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Tag: Pakistan

  • Pakistan receives $500m in first installment of $1.3 billion Chinese loan

    Pakistan receives $500m in first installment of $1.3 billion Chinese loan

    On Friday, Pakistan’s Finance Minister Ishaq Dar announced that the Industrial and Commercial Bank of China (ICBC) has approved a facility of $1.3 billion, of which the first installment of $500 million has been received by the State Bank of Pakistan. The facility is expected to be disbursed in three installments and will help increase Pakistan’s foreign exchange reserves.

    The country has been facing economic challenges due to high inflation, a widening current account deficit, depreciating currency, and sliding forex reserves. As of February 24, foreign exchange reserves were at $3.8 billion, which is just enough for less than a month of imports.

    The finance minister also announced that China has renewed a facility under which Pakistan expects an additional inflow of $500 million in the next few days. The government returned $6.5 billion of foreign debt during the current fiscal year, and formalities with ICBC were completed to renew the facility.

  • Weekly inflation in Pakistan jumps to 41.07% due to edible oil, sugar prices

    Weekly inflation in Pakistan jumps to 41.07% due to edible oil, sugar prices

    According to data provided by the Pakistan Bureau of Statistics (PBS) on Friday, edible oil, sugar, and vegetables helped drive the weekly inflation up to 41.07 percent on an annual basis.

    Sensitive Price Index (SPI) measurements of short-term inflation were still on the high side and would go up much more once customers start to feel the full effects of increased electricity tariffs.

    The cost of bananas, chicken, sugar, cooking oil, gas, and cigarettes increased for the week ending March 2, despite a 0.30 percent weekly decline in inflation.

    Of the 51 items, 32 saw price increases, nine saw price decreases, and 10 witnessed no change in price.

    The items whose prices rose the greatest during the reviewed week in comparison to the same week last year were: onions (311.17 per cent), cigarettes (165.86 per cent), gas charges for Q1 (108.38 per cent), diesel (93.82 per cent), petrol (77.89 per cent), eggs (77.83 per cent), rice irri-6/9 (76.96 per cent), rice basmati broken (75.55 per cent), pulse moong (73.30 per cent), bananas (72.66 per cent), chicken (64.70 per cent) and tea Lipton (64.53 per cent).

    Moreover, the highest year-on-year fall was recorded in the prices of tomatoes (56.29 per cent), chillies powdered (7.42 per cent).

    The prices of bananas (7.34 per cent), long cloth (3.44 per cent), energy saver (3.33 per cent), 1Kg vegetable ghee (2.48 per cent), gur (2.03 per cent), cooked daal (1.87 per cent), Lipton tea (1.79 per cent), match box (1.66 per cent), lawn printed (1.52 per cent), 5-litre cooking oil (1.45 per cent), and sugar (1.07 per cent) experienced the biggest week-on-week increase.

    On the other hand, the prices of onions (13.24 per cent), eggs (6.11 per cent), garlic (4.24 per cent), chicken (2.00 per cent), tomatoes (0.59 per cent), gram pulse (0.38 per cent), and potatoes (0.33 per cent) decreased compared to the previous week. However, LPG (1.84 per cent) and petrol (1.80 per cent) saw an increase in prices.

    The government, under the IMF’s conditions, has been implementing strict measures to cool the economy and curb inflation. The policy rate increase and the general sales tax increase from 17 per cent to 18 per cent are expected to further increase the retail price of consumer goods.

    To generate revenue and bridge the fiscal deficit, the government has already taken several measures, including adopting a market-based exchange rate, increasing fuel and power tariffs, withdrawing subsidies, and imposing more taxes.

    As a result of these measures, the government has revised its annual inflation rate projection from 26 per cent to 31 per cent.

  • Ishaq Dar denies reports of financial emergency amidst economic turmoil

    Ishaq Dar denies reports of financial emergency amidst economic turmoil

    On Friday, Federal Minister for Finance and Revenue Ishaq Dar denied reports suggesting Pakistan should impose a financial emergency, amidst constant criticism over the current economic turmoil. He berated Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) for spreading “fake news” about Pakistan heading towards default. Dar blamed the previous PTI government for pushing the nation of 220 million people on the brink of default, claiming that it was the coalition government that saved the country by prioritising the state over politics.

