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Saudi Arabia remains top contributor as Pakistan remittances hit record $3.2 billion — central bank

Saudi Arabia remains top contributor as Pakistan remittances hit record $3.2 billion — central bank
A pedestrian walks past a foreign currency exchange shop in Quetta on December 8, 2011. (AFP/File)
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Updated 08 June 2024
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Saudi Arabia remains top contributor as Pakistan remittances hit record $3.2 billion — central bank

Saudi Arabia remains top contributor as Pakistan remittances hit record $3.2 billion — central bank
  • Remittances in May were up by 15.3 percent on a month-on-month basis and 54.2 percent year-on-year 
  • Saudi Arabia contributed the most to the inflows with $819.3 million, followed by the UAE, UK and US
Updated 08 June 2024
KHURSHID AHMED   
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KARACHI: Pakistan received its highest ever worker remittances of $3.2 billion in the month of May, the Pakistani central bank said on Friday, with Saudi Arabia being the top contributor.
Remittances bring billions of dollars annually from overseas Pakistanis and are vital to Pakistan’s economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency.
Pakistani expatriates sent a total of $3.2 billion in May that recorded an increase of 15.3 percent on a month-on-month basis and by 54.2 percent on a year-on-year basis, according to official figures shared by the State Bank of Pakistan (SBP).
“Remittances inflows during May 24 were mainly sourced from Saudi Arabia ($819.3 million), United Arab Emirates ($668.5 million), United Kingdom ($473.2 million) and United States of America ($359.5 million),” the SBP said in a statement.
“Cumulatively, with inflow of $ 27.1 billion, workers’ remittances increased by 7.7 percent during the first eleven months of FY24 compared to the same period last year.”
Remittances play a major role in supporting Pakistan’s external account, especially at a time when the country is grappling with an economic crisis that has weakened its currency and caused its foreign exchange reserves to plummet.
Pakistan had set a worker remittance inflow target of $28.5 billion for the current fiscal year ending in July.
“This is higher than our expectations as we projected full year remittances at $28bn, while Pakistan has achieved remittances of $27bn in 11MFY24,” Karachi-based Topline Securities brokerage firm said in its report.
“We believe, with this momentum and growth trajectory, Pakistan can achieve remittances of $29.5-30bn for FY24, up 8-10 percent.”
The higher momentum in remittances was likely to persist due to stability in the Pakistani currency and expectations of a new International Monetary Fund (IMF) program, it added.

Topics: National Bank of Pakistan Remmitances

Hajj application deadline for Pakistan government scheme expires today

Hajj application deadline for Pakistan government scheme expires today
Updated 17 December 2024
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Hajj application deadline for Pakistan government scheme expires today

Hajj application deadline for Pakistan government scheme expires today
  • With 79,000 Hajj applications received by Dec. 10, 10,605 slots remained vacant under government scheme
  • Ministry said it would continue receiving applications on “first-come, first-served basis for few thousand vacant seats”
Updated 17 December 2024
SAIMA SHABBIR

ISLAMABAD: The last day to submit applications for Hajj 2025 at designated banks under the Pakistan federal government scheme is today, Tuesday, the ministry of religious affairs said in a statement. 

Saudi Arabia has allotted Pakistan a total quota of 179,210 pilgrims for the upcoming Hajj, to be divided equally between the government and private schemes. The government last week extended the deadline for the submission of Hajj applications for government scheme slots from Dec. 3 to Dec. 10.

On Dec. 10, the ministry of religious affairs said it had so far received 79,000 applicants and announced that it would continue receiving submissions on “a first-come, first-served basis for a few thousand vacant seats.”

“December 17 will be the last day for submitting Hajj applications at designated banks,” the religious affairs ministry said on Monday. “All applications received by December 17 will be considered successful.”

