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PAKISTAN, IRAN AGREE TO RAISE TRADE VOLUME TO $10B IN NEXT FIVE YEARS Tuesday, 23 April, 2024 I 14 Shawwal, 1445
PM Shehbaz stresses two countries could bring about prosperity by turning border areas into hub of business
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ISLAMABAD
Staff RepoRt
AKISTAN and Iran have agreed to further strengthen bilateral trade ties and promote business activities at the border areas to ensure development and prosperity of the people of the two countries. Prime Minister Muhammad Shehbaz Sharif in a joint media talk with Iranian President Dr Ebrahim Raisi after witnessing the signing of bilateral agreements and MoUs here at the PM House on Monday, said that under the leadership of the Iranian President, the two countries could bring development and prosperity in their respective sides by turning their borders into hub of business activities. The prime minister said during their meeting, the two sides held detailed discussions on various fields of mutual interests including economy, trade, investment, diplomacy, security and culture. The Iranian President, who arrived here on Monday on three-day official visit to Pakistan along with a high-powered delegation, said that the trade volume between the two brotherly countries was not reflective of the true potential and they wanted to increase it to US$10 billion annually in five years. He stressed that steps were needed to enhance border markets to give spur to the business and trade activities at the
border areas, besides enhancing security. The President of Iran said that the two countries shared common affinities and no one could separate them, adding the two sides in their meetings, decided to further promote the bilateral ties between the two countries in trade and economic sectors. He said that there were a number of common issues including fight against terrorism, efforts to curb organized crimes and smuggling, in which the two sides could enhance their cooperation. President Dr Raisi stressed that it was significant to further broaden the bilateral ties for the benefits of the two countries, besides continuity of cooperation at the highest level. He said that the historic and durable ties between Iran and Pakistan provided them opportunity to fully utilize them for the welfare and prosperity of the two nations. President Raisi said that Iran had achieved immense progress in science and technology and the country was ready to share their experiences and knowledge. President of Iran Dr Ebrahim Raisi conveying best regards from the people and the Supreme Leader of Iran to the people of Pakistan said the great people of Pakistan had always been supporting the oppressed people of various areas of the world specially the people of Gaza and had always been defending Islam and raising their voice for the freedom of
COAS, Iranian President discuss regional peace, border security ISLAMABAD
Staff RepoRt
Chief of Army Staff (COAS) General Asim Munir on Monday met Iran President Ebrahim Raisi, who is on an official visit to Pakistan and discussed matters of mutual interest, regional peace and border security, the military media wing said on Monday. According a press release from the Inter-Services Public Relations (ISPR), both sides concurred on the necessity to bolster bilateral cooperation while jointly striving for regional stability and economic prosperity. Speaking on the occasion, COAS Munir described the Pakistan-Iran border as “the border of peace and friend-
ship,” emphasising the need for improved coordination along the border to prevent terrorists from jeopardising the longstanding brotherly relations between the two neighboring countries. President Ebrahim Raisi emphasised that by fostering cooperation between the two Armed Forces, Pakistan and Iran can attain peace and stability for both nations and the region. It is pertinent to mention here that Iran President Ebrahim Raisi is currently on a three-day visit to Pakistan. The visit is the first of its kind by any head of state after the February 8 general elections. Iran’s presidential entourage comprises of the foreign minister, other cabinet members, high officials, and a large trade delegation.
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President Raisi said two countries shared common affinities and no one could separate them
PSX’s KSE-100 surges past 71,000 level
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Quds Al-Sharif. He believed that today people in different parts of the world were in pain due to current situation in Palestine. At the same time, he said the international organization such as Untied Nations and UN Security Council who claimed to support human rights, could not deliver their core responsibility. President Raisi emphasized that the people belonging to all religions across the world including that of Iran and Pakistan were calling for an end to the oppression and barbarism against the people of Palestine. The Iranian President believed that the position adopted by the people around the world and by the Palestinian resistance will surely be real-
ized one day. Prime Minister Shehbaz Sharif commended Iran’s robust stand for the Muslims of Gaza and the barbarism being committed against them, saying that Pakistan in this regard also fully support the oppressed people of Gaza. He said the resolution of the UN Security Council with respect to Palestine was being violated. He regretted that over 35000 people had so far been martyred in Palestine. The prime minister also called for raising voice at various international forums including Organization of Islamic Cooperation (OIC) till complete ceasefire in Gaza.
