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Pakistan stocks rally after policy rate cut, positive developments on IMF front

Pakistan stocks rally after policy rate cut, positive developments on IMF front
Stockbrokers monitor the latest share prices at the Pakistan Stock Exchange (PSE) in Karachi on July 3, 2023. (AFP/File)
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Updated 13 September 2024
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Pakistan stocks rally after policy rate cut, positive developments on IMF front

Pakistan stocks rally after policy rate cut, positive developments on IMF front
  • The benchmark KSE-100 index rose by more than 800 on Friday morning
  • It declined in the afternoon session to close at 79,333, up by 315 points
Updated 13 September 2024
Arab News Pakistan
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ISLAMABAD: The Pakistan Stock Exchange (PSX) on Friday rallied by more than 300 points, according to the PSX website, following a policy rate cut by the central bank and positive developments with regard to the country’s International Monetary Fund (IMF) bailout.

The benchmark KSE-100 index rose by more than 800 on Friday morning, but declined in the afternoon trading session to close at 79,333, up by 315 points.

A day earlier, the central bank cut its key policy rate by 200 basis points to 17.5 percent — the third straight reduction since June as the country looks to spur growth as inflation eases.

“The MPC assessed the real interest rate to still be adequately positive to bring inflation down to the medium-term target of 5–7 percent and help ensure macroeconomic stability,” the State Bank of Pakistan’s Monetary Policy Committee said in a statement, announcing the cut.

“This would be essential to achieve sustainable economic growth over the medium term.”

Separately, the IMF said its board would meet at the end of this month to discuss Pakistan’s new $7 billion bailout program that was agreed in July.

“All matters with the IMF have been settled amicably,” Finance Minister Muhammad Aurangzeb said in a statement on Thursday. “These matters will be finalized in the meeting of the IMF board this month.”

Pakistan’s sovereign dollar bonds also rallied on Thursday, with the 2031 maturity trading 1 cent higher to bid at 79.93 cents on the dollar, according to Tradeweb data.

Topics: Pakistan Pakistan IMF Ties Pakistan Stock Exchange

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
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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
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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
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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
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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.

‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia

‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia
Updated 09 November 2024
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‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia

‘Peace and comfort’: Pakistani academic finds home and harmony in Saudi Arabia
  • Muhammad Tanveer moved to the Kingdom in 2002 after he was offered an opportunity to teach in Saudi Arabia
  • He has gone on to become a school principal, but also calls himself a ‘Saudi’ after having spent 22 years there
Updated 09 November 2024
KASHIF IMRAN

ISLAMABAD: With just eight years of experience, Muhammad Tanveer, a Pakistani academic, moved to Saudi Arabia in 2002 after he was offered an opportunity to teach in the Kingdom.
Since then, Tanveer has not only gone on to become the principal of Pakistan International School Riyadh’s English section, but also found his home in the diverse Saudi society.
Tanveer, who is skilled in curriculum development, compliance management, administration and policy development, says he has become a “Saudi” after having spent 22 years in the Kingdom and is very much impressed by its culture.
“To contribute to the Saudi education process while living in Saudi Arabia has a great feeling of satisfaction. There are many countries where there are facilities, but Saudi Arabia is one of those few countries, where there is peace,” he said in a video shared by the Saudi media ministry on X on Friday.
“As an expat, I would say that I love Saudi Arabia and I love being a resident of Saudi Arabia for all the peace and comfort and protection that [the Saudi] society provides me.”
Saudi Arabia is home to more than 2 million Pakistani expatriates, who are a vital source of remittances to the South Asian country. The Kingdom regularly seeks skilled workers from Pakistan and both nations share strong cultural, economic and defense relations.
The Pakistani academic says he was always ambitious about excelling in his field and his motivation increased manifolds when he got an opportunity to teach in Saudi Arabia. Apart from the Saudi capital, he loves traveling to other beautiful places in the Kingdom, including Abha and Tabuk.
“My favorite place apart from Riyadh is Abha. It is a very beautiful place, every summer, it’s a magnificent place, weather is really great, so I love Abha. Similarly, Tabuk is very beautiful, Tabuk’s valleys are very beautiful,” he said.
“It is very touching to be part of the Saudi society, because the love, the cooperation and the support found in the Saudi society, I could not imagine it both individually and as a professional.”

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