Pakistani finance minister says economic reforms meant to boost foreign investment

Pakistani finance minister says economic reforms meant to boost foreign investment
Pakistan's Federal Minister for Finance and Revenue Muhammad Aurangzeb (third in left row) meets a delegation of international investors led by the top JP Morgan official in Pakistan in Islamabad, Pakistan, on September 4, 2024. (@Financegovpk/X)
Short Url
Updated 04 September 2024
Follow

Pakistani finance minister says economic reforms meant to boost foreign investment

Pakistani finance minister says economic reforms meant to boost foreign investment
  • Muhammad Aurangzeb meet a delegation of foreign investors, highlights macroeconomic gains
  • The delegation says Pakistan can be a gateway to regional markets investors seek to explore

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Wednesday Pakistan was undertaking structural and financial reforms to create a conducive environment for foreign investment and stabilize the national economy while meeting with a delegation of international investors led by the top JP Morgan official in Pakistan.

Last year, Pakistan set up the Special Investment Facilitation Council, a hybrid civil-military body, to encourage international businesses to explore opportunities in the country by streamlining investment procedures amid prolonged economic challenges.

The finance minister briefed the visiting delegation about Pakistan’s improving macroeconomic indicators, including a 14 percent rise in exports, a decline in inflation to 9.6 percent and an overall decrease in the current account deficit.

He also pointed out the improvement in Pakistan’s sovereign credit ratings, saying they reflected a stable and promising economic outlook.

“The country’s economic growth is underpinned by robust fiscal discipline, inflation management, and a favorable balance of payments,” he told the delegation, according to an official statement.

He informed the government was also trying to broaden the tax base, cut down the public sector size and proceed with the privatization drive.

“These reforms are designed to create a more conducive environment for foreign investment and to ensure the long-term stability of the economy,” he added.

The visiting delegation discussed a range of potential investment areas, including renewable energy, information technology, infrastructure development and the financial sector.

They maintained that Pakistani market had immense potential, adding the strategic location of the country made it a gateway to regional markets where foreign investors were eager to explore opportunities.

The foreign minister welcomed the delegation’s interest in investing in Pakistan and assured its members of the government full support.


‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia

‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia
Updated 4 sec ago
Follow

‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia

‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia
  • Muhammad Tanveer moved to the Kingdom in 2002 after he was offered an opportunity to teach in Saudi Arabia
  • He has gone on to become a school principal, but also calls himself a ‘Saudi’ after having spent 22 years there

ISLAMABAD: With just eight years of experience, Muhammad Tanveer, a Pakistani academic, moved to Saudi Arabia in 2002 after he was offered an opportunity to teach in the Kingdom.
Since then, Tanveer has not only gone on to become the principal of Pakistan International School Riyadh’s English section, but also found his home in the diverse Saudi society.
Tanveer, who is skilled in curriculum development, compliance management, administration and policy development, says he has become a “Saudi” after having spent 22 years in the Kingdom and is very much impressed by its culture.
“To contribute to the Saudi education process while living in Saudi Arabia has a great feeling of satisfaction. There are many countries where there are facilities, but Saudi Arabia is one of those few countries, where there is peace,” he said in a video shared by the Saudi media ministry on X on Friday.
“As an expat, I would say that I love Saudi Arabia and I love being a resident of Saudi Arabia for all the peace and comfort and protection that [the Saudi] society provides me.”
Saudi Arabia is home to more than 2 million Pakistani expatriates, who are a vital source of remittances to the South Asian country. The Kingdom regularly seeks skilled workers from Pakistan and both nations share strong cultural, economic and defense relations.
The Pakistani academic says he was always ambitious about excelling in his field and his motivation increased manifolds when he got an opportunity to teach in Saudi Arabia. Apart from the Saudi capital, he loves traveling to other beautiful places in the Kingdom, including Abha and Tabuk.
“My favorite place apart from Riyadh is Abha. It is a very beautiful place, every summer, it’s a magnificent place, weather is really great, so I love Abha. Similarly, Tabuk is very beautiful, Tabuk’s valleys are very beautiful,” he said.
“It is very touching to be part of the Saudi society, because the love, the cooperation and the support found in the Saudi society, I could not imagine it both individually and as a professional.”


