You are here

  • Home
  • Pakistan PM warns against delay in investment projects by friendly countries

Pakistan PM warns against delay in investment projects by friendly countries

Pakistan PM warns against delay in investment projects by friendly countries
In this handout photograph, taken and released by Pakistan’s Press Information Department, Pakistan Prime Minister Shehbaz Sharif speaks during a parliament session in Islamabad on August 2, 2024. (PID/File)
Short Url

https://arab.news/6npjr

Updated 29 August 2024
Follow

Pakistan PM warns against delay in investment projects by friendly countries

Pakistan PM warns against delay in investment projects by friendly countries
  • Since avoiding a default last year, Pakistan has been making desperate attempts to revive its fragile $350 billion economy
  • PM Shehbaz Sharif asks relevant institutions to take steps to accelerate the pace of ongoing projects, ensure transparency
Updated 29 August 2024
Arab News Pakistan
Follow

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday warned authorities against any delay in investment projects initiated by friend countries in Pakistan, state media reported, amid Islamabad’s efforts to put the dwindling South Asian economy back on track.
The directives by the prime minister came at a meeting he presided over in the federal capital of Islamabad to review the country’s economy and investment landscape. Sharif said the $350 South Asian economy was on the path to grow.
Since avoiding a default last year, Pakistan has been making desperate attempts to revive its fragile economy and reached a staff-level agreement with the International Monetary Fund (IMF) in July for a new $7 billion loan.
Sharif said the recent upgradation of Pakistan’s ratings to Caa2 from Caa3 by an international credit ratings agency, Moody’s, was an acknowledgement of the “sound economic policies” of his government, the Radio Pakistan broadcaster reported.
“Keen interest of friendly countries to invest billions of rupees in Pakistan’s various sectors is a result of business-friendly policies of the government,” he was quoted as saying.
“Any delay in the implementation of investment projects from friendly countries is not acceptable.”
Pakistan has reached investment deals with a number of countries, mainly China and the Gulf states, in infrastructure, energy, maritime, ports and other sectors.
During the meeting, Sharif directed his cabinet members and relevant institutions to take steps to accelerate the pace of ongoing projects and ensure transparency in their implementation.
He highlighted enormous investment potential in the country’s information technology (IT), agriculture, minerals, gemstones and energy sectors.
“Foreign investment in these sectors will not only boost exports’ volume, but it will create job opportunities for the youth,” he noted.

Topics: Prime Minister Shehbaz Sharif Pakistan economy

Saudi embassy inaugurates Kingdom’s pavilion at 10-day cultural show in Pakistani capital

Saudi embassy inaugurates Kingdom’s pavilion at 10-day cultural show in Pakistani capital
Updated 5 sec ago
Follow

Saudi embassy inaugurates Kingdom’s pavilion at 10-day cultural show in Pakistani capital

Saudi embassy inaugurates Kingdom’s pavilion at 10-day cultural show in Pakistani capital
  • Annual Lok Mela festival, which began in Islamabad this week, will continue till Nov. 17
  • More than 500 artisans from across Pakistan are showcasing their skills at the festival
Updated 5 sec ago
Muhammad Ibrahim

ISLAMABAD: Saudi Arabia’s embassy in Pakistan has inaugurated the Kingdom’s pavilion at a 10-day cultural show in the Pakistani capital of Islamabad, which aims to promote national unity, folk heritage, and the culture and traditions of Pakistan’s various provinces and regions.
The annual Lok Mela festival began on November 8 and will continue till November 17, according to the Pakistan National Museum director and focal person of the 2024 fest, Anwaar-ul-Haq.
More than 500 artisans from across Pakistan are showcasing their skills at the festival, while many diplomatic missions, including those of Saudi Arabia, Uzbekistan, Turkiye and Indonesia, are also presenting their cultures and arts at Lok Mela.
“The embassy also inaugurated its pavilion at the fair, which will highlight the special culture of the Kingdom during the fair,” the Saudi embassy said on Twitter.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2 million Pakistani expatriates and serves as a top source of remittances to the cash-strapped South Asian country.
Saudi Arabia has also often come to Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up forex reserves.