    Dar recalled that when the Pakistan Democratic Movement (PDM) ousted Khan through a no-confidence motion, the leaders of the coalition government had decided to keep aside all political interests in the wider interest of the state. He stated that the PTI leaders have been calling him out since the rupee plunged to a historic low of Rs285.09 a day earlier while February’s inflation hit nearly a 50-year high of 31.5 per cent.

    Expressing his surprise and concerns over Khan’s continuous criticism of the coalition government, he said: “I am unable to understate whether he (Khan) has a problem in his leg or brain.” Instead of protecting the national interest, PTI’s leadership tried to sabotage the International Monetary Fund (IMF) deal, Dar said. “Khan’s attitude is selfish.”

    According to Geo, Dar reiterated that Pakistan has neither defaulted in the past nor will it default in the future. Referring to Khan’s remarks about default, the finance minister said that the PTI chairman’s statements adversely affect the country’s financial markets. He, however, admitted that the State Bank of Pakistan’s (SBP) reserves fell below $3 billion. It should be noted that the liquid foreign reserves held by the country stand at around $9 billion as of February 24 while the net reserves held by commercial banks stand at around $5.5 billion.

    The finance minister revealed that China has renewed a facility under which Pakistan expected an additional inflow of $500 million in the “next few days”. He highlighted the PDM-led government’s economic achievements, stating that the foreign exchange reserves held by the SBP climbed to $3.8 billion from $2.8 billion recorded last month. He maintained that the government returned $6.5 billion of foreign debt during the current fiscal year.

    Dar drew a comparison between the economic performance of nearly four years of PTI and almost 11 months of PDM-led government. He shared numeric data to prove that Khan and Co. did everything to “destroy the country,” but the numbers show who is sincere with the country. Dar argued that the opposition — the PTI — has not really improved Pakistan’s standing. However, Pakistan will escape the economic quagmire, he said, adding that the country is making repayments to bilateral and multilateral lenders and has made payments beyond its capacity.

  • Atlas Honda announces second price hike within 20 days due to depreciation of Pakistani rupee

    Atlas Honda announces second price hike within 20 days due to depreciation of Pakistani rupee

    Atlas Honda has announced its second price increase in the last 20 days, attributing it to the substantial depreciation of the Pakistani rupee against the US dollar, which had also led to their earlier bike price hike on February 15, 2023.

    According to the company’s notification, Honda bike prices will be as follows:

    Honda CD70

    The Honda CD70 will now cost Rs144,900, an increase of Rs7,000 from the previous price of Rs137,900.

    Honda CD 70 Dream

    The Honda CD 70 Dream will now cost Rs155,500, an increase of Rs8,600 from the previous price of Rs147,500.

    Honda Pridor

    The new price of the Honda Pridor is Rs190,500, an increase of Rs9,000 from the previous price of Rs181,500.

    Honda CG 125

    The Honda CG 125 will now cost Rs214,900, an increase of Rs9,000 from the previous price of Rs205,900.

    Honda CG 125 SE

    The Honda CG 125 SE will now cost Rs255,900, an increase of Rs12,000 from the previous price of Rs243,900.

    Honda CB 125F

    The Honda CB 125F will now cost Rs350,900, an increase of Rs20,000 from the previous price of Rs330,900.

    Honda CB 150F

    The Honda CB 150F will now cost Rs443,900, an increase of Rs25,000 from the previous price of Rs418,900.

    Honda CB 150F SE

    The Honda CB 150F SE will now cost Rs447,900, an increase of Rs25,000 from the previous price of Rs422,900.

    This is the second price hike within the last 20 days, which has further eroded the purchasing power of the middle class that is already struggling due to inflation. With car and bike prices on the rise, the common person is finding it increasingly difficult to afford their daily means of transportation.

  • President Alvi announces April 30 as date for Punjab elections

    President Alvi announces April 30 as date for Punjab elections

    President Dr Arif Alvi has announced April 30 for holding the general elections of the Provincial Assembly of Punjab.

    “President Dr Arif Alvi has announced to hold general elections of Punjab Assembly on April 30, Sunday,” tweeted the President’s office. 

    Dr Alvi’s office said that the decision was made by President Alvi after “considering the dates suggested by the Election Commission”.

    The Election Commission of Pakistan (ECP) has on Friday written a letter to the President of Pakistan Dr. Arif Alvi, proposing that elections be held between April 30 and May 7 in Punjab.

