IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official

IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official
This handout photograph released by the Pakistan Press Information Department (PID) on November 12, 2024, shows Pakistan’s Finance Minister Muhammad Aurangzeb (5L) meeting with a International Monetary Fund (IMF) review mission led by IMF mission official Nathan Porter (3R) at the Finance Ministry in Islamabad on November 11, 2024. (PID)
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Updated 13 November 2024
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IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official

IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official
  • IMF delegation is in Pakistan till Friday to discuss Pakistan’s performance of $7 billion loan program approved in September
  • Pakistan assures IMF Islamabad reducing domestic debt and increasing debt servicing period, says finance ministry official

ISLAMABAD: A visiting International Monetary Fund (IMF) delegation on Wednesday expressed satisfaction over the volume of Pakistan’s domestic debt, a finance ministry official confirmed, as the international lender’s representatives holds discussions with Islamabad on key benchmarks of a $7 billion loan program approved in September. 
The IMF delegation led by Pakistan mission chief Nathan Porter arrived in Islamabad on Monday on an unplanned visit. The team is expected to hold meetings until Friday with top officials from ministries such as finance and energy and the Federal Board of Revenue, the main tax collection agency, to discuss the performance of a $7 billion loan program approved in September. The IMF has said Porter’s visit is not part of the first review of the loan program, which is not scheduled to take place before the first quarter of 2025.
According to Pakistan’s central bank, the country’s domestic debt rose by Rs7.838 trillion [$28.2 billion] over the past year to reach a total of Rs47.536 trillion [$171.1 billion] in September 2024, up from Rs39.698 trillion [$142.9 billion] in September 2023.
“The IMF delegation and finance ministry officials have discussed the domestic debt portfolio as part of discussions regarding the loan performance,” a finance ministry official told Arab News while seeking anonymity. “The IMF delegation has expressed satisfaction over the [volume] of the country’s domestic debt.”
He said the finance ministry informed the IMF delegation that Islamabad was gradually reducing the volume of its domestic debt and increasing the period of its debt servicing.
“The IMF wants Pakistan to increase the average period of debt servicing as this will help stabilize the economy,” the official said.
He added that the Federal Board of Revenue (FBR) officials also briefed the IMF about the government’s measures to digitize tax collection.
“The briefing is also given on the improvement in the revenue collection after the use of artificial intelligence by the tax collection agency,” the official said. He said the FBR has included over 0.4 million small traders in the tax net during the current fiscal year. These small traders and retailers have deposited Rs12 billion [$43.2 million] in taxes in the first quarter of this fiscal year, he said. 
“Some changes in the Tajir Dost Scheme will also be discussed with the IMF to improve the tax collection,” the official said, referring to an FBR scheme that the government has introduced to bring retailers in the tax net via incentives. 
The IMF reached a staff-level agreement with Pakistan in July for a 37-month $7 billion bailout package, which the Fund’s Executive Board approved in September. This was the 25th loan program that Pakistan has obtained since 1958.
Islamabad secured the bailout loan, critical to keeping its $350 billion fragile economy afloat, after taking painful measures such as hiking fuel and food prices and implementing reforms to broaden the country’s tax base and privatize state-owned entities.
“INTERIM CHECKS”
Pakistan’s macroeconomic conditions and investor sentiment have improved in recent months, which analysts say has led to a bullish trend in the country’s stock market.

Syed Atif Zafar, the chief economist at Topline Securities, said the IMF delegation’s meetings with Pakistani officials were part of “interim checks” to ensure a successful review of the loan facility next year.

“The government failed to achieve the tax revenue target in the first quarter that has perhaps necessitated this IMF visit, but still the authorities have multiple options and time to overcome this gap,” he told Arab News.

“The good thing at this point is that all structural and quantitative benchmarks of the loan program are on track.”

Tahir Abbas, a senior economist and head of research at Arif Habib Limited, said Pakistan last month requested the IMF for a $1 billion climate financing facility to mitigate climate risk, which would be discussed during the ongoing IMF visit.