Topics: Pakistan Saudi Ties Lok Mela

UAE consul-general in Karachi releases green turtle hatchlings into Arabian Sea

UAE consul-general in Karachi releases green turtle hatchlings into Arabian Sea
Updated 09 November 2024
Follow

UAE consul-general in Karachi releases green turtle hatchlings into Arabian Sea

UAE consul-general in Karachi releases green turtle hatchlings into Arabian Sea
  • The babies were released during a ceremony to spread awareness about preservation of the endangered species
  • Increasing construction, noise, pollution and exhaust fumes in the port city have greatly threatened green turtles
Updated 09 November 2024
NAIMAT KHAN

KARACHI: United Arab Emirates (UAE) Consul-General Dr. Bakheet Ateeq Al-Remeithi on Friday released green turtle hatchlings into the Arabian Sea off the southern Pakistani port city of Karachi, in a bid to spread awareness about their preservation
The endangered green turtles come to shore to lay eggs on beaches in Karachi and on uninhabited islands in the neighboring Balochistan province, however, increasing construction, noise and pollution and exhaust fumes in the port city have greatly threatened the species.
The provincial wildlife department of the Sindh province, which Karachi is a part of, on Friday arranged a ceremony to release these endangered hatchlings into the Arabian Sea, which was attended by the UAE consul-general and young school students.
“The departure of green turtle babies into the sea was a sight to behold. Pakistan’s beaches are rich in natural beauty, but some steps are necessary,” he told reporters.
“Visitors coming for recreation here must dispose of plastic shopping bags responsibly instead of throwing them away. These shopping bags are destroying the environment of green turtles.”
Female green turtles visit the coastal areas of Karachi for breeding from mid-August till mid-February every year, according to the Sindh wildlife department.
So far, 450 green turtles, up to one or two days old, have been released into the sea this season.

Topics: Pakistan UAE ties UAE consulate karachi

Thousands rally in Pakistan’s northwest to press for release of ex-PM Imran Khan

Thousands rally in Pakistan’s northwest to press for release of ex-PM Imran Khan
Updated 09 November 2024
Follow

Thousands rally in Pakistan’s northwest to press for release of ex-PM Imran Khan

Thousands rally in Pakistan’s northwest to press for release of ex-PM Imran Khan
  • Khan’s party has lately held several rallies to demand his release as well as to oppose recent controversial legislations and constitutional changes
  • The party says its protests are meant to ensure the rule of constitution, democratic rights and independence of judiciary in the South Asian country
Updated 09 November 2024
WASIM SAJJAD

PESHAWAR: Thousands of supporters of former prime minister Imran Khan on Saturday gathered in the northwestern Pakistani town of Swabi to demand the release of the former premier, amid a campaign by his Pakistan Tehreek-e-Insaaf (PTI) party to get him out of prison and oppose recent “controversial” constitutional changes in the country.
Cavalcades of Khan supporters made their way to Swabi from various parts of the Khyber Pakhtunkhwa (KP) province, where Khan’s PTI party rules, and elsewhere in the country.
The PTI has held several rallies in Pakistan in recent months to mount pressure on authorities to get the ex-premier, who has been in jail since August last year on a slew of charges, out of prison.
The rally was attended by several PTI leaders, including KP Chief Minister Ali Amin Khan Gandapur, Omar Ayub Khan, Asad Qaisar and PTI chairman Gohar Khan.
“Even if our lives are gone, we will take a sigh only when Imran Khan is released,” Gandapur told the attendees in Swabi. “Imran Khan has ordered that he is going to call us in the month of November. We will not return until we get Imran Khan released.”

Pakistan Tehreek-e-Insaf party supporters attend a rally in Swabi, Khyber Pakhtunkhwa on November 9, 2024. (Photo courtesy: X/@PTIOfficial)

PTI Chairman Gohar promised to continue their struggle for the release of Khan.
“We believe in the rule of law and according to the constitution of Pakistan, the change will come from within Pakistan,” he said, denying that his party sought support from the West for Khan’s release.
“Hopefully, the release of Imran Khan will be made possible from here [Swabi], according to the constitution and law of Pakistan.”
Khan, arguably Pakistan’s most popular politician, was ousted from office after a parliamentary no-trust vote in April 2022 and has since waged an unprecedented campaign of defiance against the country’s powerful military and the Prime Minister Shehbaz Sharif-led government, which Khan’s party says rigged the Feb. 8 general election and formed a government with the backing of the army. Both deny the charge.
The PTI has recently held a number of public gatherings, some without permission from authorities, for Khan’s release as well as to oppose controversial legislations and constitutional changes that extended the tenure of military services chiefs and granted lawmakers the authority to nominate the chief justice of Pakistan, who previously used to be automatically appointed according to the principle of seniority.
The opposition and the legal fraternity have also opposed the amendments, arguing that they were aimed at granting more power to the executive in making judicial appointments and curtailing the independence of the judiciary. The government denies this.
Gohar announced at the rally that the PTI and its ally in the National Assembly, the Sunni Ittehad Council (SIC) party, would file a petition against the controversial amendments in the Supreme Court.