Pakistani singer Arooj Aftab secures Grammy nominations for fourth year in a row

Pakistani singer Arooj Aftab secures Grammy nominations for fourth year in a row
Updated 47 min 54 sec ago
Follow

Pakistani singer Arooj Aftab secures Grammy nominations for fourth year in a row

Pakistani singer Arooj Aftab secures Grammy nominations for fourth year in a row
  • Aftab’s song ‘Raat Ki Rani’ has earned the nomination in the Best Global Music Performance category
  • The song is part of her album ‘Night Reign,’ nominated in the Best Alternative Jazz Album category

ISLAMABAD: Pakistani singer Arooj Aftab has once again secured Grammy nominations for the upcoming 2025 awards ceremony, with the singing sensation expressing her delight over the recognition.
Aftab’s song ‘Raat Ki Rani’ has earned the nomination in the Best Global Music Performance category. The song is part of her album ‘Night Reign’ that has received recognition in the Best Alternative Jazz Album category, which awards vocal or instrumental albums containing greater than 75 percent playing time of new alternative jazz recordings.
“OMG [oh moy God] YES!!! This will be the fourth year in a row that the @recordingacademy and industry peers have celebrated my music with these accolades and IT FEELS SO GOOD,” the singer wrote on Instagram on Friday.
“Thank you thank you thank youuuuu and keep spinning Night Reign we are just getting started,” she added.
In 2022, Aftab became the first Pakistani singer to win a Grammy for her song ‘Mohabbat’ in the Best Global Music Performance category. She had been nominated in two categories for the 2024 Grammy Awards, the highest honors in the music industry.
The 39-year-old, who has lived in New York for some 15 years, has been steadily gaining global attention for her work that fuses ancient Sufi traditions with folk and jazz music. After growing up in Saudi Arabia and Pakistan, Aftab moved to the US at age 19 to attend Berklee College of Music in Boston.
The now Brooklyn-based singer/songwriter first gained critical acclaim for Bird Under Water and Siren Islands in the mid-2010s, but it was 2021’s Vulture Prince — a delicate, seven-track project dedicated to the memory of her late brother — that propelled Aftab to stardom.
 


Pakistan police kill top bandit who used TikTok to terrorize, transfix Punjab’s riverine marshlands

Pakistan police kill top bandit who used TikTok to terrorize, transfix Punjab’s riverine marshlands
Updated 09 November 2024
Follow

Pakistan police kill top bandit who used TikTok to terrorize, transfix Punjab’s riverine marshlands

Pakistan police kill top bandit who used TikTok to terrorize, transfix Punjab’s riverine marshlands
  • Shahid Lund among bandits using Internet to parade hostages, exhibited arsenals of weapons in musical TikToks
  • High-standing crops in Katcha lands along Indus River provide cover for ambushes, kidnappings, highway robberies, smuggling

ISLAMABAD: Pakistani police said on Friday they had killed a top bandit who was famous for his videos on TikTok and had operated for years in the notorious riverine marshlands of the Punjab province.
Shahid Lund had been hiding out in the riverine terrain in Punjab which has long offered refuge to bandits. The 28-year-old used the Internet to enthrall citizens even as he preyed on them, according to police.
On TikTok, Facebook, YouTube and Instagram, he fascinated tens of thousands with messages delivered with a gun in hand, romanticizing his rural lifestyle and cultivating a reputation as a champion of the people.
The Punjab police said on Friday Lund, who led the Lund gang, one of several groups of bandits in Pakistan’s riverine area, had been killed in a joint operation by the Rahim Yar Khan and Rajanpur district police.
“The Government of Punjab had placed a bounty of Rs10 million ($35,811) on Shahid Lund,” the Punjab police said in a statement on X. “The deceased bandit was wanted by the police in 28 cases, including killing of policemen, terrorism, kidnapping for ransom, attacks on police, murders and robberies.”
Lund was said to dwell on a sandy island in the riverlands, often called the ‘katcha’ area that roughly translates to ‘backwaters,’ on the Indus River which skewers Pakistan from top to bottom. High-standing crops provide cover for ambushes and the region is riven by shifting seasonal waterways that complicate pursuit over crimes ranging from kidnapping to highway robbery and smuggling.
At the intersection of three of Pakistan’s four provinces, gangs with hundreds of members have for decades capitalized on poor coordination between police forces by flitting across jurisdictions. Sweeping police operations and even an army incursion in 2016 failed to impose law and order. This August, a rocket attack on a police convoy killed 12 officers.
Some bandits use the web to lay “honey-traps” luring kidnap victims by impersonating romantic suitors, business partners and advertising cheap sales of tractors or cars, while others parade hostages in clips for ransom or exhibit arsenals of heavy weapons in musical TikToks. Lund had by far the largest online profile — irking police with a combined 200,000 followers.
The Punjab police chief, Dr. Usman Anwar, lauded the Rahim Yar Khan and Rajanpur police for the successful operation in the riverlands.
“It is the mission of the police to eliminate terrorists, dacoits and miscreants from the katcha area,” Anwar was quoted as saying by the provincial police.