“Pakistan’s revenue shortfall of around Rs200 billion ($720 million) in the first quarter has mainly necessitated this IMF visit,” he told Arab News.

“The finance ministry will now inform the IMF delegation about the possible revenue measures to overcome the shortfall and cut the expenditures.”


World Bank to help Pakistan’s capital combat smog, improve water and sanitation

World Bank to help Pakistan’s capital combat smog, improve water and sanitation
Updated 28 November 2024
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World Bank to help Pakistan’s capital combat smog, improve water and sanitation

World Bank to help Pakistan’s capital combat smog, improve water and sanitation
  • Smog has become a pressing environmental and public health concern for Pakistan in winter
  • World Bank and CDA plan to work together to prepare a report to identify causes of the problem

ISLAMABAD: World Bank Country Director Najy Benhassine met Pakistan’s Interior Minister Mohsin Naqvi on Thursday to discuss collaborative efforts to address the growing smog crisis and improve access to clean water and sanitation in urban areas, an official statement said
The smog issue has become a pressing environmental and public health concern in Pakistan, particularly in Punjab’s major cities such as Lahore, Multan and Faisalabad, where Air Quality Index levels reached hazardous levels this winter.
Even Islamabad, which has historically enjoyed better air quality, experienced the problem this year, highlighting the urgency to deal with the issue.
According to the interior ministry, the meeting concluded with an agreement to prepare an anti-smog plan for the federal capital through a joint team of the World Bank and the Capital Development Authority (CDA).
“We are ready to formulate an anti-smog strategy in consultation with the CDA,” Benhassine said, noting that a detailed report would be prepared to help identify the causes of the problem.
Meanwhile, Naqvi said the government was introducing Islamabad Water as a dedicated entity to address the city’s water and sanitation needs.
The minister also noted that clean water and sanitation were among the government’s key priorities.
The World Bank has long supported Pakistan in addressing urban challenges, from infrastructure development to disaster recovery.
In recent years, it has financed significant initiatives, including flood relief and housing projects, to aid vulnerable communities and improve urban resilience.
The collaboration on smog mitigation marks a new milestone, highlighting the growing recognition of air quality as a critical component of sustainable urban development.
 


Pakistan calls for global climate action as floods in Malaysia displace over 37,000

Pakistan calls for global climate action as floods in Malaysia displace over 37,000
Updated 28 November 2024
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Pakistan calls for global climate action as floods in Malaysia displace over 37,000

Pakistan calls for global climate action as floods in Malaysia displace over 37,000
  • PM Sharif says climate change is impacting the whole world, necessitating global community to unite
  • Pakistan recently reiterated its call for increased climate finance and justice-based solutions in Baku

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday expressed sorrow over the devastating floods in Malaysia, which have displaced over 37,000 people, and highlighted the urgent need for global action to address climate change.
In a message to the Malaysian authorities and people, Sharif expressed solidarity, pledging support for the flood-hit nation.
His statement comes as Pakistan continues to grapple with its own vulnerability to climate change, which has triggered erratic weather patterns, including catastrophic floods, glacial melts, heatwaves and droughts.
Two years ago, floods in Pakistan killed about 1,700 people, caused estimated losses of $35 billion and underscored the country’s exposure to environmental shocks.
“The adverse effects of climate change are engulfing the entire world,” the prime minister said. “The global community must unite to take collective action to mitigate these impacts.”
At the recent COP29 summit in Baku, Azerbaijan, Pakistan reiterated its call for increased climate finance and justice-based solutions to support vulnerable nations.
It emphasized that developed countries must provide grants and concessional financing rather than burdening climate-affected nations with debt.
Pakistani authorities could relate with the situation in Malaysia where Prime Minister Anwar Ibrahim told parliament that torrential rains have affected six Malaysian states, with 322 temporary shelters housing those displaced.
Sharif extended condolences to the victims and assured assistance to Malaysia, noting the long-standing friendship between the two nations.
“Pakistan will do whatever it can to help our brothers and sisters in distress in Malaysia,” he said. “In this difficult hour, Pakistan will not leave Malaysia alone.”
 


