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Chuck Schumer met with Pakistan’s prime minister on Thursday, another stop in a recess spate of globetrotting that also included India and Israel.
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#Chuck #Schumer #met #Pakistans #prime #minister #Thursday #stop #recess #spate #globetrotting #included #India #Israel
( With inputs from : www.politico.com )
Tag: Pakistans
Chuck Schumer met with Pakistan’s prime minister on Thursday, another stop in a recess spate of globetrotting that also included India and Israel.
Pakistan’s current account deficit shrinks 90% to USD 0.24 billion in January
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Islamabad: Cash-strapped Pakistan’s current account deficit shrank 90.2 per cent to USD 0.24 billion in January from USD 2.47 billion in the same month last year, the data shared by the State Bank of Pakistan (SBP) showed on Monday.
“Current Account Deficit (CAD) recorded USD 0.2 billion in Jan 2023 against a deficit of USD 2.5 billion in Jan 2022,” the central bank said in a brief statement on Twitter.
The decrease in the deficit is also 16.55 per cent lower than December when the SBP announced that the deficit was USD 0.29 billion.
The deficit was recorded as import restrictions continue to persist amid a balance of payments crisis that has brought the country on the verge of default, Dawn newspaper reported.
Pakistan has a chronic balance of payments problem which has exacerbated in the last year, with the country’s forex reserves declining to critical levels. As of February 10, the central bank had only USD 3.2 billion in reserves, enough to cover barely three weeks of imports.
To stem dollar outflows, the government has imposed restrictions, allowing imports of only essential food items and medicines until a lifeline bailout is agreed with the International Monetary Fund (IMF), which is seen as essential for the country to stave off default.
Ismail Iqbal Securities’ Head of Research Fahad Rauf said the shrinking current account deficit was “not an achievement but a result of low reserves,” the paper reported.
The government’s strategy to restrict imports in order to safeguard reserves has turned out to be a double-edged sword, however, as several industries rely on imported inputs to continue operations.
As a result, multiple companies across sectors have either suspended operations or scaled down production levels, leading to layoffs.
The latest data shows that the country’s current account deficit during the first seven months of the current fiscal year stood at USD 3.8 billion, which equates to a decline of 67.13 per cent compared to July-Jan FY-21-22.
During January, USD 3.92 billion worth of goods were imported, down 7.3 per cent from the last month. On the other hand, exports also declined, clocking in at USD 2.21 billion, down 4.29 per cent from the preceding month’s USD 2.31 billion.
Meanwhile, workers’ remittances stood at USD 1.89 billion, declining 9.89 per cent compared to USD 2.1 billion in December, according to the paper.
Pakistan heavily relies on remittances apart from exports and foreign loans for its foreign exchange reserves.
Pakistan faces a crippling economic crisis, with decades-high inflation and critically low foreign exchange reserves depleted by continued debt repayment obligations
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#Pakistans #current #account #deficit #shrinks #USD #billion #January( With inputs from www.siasat.com )
Pakistan’s rights body finds spike in rights violations against Ahmadi community
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Lahore: A fact-finding mission led by the Human Rights Commission of Pakistan (HRCP) has reported an alarming uptick in the persecution of the minority Ahmadi community in the country’s Punjab province.
The HRCP report, released on Wednesday, found evidence to suggest that the civil administration in Gujranwala and Wazirabad districts of Punjab were directly involved in destroying minarets on Ahmadi sites of worship in the last couple of months, following objections raised against the community by a local political-religious outfit.
“The administration claims to have done so to circumvent the threat of mob violence,” the report said, adding that the way authorities handled the matter only fostered growing hostility towards the community, making community members more vulnerable.
The Rights body expressed concerns on various issues faced by the minority community, including the desecration of Ahmadi graves, the destruction of minarets at their worship sites, and the FIRs filed against the members for carrying out ritual animal sacrifice on Eid.
“Of particular concern is the administration’s perception that some legal and constitutional provisions provide room for the persecution of this kind, although the report notes that, under Article 20(b) of the Constitution, this is not the case,” the report said.
“While the mission understands that the local bureaucracy, police and judiciary were successfully intimidated by a religious group (Tehreek-e-Laibbaik Pakistan), their response displays a pitiful inability to manage law and order while respecting the fundamental rights of the Ahmadi community,” the report added.
The mission recommended the judgments of the Supreme Court from 2014 and 2021 be implemented, which includes the establishment of a special police force to guard religious minorities’ places of worship.
It also called for developing the police’s capacity to deal with the threat of mob violence in such situations.
