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Tag: Pakistan

  • Pakistan to make payment without delay, no risk of default: Ishaq Dar

    Pakistan to make payment without delay, no risk of default: Ishaq Dar

    ISLAMABAD: Finance Minister Ishaq Dar on Saturday reiterated that Pakistan will make all its foreign payments without delay and it will never default.

    Dar strongly rejected the baseless and irresponsible statements and rumors about the country’s economy, saying that the government had arranged all international payments for the next one year.

    READ MORE: Pakistan reaffirms commitment to complete IMF program

    The finance minister said that for the past few days, baseless and irresponsible rumors had been circulating about the country’s economy just for the political objectives.

    When these rumors were spread through social media and various sources, it not only affected Pakistan’s economy and economic interests, but also impacted the affairs and transactions with their bilateral and multilateral partners, he opined.

    READ MORE: Pakistan textile exports decline by 11pc amid global economic slowdown

    The finance minister said that rumors were being spread that Pakistan would not be able to pay $1 billion sovereign bond (sukuk) in December. “This is baseless and contrary to facts, Pakistan has never defaulted on its international payments and will never come close to it,” he maintained.

    Rumors are also being spread about Pakistan’s credit default swap, he said, adding that they had their own ambitions and formula with regard to credit default swap, this was a baseless thing and the speculations in this regard should be stopped.

    Dar said that rumors were making rounds about the petroleum products which were also fake.

    Pakistan has reserves of petroleum products according to the country’s need and demand and there is no need for worry, he added.

    READ MORE: Industries threaten mass protest against gas supply shutdown

    Apart from disturbing the public, such rumors also created concern in the financial and international institutions and they sent questions, which not only harmed the efforts for economic interests but also wasted time, he further said.

    Ishaq Dar said that there were still rumors about the current account deficit. The current accounts are being closely monitored, professionally managed and well managed, he told and added that the current account deficit was $316 million in September, which was expected to be $400 million in October.

    READ MORE: Pakistan organizes first international housing expo next month

    “That is, by the end of the financial year, the current account deficit is likely to be 5 to 6 billion dollars, while the target of this deficit for the current financial year is 12 billion dollars. The current account deficit is expected to remain below target,” he added.

    The Finance Minister said that in the light of these facts, he appealed to all Pakistanis not to pay heed to any kind of rumors, as they accorded top priority to Pakistan and for the country’s economy, they needed to work beyond political affiliations.

  • England win T20 cricket world cup

    England win T20 cricket world cup

    The England team win by 5 wickets against Pakistan in the cricket T20 world cup.

    England had won the toss and decided to field first. Pakistan scored 137 runs losing 8 wickets. England chased the runs in 19 overs losing 5 wickets.

    READ MORE: England hammer India in semi-final of T20WC22

    Shan Masood scored 38 runs in 28 balls, Babar Azam scored 32 runs in 28 balls and Shadab Khan scored 20 runs in 14 balls.

    Ben Stokes scored 52 runs in 49 balls, Jos Buttler scored 26 runs in 17 balls, Harry Brook scored 20 runs in 23 balls.

    The prime minister of Pakistan Shehbaz Sharif said that “Team Pakistan fought back hard & brave. Great bowling performance. But England played better today. We are proud of our boys in green for making it to the final match of this mega tournament.”

  • Pakistan cricket team felicitated for moving into T20 final

    Pakistan cricket team felicitated for moving into T20 final

    Pakistan cricket team has been congratulated by leading national personalities for magnificent performance against New Zealand in the semi-final on Wednesday and moving towards the final of the T20 men’s cricket world cup.

    Prime Minister Shehbaz Sharif congratulated the national team for the superb victory against New Zealand in the semi-final. He hoped the team would win the final with the same enthusiastic way.

    President Arif Alvi in his message said: “Well played Pakistan. Excellent performances by Shaheen Afridi, Babar Azam, Muhammad Rizwan and our upcoming Haris. Green shirts you make us proud. On to the finals. Our best wishes with you, Inshallah you will win.”

    Former Prime Minister and PTI chairman Imran Khan in his message congratulated Babar Azam and the team for a great win. “Wishing Babar Azam and his team prayers and best wishes from the nation. All we expect from you is to fight till the last ball.”

