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Tag: Pakistan

  • No special treatment: Russia denies exclusive discounts on oil export deal with Pakistan

    No special treatment: Russia denies exclusive discounts on oil export deal with Pakistan

    In a recent statement, Russian Energy Minister Nikolai Shulginov clarified that his country is not providing Pakistan with oil at a special discount. The announcement came during an international economic conference in St Petersburg, where Shulginov confirmed that Russia had begun exporting oil to Pakistan.

    Contrary to earlier reports, the Russian minister emphasised that the oil deliveries to Pakistan were being conducted on standard terms without any exclusive discounts. Citing Russian state media, Voice of America (VoA) reported Shulginov’s remarks, which aimed to dispel speculations about preferential treatment in the oil deal.

    According to Geo, Shulginov further revealed that both countries had agreed to accept Chinese currency as payment, highlighting the importance of conducting transactions in the currencies of friendly nations. However, he denied claims that Pakistan had received any special advantages or discounts within the agreement.

    During the conference, the topic of barter trade between Pakistan, Afghanistan, Iran, and Russia was also addressed. Pakistan had recently passed a special order allowing barter trade for various commodities, including petroleum, liquefied natural gas (LNG), coal, minerals, metals, wheat, pulses, and other food items.

    Regarding this specific trade arrangement, Minister Shulginov clarified that discussions had taken place, but no final decisions had been reached. In particular, the two countries have yet to establish mutually agreeable prices for the export of liquefied natural gas to Pakistan. Shulginov explained that the current focus was on spot supplies, and since spot gas prices were high at the moment, the negotiations were primarily centered around long-term contracts.

    As Russia commences oil deliveries to Pakistan, both nations are working to ensure fair and transparent trade practices while exploring potential opportunities for collaboration in the energy sector. The recent developments underscore the significance of bilateral cooperation and economic ties between Russia and Pakistan.

    While the exact details of the ongoing negotiations remain undisclosed, Minister Shulginov’s statements emphasise the commitment of both countries to maintaining a level playing field in their trade relations. The international community will be closely monitoring future developments in this energy partnership, particularly as Pakistan continues to diversify its energy sources and explore avenues for economic growth.

    As the discussions progress, it is expected that Russia and Pakistan will strive to reach mutually beneficial agreements that foster stability and prosperity in their bilateral trade relations, creating opportunities for sustained cooperation in the energy sector and beyond.

  • PM Shehbaz expresses sorrow over loss of lives in Greece boat disaster

    PM Shehbaz expresses sorrow over loss of lives in Greece boat disaster

    Prime Minister (PM) Shehbaz Sharif has expressed sorrow over the loss of lives in the immigrant boat disaster that took place off the Greek coast.

    The prime minister expressed sympathies with bereaved families and offered condolences. “My thoughts and prayers are with the bereaved families who lost their loved ones in the unfortunate ferry disaster in the Mediterranean Sea off the coast of Greece.”

    He further stated that the Pakistani’s Embassy in Athens has identified 12 Pakistanis rescued by the Hellenic Coast Guard.

    The boat sank on Wednesday, resulting in the death of at least 78 people, with many Pakistanis feared to be among dead.

    104 people have been found alive, with 12 Pakistanis among them, the Foreign Office (FO) confirmed on Saturday.

    Different media reports suggest that 400 to 750 people were onboard the ill-fated boat.

  • Govt-TLP reach agreement to establish ‘Counter Blasphemy Wing’

    Govt-TLP reach agreement to establish ‘Counter Blasphemy Wing’

    The federal government and Tehreek-i-Labbaik Pakistan (TLP) have signed a 12 point agreement on Saturday.

    The agreement has been signed to settle matters that led to TLP starting its ‘Pakistan Bachao March’ from Karachi on May 22.

    From the government’s side, the agreement was signed by Interior Minister Rana Sanaullah and Federal Minister for Religious Affairs, Sardar Ayaz Sadiq.

    The government has accepted a multitude of TLP demands including the establishment of a “Counter Blasphemy Wing.”

    The agreement also states that Section 7 of the Anti-Terrorism Act will be imposed on accused persons arrested on charges of blasphemy.

    TLP has also demanded a reduction in petroleum prices.

    The agreement also states that the the Ministry of Foreign Affairs will write a letter to the United States (US) government in three days, demanding the release of Dr Aafia Siddiqui.

