Current Final

Tag: Saudi Arabia

  • US Ambassador assures Pakistan of continued assistance for IMF bailout programme

    On Thursday, US Ambassador to Pakistan Donald Blome reassured Finance Minister Ishaq Dar that Washington would continue to assist Islamabad in unlocking a long-stalled International Monetary Fund (IMF) bailout. This bailout is intended to help the liquidity-challenged country’s economy avoid imminent default. The assurance was given during a meeting between the finance minister and the ambassador in the federal capital.

    According to details, the envoy was briefed on the progress of the Washington-based lender’s programme. During the meeting, FinMin Dar requested the US ambassador’s assistance in unlocking the bailout programme. He also informed him about a $2 billion commitment from Saudi Arabia and ongoing talks with the United Arab Emirates for financing $1 billion. The minister expressed the need for additional resources and financing, to which Blome promised cooperation from the United States.

    According to an official statement from the Ministry of Finance, Dar briefed the envoy on the country’s economic outlook and the challenges faced by the nation. He also shared the government’s pragmatic policy decisions aimed at stabilising and growing the economy.

    The statement noted that Blome expressed confidence in the government’s policies and programmes, supporting them for the economic sustainability of the country and the socio-economic upliftment of the masses. He extended his support to promote bilateral economic, investment, and trade relations between both countries.

    The two sides discussed matters of common interest and showed an interest in enhancing the existing bilateral relations between both countries. They also talked about various economic avenues through which both countries can strengthen their ties. This meeting with Blome took place days after FinMin Dar met with UAE’s ambassador to Pakistan, Hamad Obaid Ibrahim Salim Al-Zaabi, to discuss economic relations.

    Since early February, Islamabad has been hosting an IMF mission to negotiate a series of policy measures aimed at securing $1.1 billion in funding for the cash-strapped economy, which is on the verge of collapse.

    The IMF has requested Pakistan to secure assurances on external financing from friendly countries and multilateral partners to fund its balance of payment gap for this fiscal year, ending in June. The funds are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical for Pakistan to avert defaulting on external payment obligations.

  • Schedule for Nawaz Sharif’s visit to Saudi Arabia revealed

    Schedule for Nawaz Sharif’s visit to Saudi Arabia revealed

    Pakistan Muslim League-Nawaz (PML-N) supremo, Nawaz Sharif’s schedule for visiting Saudi Arabia has been revealed.

    According to news reports, Nawaz Sharif will spend the last Ashara of Ramzan in Saudi Arabia. The former prime minister will reach Jeddah along with his family on April 11.

    Nawaz will be in Jeddah and Makkah for three days, and then on April 15, he will go to Madina.

    Read more: Nawaz to visit Saudi as royal guest

    It is being reported that Maryam Nawaz, daughter of Nawaz Sharif, along with other Muslim League leaders, will reach Jeddah from Lahore.

    Nawaz will be visiting the Kingdom on the invitation of the Saudi ruler.

  • Pakistan’s hopes for IMF agreement rise as Saudi Arabia confirms $2 billion in additional deposits

    Pakistan’s hopes for IMF agreement rise as Saudi Arabia confirms $2 billion in additional deposits

    The International Monetary Fund (IMF) has informed Pakistan that Saudi Arabia has confirmed $2 billion in additional deposits, which has rekindled hopes of an early agreement signing. Since January, Islamabad has been negotiating with the IMF for the release of $1.1 billion from a $6.5 billion bailout package that was agreed upon in 2019.

    To unlock the funding, the Pakistani government has cut back on subsidies, removed an artificial cap on the exchange rate, added taxes, and raised fuel prices. However, assurances from friendly nations for additional funds have delayed the agreement.

    The lender has informed Pakistani authorities of the development and the Fund staff is reportedly satisfied with the latest confirmation. The report states that the Saudi authorities are set to make a public announcement, possibly during the upcoming visit of Prime Minister Shehbaz Sharif to the kingdom.

    The Saudi envoy in Pakistan had also hinted in a recent interview that his country had always supported Pakistan in critical situations and that good news would be shared soon. The sources have stated that all eyes are focused on the UAE for getting confirmation on another $1 billion deposit from them, which may pave the way for striking the staff-level agreement (SLA) with the IMF.

    Finance Minister Ishaq Dar is expected to visit UAE on his way to the US where he will hold talks on the release of funds. However, there is still another stumbling block in the way of signing the SLA with the IMF. The Ministry of Petroleum, in consultation with the PM Office, had announced an unplanned cross-fuel subsidy for owners of motorcycles and cars up to 800cc, which needs to be scrapped at this stage.

