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Tag: China

  • Pakistan to pay for Russian oil in Chinese yuan, shipping expected in June

    Pakistan to pay for Russian oil in Chinese yuan, shipping expected in June

    According to a senior official from Pakistan’s Ministry of Energy, the country is expected to pay for a test cargo of 750,000 barrels of Russian oil in Chinese Yuan. The cargo is set to dock in Pakistan in June, with a possibility of arrival by the end of May.

    It has been suggested that the Bank of China will play a role in the transactions. However, the exact mode of payment and discount offered have not been made public to avoid backlash from other countries purchasing Russian oil directly from Moscow.

    The test cargo will likely contain URAL crude, which will be refined by Pakistan Refinery Limited. Commercial analysis of Russian crude has been conducted in favour of Pakistan’s economy, but will be further assessed after refining. The estimated shipping cost of the Russian oil is around $15 per barrel, which will be confirmed upon arrival at the Pakistani port.

    Pakistan has reportedly settled on a per barrel price of $50-52, lower than the cap price of G7 countries at $60 per barrel. Pakistani refineries currently import 80 per cent of crude under long-term agreements with ADNOC and Saudi Aramco. However, the remaining 20 per cent provides a cushion to purchase Russian oil under GtG on a long-term agreement to some extent. The government plans to keep some cushion for purchasing crude from the international market, as crude prices can fluctuate.

    Pakistan had initially hoped to obtain Russian crude at a discount close to $50 per barrel, $10 per barrel below the cap price imposed by G7 countries in response to the Ukraine conflict. However, a top official from the coalition government has expressed concern that importing Russian crude at a 30 per cent discount under the GtG agreement may not provide sufficient relief.

  • From 157 to 150: Pakistan’s press freedom ranking improves

    In a positive development, Pakistan’s press freedom ranking has improved, with the country moving up seven spots to number 150 on the list.

    However, India’s position has slipped to 160 compared to last year’s stats when the country was placed at 150. China has been placed in the second last spot in the ranking list and North Korea has been put in the last.

    May 3rd marks World Press Freedom Day, an opportunity to celebrate the fundamental principles of press freedom; to assess the state of press freedom throughout the world; to defend the media from attacks on their independence and to pay tribute to journalists who have lost their lives in the line of duty.

    The World Press Freedom Index also revealed a shocking general slide, with an unprecedented 31 countries deemed to be in a “very serious situation”.

    Prime Minister (PM) Shehbaz Sharif took to Twitter to pay his tributes to all journalists across the world “for the commendable work they are doing to inform and educate the people.”

  • China’s $57.7 billion railway project aims to boost Pakistan’s economy

    China’s $57.7 billion railway project aims to boost Pakistan’s economy

    A study conducted by scientists from China Railway First Survey and Design Institute Group has estimated the cost of a proposed China-Pakistan railway project to be $57.7 billion. The railway will connect Gwadar Port with Xinjiang’s Kashgar, and is expected to have strategic significance, potentially reshaping trade and geopolitics. The project will improve connectivity among the countries along the ancient Silk Road trade routes and is part of a plan to reduce dependence on Western-dominated routes.

    The study urges the Chinese government and financial institutions to provide strong support for the project, including increasing coordination and collaboration among relevant domestic departments and striving for the injection of support funds. Pakistan’s economy is expected to receive a much-needed boost from the infrastructure and will easily trade with China. The researchers said the project is expected to create more jobs, boost infrastructure investment, and increase trade.

    However, the study notes that Pakistan’s GDP last year was just six times the estimated cost of the project, making sufficient financing difficult. Pakistan is mainly relying on Chinese enterprises for investment and construction, as it is unable to provide sufficient financial and material support.

    Moreover, the security issues in Pakistan pose a risk to Chinese workers and investments, which may hinder the railway project. Despite these challenges, the study emphasizes the strategic significance of the railway project and urges strong support and policy guarantees for its construction.

  • Study suggests eating french fries may be linked to anxiety, depression

    Study suggests eating french fries may be linked to anxiety, depression

    A group of researchers based in Hangzhou, China have discovered that people who consume fried foods regularly, particularly fried potatoes, are more likely to have a 12 per cent increased risk of experiencing anxiety and a 7 per cent higher risk of depression compared to those who do not eat fried foods.


    According to the research, the association between consuming fried foods and an increased risk of anxiety and depression is more evident in young men and younger individuals. Fried foods are widely known to be linked with a multitude of health problems such as obesity, high blood pressure and clogged vessels.