  • Russian market reopens for Pakistani rice: 15 mills get export approval

    Russian market reopens for Pakistani rice: 15 mills get export approval

    In a significant development for Pakistan’s rice industry, the Department of Plant Protection (DPP) of the Ministry of National Food Security and Research has registered 15 rice establishments for exports to the Russian Federation. This announcement comes as a ray of hope amid a declining trend in rice exports during the outgoing fiscal year.

    The recommendation of these establishments to the Russian Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) follows a thorough technical audit conducted by the DPP. The successful registration has been hailed as a significant achievement by the food ministry, highlighting its potential to boost exports and contribute to the overall economy of the country.

    In the past, Russia had restricted imports of rice from Pakistan due to concerns over pest interception. However, in 2021, the ban was lifted, allowing only four mills that had met the required quality standards to export rice to Russia.

    Recognising the need to capitalise on this opportunity, the DPP, in collaboration with the Rice Exporters Association of Pakistan (REAP), took proactive measures to upgrade 15 additional mills, ensuring compliance with the sanitary and phytosanitary (SPS) requirements set by Russia for rice exports.

    With the registration of these establishments, the total number of rice companies eligible to export to Russia has now risen to 19. This development is particularly significant for rice farmers, primarily located in Punjab and Sindh, as they heavily rely on these exports as a primary source of income.

    Beyond the immediate benefits to rice farmers, this achievement sets a positive precedent for Pakistan’s agrarian economy, opening doors to enhance exports in other domains by improving quality standards to meet global market demands. The agreement with Russia acts as a gateway for potential rice exports to international markets.

    Building on this success, efforts are underway to bring more rice processing facilities in line with international standards, with the aim of securing a substantial share in high-end export markets across Asia, Europe, the United States, and Australia.

    The recent decline in Pakistan’s basmati rice exports, which contracted to 541,492 tonnes ($588m) in 11MFY23 from 695,564 tonnes ($632m) in the corresponding period of the previous fiscal year, has underscored the importance of revitalising the sector.

    However, foreign sales of other rice varieties have remained strong, totaling $1.4bn with shipments of 2.964 million tonnes in July-May FY23, albeit slightly lower than the $1.6bn (3.816 million tonnes) recorded during the same period last year.

    As Pakistan’s rice industry finds new avenues for growth, there is renewed optimism among farmers, exporters, and policymakers regarding the sector’s potential to contribute significantly to the country’s economic recovery.

    By tapping into international markets, enhancing quality standards, and diversifying export destinations, Pakistan aims to strengthen its position as a leading player in the global rice trade and capitalise on its status as an agrarian economy.

  • Court sentences man to jail for marrying without first wife’s consent

    Court sentences man to jail for marrying without first wife’s consent

    A man has been sentenced to jail by a court in Bahawalpur for marrying for a second time without the permission of his first wife, Geo News has reported.

    The Pakistani state observes a punishment of up-to a one year sentence and a fine for men that take up second wives without the written consent of their first wife.

    The first wife filed an application in the court against the second marriage of the husband. The family court of Bahawalpur sentenced him to six months in prison and fined him half a million rupees.

    While pronouncing the verdict, the court said that the accused will have to serve two more years of imprisonment if he fails to pay the fine.

  • ‘Pakistan was prepared but largely spared the full force of Cyclone Biparjoy’: Senator Sherry Rehman

    ‘Pakistan was prepared but largely spared the full force of Cyclone Biparjoy’: Senator Sherry Rehman

    Cyclone Biparjoy made landfall in India’s Gujarat on Thursday, largely sparing the coastal areas of Sindh in Pakistan. Due to swift evacuations ordered by Senator Sherry Rehman and executed by army forces, the inundated areas saw no loss of human lives.

    Forecasted to be hit hardest by the storm was the fishing port of Keti Bandar. According to an official from the Sindh provincial irrigation department, Keti Bandar suffered “zero damage”. Some shops have reopened in the city as intruding seawater has started receding. Fishermen have gradually started returning to Keti Bandar, anxious to make up for the several days of lost income.

    Biparjoy made landfall as a Category 1 cyclone, after weakening from its initial Category 3 status while it was in the Arabian Sea. Biparjoy further weakened into a cyclonic storm and was expected to become a depression by Friday evening, according to the Pakistan Meteorological Department.

    Life in Sindh is returning to normal, said Sindh Chief Minister Murad Ali Shah. Shops and markets have gradually reopened in Thatta and Karachi Commissioner ordered the resumption of examinations and other education-related activities from June 17.

    The authorities also lifted the ban on going out into the sea.

    However, fishermen were advised to refrain from venturing out into the open sea until the system ends on Saturday (today).