Topics: Pakistan Tehreek-e-Insaf (PTI) party Imran Khan

48th case of polio reported this year amid deepening Pakistan virus crisis

48th case of polio reported this year amid deepening Pakistan virus crisis
Updated 09 November 2024
Follow

48th case of polio reported this year amid deepening Pakistan virus crisis

48th case of polio reported this year amid deepening Pakistan virus crisis
  • The wild poliovirus type-1 was detected in a male child in Dera Ismail Khan district of Khyber Pakhtunkhwa province
  • This year, 23 cases have been reported in Balochistan, 13 in Sindh, 10 in KP and one each in Punjab and Islamabad
Updated 09 November 2024
Arab News Pakistan

ISLAMABAD: Pakistan on Saturday reported another case of polio virus that took the nationwide count to 48 this year, the country’s polio program said.
The regional laboratory for polio eradication at the National Institute of Health Islamabad has confirmed the Wild Poliovirus Type-1 (WPV1) in a male child from Dera Ismail Khan district of the Khyber Pakhtunkhwa (KP) province.
Dera Ismail Khan is among the polio-endemic districts in southern KP and this is the third polio case from the district this year, according to the Pakistan polio program.
“Genetic sequencing of the samples collected from the child is under process,” the polio program said in a statement.
So far, 23 cases have been reported in Balochistan, 13 in Sindh, 10 in KP and one each in Punjab and the federal capital of Islamabad.
“The oral polio vaccine is essential to keep children protected from disability from a polio infection,” the statement read.
“We urge parents across the country to ensure multiple doses of the oral polio vaccine for all children under five in their care and ensure that their routine vaccination doses are also complete.”
Pakistan and Afghanistan are the only two countries where polio remains an endemic. Since late 2018, Pakistan has seen a resurgence of cases and increased spread of poliovirus, highlighting the fragility of gains achieved in the preceding three years.

Topics: Pakistan Polio Service

Government to slash winter power tariffs to spur demand, cut gas use in Pakistan

Government to slash winter power tariffs to spur demand, cut gas use in Pakistan
Updated 09 November 2024
Reuters
Follow

Government to slash winter power tariffs to spur demand, cut gas use in Pakistan

Government to slash winter power tariffs to spur demand, cut gas use in Pakistan
  • The move is expected to provide relief to businesses and citizens, who have suffered from steep and sudden increases in tariffs
  • Utilities in Pakistan, many of which have had to curtail or even cease operations in winter, will also benefit from the move
Updated 09 November 2024
Reuters

KARACHI: Pakistan will reduce electricity tariffs during winter in a bid to boost consumption and cut the use of natural gas for heating, its power minister told Reuters on Saturday.
The move is expected to provide relief to businesses and citizens, who have suffered from steep and sudden increases in electricity tariffs following energy sector reforms suggested by the International Monetary Fund (IMF).
Utilities in Pakistan, many of which have had to curtail or even completely cease operations in winter months due to demand dropping by up to 60 percent from peak summer levels, will also benefit from the move.
“Reducing prices will increase demand, especially in winter when people use inefficient gas resources,” Power Minister Awais Leghari told Reuters in a telephone interview.
Pakistan will pilot the plan starting this winter, and the lower tariffs will apply between December 2024 to February 2025, he said.
The IMF, which approved a $7 billion, 37-month loan for Pakistan in September, did not immediately respond to a request for comment.
Pakistan relies heavily on expensive natural gas and burning wood for heating during winter.
Power consumption in Pakistan has declined 8-10 percent year on year over the past three quarters, Leghari said. But he said he hopes that an economic recovery will cover up for lost ground and will help boost demand by a net average 2.8 percent annually over the next ten years.
Leghari expects the move to slash winter tariffs to help industries reduce electricity costs by 7-8 percent at an optimal level, while stimulating industrial growth in the process.
Leghari also said the government is working to rationalize power tariffs, re-profile power sector debt and adjust tax structures within electricity bills.
“The government is in talks with development partners to reduce taxes to spur growth of electric vehicles and combating the emergent problem of air pollution, promoting a shift away from combustion-based transportation toward clean energy,” he said.

Latest updates

Messi and Miami eliminated from MLS Cup playoffs in first round
Messi and Miami eliminated from MLS Cup playoffs in first round
Trump completes swing state sweep by taking Arizona
Trump completes swing state sweep by taking Arizona
Ukraine commander says challenges increase in war with Russia
Ukraine commander says challenges increase in war with Russia
Frustrated Americans await the economic changes they voted for with Trump
Frustrated Americans await the economic changes they voted for with Trump
Weah scores for Juventus in Turin derby win and Leao nets 2 in AC Milan draw at Cagliari
Weah scores for Juventus in Turin derby win and Leao nets 2 in AC Milan draw at Cagliari

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.