Last month, an elderly woman of the Ahmadi community was denied burial at a graveyard by a local cleric and his followers in the Sialkot district of Punjab.
In the past, such incidents occurred in other Ahmadi graveyards in Punjab, but not a single culprit was arrested or put on trial.
Minorities, especially Ahmadis, are very vulnerable in Pakistan and are often targeted by religious extremists.
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#Pakistans #rights #body #finds #spike #rights #violations #Ahmadi #community( With inputs from www.siasat.com )
Pakistan’s ex-military ruler Pervez Musharraf to be buried in Karachi
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Karachi: Pakistan’s former military ruler General Pervez Musharraf will be laid to rest on Tuesday in the Army Cantonment area here, officials said.
Musharraf, the architect of the Kargil War in 1999 and Pakistan’s last military ruler, died on Sunday in Dubai after a prolonged illness.
The 79-year-old former president was living in the UAE since 2016 in self-exile to avoid criminal charges back home.
He was undergoing treatment for amyloidosis in Dubai.
Musharraf’s mortal remains arrived here on Monday on a special flight from Dubai.
His wife Saba, son Bilal, daughter and other close relatives arrived with the body on the special aircraft of Malta aviation arranged by the UAE authorities.The aircraft touched down at the old terminal area of the Jinnah International Airport amid heavy security with the former President’s family and the body was taken to the Malir cantonment area, officials said.
A close aide of the former president told the Dawn newspaper that Gen Musharraf’s burial would be held “with full state and military protocol”.
However, there was no word from the authorities. Earlier, local authorities said arrangements have been completed at the Malir Cantt where Musharraf will be buried at Karachi’s Old Army Graveyard.
The funeral prayers will take place at the Gulmohar Polo Ground in Malir Cantt.
The Information Secretary of the All Pakistan Muslim League, which Musharraf formed after taking retirement, said that all arrangements have been completed.“The funeral prayers will be offered at the Polo Ground in Malir Cantt at 1:45 pm,” he said, adding that Musharraf would be laid to rest at the Army Graveyard.
The former military ruler’s body was scheduled to reach Karachi airport on Monday afternoon but delay in the availability of an aircraft and some other documentation and NoCs procedures between Pakistan’s mission in the UAE and the Pakistan government delayed the repatriation of Musharraf’s mortal remains.
Musharraf’s mother was buried in Dubai while his father was laid to rest in Karachi.
Musharraf, who seized power after a bloodless military coup in October 1999 and ousted the elected government of former prime minister Nawaz Sharif, ruled Pakistan till 2008 as chief executive and President.
The former president and army chief was suffering from amyloidosis, a rare disease caused by a build-up of an abnormal protein called amyloid in organs and tissues throughout the body, according to his family.
Musharraf, who was born in New Delhi in 1943 and migrated to Pakistan after Partition in 1947, was the last military dictator to rule Pakistan.
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#Pakistans #exmilitary #ruler #Pervez #Musharraf #buried #Karachi( With inputs from www.siasat.com )
Lone wolf hand grenade attacks planned in Hyderabad by Pakistan’s ISI, LeT: NIA
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New Delhi: Pakistan’s Inter-Services Intelligence (ISI) and outlawed terror outfit Lashkar-e-Taiba (LeT) had made hand grenades available to their sympathisers and conspired with them to carry out “lone wolf” attacks and blasts in Hyderabad City, the First Information Report (FIR) of the National Investigation Agency (NIA) revealed.
The FIR, registered on January 25, against three Hyderabad residents also pointed out that the accused persons booked by the Central agency were instructed to hurl hand grandes at public gatherings and processions in order to create communal tension.
The Pakistan-based handlers had given the task to one Abdul Zahed alias Zahed alias Mohammad, who was accused in several terror-related cases in Hyderabad, the FIR mentioned informing that Zahed had recruited several youths namely Maaz, Samiuddin and others on the directions the ISI and LeT.
Besides Zahed, the NIA also booked Maaz Hasan Farooq and Samiuddin for conspiring terror attacks in Hyderabad in October 2022, who have been booked under the Unlawful Activities (Prevention) Act (UAPA).
As per the FIR, Zahed on the instructions of his Pakistani handlers, conspired with his gang members to carry out terror acts including blasts and lone-wolf attacks in Hyderabad City to create terror in the minds of the common people.
“It was also learnt that Zahed had received hand grenades from Pakistan-based handlers and was planning to hurl at public gatherings and processions in order to create communal tension,” the FIR stated.
