KARACHI: A top United Arab Emirates diplomat said on Wednesday his country was actively investing in Pakistan, as he highlighted the possibility of greater bilateral collaboration in food security while addressing a major economic conference.
UAE Consul General Bakheet Ateeq Al-Rumaithi was speaking at the Future Summit, a two-day event taking place in Karachi that aims to foster business ties and economic partnerships and has drawn participation from local and international leaders.
Pakistan has been working to enhance trade and investment to address a prolonged economic crisis that has compelled its governments to seek external financing from friendly nations and global lending organizations.
Among the various economic sectors the government plans to strengthen is agriculture, which has faced reduced yields, particularly amid erratic weather patterns attributed to climate change.
“The UAE is making significant investments in Pakistan,” Al-Rumaithi told the participants of the Future Summit. “There are opportunities for collaboration between the two countries in food security sectors.”
UAE Consul General Bakheet Ateeq Al-Rumaithi speaks during the Future Summit in Karachi on November 6, 2024. (Photo courtesy: Future Summit)
The UAE diplomat highlighted his country’s commitment to supporting Pakistan, noting that both nations share longstanding brotherly ties.
He underscored that Pakistani nationals, particularly in the health care sector, play a vital role in the UAE’s workforce.
Federal Minister for Finance and Revenue Muhammad Aurangzeb, also present at the conference, said the government’s policies were steering Pakistan toward economic stability.
During his address, he noted improvements in key economic indicators, citing “a decrease in the current account deficit, an increase in remittances, the stabilization of the rupee and a reduction in the policy rate,” according to state-owned Radio Pakistan.
The minister stressed the need for institutional reforms to enhance transparency, address gaps in areas like tax collection and leverage technological advancements to improve governance.
Pakistan to launch five-year National Economic Plan targeting sustainable growth today
Transformation plan to be based on 5Es framework, which includes energy, economic growth, exports, equality and education, says state-run media
Development takes place as Islamabad seeks stronger trade relations with Gulf countries, Russia, Central Asian states and others to escape economic crisis
ISLAMABAD: Pakistan’s government is set to launch its five-year homegrown National Economic Plan today, Tuesday, targeting sustainable growth and development in the long-term, state-run media reported as Islamabad’s struggles to ward off a macroeconomic crisis.
Pakistan’s government has attempted to steer itself out of a prolonged macroeconomic crisis that has weakened the South Asian country’s currency and drained its foreign exchange reserves.
Pakistan’s Planning Minister Ahsan Iqbal said in July that the National Economic Plan will be based on the 5Es framework (exports, energy, economic growth, education and equality), adding that it would aim to foster stability and lay the foundation for future growth in Pakistan.
“Home Grown National Economic Plan for next five years will be launched today,” state broadcaster Radio Pakistan reported.
Speaking at an event in the eastern city of Lahore on Monday, Iqbal said the plan will help achieve economic development in the country. He stressed on promoting exports, e-commerce, human resource development, technological advancement, modernization of agriculture sector and an energy efficient system for attaining sustainable development goals.
The development takes place amid Prime Minister Shehbaz Sharif’s increased efforts for greater collaboration in trade, defense, agriculture and other key sectors of the economy with regional allies to attract foreign investment and brighten Pakistan’s economic prospects.
In its move to attract foreign investment in key sectors, Pakistan has enhanced its bilateral trade and investment ties with Saudi Arabia, the United Arab Emirates, Russia, Central Asian states and other Gulf countries.
Pakistan suffered a sovereign default before Islamabad clinched a last-gasp $3 billion bailout program from the International Monetary Fund (IMF) in 2023 that helped its economy stay afloat. Pakistan’s Finance Minister Muhammad Aurangzeb has repeatedly said Islamabad needs to adopt an export-led economy to achieve long-term and sustainable economic growth.
ISLAMABAD: Prime Minister Shehbaz Sharif has called for greater collaboration among the country’s health authorities to stem the spread of poliovirus, state-run media reported this week, as Pakistan witnesses an alarming surge in cases of the infection.
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, along with neighboring Afghanistan, remains the last polio-endemic country in the world.
Pakistan on Monday reported its 68th poliovirus case of the year when a child contracted the virus from the northwestern Dera Ismail Khan district. Sharif spoke to the national anti-polio team on Monday regarding efforts to curb the spread of the disease.
“The Prime Minister said unfortunately, the number of polio-affected children is rising in Pakistan, which needs even more collaborative efforts,” the state-run Radio Pakistan reported on Monday.
