Pakistan’s Punjab seeks US expertise to combat Lahore’s growing smog crisis

Pakistan’s Punjab seeks US expertise to combat Lahore’s growing smog crisis
Commuters make their way amid smog in Lahore on November 1, 2024. (AFP)
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Updated 3 min 43 sec ago
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Pakistan’s Punjab seeks US expertise to combat Lahore’s growing smog crisis

Pakistan’s Punjab seeks US expertise to combat Lahore’s growing smog crisis
  • Maryam Nawaz Sharif discusses the issue with USAID officials, urges bilateral cooperation
  • Punjab CM also seeks collaboration in trade, renewable energy, health care and education

ISLAMABAD: The provincial administration of Punjab expressed interest in leveraging American expertise and technology to address environmental issues on Friday as pollution levels in the eastern city of Lahore has hit dangerous highs in recent weeks.
The idea of collaborating with the United States over the issue came up for discussion during a meeting between Chief Minister Maryam Nawaz Sharif and the officials of the United States Agency for International Development (USAID) amid Lahore’s consistent ranking among the world’s most polluted cities.
The Punjab administration has decided to tackle the issue head-on, rolling out several initiatives aimed at reducing the city’s hazardous smog such as implementing mandatory face masks, suspending outdoor school activities and a ban on fireworks for about three months.
The Punjab government also introduced “green lockdown” earlier this week to bolster these efforts, limiting pollution-heavy activities in the city’s worst-affected areas, though local media reports say the enforcement of these measures remains inconsistent.
The issue of air quality in Lahore was one of the focal points during Sharif’s meeting with the USAID officials at her office, according to a statement from the provincial government.
“During the discussion, matters of mutual interest, strengthening US-Pakistan relations and enhancing cooperation in various fields were addressed,” the statement said.
“Maryam Nawaz Sharif expressed Pakistan’s intent to benefit from the US expertise in green energy and advanced technology to combat climate change and environmental pollution,” it added.
Both sides also agreed to deepen collaboration in other areas, including trade, renewable energy, women’s economic empowerment, health care and education.
Sharif highlighted her government’s initiatives for women’s safety, such as the “panic button” and virtual police stations.
She noted that modern internships are being provided to nurture a skilled workforce within the province.
The chief minister emphasized that Pakistan, particularly under the present government, has made strides toward becoming safer and more peaceful, setting new benchmarks in governance and transparency.
She praised the country’s achievements in combating extremism and militancy, stressing the importance of further enhancing collaboration between Washington and Islamabad in the area.
The discussion also included opportunities to boost investment to meet future demands of the two countries and strengthen connections between their people.


Pakistan says working closely with Saudis to make $2.8 billion investment deals ‘operational’

Pakistan says working closely with Saudis to make $2.8 billion investment deals ‘operational’
Updated 12 min 33 sec ago
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Pakistan says working closely with Saudis to make $2.8 billion investment deals ‘operational’

Pakistan says working closely with Saudis to make $2.8 billion investment deals ‘operational’
  • The deals between Saudi and Pakistani companies were signed during Saudi investment minister’s visit to Islamabad in October 
  • Saudi Crown Prince Mohammed bin Salman this year reaffirmed commitment to expedite $5 billion investment package for Pakistan

ISLAMABAD: Pakistani information minister Attaullah Tarar said on Friday Islamabad was working closely with Riyadh to make “operational” $2.8 billion in investment deals signed last month, saying Prime Minister Shehbaz Sharif had discussed the investments with Saudi Crown Prince Mohammed bin Salman during a recent visit to Riyadh.
Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih said on Wednesday 27 agreements and memorandums of understanding (MoUs) worth $2.2 billion that had been signed between Saudi and Pakistani businesses in October had been enhanced to $2.8 billion. The business-to-business deals, now enhanced to 34, were signed on Oct. 10 during Al-Falih’s visit to Islamabad with a delegation of top investors and entrepreneurs from the Kingdom. 
“The [Pakistani] prime minister met the Saudi crown prince in a great atmosphere,” Tarar told reporters. “And so more agreements have been signed and we discussed taking them forward, making them operational, work has already started on five [agreements].
“Talks on that also happened and we reaffirmed the commitment that we will enhance Saudi-Pakistan ties and expand investment and trade.”
Tarar said the $600 million additional investment from Riyadh was a “big step” and involved sectors such as energy, minerals, trade, livestock, human resource and IT.
Speaking about Sharif’s visit to Doha after Riyadh, Tarar said Qatar would invest $3 billion in Pakistan:
“In Qatar, [Prime Minister Shehbaz Sharif] has met a business delegation as well as the Qatari PM and emir of Qatar. Agreement has been made in expanding economic cooperation and relations in the field of culture. Discussions happened to further investment and trade also. I think this $3 billion investment will really boost Pakistan’s economy.”