The Hyderabad Police had registered a case on October 1, 2022 under the charges of UAPA after it seized two hand grenades, two mobile phones and Rs 3,91, 800 from the premises of Zahed.
Considering the gravity of the case, the Ministry of Home Affairs’ Counter Terrorism and Counter Radicalisation Division handed over the case to the NIA as the case had inter-state and international linkages.
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#Lone #wolf #hand #grenade #attacks #planned #Hyderabad #Pakistans #ISI #NIA( With inputs from www.siasat.com )
Pakistan’s forex reserves barely enough to provide import cover for 18.5 days
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Islamabad: The foreign exchange reserves held by the State Bank of Pakistan (SBP) have plunged to precarious levels as the cash-strapped nation desperately seeks to revive the stalled bailout programme of the International Monetary Fund (IMF), local media reported.
Due to foreign debt payments, the central bank said its reserves fell $592 million to $3,086.2 million during the week ended January 27, the lowest since February 2014, and are barely enough to provide import cover for 18.5 days, Geo News reported.
The reserves held by the commercial banks stand at $5,655.5 million, $2.6 billion higher than those of SBP, taking the total reserves of the country to $8,741.7 million, the central bank’s statement mentioned.
Despite the falling reserves, the federal government is ensuring it meets international debt obligations to avoid default a long-standing threat that has now forced the Shehbaz Sharif-led government to meet the conditions of the IMF.
Amid the liquidity crunch and the government’s removal of the cap on the dollar, which was a pre-condition of the IMF, the Pakistani rupee plunged to a historic low of Rs 271.35 against the US dollar in the interbank market, Geo News reported.
With the reserves hitting new lows every week and the government trying to keep itself afloat by meeting IMF demands, the prices of commodities have also witnessed a spike.
Consumer prices rose 27.6 per cent compared to 13 per cent in the same month of last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday. This is the highest year-on-year inflation after May 1975 when the median rate clocked in at 27.77 per cent, Geo News reported.
Due to the ongoing situation, the central bank has also restricted the issuance of letters of credit (LCs), leading to the complete or partial shutdown of business from textile to automobile. This is causing a disruption in the supply chain, which will ultimately lead to an increase in the rates of commodities.
SBP Governor Jamil Ahmed had said last month that the country owed $33 billion in loans and other foreign payments before the end of the fiscal year in June.
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#Pakistans #forex #reserves #barely #provide #import #cover #days( With inputs from www.siasat.com )
Pakistan’s ex-information minister Fawad Chaudhry released from jail
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Islamabad: Former information minister and senior Pakistan Tehreek-e-Insaf (PTI) leader Fawad Chaudhry was released from jail on Wednesday after a court granted him bail in a sedition case.
Chaudhry, 52, a close aide of former prime minister Imran Khan, was arrested from his residence in Lahore last week in a pre-dawn raid after a case was registered against him at Islamabad’s Kohsar Police Station on the complaint of the Secretary Election Commission of Pakistan for “threatening” the electoral body’s members and their families.
Additional sessions court Judge Faizan Gilani granted bail to Chaudhry in the sedition case against a surety bond of Rs20,000.
The judge said that he accepted the bail on the condition that Chaudhry would not repeat his allegation that led to his arrest and the case. “I am granting the bail on the condition that Fawad Chaudhry does not repeat such remarks,” he remarked.
Chaudhry was later released from the Adiala Jail in Rawalpindi.
“I said in court as well. I stand by all that I said, and I will not back down,” he said in his brief address to the party workers who had gathered outside the prison to welcome him.
He also said that he did not speak against any institution. “I never talk against the institutions. I am the biggest supporter of our institutions, and I never said anything against them. That is why I reiterate that whatever I said was right,” he said.
A judicial magistrate had sent him to jail on Monday on a 14-day judicial remand by rejecting a police request for custody to probe him in the case.
Chaudhry is facing sedition charges for publicly “threatening” the members of the election commission.
The detained PTI spokesperson has been vocal in highlighting the party policy and objectives as enunciated by the party chief Imran Khan.
The PTI, which rejected his arrest as politically motivated, had been demanding his release.
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#Pakistans #exinformation #minister #Fawad #Chaudhry #released #jail( With inputs from www.siasat.com )
Attempt to attack police station foiled in Pakistan’s Punjab
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Pakistan police Islamabad: The police in Pakistan’s east Punjab province foiled a terrorist attack in the Mianwali district on Tuesday night, officials said.
The terrorists launched an attack on the police station with sophisticated weapons and tried to enter the building by taking advantage of the night, spokesperson for Inspector General Police Punjab, Usman Anwar told media.
