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Saudi Arabia, other friendly states to invest $27 billion in Pakistan in five years — minister

Saudi Arabia, other friendly states to invest $27 billion in Pakistan in five years — minister
Pakistan’s Planning Minister Ahsan Iqbal speaks during a press conference in Islamabad on July 5, 2024. (APP/File)
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Updated 15 September 2024
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Saudi Arabia, other friendly states to invest $27 billion in Pakistan in five years — minister

Saudi Arabia, other friendly states to invest $27 billion in Pakistan in five years — minister
  • The development comes amid Islamabad’s efforts to attract foreign investment to drive economic growth, development
  • In recent months, Pakistan has reached investment deals mainly with Gulf states in maritime, energy and other sectors
Updated 15 September 2024
Arab News Pakistan
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ISLAMABAD: Planning Minister Ahsan Iqbal has said that friendly countries, including Saudi Arabia and the United Arab Emirates (UAE), have pledged to invest $27 billion in Pakistan in the next five years, Pakistani state media reported on Sunday, amid a push for foreign investment in the South Asian country.
The development comes amid Islamabad’s efforts to attract foreign investment to drive economic growth in Pakistan that has been engulfed in an economic crisis due to decades of financial mismanagement.
In recent months, the South Asian country has reached multiple investment deals with a number of countries, mainly the Gulf states, in infrastructure, energy, maritime, ports and other sectors.
Iqbal said his government was making efforts to bring socio-economic reforms to put the country on the path of fast-track economic development, the state-run Radio Pakistan broadcaster reported.
“Saudi Arabia has announced to invest five billion dollars, while the UAE and Kuwait will each invest ten billion dollars and Azerbaijan will invest two billion dollars,” he was quoted as saying.
China has also shown willingness for the second phase of the China-Pakistan Economic Corridor (CPEC), a flagship of Beijing’s Belt and Road Initiative through which it has pledged over $60 billion in investment projects in Pakistan, according to Iqbal.
Beijing has given assurances for the establishment of five new corridors, including that of growth, livelihood, innovation, green economy and open regional inclusive development.
Since avoiding a default last year, Pakistan has been making attempts to boost investment and trade 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.
The IMF executive board is due to meet on September 25 to discuss the bailout, with Pakistani officials saying that all matters with the lender have been “settled amicably.”
Prime Minister Shehbaz Sharif said this week that friendly countries had played a major role in helping meet requirements placed before Islamabad by the IMF, which included arranging additional external financing and debt rollovers.
Islamabad has for years relied on China, Saudi Arabia and the UAE for assistance to meet such external financing requirements.

Topics: Pakistan Saudi Ties Ahsan Iqbal

Pakistan, Bangladesh leaders agree to expand bilateral ties on sidelines of D-8 summit in Cairo

Pakistan, Bangladesh leaders agree to expand bilateral ties on sidelines of D-8 summit in Cairo
Updated 13 sec ago
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Pakistan, Bangladesh leaders agree to expand bilateral ties on sidelines of D-8 summit in Cairo

Pakistan, Bangladesh leaders agree to expand bilateral ties on sidelines of D-8 summit in Cairo
  • Pakistan, Bangladesh have sought to improve bilateral ties since former PM Hasina’s ouster as a result of a mass movement
  • PM Shehbaz Sharif thanked Bangladesh for the recent steps taken for facilitation of trade and travel between the two nations
Updated 13 sec ago
KASHIF IMRAN

