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Tag: Pakistan

  • Army chief asks US to help Pakistan secure early dispersal of loan from IMF: report

    Army chief asks US to help Pakistan secure early dispersal of loan from IMF: report

    Chief of Army Staff (COAS) General Qamar Javed Bajwa has appealed to the United States (US) to help Pakistan secure an early dispersal of $1.2 billion in funds under the International Monetary Fund (IMF) programme, reported Wajahat S Khan for Nikkei Asia.

    Gen Bajwa spoke by phone with US Deputy Secretary of State Wendy Sherman earlier this week.

    “The IMF has already granted Pakistan staff-level approval for the loan in question on July 13. But the transaction — part of the IMF’s $6 billion Extended Fund Facility for Pakistan — will only be processed after the multilateral lender’s executive board grants final approval,” said the report.

    According to an IMF official who also spoke on condition of anonymity, the IMF is going into recess for the next three weeks and its board will not convene until late August. Because of the recess, no date has been set for announcing the loan approval for Pakistan.

    “There is a major difference between staff-level approval and board approval. Our stakeholders, the countries that take the vote as to whether they are supporting this or not, make the final decision. This is a difference. So the legally binding step is a board approval, not the staff level agreement,” said the official.

    Pakistan’s former ambassador to Washington, Husain Haqqani, said, “This reflects the Pakistan army’s concerns about the state of the economy. It also reflects that the Pakistan army chief is the authority with whom the global players feel the final word rests.”

    Haqqani said that Pakistan has developed a habit of getting on an IMF plan, getting quick access to a couple of tranches, but then abandoning the deals without making the important structural and systemic changes required for further financing. This has left Pakistan little leverage with international financiers.

    “The reason why the IMF program has been delayed is that Pakistan has a track record of not keeping its word with the IMF,” Haqqani said.

    “Gen Bajwa calling the US administration, if he has done so, suggests that he is assuring the US — and through the US, the IMF — that any promises made will be kept.”

  • Petrol, diesel prices may increase by Rs10-17 per litre

    Petrol, diesel prices may increase by Rs10-17 per litre

    Despite the fact that the prices for petroleum products and crude oil have remained largely stable, the price of petrol and diesel may increase by Rs10 to Rs17 per litre as of August 1, 2022. The depreciation of the Pakistani rupee is anticipated to be the cause of the upcoming increase.

    According to The News, sources claim that without taking into account the petroleum levy (PL), a price increase of Rs10 for petrol and Rs16–17 for diesel has been estimated. Additionally, Mogas prices have been forecasted at Rs15 per litre and diesel at Rs23 per litre if the government increases the petroleum levy of Rs5 per litre on gasoline.

    The anticipated increase in POL prices has also been calculated without taking into account the ECC’s Thursday approval of an increase in dealers’ margins (DMs) on POL prices of Rs2.10 per litre for gasoline and Rs2.87 per litre for diesel to Rs7 per litre. Petrol’s price could increase by Rs2.10 to Rs17.10 per litre, and diesel’s price could increase by Rs2.87 to Rs25.87 per litre.

    The increase in dealers’ margin will take effect on August 1, 2022, if the federal cabinet approves this decision in the next two days. Industrial sources reported that the US dollar has increased in value by Rs40 so far this month.

    The current exchange rate against the US dollar is Rs239.9427, and the open market price is Rs246.15. However, they did say that the exact price of gasoline and diesel will depend on the exchange rate in force as of today (Friday).

    Since the price of crude oil as of Thursday settled at $99.4 per barrel, according to independent experts, Pakistani consumers won’t be able to benefit from the decrease in price of POL as a result of the rising exchange rate. The government seems more inclined to impose PL on both gasoline and diesel by Rs5 per litre each.

    Liquefied petroleum gas (LPG) costs also rose by Rs10 per kilogramme on Wednesday without an Oil and Gas Regulatory Authority notification (OGRA).

    The chairman of the LPG Distribution Association (LDAP), Irfan Khokhar, told Profit that a household cylinder now costs Rs2,750 after an increase of Rs150, while the cost of a commercial cylinder has increased by Rs450 to Rs10,438 as a result of the unannounced price increase.

  • ‘Can’t imagine living without it’: Indian woman flaunts her moustache with pride

    ‘Can’t imagine living without it’: Indian woman flaunts her moustache with pride

    Shyja, a 35-year-old Indian woman from Kerala, is making headlines for flaunting her moustache proudly.

    “I love my moustache,” her WhatsApp status section reads. “All I can say is that I just like it. A lot.”

    “I can’t imagine living without it now. When the Covid pandemic started, I disliked wearing a mask all the time because it covered my face,” Shyja added.

    “I’ve never felt that I’m not beautiful because I have this or that it’s something I shouldn’t have.”

    Talking about her love for her moustache, Shyja said, “I just do what I like. If I had two lives, maybe I’d live one for others.”

    Shyja has battled many health problems. She had six surgeries in the last decade, one to remove a lump in her breast and another to remove cysts in her ovary. Her most recent procedure was a hysterectomy five years ago.

