Current Final

Tag: Pakistan

  • Proposed cross-fuel subsidy plan fails to impress IMF, causing delays in bailout program

    Proposed cross-fuel subsidy plan fails to impress IMF, causing delays in bailout program

    In a bid to fulfil promises made to the International Monetary Fund (IMF), the Ministry of Finance is prepared to strongly oppose a draft summary proposed by the Ministry of Petroleum on the provision of cross-fuel subsidy.

    The proposed subsidy would involve increasing petroleum product prices by Rs75 per litre for all vehicles with engines of 1,000cc or more, in order to subsidize petrol for vehicles of 800cc and motorbikes. The draft summary was circulated among different ministries for comments before the upcoming Economic Coordination Committee meeting.

    An official from the finance ministry stated that the petrol scheme was still at the draft stage, and the ministry was preparing its comments and consulting with the IMF. The official recalled that a similar scheme had been proposed during the Pakistan Tehreek-e-Insaf (PTI) government but could not be implemented.

    Former finance minister Miftah Ismail had also allocated Rs48 billion on account of the Sasta Petrol Scheme in the last budget, but these resources were diverted towards flood-affected areas. The official added that such a scheme could not be implemented transparently in Pakistan, and the ministry would send its official comments soon.

    In March, Prime Minister Shehbaz Sharif announced the government’s plans for fuel pricing. While economists warned the decision could hinder a crucial IMF payout needed to prevent economic collapse, the government said that it was a scheme, not a subsidy.

    The IMF officials were quick to share that the Pakistani government did not consult the global lender on its petrol subsidy for low-income groups before the announcement. The Fund has asked the Pakistani authorities to provide more details about the petrol relief package causing more delay in the signing of the staff-level agreement.

    Pakistan has been trying to convince the Washington-based lender to release the next tranche of the bailout programme since the IMF funding stalled in November, hit by snags over fiscal policy adjustments after officials of the lender visited Islamabad in February for talks. They formed part of a ninth review exercise on a bailout package of $6.5 billion agreed upon in 2019 whose resumption is critical for Pakistan to avoid risking default on external payment obligations.

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  • ‘Enough’; Saeeda Imtiaz slams critics for saying death rumor was publicity stunt

    ‘Enough’; Saeeda Imtiaz slams critics for saying death rumor was publicity stunt

    On Tuesday, actress Saeeda Imtiaz made national headlines when it was reported that she had passed away at her home. Later in the day, the ‘Tamasha ghar’ actor and her legal representative slammed the rumors to confirm that she was alive. The news reports had been released after the actress’ Instagram page posted an announcement of her death.

    Saeeda Imtiaz said that a group of hackers had posted fake news on her Instagram and Facebook accounts leading her family and friends to become extremely upset, as they kept calling her to confirm the news.

    Television host Mathira had slammed Imtiaz for refusing to come forward with details, calling this a badly staged publicity stunt, in a screenshot shared by Galaxy Lollywood.

    Taking to her Instagram account, Imtiaz criticised those who were claiming that this was a publicity stunt, pointing out that the incident was traumatising for her, especially listening to news sources saying that she had passed away. She called for the critics to be mindful of their actions, because no one knows about how their life would turn out.

  • ‘Even as a cricketer, you’re an actor’: Wasim Akram talks to The Current about why he chose to act in ‘Money Back Guarantee’

    ‘Even as a cricketer, you’re an actor’: Wasim Akram talks to The Current about why he chose to act in ‘Money Back Guarantee’

    In an exclusive interview with The Current, cricket great and commentator Wasim Akram along with his wife, philanthropist Shaniera Akram, discussed their upcoming film ‘Money Back Guarantee’.

    The film plays host to a star-studded cast with the names of actors like Fawad Khan, Ali Safina, Ayesha Omar and Mikaal Zulfiqaar on the marquee.

    When asked about why he chose to venture into acting after 25 years in cricket and commentary, Akram opened up about his decision:

    “I have been acting for 25 years not just for television commercial or brands. And before that, even during the time I was a cricketer”, the 56-year-old former captain of the Pakistan team said. “When you’re on the field you have to be mindful about where you have to be angry, where you want to be excited, where you have to have a go at one of your fielders when they have dropped a catch.”

    Akram revealed that he had always enjoyed watching movies and television shows, and was grateful for the opportunity writer and director Faisal Quraishi gave him by casting him in ‘Money Back Guarantee’.

    “I enjoy watching movies…especially on Netflix, Amazon Prime, Stand TV in Australia. I watch very different movies too, so credit goes to Faisal who convinced me to give it a go,” the former pacer told us.

