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Millat Tractors shuts down operations indefinitely
Sui companies face gas depletion as govt raises alarm
SBP’s liquid forex reserves fall by another $245m, to $5.576bn
FBR moves to broaden tax base, aims to add 2m retailers in tax net
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rs 15.00 | Vol XIII no 188 I 12 pages I Islamabad Edition
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PM Shehbaz aSSureS PreMier Li of tiMeLy coMPLetion of cPec ProjectS g
PM Shehbaz promises secure environment to Chinese investors ISLAMABAD
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Mian abrar
RIME Minister Shehbaz Sharif on Thursday held a telephonic conversation with Chinese Premier Li Keqiang wherein he emphasized Pakistan’s unswerving focus on timely progress of the China-Pakistan Economic Corridor (CPEC) projects. During the “comprehensive telephone conversation,” the prime minister assured the Chinese Premier that Pakistan would provide a completely secure and conducive business environment for Chinese investors. “The two leaders’ discussion was characterized by warmth and cordiality,
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Premier Li assures of China’s continued support for Pakistan’s reconstruction efforts
in keeping with the best traditions of the Pakistan-China All-Weather Strategic Cooperative Partnership,” a PM Office statement said. Prime Minister Shehbaz and Premier Li exchanged New Year greetings, noting that bilateral relations had grown to new heights in 2022, and agreeing to maintain the steady momentum of bilateral cooperation in 2023. Recalling his visit to China in November 2022 and wide-ranging conversations with President Xi Jinping and Premier Li, the prime minister underscored Pakistan’s commitment to fostering closer relations with China. He reiterated Pakistan’s unstinting support on China’s core interests. Both the leaders also discussed regional is-
sues of mutual interest. Premier Li Keqiang assured the prime minister that China viewed Pakistan not only as a strategic friend but as a country whose stability and economic welfare was of utmost importance to the region and to China. China would always stand in solidarity with Pakistan, Premier Li added. Noting the International Conference on Climate Resilient Pakistan being held in Geneva on January 9, PM Shehbaz briefed Premier Li on the latest progress in post-flood reconstruction and rehabilitation in Pakistan. He conveyed Pakistan’s profound gratitude for China’s prompt and generous support for the flood-affected people. Premier Li assured the prime minister
of China’s continued support for Pakistan’s reconstruction efforts and the success of the Conference. Both leaders agreed to maintain
close communication to fast-track the bilateral cooperation agenda for mutual benefit of the peoples of Pakistan and China in 2023 and beyond.
munir on week-long visit to Saudi arabia, UaE to shore up economy ISLAMABAD Staff rePort
The army chief arrived in Riyadh on a week-long official visit, first to Saudi Arabia and then United Arab Emirates (UAE), until January 10, as Pakistan looks to help shore up alliances with countries struggling with the impact of rising inflation. According to the Inter-Services Public Relations (ISPR), Gen. Syed Asim Munir will call on the senior leadership of the two “brotherly countries” to discuss bilateral ties and military-to-military cooperation, among other topics. On Thursday morning, he met Prince Khalid bin Salman, the Saudi defence minister, and discussed the ways to strengthen cooperation between the two nations, the official Saudi Press Agency said. According to SPA, the general arrived in the oil-rich kingdom in the early hours of Thursday where he was received by the minister. It said the two also emphasised the strength and durability of bilateral relations. Munir and Salman also discussed military and defence cooperation, as well as ways to support and enhance them. During the meeting, the minister congratulated Munir on his appointment as the head of the Pakistan Army. Pakistan’s foreign exchange reserves barely cover a month’s worth of imports, most of which are accounted for by energy purchases from abroad, with funds expected under an International Monetary Fund (IMF) pro-
Edible oil shortage looms as opening of LCs resisted ISLAMABAD Profit rePort
gramme having been delayed. Islamabad also struggles to quell default fears in domestic and international markets, with a $1.1 billion IMF bailout tranche stuck due to differences over the ninth programme review, which should have been completed in November. Other critical multilateral and bilateral financing avenues are also linked to the IMF programme, which means the nation is hard-pressed to meet ex-
ternal financing needs of over $30 billion up until June, including debt repayments and energy imports. Last month, the Saudi government said it will help Pakistan’s finances and will “continue to support Pakistan as much as we can”. Previously, it extended the term of a $3 billion deposit to boost foreign currency reserves and help Pakistan in overcoming the economic repercussions of the coronavirus pandemic.
The Islamabad Chamber of Commerce and Industry (ICCI) on Thursday expressed concern over the reports that the commercial banks are resisting the opening of LCs of edible oil importers They said it would create a shortage of ghee and cooking oil in the market and cause further hikes in the prices of those commodities. Import rELIanCE: In Pakistan, nearly 90% of the import of oilseeds is constituted by palm and soybean oilseeds. In its recently released report for the first quarter of the financial year 2022, the State Bank of Pakistan included a special section on rising palm and soybean imports. According to the report, Pakistan’s palm and soybean-related imports stood at US$ 4 billion in FY21, rising by 47 percent year-on-year, compared to compound average growth of 12.3 percent in the last 20 years. The domestic reliance on soybean and palm has been steeply increasing since the turn of the century. As a result, 86 percent of
domestic edible oil consumption in 2020 came from imports up from 77 percent in 2000. What most might not realise is that Pakistan is dependent on Malaysia and Indonesia for its most basic caloric input. Not only are we the fourth largest importer of palm oil, we also import soybeans and other oilseeds necessary to produce edible oil and the locally essential ‘Vanaspati Ghee.’ Ghee had long been an ancient staple of the rich in the Indian subcontinent. The cooking substance made of clarified cow milk was used sparingly to make delicacies on festive occasions. Ghee, as a signifier of wealth, has even been codified into the Urdu language, with the idiom ‘paancho ungliyan ghee mein’ entrenched as a mainstream saying. Because most Indians could not afford the product regularly, inventors in Europe had discovered a method to hydrogenate vegetable oil and turn it into a substance that convincingly mimicked the taste and function of ghee.
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