Separatist group says attack at railway station killing 24 targeted Pakistan’s army

Separatist group says attack at railway station killing 24 targeted Pakistan’s army
Updated 16 min 57 sec ago
Follow

Separatist group says attack at railway station killing 24 targeted Pakistan’s army

Separatist group says attack at railway station killing 24 targeted Pakistan’s army
  • Pakistani military has not yet confirmed this, but a top official with direct knowledge of casualties said at least 13 of the dead were soldiers
  • The is the deadliest attack in Pakistan’s Balochistan since a string of coordinated attacks on Aug. 25-26 in which over 50 people were killed

QUETTA: At least 24 people were killed and 50 injured in a bomb blast at a railway station in the southwestern Pakistani city of Quetta, officials said on Saturday, with a separatist group claiming the attack and saying the target was Pakistani army troops.
The outlawed Balochistan Liberation Army (BLA) group, the most prominent of militant groups in Balochistan, took responsibility for the attack, the deadliest since a string of coordinated attacks on Aug. 25-26 in which more than 50 people, civilians and security officials, were killed.
In a statement shared with media, the BLA said its suicide unit, the Majeed Brigade, had carried out the bombing to target a “Pakistani army unit” returning via train after completing a course at an infantry school. The claim has not yet been confirmed by the Pakistani military.
The surge in deadly attacks in Balochistan indicates the BLA, which has targeted security forces for years in small-scale attacks and is allied with the Pakistani Taliban (TTP), could be much more organized.
“Twenty-four people have been killed in the suicide attack and 50 people were injured and have been shifted to various hospitals of Quetta city for treatment,” Quetta Commissioner Hamza Shafqaat told Arab News about Saturday’s attack at the railway station.
A top health official in Quetta, who has direct knowledge of the casualties, said at least 13 of the 24 dead were soldiers.
Muhammad Baloch, senior superintendent of police (SSP), said the blast occurred at a time when over 150 passengers were gathered at the station, waiting for the Peshawar-bound Jaffar Express train.
“We are investigating whether it was a suicide attack or any explosive device was placed at the platform,” he added.
Balochistan is a resource-rich but impoverished province where separatist militants have been fighting a decades-long insurgency to win secession of the region. Insurgents say they are fighting what they see as the unfair exploitation of the province’s mineral and gas wealth by the federation at the center.
The Pakistani government and military deny they are exploiting Balochistan and have long maintained that neighbors such as India, Afghanistan and Iran foment trouble in the remote province and support and fund the insurgency there to impede its development potential. Balochistan is home to major China-led investment projects such as a strategic port and a gold and copper mine.
“JUDGMENT DAY”
Following the attack, there was chaos at hospitals in Quetta, as paramedics rushed there with the injured and families arrived to inquire after their loved ones.
Abdul Jabbar, an injured man brought to the Civil Hospital, said it felt like “judgment day” had arrived in Quetta.
“I bought my ticket for Bahawalpur (Punjab) and entered the platform to get on the train,” he told Arab News. “After two minutes of arriving at the platform, the explosion occurred.”
Bilal Safdar, an eyewitness who was standing some 500 meters away from the site of the blast, said he heard a powerful explosion at the platform.
“There was a plume of smoke at the station and people were screaming for help, bodies and injured were strewn around on the ground,” he told Arab News.
The rise of separatist attacks in Balochistan poses a major challenge for the weak coalition government of Prime Minister Shehbaz Sharif, which is battling an economic crisis and political instability as well as a rise in militant violence by both religiously motivated and separatist groups across the country.
Balochistan is also in the grips of civil rights protests by young ethnic Baloch who are calling for an end to what they describe as a pattern of enforced disappearances and other human rights abuses by security forces, who deny the charge.
On Friday, counterterrorism officials in Balochistan said an armed operation had been launched this week against separatist militants who were behind the August attacks.
“An operation has been launched since the last two days in Duki, Loralai and surrounding districts in which Frontier Corps, CTD, Levies, police and others are taking part,” Counterterrorism Department (CTD) DIG Aitzaz Ahmed Goraya said at a press conference in Quetta.