    Akram also shared that this was not something he was making a career out of at this stage, but thought, “Why not, let’s give it a go?”

    The complete interview with Wasim Akram and Shaniera Akram will be released on The Current’s YouTube channel on the first day of Eid.

  • Moonis bought benami Spanish properties on same day father Pervaiz Elahi became CM

    Chaudhry Moonis Elahi purchased several properties in Spain on the day his father, Chaudhry Pervaiz Elahi, took oath as Chief Minister (CM) Punjab on July 27 last year.

    Writing for The News, Umer Cheema has revealed that this information has been obtained by the National Accountability Bureau (NAB) from Spanish authorities.

    Moonis confirmed holding benami properties in Spain, which includes an apartment, a Range Rover and a company among the newly made assets apart from a bank account and previously incorporated companies.

    Moonis admitted to their ownership and said he would declare them in his next year’s tax return. He said it was nothing more than a coincidence that the purchase of properties occurred on the day his father took the oath.

    National Accountability Bureau (NAB) Lahore had written a letter to the authorities in Spain for an ongoing investigation of alleged corruption, looting and ill-gotten properties against the family.

    It has been found that Barcelo hotel in Barcelona is also owned by Chaudhry Pervaiz Elahi family, while another multi-story plaza is also said to be owned by Elahi family—with a person named Saqib Tahir appointed as caretaker, reports Samaa News.

    The Canary Islands in Spain are also said to be home to various historic buildings, plazas and orchards, owned by Eahi family.

    Moonis Elahi has recently started a taxi service in Barcelona by obtaining 250 taxi vehicles on bank lease.

    In Spain, Chaudhary Pervez is known as the frontman of the Elahi Family.

  • ‘See you soon’: We’re loving this heartfelt cross-border exchange between Sonam Kapoor, Fawad Khan

    ‘See you soon’: We’re loving this heartfelt cross-border exchange between Sonam Kapoor, Fawad Khan

    Anyone who has ever been a fan of Bollywood remembers how the earth’s axis shifted when Fawad Khan starred as Prince Vikram in the Bollywood film ‘Khoobsurat’ with Sonam Kapoor. Hearts swooned across the subcontinent en masse. No man has had the kind of impact that Fawad did, and we’re still reeling from it.

    It looks like the other side of the border still can’t get over Fawad’s smoldering looks either, and this recent exchange between Kapoor and Khan proves it.

    Khan shared a clip from an upcoming action film on his Instagram page, and Kapoor commented on it, saying that she missed him, and couldn’t wait to see him soon.

    “FK always magic on screen,” wrote Kapoor. “See you and Sadaf soon.”

    Is another collaboration in the works? A chance that Fawad Khan might star in another Bollywood film?? We’re shaking just thinking about it.

    Twitter users also loved how regardless of the political tensions between India and Pakistan, Bollywood and Lollywood actors still care for eachother.

    Kapoor once said in an interview that it was Fawad Khan with whom she had the best chemistry, but was unhappy with how Karan Johar sent him back to Pakistan.

  • Top five TV ads that Twitter users love the most

    Do you guys remember which TV ads you loved? Some of the most popular commercials have been made by companies like Ufone, Cocomo and even Shan, entertaining audiences as much as the dramas they interrupted.

    A few days ago, a Twitter user asked followers about their favorite ads while growing up.

    And Pakistani Twitter users took us down memory lane with some of the best responses.

    1 Yes, we all remember when Mahira Khan and Fawad Khan cemented their status as the number one television couple, solely with this commercial.

    2 Nobody, and I repeat nobody, did ads like Ufone did. We’re sharing two because it’s incredibly hard to pick one.

    3 No body can forget the dances that were inspired by this Coca Cola commercial alone.

    4 Or this very moving ad by Shan which reversed gender norms and showed a man cooking in the kitchen to impress his in-laws.

    5 Another ad that was a popular response among Twitter users was the Pepsi commercial in which both Wasim Akram and Imran Khan had starred.

    Just because Eid anay wali hai, we’re not signing off without sharing this masterpiece of a commercial by Ufone.

  • SC to hear defence ministry’s request to hold simultaneous elections across Pakistan

    SC to hear defence ministry’s request to hold simultaneous elections across Pakistan

    The Supreme Court (SC) will shortly hear a plea by the defence ministry to hold elections across Pakistan simultaneously.

    A three-member bench headed by Chief Justice of Pakistan Umar Ata Bandial, comprising of Justice Ijaz Ul Ahsan and Justice Munib Akhtar, will take up the plea shortly.

    A day earlier, the ministry requested the apex court to withdraw the order for upcoming elections due to the fear of terrorist attacks on political campaigns.