The religious affairs ministry announced this year’s Hajj policy last month, allowing pilgrims to pay Hajj fees in installments for the first time. The first installment of Rs200,000 ($717) must be deposited along with the application while the second installment of Rs400,000 ($1,435) has to be submitted between Dec. 19-27. The remaining amount has to be deposited by Feb. 10 next year.

Pakistan’s religious affairs ministry has launched the ‘Pak Hajj 2025’ mobile application to guide and facilitate pilgrims. The app is available for both Android and iPhone users.

The Pakistan government has also announced a reduction in airfare for Hajj 2025, with a Rs14,000 ($50) drop in ticket prices. Pilgrims enrolled in the federal program will now pay Rs220,000 for airfare, down from last year’s Rs234,000. 

The national flag carrier, the Pakistan International Airlines (PIA), Saudi Airlines and other private airlines have agreed to the relief package, according to the Pakistan government.

With 79,000 Hajj applications received by Dec. 10, 10,605 slots remained vacant under the government scheme. Last year, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but this year the government hopes all slots can be filled.

Topics: Hajj applications Hajj 2025 Pakistan Hajj mission

Pakistan government downplays Trump envoy pick’s comments calling for release of Imran Khan

Pakistan government downplays Trump envoy pick’s comments calling for release of Imran Khan
Updated 21 min 36 sec ago
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Pakistan government downplays Trump envoy pick’s comments calling for release of Imran Khan

Pakistan government downplays Trump envoy pick’s comments calling for release of Imran Khan
  • In X posts on Nov. 26, Richard Grenell called for the release of Khan and said he was in jail on “phony charges”
  • There has been renewed interest in the remarks since Trump picked Grenell as new envoy for special missions
Updated 21 min 36 sec ago
Arab News Pakistan

ISLAMABAD: Pakistani Defense Minister Khawaja Asif has downplayed comments by Richard Grenell, the pick for US presidential envoy for special missions, calling for the release of jailed ex-premier Imran Khan, saying the government did not expect the remarks to have any “repercussions.”

In an X post on Nov. 26, Grenell posted “Released Imran Khan!” as his party held protests in the Pakistani capital to demand their leader’s release from prison. In a second post, he said, “Watch Pakistan. Their Trump-like leader is in prison on phony charges … Stop the political prosecutions around the world!” On Tuesday morning, Grenall posted again in support of Khan. 

There has been renewed interest in the online posts since last Saturday when US President-elect Donald Trump said he was picking Grenell, his former intelligence chief, as new presidential envoy for special missions, igniting hopes in pro-Khan camps that he would push for the jailed former prime minister’s release when formally appointed after Trump’s inauguration on Jan. 20, 2025.

Khan has been in jail since August 2023 on charges he says are trumped up by the government and the all-powerful military to keep him away from politics. Both deny the charge. 

“I don’t think there is any pressure involved,” Asif said in an interview to Independent Urdu on Monday when asked if the Pakistan government expected pressure from the US on Khan’s release after Grenell’s appointment.

“In American politics, there are different considerations that different people and parties have and according to that they express their views, but as far as government to government relations go, their expression or interpretation through any tweets, or such statements, is far-fetched … I don’t think there will be any repercussions of [Grenell’s tweets] at any level.”

Khan, who was ousted from office after a parliamentary vote in April 2022, has since waged an unprecedented campaign of defiance against the country’s powerful military, which is thought to be aligned with the coalition government of Prime Minister Shehbaz Sharif. The military denies it interferes in politics. 

Khan continues to remain popular among the masses, with his Pakistan Tehreek-e-Insaf party’s rallies drawing thousands of people from across the country. The PTI has held several rallies over the past few months to build public pressure to secure his release from prison. 

Four troops and 12 PTI supporters were killed in the latest protest in Islamabad last month after security forces raided the protest site to disperse demonstrators who had gathered at a square that is in the federal capital’s heavily-policed red zone, home to key government and diplomatic buildings as well as the Supreme Court.