    The government has not yet withdrawn the proposed cross-fuel subsidy, which cannot be implemented in a half-baked manner. Such schemes were considered in the past during the tenure of former finance minister Shaukat Tarin and even during the era of the PDM-led government when Miftah Ismail had the charge of the Ministry of Finance.

    Even Miftah Ismail had allocated Rs48 billion on the eve of the last budget in the name of Sasta Petrol, but it could not be implemented because such schemes could not be designed properly. The announcement of a half-baked cross-fuel subsidy had provided an excuse to the IMF for delaying the SLA signing, as they were still raising questions for getting more details to ascertain how the scheme was going to be implemented in a transparent manner.

  • Govt to send one million Pakistanis abroad for employment

    Govt to send one million Pakistanis abroad for employment

    The Government of Pakistan will send 1 million citizens abroad for employment, Tikka Sani has reported for Samaa. Federal Minister for Overseas Pakistanis and Human Resource Development, Sajid Hussain Turi, while talking to Samaa said that the ministry is working on signing work visa agreements with fifty countries including Germany.

    He continued by adding that Saudi authorities are coming to Pakistan soon to issue visas and citizens who pass technical training tests will be able to get the visa.

    The minister further said that Japan has also opened visas for Pakistani workers while South Korea has a demand for 10,000 skilled workers from Pakistan.

    The Federal Minister for Overseas Pakistanis said that 27,000 blocked passports of overseas Pakistanis have also been restored.

  • Nawaz to visit Saudi as royal guest

    Nawaz to visit Saudi as royal guest

    Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif will perform Umrah in the last days of Ramzan on the invitation of the royal family.

    Nawaz is set to visit the Kingdom on the invitation of the Saudi ruler, with the former Prime Minister being a royal guest in the country.

    The news of Sharif’s planned visit to Saudi Arabia has led to speculation that he may use the opportunity to return to Pakistan. However, there has been no official confirmation from Sharif or his party about his plans to return.

    The PML-N supremo was granted an eight-week bail on medical grounds in October 2019, and, he was allowed to travel to London for treatment for four weeks. However, Nawaz has not returned since then.

  • Pakistan awaits financial support confirmation from Saudi Arabia and UAE to sign IMF agreement

    Pakistan awaits financial support confirmation from Saudi Arabia and UAE to sign IMF agreement

    The signing of the staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) is dependent on confirmation of financial support from the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). Once support confirmation is received from KSA and UAE, the SLA will be signed with the IMF.

    Finance Minister Ishaq Dar reportedly informed diplomats in Islamabad at an Iftar dinner on Sunday that the issues with the IMF will be settled soon. However, it has been 46 days since the IMF and Pakistan concluded review talks in Islamabad on February 9, and the staff-level agreement is yet to be secured.

    There have also been dissenting views within the Finance Ministry on the issue of cross-fuel subsidy. While some bureaucrats from the ministry have opposed the scheme, the government went public with it, which has caused concern.

    Officials who spoke on the condition of anonymity told The News, that such schemes would jeopardize the revival of the IMF program, and it remains to be seen how the ministry will satisfy the global lender on the subsidy. The status of the 10th and 11th reviews, which were due on February 3 and May 3, respectively, is also unknown at this time, even if the IMF program is revived.

    The situation highlights the importance of financial support from KSA and UAE to Pakistan, as well as the potential impact of domestic policy decisions on the country’s relationship with the IMF. Despite Finance Minister Dar’s assurances, it is unclear when the SLA will be signed, and how the subsidy issue will be resolved.

    As the reviews remain in question, the situation underscores the need for Pakistan to address economic challenges and seek support from its allies to maintain its financial stability.

  • ‘Amazing, fulfilling’; Tennis star Sania Mirza shares clip while performing Umrah

    Sports star and television host Sania Mirza shared a video clip of her trip to the holy city of Mecca to perform Umrah. In the caption, Mirza had written that she was thankful for the experience:

    “It has been the most amazing and fulfilling time here .. may Allah call us back again and again .. In sha Allah .. Allhamdulillah for everything .. ya Rabb tera shukar hai “

    Mirza also shared some other pictures with her children of her visit

  • China approves rollover of $2 billion SAFE deposits for Pakistan

    China approves rollover of $2 billion SAFE deposits for Pakistan

    China has given approval for the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for a year. Pakistan’s Finance Minister, Ishaq Dar, confirmed, stating that the rollover was a requirement of the International Monetary Fund (IMF).