    The decision was taken in a meeting chaired by Chief Election Commissioner (CEC) Sikander Sultan Raja. In a press release, ECP said, “The Election Commission has sent a letter to the president in light of the decision of the Supreme Court of Pakistan, in which the dates for holding the elections in Punjab have been suggested between April 30 and May 7, 2023.”

    The press release also said that the electoral body had written a letter to the Governor of Khyber-Pakhtunkhwa and was waiting for his reply to announce a date for elections in the province.

    The letter comes a little more than two days after the Supreme Court of Pakistan ruled in a suo moto case that elections in both provinces be held within 90 days of the dissolution of the assemblies.

  • Pakistani rupee bounces back after steep decline against dollar

    Pakistani rupee bounces back after steep decline against dollar

    During the early hours of trading on Friday, the Pakistani rupee (PKR) saw a significant recovery against the US dollar, with an increase of 4.51 per cent. The inter-bank market quoted the PKR at Rs272.78 by 11:50 am, representing an increase of Rs12.31 against the US dollar.

    This follows a steep decline of 6.66 per cent or nearly Rs19 to settle at an all-time low of Rs285.09 against the US dollar on Thursday.

    On Thursday, the State Bank of Pakistan’s Monetary Policy Committee (MPC) raised the key policy rate by 300 basis points (bps) to 20 per cent, aiming to curb inflation.

    The committee also emphasized the need for energy conservation measures to ease pressure on the external account and meet import requirements. The MPC expects this decision to stabilize inflation expectations and bring it to a medium-term target of 5 per cent-7 per cent by end-FY25.

    Globally, the US dollar eased back from a 2-1/2-month high against the yen on Friday, and weakened toward its first weekly loss since January against major peers. This comes as traders tried to gauge the path for Federal Reserve policy.

    According to Geo, the dollar index, which measures the currency against the yen, euro, and four other major peers, fell 0.11 per cent to 104.85, from its peak of 105.36 earlier this week. The index has decreased by 0.36 per cent since last Friday.

    Meanwhile, oil prices, a critical currency parity indicator, dropped on Friday, but remained poised for a weekly gain due to renewed optimism regarding China’s demand recovery, outweighing concerns over growing crude inventories in the US and tighter monetary policy in Europe.

    This is an intraday update.

  • ‘Sit down!’: Maryam and Khan continue Twitter phaddah

    ‘Sit down!’: Maryam and Khan continue Twitter phaddah

    Pakistan Muslim League-Nawaz (PML-N) Senior Vice-President Maryam Nawaz and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan continued their Twitter spat over the depreciation of the rupee against the dollar on Thursday.

    Calling out the Pakistan Democratic Movemnet (PDM)-led government for slaughtering the rupee and blaming the “regime change conspiracy” narrative imposed on Pakistanis by former army chief General (retd) Qamar Javed Bajwa, Khan tweeted, “Rupee slaughtered — lost over 62% or 110/$ in 11 months of PDM. This has increased public debt alone Rs 14.3 trn [trillion] & historic 75 yr high inflation 31.5%.”

    He added that Pakistanis are “paying [a] heavy price of regime change conspiracy where a bunch of criminals have been foisted upon nation by ex COAS”.

    Responding to Khan’s statement, Maryam snapped back at him dismissing his party for its three-year-long “incompetence”.

    “Mighty audacious of u to criticize those who’re undoing yr mess created through yr ruthless plunder, incompetence, misplaced priorities, cruel deal that you struck with IMF & then its breach that plunged the country into economic turmoil,” Maryam tweeted.

    Maryam then told Khan “So sit down!” in her tweet.

    “And let’s not forget to thank all those for this mayhem who handpicked and fed you for four years, as well as the remnants of their influence in the judiciary that you are now banking on,” the PML-N leader tweeted adding that it won’t be allowed again.

    “Won’t let that happen Insha’Allah,” Maryam added.

    The two indulged in a Twitter spat after the rupee plunged by nearly Rs19 against the US dollar today ahead of the central bank’s monetary policy review and amid concerns over a stalled International Monetary Fund (IMF) deal.

    Lat week, Maryam hit back at Khan on Twitter after he called her a spoilt brat in a tweet.

    “Shameless & calculated attacks on SC judges by PDM & spoilt brat Maryam, nurtured on corruption money, have one purpose only – to run away from elections even by violating Constitution,” tweeted Khan.

