Current Final

Author: News Desk

  • IMF team to visit Pakistan next week for crucial $3 billion SBA assessment

    IMF team to visit Pakistan next week for crucial $3 billion SBA assessment

    A delegation from the International Monetary Fund (IMF) is scheduled to visit Pakistan on November 2 to initiate discussions pertaining to the inaugural assessment of the nation’s ongoing $3 billion standby arrangement (SBA). 

    Pakistan is currently navigating a complex journey towards economic recovery, operating under an interim government. 

    This endeavour follows an IMF loan programme sanctioned in July, which was instrumental in averting a potential sovereign debt default. As part of this programme, Pakistan received an initial disbursement of $1.2 billion from the IMF in July.

    Esther Perez Ruiz, the IMF’s resident representative in Pakistan, has disclosed that a delegation led by Mr Nathan Porter from the International Monetary Fund will embark on a mission to Pakistan commencing on November 2, with the primary objective being the evaluation of the current Stand-By Arrangement.

    Additionally, the finance ministry has exerted significant efforts to maintain the budget deficit within the predefined limits agreed upon with the IMF. They issued warnings to the provinces, urging them to curtail their expenditures. Recent provisional estimates indicate that both Punjab and Sindh have made notable strides in this direction.

    However, a notable challenge in the quest to contain the overall fiscal deficit lies in the escalating debt servicing requirements. These obligations are projected to surpass Rs8.3 trillion and reach Rs8.5 trillion for the current fiscal year 2023–24. This surge is attributed to the central bank’s heightened policy rate, a departure from the initial target of Rs7.3 trillion.

  • Jahangir Tareen ki party mein kaun kaun shaamil?

    Jahangir Tareen ki party mein kaun kaun shaamil?

    Senior politician Andleeb Abbas, along with two other former Pakistan Tehreek-e-Insaf (PTI) women MPAs joined the ranks of the Istehkam-e-Pakistan Party (IPP) on Tuesday. 

    In a significant show of support, the IPP patron-in-chief Jahangir Khan Tareen met the trio of former women MPAs, where they officially severed ties with PTI and pledged their allegiance to the IPP.

    Flanked by IPP Information Secretary Dr Firdous Ashiq Awan, Andleeb Abbas said: “The IPP will make a strong Pakistan. We have a cause to follow, which is above a party and an individual. We have joined the IPP for a cause.”

    Sadia Sohail said: “We are sitting here together for Pakistan. May 9 should not have happened. All institutions should be respected.”

    Sumaira Bokhari said nothing was more important than Pakistan. When asked why they chose to join hands with Tareen and Aleem Khan who [allegedly] represent mafias in the country and their reason to quit the PTI, the trio chose not to respond to any of these queries.

    A group of leaders from the Pakistan Muslim League-Nawaz (PML-N) in Balochistan also aligned themselves with the IPP. 

    PML-N Balochistan vice president Jaleel Ahmed Khan Musakhel, and his associates met IPP President Abdul Aleem Khan in Lahore to solidify their transition.

    Expressing his thoughts on the occasion, Aleem Khan said, “We want to see more progress in the small provinces. Apart from Punjab, the key political personalities from the other provinces are also joining the IPP.’’

    “The masses are upset by the traditional politics practiced by the PML-N, Pakistan People’s Party (PPP), and PTI,’’ Aleem Khan added.  

    The IPP’s momentum further gained strength as Pashtun Social Community (PSC) Punjab President Muhammad Sher Khan officially announced his decision to join the party on October 17. 

    The development came after Sher Khan held a meeting with IPP General Secretary Mian Khalid Mehmood.

    Khalid Mehmood welcomed Sher Khan by presenting a party scarf to the latter.

  • Former Indian cricketer Gautam Gambhir slams Pakistan’s fielding, spin bowling

    Former Indian cricketer Gautam Gambhir slams Pakistan’s fielding, spin bowling

    Former Indian cricketer Gautam Gambhir slammed Pakistan’s poor fielding and spin bowling after continued defeats in the World Cup.

    In a recent interview with the Indian media, Gautam Gambhir said, “We have discussed it in the Asia Cup as well. A team in bowling and batting can have a bad day but it can’t have a bad day in fielding. Pakistan team’s poor fielding has continued since the Asia Cup, which has not improved till now. I believe that Pakistan is a mediocre fielding team in this World Cup.”

