Wednesday, 24 August, 2022 I 25 Muharram, 1444 I Rs 15.00 I Vol XIII No 55 I 12 Pages I Lahore Edition
PM seeks Qatari investMent in energy, aviation sectors g
GOvT AlSO SeekING DeFeRReD PAyMeNT PlAN FOR lNG BOUGhT UNDeR lONG TeRM DeAlS
ISLAMABAD
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RIMe Minister Shehbaz Sharif has invited Qatar to invest in Pakistan’s energy and aviation sectors during a meeting with the Qatar Investment Authority (QIA) in Doha on Tuesday. The meeting was attended by federal ministers Syed Naveed Qamar, Mariyam Aurangzeb and Ayaz Sadiq, and State Minister hina Rabbani khar. Mansoor Bin ebrahim AlMahmoud, CeO of Qatar Investment Authority – one of the largest sovereign wealth funds of the world, and Sheikh Faisal Thani Al-Thani, Chief Investment Officer of Africa and AsiaPacific Regions represented the QIA. During the meeting, the prime minister highlighted Pakistan’s liberal and business-friendly investment policies in this regard. he also urged Qatari investors to explore the opportunities presented by the China-Pakistan economic Corri-
dor (CPeC) aimed at promoting regional connectivity and mutual prosperity. Investment in other areas including tourism and petroleum products also came under discussion. earlier during the Pakistan-Qatar Trade and Investment Roundtable, PM Shehbaz had similarly invited Qatari businessmen to invest in Pakistan’s energy, aviation, agriculture, livestock, maritime, tourism and hospitality sectors. lauding Qatar’s rapid economic development under the visionary leadership of the Qatar’s emir, the prime minister reiterated that Pakistan attached high importance to its relations with Qatar and wanted to upgrade the traditionally warm political ties between the two countries into a comprehensive economic partnership. The prime minister stressed the need to further enhance bilateral economic and investment engagement, particularly in the renewable energy including solar and wind power generation, aviation, maritime, indus-
trial and infrastructure development, and hospitality sectors. he underlined that Pakistan’s unique geographic and demographic advantages, which combined its strategic location with a huge middle-class market and a large skilled workforce. The PM assured full facilitation to QIA through transparent and expeditious processes. As part of the event, a number of presentations were made by the relevant ministries highlighting the potential of foreign investment in the fields of food security, energy, maritime, aviation, hospitality and tourism sectors. It was agreed that designated focal persons on both sides will closely follow-up on the key proposals for investments. The prime minister invited Mansoor bin ebrahim Al-Mehmoud and Sheikh Faisal Thani Al-Thani to visit Pakistan at their earliest convenience to build on the momentum generated by the visit. Terming Pakistan as a priority country, the QIA delegation expressed keen interest and readiness to actively pursue investment opportunities in Pakistan. It may be noted that along with a balance of payment crisis due to foreign reserves falling to as low as $7.8 billion, Pakistan is also facing a widening current account deficit (CAD) and a historic depreciation of the rupee against the U.S. dollar. In July it posted inflation of 24.9%. Sharif’s Qatar visit precedes an International Monetary Fund meeting next week that is expected to approve a $1.2 billion tranche of lending, which has been stalled since the beginning of the year. According to Reuters, the PM’s office did not give details of his agenda but two sources close to him said he was expected to offer Qatar shares in state-owned enterprises (SOes) including the loss-making Pakistan International Airlines (PIA) and the Roosevelt hotel in New york. They added that he is also expected to offer the opportunity to manage Pakistan’s airports and hoped to secure energy deals.
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‘Pakistan to receive $1.17b within six days after IMF board’s approval’ KARACHI staff report
Pakistan is likely to receive a $1.17 billion loan tranche from the International Monetary Fund (IMF) within six days after the executive Board’s approval, State Bank of Pakistan Acting Governor Murtaza Syed told Bloomberg Tv. Speaking with the international new outlet, Syed said that the country’s forex reserves will shore up to $16 billion by the end of Fy23 which dropped to
$8 billion due to delay in the revival of the IMF agreement and external flows. “Pakistan has commitments of $38 billion so we are over financed,” he said, adding that approvals of bilateral help will materialise soon, amounting to $4 billion, while the current account deficit is expected to clock in at around 3% of the gross domestic product. The executive board of the Fund is scheduled to meet on August 29.
India fires three officers for accidentally firing missile into Pakistan in March NEW DELHI agencies
The Indian Air Force said on Tuesday the government had sacked three officers for “accidentally” firing a missile into Pakistan in March, an incident that the two nucleararmed rivals handled calmly as there were no casualties. The BrahMos missile — a nuclear-capable, land-attack cruise missile jointly developed by Russia and India — was fired on March 9, prompting Pakistan to seek answers from New Delhi on the safety mechanisms in place to prevent accidental launches. “A Court of Inquiry, set up to establish the facts of the case, including fixing responsibility for the incident, found that deviation from the Standard Operating Procedures by three officers led to the accidental firing of the missile,” the air force said in a statement. It said the government had dismissed the three officers with immediate effect on Tuesday. According to the US-based Arms Control Association, the BrahMos missile’s range is between 300 km (186 miles) and 500 km (310 miles), making it capable of hitting Pakistan’s capital Islamabad from a northern Indian launch pad. Pakistan had summoned Indian Charge d’Afaires (Cd’A) to the Ministry of Foreign Affairs days after the incident to record the nation’s protest over the incident. “The Government of India is cautioned to be mindful of the unpleasant consequences of such negligence and take effective measures to avoid the recurrence of such violations in future,” a statement by the FO stated.
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