    Director General ISPR congratulated Team Pakistan for a stellar performance and winning semi-final T20WC. “Good luck for the Final. Pakistan Zindabad!”

    Pakistan International Airline (PIA) said in a tweet: “Well Played Pakistan Team, an all-round performance. Perhaps history is repeating itself!?! Now the big game. Wish you all the best. Pakistan and PIA is rooting for you.”

  • T20 World Cup 2022: Pakistan make comprehensive win against New Zealand

    T20 World Cup 2022: Pakistan make comprehensive win against New Zealand

    Pakistan Cricket Team secured a comprehensive victory against the New Zealand in the semi-final of T20 World Cup 2022 on Wednesday.

    The Babar Azam Eleven chased 153 runs in a comfortable manner. The team completed the innings in 115 balls on losing three wickets.

    The New Zealand scored 152 runs in 120 balls, losing four wickets.

    Muhammad Rizwan was declared the man of the match on scoring 57 runs of 43 balls.

    The journey of Pakistan to the semi-final of T20 World Cup had been unbelievable. Pakistan lost hopes when it got defeated from India and Zimbabwe in the first to matches.

    However Pakistan secured victory against South Africa and Netherlands, which created some chances for Pakistan to qualify for semi-finals. All the expectations for Pakistan had fallen on Netherlands and South Africa match.

    The victory of Netherlands against the South Africa proved to be a clear way for Pakistan to the semi-final.

    Babar Azam, the captain of Pakistan Cricket Team said that the team played really well and he thanked the crowd for the support they have given them. The team had a plan to go hard in the power play and they wanted to make most of the 6 overs.

    The captain gave credit to Haris Rauf for being an aggressive player. He added that they will enjoy the win but are focused on the finals and they are looking forward to it.

    The captain of New Zealand, Kane Williamson said that they were put under pressure but they managed to get back the momentum. He states that they were outplayed but they are disappointed, because they did not make Pakistan work hard for their runs.

    He admitted that their fielding was not that great, Azam and Rizwan put them under pressure, they could have been more disciplined but Pakistan are deserved winners.

  • Pakistan has sufficient stock of fuel to meet domestic demand

    Pakistan has sufficient stock of fuel to meet domestic demand

    ISLAMABAD: Pakistan has sufficient stock of fuel to meet the domestic requirement of the country, an official statement said on Tuesday.

    The statement has clarified the news reports circulated regarding fuel shortage. It said the reports are baseless and contrary to facts.

    On November 7, 2022 the petrol stocks are around 550,000 Metric Tons which is sufficient for 21 days and with regard to diesel the present stocks are 438,000 Metric Tons which is adequate for 15 days, based on Oil Companies Advisory Council’s (OCAC) stock position.

    PSO’s planned import of diesel for the month of November 2022 is around 220,000 metric Tons out of which one cargo is on the way to Karachi and is expected to arrive on November 12,2022 while cargoes of other OMCs are in line to meet the country’s planned demand.

    Keeping in view the above position, the stock in the country is sufficient to take care of current requirements, it added.

  • China continues to help Pakistan stabilize financial situation

    China continues to help Pakistan stabilize financial situation

    BEIJING: China has done its utmost to help Pakistan stabilize financial situation, said Chinese Foreign Ministry Spokesperson, Zhao Lijian on Monday and added his country will continue to do so in the future.

    “China and Pakistan are all-weather strategic cooperative partners. We have been supporting each other for common development and in joint efforts to overcome difficulties,” he said during his regular briefing in response to a question about the debt assistance provided by China and other financial assistance.

    “China has done its utmost to help Pakistan stabilize its financial situation. We have been doing so, and we will continue to do so,” he said.

    As per media reports, during Prime Minister Shehbaz Sharif’s recent official visit to Beijing, the Chinese leadership promised to roll out $4 billion in sovereign loans, refinance $3.3 billion commercial bank loans and increase currency swept by about $1.45 billion.

    To a question about Pakistan’s current political situation, he said that China had noted the relevant reports.

  • Features, price of Haval H6 in Pakistan

    Features, price of Haval H6 in Pakistan

    Sazgar Engineering Works Limited launched the Haval H6 SUV in Pakistan, which is the hybrid electric vehicle. The company introduced the SUV in two variants, 1.5T and 2.0T.