‘Sense of closeness’: Pakistani elephant Madhubala bonds with sisters after 15-year separation

‘Sense of closeness’: Pakistani elephant Madhubala bonds with sisters after 15-year separation
Updated 28 November 2024
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‘Sense of closeness’: Pakistani elephant Madhubala bonds with sisters after 15-year separation

‘Sense of closeness’: Pakistani elephant Madhubala bonds with sisters after 15-year separation
  • Madhubala, last elephant held captive at a zoo in Pakistan, was brought from Tanzania in 2009 along with three sisters 
  • Noor Jehan and Madhubala were moved to Karachi Zoo while Malika and Sonu were taken to Safari Park, Noor Jehan died in 2023

KARACHI: Pakistani elephant Madhubala, recently reunited with her two sisters at the Safari Park in Karachi after 15 years, is socializing and enjoying her new species-appropriate sanctuary, international animal rights organization FOUR PAWS said this week. 

Madhubala, Noor Jehan, Malika and Sonia were caught in the wild at a young age and brought to Pakistan together in 2009 but were soon separated, with Noor Jehan and Madhubala moved to the Karachi Zoo and Malika and Sonia to the city’s Safari Park. Noor Jehan died in April 2023 at age 17 following a prolonged illness caused by neglect, leaving Madhubala alone.

On Tuesday, Madhubala, estimated to be 18 years old, was transported from the Karachi Zoo to Safari Park where she reunited with her sisters Malika and Sonia. 

“She feels comfortable and I can see that she’s very stable and calm now,” FOUR PAWS vet Dr. Marina Ivanova, who is overseeing the elephant’s care, told Arab News on Wednesday. “Although it’s a new place for her, she, as an elephant, she has this stability, the mental preparedness for change.”

Pakistani elephant Madhubala (right) meets her sister at the Safari Park in Karachi, Pakistan, on November 27, 2024. (Photo by Four Paws/ Hristo Vladev)

Footage shared by FOUR PAWS showed Madhubala entering the joint family enclosure at the Safari Park on Wednesday and watching her sisters drinking water at a nearby pond. Madhubala is then seen taking a tire, the only souvenir she brought from the Karachi Zoo, and placing it in front of her sisters like a gift. Her sisters seem to return the gesture by inviting Madhubala for a welcome drink at their shared pond.

Elephants are highly social animals who form close bonds with other elephants, and when they meet after being separated engage in elaborate greeting ceremonies. New research has found that elephants also call each other by name, using vocalizations that identify a specific elephant as the intended recipient.

“As soon as released from the transport crate, we realized that Madhubala was feeling very comfortable and could already sense the closeness of her two sisters,” Dr. Amir Khalil, a director at FOUR PAWS, said. “None of us expected her to be so eager to stretch out her trunk toward her two sisters.”

Pakistani elephant Madhubala plays in the mud at the Safari Park in Karachi, Pakistan, on November 27, 2024. (Photo by Four Paws/ Hristo Vladev)

Khalil said the sight of the three elephants playing in the pond together after 15 years of separation had moved bystanders to tears. While it remains to be seen how the social hierarchy between the elephants will develop, he said Madhubala could assume the position of the matriarch. 

“In the upcoming days, we will thoroughly examine Madhubala and help her get settled into her new home,” Dr. Khalil said. 

“The old tire Madhubala used to play with a lot has now started to turn into a relic of the past and is slowly being replaced by the bonding with her fellow family members.”

Pakistani elephant Madhubala (left) is pictured with her sister at the Safari Park in Karachi, Pakistan, on November 27, 2024. (Photo by Four Paws/ Hristo Vladev)

FOUR PAWS said the three elephants’ health was being observed by head veterinarian Dr. Frank Göritz from the Leibnitz Institute of Zoo and Wildlife Research (IZW) who has been involved in the treatment of the elephants since 2021.

