Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%
The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US on April 8, 2019. (REUTERS/File)
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Updated 31 October 2024
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Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%
  • No need for government to introduce mini-year budget, says finance minister
  • Aurangzeb says IMF revised down import projections for Pakistan for current fiscal year

ISLAMABAD: The International Monetary Fund has lowered its inflation forecast for Pakistan for the current year by 3.2% points to 9.5%, the country’s finance minister said on Thursday.

The IMF’s revised projection bring it closer to Pakistan’s own projections, Finance Minister Muhammad Aurangzeb said.

He said there was no need to introduce a mid-year budget, responding to local media reports saying the government needed to revise its budget to stay on track with an ongoing $7 billion, 37-month program with the IMF.

Aurangzeb said the IMF also revised down its import projections for Pakistan in the current fiscal year, which ends in June 2025.

Pakistan has been struggling with boom-and-bust economic cycles for decades, leading to 22 IMF bailouts since 1958. Currently the country is the IMF’s fifth-largest debtor, owing the Fund $6.28 billion as of July 11, according to the lender’s data.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation rate, pushing the country to the brink of a sovereign default last year before an IMF bailout. Inflation has since eased.


Bundoo Khan: How one restaurant parlayed barbeque into a Karachi landmark

Bundoo Khan: How one restaurant parlayed barbeque into a Karachi landmark
Updated 04 December 2024
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Bundoo Khan: How one restaurant parlayed barbeque into a Karachi landmark

Bundoo Khan: How one restaurant parlayed barbeque into a Karachi landmark
  • Founded in 1948, Bundoo Khan Restaurant is a mainstay for politicians, celebrities, and residents of the port city
  • Eatery first gained prominence when its barbeque caught the eye of ex-president Ayub Khan at a local exhibition

KARACHI: For over seven decades, the Bundoo Khan Restaurant has been a culinary landmark in the Pakistani port city of Karachi, delighting generations of food lovers with its signature kebabs, sizzling chicken tikkas and crunchy parathas.
Founded in 1948 by Al Hajj Bundoo Khan, a migrant from Meerut in present day India, the restaurant began as a humble barbecue stall on Karachi’s MA Jinnah Road, then known as Bandar Road, using family recipes passed down from a maternal uncle.
While the eatery was a hit from the beginning, it gained visibility when its innovative approach to grilling and marinating caught the eye of General Ayub Khan, who served as the president of Pakistan from 1958 until his resignation in 1969. Becoming a favorite of the president turned the small eatery into the talk of the town, and it began to draw large crowds from all walks of life.
“My father can be called the founder of barbecue [in Karachi],” Akber Bundoo Khan, the founder’s 62-year-old son, told Arab News. 
“No one knew how to make tikka [like him], how kebabs were made, how parathas were made or how halwa was made.”
Indeed, barbeque has become synonymous with the Bundoo Khan name in Karachi, cementing its reputation as a must-visit destination for the city’s residents and a gathering place for politicians, government officials, actors and singers.
“This brand has been around for 76 years,” said Waqar Mehmood, Bundoo Khan’s grandson who oversees a branch in the city’s Sindhi Muslim area.
“When we first set up an exhibition [during the first few decades], the first person to visit was [Pakistan’s former president] Ayub Khan who gave us the first prize and a gold medal for our barbecue.”
Mehmood spoke about visits to the restaurant by General Ayub Khan’s family, as well as Pakistan’s former first lady Ranaa Liaquat Ali Khan, ex-premier Zulfiqar Ali Bhutto and the now jailed former Prime Minister Imran Khan. Legendary Pakistani actors like Muhammad Ali, Zeba and Waheed Murad were also loyal patrons and iconic singer Noor Jehan continued to request Bundoo Khan’s food until her last days before she passed away in 2000.
“Every day, I would personally take her double-spiced chicken tikka and six kebabs to the hospital,” he said.
The restaurant’s influence has also been immortalized in Pakistani music, with songs like Ahmed Rushdi’s 1954 hit “Bandar Road Se Keamari” and Mehdi Hassan’s 1977 track “Makhan Jesi Larki,” both mentioning the eatery.
Pakistani TV and film actor Behroze Sabzwari recalled childhood memories of visiting the original branch on MA Jinnah Road and meeting the restaurant’s founder, who passed away in 1987 at the age of 105.
“I lived and grew up in the area right behind the Bundoo Khan [Restaurant] in Jacob Line,” he told Arab News. “It wasn’t much, but you could get tikka for just 10 or 15 rupees [$0.05] and everything else as well. And believe me, the taste from those days of that halwa, that tikka, those kebabs, that paratha still lingers with me to this day.”
Asad Sohail, an engineer and regular customer, also recalled visiting Bundoo Khan as a child with his father and grandfather, saying dinner at the restaurant was a must after a night out at the movies.
“We used to come here with my grandfather, wearing shorts, when we were little. Then, as kids, we came with our father,” he said.
“Their barbecue, I haven’t tasted anything like it anywhere in Pakistan. It’s truly unique. Their kebabs are so tender, the marination is perfect, and the tikka, what can I say? It’s completely different from anything else.”
Today, while the restaurant keeps attracting new customers at all its branches in Karachi and across Pakistan as well as in Dubai and Madinah, the first branch on MA Jinnah Road has seen a decline in clients in recent years due to a rise in crime in the area. 
Still, Akber Bundoo Khan’s son insists the original location will never shut down.
“This is our asset,” he said. “The flavor that started here has spread all over the world. It’s because of this taste that we’re famous ... Our identity, our entire legacy, has been built from here.”