Sharif noted that the use of technology in Pakistan’s health sectors, including polio eradication, is being increased to modernize public health care and achieve better results.
“He added that the security of polio workers cannot be compromised, and all possible measures should be taken in this regard,” Radio Pakistan said.
Of the 68 cases reported this year, 27 were from Balochistan, 20 from Khyber Pakhtunkhwa, 19 from Sindh, and one each from Punjab and Islamabad, according to Pakistan’s anti-polio program.
A sub-national polio vaccination campaign was conducted across Punjab, Sindh, KP, Azad Kashmir, Gilgit-Baltistan and Islamabad on December 16–22, vaccinating over 42 million children.
ISLAMABAD: The United Bank Limited (UBL) this week announced it had facilitated $300 million in foreign financing for Pakistan’s government through its branch in the United Arab Emirates (UAE), saying that the initiative would help shape the country’s economy into a more vibrant one as Islamabad struggles to repay its external debt obligations.
UBL is a banking company incorporated in Pakistan and one that is engaged in commercial banking and related services. It operates one of the largest branch networks in the country, augmented by its industry-leading digital banking services which have earned it local and international recognition.
“UBL UAE is proud to facilitate $300 million in foreign financing for the Government of Pakistan— a testament to our commitment toward setting new standards in the banking industry,” the bank said in a statement on its social media accounts on Monday.
“This venture marks another milestone in our journey to shape a stronger, more vibrant economy.”
Pakistan has struggled to meet its external debt repayment obligations, often resulting in its regional allies rolling over loans worth billions of dollars. The cash-strapped nation has been struggling to ward off an economic crisis that has drained its revenue, pushed inflation to record levels, and weakened its currency significantly over the past two years.
Pakistan secured a fresh 37-month $7 billion loan from the International Monetary Fund (IMF) this year after it narrowly avoided a sovereign default on its payment obligations in 2023. Pakistan’s finance minister, however, has reiterated the country needs to move toward an export-oriented growth model supplemented by long-term financial reforms to ensure its progress is sustainable.
ISLAMABAD: As the world prepares to bid farewell to an eventful 2024 and welcome the new year, here is a list of five Pakistani women who shattered stereotypes and made history by dominating in their respective fields ranging from politics to mountaineering, and sports to music.
Maryam Nawaz Sharif
Maryam Nawaz Sharif, the daughter of three-time former prime minister Nawaz Sharif, made history in February after she was elected as the first woman chief minister of a Pakistani province.
This handout photograph taken and released by the Directorate General Public Relations (DGPR) of Punjab province on February 26, 2024, shows Governor Punjab Muhammad Balighur Rehman (C) administer oath to the newly elected Chief Minister of Punjab province Maryam Nawaz Sharif (2R) during a ceremony, as Pakistan's former Prime Ministers and leader of Pakistan Muslim League Nawaz (PMLN) party Nawaz Sharif (R) and his brother Shehbaz Sharif (2L) look on at the Governor's House in Lahore. (Directorate General Public Relations (DGPR) of Punjab province / AFP)
After her Pakistan Muslim League-Nawaz (PML-N) party won the highest number of seats after a contentious election in February, Sharif was elected as the chief minister of the country’s richest and most populous Punjab province.
She formally joined politics in 2012 and became increasingly involved in politics during her father’s four-year, self-imposed exile in the United Kingdom from 2019 to 2023. In 2019, she was appointed vice president of the PML-N, leading anti-government rallies throughout the country against then prime minister Imran Khan’s government.
Political opponents and critics, however, say her election to the chief minister’s post is an example of the enduring influence of feudal politics in Pakistan.
Ayla Majid
In November, Ayla Majid became the first South Asian and Muslim to be elected president of the Association of Chartered Certified Accountants (ACCA), a global accountancy body.
Majid is the chief executive officer of a firm that advises on decarbonization, sustainability, and energy transition. Majid is leading more than 252,500 members and 526,000 future members of ACCA across 180 countries during her year-long term in office.
Global Vice President of ACCA and Founder & CEO of Planetive, AylaMajid, attends Business Summit 2023 in Islamabad on May 31, 2023. (Ayla Majid)
She has over 20 years of experience in energy, transaction advisory, mergers and acquisitions, investments and corporate governance. Majid holds a Master of Business Administration degree from the Lahore University of Management Sciences (LUMS) and a Bachelor of Law degree from the University of London.