Khan’s party was also barred from Pakistan’s general election on Feb. 8 2024, but the would-be candidates stood as independents.

Despite the ban and Khan’s imprisonment for convictions on charges ranging from leaking state secrets to corruption, millions of the former cricketer’s supporters voted for him. Independent candidates from his party won the highest number of seats but not enough to form a government on their own. Khan cannot be part of any government while he remains in prison.

Topics: Pakistan US Ties Imran Khan and Donald Trump Pakistan’s defense minister Khawaja Asif

Pakistan monetary policy ‘adequate’ to manage inflationary risks, support economic growth — analysts 

Pakistan monetary policy ‘adequate’ to manage inflationary risks, support economic growth — analysts 
Updated 17 December 2024
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Pakistan monetary policy ‘adequate’ to manage inflationary risks, support economic growth — analysts 

Pakistan monetary policy ‘adequate’ to manage inflationary risks, support economic growth — analysts 
  • State Bank of Pakistan cut its key policy rate by 200 basis points to 13 percent on Monday
  • This was fifth straight reduction since June as Pakistan tries to revive sluggish economy
Updated 17 December 2024
Arab News Pakistan

ISLAMABAD: Analysts said on Tuesday Pakistan’s monetary policy was “adequate” to manage inflationary and external risks while also supporting economic growth, a day after the central bank cut its key policy rate by 200 basis points to 13 percent.

This is the fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing. Pakistan’s latest move makes this year’s cuts one of the most aggressive among emerging market central banks in the current easing cycle. Cumulatively, the central bank has cut rates by 900 basis points during 2024, even higher than during the pandemic in 2020 when it cut 625 basis points in a year. 

Monday’s move follows cuts of 150 bps in June, 100 in July, 200 in September, and a record cut of 250 bps in November, that have taken the rate down from an all-time high of 22 percent, set in June 2023 and left unchanged for a year.

“The key driver for this [rate cut] decision is continuous decline in food prices … sticky core inflation and volatile inflation expectation of consumers and business are also key factors,” Topline Securities said in an analysis of the monetary policy announcement on Monday evening.

“In addition, key demand indicators have shown signs of improvements. Based on these factors, central bank believes that current approach of monetary settings is adequate to manage inflationary and external risks and will also support economic growth.”

Key developments as highlighted by the monetary policy committee were a third consecutive month of a current account surplus, supportive global commodity prices, higher credit offtake primarily driven by the Advance-to-Deposit Ratio (ADR) threshold and a widening revenue shortfall by the Federal Board of Revenue. 

“Policy rate cuts since June 24 are beginning to take effect and real policy rate remains suitably positive to ensure inflation stabilizes within the target range of 5 percent-7 percent,” the report said. 

For the next fiscal year, average inflation is likely to remain much lower than the earlier forecast of 11 percent-13 percent. Core inflation saw a slight decline in November, while consumer inflation expectations edged higher. However, the inflation outlook remains exposed to risks such as additional revenue measures, a resurgence in food inflation, and rising global commodity prices, Topline added. 

Responding to a question, the governor of the central bank said on Monday the sharp decline in the policy rate was likely to aid the government on the expenditure front and despite the shortfall on revenue, the fiscal balance was expected to remain in the budgeted range.

Pakistan is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September.

While announcing the monetary policy, the central bank noted that “considerable efforts and additional measures” would be required for Pakistan to meet its annual revenue target, a key focus of the IMF agreement.

Topics: Policy Rate State Bank of Pakistan (SBP) Pakistan economy

From mockery to mastery, the inspiring journey of a blind Pakistani cricketing star

From mockery to mastery, the inspiring journey of a blind Pakistani cricketing star
Updated 17 December 2024
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From mockery to mastery, the inspiring journey of a blind Pakistani cricketing star

From mockery to mastery, the inspiring journey of a blind Pakistani cricketing star
  • Naimatullah Shahwani, partially blind since age 8, was on Pakistan team that won Blind T20 World Cup on Dec. 3
  • 22-year-old grew up playing cricket on streets of Quetta, joined professional academy in provincial capital in 2019
Updated 17 December 2024
SAADULLAH AKHTER

QUETTA: Naimatullah Shahwani walked into the cricket ground at the University of Balochistan earlier this month as the crisp winter sun shone down on him. 

