Current Final

Category: Others

  • Pakistan declared ‘more attractive destination for global investors than India’

    An international credit rating agency, Moody’s Investors Service, has upgraded the outlook for Pakistan’s economy from negative to positive, declaring the country a more attractive destination for global investors than India as the latter’s credit outlook downgraded to negative earlier this year, Sputnik News reported.

    According to the agency, upgrade in Pakistan’s status is driven by “Moody’s expectations that the balance of payments dynamics will continue to improve”. On the other hand, it said that India’s outlook downgraded, “on concerns that its economic growth would remain materially lower than in the past”.

    “Moody’s decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than Moody’s had previously estimated, leading to a gradual rise in the debt burden from already high levels.”

    Meanwhile, Prime Minister (PM) Imran Khan’s Adviser on Finance and Revenue Dr Abdul Hafeez Sheikh said the upgradation of outlook to stable was affirmation of the government’s success in stabilising the country’s economy and laying a firm foundation for robust long term growth.

    The announcement also pushed Pakistan’s stock market above 40,000 points — highest after a gap of 10 months.

    The premier himself has also claimed that over the first four months of the current fiscal year beginning April 2019, Pakistan’s current account deficit fell by 73.5%, as compared to the same period last fiscal year. “The country’s exports of goods and services in October 2019 rose 20 per cent over the previous month and 9.6 per cent over October 2018.”

  • Malik Riaz agrees to hand over assets worth £190m to UK crime agency

    Pakistani business tycoon, Malik Riaz has agreed to hand over cash and assets worth £190 million to National Crime Agency in the United Kingdom (UK).

    NCA in recent tweet disclosed the news about a settlement with a Pakistani businessman. The tweet said, “The NCA has agreed a £190m settlement with a family that owns large property developments in Pakistan and elsewhere after a frozen funds investigation”.

    The NCA has accepted a settlement offer in region of £190 million which includes a UK property, 1 Hyde Park Place, London, W2 2LH, valued at approximately £50 million and all of the funds in the frozen accounts.

    The agency also said that agreement had been reached with Hussain to hand over the cash and ownership of the exclusive address, which overlooks Hyde Park, adding that the assets will be given to the government of Pakistan.

    In August 2019 eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120 million.

    These orders followed an earlier freezing order secured in December 2018 linked to the same investigation for £20 million. All of the account freezing orders relate to money held in UK bank accounts.

  • Pakistan repays $1 billion Sukuk bonds issued by PML-N govt

    Pakistan repays $1 billion Sukuk bonds issued by PML-N govt

    Pakistan has successfully reapaid a foreign debt of over $1 billion, shaking up the country’s foreign currency reserves on the day Moody’s rating agency upgraded Islamabad’s credit rating outlook to from ‘negative’ to ‘stable’, Express Tribune reported.

    According to the details, Pakistan on Monday has paid back around $1 billion on maturity of five-year international Sukuk.

    “We paid over $1 billion including interest payment at the maturity of a Sukuk today (Monday),” reports quoted SBP’s official as saying.

    Pakistan had earlier launched a $-denominated Islamic bond worth $1 billion with a five-year tenure in the international bond market in November 2014, during the Pakistan Muslim League-Nawaz (PML-N) government’s tenure. The sovereign bonds were issued at a rate of 6.75%.

    The bond got matured in November 2019 and accordingly, the State Bank of Pakistan (SBP) has repaid $1 billion, borrowed to build the foreign exchange reserves.

    A sukuk is an Islamic financial certificate, similar to a bond in Western finance, also commonly referred to as “sharia compliant” bonds. Since the traditional Western interest-paying bond structure is not permissible, the issuer of a sukuk sells an investor group a certificate, and then uses the proceeds to purchase an asset, of which the investor group has partial ownership. The issuer of the sukuk bond must also make a contractual promise to buy back the bond at a future date at par value.

