Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade

Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade
Pakistan Deputy Prime Minister and Foreign Minister Ishaq Dar speaks during a ceremony at Ministry of Foreign Affairs in Islamabad on March 27, 2024. (Photo courtesy: MOFA/File)
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Updated 07 September 2024
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Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade

Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade
  • Ishaq Dar discusses trade and investment in a phone call with UAE state minister for foreign affairs
  • The two sides are expected to hold the JMC meeting on October 1, strengthen business-to-business ties

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Friday praised the United Arab Emirates for agreeing to hold the Pak-UAE Joint Ministerial Commission (JMC) meeting next month after more than 10 years during a phone call with UAE Minister of State for Foreign Affairs Ahmed bin Ali Al Sayegh.
Dar is currently on a five-day visit to the United Kingdom where he has met top British officials and interacted with members of the Pakistani diaspora.
The Pakistani deputy PM, who also holds the foreign minister’s portfolio, took the UAE minister’s phone call in which they discussed other issues of mutual interest.
“UAE Minister of State for Foreign Affairs, Ahmed bin Ali Al Sayegh, spoke with Deputy Prime Minister/ Foreign Minister @MIshaqDar50 who is currently visiting the UK,” the Pakistan foreign office said in a social media post. “They discussed OIC [Organization of Islamic Cooperation] related issues and key areas of bilateral cooperation in the field of trade and investment.”
“[Dar] welcomed the holding of 12th session of Pak-UAE Joint Ministerial Commission in the UAE next month after a hiatus of 13 years,” the post added.

 
Pakistani media reported earlier last week the Pak-UAE JMC was scheduled to take place on October 1, adding it would focus on different economic and financial fields.
The two countries are expected to hold a joint business council meeting on the sidelines of the JMC and work toward the establishment on greater business-to-business relations.
The UAE is Pakistan’s third largest trading partner after China and the United States. Policymakers in Pakistan consider the Emirates an optimal export destination due to geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The UAE is also home to more than a million Pakistani expatriates and the second-largest source of remittances to the South Asian country after Saudi Arabia.


PIA, three power distribution companies to be privatized by year-end — finance ministry

PIA, three power distribution companies to be privatized by year-end — finance ministry
Updated 53 sec ago
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PIA, three power distribution companies to be privatized by year-end — finance ministry

PIA, three power distribution companies to be privatized by year-end — finance ministry
  • Federal government last week delayed the auction of the national flag carrier for the third time
  • Privatization of loss-making SOEs has long been on IMF’s list of preconditions for Pakistan

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Tuesday the privatization process for PIA and three power distribution companies would be completed by the end of the year after the government last week delayed the auction of the national flag carrier for the third time. 

Successive governments have steered away from PIA’s disposal as it is likely to be highly unpopular, but progress on privatization is a precondition for cash-strapped Pakistan attached to an International Monetary Fund (IMF) bailout approved last week.

Pakistan plans to sell more than 51 percent of its stake in the loss-making airline as part of the economic reforms suggested by the IMF which approved a long-awaited, 37-month $7 billion bailout deal last Wednesday that will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”

“The PIA and three DISCO’s privatization process would be made before the end of this year,” Aurangzeb was quoted by state news agency APP as saying.

“The outsourcing of Islamabad and Karachi airport would be made in phases … Right sizing and restructuring of some ministries and departments would also be made before the next fiscal year.”

The government announced in June it had selected six companies qualified to bid for PIA out of a pool of eight after receiving expressions of interest. The initial plan was to finalize the deal to sell PIA on the country’s Independence Day, Aug. 14, but the plan was delayed following requests from bidders who wanted to see the airline’s latest audited accounts and aircraft lease agreements and sought clarity on flights to Europe, which are currently banned.

This was followed by September and October dates for the auction, but those have also not materialized.

Dr. Ahsan Ishaq, a spokesperson for the privatization ministry, told Arab News last week PIA’s cumulative losses alone had surpassed Rs800 billion ($2.86 billion), with the total asset valuation of the airline standing at approximately Rs160 billion ($572 million).

In May, Prime Minister Shehbaz Sharif said Pakistan would privatize all state-owned enterprises (SOEs), with the exception of strategic entities, broadening its initial plans to sell only loss-making state firms to shore up its shaky finances.

Privatization of loss-making SOEs has long been on the IMF’s list of recommendations for Pakistan, which is struggling with a high fiscal shortfall and a huge external financing gap. Foreign exchange reserves are hardly enough to meet a couple of months of controlled imports.

The IMF says SOEs in Pakistan hold sizable assets in comparison with most Middle East countries, at 44 percent of GDP in 2019, yet their share of employment in the economy is relatively low. It estimates almost half of the SOEs operated at a loss in 2019.