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif and Muhammad Yunus, head of the Bangladeshi interim government, on Thursday agreed to deepen bilateral cooperation in all areas of mutual interest, Sharif’s office said, following a meeting between the two leaders on the sidelines of the 11th Summit of the Developing Eight (D-8) countries in Cairo.
The meeting took place in a cordial environment, truly reflecting the existing goodwill and fraternal ties between Pakistan and Bangladesh, according to PM Sharif’s office.
The Pakistan premier expressed Pakistan’s keen desire to enhance bilateral cooperation, particularly in the areas of trade, people-to-people contacts and cultural exchanges.
“The two leaders expressed satisfaction over recent positive developments in bilateral relations and noted with satisfaction the increasing frequency of high-level contacts,” Sharif’s office said in a statement.
Established together as one independent nation in 1947, Bangladesh won liberation from then-West Pakistan in 1971. Relations between the two countries continued to deteriorate during former Bangladesh prime minister Sheikh Hasina’s administration, which prosecuted several members of the Jamaat-e-Islami (JI) party for war crimes relating to the 1971 conflict.
However, relations between Pakistan and Bangladesh have improved since Hasina was ousted in a bloody student-led protest in August. Islamabad’s ties with Dhaka have also improved as Bangladesh’s relations with India, where Hasina has sought refuge, have deteriorated.
During the meeting, Sharif’s office said the premier emphasized on the need to make joint efforts to explore new avenues of economic cooperation and to take advantage of their potential in sectors such as chemicals, cement clinkers, surgical goods, leather goods and information technology.
“The prime minister expressed his gratitude to Bangladesh for the recent steps taken for facilitation of trade and travel between Pakistan and Bangladesh,” Sharif’s office said.
“This includes waiving off the condition of 100 percent physical inspection of the consignments from Pakistan and abolishment of special security desk at the Dhaka airport earlier established to scrutinize Pakistani passengers. Prime Minister also thanked Bangladesh for doing away with additional clearance requirement for Pakistani visa applicants.”
The two leaders acknowledged importance of people-to-people contacts and cultural exchanges, including enhanced exchange of artists, sportspersons, academics, and students, according to the statement. Both sides agreed to forge greater cooperation at various multilateral fora, including D-8.
Sharif arrived in Cairo on Wednesday to lead the Pakistan delegation at the D-8 summit on December 18-19. Founded in 1997 in Istanbul, D-8 is an organization for development co-operation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. The 11th summit of the bloc is themed as “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
He will address the summit today, Thursday, and highlight the importance of investing in youth and small medium enterprises (SMEs) for building a strong and inclusive economy, creating jobs, advancing innovation, and promoting local entrepreneurship, according to his office.
The prime minister will also attend a special session of D-8 on the humanitarian crisis and reconstruction challenges in Gaza and Lebanon to deliberate on the situation resulting from Israeli military actions in the Middle East.
Also on Thursday, Sharif held a meeting with Indonesian President Prabowo Subianto and congratulated him on assuming the office. The two figures exchanged views on a wide range of issues of mutual interest, including bilateral ties covering political, trade and economic matters as well as cooperation at the multilateral fora, according to Sharif’s office.
“Both the leaders reaffirmed their unwavering support for the Palestinian cause and called for a ceasefire in Gaza urging for a comprehensive approach for resolution of the Palestinian question, with the establishment of a sovereign and independent State of Palestine,” it added.

Topics: Pakistan Bangladesh Ties Muhammad Yunus D-8 summit

Pakistan stock market sheds over 2,000 points on profit-taking, foreign outflow concerns

Pakistan stock market sheds over 2,000 points on profit-taking, foreign outflow concerns
Updated 22 min 50 sec ago
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Pakistan stock market sheds over 2,000 points on profit-taking, foreign outflow concerns

Pakistan stock market sheds over 2,000 points on profit-taking, foreign outflow concerns
  • KSE-100 index drops 2,671 points, or 2.41 percent, to a low of 108,398.42 during intraday trading
  • Analysts say market downturn driven by blue-chip stocks, unstable rupee and weak global oil prices
Updated 22 min 50 sec ago
Hasaan Ali Khan

ISLAMABAD: The Pakistan Stock Exchange (PSX) on Thursday declined by more than 2,000 points, stock analysts said, citing profit-taking and concerns over foreign outflows as main reasons behind the slump.

The benchmark KSE-100 index dropped 2,671.87 points, or 2.41 percent, to 108,398.42 points during intraday trading on Thursday, compared to Wednesday’s close 111,070.29 points.

Ahsan Mehanti, chief executive officer of Arif Habib Commodities, said the downturn was driven by profit-taking by investors, an unstable rupee and weak global oil prices.

“Stocks bearish on concerns over foreign outflows and outlook for cautious SBP [State Bank of Pakistan] policy easing on susceptible multiple risks,” he told Arab News.

“Consolidation in the blue-chip scrips, rupee instability and weak global crude oil prices played a catalyst role in bearish activity.”

On Dec. 16, Pakistan’s central bank cut its key interest rate by 200 basis points to 13 percent, marking the fifth straight reduction since June.

Blue-chip stocks in the PSX include large, stable companies like Oil & Gas Development Company (OGDC), Hub Power, Engro, Nestlé and Lucky Cement. These companies are known for strong performance, financial stability, and industry leadership, making them popular for long-term investments.

Raza Jafri, head of equities at Intermarket Securities, said value buyers would be tempted to reenter on dips, with valuations still in active territory and no changes to the economy’s positive outlook.

“Pakistan equities have experienced profit-taking this week, after this year’s robust 80 percent + CYTD [calendar year to date] rally,” he told Arab News.

“Similar profit-taking also occurred in mid-December last year, around 10 percent, after a rapid rally.”