    “Each time I came out of surgery, I would hope that I never had to go back into an operation theatre again,” she says.

    Shyja’s family and friends are supportive of her choices. Her daughter frequently tells her that she looks good with a moustache. However, Shyja claims she has received a variety of comments from people.

    “People make fun of me saying, ‘It’s men who have moustaches, why would a woman have one?’”

    Shyja’s friends frequently respond angrily to these comments on Facebook, but she says it doesn’t upset her at all.

  • Sri Lanka defeats Pakistan in second Test to end the series 1-1

    Sri Lanka defeats Pakistan in second Test to end the series 1-1

    After losing the second Test match against Sri Lanka, Pakistan dropped to fifth place in the most recent World Test Championship points standings.

    Both sides won one match each in the two-Test series between the two countries, which has been entertaining. With a four-wicket victory in the first Test, Pakistan took a 1-0 lead in the series. By chasing 342, the visitors improved their hopes of competing in the World Test Championship final the following year, moving up to third place in the standings, while Sri Lanka fell to No. 6.

    After their victory over the Men in Green to tie the series, Sri Lanka rose from sixth to third place. Australia holds down the coveted second slot in the league while South Africa continues at the top.

    Pakistan’s heroics from the first Test were not repeated as they lost in the second innings despite attempting to reach a record-breaking 508-run mark. The Men in Green gave Sri Lanka a 147-run lead going into the second innings by being dismissed for 231 in their first innings.

    In the second innings, Sri Lanka made the most of their advantage by completely dominating Pakistan’s bowling attack. In the last innings, Pakistan was given a target of 508 after Dhananjaya de Silva’s brilliant century.

    Despite having a strong beginning to their innings, Pakistani hitters lost their way halfway through. Before Pakistan’s mini-collapse stopped them and secured a draw, captain Babar Azam produced yet another half-century. Sri Lanka destroyed the batsmen as they defeated their opponent by 246 runs.

  • Gold prices hit an all-time high of Rs152,000 per tola

    Gold prices hit an all-time high of Rs152,000 per tola

    On Wednesday, the price of gold in Pakistan rose to an all-time high, reaching Rs152,000 per tola, primarily as a result of increased demand and the weakening of Pakistani rupee (PKR).

    Just on Wednesday, gold prices increased by Rs2,500. The price per tola has climbed by a total of Rs10,900 since July 1 with the most recent hike.

    Pakistan often follows the trajectory of the global market for bullion and other precious metals. A declining rupee, however, has altered the situation.

    According to Akhtar Tesori, chairman of the Pakistan Gems Jewellery Traders and Exporters Association (PGJTEA), demand for gold jewelry was significantly decreased in the country during the past several months.

    In the interbank market on Wednesday, the rupee finished at Rs236.02. This is a new record low for the rupee versus the US dollar.

    The cost of silver in the domestic market remained steady at Rs1,600 for a tola and Rs1,371.74 for a gramme.

  • ‘If I am stopped from entering Punjab, this will be the beginning of Governor Raj,’ threatens Rana Sanaullah

    ‘If I am stopped from entering Punjab, this will be the beginning of Governor Raj,’ threatens Rana Sanaullah

    Interior Minister Rana Sanaullah warned that if he is stopped from entering Punjab, it will be the beginning of Governor Raj.

    “The summary to impose Governor’s Rule is being drafted, and I — personally — have started work on it,” said Rana while addressing a press conference in Islamabad.

    PTI leaders had suggested banning Rana Sanaullah’s entry into Punjab after winning Punjab by-elections.

    Rana Sanaullah also said that the political situation has worsened due to the decision of the Supreme Court.

    Sanaullah added that after the no-confidence motion against former prime minister Imran Khan was successful, the PML-N proposed moving towards early elections, indicating that the coalition partners did not agree.

    He also added that once the general elections are announced, PML-N supremo Nawaz Sharif will come back to the country and lead the election campaign.

    “But now, the federal government is a government of coalition partners, and this coalition has formed governments in Sindh and Balochistan. The federal government has its own significance,” he said.

  • ‘Pakistan is not going to default’: Miftah Ismail

    ‘Pakistan is not going to default’: Miftah Ismail

    The pressure on the Pakistani rupee will “vanish” in a few weeks, according to Finance Minister Miftah Ismail, who also stated that Pakistan is not going to default.

    He predicted that dollar inflows into Pakistan will exceed dollar outflows soon, creating a “stable exchange rate”. Additionally, he said that within three months, imports will “organically” decline, and exports will soar as a result of the government’s impending strategic plan.

    “It’s no fun going to the world, to the International Monetary Fund (IMF), to the Chinese, to the Saudis, asking for money,” said Miftah Ismail in an interview with Mosharraf Zaidi, CEO of advisory services firm Tabadlab.

    According to Miftah, the IMF loan influx will be completed within weeks.