ISLAMABAD
to the Pakistani pilgrims on the occasion of Arba’een. The Iranian Interior Minister extended invitation to his Pakistani counterpart to visit Iran where the Iraqi counterpart would also be invited. The two sides observed that joint initiatives would help ensure the provision of best facilities to the pilgrims. Interior Minister Naqvi thanked his counterpart for the invitation to visit Iran. Both sides also agreed to waive the fines imposed on their nationals imprisoned in each other’s country. Mohsin Naqvi said that he wanted that the Pakistani prisoners in Iran should return to the homeland as soon as possible.
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Naqvi, Iranian counterpart reach consensus to ban terrorist outfits Staff RepoRt
Pakistan and Iran on Monday decided in principle to ban terrorist organizations in their respective countries. The decision to the effect was taken in a meeting between federal Minister for Interior Mohsin Naqvi, and his Iranian counterpart Dr Ahmad Vahidi and Law Minister Amin Hussain Rahimi. The two sides agreed on a joint plan of action to deal with the menace of terrorism being a common problem, with further improving mutual support and exchange of intelligence information. It was decided to sign a security agreement in this regard at the earliest. It was also decided to provide all possible facilities
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It seems the only thing Pakistan International Airlines (PIA) has been good for in recent times is being used as a bad example. For years now PIA has been a symbol of everything that is wrong with State Owned Enterprises (SOEs) in Pakistan and how they are run. That is why it has constantly been on the docket to be privatised. Yet somehow the national airline is always in the news for reasons why the privatisation is failing. Be it the billions of rupees in losses that the company has made over the last decade, disputes over stranded vehicles costing millions of dollars, or the mismanagement of prime property
in central New York — it is always crisis after crisis at PIA. Which is why when Finance Minister Muhammad Aurangzeb made a statement during a media talking in Washington indicating that Pakistan is expected to sell its flag carrier before the end of the fiscal year, it was not big news. After all, talk of PIA being privatised has been consistent and nothing new. Except this time it might be for real. So what is going on with the privatisation plans? FINANCE MINISTER GIVES A TIMELINE Mr Aurangzeb stated that bids for the airline are expected to come in the upcoming weeks. It was earlier reported that final bidding was scheduled for the 3rd of
June 2024. Aurangzeb also mentioned that after this, “the Islamabad airport is next, followed by Karachi and Lahore.” While he did not provide much details about how much of the airline, the government of Pakistan is willing to let go, previous reports suggest that the government is interested in retaining a sizable share in the airline, even after selling majority stock and managerial control, much like it did with PTCL, back in the day. But how did we come to the sale of PIA, so quickly, within the span of one month. Let’s recap: PLANS IN MOTIONS As the Shehbaz Sharif-led coalition government took the reins of the nation’s economic course, the fate of PIA hung in the balance, with stakeholders
Stocks at the Pakistan Stock Exchange (PSX) extended their upward trajectory on Monday with the benchmark KSE 100 Index surging past the 71,000 level during the intraday trade. As per the PSX website, the market opened on a positive note and the index experienced across-the-board buying in key sectors including oil & gas exploration companies, automobile assemblers, chemical, commercial banks, cement, and OMCs, all were trading in green. The KSE 100 touched an all-time high level of 71,856 at 02:20 pm with an increase of 945 points. At the day’s end, the benchmark index ended the session at 71,433.46 level, up by 523.56 points or 0.74%. Over the last year, the market has experienced a 74% surge, with a year-to-date increase of 10.43%. Pakistan is anticipating positive outcomes from the recent visit of the Finance Minister Muhammad Aurangzeb to the United States where he attended IMF-World Bank Spring Meetings and formally requested for a longterm billion-dollar loan program from the IMF. On the local front, Iran’s President Ebrahim Raisi landed in Islamabad on Monday morning and hopes are high in the federal capital for a breakthrough on the longdelayed Iran-Pakistan Gas Pipeline.
March sees highest monthly current account surplus of $619m in nine years
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Current account balance improves significantly, recording a deficit of $0.5 billion in 9MFY24 PROFIT
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Against all belief, past six months have seen incredible progress in privatisation of Pakistan’s national carrier. So what can we expect in days to come? Shahnawaz ali
Across-the-board buying witnessed in key sectors newS DeSk
Govt claims PIA will be privatised by June here is how it could play out? g
Rs 20.00 | Vol XIV No 294 I 8 Pages I Islamabad Edition
eagerly awaiting the unfolding saga of reform and revitalization. The company’s fate had been in a limbo for at least the last one year. During the long stay of the caretaker government in the country during 2023, the company had been on and off the privatisation list. The privatisation commission under Fawad Hassan Fawad sought ways to revive the airline. However, after touching grass with the company’s long list of losses and inefficiencies, the company’s privatisation became a top most priority. A consortium of financial advisors led by Ernst and Young was hired to calculate the fair value of PIACL, along with addressing other items on PIA’s privatisation agenda.
Pakistan’s current account witnessed a surplus of $619 million in March 2024, the highest surplus in nine years. According to data released by the State Bank of Pakistan (SBP) Monday, the current account balance in the first nine months (July to March) of the ongoing fiscal year 2023-24 has improved significantly; as a deficit of $0.5 billion was recorded during the period as compared to the deficit of $4.1 billion during the corresponding period of last year. “Pakistan recorded a current account surplus of $619 million in March 2024 compared to $537 million last year and $98 million in February 2024,” Topline Securities said in its report. “This is the highest monthly surplus after nine years. We believe significant monthly surplus is due to higher remittances amid Eid inflows.” According to SBP data, the merchandise trade deficit during JulyMarch (2023-24) was recorded at $15.75 billion as compared to the deficit of $21,079 billion in the same period of the last fiscal year. Likewise, the services trade deficit was recorded at $1.655 billion during FY2023-24 compared to the deficit of $374 million during the corresponding period of last year. The overall trade deficit in goods and services was recorded at $17.412 billion during the current fiscal year compared to the deficit of $21.453 million during last year. Meanwhile, the balance on primary income stood at negative $5.561 billion against $4.0 billion last year, according to the SBP data.
PML-N sweeps by-elections with two NA, 10 PA seats g
PPP and IPP secure one PA seat each with PTI remained runner-up in all constituencies ISLAMABAD
Staff RepoRt
The ruling PML-N on Monday emerged victorious in by-elections held on 21 national and provincial seats with two national assembly seats and 10 provincial assembly, according to provisional results released by the Election Commission of Pakistan (ECP). On Sunday, by-polls were held across the country amid widespread allegations of “record rigging”, temporary suspension of cellular services in specific districts of Punjab and Balochistan and multiple incidents of violence, leading to the death of a PMLN supporter in a clash outside a Narowal polling station. By-elections were held to a total of 21 seats – five NA seats including two from
Punjab, two from Khyber Pakhtunkhwa and one from Sindh and 16 provincial assemblies constituencies, including 12 in Punjab as well as two each in KP and Balochistan. In the meanwhile, re-polling in all constituencies of Balochistan’s PB-50 (Qila Abdullah) was also held. According to the provisional results (Forms-47) issued by the ECP, out of the five NA seats, the PML-N won two from Punjab while the Sunni Ittehad Council (SIC) and an independent candidate won one each from KP. Meanwhile, the PPP clinched the NA-196 seat from Sindh. In Punjab, the PML-N grabbed 10 provincial seats while the PPP and the Istehkam-i-Pakistan Party (IPP) won one each. In KP, one provincial seat each went to the SIC and an independent candidate.
In Balochistan, the PML-N and the Balochistan National Party-Mengal (BNPM) won one provincial seat each. Separately, the Awami National Party (ANP) also won a provincial seat from PB-50, where re-polling was conducted. Punjab Chief Minister Maryam Nawaz congratulated her party’s winning candidate on their performance in the by-elections, according to Radio Pakistan. She said their success reflected the people’s confidence in the party’s policies., adding that the PML-N was the real representative party of the public. Meanwhile, KP CM Ali Amin Gandapur alleged that the reason for the poor performance of the candidates belonging to the SICPTI alliance was rigging.
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PTI announces countrywide protest on Friday ISLAMABAD
Staff RepoRt
Pakistan Tehreek-e-Insaf (PTI) announced to hold a strong protest demonstrations across the country against the blatant and brazenly rigged by-polls on Friday and demanded the Election Commission of Pakistan (ECP) to withhold the notifications of those who fraudulently secured victory because it could not be called an elections in anyway but a farce. Addressing the press conference along with PTI Secretary General and Leader of the Opposition in the National Assembly Omar Ayub Khan and Sunni Ittehad Council (SIC) Chairman Sahibzada
Hamid Raza, PTI Chairman Barrister Gohar Ali Khan said that the by-elections were to hold the government accountable, but unfortunately, what was done on the day of the by-elections in Punjab it was a dark and shameful day for democracy. He said that the mandate thieves resorted to such shameful and vindictive steps to coercive people and officials to rig elections in presence of the representatives of the ECP, as the vote boxes were even stuffed well before the start of voting process at some polling stations, which was even unthinkable even in the rule of the worst dictator.
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