ISLAMABAD: The Pakistani government has reduced the price of petrol by Rs10 per liter, the Finance Division said late Sunday.
Pakistan revises petroleum prices every fortnight. After the latest revision, petrol will now cost Rs249.10 per liter.
The government reduced the price of high-speed diesel by Rs13.06 to Rs249.69, according to the Finance Division notification.
“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variations in the international market,” the notification read.
In Pakistan, petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers, while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
Similarly, the price of kerosene oil went down by Rs11.15 to Rs158.47, while that of light diesel oil was reduced by Rs12.12 to Rs141,93.
ISLAMABAD: Pakistan’s acting permanent representative to the United Nations (UN) Ambassador Usman Jadoon regretted insufficient progress on evolving and diverse forms of terrorism and called for “comprehensive” global counter-terrorism reforms, Pakistani state media reported on Friday.
The Pakistani diplomat said this in his statement at the sixth committee of the UN General Assembly in New York, the state-run Radio Pakistan broadcaster reported.
Jadoon emphasized Pakistan’s role in the fight against terrorism and its key contribution in dismantling Al-Qaeda as well as the 80,000 casualties it suffered in the war on terror.
“He raised concerns about state-sponsored terrorism from across Pakistan’s borders, highlighting threats posed by groups like the TTP, Daesh, and the [Baloch separatist] Majeed Brigade,” the report read.
“He urged the international community to ensure that counter-terrorism measures are not misused to violate human rights and international humanitarian law as is occurring in occupied Palestine and Jammu and Kashmir.”
Pakistan, which has fought militants for decades, has strengthened its protocols and agreed to enhance cooperation with multiple countries in counter-terrorism domain in recent years.
In January, Pakistan and Britain agreed to further enhance cooperation in counter-terrorism at a meeting between Pakistan’s Interior Secretary Aftab Akbar Durrani and Simon Ridley, second permanent secretary of the British Home Office, in Islamabad.
In Dec. 2023, Islamabad hosted an inaugural session of the Pakistan-UK Counter-Terrorism dialogue, according to the Pakistani Foreign Office. The Pakistani side was led by Director-General (Counter-Terrorism) Abdul Hameed, while the UK delegation was led by Chris Felton, head of Counter-Terrorism and Extremism Network (CTEN) for Asia.
The dialogue covered a wide range of areas, reflecting the depth and breadth of counter-terrorism cooperation between the two countries, the Pakistani Foreign Office said.
ISLAMABAD: Malaysian Prime Minister Anwar Ibrahim said on Friday Pakistan had the “potential” to be a gateway for Malaysian companies wanting to venture out into the Central and West Asian markets.
Ibrahim left Pakistan on Friday after concluding a three-day visit accompanied by a delegation of ministers and senior officials who held wide-ranging talks with Pakistani counterparts on trade, connectivity, energy, agriculture, the halal food industry, tourism, and cultural and educational exchanges. The visit came as Islamabad is pushing for foreign investment from allies and beyond in a bid to shore up its $350 billion economy while navigating tough reforms mandated by the International Monetary Fund (IMF).
During a joint press stakeout on Thursday, Ibrahim and Pakistani PM Shehbaz Sharif Prime Minister Shehbaz Sharif announced setting up a Malaysian trade office in Karachi. It was also agreed that Pakistan would export halal meat worth $200 million and 100,000 tones of basmati rice to Malaysia per year.
“I believe Pakistan has the potential to be a gateway for Malaysian companies that want to expand the market in Central Asia and West Asia,” Ibrahim said in a farewell message posted on X.
He said his state visit had “opened the widest possible space” for Malaysia and Pakistan to discuss and explore cooperation in various fields, including economic zones, trade and market issues, transport, halal industry, tourism, education, skilled labor and others.
Lawatan Negara ke Pakistan ini sangat bermakna dan dekat di hati saya serta delegasi dengan mengambil kira sejarah persahabatan kedua-dua negara yang telah terjalin sejak 67 tahun lalu.
Ia telah membuka ruang seluas-luasnya bagi Malaysia dan Pakistan dalam membincangkan dan… pic.twitter.com/BYVQkUM0Wn
Trade between Malaysia and Pakistan currently stands at $1.4 billion, including in palm oil, apparel, textiles, chemical and chemical-based products, and electrics and electronic products. Among South Asian countries, Pakistan is Malaysia’s third-largest trading partner.
“As part of the efforts to boost bilateral trade, both leaders agreed that Pakistan would export Halal meat worth $200 million per annum and 100,000 metric tones of Basmati Rice to Malaysia,” state news agency APP reported after Sharif and Ibrahim addressed a joint press stakeout on Thursday evening.