  • Pakistan’s foreign exchange reserves get a boost as China rolls over $1 billion loan

    Pakistan’s foreign exchange reserves get a boost as China rolls over $1 billion loan

    In a significant development, China has rolled over a $1 billion loan to Pakistan, bolstering the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP). This move comes as a much-needed relief for cash-strapped Pakistan, which has been grappling with a severe liquidity crunch and the looming expiration of its International Monetary Fund (IMF) programme.

    Pakistan’s Finance Minister Ishaq Dar said that the $1 billion loan from China would be received on Monday. Additionally, negotiations are underway with the Bank of China for a loan amounting to $300 million. Pakistan is also set to benefit from the dollars obtained through its swap agreement with China.

    Prior to this infusion of funds, the SBP and commercial banks jointly held foreign exchange reserves amounting to $9.4 billion as of June 9. With the $1 billion loan, the reserves will rise to $10.4 billion, providing some stability to Pakistan’s economic situation.

    The IMF has made external financing a prerequisite for Pakistan, emphasising the importance of securing additional funds. In an effort to address its financial challenges, Pakistan had approached China to refinance commercial loans worth $1.3 billion. However, without the revival of the IMF programme, the SBP’s foreign exchange reserves were at risk of plummeting to less than $3 billion.

    Despite these positive developments with China, Pakistan is still struggling to secure external financing in a timely manner, primarily due to ongoing political instability. The country’s fragile economy, valued at $350 billion, continues to be in turmoil, with financial woes exacerbating the situation. The delayed agreement with the IMF has further compounded the need for crucial funding to avoid the risk of default.

    Negotiations between the Pakistani government and the IMF have been ongoing since the end of January to resume the $1.1 billion loan tranche that has been on hold since November. This loan is part of a larger $6.5 billion Extended Fund Facility agreed upon in 2019. The impending challenge lies in repaying $900 million to multilateral creditors, which includes both principal and mark-up repayments, by the end of June 2023.

    Pakistan remains hopeful that these recent developments with China will provide some respite in the face of its economic challenges. However, the government must continue its efforts to secure external financing and navigate through the political instability to ensure long-term stability and growth for the country’s economy.

  • Not involved in leg pulling business, says Miftah Ismail

    Not involved in leg pulling business, says Miftah Ismail

    Former Finance Minister, Miftah Ismail has said that he is not involved in the business of leg pulling but asserted that he speaks the truth. He made the comments while speaking to The News.

    The former minister was referring to Prime Minister Shehbaz Sharif’s statement in which the Premier said without naming anyone that the people criticising current Finance Minister Ishaq Dar have no place in his party, Pakistan Muslim League-Nawaz (PML-N).

    Miftah Ismail said he is in Islamabad to meet friends and is also trying to contact former Prime Minister Shahid Khaqan Abbasi.

    He further added he has no clue about the PM’s statement about Dar’s leg pulling, and he does not know why the PM gave the statement. According to sources of The News, Miftah Ismail and Shahid Khaqan Abbasi have no intentions of parting ways with PML-N.

    However, Miftah Ismail served PML-N as Finance Minister in 2017 while Shahid Khaqan Abbasi was Prime Minister at that time.

  • Indian mother names child ‘Biparjoy’ after cyclone

    Indian mother names child ‘Biparjoy’ after cyclone

    A woman in Gujarat India has named her one-month-old daughter ‘Biparjoy’.

    The family of the baby girl was in a shelter house in Jakhau in Kutch district, when she named the child after the cyclone. They are among thousands of Indians evacuated to safer locations due to the storm.

    The name ‘Biparjoy’ was coined by Bangladesh. It means disaster or calamity in Bengali.

    The reasoning behind naming cyclones is pretty simple. The storm is either given a code or a name, and it’s simpler to remember a name than a string of letters, numbers, or technical terminology.

  • Imran Khan’s former principal secretary goes missing

    Imran Khan’s former principal secretary goes missing

    Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan has said in a tweet that his former principal secretary Azam Khan has gone missing.
    “Azam Khan, who was my Principal Secretary, has gone missing since last evening. Anyone who was perceived to be close to me is targeted,” he wrote.

    In his tweet, Khan also condemned the attack on the residence of the former Governor of Punjab, Latif Khosa.


    “Also I strongly condemn the attack on ex governor Latif Khosa’s house last night just because he has been critical of the fascism unleashed on our nation,” he added.

    On Thursday night, unidentified persons attacked the residence of Latif Khosa, in the Defense area of Lahore.
    Latif’ Khosa’s driver got injured while he remained safe.
    The attacker managed to run away from the spot after firing.