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Tag: Pakistan

  • UN to hold urgent meeting on Quran burning incident in Sweden on Pakistan’s request

    UN to hold urgent meeting on Quran burning incident in Sweden on Pakistan’s request

    The United Nations (UN) Human Rights Council is set to convene an urgent meeting in response to a request from Pakistan regarding the burning of a copy of the Quran in Sweden, as stated by a spokesperson on Tuesday.

    “The UN Human Rights Council will hold an urgent debate to discuss the alarming rise in premeditated and public acts of religious hatred, as manifested by the current desecration of the holy Quran in some European and other countries,” council spokesman Pascal Sim told reporters, citing a request from Pakistan on behalf of some members of the Organization of Islamic Cooperation, as reported by AlArabiya News.

    Salwan Momika, an Iraqi living in Sweden, set fire to a copy of the Quran in front of Stockholm’s central mosque on Eid-ul-Azha.

  • Chief Justice of Pakistan’s salary increased from Rs1.02 million to Rs1.2 million

    Chief Justice of Pakistan’s salary increased from Rs1.02 million to Rs1.2 million

    Acting President and Chairman Senate Sadiq Sanjrani has issued an order, raising the monthly salary of the Chief Justice of Pakistan and other judges of the Supreme Court. The salaries have been increased to 12 lacs 29 thousand 189 rupees and 11 lacs 61 thousand 163 rupees, respectively.

    The order, issued on July 3, states that the monthly salary of the Chief Justice of Pakistan would be 12 lakh 29 thousand 189 rupees and the other judges of the Supreme Court would take 11 lakh 61 thousand 163 rupees.

    According to a previous order issued last month by the President, the salary of the Chief Justice of Pakistan was 10 lakh, 24 thousand, 324 rupees, and the salaries of the other judges of the Supreme Court were 9 lakh, 67 thousand, 636 rupees.

    After the new order was issued by Sadiq Sanjrani, the previous order was cancelled.

  • Fitch and Moody’s: IMF loan provides temporary relief for Pakistan, but risks remain

    Fitch and Moody’s: IMF loan provides temporary relief for Pakistan, but risks remain

    Fitch Ratings and Moody’s Investors Service issued warnings on Monday regarding Pakistan’s financial sustainability, despite the recent acquisition of a much-needed $3 billion lifeline from the International Monetary Fund (IMF).

    Last week, Pakistan signed a short-term (nine-month) loan programme worth $3 billion with the IMF, as the previous $7 billion programme was prematurely ending on the same day.

    The objective of the new loan programme is to provide the necessary foreign exchange to reopen imports, support listed companies in gradually resuming partially closed production, and stimulate economic activities within the country.

    Additionally, this programme serves as a signal to other donor agencies and friendly nations, which had pledged $9 billion at a Geneva meeting in January 2023, to extend new financing to Islamabad.

    However, the two global rating agencies caution that risks persist for Pakistan’s economy, particularly as the government faces a daunting $25 billion debt repayment challenge in the upcoming year starting in July.

    Krisjanis Krustins, Fitch’s Director of Sovereigns for APAC, emphasised that Pakistan will require significant additional financing beyond IMF disbursements to meet its debt obligations and support an economic recovery.

    While the IMF likely sought and received assurances for such financing, there remains a risk that it could prove insufficient, especially if current account deficits widen again.

    In order to secure the initial agreement with the IMF, Pakistan had to implement measures such as tax increases, spending cuts, and raising its primary interest rate to a historical peak.

    Although the markets responded positively to this initial agreement, leading to a significant surge in stocks and improved performance of dollar bonds, it still awaits approval from the IMF Executive Board.

    Moody’s analyst Grace Lim, based in Singapore, expressed doubts about Pakistan’s ability to secure the full $3 billion IMF financing during the stand-by period of the loan programme. Lim stated that it remains uncertain whether the Pakistani government will be able to secure the complete amount.

    Furthermore, she highlighted that the government’s commitment to implementing ongoing reforms will be tested as the country approaches elections scheduled for October 2023.

    It is worth noting that Pakistan had previously obtained a $1.1 billion loan in August, which was subsequently halted due to Islamabad’s failure to comply with certain stipulated conditions.

    According to Moody’s, the towering $25 billion debt repayment comprises both principal and interest, amounting to nearly seven times Pakistan’s foreign exchange reserves.

    Lim further added that only after the elections will it become clear whether the country will be able to enter into another IMF programme.

    Until a new programme is agreed upon, Pakistan’s ability to secure loans from other bilateral and multilateral partners in the long term will be severely limited, she cautioned.

  • Lahore-Canada flight turns back after hydraulic dysfunction

    Lahore-Canada flight turns back after hydraulic dysfunction

    A Pakistan International Airline (PIA) aircraft enroute to Canada has returned back to Pakistan midway due to hydraulic dysfunction during the trip, The News has reported.

