Budget For Sports Has Been Significantly Reduced

Budget For Sports Has Been Significantly Reduced

READ MORE: What Actually New Budget 2023-24 Is For ???

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What Actually New Budget 2023-24 Is For ???

What Actually New Budget 2023-24 Is For ???

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Dar Again Eliminates The Option Of A Default

Dar Again Eliminates The Option Of A Default

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