    The company launched the Haval H6, with the ex-factory price of Rs9,749,000. The booking price of the car is Rs1,900,000.

    The SUV adopts miller cycle, electronic water pump, 12:1 high compression ratio, and other advanced technologies. The thermal efficiency is up to 38 per cent.

    The car has the maximum engine power up to 113KW, maximum torque is 233NM and the motor maximum power is 130KW and maximum torque is 300NM.

    The whole engine has four leading characteristics of high efficiency, low fuel consumption, high performance and light weight.

    The application of light weighting technology reduces the car weight, which results in the improvement of fuel economy by 14.5 per cent.

    The car has some interesting features with advanced intelligence like the full extensibility, strongest security protection, highest energy efficiency ratio and extraordinary global quality.

    The car has been tested on more than 6 million kilometers road test, gathering 18 kinds of global typical environmental application analysis.

    The test had been conducted to ensure the global recognized product quality with global high validation standards.

    Some of the external equipment include electric tail gate with delayed closing and memory function. The 19-inch alloy wheels with tyre size of 225/55. Front and rear boneless automatic wipers. The car also has the panoramic sunroof and shark fin antenna.

    The internal features include the multi functions steering wheel with paddle shifters. The front interior of the car and the luggage cabin have only 12V power outlet.

    The security features of the car include the keyless entry system of the car. The car is started by the button type push-to-start system. The car contains car locating function, anti-theft alarming system, automatic crash unlock system and speed sensing central door lock.

  • Prime Minister Shehbaz wishes Hindu community on Diwali

    Prime Minister Shehbaz wishes Hindu community on Diwali

    ISLAMABAD: Prime Minister Shehbaz Sharif on Monday whished the Hindu community in the country on their festive occasion of Diwali.

    “Wishing the Hindu community in Pakistan and around the world on Diwali, the festival of lights,” the prime minister said in a tweet.

    The prime minister wished for Diwali to become a source of peace and happiness for all.

    Hindus across the globe and in Pakistan are celebrating the occasion of Diwali that celebrates the triumph of light over dark and good over evil.

    The Constitution of Pakistan gives equal opportunities to minorities to freely practice their religion and celebrate their occasions.

  • FATF removes Pakistan from grey list

    FATF removes Pakistan from grey list

    Financial Action Task Force (FATF) on Friday decided to remove Pakistan from grey list after the country made compliance with the conditions.

    FATF is the world’s money laundering and terror-financing watchdog. It said that Pakistan has been removed from the grey list and is no longer subject to its increased monitoring process.

    The Paris-based inter-governmental body had put Pakistan on its grey list of untrustworthy jurisdictions in June 2018 because of “strategic counter-terrorist financing-related deficiencies.”

    Plenary meeting of the FATF ended and made decision regarding Pakistan.

    Earlier, Analysts at Arif Habib Limited said: “We expect Pakistan to be taken off the grey list by the FATF amid the progress Pakistan has made so far against money laundering and terrorist financing (AML/CFT) in the past few years.”

    To recall, Pakistan was placed on FATF’s Grey List in June 2018 whereby it was found non-compliant with recommendations of the FATF which targeted areas of risk assessment, national cooperation, targeted sanctions, preventative measures, due diligence, internal and third party controls, law enforcement, regulation and supervision for money laundering and terror financing, amongst others.

    Skip forward to 2022, the FATF Plenary in June, under the German Presidency of Dr. Marcus Pleyer, acknowledged the progress Pakistan made against money laundering and terrorist financing (AML/CFT) with all 34 action points implemented.

    Through various bills and amendments, the Pakistani authorities had diligently worked to satisfy the FATF. These related to laws against money laundering, freezing of assets and filing of cases against proscribed organizations, actions against terror financing etc.

    However, final decision to take Pakistan off the grey list was conditional upon successful on-site visit of FATF. FATF team conducted on-site visit to Pakistan few weeks back, with a purpose of inspecting the legal, regulatory and operational reforms and procedures implemented for compliance.

    The analysts said that following the exit from the list, Pakistan will still be required to work with the APG (its relevant regional bodies) in the regular course of the follow-up process to make further improvements in its AML & CFT framework, as and when required.