    The technical problem was discovered when flight PK-797 was flying over Russia, forcing the plane to return to Allama Iqbal International Airport.

    The aircraft took off from Lahore at 4:30 a.m. on Monday and landed back at 1:30 p.m at the same airport.  

    According to the PIA spokesman, due to delays in repair, the passengers of the flight would be sent to Toronto on an alternative flight.

  • Terror activities remain a huge hurdle for peace in the region: Shehbaz at SCO Summit

    Terror activities remain a huge hurdle for peace in the region: Shehbaz at SCO Summit

    Prime Minister (PM) Shehbaz Sharif advised India at the 23rd meeting of the Shanghai Cooperation Organisation (SCO) on Tuesday to not use terrorism for diplomatic point scoring. The Premier emphasized that terror activities remain a huge hurdle for peace in the region.

    Indian Prime Minister Narendra Modi, as the current chair of the SCO, invited Shehbaz Sharif to attend the meeting of the Shanghai Cooperation Organisation (SCO).

    The PM noted that all the members of the SCO have shared interests in maintaining peace and economic stability in the region.

    “The hydra-headed monster of terrorism and extremism, whether committed by individuals, societies, or states, must be fought with full vigour and conviction,” the premier said.

    Earlier, Narendra Modi said that the SCO should stand together to fight terrorism and condemn the countries that support it. He also added that Afghan soil should not be used to destabilise the peace and stability of the neighbourhood.

  • Pakistan commits to boost foreign exchange reserves to $11.7 billion by 2024

    Pakistan commits to boost foreign exchange reserves to $11.7 billion by 2024

    Pakistan has made a commitment to the International Monetary Fund (IMF) to significantly increase its gross foreign exchange reserves by $7.65 billion. The goal is to raise the reserves to $11.7 billion by the end of the financial year 2024, up from the current level of $4.056 billion in the financial year 2023. This move is aimed at building a buffer of foreign exchange reserves to protect the national economy from external shocks.

    The assurance was given through a Letter of Intent (LoI) signed by Finance Minister Ishaq Dar and State Bank of Pakistan (SBP) Governor Jameel Ahmed. Under a $3 billion stand-by arrangement (SBA) for nine months, Pakistan assured the IMF and its executive board of its commitment to bolster its foreign exchange reserves.

    If the gross foreign exchange reserves reach $11.7 billion by the end of June 2024, they will be sufficient to meet the country’s import requirements for goods and services for approximately 1.8 months.

    The balance of payment (BoP) chart, agreed upon by the IMF and Pakistan, indicates that projected disbursements of foreign loans during the current financial year 2023-24 are expected to amount to $15.01 billion from multilateral and bilateral creditors. This financial year started on July 1, 2023, and will end on June 30, 2024.

    The analysis of the BoP data suggests that Pakistan needs to secure external financing from multilateral and bilateral creditors during the current fiscal year. Additionally, Pakistan is seeking an additional deposit of $2 billion from the Kingdom of Saudi Arabia and $1 billion from the United Arab Emirates (UAE). The Islamic Development Bank (IsDB) has agreed to provide a $1 billion loan program.

    Furthermore, Pakistan is actively working on program loans and project financing from the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank (AIIB) to secure a total disbursement of $15 billion from all multilateral and bilateral sources.

    To further strengthen its reserves, Pakistan intends to engage with bilateral partners, especially China, Saudi Arabia, and the UAE, to extend the maturity of their existing deposits, which amount to $2 billion, $3 billion, and approximately $2 billion, respectively, in the current financial year.

    The IMF executive board is scheduled to convene on July 12, 2023, in Washington DC, to review and consider Pakistan’s request for approval of a $3 billion short-term bailout package, including a $1 billion tranche release. Upon approval by the executive board, the $1 billion tranche will be disbursed within a few days.

    The IMF staff has already circulated copies of the Letter of Intent among the executive board members. In this document, Finance Minister Ishaq Dar and the SBP governor have provided assurances regarding the implementation of crucial fiscal and energy reforms to address fiscal challenges. Islamabad has also committed to tackling issues in the energy sector, including measures to control the circular debt problem.

    To address energy sector concerns, the government plans to raise power and gas tariffs in line with the determinations made by the regulators. The National Electric Power Regulatory Authority (NEPRA) will finalise the power tariff, while the facts regarding gas tariffs are being ascertained by relevant officials.

    The Oil and Gas Regulatory Authority (OGRA) has already recommended increasing gas tariffs by 45 per cent and 50 per cent for two major gas utilities. The government has a 40-day timeframe to make a decision on this matter, after which the recommendations will be notified in the second week of July 2023.