In his remarks to reporters, Sharif said the two leaders had discussed the export of Pakistani basmati rice as well as of halal meat from Pakistan to Malaysia worth $200 million per annum.
“He said the Malaysian PM had also assured to address the discrepancies in the import of Pakistan’s rice into his country,” APP reported, saying the two leaders also discussed cooperation in defense, tourism, agriculture, green energy, skilled labor and youth empowerment.
In his remarks, Ibrahim said both sides had agreed on a number of issues and follow-up discussions would be held in an upcoming joint commission meeting in Kuala Lumpur later this month “to ensure swift implementation of the decisions.”
“He assured that a Malaysian trade office would be opened in Karachi soon to strengthen economic collaboration between the two countries,” APP said. “He said Malaysia was seeking more skilled labor in various sectors including IT, artificial intelligence, and semiconductors and Pakistan could also be a source for such skilled labor.”
“Our focus is on professionals required to satisfy new demands, massive investments, probably the largest in the ASEAN region in terms of information technology, digital and artificial intelligence,” Ibrahim told reporters.
The two prime ministers also witnessed the exchange of signed Memorandums of Understanding (MoUs) and a Letter of Cooperation. This included an MoU between the Trade Development Authority of Pakistan (TDAP) and the Malaysia External Trade Development Cooperation (MATRADE) on trade cooperation, and an MoU for cooperation in halal trade between the Pakistan-Malaysia Business Council (PMBC) in Pakistan and the Malaysia-Pakistan Business Council (MPBC) in Malaysia.
A Letter of Cooperation between the Pakistan Telecommunication Authority (PTA) and Malaysian Communications and Multimedia Commission (MCMC) was also signed. Pakistan’s aviation ministry and Malaysian airline AirAsia also signed an agreement for four weekly flights.
Pakistan’s top economic body approves $160 million grant for defense projects
Pakistan’s defense budget consistently attracts media attention due to the military’s substantial role in both the political and economic arenas of the country
The allocation of significant funds to defense sparks debates over balance between security needs and critical public services, such as education and health care
ISLAMABAD: The Economic Coordination Committee (ECC), Pakistan’s top economic body, has approved a supplementary grant of around $160 million for defense projects in the current fiscal year, the Pakistani finance ministry said on Thursday.
The statement came after Finance Minister Muhammad Aurangzeb presided over a meeting of the ECC, at which decisions were made regarding special allowances for the Anti-Narcotics Force (ANF), Anti-Rabies Vaccine, and other matters.
Pakistan’s defense budget consistently attracts media attention due to the military’s substantial role in both the political and economic arenas of the country. The allocation of significant funds to defense sparks debates over the balance between security needs and other critical public services, such as education and health care.
“The ECC also considered and approved a proposal submitted by the Defense Division for a TSG amounting to Rs45 billion ($160 million) for various already approved projects of defense services during CFY 2024-25,” the finance ministry said on Thursday.
The development came weeks after the government approved Rs60 billion ($215 million) supplementary grants for Operation Azm-e-Istehkam to root out militancy from the country, apart from a 17.5 percent increase in the overall defense budget in June to Rs2.12 trillion ($6.15 billion) in view of the country’s security needs.
The ECC considered and approved a proposal for increase in the rate of special allowance (equal to 20 daily allowances) for employees of the ANF paramilitary force to bring it at par with other federal law enforcement agencies (LEAs), according to the finance ministry.
“The impact of revision to the tune of Rs. 264.744 million ($950,000) in DA rates for the ANF employees would be met from within the current year’s sanctioned budget,” it said.
Media coverage and public discussions about the defense budget also reflect concerns about transparency, with governments only mentioning the overall figure without sharing further details.
Last month, Dr. Kaiser Bengali, a prominent Pakistani economist who resigned from the government’s high-powered austerity committee in August, noted among several observations that the answer to addressing Pakistan’s large budget deficit lied in reducing the government’s expenditures, including non-combat defense spending.
ISLAMABAD: Pakistani rice traders said on Thursday that exports of the commodity could face a setback this year as neighboring India, one of the major competitors in the global market, had lifted restrictions on rice exports.
Pakistan exported rice worth $3.9 billion this year as compared to $2.15 billion last year, benefitting from India’s more-than-a-year-long ban on rice exports to fulfil its domestic needs. Last week, the Indian government lifted the ban and removed minimum export price of the commodity following a bumper crop yield this year.
In a tit-for-tat move, Pakistan has also withdrawn the minimum export price for all rice varieties to compete with Indian exporters in the global market. Pakistan’s minimum export price for the rice ranged from $450 per metric ton to $900 per metric ton for super basmati and white sella rice, according to a government notification available with Arab News.