    Having already suffered direct consequences and economic difficulties from its time on the grey list, the climactic graduation of Pakistan from the grey list will come no less than a breath of fresh air. It will be a major relief and accomplishment for Pakistan, and is expected to reap benefits in both, short and long run.

    The immediate ramification of exiting grey list carries reputational implication for Pakistan, we believe. This positive development bodes well for Pakistan’s image which was recently further dented by the downgrading of rating by International Credit Rating agencies like Moodys.

    With the international community—investors in particular, the removal from grey list is likely to strengthen Pakistan’s position especially with regards to the soundness of our financial systems and help regain their confidence.

    Markets are expected to react positively to this news and overall sentiment is likely to remain upbeat for a while. Moreover, going forward, this should also help strengthen Pakistan’s case of re-rating and upgrading by the International Credit Rating agencies.

    In addition, one of the structural benchmarks laid down by the IMF for Pakistan stated ‘Adoption of measures to strengthen the effectiveness of the AML/CFT framework to support the country’s efforts to exit the Financial Action Task Force (FATF) list of jurisdictions with serious deficiencies.’ This means, Pakistan complies with one more structural benchmark of the IMF, paving way for successful ninth review which is due in November 2022 enabling disbursement of SDR 894 million from the Fund.

  • Pakistan set to exit FATF grey list

    Pakistan set to exit FATF grey list

    Plenary meeting of the FATF ends on Friday and a decision regarding Pakistan, whether to remove from grey list or not, is expected to be announced.

    “We expect Pakistan to be taken off the grey list by the FATF amid the progress Pakistan has made so far against money laundering and terrorist financing (AML/CFT) in the past few years,” said analysts at Arif Habib Limited.

    To recall, Pakistan was placed on FATF’s Grey List in June 2018 whereby it was found non-compliant with recommendations of the FATF which targeted areas of risk assessment, national cooperation, targeted sanctions, preventative measures, due diligence, internal and third party controls, law enforcement, regulation and supervision for money laundering and terror financing, amongst others.

    Skip forward to 2022, the FATF Plenary in June, under the German Presidency of Dr. Marcus Pleyer, acknowledged the progress Pakistan made against money laundering and terrorist financing (AML/CFT) with all 34 action points implemented.

    Through various bills and amendments, the Pakistani authorities had diligently worked to satisfy the FATF. These related to laws against money laundering, freezing of assets and filing of cases against proscribed organizations, actions against terror financing etc.

    However, final decision to take Pakistan off the grey list was conditional upon successful on-site visit of FATF. FATF team conducted on-site visit to Pakistan few weeks back, with a purpose of inspecting the legal, regulatory and operational reforms and procedures implemented for compliance.

    The analysts said that following the exit from the list, Pakistan will still be required to work with the APG (its relevant regional bodies) in the regular course of the follow-up process to make further improvements in its AML & CFT framework, as and when required.

    Having already suffered direct consequences and economic difficulties from its time on the grey list, the climactic graduation of Pakistan from the grey list will come no less than a breath of fresh air. It will be a major relief and accomplishment for Pakistan, and is expected to reap benefits in both, short and long run.

    The immediate ramification of exiting grey list carries reputational implication for Pakistan, we believe. This positive development bodes well for Pakistan’s image which was recently further dented by the downgrading of rating by International Credit Rating agencies like Moodys.

    With the international community—investors in particular, the removal from grey list is likely to strengthen Pakistan’s position especially with regards to the soundness of our financial systems and help regain their confidence.

    Markets are expected to react positively to this news and overall sentiment is likely to remain upbeat for a while. Moreover, going forward, this should also help strengthen Pakistan’s case of re-rating and upgrading by the International Credit Rating agencies.

    In addition, one of the structural benchmarks laid down by the IMF for Pakistan stated ‘Adoption of measures to strengthen the effectiveness of the AML/CFT framework to support the country’s efforts to exit the Financial Action Task Force (FATF) list of jurisdictions with serious deficiencies.’ This means, Pakistan complies with one more structural benchmark of the IMF, paving way for successful ninth review which is due in November 2022 enabling disbursement of SDR 894 million from the Fund.