In November 2021, after the provincial Sindh High Court had asked FOUR PAWS to assess the wellbeing of the elephants, all four were found to be in need of better diet and medical treatment. Noor Jehan and Madhubala also needed dental surgery due to infections caused by broken tusks. Following the death of Noor Jehan, the Karachi Metropolitan Corporation together with FOUR PAWS decided it was not appropriate for Madhubala to stay in captivity at the zoo. 

The relocation process for Madhubala, named after a legendary Indian actress, started early on Tuesday morning with the elephant being sedated under the supervision of Dr. Goritz. She was then moved into a crate which was lifted by crane and put on a truck. 

Pakistani elephant Madhubala (center) is pictured with her sisters at the Safari Park in Karachi, Pakistan, on November 27, 2024. (Photo by Four Paws/ Hristo Vladev)

The truck, accompanied by police and an expert team from FOUR PAWS, navigated through Karachi’s bustling streets via Lyari Expressway to arrive at the Safari sanctuary some 20 kilometers away from the zoo.

Ahead of the move, the Karachi Safari Park had upgraded its facilities to meet international standards under the supervision of FOUR PAWS. The 5.2-acre elephant sanctuary area in the park now has water elements for bathing, skincare and thermoregulation. Additionally, enrichments such as hay nets, varying substrates like soil, sand, clay, and sawdust, have been provided for Madhubala to dust bathe. There is also a section to hide novel items to encourage foraging. The area is secured by elephant-proof fencing.

Pakistani elephant Madhubala (right) is pictured at the Safari Park in Karachi, Pakistan, on November 27, 2024. (Photo by Four Paws/ Hristo Vladev)

“If elephants must remain in captivity, they deserve the best conditions possible,” FOUR PAWS CEO and President Josef Pfabigan told Arab New, adding that the new space would “bring joy” to Madhubala.

Unlike Islamabad’s lone elephant, Kaavan, who was relocated to Cambodia in 2020 after widespread international and local outcry about his conditions, Madhubala has companions at Safari Park, he said. 

“This is a different story,” Pfabigan said. “She has her sisters here.”


Pakistan seeks collaboration with Saudi Arabia in education and religious sectors

Pakistan seeks collaboration with Saudi Arabia in education and religious sectors
Updated 28 November 2024
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Pakistan seeks collaboration with Saudi Arabia in education and religious sectors

Pakistan seeks collaboration with Saudi Arabia in education and religious sectors
  • Senate Chairman Yousuf Raza Gilani, currently visiting the Kingdom, meets Saudi Grand Mufti
  • Gilani urges increased exchange of religious scholars in his meeting with Sheikh Abdulaziz

ISLAMABAD: Pakistan aims to enhance cooperation with Saudi Arabia in education and religious sectors, Senate Chairman Yousuf Raza Gilani said during a meeting with Kingdom's Grand Mufti Sheikh Abdulaziz Al-Sheikh in Riyadh, state media reported on Thursday.

Gilani arrived in Saudi Arabia on November 25 for a five-day official visit, during which he emphasized the deep-rooted ties between the two nations.

Pakistan and Saudi Arabia have recently strengthened bilateral cooperation by signing more than 30 memorandums of understanding and agreements worth $2.8 billion.

The deals encompass sectors such as industry, agriculture, information technology, and energy.

"The Senate chairman said Pakistan seeks collaboration with Saudi Arabia in educational and religious sectors," Radio Pakistan reported.

"He also praised the Grand Mufti's efforts in promoting tolerance and harmony, urging increased exchange of religious scholars to strengthen mutual understanding," it added.

Pakistan and Saudi Arabia have always enjoyed close diplomatic, strategic and people-to-people relations. The Kingdom is home to over 2.6 million Pakistani nationals who are employed by and contribute to various economic sectors.