    “The second problem with Pakistan is their spin bowling. In the match against Afghanistan, Pakistan had a wicket where there was no dew and they also had spinners, but none of the three spinners could NOT take wickets,” added Gambhir.

    Gautam Gambhir said that cricket has become very modern now. “Cricket is not like back it was in 1990 or 2011 where you score 270 or 280 runs and think your bowling will defend it. Teams will have to play attacking cricket.”

  • Out of 687 staff members, only 45 women are employed in the Supreme Court

    Out of 687 staff members, only 45 women are employed in the Supreme Court

    New details reveal that among the total staff members of 687 in the Supreme Court, only 45 are women.

    The information came to light as a judicial order directed Supreme Court Registrar Jazeela Aslam to give details on staff following a petition filed in 2019, appealing the Right of Access to Information Act 2017 and Article 19-A of the Constitution.

    The apex court reportedly has 894 sanctioned positions at the moment but 207 of them are vacant and 687 employees were working as of September 25.

    146 are employed on a daily wage basis.

    84 new positions have been created since January 2017.

    The details also reveal that out of all the 45 women working in the apex court, 33 hold regular positions while 12 are contingent employees.

    Additionally, only two people with disabilities and two transgenders are employed.

  • Free popcorn, cold drinks for India-Sri Lanka match

    Free popcorn, cold drinks for India-Sri Lanka match

    The ICC World Cup is underway in India and the Board of Control for Cricket in India (BCCI) has announced it will give free popcorn and cold drinks to all fans for the India-Sri Lanka match, which will be held at Wankhede Stadium Mumbai on November 2.

    According to the Mumbai Cricket Association President Amul Kaal, for free cold drinks and popcorn, fans will have to show their ticket at the counter, and free cold drinks and popcorn will be available for non-hospitality areas.

    The entire cost of free popcorn and cold drinks will be borne by the Mumbai Cricket Association.

  • ‘Congratulations Nawaz Sharif on becoming Ladla Plus’: PPP

    ‘Congratulations Nawaz Sharif on becoming Ladla Plus’: PPP

    The recent decision by the Punjab caretaker government to suspend the sentence of former Prime Minister Nawaz Sharif in the Al-Azizia reference has triggered a political firestorm, with major parties, Pakistan People’s Party (PPP) and Pakistan Tehreek-e-Insaf (PTI), vehemently opposing the move.

    PPP’s Punjab chapter leader, Hasan Murtaza, lashed out at the decision, referring to Sharif as ‘Ladla Plus’ and labelling the suspension as a ‘cowardly’ act.

    “The caretaker government is doing everything it should not do,” the PPP leader said.

    “The caretaker government is not here to give relief to criminals, but to hold elections.” He added: “It is not the task of the caretaker Punjab cabinet to approve the suspension of Nawaz Sharif’s sentence.”

    He urged the Election Commission of Pakistan (ECP) to take notice of the partiality of the caretaker government.

    Simultaneously, PTI’s legal affairs spokesperson, Barrister Gohar Khan, condemned the decision as a direct violation of the law.

    He took to X (former Twitter) and said, “Provincial Government has no power whatsoever to extend any relief regarding sentence under CrPC to someone convicted by NAB Court – period.”

    In response to the criticism, Punjab caretaker Chief Minister Mohsin Naqvi clarified that the government had not directly suspended Sharif’s sentence but had instead referred the case to the court of law under Section 401, leaving the final decision on bail to the judiciary.

    Section 401 of the criminal procedure code says, “When any person has been sentenced to punishment of an offence, the provincial government may at any time without conditions or upon any conditions which the person sentenced accepts, suspend the execution of his sentence or remit the whole or any part of the punishment to which he has been sentenced.”

  • Meta sued by 40 US states for causing mental health problems

    Meta sued by 40 US states for causing mental health problems

    40 US states sued Meta — the owner company of Facebook and Instagram.

    The renowned tech company has been accused to have caused mental health crises in youth. The attorneys general said that these social media apps tend to “exploit and manipulate” children.

    The case highlights dangers of social media platforms stemming from their focus on financial gain. The young users are exploited using a business model to get them addicted to spending too much time on social media, which can consequently harm their mental health.

