Connect with us

Economy

PM says Tarin’s appointment aimed at boosting growth, containing inflation

Published

on

Prime Minister Imran Khan on Monday said cartels and monopoly as witnessed in the case of sugar mills resulted in inflation. The appointment of Shaukat Tarin as finance minister aimed at controlling inflation and increasing the growth rate. The prime minister made these remarks in a live telephonic call session with the general public. This was the third such interactive session titled ‘Aap ka Wazir-e-Azam, Aap ke Sath’, where the prime minister took questions from people through live phone calls and responded to questions.

On petroleum prices, he said the government had kept the price of commodity lower as compared to India, Indonesia, Sri Lanka, China, United States, Turkey, Malaysia, Bangladesh and Bhutan so as to avoid burden on consumers.

Worldwide, he said, the prices of commodities went up during the pandemic, including gas by 60 percent, food 29 percent, metal 41 percent, crude oil 84 percent, cotton 44 percent, palm oil 54.8 percent, soya bean oil 36.6 percent and sugar 14.5 percent. According to a Bloomberg report on food inflation and agricultural sub-index, Pakistan still kept the prices low, he added.

Prime Minister Imran Khan said with solid steps, the government had achieved remarkable economic growth in diverse sectors.

Through reforms the economic losses of public corporations had been reduced from Rs 286 billion to Rs 143 billion, the current account deficit remained in surplus for the last 10 months and the foreign exchange reserves increased to $15.6 billion.

“During the pandemic situation when the whole world is facing financial crunch, our government has saved the economy,” he said.

ALSO READ:  SECP proposed amendments in the AML/CFT Regulations, 2018

He acknowledged that the financial assistance from Saudi Arabia and China also helped Pakistan gain the economic stability.

Imran Khan said now the rupee had strengthened against dollar at Rs 152, exports increased by 13.5 percent, the Euro bond helped gain $2.5 billion and the revenue of Federal Board of Revenue (FBR) rose by 11 percent.

The textile and cement industries, he said, witnessed a boom, while the local car manufacturing was recorded at 18 percent. The Pakistan Stock Exchange showed a bullish trend by 66 percent increase as per Bloomberg and the information technology exports increased by 44 percent.

Imran Khan said incentives in the housing sector had encouraged economic activity and the banks were offering loans for the construction of houses. He acknowledged the role of courts in the passage of foreclosure law of banks, which, he said, had greatly helped in materialization of the low-cost housing project.

Responding to a caller who complained about delay in a housing project for government employees in Bhara Kahu (Islamabad), he advised his staff to note the matter for further pursuance.

To overcome issues of water shortage and sanitation, he said the government was making master plans of cities and had also allowed vertical construction to maximum accommodate the population. Imran Khan said lack of planning and civic infrastructure had led to improper expansion of metropolitan cities. Dams were being constructed to overcome water scarcity, he said, adding a special arrangement for water supply to Islamabad was in progress.

Continue Reading
Advertisement
Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Development

No nation aspires success sans sacrifices: PM Imran Khan

Published

on

Prime Minister Imran Khan has said that without spirit of sacrifice, a nation could not aspire to achieve development as the very human essence had a global significance.

In a message on Eid-ul-Azha 1442 Hijra, the prime minister conveyed his felicitations
to the whole Pakistani nation and the Muslim world.

The prime minister said sacrificing an animal on this holy festival manifested that a person has to sacrifice human desires for the achievement of the highest ideals.

Such a passion generated a quality in humans that would not let them side-track from the right path, he observed.

The prime minister opined that it was the passion which helped the Pakistani nation to save itself from the global coronavirus pandemic with wisdom, national strategy and patience.

The prime minister noted that celebration of Eid-ul-Azha reminded them of the unprecedented and supreme sacrifices of Hazrat Ibrahim (AS) and Hazrat Ismail (AS). Allah Almighty liked their act of sacrifice so much that it was declared an obligation for the rest of the Ummah to perform till the Day of Judgement.

The prime minister further said that economic situation with which the country was confronted, had been changing now.

The country’s economy was put on the right track and as a result of government’s steps, the economic indicators were showing positive trajectory, he added.

The prime minister said through different schemes launched by his government, the people were being provided with relief.

The day was not far, he resolved, when Pakistan would be standing equally in the ranks of developed countries and the whole nation would feel pride among the comity of nations.