Pakistan’s largest province launches project to clean cities, sets three-month zero waste target

Pakistan’s largest province launches project to clean cities, sets three-month zero waste target
Updated 23 min 20 sec ago
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Pakistan’s largest province launches project to clean cities, sets three-month zero waste target

Pakistan’s largest province launches project to clean cities, sets three-month zero waste target
  • Pakistan is estimated to generate approximately 49.6 million tons of solid waste per year
  • Most collected waste in Punjab, province of 128 million people, is dumped in open sites

ISLAMABAD: Punjab Chief Minister Maryam Nawaz Sharif has launched a first of its kind project to clean up cities and villages in Pakistan’s largest province, setting a three-month zero waste target as the South Asian nation of 240 million grapples with a growing waste management problem. 
According to the Waste Management update by the International Trade Administration, Pakistan generates nearly 49.6 million tons of solid waste annually. In big cities, 60 percent of the solid waste is collected daily while 40 percent remains in empty plots, street corners, abandoned buildings, open drains and nullahs.
Pakistan has few managed landfill sites for waste disposal. Most collected solid waste in Punjab, which has a population of around 128 million, is simply dumped in open sites. 
All major cities face enormous challenges on how to manage urban waste. Bureaucratic hurdles, lack of urban planning, inadequate waste management equipment and technology, and low public awareness contribute to the problem.
“For the first time, the Punjab government has launched a program to clean cities and villages on a uniform basis,” Sharif said at a ceremony to launch the ‘Suthra Punjab’ program across the province. “Keeping our streets and neighborhods like our own houses is our foremost duty.”
She said around 100,000 people would be employed for the project within a few weeks and engaged to clean city roads and streets. 
“As many as 21,000 modern machines and more than 80,000 equipment are being provided for cleaning and garbage collection across Punjab,” the CM said. “The industry related to sanitation and waste management will be promoted.”
Local and municipal governments are responsible for collecting waste throughout most of Pakistan’s major cities. In cities, about 60–70 percent of solid garbage is collected, with the garbage collection fleet typically consisting of open trucks, tractor/trolley systems, and arm roll containers/trucks for secondary collection and transfer. Handcarts and donkey pull-carts are used for primary collection. Some municipalities hire street sweepers and sanitary workers to augment other collection methods. They use wheelbarrows and brooms to collect solid waste from small heaps and dustbins, then store it in formal and informal depots.
Karachi, Pakistan’s largest city, makes use of three sanitary landfill sites, whereas Lahore, the country’s second-largest city and the provincial capital of Punjab, has two such sites. There are plans to construct appropriate landfill sites in other major cities as well. In several regions, solid waste is disposed of outside the boundaries of the urban areas.
Solid waste management capabilities and systems vary by province. In Punjab, Lahore is the only city with a proper solid waste management, treatment, and disposal system, which was outsourced to Turkish companies Albayrak and OzPak. 
In Sindh, the Sindh Solid Waste Management Board (SSWMB) aims to improve solid waste management services in 20 cities, and regularly announces tenders for a wide range of waste management projects in the province. In Khyber Pakhtunkhwa, the Water and Sanitation Services Peshawar (WSSP) is planning to build a sanitary landfill. Balochistan, Pakistan’s largest province by area but with a sparse population of 6.9 million, has no significant infrastructure for waste management.
Much of Pakistan’s solid waste is retrieved for recycling, primarily by scavengers, before it ever reaches disposal locations, and a large portion of the country’s solid waste never makes it to final disposal sites.