Past privatization drives have been patchy, mainly due to a lack of political will, market watchers say.


PIA suspends use of Iranian airspace after Tehran’s missile attacks on Israel

PIA suspends use of Iranian airspace after Tehran’s missile attacks on Israel
Updated 19 min 16 sec ago
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PIA suspends use of Iranian airspace after Tehran’s missile attacks on Israel

PIA suspends use of Iranian airspace after Tehran’s missile attacks on Israel
  • Iran’s attack marked it biggest ever military blow against Israel
  • Israel and US have promised to retaliate as fears of wider war intensify

ISLAMABAD: A spokesman for Pakistan’s national carrier said on Wednesday PIA was suspending the use of Iran’s airspace until further notice, hours after Tehran launched missile attacks on Israel, which promised to retaliate as fears of a wider war in the Middle East intensified.

Washington said it would work with longtime ally Israel to make sure Iran faced “severe consequences” for Tuesday’s attack, which Israel said involved more than 180 ballistic missiles.

The United Nations Security Council scheduled a meeting about the Middle East for today, Wednesday, and the European Union called for an immediate ceasefire.

“Until the situation becomes clear, Iranian airspace will not be used,” a spokesman for PIA said. 

PIA uses two corridors of Iran’s airspace: a northern corridor used by flights to Canada and Turkiye and a southern corridor utilized for UAE, Bahrain, Doha and Saudi Arabia flights. 

Iran’s airstrikes marked it biggest ever military blow against Israel.

Sirens sounded across the country and explosions rattled Jerusalem and the Jordan River valley as the entire population was told to move into bomb shelters.

No injuries were reported in Israel, but one man was killed in the occupied West Bank, authorities there said.

Iran described the campaign as defensive and solely aimed at Israeli military facilities. Iran’s state news agency said three Israeli military bases had been targeted.

Tehran said its assault was a response to Israeli killings of militant leaders and aggression in Lebanon against Hezbollah and in Gaza.

Israel activated air defenses against Iran’s bombardment and most missiles were intercepted “by Israel and a defensive coalition led by the United States,” Israeli Rear Admiral Daniel Hagari said in a video on X, adding: “Iran’s attack is a severe and dangerous escalation.”

Israeli Prime Minister Benjamin Netanyahu vowed to hit back.

“Iran made a big mistake tonight — and it will pay for it,” he said at the outset of an emergency political security cabinet meeting late on Tuesday, according to a statement.

Iran’s General Staff of the Armed Forces said in a statement carried by state media that any Israeli response would be met with “vast destruction” of Israeli infrastructure. It also said it would target regional assets of any Israeli ally that got involved.

Fears that Iran and the US could be drawn into a regional war have risen with Israel’s growing assault on Lebanon in the past two weeks, including the start of a ground operation there on Monday, and its year-old conflict in the Gaza Strip.

With inputs from Reuters


Babar Azam steps down as Pakistan T20 and one-day captain

Babar Azam steps down as Pakistan T20 and one-day captain
Updated 46 min 34 sec ago
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Babar Azam steps down as Pakistan T20 and one-day captain

Babar Azam steps down as Pakistan T20 and one-day captain
  • Babar’s announcement came a week before Pakistan’s three-Test series against England, starting from October 7
  • He was removed as Pakistan captain in all formats after Pakistan’s humiliating exit from last year’s World Cup

ISLAMABAD: Babar Azam said on Tuesday he had stepped down as the captain of Pakistan’s Twenty20 and one-day teams, saying he wanted to focus more on his role as a batsman.

Babar’s announcement came a week before Pakistan’s three-Test series against England, starting from Oct. 7. Babar was named in the 15-member squad.

Pakistan are also scheduled to have a white-ball tour of Australia in Nov., but the Pakistan Cricket Board (PCB) will have to name a new captain following Baber’s resignation.

“I have decided to resign as captain of the Pakistan men’s cricket team,” Babar said on X late Tuesday.

“Captaincy has been a rewarding experience, but it’s added a significant workload. I want to prioritize my performance, enjoy my batting, and spend quality time with my family, which brings me joy.”

Babar said he was stepping down as Pakistan’s captain in all three formats in November last year after Pakistan's humiliating exit from the One-Day World Cup in India.

He was re-appointed in May this year and took over from Shaheen Shah Afridi after a change in the PCB chairmanship.

Babar led Pakistan’s T20 World Cup campaign in June, in which the Green Shirts suffered a humiliating loss to the United States and lost to arch-rivals India. The Pakistan side crashed out of the tournament in the first round.

“By stepping down, I will gain clarity moving forward and focus more energy on my game and personal growth,” he said.