    The said payment from the SBP’s foreign exchange reserves will be reflected in the next weekly forex report. However, the reports reveal that with this repayment, the SBP’s reserves will most likely slip below $7 billion.

    Moody’s in its report has highlighted that Pakistan’s foreign exchange reserve adequacy remains low, adding that that foreign exchange reserve adequacy will take time to rebuild.

    At the time of launching the Sukuk, the bond fetched bids amounting to $2.3 billion, five times higher than the actual target set by the government.

    The government had planned to raise $1-2 billion in fresh foreign debt before the Sukuk payment was made.  The floating of new Sukuk and Eurobond has remained pending for long.

    At the time of launching the Sukuk bond, it fetched bids amounting to $2.3 billion which is five times higher than the actual target set by the government.

    The government had planned to raise $1-2 billion in fresh foreign debt before the Sukuk payment was made. The floating of new Sukuk and Eurobond has remained pending for long.

  • VIDEO: Federal Minister Fawad messes up US history on-air; makes Benjamin Franklin president

    VIDEO: Federal Minister Fawad messes up US history on-air; makes Benjamin Franklin president

    Federal Minister for Science & Technology Fawad Chaudhry, in yet another faux pas, has messed up the history of the United States (US) on-air by not only making polymath Benjamin Franklin an “American president”, but also accrediting him for 1930s’ New Deal.

    Speaking to a private media outlet on Monday, the minister had said that it was time for a “New Deal” among all state institutions. “At the moment, no institution in Pakistan is strong enough to challenge any other institution. Everyone is looking to enhance their own mandate. We must slow down and strike a New Deal.”

    “A deal like the one by US president Benjamin Franklin. It changed the entire country. It is what we need as well. Specially, at a time when the chief justice has also highlighted the need for a dialogue and the army chief as well as the prime minister want to strengthen civilian institutions,” Fawad had said.

    WATCH VIDEO:

    But what many, including the show hosts, didn’t realise, was that the science minister himself didn’t know what he was talking about.

    Not only was Franklin never elected president of the US, the New Deal — a series of programmes, public work projects, financial reforms and regulations enacted by President Franklin Roosevelt between 1933 and 1939 — came over a 140 years after his death. The programmes responded to needs for relief, reform and recovery from the Great Depression.

    This, however, isn’t the first time that Fawad has put himself in an awkward situation by presenting “alternate” facts. In May this year, he had said that the Hubble Space Telescope was sent into space by Pakistan’s aeronautics and aerospace research agency Suparco, instead of its US counterpart, NASA.

    Twitter had erupted into a volley of laughs and memes following the gaffe, as people had mercilessly mocked the minister.

  • Aurat March 2020 receives backlash on social media

    The poster Aurat March was met with rape and death threats after it was upload on social media last week.   

    Aurat March (women march) calls for women, transgender, and other suppressed gender groups to raise voice against injustice and deeply embedded patriarchy in our society. Unfortunately, within an hour of upload – the post was bombarded with crushing sexist and misogynist comments

    While talking to Express Tribune, the organizers said that they can take little action against such response on social media.

    “The maximum we can do is to report it on Facebook,” said the organizers adding, “We’ll stand for the cause and call out this unjust treatment – those who’re posting threats will not get away with all this.”

    The Aurat March team said that they are partnering with legal teams to tackle bullying and threats. 

    It is ironic that these people are getting uncomfortable because suppressed genders are demanding equal rights and better treatment in society, whereas when people like Khadim Hussain Rizvi outrageously abused and curse publically – the only concern for people is the inconvenience in traveling and day to day life.

  • ‘Wait four years for Buzdar to be replaced,’ PM tells CM’s foes in PTI

    ‘Wait four years for Buzdar to be replaced,’ PM tells CM’s foes in PTI

     Prime Minister Imran Khan made it clear that Punjab Chief Minister Usman Buzdar will complete his time as he supported him in different meetings he lead at the CM Secretariat during his one-day visit to Lahore.