    According to the complaint, various researches show that youth using Meta’s social media platforms undergo depression, anxiety, insomnia, interference with education and daily life, and many other mental health related issues .

    The complaint was made in 2021 after Meta’s own research showed the company was aware of the harm Instagram was causing to young people, especially girls.

    These states have requested the court to impose heavy fines on Meta and order them to pay compensation.

  • Hardik Pandya not fully fit, participation against England doubtful

    Hardik Pandya not fully fit, participation against England doubtful

    Hardik Pandya, the all-rounder of the Indian cricket team, who suffered an injury after the match against Bangladesh in the ICC Cricket World Cup, has not yet become fully fit.

    According to Indian media, Hardik Pandya is suffering from an ankle injury. His participation in the match against England is in doubt.

    Pandya could not play in the match against New Zealand on Sunday, while the match between India and England is scheduled for October 29.

  • Bilateral trade talks: Pakistan and US aim to boost economic cooperation

    Bilateral trade talks: Pakistan and US aim to boost economic cooperation

    On Tuesday, Pakistan and the United States (US) reached a consensus to foster close collaboration in various facets of bilateral trade and investment, with the primary objective of amplifying economic cooperation between the two nations.

    Dr Gohar Ejaz, Minister for Commerce and Industries, and Ambassador Katherine Tai, the US Trade Representative, convened a virtual meeting to assess the progress achieved subsequent to the 9th Pakistan-United States Trade and Investment Framework Agreement (TIFA) Council meeting held earlier in the year.

    Ambassador Tai underscored the significance of Pakistan as a pivotal trading partner for the US, recognising the enduring engagement between both countries as an encouraging sign.

    Minister Ejaz apprised Ambassador Tai of the government’s endeavours to enhance the business environment. He proposed the consideration of duty-free access for textile and garment exports to the US, given that Pakistan imports a substantial portion of its cotton from the United States.

    Furthermore, Minister Gohar Ejaz recommended exploring opportunities for joint ventures in textile and industrial manufacturing to enhance bilateral trade.

    The interim minister emphasised that the US serves as a prime destination for IT and ITeS exports from Pakistan, suggesting that both nations can reap mutual benefits from the immense potential in the field of information technology.

  • IMF-backed gas price hike in Pakistan aims to tackle rising circular debt

    IMF-backed gas price hike in Pakistan aims to tackle rising circular debt

    The Economic Coordination Committee (ECC) recently made a decision to raise gas prices, a move that financial experts at Topline Securities, a brokerage firm, believe is a crucial step in Pakistan’s efforts to reach an agreement with the International Monetary Fund (IMF). This agreement is set for review in November.

    The decision to increase gas prices is seen as a necessity due to the alarming escalation of gas circular debt, which has now reached a staggering Rs2.1 trillion.

    Unfortunately, this debt is increasing at a rate of Rs350–400 billion annually, as stated by the Energy Minister.

    The IMF has consistently advocated for reducing circular debt by raising gas tariffs, as it places a substantial burden on Pakistan’s fiscal accounts. We anticipate that this, in conjunction with the rationalisation of power tariffs, will pave the way for Pakistan to secure a staff-level agreement during the November review.

    Notably, the ECC approved the proposed tariff schedule submitted by the Ministry of Energy, which will come into effect on November 1, 2023, instead of the initially proposed date of October 1, 2023.

    According to the approved schedule, there will be an increase of up to 173 per cent for non-protected domestic consumers, 136 per cent for commercial consumers, 86 per cent for export, and 117 per cent for non-export industries.

    Looking ahead, Pakistani authorities are gearing up for discussions with the IMF during the upcoming review of the $3 billion loan programme scheduled for November.

    Analysts predict that the rise in gas tariffs will help to minimise the disparity in gas tariffs for Sui Southern Gas Company (SSGC) and Sui Northern Gas Company Limited (SNGPL), resulting in a positive impact on their cash flow.

    The combined revenues of both Sui companies, which totaled around Rs1.6 trillion, are expected to experience significant improvement following this gas price hike as the tariff differential narrows.

    Furthermore, the increase in gas prices will have a positive impact on exploration companies like the Oil & Gas Development Company (OGDC) and Pakistan Petroleum (PPL) as it aids in reducing gas circular debt.