Pakistani PM meets Macaron in Riyadh, invites him to invest in climate adaptation, renewable energy

Pakistani PM meets Macaron in Riyadh, invites him to invest in climate adaptation, renewable energy
Updated 04 December 2024
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Pakistani PM meets Macaron in Riyadh, invites him to invest in climate adaptation, renewable energy

Pakistani PM meets Macaron in Riyadh, invites him to invest in climate adaptation, renewable energy
  • Government is seeking to focus on more sustainable forms of external financing like direct investment and climate financing
  • South Asian nation is one of the most vulnerable countries to climate change, according to the Global Climate Risk Index

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday held a bilateral meeting with the president of France, Emmanuel Macron, on the sidelines of the One Water Summit in Riyadh and invited him to explore investment opportunities in Pakistan, particularly in the domains of climate adaptation and renewable energy. 
As the South Asian nation, one of the most vulnerable countries to climate change, pursues external financing avenues, its government is seeking to focus on more sustainable forms such as direct investment and climate financing.
“Prime Minister stressed upon the need to further strengthen mutually advantageous economic and trade ties between the two countries and encouraged France to take advantage of investment opportunities in Pakistan, especially in areas of climate adaptation and renewable energy,” Sharif’s office said in a statement after he met Macron. 

Pakistan Prime Minister Shehbaz Sharif speaks during a bilateral meeting with French President Emmanuel Macron on the sidelines of the One Water Summit in Riyadh on December 3, 2024. (Photo courtesy: PMO)

“Both leaders agreed to enhance Pakistan France cooperation especially through the business to business contacts in the areas of agriculture, livestock, IT, skills development and clean drinking water.”
The statement said the two leaders exchanged views on the “full spectrum of Pakistan-France relationship, including political, economic, trade and investment, as well as cooperation at multilateral forums, including the United Nations.”
Pakistan–France relations span the military, defense, cultural, educational cooperation, and economic domains. Pakistani exports to France stood at $484.79 million during 2023, according to the United Nations COMTRADE database on international trade, while Pakistan imported were at $254.85 million.
Pakistan and France also have had a long-standing military relationship, with France being a key partner in enhancing the capabilities of Pakistan’s navy and air force. France and Pakistan began their military relationship in 1967 when France sold Pakistan its first batch of Mirage fighters and submarine technology. In 1990, Pakistan bought a second batch of Mirage fighters, and in 1996, the two countries signed a contract for 40 reconnaissance aircraft. 
In February 2023, Pakistan and France signed a roadmap to deepen their defense and security cooperation, including on counter-terrorism.


Pakistan uses ECO platform to put spotlight on Israeli aggression in Palestine, Lebanon and Syria 

Pakistan uses ECO platform to put spotlight on Israeli aggression in Palestine, Lebanon and Syria 
Updated 04 December 2024
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Pakistan uses ECO platform to put spotlight on Israeli aggression in Palestine, Lebanon and Syria 

Pakistan uses ECO platform to put spotlight on Israeli aggression in Palestine, Lebanon and Syria 
  • Deputy PM Ishaq Dar demands end to ‘genocide’ in Gaza, urges respect of Lebanon and Syria’s sovereignty
  • The people of these countries and the wider region deserve to live free from fear and violence, he says

ISLAMABAD: Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, on Tuesday condemned Israeli military actions in Palestine, Lebanon and Syria, calling for peace and security in the Middle East.
Dar said this while addressing a summit of the Economic Cooperation Organization’s (ECO) Council of Foreign Ministers in Mashhad, Iran. The ECO is a political and economic intergovernmental organization that promotes economic, technical, and cultural cooperation among member states.
In his address with the summit, Dar denounced the Israeli “genocide” in Gaza and its aggression against Lebanon and Syria, saying it had endangered peace in the Middle East.
“We are concerned over the escalating hostilities in the Middle East, wherein Israel has endangered regional peace and security. The people of Palestine, Lebanon, Syria and the wider region deserve to live free from fear and violence,” he said.

Pakistan Deputy Prime Minister Ishaq Dar addresses a summit of the Economic Cooperation Organization's (ECO) Council of Foreign Ministers in Mashhad on December 3, 2024. (Photo courtesy: MOFA)

“Pakistan reiterates its call to uphold peace and security in this region, safeguard Lebanon’s and Syria’s sovereignty, and put an end to the ongoing humanitarian crisis in Palestine.”
Since Oct 7, 2023 attacks by Hamas, Israel’s military campaign in Gaza has killed over 43,000 people and injured thousands more. Israeli strikes on Lebanon, Iran and Syria have also heightened fears of a wider war in the Middle East.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters.”
The South Asian country has so far dispatched several relief consignments for Gaza and Lebanon, besides establishing the ‘Prime Minister’s Relief Fund for Gaza and Lebanon’ that aims to collect public donations for the war-affected people.