    According to the reports, during one of the meetings with members of the Punjab cabinet and MPAs at the CM Secretariat, the PM said that he knew everyone sitting in the meeting wanted to become the chief minister, but he would continue standing with CM Buzdar.

    “Those who want to replace Usman Buzdar should wait for the next four years,” said the prime minister.

    He said Buzdar was neither living in lavish houses nor spending Rs800 million per annum on his personal security.

    “The reforms implemented during the PTI government’s tenure have never happened before in Punjab. We need to hold seminars and publicize the reforms implemented in Punjab,” he said.

  • VIDEO: Congress leader chants ‘Priyanka Chopra Zindabad’ instead of Priyanka Gandhi

    VIDEO: Congress leader chants ‘Priyanka Chopra Zindabad’ instead of Priyanka Gandhi

    Like a Pakistani political blunder, former Congress MLA (Member Lok Assembly) Surendar Kumar made a gaffe and was left embarrassed on stage at a public rally when instead of chanting the name of his leader Priyanka Gandhi, Kumar chanted Priyanka Chopra.

    Many people chuckled at a recent rally held across the border when it started echoing ‘Priyanka Chopra Zindabad’ instead of Priyanka Gandhi, who is one of the important figures of Indian National Congress.

    But Kumar soon realised his mistake and corrected it by screaming: “Priyanka Gandhi Zindabaad!”

    Watch the video here:

    https://twitter.com/Alter_Ego45/status/1201124891103121408
  • PTI reappoints Fayazul Hasan Chohan as Punjab information minister

    PTI reappoints Fayazul Hasan Chohan as Punjab information minister

    After certain administrative alterations in Punjab amid much criticism from the opposition parties, the Pakistan Tehreek-e-Insaf (PTI) government has reappointed Fayazul Hasan Chohan as the provincial information minister, Dunya News reported.

    According to the details, Chohan has been granted the additional charge besides that of provincial minister for colonies. The development comes after the previous information minister, Aslam Iqbal, excused himself from the additional charge.

    Fayaz was earlier removed as Punjab’s information minister amid intense criticism over his derogatory remarks against the Hindu community.

    Chohan, during a press conference had said, “You cow urine-drinking people, listen to me. We are Muslims and we have the flag of Hazrat Ali (RA) and Hazrat Umar (RA)’s bravery. You don’t have that flag.”

    He had further said that “idol-worshippers” shouldn’t operate under the delusion that “they are better than Pakistanis”.

  • Imran trying to save Buzdar by bringing back Shehbaz’s favourite bureaucrats: report

    Imran trying to save Buzdar by bringing back Shehbaz’s favourite bureaucrats: report

    Former Punjab chief minister (CM) Shehbaz Sharif’s rule is back in the province without him as the massive bureaucratic reshuffle, ordered directly by Prime Minister (PM) Imran Khan, has brought back the Pakistan Muslim League-Nawaz (PML-N) chief’s team, contradicting the narrative of his own government against Shehbaz’s alleged corruption.

    According to The News, all key positions in the new set-up have been given to Shehbaz’s blue-eyed officers, who were responsible for development and governance during the now PML-N president’s ten-year rule in Punjab.

    Most of these officers were responsible for key projects, which are identified by PML-N and Shehbaz, suchas the Orange Line Metro Train (OLMT), Multan Metro, underpasses and other mega projects of Lahore besides the Nandipur Power Project and others. More than a dozen officers, now brought back to deliver for CM Usman Buzdar’s government, were directly working with Shehbaz at the CM Secretariat.

    However, with their fingers, crossed many in the bureaucracy wonder if Buzdar would be able to lead this team of go-getters like Shehbaz successfully did in the past.

    The new bureaucratic team being marketed as panacea for all the ills of the ruling Pakistan Tehreek-e-Insaf (PTI) in Punjab, is led my Major (r) Azam Suleman — the new chief secretary who has been the secretary of the most lucrative provincial department, Communication and Works (C&W), for five years under Shehbaz.