The 22-year-old cricketer was there for his daily practice following his return to Quetta, the provincial capital of the remote, impoverished Balochistan province, after being part of the team that won the Blind T20 World Cup on Dec. 3, defeating Bangladesh by 10 wickets.

For Shahwani, the victory was not just a national achievement but a personal milestone in his journey from obscurity and discrimination to mastery of a beloved game — and stardom.

Blind cricket, governed by the World Blind Cricket Council (WBCC) since 1996, is a modified version of the sport designed for players with varying degrees of visual impairment. The game is categorized into three groups: B1 (fully blind), B2 (partially blind), and B3 (players with limited vision). Teams are composed of a mix of all categories to ensure inclusivity and a competitive balance.

Shahwani, a B2 all-rounder who lost his sight to cataract at the age of eight, says he grew up playing cricket on the streets of Quetta and eventually joined a professional blind cricket academy in the city in 2019.

“As I grew up and started playing cricket with boys in the streets, I was unable to see properly whenever the ball would go up,” Shahwani told Arab News. 

“Because of this, the other boys used to make fun of me, and it didn’t feel nice, I wondered why they were doing this. Then I joined the blind cricket academy and by the grace of god, my performance got better and today I am part of Pakistan’s national team.”

After consistently performing well in domestic and national leagues, Shahwani joined the national blind cricket team in August 2023 and that month, Pakistan won gold at the International Blind Sports Federation (IBSA) games in Birmingham, England. The player has never looked back.

“PLAYER OF THE TOURNAMENT“

The Blind T20 World Cup, inaugurated in 2012, has been dominated by neighboring India who won the 2012, 2017 and 2022 editions of the tournament. This year, the defending champions refused to travel to Pakistan due to political tensions between the nuclear-armed archrivals. This series was then played between Pakistan, Sri Lanka, Bangladesh, Nepal, Afghanistan, and South Africa.

“Pakistan hadn’t won this title since the inception of the Blind T20 World Cup, hence we did utmost hard work and the entire team performed well in the final,” Shahwani said. 

“I received the ‘Man of the Match’ award in three games against Sri Lanka, South Africa and Nepal, and the ‘Player of the Tournament’ title in the final.”

Shahwani, the eldest of four siblings, credits his blind parents for supporting his dreams and never letting him lose hope in the face of discrimination. 

“Despite facing stereotypes in society for being a member of a blind family, I encouraged my son, and people who used to mock his impairment are now coming to congratulate him for his performance in the Blind T20 World Cup,” Shahwani’s father, Nasrullah, told Arab News.

At the same time, he lamented a lack of appreciation by the government: “No one from the government and provincial sports department has come to see my son and to encourage him after the win.”

Nisar Ali, the captain of the national blind cricket team who praised Shahwani as a “bright and talented” player, also highlighted the challenges faced by blind cricketers in Pakistan.

“Blind cricket in Pakistan doesn’t receive much support from the government, because it is not a commercial sport,” Ali told Arab News. “Blind cricket is as neglected a sport in Pakistan as in Balochistan.”

Yasir Bazai, director-general for the Balochistan sports department, said the Pakistan Cricket Board was leading all cricket affairs in Pakistan, including blind cricket.

“The provincial sports department will support Naimatullah under its limited resources,” he added. 

While the Pakistan Cricket Board awarded the blind cricket team Rs10 million ($36,029) for their World Cup victory, players like Shahwani hope for more acknowledgement and resources for the sport in the future. 

“I thank god that he gave me a platform where I performed well and he gave me so much respect,” the player said as he walked away to start practicing. 