Sharif’s visits to Doha and Riyadh took place at a time when Islamabad is seeking to strengthen trade and investment ties with friendly nations. Riyadh in particular has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
In 2022, the Qatar Investment Authority said it aimed to invest $3 billion in Pakistan. Doha has also shown interest in airport management partnership and the Roosevelt Hotel in New York’s Manhattan owned by the Pakistan International Airlines. 
During a visit to Qatar in 2022, Sharif, then in his first term as PM, invited QIA, Qatar’s $450 billion sovereign wealth fund, to invest in Pakistan’s energy and aviation sectors. He had previously mentioned renewable energy, food security, industrial and infrastructure development, tourism and hospitality, among sectors of interest.


Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation

Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation
Updated 01 November 2024
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Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation

Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation
  • Former Pakistan captain hopes Indian team will visit Pakistan and experience its hospitality
  • Pakistan is scheduled to host the ICC Champions Trophy in February and March next year

ISLAMABAD: Former Pakistan cricket team captain Wasim Akram on Thursday urged the Pakistani and Indian governments to engage in dialogue to ensure the Indian team’s participation in the International Cricket Council (ICC) Champions Trophy tournament, slated to be held in Pakistan next year.
The tournament is scheduled from February to March 2025. The last time Pakistan hosted this cricket event on its home turf was in 1996, when it co-hosted the 50-over World Cup, which Sri Lanka won. However, Pakistan’s role as host has sparked considerable debate this time, as arch-rival India’s participation remains uncertain.
India has not played an international match in Pakistan since 2008 and declined to tour Pakistan last year for the Asia Cup, resulting in a “hybrid” model in which India’s matches were held in Sri Lanka. Pakistan, however, traveled to India to participate in the One Day International (ODI) World Cup last year.
“It does not depend on the Indian government or the Board of Control for Cricket in India as much as the Indian government,” Akram said while speaking about India’s participation in the tournament in an interview with Cricket Pakistan.
“I think, at that level, the Pakistani government and Indian government can have a chat that, look, differences apart, people-to-people contact is very important.”
The left arm reverse swing bowler highlighted how the people of both countries want cricket to take place between India and Pakistan. He hoped that the Indian team visits Pakistan for the tournament and witnesses the hospitality bestowed on them.
Commenting on Pakistan’s forthcoming T20 and ODI series in Australia, Akram advised all young Pakistani cricketers including pacers Shaheen Shah Afridi and Naseem Shah to focus on cricket and “forget what’s happening behind the scenes.”
“At times it’s difficult and next to impossible,” he added. “You got to have a tunnel vision, look straight and stick to your performance.”
He strictly told Pakistan cricketers to not get involved into “politics and X (Twitter),” emphasizing that the Pakistan team was right on track after defeating England in the Test series.
The Champions Trophy was originally known as the ICC Knockout when it was staged in 1998 in Dhaka, Bangladesh, and in 2000 in Nairobi, Kenya. The event was renamed the ICC Champions Trophy in 2002 and was held every two years until 2009, when it was held in South Africa after the scheduled event in 2008 in Pakistan had to be canceled.
Subsequently, the event moved to a four-year cycle and features the top eight teams in the ICC ODI rankings. The first round comprises two groups of four with the top two in each group progressing to the semifinals and the winners contesting the final. The competing teams are: Afghanistan, Australia, Bangladesh, England, India, New Zealand, Pakistan and South Africa.
Pakistan won the last Champions Trophy tournament held in England in 2017, beating arch-rivals India by 180 runs in a one-sided final.


Pakistani social commerce platform launches Islamic interest-free nano-finance

Pakistani social commerce platform launches Islamic interest-free nano-finance
Updated 01 November 2024
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Pakistani social commerce platform launches Islamic interest-free nano-finance

Pakistani social commerce platform launches Islamic interest-free nano-finance
  • The product is based on a model wherein customers participate in a commodity trade process to secure financing
  • It ensures all transactions are free from ‘riba,’ or interest, and align with the principles of fairness and transparency