“I’m grateful for your unwavering support and belief in me. Your enthusiasm has meant the world to me.”


Pakistan’s polio fight stumbles as two new cases surface

Pakistan’s polio fight stumbles as two new cases surface
Updated 01 October 2024
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Pakistan’s polio fight stumbles as two new cases surface

Pakistan’s polio fight stumbles as two new cases surface
  • The fresh cases in Karachi and Sujawal in the southern Sindh province bring this year’s tally to 26
  • Pakistan’s polio program says recent environmental samples show the virus is actively circulating

KARACHI: Pakistan’s fight against poliovirus suffered another setback on Tuesday as two new cases were reported in the southern Sindh province, the country’s polio program said, bringing the nationwide tally to 26 this year.
The latest cases, one in the Karachi East district and the other in Sujawal district, underscored the persistent threat posed by the poliovirus in Pakistan. The National Emergency Operations Center for Polio Eradication confirmed that the virus was found in environmental samples in both areas, indicating active circulation within communities.
Prime Minister’s Focal Person for Polio Eradication, Ayesha Raza Farooq, expressed deep concern over the continued threat to Pakistani children, emphasizing the importance of vaccination as the only effective way to protect them against polio, a disease that can cause irreversible paralysis.
“There is no cure for polio. Once a child is paralyzed, it is forever and irreversible,” she said in a statement, urging parents, caretakers, teachers, community elders and neighbors to understand the urgency of the situation and take immediate steps to get all children in their care immediately vaccinated.
“The decisions we take today are extremely critical to protect the future of our children.”
The South Asian country has reported 26 polio cases this year, including 15 from Balochistan, seven from Sindh, two from Khyber Pakhtunkhwa, and one each from Punjab and Islamabad.
Farooq said one child affected by polio means hundreds of children around them could be silent carriers of the virus.
“No child anywhere is safe until all children in Pakistan are repeatedly vaccinated for polio, building a wall of protection so the virus cannot break through,” she explained.
The Pakistan polio program said it was implementing a strategic roadmap to control virus spread and interrupt transmission by mid-2025.
As part of this roadmap, it said a mass vaccination campaign concluded last month that reached 33 million children in 115 districts of the country and a second vaccination drive is being planned from October 28.


Pakistan’s Sindh invites Chinese businessmen to invest in e-vehicles, waste-to-energy projects

Pakistan’s Sindh invites Chinese businessmen to invest in e-vehicles, waste-to-energy projects
Updated 01 October 2024
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Pakistan’s Sindh invites Chinese businessmen to invest in e-vehicles, waste-to-energy projects

Pakistan’s Sindh invites Chinese businessmen to invest in e-vehicles, waste-to-energy projects
  • Chinese investment and financial support have been key for the South Asian country’s struggling economy in recent years
  • Since 2013, Beijing has also invested billions of dollars in projects in Pakistan as part of China-Pakistan Economic Corridor

KARACHI: The government in Pakistan’s southern Sindh province has invited Chinese businessmen to invest in electric-vehicle and waste-to-energy projects in the province, the Sindh chief minister’s office said on Tuesday.
The statement came after Sindh Chief Minister Murad Ali Shah’s meeting with a delegation of Chinese investors, led by Belt & Road (B&R) Group Chairman Wan Xiaowu, according to the Sindh chief minister’s office.
The Chinese delegation expressed interest in investing in waste-to-energy, wastewater treatment, desalination water plants, manufacturing of e-buses, and kits to convert patrol motorcycles on electricity.
“Government would provide all necessary facilities to the Chinese firms to set up their plants,” CM Shah was quoted as saying by his office.
He said the Sindh government would welcome Chinese public and private firms to invest directly in the projects of their choice or strike a public-private partnership with the provincial administration.
Both sides agreed to have another sitting with the provincial planning department and the investment board to select the projects so that work could be initiated, Shah’s office said.
In May this year, Prime Minister Shehbaz Sharif asked Pakistani officials to carve out a “comprehensive plan” for business-to-business (B2B) engagements with Chinese firms.
Chinese investment and financial support have been key for the South Asian nation’s struggling economy in recent years, including the rolling over of loans so that Islamabad is able to meet external financing needs.
Since 2013, Beijing has also invested tens of billions of dollars in energy and infrastructure projects in Pakistan as part of the China-Pakistan Economic Corridor (CPEC), a major segment of China’s Belt and Road infrastructure initiative.
The corridor will connect China to the Arabian Sea and help Pakistan expand and modernize its economy through a network of roads, railways, pipelines and ports built in the country with Chinese loans. A flagship of the Chinese corridor is a deep-sea port at Gwadar in Balochistan.