    Under the nine-month SBA program, it is anticipated that there will be two reviews conducted by the IMF mission in September and December 2023. Each review is expected to lead to the disbursement of a $1 billion installment.

    Overall, Pakistan is taking significant measures to strengthen its foreign exchange reserves, seek external financing, and implement necessary reforms in order to address its economic challenges and ensure stability.

  • Shoaib Akhtar secures stay order against filming, release of biopic 

    Shoaib Akhtar secures stay order against filming, release of biopic 

    Former cricketer Shoaib Akhtar took to his Instagram account to announce that he has secured a stay order against the makers of his biopic ‘Rawalpindi Express’. The stay orders will prevent the crew from filming the movie.


    Akhtar warned that any person involved in the production process of the film will be held responsible by authorities:

    “I have issued a stay order against the filming and release of the supposed biopic being made on my life by a certain group of people. I had to do this because they had threatened in writing of continuing filming regardless of the legal termination of the agreement. Any person involved in the project should know that its completely illegal and they will be responsible for any reputational loss.”

    In the legal notice, it was mentioned that anyone associated with the film would be held responsible, and the police will raid any future filming with a court order.

    Previously, Akhtar announced his departure from the film, citing “failure to resolve disagreements amicably and constant contractual violations finally resulted in us cutting ties with them,” after which the former cricketer revealed he completed all legal protocols and revoked the rights to the story of his life.

    Actor Umair Jaswal, who had been selected to portray the cricket star in the project, also announced back in January in an Instagram post that he was stepping away from the film due to “personal and creative reasons”:

    “Due to creative and personal reasons, I have decided to step away from the Shoaib Akhtar biopic project RAWALPINDI EXPRESS. I will no longer be associated with any media or news related to this project.”

  • Pakistani transgender comedian and activist barred from using Emirates

    Pakistani transgender comedian and activist barred from using Emirates

    Pakistani transgender activist and stand up comedian Anaya Rahimi took to Twitter to share that she was preventing from boarding an Emirates flight to Tunisia because of the X gender on her card, which signifies that she is a trans woman.

    Describing the experience in an Instagram post, Rahimi said that the Emirates staff misbehaved with her, prohibiting her from travelling as trans people are not allowed to board their planes, despite her efforts to communicate with them.

    “When I went to emirates check in Lahore @lahoreairport the @emirates staff there stopped me and insulted me first because of my gender they along with there manager used transphobic slurs and then told me that you cant travel as @emirates does not allow trangender people to travel. I tried my best to argue and make my case presented the email approval by emirates and told that I confirmed from headoffice too but they shut me down and asked guards to escort me out didn’t let me use my phone as well.”

    Since the post went viral on Twitter, transgender activists like Shahzadi Rai, who was previously prevented from using FlyDubai because of her gender identity, condemned the airline and called for authorities to take action against the organisation.

    https://twitter.com/Bubbleskhanum/status/1675907955055636493?s=20
  • Imran Khan gets relief from Islamabad High Court in Toshakhana case

    Imran Khan gets relief from Islamabad High Court in Toshakhana case

    The Islamabad High Court (IHC) on Tuesday declared the Toshakhana case against Pakistan Tehreek-e-Insaf (PTI) chairman, Imran Khan, inadmissible.

    Chief Justice of Islamabad High Court, Justice Aamer Farooq, announced the verdict while accepting Imran Khan’s plea against the trial court’s decision.

    The court has ordered the trial court to reconsider the arguments presented by Khan’s lawyer. IHC has also ordered the trial court to take a decision on Imran Khan’s plea within seven days.

    It is worth mentioning that investigations are underway against Imran Khan in the Toshakhana case at the National Accountability Bureau (NAB), where he will today appear before the NAB inspection team in Islamabad.


  • Nawaz Sharif will be our next candidate for PM: Ishaq Dar

    Nawaz Sharif will be our next candidate for PM: Ishaq Dar

    Financial Minister Ishaq Dar has said on Monday that Pakistan Muslim League-Nawaz (PML-N) head, Nawaz Sharif, will be the party’s next candidate for Prime Minister in the upcoming general elections.

    While speaking on Geo News’ programme Aaj Shahzaib Khanzada Kay Sath, Dar said that Nawaz Sharif is in London for medical treatment and will return to his home country after the completion of the same.

    He also said that now there is no hurdle for former Prime Minister Nawaz Sharif to participate in the upcoming elections after parliament recently passed an amended election law that limits the disqualification period to a maximum of five years.

    Dar gave his statement a day after Nawaz said that inflation will be wiped out in the country if the PML-N won the upcoming elections, adding that his party will resolve all the problems in the country.

    Nawaz Sharif and his daughter Maryam Nawaz arrived in the United Arab Emirates for Eid, and held meetings with Pakistan Peoples Party (PPP) top leaders, including Asif Ali Zardari and Bilawal Bhutto.