Pakistan to face 5 million ton wheat shortage next year amid reduced sowing area

Pakistan to face 5 million ton wheat shortage next year amid reduced sowing area
Updated 09 November 2024
Follow

Pakistan to face 5 million ton wheat shortage next year amid reduced sowing area

Pakistan to face 5 million ton wheat shortage next year amid reduced sowing area
  • Federal government wants 33.58 million tons, while provinces expect 27.92 million due to reduced sowing area
  • Farmers urge minimum support price announcement from Punjab to encourage wheat sowing this season

ISLAMABAD: Pakistan is expected to face a wheat shortage of over five million tons next year with a reduction in the crop sowing area and production, according to provincial governments estimates, as economists and food security experts say this will strain on the economy and lead to inflation.
Wheat is a staple food in Pakistan and its shortage can lead to political unrest and protests against governments. The South Asian nation of 241 million is expected to face a shortfall of 5.66 million tons of the commodity next year and would have to spend foreign exchange to import wheat to fulfill local demand.
This year, the government allowed the private sector to import over three million tons of wheat to overcome shortages while tens of thousands of farmers staged protests in several cities over the government’s decision not to buy their wheat, causing them huge income losses.
The government routinely purchases around 20 percent of all the wheat produced by local farmers at a fixed cost to ensure price stability, prevent hoarding, and maintain the supply chain. However, it lowered its purchase target to two million tons from around six million tons this year, with farmers in Punjab, the country’s largest wheat producer, asking the authorities to stop imports and purchase the commodity from them at the minimum support price fixed officially.
“The provinces have come up with a lower sowing area and production target of wheat for the next year, therefore the country will face a shortage of the commodity,” Yasir Shakeel, a deputy director at Ministry of National Food Security and Research, told Arab News. “The provincial governments have been taking measures to achieve the sowing and production targets of wheat to fulfill the local need.”
He said the Federal Committee on Agriculture had set a wheat production target of 33.58 million tons from target area of 10.368 million hectares for 2025-26 based on national requirement for the produce to attain self-sufficiency.
“According to provincial governments’ proposals the target area for wheat will be 9.263 million hectares with production of 27.92 million tons,” he said.
The official said the Indus River System Authority’s advisory committee has anticipated a shortage of water to the extent of about 16 percent for Punjab and Sindh during the winter crop season, running from October to April, which could impact the wheat production along with other crops.
Farmers on the other hand have urged the government to announce a minimum support price of over Rs4,500 per 40 kilogram to encourage their community to sow the crop to achieve the government’s production target.
“There are still 15 to 20 days before the wheat sowing season concludes, so the government’s intervention at this stage may help encourage farmers sow the crop instead of looking for the alternatives,” Khalid Bath, President Kissan Ittehad, a farmers’ association, told Arab News.
As per the Kissan Ittehad estimates, the wheat sowing area can drop more than 30 percent this year compared to the previous year due to the Punjab administration’s policy of reducing the procurement target.
Dr. Abid Qaiyum Suleri, food security expert, said the farmers had not received a fair price for their cash crop, adding they were short of investments to sow the wheat crop on a large area.
“Farmers are looking for substitutes to earn profits on their crops as the government is apparently not willing to announce the minimum support price for the next year’s crop,” he told Arab News. “This will definitely lead to food shortages in the country, and the private sector will have a role to play to import the product to meet the local demand.”
Asif Arsalan Haider, a senior economist, maintained Pakistan’s inflation rate was heavily influenced by the agricultural products in the country, pointing out that wheat shortage would have a major impact on it.
“Pakistan’s rural economy is dependent on agriculture,” he said. “Therefore, farmers may face hardships if the government does not procure their produce at a fixed price.”
“The government should come up with a long term agricultural policy instead of resorting to stopgap arrangements each year,” he added.
Earlier this year in May, local media reported that the Punjab government had reduced its usual wheat procurement, allowing the private sector to play a larger role in purchasing the crop due to significant financial constraints, with annual procurement costs reaching around Rs400 billion ($1.4 billion).
The move was described partly as a response to the International Monetary Fund’s recommendations to cut provincial expenditures.
Reports also quoted Punjab’s Finance Minister Mujtaba Shuja-ur-Rehman as saying that most farmers had sold their wheat to middlemen, leading to market prices of Rs3,200-3,300 per maund, a traditional unit of mass commonly used in South Asia, amounting to about 40 kilograms, though this shift slightly reduced profit margins for farmers.