Topics: Pakistan Pakistan Stock Exchange PSX

Pakistan’s Jacobabad reports fourth polio case, takes nationwide tally to 64 this year

Pakistan’s Jacobabad reports fourth polio case, takes nationwide tally to 64 this year
Updated 19 min 11 sec ago
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Pakistan’s Jacobabad reports fourth polio case, takes nationwide tally to 64 this year

Pakistan’s Jacobabad reports fourth polio case, takes nationwide tally to 64 this year
  • The development comes amid a countrywide drive to vaccinate 44 million children
  • Pakistan and Afghanistan are the only two polio-endemic countries in the world
Updated 19 min 11 sec ago
KASHIF IMRAN

ISLAMABAD: Pakistan’s southern city of Jacobabad has reported its fourth polio case this year, the country’s polio program said on Wednesday, amid an intense resurgence of the virus in the South Asian country.

Polio is a paralyzing disease that has no cure. Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five is essential to provide children high immunity against this terrible disease.

Pakistan is responding to an intense resurgence of wild poliovirus type 1, with 64 cases reported this year, according to the polio program. Of these, 26 are from Balochistan, 18 from Khyber Pakhtunkhwa, 18 from Sindh, and one each from Punjab and Islamabad.

“It is crucial for parents to ensure vaccination for all their children under the age of five to keep them protected,” the polio program said in a statement.

Pakistan on Monday launched the latest nationwide anti-polio drive to vaccinate 44 million children in 143 districts. The drive will continue till Dec. 22. The South Asian country’s polio eradication efforts have faced several challenges in recent years, including militant attacks and misinformation spread by militants and conservative clerics.

Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world. In the early 1990s, the country reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021.

Topics: Pakistan Jacobabad Polio in Pakistan Arab News Pakistan

‘Landmark reforms’: Pakistan cabinet approves amendments to century-old Code of Criminal Procedure

‘Landmark reforms’: Pakistan cabinet approves amendments to century-old Code of Criminal Procedure
Updated 19 December 2024
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‘Landmark reforms’: Pakistan cabinet approves amendments to century-old Code of Criminal Procedure

‘Landmark reforms’: Pakistan cabinet approves amendments to century-old Code of Criminal Procedure
  • The CrPC governs all stages of criminal proceedings in Pakistan, from investigation and prosecution to adjudication and appeals
  • Key changes include facilitating police complaints, electronic recording of statements, and establishing timelines for case hearings
Updated 19 December 2024
NAIMAT KHAN

KARACHI: Pakistan’s federal cabinet has approved amendments to more-than-a-century-old Code of Criminal Procedure (CrPC), a senior official said on Wednesday, adding that the “landmark reforms” would address long-standing issues in the criminal justice system.

Enacted during the British rule in 1898, the CrPC governs all aspects of criminal proceedings in Pakistan, from investigation and prosecution to adjudication and appeals. But many of its provisions were deemed outdated and in need of reforms.

On Tuesday, Prime Minister Shehbaz Sharif’s cabinet approved amendments to CrPC, which would now be presented before both houses of parliament for approval. The draft of amendments would then be sent to the president to be signed into law.

Barrister Aqeel Malik, adviser to the prime minister on law and justice and a government spokesperson on legal affairs, said the changes were essential to “streamline” the criminal justice system of the country.

“The amendments to the CrPC were long overdue,” Malik told Arab News. “These landmark reforms will simplify and streamline processes.”

The reforms followed the creation of a committee by PM Sharif, which engaged bar councils, prosecutors, judges, lawyers and experts to ensure the amendments address issues within the system.

The key changes include measures to protect vulnerable groups, such as women, children, the elderly, and persons with disabilities, by recording their statements at the place of their ease, instead of calling them into a police station.

Under Section 46, only female officers can now arrest women, and male officers have been prohibited from arresting female suspects. Newly added provisions, 54-A and 54-C, seek to align the laws with international standards on the treatment of detainees, while modern electronic devices would now be used to record witness statements and facilitate cross-examinations under Section 161-A, according to Malik.

Another reform requires a police station in-charge, or station house officer (SHO), to be an officer of the sub-inspector rank, instead of an assistant sub-inspector (ASI), while other amendments focus on making it easier for citizens to file police complaints. Previously, if a police officer refused to lodge a complaint, people had to resort to lengthy procedures to seek redressal. Now, people can approach a superintendent of police (SP) to address their grievances.

The role of prosecutors has been strengthened in the new draft, allowing them to flag deficiencies in police reports and recommend suspending or closing cases. Timelines have also been introduced for speedy resolution of cases.

“The trial court will now have to set a timeline for each case within 15 days of taking cognizance, similar to practices in countries like the UK and the US,” Malik said.