    The study, which was published in the journal PNAS, suggests that reducing the consumption of fried foods could be significant in maintaining good mental health. However, experts in the field of nutrition cautioned that the findings are preliminary and it’s not yet clear whether fried foods are the cause of mental health issues or if people experiencing depression or anxiety tend to consume more fried foods.


    In the study, which spanned 11.3 years and involved 140,728 participants, those who consumed fried foods were evaluated. After excluding individuals who were diagnosed with depression within the first two years, it was discovered that 8,294 cases of anxiety and 12,735 cases of depression were recorded among those who consumed fried food.

    Additionally, the study revealed that consuming fried potatoes, specifically, increased the risk of depression by 2 per cent compared to consuming fried white meat. The research also indicated that participants who regularly consumed more than one serving of fried food were more likely to be younger men.

  • Saudi Arabia and UAE pledge $3 billion to Pakistan as IMF agreement nears

    Saudi Arabia and UAE pledge $3 billion to Pakistan as IMF agreement nears

    On Monday, Finance Minister Ishaq Dar stated that Pakistan has fulfilled all conditions set by the International Monetary Fund (IMF). He expressed hope that the IMF would soon sign the staff-level agreement, which would allow for the release of the $1.1 billion tranche.

    Since February, the two parties have been negotiating various conditions and external financing from friendly nations before signing the agreement. Speaking to Geo News, Dar stated that Saudi Arabia and the United Arab Emirates (UAE) have informed the IMF of their commitments to provide $3 billion to Pakistan.

    Riyadh has pledged $2 billion, while Abu Dhabi has promised $1 billion. The IMF has also been notified of this, according to Dar. The finance minister emphasized that all conditions for the staff-level agreement have been met, and he expressed optimism that the IMF’s Executive Board would approve it soon.

    The country’s foreign exchange reserves have dwindled to cover barely a month of imports since the IMF funding stalled in November. Pakistan must resume the bailout package, which was agreed upon in 2019 and is worth $6.5 billion, to avoid risking default on external payment obligations.

    Pakistan had to take several steps demanded by the IMF, including reversing subsidies in its power, export, and farming sectors, raising energy and fuel prices, imposing a permanent power surcharge, among other measures.

    These moves have pushed Pakistan’s inflation to its highest level ever, rising to over 35 per cent YoY in March. The IMF programme will disburse another tranche of $1.4 billion to Pakistan before it ends in June, and it will unlock other bilateral and multilateral financing for the cash-strapped country.

    In recent weeks, neighbouring China has rolled over $2 billion and refinanced another $1.3 billion.

  • BBZ is going to India next month for the Shanghai Cooperation Org

    BBZ is going to India next month for the Shanghai Cooperation Org

    In a major diplomatic development, Foreign Minister (FM) Bilawal Bhutto-Zardari will be visiting India to attend Shanghai Cooperation Organisation (SCO) which is set to take place on May 4-5 in Goa, India, Foreign Office Spokesperson Mumtaz Zahra Baloch has confirmed.

    The minister is going to India at the invitation of the country’s External Affairs Minister Dr Subrahmanyam Jaishankar.

    Pakistan is currently preparing for the meeting.

    It is pertinent to mention that Bilawal’s visit to India will be the first by a Pakistani foreign minister in nearly 12 years. In 2011, the then-top Pakistani diplomat, Hina Rabbani Khar, now Bhutto-Zardari’s deputy in the foreign ministry, visited India.

    If Bilawal’s visit goes as per plan, it is likely that Prime Minister Shehbaz Sharif will visit India too for the summit, reports Express Tribune.

    ​Bilawal also attended the last meeting of the Council of Foreign Ministers held in July last year in Tashkent.

    The SCO is a regional political and security bloc whose members include Russia, China, India and Pakistan.

  • Police arrest Chinese worker on accusation of blasphemy

    Police arrest Chinese worker on accusation of blasphemy

    A Chinese worker at the Dasu Hydropower Project in Upper Kohistan was arrested by the police on Sunday after being accused of committing blasphemy by some of the laborers working on the location, Dawn has reported.


    The SHO of Komila confirmed the arrest and mentioned that an FIR has been lodged against the accused under Section 295-C of the Pakistan Penal Code.


    The complaint was filed by Gulistan and Yasir. According to the complaint filed at the Komila police station, a mob attempting to break into a Chinese camp near Barseen was reported to police official Jehanzeb on Sunday night.