“My future plans are to serve Pakistan as much as I can and take forward the name of my Balochistan.”

Topics: Pakistan Blind cricket team Naimatullah Shahwani Blind Cricket World Cup

Three-match ODI series between Pakistan and South Africa begins today

Three-match ODI series between Pakistan and South Africa begins today
Updated 17 December 2024
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Three-match ODI series between Pakistan and South Africa begins today

Three-match ODI series between Pakistan and South Africa begins today
  • Series to be played on Dec. 17, 19, 21, all matches to begin at 5pm PST
  • South African won T20 International series against Pakistan last week
Updated 17 December 2024
Shahjahan Khurram

ISLAMABAD: South Africa will lock horns with Pakistan in a key three-match ODI series beginning today, Tuesday, at Boland Park in Paarl, days after the hosts beat the South Asian nation’s team in a Twenty20 International championship. 

South Africa won the T20I series 2-0 after the third T20I was washed out on Dec. 14. The ODI series is significant for both the teams as they prepare for the upcoming ICC Champions Trophy, which Pakistan is hosting in February and March 2025. Pakistan will also play South Africa later this month in a Test series.

“This is a vital ODI series in terms of our preparations for the ICC Champions Trophy and with Allah’s help we will look to emulate our performances from the ODI series against Australia,” Mohammad Rizwan, Pakistan’s ODI captain, said in a statement shared by the Pakistan Cricket Board (PCB).

“We couldn’t get the ideal results in the T20I series but I am really happy with some of the performances put in by our players in these conditions especially Saim’s batting was brilliant in both games. Our batting, pace and spin stocks are decent enough to challenge South Africa and win the series with the help of almighty.

“I see a lot of potential in our ODI squad with players young and experienced both willing to put the best step forward, which makes us an exciting prospect as a one-day side not just going into this series but also in the home tri-nation series and the blockbuster white-ball mega event at home.”

Pakistan’s squad has been bolstered with the return of pacer Naseem Shah, opening batter Abdullah Shafique and top-order batter Kamran Ghulam while wrist-spinner Sufyan Moqim and Usman Khan have received their maiden ODI call-ups. 

This will be Mohammad Rizwan’s third ODI series as skipper of the side as he has started his stint with back to back ODI series wins over Australia and Zimbabwe.

In their last bilateral face-off in the 50-over format, Pakistan won the three-match series 2-1 in South Africa in April 2021.

Pakistan ODI squad: Mohammad Rizwan (captain & wk), Abdullah Shafique, Abrar Ahmed, Babar Azam, Haris Rauf, Kamran Ghulam, Mohammad Hasnain, Muhammad Irfan Khan, Naseem Shah, Saim Ayub, Salman Ali Agha, Shaheen Shah Afridi, Sufyan Moqim, Tayyab Tahir and Usman Khan (wk)

South Africa ODI squad: Temba Bavuma (captain), Aiden Markram, Andile Phehlukwayo, David Miller, Heinrich Klaasen (wk), Kagiso Rabada, Keshav Maharaj, Kwena Maphaka, Marco Jansen, Ottneil Baartman, Rassie van der Dussen, Ryan Rickelton, Tabraiz Shamsi, Tony de Zorzi, and Tristan Stubbs

Schedule of matches:

17 Dec – 1st ODI vs South Africa at Boland Bank Park, Paarl (5pm PKT)
19 Dec – 2nd ODI vs South Africa at Newlands Cricket Ground, Cape Town (5pm PKT)
22 Dec – 3rd ODI vs South Africa at The Wanderers Stadium, Johannesburg (5pm PKT)

26 Dec – 1st Test vs South Africa at SuperSport Park, Centurion (1pm PKT)
3 Jan – 2nd Test vs South Africa at Newlands Cricket Ground, Cape Town (1pm PKT)

Topics: Pakistan vs South Africa Pakistan cricket

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