    The former Punjab CM took so much interest in development that he never appointed a C&W minister and directly interacted with the secretary. Azam was instrumental in execution of mega projects in Punjab, especially Lahore, and is reputed to be a tough no-nonsense officer and Shehbaz’s blue-eyed.

    According to reports, Shehbaz had such great liking for Azam that even after his promotion to BS-22, he was retained as the additional chief secretary (ACS) (Home) for five years — longest tenure ever. Strangely, at that time, the PTI used to blame him for the 2014 Model Town massacre.

    Bureaucrats like Nabeel Awan, Abdullah Sumbal, Nadeem Mahboob, Javed Qazi and Sajid Dahl — all reputed ace officers of the administrative services, who served Shehbaz’s immediate team — have also been given key positions in the recent reshuffle.

    Nabeel has been posted as the health and livestock secretary, Sumbal as finance, Nadeem as housing, Qazi as local government, while Dahl has been appointed as the higher education secretary.

    Similarly, a number of former principal staff officers (PSOs) like Sumair Syed, Amara Khan, Ahsan Waheed and Naseem Sadiq, who were given key portfolios by Shehbaz, have now been brought back by the PTI government to mainstream administration.

    Sadiq has been appointed as Dera Ghazi (DG) Khan commissioner, Syed as the director general (DG) of the Lahore Development Authority (LDA), Khan as the Rawalpindi Development Authority (RDA) DG and Waheed as Sahiwal commissioner.

    Captain (r) Mahmood, who was responsible for the Nandipur Power Project and Lahore horticulture — two of Shehbaz’s favorite subjects — is now the new Rawalpindi commissioner.

    Capt (r) Saif Anjum, whom Shehbaz trusted with the Irrigation Department for three years, has been made Lahore commissioner, Momin Agha, another blue-eyed of Shehbaz and who served as his information secretary as well as the Faisalabad commissioner, has been posted as ACS (Home).

    The ec-Punjab CM’s Finance Secretaries Shaukat Ali and Hamid Yaqoob Sheikh have been placed on most important positions of Punjab ACS and Planning and Development (P&D) chairman, respectively. Abdullah Sumbal, who was appointed as Lahore commissioner by Shehbaz, is the finance secretary.

    Capt (r) Asadullah, who executed the Multan Metro project, is the new C&W secretary while Babur Tarar, who was Sahiwal commissioner, health secretary and cooperatives secretary under Shehbaz, will be a senior member of the Board of Revenue (BoR) in the new setup.

    Iftikhar Saho — another well-reputed officer — who was P&D secretary under Shahbaz for almost five years and was responsible for all development across the project, has been appointed as the principal secretary to CM Buzdar.

    A senior retired bureaucrat said that by bringing back the entire team back, the PTI government had contradicted its own mantra of corruption under Shehbaz.

    Another feature of the latest reshuffle is that many officers considered close to Buzdar or the Chaudhrys of Gujrat, have been sidelined.

  • Justice denied? Slain Naqeebullah Mehsud’s father passes away awaiting justice

    Slain South Waziristan youth Naqeebullah Mehsud’s father, Muhammad Khan, on Monday passed away at Combined Military Hospital (CMH) Rawalpindi after a long battle with cancer; still awaiting justice for his son.

    Khan was admitted to CMH Rawalpindi seven months ago and the body of the deceased will be sent to Waziristan later in the day.

    Khan had gathered the support of not only his son’s peers, but also political leaders, government officials and rights’ activists ever since the extra-judicial killing of his son by “encounter specialist” of the Sindh, Senior Superintendent of Police (SSP) Rao Anwar.

    On January 13 last year, Mehsud was killed in a fake encounter carried out by a police team headed by then Malir SSP Anwar in Karachi. On January 17, his body was handed over to his relatives at the Chhipa Welfare Association morgue in the metropolis.

    The fake encounter had sparked countrywide protests against extrajudicial killings in the country and to bring Anwar to justice.