    “After receiving the information, a police party reached the site, took control of the area and safely shifted the accused to the Komila police station,” the complaint said.


    Despite the arrest, a large number of protesters arrived at Komila early on Monday and once again obstructed the Karakoram Highway while raising slogans against the Chinese man. However, following the police’s guarantee of filing an FIR, the protestors reopened the Karakoram Highway for traffic. Additionally, local religious leaders appealed to the demonstrators to end the protest.

  • Affordable bus service between Islamabad and China to start soon

    Affordable bus service between Islamabad and China to start soon

    A bus company in Pakistan has announced its decision to launch a private bus service between Islamabad and Tashkurgan, a city in China, following Eid-ul-Fitr.

    According to a spokesperson for the company who spoke to Gwadar Pro, the service will commence on 13th May 2023, with the first phase involving the deployment of a mini-Utong bus capable of accommodating 28 passengers.

    The journey, including the immigration process, is expected to take approximately 38 hours, with passengers staying overnight at the Sost border. The fare for the journey is estimated at Rs60,000.

    To travel, individuals must have an original passport and copy, a valid original visa with its copy, and an invitation to China (visa category).

    The service is available to all, including tourists and those travelling for business and official purposes. Given the service’s popularity, the company plans to expand it to cater to the needs of the people of both countries.

  • Sri Lanka considering exporting 100,000 monkeys to China

    Sri Lanka’s Agriculture Minister, Mahinda Amaraweera, has instructed officials to examine China’s proposal to import 100,000 toque macaque monkeys, which are native to Sri Lanka and classified as endangered by the International Union for Conservation of Nature (IUCN).


    The monkeys will be displayed in over 1,000 Chinese zoos with the minister suggesting that Sri Lanka might be able to meet the request due to the large macaque population in the country.


    As per a Sri Lankan news portal, a meeting was held on Tuesday to discuss the possibility of sending monkeys to China under the first phase of the programme. Agriculture Minister Mahinda Amaraweera led the meeting, which was attended by officials from the Agriculture Ministry, Department of National Zoological Gardens, and Department of Wildlife Conservation.

    During the meeting, it was revealed that the current monkey population in Sri Lanka has grown to almost 3 million and that the monkeys were causing significant damage to local crops.

    Despite Sri Lanka’s ban on almost all live animal exports, the country is currently considering fulfilling China’s request for macaque monkeys, as the country grapples with its worst economic crisis.
    Sri Lanka is also looking to fulfill China’s request due to the fact that Beijing is one of Sri Lanka’s major bilateral lenders.

  • IMF receives assurance of $1 billion from UAE to support Pakistan’s economy

    IMF receives assurance of $1 billion from UAE to support Pakistan’s economy

    In a significant development towards reviving the stalled bailout programme, the authorities in the United Arab Emirates (UAE) have pledged to provide $1 billion in bilateral support to Pakistan, according to Finance Minister Ishaq Dar.

    Dar tweeted, “UAE authorities have confirmed to the IMF for their bilateral support of $1 billion to Pakistan.” He also stated that the State Bank of Pakistan is currently in the process of completing the necessary documentation to receive the deposit from the UAE authorities.

    Pakistan was required to provide assurance that its balance of payments deficit is fully financed for the remaining period of the IMF programme, which has been stalled since November last year. Last month, the IMF’s Director of Strategic Communications, Julie Kozack, emphasised that “timely financial assistance from external partners will be critical to support the authorities’ policy efforts and ensure the successful completion of the review [with Pakistan].” She added, “Ensuring that there is sufficient financing to support the authorities is the paramount priority. A Staff Level Agreement (SLA) will follow once the few remaining points are closed.”

    Earlier this month, Saudi Arabia also pledged to provide a $2 billion loan to Pakistan, according to Pakistan’s Minister of State for Finance Aisha Ghaus Pasha. The country’s economic situation has been further exacerbated by months of political and economic turmoil, crippling floods last year and record inflation. Pakistan has been grappling with a debt crisis and foreign exchange reserves have fallen to less than four weeks of imports.

    In an effort to ease the situation, China has agreed to refinance $2 billion, of which $1.7 billion has already been credited to Pakistan’s central bank. China also rolled over a $2 billion loan last month, providing relief during Pakistan’s acute balance of payments crisis. However, talks with the IMF for a delayed $1.1 billion loan tranche, part of the bailout agreed in 2019, have been ongoing.