    “The only thing is that from August 1 to August 15, the directors of the IMF are on vacation. That’s why the meeting is starting a little later than I’d prefer,” he added.

    The finance minister defended the government’s policy of limiting imports to stop the dollar from leaving the country during the discussion. “Nobody is happy with the surgery, but sometimes it’s necessary,” he added.

    Without mentioning the country, Miftah stated that Pakistani authorities had requested a “friendly country” to shore up foreign exchange reserves through dollar-denominated deposits but it turned down Islamabad’s request, saying the latter never returned the deposits.

    The friendly nation subsequently expressed interest in purchasing shares of publicly traded government-owned companies under a buyback arrangement, giving Islamabad the option — but not the obligation — to repurchase the same ownership at a 5 per cent higher price.

    In addition to stating that “there’s not even (a question of) price discovery,” the minister stated that the country “tried to help Pakistan and is giving a great deal”.

    =Earlier today, the Pakistani rupee again fell to a record low versus the US dollar. During intraday trading on Wednesday at 1:00pm, the US dollar reached Rs239.

  • Hyundai sedan prices raised up to Rs830,010 amid rupee devaluation

    Hyundai sedan prices raised up to Rs830,010 amid rupee devaluation

    Hyundai Nishat, like other automakers, has announced a major hike in costs for the Elantra and Sonata variants as a result of the unstable local currency and increased tax rates.

    The updated price for the Hyundai Elantra 2.0 is Rs5,499,000 (including CVT) compared to the old rate of Rs4,998,490 after an increase of Rs500,510. The new price for the Hyundai Elantra 1.6 in Pakistan is Rs5,099,000 (including CVT) compared to the old rate of Rs4,341,9900 after an increase of Rs757,010.

    The revised price of the Hyundai Sonata 2.0 is Rs7,899,000 (with CVT) in Pakistan, up Rs830,010 from the previous rate of Rs7,068,990, while the updated price of the Hyundai Sonata 2.5 is Rs5,499,000 (including CVT), down Rs571,510 from the previous rate of Rs7,927,490.

    Due to local currency devaluation, logistical expenses, tax rate increases, and overall economic uncertainty in the nation, Pakistan’s auto sector is struggling.

    During intraday trade today, the Pakistani Rupee (PKR) lost value against the US Dollar (USD) and fell below the Rs238 mark. The local currency was trading at Rs238.50 in the open market at noon after losing more than Rs5.57 in relation to the dollar.

    Major automakers have been compelled by these problems to lower their production goals in Pakistan. While Honda Atlas Cars Limited (HACL) and Kia Lucky Motor Corporation Limited (KLMCL) are switching to single-shift manufacturing schedules, Toyota Indus Motor Company (IMC) has ceased production for an unknown length of time.

  • Missing girl presented before court

    Missing girl presented before court

    Missing girl was presented before the judicial magistrate in the city court today (July 27) in Karachi. The court said that the order to produce the minor today was to ensure that she is in a comfortable situation in the shelter home. The court also said that she should not be presented again until other court orders are issued.

    The application was filed by Zaheer Ahmed before Judicial Magistrate (East) Aftab Ahmed Bughio.

    The court ordered that the minor should be presented in court by the Child Protection Officer.

    The court said that no one will be allowed to meet the girl. As per the court orders, no one should be present at the time of minor’s appearance except the lawyers of the parties.

  • Early appointment of new army chief is not a bad idea, says President Alvi

    Early appointment of new army chief is not a bad idea, says President Alvi

    President Dr Arif Alvi was asked about an early appointment of the next army chief, which is due this November, in a meeting with journalists today.

    “It’s not such a bad idea,” Alvi said in response.

    According to reports, President Alvi said that this matter can be resolved through dialogue.

    President Alvi said that it has been suggested that he “plays his part” after meeting the army, naval, or air chiefs, which he “cannot do”. Elaborating further, Alvi said that as the president of Pakistan, he does not have the constitutional authority to ask parties to have a dialogue.

    He said that a dialogue is possible only when all the stakeholders agree. “The President House can play its role only in this case.”

    Neutrals need to remain neutral 

    “The neutrals need to remain neutral always,” the president said.


    “The elephant in the room has not yet appeared but it has been there for 50 years,” he said, adding that the matter is a ground reality and that it can be solved through dialogue.

    On relations with Shehbaz Sharif

    Alvi said that he has had many meetings with Prime Minister Shehbaz Sharif and this impression is wrong that his relationship with the prime minister is not so good. Since this government took power, the government has sent the president 74 summaries.


    Since the coalition government has come into the office, 69 out of 74 summaries have been signed on the day of receiving them, said Alvi.

    “I held back the summaries regarding NAB amendment Ordinance, electronic voting machines, and the Punjab governor but this was not due to any pressure,” he said.

    On talking with Imran Khan

    When asked, President Alvi said that he didn’t have any communication with PTI Chairman Imran Khan on the matter of EVMs and NAB amendment ordinance and the last time they spoke was when there was an issue regarding the Punjab governor.