Arooj Aftab
Pakistani singer Arooj Aftab earned Grammy nominations for the fourth time in a row in November. Her single “Raat Ki Rani” earned a nomination in the Best Global Music Performance, category while her album, “Night Reign” has earned a nomination for the Best Alternative Jazz Album category.
Arooj Aftab attends 'A New York Evening With Arooj Aftab' at The Greene Space in New York City on October 4, 2024. (AFP)
This category honors vocal or instrumental albums where new alternative jazz recordings comprise more than 75 percent of the playing time.
In 2022, Aftab became the first Pakistani singer to win a Grammy for her song ‘Mohabbat’ in the Best Global Music Performance category.
Naila Kiani
In May, Dubai-based mountaineer Naila Kiani became the first Pakistani woman to summit Mount Makalu, the fifth-highest mountain in the world. The tremendous achievement also brought another feather to Kiani’s cap, as it made her the first and only Pakistani woman to summit 11 out of 14 mountains that stand 8,000 meters above sea level.
The picture shared by Naila Kiani on November 16, 2023, shows the climber ascending Mount Nanga Parbat in northern Pakistan. (Naila Kiani)
Kiani had previously summited Broad Peak (8,047 meters), Annapurna (8,091 meters), K2 (8,611 meters), Lhotse (8,516 meters), Gasherbrum 1 (8,068 meters), Gasherbrum II (8,035 meters), Nanga Parbat (8,125 meters), Mount Everest (8,849 meters), Manaslu (8,156 meters) and Cho Oyu (8,201 meters) mountains.
The mother of two, who is also a banker by profession, garnered fame in 2018 after her wedding photos from K2’s base camp were widely shared on social media. She is also a recipient of the Sitara-e-Imtiaz, Pakistan’s third-highest civilian award, which she received in March 2024 for climbing Mount Everest.
Saleema Imtiaz
Saleema Imtiaz became the first Pakistani woman to be nominated to the International Cricket Council’s International Panel of Development Umpires in September. The nomination qualifies Imtiaz, 52, to officiate in women’s bilateral international matches and ICC Women’s Events.
Saleema Imtiaz holds a souvenir awarded for becoming Pakistan's first woman umpire on ICC International Development Panel in Multan, Pakistan, on September 17, 2024. (@TheRealPCB/X)
Imtiaz, mother of Pakistan women’s international player Kainat Imtiaz, began her umpiring career with the Pakistan Cricket Board Women’s Umpires Panel in 2008. Her extensive experience includes officiating in high-profile events under the Asian Cricket Council such as the 2022 and 2024 ACC Women’s T20 Asia Cup and the 2023 ACC Emerging Women’s Cup in Hong Kong.
ISLAMABAD: Pakistan has begun construction of a $3.5 billion Chinese-designed nuclear energy project, which would produce 1,200 megawatts of electricity, Prime Minister Shehbaz Sharif said on Monday.
Pakistan and China are longtime allies. Beijing is building roads, bridges, power plants, and railways under the China-Pakistan Economic Corridor (CPEC), part of President Xi Jinping’s Belt and Road Initiative, to link its far west with the
Chinese-built Gwadar port on the Indian Ocean in Pakistan’s Balochistan.
The nuclear power plant, known as Chashma-5, is being constructed at a site along the left embankment of the fast-flowing Indus River in Mianwali, a district in the eastern Punjab province. The site is already home to four Chinese-supplied nuclear power plants that were built in recent decades.
In a post on X, Sharif said the Chashma-5 nuclear power plant was another “milestone” in strategic cooperation between the two friendly countries.
“Commencement of construction of the most modern and the biggest, C-5 Nuclear Power Plant is another milestone in strategic cooperation between Pakistan and China. The plant will contribute 1200 MW electricity,” Sharif said.
“I congratulate PAEC (Pakistan Atomic Energy Commission) and CNNC on this remarkable achievement.”
The development comes as Pakistan, which has one of the highest electricity tariffs in the region, is making preparations to stop capacity payments to independent power producers (IPPs), and PM Sharif’s cabinet this month approved settlement agreements with eight bagasse-based IPPs, with the aim to reduce electricity prices and save the national exchequer billions of rupees.
High cost of power is one of the key factors that leads to inflation in the South Asian country.
Pakistan has also been holding talks on reprofiling power sector debt owed to China and structural reforms, but progress has been slow. It has also vowed to stop power sector subsidies.