ISLAMABAD: Walee Financial Services Pvt Ltd, a Pakistani influencer marketing and social commerce platform, has launched the country’s “first ever” Islamic interest-free, nano-finance through a commodity-based trade structure, it said on Friday.
The Islamic nano-financing product is based on a model, wherein customers participate in a commodity trade process to secure financing without the involvement of interest, according to the platform.
It says the innovative product ensures that all transactions are free from ‘riba,’ or interest, and align with the principles of fairness and transparency advocated by Islam.
“This is a momentous achievement in rolling out Islamic nano-finance. It has been made possible through the grit, passion, and unwavering faith of our founding team in Islamic finance, highlighting the benefits to society at large,” Dr. Rashid Mansoor, head of Shariah-compliance at Walee Financial Services Pvt Ltd, said in a statement.
“True Shariah-compliance has been achieved through cutting-edge technology, supported by esteemed Muftis [Muslim experts on religious matters] and Shariah scholars.”
Walee Financial Services is offering the Islamic nano-finance under its fintech brand Hakeem.
“By offering Shariah-compliant financing facilities, Walee Financial Services is actively contributing to the country’s mission to transition toward a Shariah-compliant economy,” the platform said.
“This aligns with the Federal Shariat Court’s ruling that abolishing riba is fundamental for an Islamic financial system, and supports the State Bank of Pakistan’s efforts to promote Islamic finance across the country.”
The platform said the launch of this Islamic nano-financing product aligned Walee Financial Services Pvt Ltd. with the religious obligations of the Muslim community and the national agenda to eradicate interest-based financial practices.
Pakistan’s parliament last month also approved a constitutional amendment, setting a clear deadline of January 1, 2028 for complete elimination of riba in Pakistan’s financial system among other constitutional changes.


Pakistan October CPI up 7.2% y/y, statistics bureau says

Pakistan October CPI up 7.2% y/y, statistics bureau says
Updated 01 November 2024
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Pakistan October CPI up 7.2% y/y, statistics bureau says

Pakistan October CPI up 7.2% y/y, statistics bureau says
  • The reading reinforced a month of easing inflation which hit a historic high of 38% last year
  • The central bank is expected to cut its key interest rate further at its meeting on Monday

KARACHI: Pakistan’s annual consumer price index inflation rate was 7.2% in October, the Pakistan Bureau of Statistics said on Friday, up from 6.9% the preceding month.

The reading reinforced a month of easing inflation — which hit a historic high of 38% last year, and was at 26.8% October 2023 — ahead of a meeting of the country’s central bank next week to review the policy rate, which stands at 17.5%.

A Reuters poll showed the central bank is expected to cut its key interest rate further at the meeting on Monday, with policymakers continuing their efforts to revive a fragile economy as inflation eases.

The October reading was up 1.2% month on month, the statistics bureau said, adding that the fiscal year’s average inflation, from July to October, stands at 8.7%, which is below the 9.5% projected by the International Monetary Fund.
 


Pakistan central bank set to deliver fourth consecutive rate cut to revive economy

Pakistan central bank set to deliver fourth consecutive rate cut to revive economy
Updated 01 November 2024
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Pakistan central bank set to deliver fourth consecutive rate cut to revive economy

Pakistan central bank set to deliver fourth consecutive rate cut to revive economy
  • All 15 investors and analysts surveyed by Reuters expect the central bank to cut rates next week
  • Policymakers continue efforts to revive a fragile economy as inflation eases off recent record highs

KARACHI: Pakistan’s central bank is expected to cut its key interest rate further at its policy meeting on Monday, with policymakers continuing their efforts to revive a fragile economy as inflation eases off recent record highs.
The central bank, the State Bank of Pakistan, has slashed the benchmark policy rate to 17.5% from an all time-high of 22% in three consecutive policy meetings since June, having last reduced it by 200 basis points in September.
All 15 investors and analysts surveyed by Reuters expect the central bank to cut rates next week. Two expect a 150 bps cut, twelve predict a 200 bps reduction, and one forecasts a 250 bps cut.
Economic activity has stabilized since last summer when the country came close to a default before an eleventh hour bailout by the International Monetary Fund (IMF).
The IMF, which in September gave a boost to Pakistan’s struggling economy by approving a long-awaited $7 billion facility, said that the South Asian nation had taken key steps to restore economic stability with consistent policy implementation under the 2023-24 standby arrangement.
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While the economy has started to gradually recover, and inflation has moved sharply down from a multi-decade high of nearly 40% in May 2023, analysts say further rate cuts are needed to bolster growth.
Mustafa Pasha, Chief Investment Officer at Lakson Investments, said rates must drop under 15% and hold below that for six months to have a material impact.
The IMF in its latest October report forecast Pakistan’s gross domestic product growth at 3.2% for the fiscal year ending June 2025, up from 2.4% in fiscal 2024.
The government expects annual inflation to have come in at 6-7% last month and slow further to 5.5-6.5% in November.
However, inflation could pick up again in 2025, driven by electricity and gas tariff hikes under the new $7 billion IMF bailout, and the potential impact of taxes on the retail and wholesale sector proposed in the June budget.
Ahmad Mobeen, senior economist at S&P Global Market Intelligence, said that while lower rates will offer some relief to the manufacturing sector, the benefits may be limited due to “elevated input costs, driven by high electricity and gas tariffs, combined with global supply and shipping constraints.”
The survey responses on Monday’s policy rate decision are listed below: