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FULFILLED ANOTHER PROMISE AS DISCOUNTED RUSSIAN CRUDE ARRIVES IN COUNTRY: PM
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Monday, 12 June, 2023 I 22 Zilqad, 1444
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SAYS MOVING ONE STEP AT A TIME TOWARD PROSPERITY, ECONOMIC GROWTH AND ENERGY SECURITY
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LAHORE STAFF REPORT
RIME Minister Shehbaz Sharif on Sunday said that the first cargo of discounted crude from Russia has arrived in the country and discharge of oil will commence on Monday (today). “I have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow,” the premier tweeted. “Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, energy security, and affordability,” PM Shehbaz said. He stated that the arrival of the first-ever Russian oil cargo in Pakistan was the beginning of a “new relationship between Pakistan and the Russian Federation”. “I commend all those who remained part of this national endeavor and contributed to translating the promise of Russian oil import into reality,” the prime minister added. Last year, Finance Minister Ishaq Dar had announced that the country was considering buying discounted Russian oil, pointing out that neighbour India had been purchasing oil from Moscow and Islamabad also had a right to explore the possibility. Subsequently, State Minister for Petroleum Musadik Malik had flown to Moscow for talks on issues including oil and gas supplies after which the government announced that it would purchase discounted crude oil, petrol, and diesel from Russia. In January 2023, a Russian delegation arrived in Islamabad for talks to finalise the deal. During the three-day meeting, the countries decided to address all technical issues — insurance, transportation and payment mechanism — to sign an agreement by late March this year. “After consensus on the technical specifications achieved, the oil and gas trade transaction will be structured in a way it has a mutual economic benefit for both
Making efforts to re-negotiate with IMF on more favorable terms: Dar ISLAMABAD
STAFF REPORT
Finance Minister Muhammad Ishaq Dar on Sunday said the government is taking necessary measures to renegotiate with International Monetary Fund on more favorable terms and conditions. Talking to a private news channel, he expressed hope that the IMF would be satisfied with Pakistan’s progress, as the country has fulfilled the necessary requirements. Ishaq Dar expressed optimism that Pakistan would achieve the growth rate set by the government, indicating a positive outlook for the nation’s economic development in the coming year. The Finance Minister said the federal government has given a massive relief to the salaried class in the new budget by announcing 35 per cent ad-hoc relief allowance for its employees from grade one to 16 and 30 percent for employees from grade 17 to 22. Dar claimed the government has made extensive efforts to provide maximum relief to the masses. Reply to a question, he criticized the previous government of Pakistan Tehreek-e-Insaf for formulating weak policies. He said these policies caused significant difficulties for masses in their daily lives, leading to financial constraints for the country.
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TERMS ARRIVAL OF RUSSIAN OIL CARGO BEGINNING OF ‘NEW RELATIONSHIP BETWEEN PAKISTAN, RUSSIAN FEDERATION’
countries,” a joint statement issued by the two sides had then stated. In April, Malik had said Pakistan had placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow. He had also said that imports were expected to reach 100,000 barrels per day (bpd) if the first transaction went through smoothly. Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude in a trial run, followed by Pak-Arab Refinery Limited (Parco) and other refineries, Malik added. As a long-standing Western ally and the arch-rival of
neighbouring India, which historically is closer to Moscow, analysts said the crude deal would have been difficult for Pakistan to accept, but its financing needs are great. Discounted crude offers respite as Pakistan faces an acute balance-of-payments crisis, risking a default on its debt obligations. Energy imports make up most of the country’s external payments. Currently, 80 per cent of Pakistan’s oil requirements of roughly 154,000 barrels per day are being met by traditional Gulf and Arab suppliers, mainly Saudi Arabia and the UAE. The 100,000 bpd from Russia in theory would greatly reduce Pakistan’s need for Middle Eastern fuel. On the other hand, Pakistan’s purchase gives Russia a new outlet, adding to Moscow’s growing sales to India and China, as it redirects oil from Western markets because of the Ukraine conflict. PM GRIEVED OVER LOSS OF LIVES IN PUNJAB, KP RAINS: Meanwhile, Prime Minister Shehbaz Sharif Sunday expressed grief and sorrow over the recent loss of precious human lives in rainstorms in Khyber Pakhtunkhwa and Punjab. In a statement issued on Twitter, he said rescue departments and relief teams were working to help the affected people. Without any doubt, these were effects of climate change resulting in damage caused by unusual hailstorms, untimely rains and melting of glaciers, he added. These weather events were not only causing loss of lives and property but were also badly affecting agriculture and economy, he said adding Pakistan was one of the countries which were worst affected by climate change. The PM said at present the whole world was facing the negative effects of climate change. “We need to collectively take solid steps for the safe future of the coming generations,” he concluded.
PM Shehbaz hopeful about securing deal with IMF this month LAHORE
delay in the IMF programme. He said despite all the economic difficulties, the federal government raised the salaries of employees by 30 to 35 percent, increased pension by 17 percent and increased minimum wage from Rs 25000 to Rs 32000. The government was aware of the economic difficulties of the poor people, he added. He said major funds were allocated for the sectors of agriculture and information technology in the federal budget presented by Finance Minister Ishaq Dar, adding the budget would provide relief to the common man and create jobs. The prime minister said he assumed government in April 2022 amid very tough economic conditions. Last year, the government of Imran Niazi broke the agreement
STAFF REPORT
Prime Minister Shehbaz Sharif Sunday expressed hope that Pakistan will reach agreement with International Monetary Fund (IMF) in June to get the remaining loan as his government had met all the conditions with sincerity. Speaking at a ceremony at Sabzazar Sports Complex here, he said he had a long conversation with chief of IMF recently and he assured that the government would meet conditions for the loan and provide the required information about budget. He said Pakistani nation was vibrant and was capable of meeting all the coming economic challenges in case of any further
with International Monetary Fund and the coalition government had to face the challenge of rising commodity and oil prices in the international market and then it spent huge funds for the relief and rehabilitation of people affected by the devastating funds, he mentioned. The government had to seek help from friendly countries to overcome economic challenges, he continued. He said the government of Imran Niazi showed negligence and did not buy gas when its prices were very low in the international market during the COVID pandemic. Imran Niazi did nothing for the people but wasted all his time in waging vendetta against opposition leaders, he added.
UNSC report underscores TTP’s persistent threat to Pakistan’s security UNITED NATIONS STAFF REPORT
A United Nations Security Council report has come as a reminder about the persistent threat Pakistan’s security faces from the Afghanistan-based Tehreek-eTaliban Pakistan (TTP), saying the militant group also poses a threat to the region. “The link between the Taliban and both Al-Qaeda and Tehrik-e-Taliban Pakistan (TTP) remains strong and symbiotic,” the annual report of the 1988 Taliban sanctions committee monitoring team noted. The report comes amid escalating TTP attacks inside Pakistani territory to which Pakistan has repeatedly drawn the attention of the international community.
“A range of terrorist groups have greater freedom of manoeuvre under the Taliban de facto authorities,” the report said, adding, “They are making good use of this, and the threat of terrorism is rising in both Afghanistan and the region”. “While they have sought to reduce the profile of these groups and have conducted operations against Islamic State of Iraq and the Levant – Khorasan Province (ISIL-K), in general, the Taliban have not delivered on the counter-terrorism provisions under the Agreement for Bringing Peace to Afghanistan between the United States of America and the Taliban.” The report said there were indications that al-Qaeda is rebuilding operational capability, that
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TTP is launching attacks into Pakistan with support from the Taliban, that groups of foreign terrorist fighters are projecting threat across Afghanistan’s borders and that the operations of ISIL-K are becoming more sophisticated and lethal “if not more numerous”. “It is too early to judge the impact of the decree by the Taliban in April 2022 banning poppy cultivation,” the report added. “At this point,” it said, “prices have increased, as has production of the more profitable methamphetamine. Key Taliban individuals remain closely involved in production and trafficking.” However, the Afghan Taliban dismissed the report and called it “full of prejudice”, according to media reports.