A “case management schedule” has been recommended in the amended draft of CrPC and trials must conclude within a year, with a one-time, four-month extension. Appeals must be decided within six months to a year, with fewer adjournments, and legal heirs can now file appeals if the convicted person dies before appealing a verdict to ensure justice may continue posthumously, according to the official. One of the amendments is the inclusion of psychologists and psychiatrists in medical boards.

“The term ‘lunatic’ has also been removed from the CrPC and replaced with a more appropriate definition for individuals suffering from mental disorders,” he added.

Haider Imam Rizvi, a lawyer and former vice-chairman of the Sindh Bar Council, supported the government’s move, but urged it to “avoid using the reforms to consolidate its power.”

“We had been demanding that the outdated 1898 system needs to be amended,” he said. “If the amendments are being introduced to assert dominance over others and deprive people of their rights in certain aspects of the criminal procedure, then I would consider it an improper exercise of power. However, if these changes are genuinely positive, as we still need to see the draft, then we will support them.”

Malik emphasized the reforms were not politically motivated: “These changes are aimed solely at improving the system to ensure speedy justice.”

Saqib Bashir, a local media reporter who has excessively covered legal cases, welcomed the amendments, urging their effective enforcement.

“The use of modern devices like video links for recording statements is a great step. The timeline is also a welcome step but unless there is a will and enforcement, it could remain an unfulfilled promise,” he said. “The mindset of the police, especially regarding FIRs (first information report), also needs to change for the reforms to succeed.”

Topics: Pakistan Code of Criminal Procedure

Pakistan PM in Cairo to attend D-8 summit

Pakistan PM in Cairo to attend D-8 summit
Updated 19 December 2024
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Pakistan PM in Cairo to attend D-8 summit

Pakistan PM in Cairo to attend D-8 summit
  • Shehbaz Sharif will underline the importance of investing in youth and small medium enterprises for building a strong and inclusive economy
  • The prime minister will also attend a special session of D-8 on the humanitarian crisis and reconstruction challenges in Gaza and Lebanon
Updated 19 December 2024
KASHIF IMRAN

ISLAMABAD: Prime Minister Shehbaz Sharif will address on Thursday the 11th Summit of the Developing Eight (D-8) countries in Cairo, Sharif’s office said, with the Pakistan premier expected to hold bilateral meetings with leaders of member states as well as attend a special meeting on Gaza and Lebanon.

Sharif arrived in Cairo on Wednesday to lead the Pakistan delegation at the D-8 summit on December 18-19. Egypt’s Minister for Public Business Sector Mohamed Shimi and officials of the Pakistani embassy received the prime minister at the airport.

Founded in 1997 in Istanbul, D-8 is an organization for development co-operation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. The 11th summit of the bloc is themed as “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”

“At the Summit, the Prime Minister will underline the importance of investing in youth and SMEs (small medium enterprises) for building a strong and inclusive economy, creating jobs, advancing innovation, and promoting local entrepreneurship,” Sharif’s office said.

“The Prime Minister will also attend the Special Session of D-8 on the Humanitarian Crisis and Reconstruction Challenges in Gaza and Lebanon to deliberate on the situation resulting from Israeli aggression in the Middle East.”

The D-8 organization aims to boost economic growth, sustain development and promote and improve standards of living among member states by focusing on bringing improvement and enhancing cooperation in agriculture, trade, transportation, industry, energy and tourism.

Ahead of Thursday’s session, Sharif held a meeting with Indonesian President Prabowo Subianto and congratulated him on assuming the office.

The two figures exchanged views on a wide range of issues of mutual interest, including bilateral ties covering political, trade and economic matters as well as cooperation at the multilateral fora, according to Sharif’s office.

“Both the leaders reaffirmed their unwavering support for the Palestinian cause and called for a ceasefire in Gaza urging for a comprehensive approach for resolution of the Palestinian question, with the establishment of a sovereign and independent State of Palestine,” it added.

Sharif is also accompanied by Deputy Prime Minister and Foreign Minister, Ishaq Dar, Information Minister Ataullah Tarar at the summit.

On Wednesday, Dar attended the 21st meeting of D-8 Council of Foreign Ministers in Cairo, where he reaffirmed Pakistan’s commitment to the D-8 charter and intra-regional cooperation.

He ⁠highlighted the potential for economic collaboration and trade within the D-8 economies, specifically in the areas of agriculture, food security, and tourism. Dar also ⁠expressed Pakistan’s support for Azerbaijan’s application for D-8 membership.

Topics: Pakistan Egypt ties D-8 summit Cairo

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