ALSO READ:  Pakistan was represented at the Inauguration Ceremony of President Ashraf Ghani in Kabul
Continue Reading

Economy

President Dr Arif Alvi Stresses the need of Adopting Standards in Service Delivery

Published

on

President Dr Arif Alvi has stressed the need to adopt international standards of facility and building management by Government organizations for better service delivery, increased efficiency and ensuring cost-effectiveness. He expressed the hope that that documentation of all facility management tasks of Aiwan-e-Sadr, in line with ISO-41001 standards, would enhance efficiency and prolong the lifespan of physical assets of the Presidency.

The President made these remarks while chairing a meeting on “Adopting ISO Standardized Practices”, at Aiwan-e-Sadr, today. The meeting was attended by senior officials of Aiwan-e-Sadr. Addressing the meeting, the President affirmed the resolve to make Aiwan-e-Sadr a role model for other Government organizations in adopting sustainable and environmentally friendly practices.

He added that Pakistan was being affected by climate change and the country needed to adopt renewable energy technologies, and sustainable water and land management techniques to overcome the harmful effects of climate change.

Expressing satisfaction over the adoption of ISO-50001 Energy Management System (EMS) at Aiwan-e-Sadr, the President said that EMS would not only save Rs 32 million annually but would also reduce energy consumption by 31.2%.

He stated that the recently inaugurated 01 MW Green Presidency Solarization Project would meet all the energy requirements of Aiwan-e-Sadr, besides contributing surplus energy to the National Grid. He said that Pakistan’s Presidency was one of the few in the world which was fully operating on Green Energy technology. 

ALSO READ:  Women Empowerment is the Need of Time specially in decision Making : Advisor to PM Malik Amin Aslam
Continue Reading

Economy

Saudi Arabia and Pakistan are back on track

Published

on

Pakistani Prime Minister Imran Khan is visiting Saudi Arabia at the personal invitation of Crown Prince Mohammed bin Salman.

Pakistan’s Chief of Army Staff Gen. Qamar Javed Bajwa arrived in Riyadh ahead of this high-profile visit to lay the groundwork for what is being described by the media as a major boost in Saudi-Pakistan ties, especially in terms of economic, trade and environmental cooperation.

This augurs well for the two brotherly countries, as their historic friendship faced an unfortunate rupture last year.

Luckily the leadership on both sides was resilient enough to see through the challenge and bring Saudi-Pakistan ties back on track.

To be sure, this resilience is rooted in the people-to-people relationship, which eventually helps them overcome temporary glitches and sustain cooperation on issues of mutual concern and interest. This time is no different — and here is why.

Soon after his election as prime minister in August 2018, Khan was able to develop a personal relationship with the crown prince.

He traveled to Saudi Arabia twice in the next two months, the second time at the personal invitation of the crown prince to attend the Future Investment Initiative conference as part of Saudi Vision 2030.

Khan had inherited a serious balance of payments crisis. So Saudi Arabia took the lead in offering a financial relief package of $6.2 billion, including $3 billion in loans and a $3.2 billion deferred oil payment facility.

Taking a cue from Riyadh, the UAE followed suit by offering $6 billion in additional support to Pakistan.

When the Saudi crown prince visited Pakistan in February 2019, he was personally driven by Khan to the prime minister’s house in Islamabad, up on the hill in Islamabad.

In another example that symbolized the personal chemistry between the two charismatic leaders, the crown prince cheerfully told the Pakistani premier: “I am your ambassador in Saudi Arabia.” (Later in the year, the crown prince would offer his personal plane to Khan to fly to New York for the UN summit. And even while Saudi-Pakistan ties briefly experienced a bad spell in 2020, Khan declared: “Pakistan and Saudi Arabia will always remain close friends.”)

ALSO READ:  Xoom.com A Paypal Service Finally Supports Pakistan

That historic visit to Pakistan by Crown Prince Mohammed bin Salman in 2019 witnessed a major transition in Saudi-Pakistan strategic relations in the economic sphere, with the announcement of $20 billion of Saudi investments in Pakistan, including a $10 billion Aramco oil refinery and petrochemical complex in the strategic port city of Gwadar.

The rest of the investments were in the mining and renewable energy sectors.

This was in parallel with the efforts to sign the Free Trade Agreement to increase the volume of bilateral trade, which was worth $2 billion.

In the past, the two nations cooperated closely in security and geopolitical matters, and Saudi economic help was confined to oil concessions. Now, for the first time, the Kingdom was interested in the long-term economic development of Pakistan.