Pakistani PM, Saudi Crown Prince agree on ‘qualitative change’ in economic, investment relationship

Pakistani PM, Saudi Crown Prince agree on ‘qualitative change’ in economic, investment relationship
Updated 04 December 2024
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Pakistani PM, Saudi Crown Prince agree on ‘qualitative change’ in economic, investment relationship

Pakistani PM, Saudi Crown Prince agree on ‘qualitative change’ in economic, investment relationship
  • The development comes weeks after Pakistan and Saudi Arabia signed business agreements worth $2.8 billion
  • Both leaders express satisfaction over the implementation of the agreements regarding investment in Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday met with Saudi Arabia’s Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh, Sharif’s office said, adding the two leaders agreed to further boost bilateral trade and investment ties between the two countries.
This was Sharif’s fifth meeting with the Saudi Crown Prince over the past six months, according to the Pakistan PM’s office. Crown Prince Mohammed said this was the evidence of the “genuine love and affection that connect the peoples of the two countries.”
Sharif last met the Saudi Crown Prince on the sidelines of the Future Investment Initiative in Riyadh in late October, when the two leaders discussed recent agreements, including investments in agriculture, semiconductor manufacturing, and energy, worth $2.8 billion.
“Both leaders agreed that it was now necessary for the two countries to bring about a qualitative change in their economic, trade and investment relationship,” Sharif’s office said in a statement.
“The Crown Prince stressed that it was important to ensure that Pakistan and Saudi Arabia enhance meaningful cooperation that will bring about economic growth and prosperity in Pakistan.”
Pakistani and Saudi businesses signed 27 memorandums of understanding (MoUs) worth $2.2 billion on Oct. 10 during the Saudi investment minister’s visit to Islamabad. On Oct. 30, while Sharif was visiting Riyadh, Saudi Arabia announced it had enhanced the number of business agreements from 27 to 34 and increased their value to $2.8 billion.
Sharif’s office said on Monday that seven out of 34 MoUs signed with Saudi Arabia had been actualized into agreements worth $560 million. In April, the Kingdom also pledged to expedite a $5 billion investment portfolio for Islamabad.
During Tuesday’s meeting in Riyadh, both leaders expressed satisfaction at the pace of progress of the implementation of the agreements regarding investment in Pakistan, according to Sharif’s office. The prime minister reiterated his invitation to Crown Prince Mohammed to visit Pakistan at his earliest convenience.
“The Crown Prince responded that he was looking forward to his visit to Pakistan,” Sharif’s office said.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to more than two million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
ONE WATER SUMMIT
Earlier on Tuesday, Sharif called for transfer of technology, financing and international cooperation to ensure sustainable management of water for all as he addressed the One Water Summit in Riyadh.
The summit, a joint initiative of Saudi Arabia, France, Kazakhstan and the World Bank, aimed for high-level political commitments to promote global cooperation and a coherent international approach toward water resource management.
Addressing the summit, Sharif said water was lifeblood of the planet, which transcended political boundaries, connected nations and fostered shared ecosystem, which was why his country attached great importance to transboundary cooperation.
“At the global level, I would submit for your kind consideration a number of steps to overcome water-related challenges. First, we need international cooperation and collaboration to ensure availability, sustainable management of water and sanitation for all,” he told attendees at the summit.
“Second, exchange of knowledge and expertise as well as transfer of technologies on innovative water management must be prioritized. Third, adequate funding for climate-resilient infrastructure and overcoming financing gap remains critical for climate-vulnerable countries.”
He appreciated the Kingdom of Saudi Arabia, France, Kazakhstan and the World Bank for the initiative, saying the world required “strong political will and global leadership to overcome the water crisis.”
“We must also focus on framework for transparency, data-sharing and regional cooperation to avoid conflicts and promote water-sharing,” the Pakistan premier said.
“We must invest in skills development, research and institutional strengthening to tackle water challenges at national and global levels.”
Sharif detailed steps taken by his government to ensure water security and climate-resilience, saying Pakistan was proud of joining this initiative and looked forward to providing all possible support in achieving its goals.
“As leaders, policymakers and custodians of the future, it is our duty to ensure that these rivers, lakes and aquifers that have nourished civilizations for centuries must not be reduced to tales of the past,” he added.