    The IMF had requested the rollover of Chinese SAFE deposits to fulfill external financing needs and move towards a staff-level agreement. The agreement involves filling nine tables under the Memorandum of Economic and Financial Policies (MEFP), including a table related to the Net International Reserves (NIR) as an indicative target.

    This target cannot be met without incorporating the external financing needs of the program period until the end of June 2023. The IMF has asked Pakistan to bridge the gap of $6 billion to ensure its credibility and avoid default. This condition was put forth largely because representatives of Gulf countries on the Executive Board had made commitments before the approval of the seventh and eighth reviews for providing financial assistance to Islamabad in various forms.

    Now, the IMF is seeking the support of Saudi Arabia, the UAE, and Qatar to help Pakistan’s struggling economy. The Fund has warned Islamabad that its credibility would be at stake if the staff-level agreement is finalised, and Pakistan fails to materialize its commitment from the bilateral partners, which could lead to default.

    The IMF is investigating why Pakistan’s bilateral partners are not fulfilling their earlier commitments. China is the only country that has come forward to rescue Islamabad by fulfilling its commitments on the re-financing of its commercial loans as well as the rollover of its SAFE deposits.

  • Saudi prince aims to create over 1,000 jobs with $100 million tech house investment in Pakistan

    Saudi prince aims to create over 1,000 jobs with $100 million tech house investment in Pakistan

    A Saudi tech company owned by Prince Fahad bin Mansour Al-Saud has announced the launch of a Saudi-Pakistan Tech House in Islamabad on Monday.

    The initiative was first announced by the prince in January at Pakistan’s largest tech event, Future Fest 2023, and aims to forge partnerships with information technology (IT) companies and enterprises in Pakistan to promote greater ease of doing business between the two countries.

    Prince Fahad is the co-founder of ILSA Interactive, which was established in 2009 by Pakistani entrepreneur Salman Nasir with offices in Riyadh and Lahore, reflecting the determination of both Pakistani and Saudi leaders to deepen an existing strategic relationship in all fields.

    The company plans to forge partnerships with IT companies, universities, and large enterprises in Pakistan. The launch ceremony took place on Monday, March 6, and Prince Fahad intends to create more than 1,000 jobs and undertake 300 projects valued at $100 million in Pakistan, Saudi Arabia, and other countries.

    Future Fest 2023 saw leading entrepreneurs, startups, policymakers, and investors from around the world participate, and a delegation of Saudi business leaders attended the event, taking part in keynote addresses, roundtable conferences, and discussions on various topics related to the future of business and startups.

  • ‘Dunya ne hum par aitemaad keeya’: PM Shehbaz promises to use $9.7 billion flood donations transparently

    Following substantial pledges from the international community for Pakistan’s flood rehabilitation and climate resilience building, Prime Minister (PM) Shehbaz Sharif accompanied by federal ministers, held a press conference in Islamabad to discuss the figures that the country received.

    On Wednesday, the premier announced that the Geneva conference proved to be successful as the world pledged a total of $9.7 billion.

    Giving a breakdown of the amount pledged at the conference, the prime minister said Saudi Arabia committed $1 billion, followed by China $100m, Qatar $25m, Canada $18.6m, Denmark $3.8m, European Union €87m, France €380m, Germany €84m, Italy €23m and Azerbaijan $2m.

    During the conference, he said that the world trusted this government, adding that, “It is now upon us to utilise the amount on infrastructural development and for the development of other important sectors.”

    “The ball is now in our court. We now have to transparently spend every single penny on the people’s prosperity”, he affirmed.

    He added that the incumbent regime would keep up their work until the flood-affected populace was repopulated into their homes.

    Answering a question about the sit-in in South Wazirabad against terrorism, and militancy, the prime minister said the National Security Committee (NSC) discussed the issue in detail.

    Foreign Minister (FM) Bilawal Bhutto Zardari termed the PM’s foreign policy “successful”, citing the amount raised for flood victims and simultaneously dispelled the “myth” that Pakistan was isolated.

    Bilawal said the requirement of $16bn [for flood recovery] in times of Covid, as well as the crisis triggered by the Ukraine-Russia conflict, was “no joke”.

    Earlier this week, an International Conference on Climate Resilient Pakistan was held in Geneva which was co-hosted by Pakistan and the United Nations (UN). PM Shehbaz addressed the platform and asked the world to pour in support for Pakistan.