    Responding to Khan’s accusations, Maryam tweeted, “Oh, how the mighty have fallen! Your squeals are not amiss as you have been the king of conspiracies,thriving & surviving on them with the help of your Godfather Faiz & his vestiges.”

  • Rupee depreciation may lead to an increase in petroleum prices, says Musadik Malik

    Rupee depreciation may lead to an increase in petroleum prices, says Musadik Malik

    Dr Musadik Malik, the State Minister for Petroleum, issued a warning on the potential increase of petroleum product prices due to the significant decline in the value of the Pakistani rupee against the US dollar.

    During an appearance on the Geo News program “Capital Talk” on Thursday, Dr Malik stated that the depreciation of the rupee could lead to an upsurge in the prices of petroleum products in the upcoming days. He also shared that the negotiations between Pakistan and Russia on oil imports were progressing well.

    According to Dr Malik, the sudden increase in the US dollar’s price was due to political instability, making it difficult to govern the country in such an uncertain environment. Notably, during the last fortnight’s review, Finance Minister Ishaq Dar announced a reduction in petroleum prices.

    As a result, the government cut the price of petrol by Rs5 per litre, setting it at Rs267 per litre, while the price of diesel remained steady at Rs280 per litre.

    In addition, the price of light diesel oil decreased by Rs12 per litre, bringing it down to Rs184.68 per litre. Furthermore, the cost of kerosene oil was reduced by Rs15 per litre, bringing its price to Rs187.73.

  • Court summons Maryam Nawaz for insulting ‘state institutions’: report

    Court summons Maryam Nawaz for insulting ‘state institutions’: report

    An additional sessions court in Sukkur sent a notice to Pakistan Muslim League-Nawaz (PML-N) Senior Vice-President Maryam Nawaz on Wednesday, summoning her on March 10 over allegations of insulting “state institutions”, reports Geo News.

    Pakistan Tehreek-e-Insaf’s (PTI) District President Zaheer Muhammad filed a petition in the court, seeking registration of a case against the PML-N leader under section 22-A and 22-B.

    The petition filed against Maryam stated that she spoke against institutions in her speech. It added that she tried inciting people towards revolt against the institutions.

    “That proposed accused Maryam Nawaz Sharif addressed the people of [Sargodha] and cued the alleged pictures included ex-Inter Services Intelligence (ISI) chief Lieutenant General (retd) Faiz Hamid, former chief justice Asif Saeed Khosa, Justice (retd) Saqib Nisar, and presently two sitting Supreme Court judges who are part of a top court bench hearing a suo motu case to determine who has the constitutional responsibility and authority to announce the date for elections in Punjab and Khyber Pakhtunkhwa,” the plea read.

    In his application to the court, the petitioner stated that the PML-N stalwart “addressed hate speech with the intention to provoke the general public to spread hate and chaos against the highest state institutions”.

    It mentioned that the petitioner approached the FIA director to lodge a first information report (FIR) against Maryam, but he first “kept the applicant in hallow hopes and then clearly refused”.

  • Is Shoaib Malik going to test his fate in acting?

    Former captain Shoaib Malik might be making his way to the big screen soon.

    Talking about his future plans while hosting a talk show with his wife, Indian tennis star Sania Mirza, Malik expressed an interest in pursuing a career in acting. The all-rounder has already made his acting debut with the Pakistani film “Saya-e-Khuda-e-Zuljalal” in 2016, in which he played the role of a Pakistani soldier. Malik has also appeared in TV commercials in Pakistan. However, it is not clear if he intends to pursue acting as a full-time career or if he will continue to focus on cricket.

    Malik made his acting debut with a guest appearance in Mahira Khan’s drama series “Baarwan Khiladi”.

    “I can’t say yes or no right now. If any good project is offered, I will think about it. Maybe I do some good acting,” he hinted when asked about pursuing a career in showbiz.

    While talkin about the controversy surrounding former seamer Shoaib Akhtar’s statement about national team skipper Babar Azam, Malik supported the former speedster.

    “I have known Shoaib Bhai for a very long time. He gives blunt statements but never tries to hurt anyone,” Malik said.

    He said that he believes that the “statement was taken wrongly” while it might have been said for “betterment”.

    However, he added that in his view, English language shouldn’t be the criteria to judge someone.

    Malik has also worked in the 2019 movie “Silsilay”, in which he played the lead role. Malik has also made special appearances in other Pakistani movies, including “Punjab Nahi Jaungi” and “Jawani Phir Nahi Ani 2”.