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.
Pakistan News

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”

February 12, 2024 / By Zunair Tahir / Pakistan News


  • 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.

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Punjab government
Pakistan News

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

February 7, 2024 / By Zunair Tahir / Pakistan News



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Pakistan China CPEC
Pakistan News

Beijing Declares It Is Ready to Upgrade the CPEC

Beijing Declares It Is Ready to Upgrade the CPEC

January 25, 2023 / By Zunair Tahir / Pakistan News



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Winter Holdidays 2023
Pakistan News

Winter break In Punjab Schools Is Probably Extend Till January 8

Winter break In Punjab Schools Is Probably Extend Till January 8

December 27, 2023 / By Zunair Tahir / Pakistan News



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Iran Pakistan gas pipeline
Pakistan News

The Iran-Pakistan Gas Pipeline Is Going Nowhere

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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Pakistan News

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

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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Cyclone Biparjoy
Pakistan News

Sindh Will Start Its Coastal Evacuations Today Because Of Cyclone Biparjoy

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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Sports-Pakistan
Sport News

Budget For Sports Has Been Significantly Reduced

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.

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

A new program named “Revamping and provision of sports facilities at Kashmore” has been allocated Rs20 million, according to budget records.

The district in which IPC Minister Ehsanur Rehman Mazari resides has a total cost of Rs950 million for this project.

At a cost of Rs130 million, Rs30 million has been set aside to develop 250 minor sports complexes, while Rs150 million has been committed for the National Games.

At the Pakistan Sports Complex in Islamabad, Rs103 million has been set aside for building and repairing roads, pavements, etc., and Rs120 million will be used to establish a biomechanical lab.

Similar to this, Rs 100 million has been set aside for the appointment of international coaches to teach national athletes, and Rs 98 million would go towards laying synthetic turf on the football pitch and athletic track at Sports Centre Karachi.


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Budget Pakistan 2023-24
Pakistan News

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

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.

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.

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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Ishaq Dar
Pakistan News

Dar Again Eliminates The Option Of A Default

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.

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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