He added several terrorists were injured in the incident, who fled the spot with the help of their accomplices, Xinhua news agency reported.
No group has claimed the attack yet.
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#Attempt #attack #police #station #foiled #Pakistans #Punjab( With inputs from www.siasat.com )
State Bank of Pakistan’s forex reserves fall by $923 mn
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State Bank of Pakistan. Islamabad: The State Bank of Pakistan (SBP) said its foreign exchange reserves had decreased by $923 million last week.
During the week ending on January 20, the total foreign exchange reserves of the Pakistani central bank fell to around $3.67 billion, the central bank said in a statement on Thursday night.
The decrease was “due to external debt repayments”, Xinhua news agency quoted the statement as saying.
Net foreign reserves held by commercial banks came at $5.77 billion, it said.
Total liquid foreign reserves held by the South Asian country stood at about $9.45 billion, according to the SBP.
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#State #Bank #Pakistans #forex #reserves #fall( With inputs from www.siasat.com )
Pakistan’s economy at risk of collapse
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Karachi: British publication Financial Times has warned that Pakistan’s economy is at risk of collapse with the government’s “failure to revive” an International Monetary Fund (IMF) deal, Geo News reported.
According to the report, rolling blackouts and a severe foreign currency shortage are making it difficult for businesses to continue operations.
Shipping containers full of imports are piling up at ports as the buyers are unable to secure the dollars to pay for them, it added, Geo News reported.
“Associations for airlines and foreign companies have warned that they have been blocked from repatriating dollars by capital controls imposed to protect dwindling foreign reserves. Officials said that factories such as textile manufacturers were closing or cutting hours to conserve energy and resources. The difficulties were compounded by a nationwide blackout on Monday that lasted more than 12 hours,” reported the UK newspaper.
“Already a lot of industries have closed down, and if those industries don’t restart soon, some of the losses will be permanent,” said the founder of Macro Economic Insights, Sakib Sherani, Geo News reported.
Citing analysts, Financial Times reported that Pakistan’s economic situation is “becoming untenable”, and maybe in a similar situation as Sri Lanka if the situation persists. The publication also warned that if the “situation persists” then the country may default in May.
“Every day matters now. It’s simply not clear what the way out is,” said Abid Hasan, a former advisor to the World Bank, adding, “Even if they get a billion [dollars] or two to roll over, things are so bad that it’s going to be just a band-aid at best.”
Pakistan’s Planning Minister Ahsan Iqbal told the FT that the country has “drastically” reduced imports in an attempt to conserve dollars.
“If we just comply with the IMF conditionalities, as they want, there will be riots in the streets. We need a staggered programme… The economy and society cannot absorb the shock or cost of a front-loaded programme,” Iqbal said.
Following the Pakistani rupee’s devaluation in the open and interbank markets, the benchmark index of the Pakistan Stock Exchange (PSX) rallied and gained by more than 1,000 points, Geo News reported.
Commenting on the development, Arif Habib Limited’s Head of Research, Tahir Abbas, said that the rupee’s steep fall has triggered a positive sentiment in the market.
“The driving factor behind the market is the rupee’s market-based exchange rate. This has helped clear the uncertainty that was surrounding the investors,” Abbas said, Geo News reported.
The analyst said that the government’s steps are helping the market recover and increasing the confidence of the investors – who were in a difficult position due to the uncertainty over the revival of the International Monetary Fund’s (IMF) programme.
Abbas added that with a mini-budget expected within the next eight to 10 days, the tariffs of gas and electricity might also witness an increase and more taxes might be be imposed – also the global money lender’s conditions.
The Pak rupee posted its biggest single-day decline against the dollar in more than two decades, after rapidly depleting foreign exchange reserves and an unyielding IMF forcing the government to relax its grip on the currency, The News reported.
Following the government’s decision to end its control over the rupee-dollar exchange rate as part of the IMF condition, the Pak currency slid 9.61 per cent, or Rs 24.5, to a record low of Rs 255.43 against the US dollar compared to Wednesday’s close of Rs 230.89.
The over 9 per cent decline was its highest since October 30, 1999, when the currency had slumped 9.4 per cent.
“The State Bank of Pakistan is seemingly adjusting the exchange rate to the market rate – closer to open market to address the widening difference between the official and open market rate and to curb the flow of dollars through the informal market,” said Saad Ali, a capital market expert, The News reported.
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#Pakistans #economy #risk #collapse( With inputs from www.siasat.com )