The South Asian arch-rivals are the only countries that produce basmati rice which is famous for its unique flavour and aroma around the globe. India has been the largest exporter of rice worldwide, followed by Pakistan, Thailand and Vietnam.
“Now the basmati rice with a label of either from India or Pakistan will be available in the global market this year, so Pakistan’s exports are expected to decline by at least $1 billion from the previous year,” said Malik Faisal Jahangir, chairman of the Rice Exporters Association of Pakistan (REAP).
He said Pakistan was exporting basmati rice to Europe and the Middle Eastern countries on an average $1,250 per metric ton as the Indian commodity was not available in the market due to the ban.
“India is direct competitor of Pakistan in rice exports, therefore our exports could decline in the international market after India lifted restrictions on the commodity,” he told Arab News. “Pakistan has withdrawn the minimum export price in reaction to India’s decision and we hope this will help create a level playing field to boost our exports.”
Pakistan’s commerce ministry said the minimum export price was introduced last year in response to rising global prices and a ban imposed by India on rice exports.
“The minimum export price has now become an obstacle for Pakistani rice exporters to remain competitive in global markets after India lifted its export ban and following a decline in international rice prices,” the ministry said in a statement.
Pakistani authorities have set a target of $5 billion rice exports for this fiscal year, while the exporters feared the government’s “regressive export policies and additional taxes” would bring down rice exports to $3 billion.
Irfan Noor, a rice exporter, said the government has increased tax from 1 percent to 29 percent on sales and profits of the exporters through a hybrid tax regime that would “definitely impact the exports negatively.”
He said Pakistan’s $3.9 billion rice exports were “an exception” due to India’s export ban on the commodity.
“Our rice exports will decrease this year due to India’s entry in the market that is also offering incentives to its traders on exports,” Noor said.
He urged the Pakistani government to review its tax policies and support rice farmers in growing new seed varieties resistant to adverse impacts of climate change to boost the per acre yield.
“We can compete with India in the global market only if our policy-makers come up with a holistic approach both for farmers and the exporters,” he added.
ISLAMABAD: President Asif Ali Zardari on Thursday conferred Pakistan’s highest civilian award on Malaysian Prime Minister Dato’ Seri Anwar Ibrahim in recognition of his support for Islamic causes and for being a great friend of Pakistan, Pakistani state media reported.
Ibrahim arrived in Islamabad on Wednesday on a three-day visit along with a delegation of ministers and senior officials to hold wide-ranging talks on trade, connectivity, energy, agriculture, the halal food industry, tourism, and cultural and educational exchanges.
The Malaysian prime minister has been a prominent advocate of humanitarian causes and Islamic values, and his leadership is marked by a profound commitment to promoting social justice and addressing global issues affecting the Islamic world, according to a report by the Radio Pakistan broadcaster.
He has also been a voice for self-determination movements and has particularly stood against oppression across the world. The award, which honors those who render “services of highest distinction” to the national interest of Pakistan, was conferred upon him at a special investiture ceremony in Islamabad.
“The Malaysian Prime Minister continues to work tirelessly to counter Islamophobia, striving to create interfaith harmony by fostering understanding and respect between different cultures and religions,” the report read.
The investiture ceremony was attended by Prime Minister Shehbaz Sharif, federal ministers, services chiefs, diplomats, and senior government officials, followed by a state dinner in honor of PM Ibrahim and his delegation.
Separately, the Malaysian prime minister met Pakistan Army Chief General Asim Munir and discussed with him bilateral strategic interests, regional security and defense cooperation.
“He emphasized on the need for increasing bilateral ties, particularly military relations, among the two brotherly countries and extended an invitation to the COAS (chief of army staff) to visit Malaysia in the same context,” the Pakistani military’s media wing, the Inter-Services Public Relations (ISPR), said in a statement.
Ibrahim’s visit comes as Islamabad pushes for foreign investment from allies and beyond in a bid to shore up its $350 billion economy, while navigating tough reforms mandated by the International Monetary Fund (IMF) as part of a $7 billion bailout.
Earlier on Thursday, PM Sharif and his Malaysian counterpart agreed to set up a trade office in Karachi, while Islamabad will increase its halal meat and basmati rice exports to the Southeast Asian country, Sharif’s office said.
“As part of the efforts to boost bilateral trade, both leaders agreed that Pakistan would export Halal meat worth $200 million per annum and 100,000 metric tons of Basmati Rice to Malaysia,” Pakistani state news agency APP reported after Sharif and Ibrahim addressed a joint press stakeout.
Trade between Malaysia and Pakistan currently stands at $1.4 billion, including in palm oil, apparel, textiles, chemical and chemical-based products, and electrics and electronic products. Among South Asian countries, Pakistan is Malaysia’s third-largest trading partner.