This promising moment in Saudi-Pakistan ties is occurring amid a favorable turnaround in regional geopolitics, marked by breakthroughs on different fronts.

Dr. Ali Awadh Asseri

In particular, the choice of Gwadar for such an investment stake indicated the Saudi inclination to join the wider regional integration network: The China-Pakistan Economic Corridor.

In the natural order of things, the next logical step would have been to jointly work out the development plans for the proposed Saudi economic projects in Pakistan.

Unfortunately, international forces inimical to Saudi Arabia’s exceptional position in the Muslim world, and the historic Saudi-Pakistan alliance, could not digest the fact that the two brotherly nations were taking their relationship to a different level, where their interests could be geo-economically intertwined in future.

What happened next is a sad part of our current history, which is not worth recalling.

ALSO READ:  Foreign Minister’s visit to Iran and Saudi Arabia Today

What is worth stating, however, is that Saudi Arabia is, and will remain, the heart of Islam for the Muslims of the world, and no other country can claim such a right: That the Organization of Islamic Cooperation (OIC) is the sole representative body of 57 Muslim countries and no attempt to create an alternative Muslim bloc will ever succeed; and, of course, the fact that Saudi-Pakistan ties are well-rooted in the love and affection that their people have for each other, and hence no conspiracy can hamper their organic evolution as historic partners.

That is why the false narrative regarding the OIC’s role in Kashmir did not take hold for long. That is why the dismal portrayal of Saudi economic support for Pakistan finally failed the test of times.

Fortunately, both nations have formal and informal channels of communication to overcome any instance of grave misunderstanding or deliberate misinformation impacting their relationship.

Their bond is unbreakable as it is founded on the will of the two peoples.

Hence, the two brotherly nations have always stood shoulder to shoulder with each other in difficult times. From defending the sanctity of the two holy mosques to defeating the scourge of terrorism, Pakistan has always been a key Saudi partner.

Likewise, Saudi Arabia has never disappointed Pakistan when it is faced with hard times, be it the wave of terrorism post-9/11 or the devastating earthquake of 2005.

The two countries also closely cooperate to achieve peace and stability in Afghanistan. The current or emerging Saudi engagement in Pakistan reflects the same spirit of camaraderie with Islamic roots.

In retrospect, what the visit of Prime Minister Khan to Jeddah shows is that the relationship between Saudi Arabia and Pakistan is back to the level it was at when the crown prince visited Islamabad more than two years ago.

ALSO READ:  No nation aspires success sans sacrifices: PM Imran Khan

The decision by Saudi Arabia and the UAE to roll over $2 billion loans to next year implies the resumption of their respective financial relief packages, which Pakistan desperately needs to ward off the devastating effects of the third wave of the coronavirus (COVID-19) pandemic.

The visit is expected to kick-start work on the $20 billion Saudi development projects in Pakistan, especially the Aramco oil refinery and petrochemical complex in Gwadar.

To boost bilateral trade, a comprehensive customs cooperation accord is also reportedly on the agenda.

Moreover, General Bajwa’s almost week-long interaction with his Saudi counterparts, and the recent appointment of retired Lt. Gen. Bilal Akbar as Pakistan’s ambassador to Saudi Arabia, will ensure enhanced coordination in defense and the strategic relationship between the two countries.

In fact, this time the relationship is expected to deliver deeper cooperation beyond defense and the economy, on issues of climate change in particular.

Khan shares the vision of the crown prince as set out in the recently announced Saudi Green and Green Middle East initiatives, which align with his government’s Clean and Green Pakistan initiative.

And, luckily, this promising moment in Saudi-Pakistan ties is occurring amid a favorable turnaround in regional geopolitics, marked by the Saudi olive branch to Iran, the end of the Qatar crisis, and the India-Pakistan cease-fire in Kashmir.

These developments surely open up the diplomatic space for Saudi Arabia and Pakistan to concentrate their joint efforts for economic development and regional stability.

• Dr Ali Awadh Asseri served as Saudi Arabia’s ambassador to Pakistan from 2001 to 2009 and received Pakistan’s highest civilian award, Hilal-e-Pakistan, for his services in promoting the Saudi-Pakistan relationship. He holds a Ph.D. in Economics from Beirut Arab University and authored the book ‘Combating Terrorism: Saudi Arabia’s Role in the War on Terror’ (Oxford, 2009).

Continue Reading
Advertisement
Advertisement

Trending

Copyright © 2021 StartupsPro,Inc . All Rights Reserved.