    The ministry has submitted a sealed petition in the SC, requesting that the elections be held simultaneously across the country after the completion of the term of the National, Balochistan, and Sindh assemblies.

    It may be noted that this is the same bench that announced the April 4 verdict directing the government and the Election Commission of Pakistan (ECP) to hold snap polls in Punjab on May 14.

  • Pakistan shares plan with IMF to bridge $3 billion financing gap

    Pakistan shares plan with IMF to bridge $3 billion financing gap

    The coalition government of Pakistan has revealed its plan to the International Monetary Fund (IMF) for obtaining an additional $3 billion to fill the financing gap as it tries to persuade the lender to release the next loan tranche.

    In order to conclude talks with Pakistan regarding its delayed bailout, the IMF required “necessary” financing guarantees as soon as possible. Pakistan was asked to raise $6 billion in external financing, which is required by the country until June to avoid a potential default.

    This figure was determined on the assumption that the current account deficit would remain at around $7 billion in the current fiscal year. The IMF welcomed the recent announcement of financial support from key bilateral partners, but this support is inadequate for Pakistan’s requirements.

    Islamabad informed the IMF about its plan to secure a $450 million second Resilient Institutions for Sustainable Economy (RISE-II) budget support loan, as well as its plans to obtain $1 billion from the Asian Infrastructure Investment Bank (AIIB) and other commercial banks, and to materialise pledges made at the Geneva moot. According to sources, once the staff-level agreement is signed with the IMF, it will become easier for Pakistan to obtain financing.

    Pakistan’s foreign exchange reserves have fallen to cover barely a month of imports following the stall in IMF funding in November, which was later complicated by snags over fiscal policy adjustments after officials from the lender visited Islamabad for talks in February. The fiscal policy adjustments were part of the ninth review exercise on a bailout package agreed upon in 2019, whose resumption is crucial for Pakistan to avoid the risk of defaulting on external payment obligations.

    Pakistan will receive another disbursement of more than $1 billion from the IMF programme before it ends in June, which will unlock other bilateral and multilateral financings for the country, helping to ease its financial difficulties.

    Programme loans from other multilateral agencies await completion of the IMF review, as reported by central bank governor Jameel Ahmad during the spring meetings of the lender and the World Bank in Washington.

  • Alarming decline in Pakistan’s manufacturing sector, latest data reveals

    Alarming decline in Pakistan’s manufacturing sector, latest data reveals

    The manufacturing industry in Pakistan, which is responsible for about 20 per cent of the country’s economic growth, has experienced its eighth consecutive month of decline. This is a major cause for concern as it could have negative impacts on the overall economy.

    In February, the rate of decline was particularly severe, with a contraction of 11.59 per cent compared to the same period in the previous year, according to data from the Pakistan Bureau of Statistics.

    This decline will impact Pakistan’s overall economic growth, with the gross domestic product (GDP) also expected to suffer a significant blow this fiscal year.

    The negative growth of the sector is due to both domestic and global factors, including high energy costs, rupee devaluation, and the government’s tightening of monetary and fiscal policies. Industrial output fell by 5.56 per cent in the first eight months (July-February) of the ongoing fiscal year, compared to the same period last year.

    The global economic slowdown has further worsened the situation, with many businesses scaling back operations or reducing operating hours, while others have shut down their plants. The LSM sector has witnessed a decline in production from August 2022 to February 2023.

    All major and small sectors’ output contracted in February, including textile, food, coke and petroleum products, chemicals, automobile, pharmaceuticals, cement, fertilisers, iron and steel, furniture, leather products, electrical equipment, and non-metallic mineral products.

    To combat soaring inflation, the State Bank of Pakistan (SBP) also raised the discount rate to 21 per cent, hindering industrial activities by making bank financing more expensive.

  • ISI, Military Intelligence chiefs brief SC judges on security situation

    The heads of the Inter-Services Intelligence (ISI) and the Military Intelligence (MI) met with the Chief Justice of Pakistan Umar Ata Bandial and two OTHER apex court judges who are hearing a case related to the election in Punjab on May 14 on Monday to update them on the security situation in the country.

    According to news reports, the meeting between the judges, the ISI, and MI chiefs continued for over three hours in the CJP’s chamber.It was reported that the intelligence official gave a briefing to the judges on the security issues confronting the country. However, specific outcomes of the meeting remain undisclosed.

    A three-member SC bench comprising Justice Bandial, Justice Munib Akhtar and Justice Ijaz ul Ahsan had previously ordered that elections in Punjab be held on May 14 and declared the Election Commission of Pakistan’s (ECP) decision to hold polls on October 8 as “unconstitutional”.