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Public urged to stay away from coastline as Cyclone Biparjoy intensifies KARACHI
STAFF REPORT
The powerful cyclone Biparjoy is heading to the coastline of Pakistan with more intensity on Sunday and the National Disaster Management Authority (NDMA) has urged the public to stay informed and follow the official updates and warnings issued by relevant authorities to protect themselves and their properties from the possible impacts of Tropical Cycling Biparjoy. On the other hand, the administration in both the Sindh and Balochistan have issued red alert and banned fishing and swimming along the coastal areas after the Very Severe Cyclonic Storm (VSCS) “Biparjoy” over east-central Arabian Sea is maintaining its intensity and is hardly 760 kilometers away from Karchi and 750km from Thatta. The Karachi City Administration imposed a complete ban on going into open sea for sailing, fishing, swimming or bathing under Section 144. The ban was imposed after the Pakistan Meteorological Department (PMD) issued an alert, advising fishermen not to venture in open sea from Monday, 12 June 2023 onwards till the system is over as the “Arabian Sea conditions may get very rough/high accompanied with high tides along coast”. NDMA ADVISORY: In an advisory issued by the spokesperson for NDMA, said according to the latest information gathered through monitoring of International forecasting models, Tropical Cyclone Biparjoy, which was currently a Very Severe Cyclonic Storm (VSCS) would likely to intensify into an Extreme Severe Cyclonic Storm (ESCS) in next 24 hours. “It is located at 840 km south of Karachi and moving north-northeastward with winds of 130-140 km/h and gusts of 150 km/h. PMD reported that it is likely to follow one of three tracks and impact coastal areas of Pakistan,” it said. The potential impacts included heavy rains, thunderstorms and winds in south and southeast Sindh (Karachi, Thatta, Sujawal, Badin, Tharparkar & Mirpurkhas) from evening of 13 June onwards; damage to weak structures due to winds; storm surge and urban flooding along the coast and rough to very rough sea conditions with high-intensity squalls that will prevent fishermen from venturing out into the open sea. NDMA, in close coordination with PMD, Provincial Disaster Management Authority (PDMA) Sindh & Balochistan, Pakistan Navy, Pakistan Maritime Security Authority (PMSA), Pakistan Coast Guards (PCG) issuing advisories and guidelines to all concerned stakeholders at national and provincial levels to undertake proactive preparedness and mitigation measures. NDMA’s NEOC is continuously monitoring and sharing information with all stakeholders and the public through webpage-based projections of BIPARJOY’s tracks and impacts on coastal areas. According to PDMA officials, the tides could rise up to 10 feet as soon as the cyclone that has gained strike the coastal belt. Fishermen are reportedly ignoring the warnings, while some families have also been spotted at beaches. According to the Pakistan Meteorological Department (PMD) alert issued around 9.45pm on Saturday, the system was located 840km south of Karachi, 830km south of Thatta and 930km southeast of Ormara. The Met department stated that the very severe cyclonic storm — Biparjoy — over east-central Arabian Sea was maintaining its intensity and had further tracked northnortheastward during the past 12 hours. “It now lies near Latitude 17.3°N & Longitude 67.4°E at a distance of about 840km south of Karachi, 830km south of Thatta and 930km southeast of Ormara. PMD alerts authorities to remain vigilant — The Extremely Severe Cyclone Storm (ESCS) “BIPARJOY” may probably approach the southeast Sindh coast and cause widespread winddust/thunderstorm rain with some very heavy/extremely heavy falls at few districts of Sindh between June 13-17. About the possible impacts of the cyclone, the Pakistan Meteorological Department (PMD) has revealed on Sunday that “With its probable approach to the southeast Sindh coast, widespread wind-dust/thunderstorm rain with some very heavy/extremely heavy falls accompanied with squally winds of 80-100Km/hour likely in Thatta, Sujawal, Badin, Tharparker and Umerkot districts during June 13-17”.
Gold prices ease by Rs4,150 per tola for second week PROFIT TLTP
Gold prices in the country eased by Rs4,150 (-1.79 percent) per tola last week, falling for the second straight week, while gold prices in the international bullion markets surged by 0.67 percent for the second week in a row. The gold rate in Pakistan for a single tola of 24-karat on a week-on-week (WoW) basis fell to Rs227,250 from Rs231,400, according to the data provided by All Pakistan Sarafa Gems and Jewellers Association. Similarly, the gold rate for 10 grams of 24karat dipped to Rs194,830 from Rs198,400 on WoW basis, showing a decrease of Rs3,570. The gold price for 22-karat was
recorded at Rs208,300 against Rs211,800 per tola a week ag0. Likewise, the gold rate for 10 grams of 22-karat fell to Rs178,600 from Rs181,600. As far as Pakistan rupee-US dollar parity is concerned, as gold is valued in USD, the local unit depreciated 0.44 percent against the greenback in the interbank market on a week-on-week basis. According to the figures shared by the central bank, the rupee fell from 285.68 to 286.93 against the greenback. Similarly, the rupee fell one percent against the US dollar in the open market, from the range of Rs299-302 to Rs302-305. The domestic gold market has remained volatile for the last one year due to economic
and political turmoil, high inflation, and currency depreciation. People prefer to buy the yellow metal in such times as a safe investment and a hedge to protect themselves against inflation and currency depreciation. bal markets, the gold price surged for the second straight week from $1,947.50 to $1,960.70 per ounce, showing an uptick of 0.67 percent. Gold prices fell below $1,950 at the beginning of the week as an impressive May jobs report from the US weighed on the gold prices. However, the US dollar came under selling pressure after a survey revealed a loss of momentum in service sector activity. The downbeat data prompted gold prices to regain traction on Monday and gold closed the day in positive territory.