These Pakistani nationals also make Saudi Arabia the largest source of remittances for their country, repatriating billions of dollars annually.

Prime Minister Shehbaz Sharif visited the Kingdom twice within a span of a few weeks in October and November, highlighting the significance Islamabad places on its ties with Saudi Arabia.

 


Imran Khan supporters wanted to ‘take over Islamabad through violent protests’ — minister

Imran Khan supporters wanted to ‘take over Islamabad through violent protests’ — minister
Updated 28 November 2024
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Imran Khan supporters wanted to ‘take over Islamabad through violent protests’ — minister

Imran Khan supporters wanted to ‘take over Islamabad through violent protests’ — minister
  • Protesters dispersed from Islamabad after sweeping raid by security forces after midnight on Wednesday, Khan’s party says 20 killed
  • Government says four troops killed and over 900 protesters, included Afghan nationals, arrested since protest began on Sunday

ISLAMABAD: Jailed former Prime Minister Imran Khan’s supporters had planned to “take over the capital through violent protests,” a Pakistan government spokesperson said on Thursday, a day after security forces dispersed marchers who had breached security barricades to reach the heart of Islamabad to demand Khan’s release.

Thousands of supporters of the Pakistan Tehreek-e-Insaf (PTI) party had gathered at the city’s historic D-Chowk square on Tuesday after setting out on Sunday in a protest convoy led by Khan’s wife Bushra Khan and Ali Amin Gandapur, the chief minister of the PTI stronghold province of Khyber Pakhtunkhwa. The convoy broke through several lines of security and reached the edge of the capital’s highly fortified red zone, home to key government and diplomatic buildings. 

The protest was called off after security forces raided the site in complete darkness soon after midnight on Wednesday, firing rubber bullets and tear gas, according to police and government officials who deny using live ammunition during the operation, which police conducted alongside paramilitary forces. The PTI says at least 20 of its supporters have been killed, while the government says four troops died. 

The Islamabad police chief said on Wednesday 954 people, including Afghan nationals, had been arrested since the protest march began on Sunday.

“They were not peaceful protesters at all as they were armed with guns and slingshots,” Federal Information Minister Attaullah Tarar said at a briefing with members of foreign media in Islamabad. “They wanted to take over the capital through violent protests.”

The minister said the government took “preventative measures” to defuse the situation, denying the use of live ammunition and direct fire on protesters by security forces.

“Both the public hospitals in Islamabad, Polyclinic and PIMS [Pakistan Institute of Medical Sciences], have categorically denied receiving any dead bodies of protesters or any gunshot wounds victims,” the information minister said. 

“There was no live ammunition with the security forces. Let me say categorically that no massacre was carried out to disperse the protesters.”

The minister accused the PTI of putting out “fake pictures and videos” on social media to exaggerate casualties. 

Planning Minister Ahsan Iqbal, also present at the briefing, asked the PTI to share the names of its supporters who had been killed, saying the government had exercised “utmost restraint” to prevent bloodshed at the hands of what he described as a “violent mob.”

“The security forces used teargas to disperse the thin number of the armed protesters,” Iqbal added. “We defused the situation with the least intervention of the security forces.”

Gandapur, the chief minister of Khyber Pakhtunkhwa province who was leading the protests and fled when the operation began, has accused authorities of using excessive force against protesters who he said were peaceful. He said “hundreds” had sustained bullet wounds.

“Both Imran Khan’s wife and I were attacked directly,” Gandapur told a press conference in the city of Mansehra in the province he rules.

Khan’s wife Bushra Khan escaped unhurt from the protest convoy when the raid began. The PTI had said she would address the press conference with Gandapur on Wednesday, but she did not appear even though the event was delayed by hours.

PTI spokesperson Zulfikar Bukhari PTI said earlier that the protest seeking Khan’s release had been called off, citing what he called “the massacre.” But Gandapur said the protest was a “movement” and would continue until Khan himself called it off.