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Monday, 29 April, 2024 I |20 Shawwal, 1445
Rs 50.00 | Vol XIV No 300 I 36 Pages I Islamabad Edition
PM HIGHLIGHTS PAKISTAN’S INVESTMENT POTENTIAL, POLICIES ‘SAUDIS CALL SHEHBAZ MAN OF ACTION’
TERMS GLOBAL INEQUITY IN HEALTH SECTOR ‘FIRST AND FOREMOST PROBLEM’ AT WEF
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RECALLS 2011 DENGUE OUTBREAK IN PUNJAB AS ONE OF BIGGEST PHENOMENON IN GLOBAL HEALTH SECTOR
STAFF REPORT
RIME Minister Shehbaz Sharif was declared the “Man of Action” by the Saudi leadership in recognition of his commitment to reviving Pakistan’s economy through massive reforms and foreign investment. This acknowledgment came during his busy day in Riyadh, where he met different leaders and addressed a special meeting of the World Economic Forum. The remarks were made during separate meetings of Prime Minister Shehbaz Sharif with Saudi Minister for Investment Khalid Al-Falih, Minister for Finance Mohammad Al Jadaan, and Minister for Industry Bandar bin Ibrahim Alkhourayef. During his meeting with the prime minister on the margins of the Forum, Saudi Minister for Investment Khalid Al-Falih called him a “Man of Action,” recognizing his performance and speed of work, along with his commitment to contributing to Pakistan’s development and progress. This is the second time Shehbaz Sharif has earned such a distinction from foreign leadership as earlier, he was given the title of “Shehbaz Speed” by a Chinese leader to acknowledge his swift execution of development projects while serving as Punjab chief minister. “We are all aware of your performance and speed of work,” the Saudi minister said, adding that the prime minister was advancing the mission of progress in
Pakistan, with their full support. “Your mission is our mission,” he remarked.
Saudi minister for finance said that a delegation of Saudi investors would soon
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led by Finance Minister Muhammad Aurangzeb to carry out structural reforms, ensure strict fiscal discipline and pursue prudent policies that would ensure macro-economic stability and sustained economic growth, according to a PM Office press release. He thanked Georgieva for supporting Pakistan in securing the USD 3 billion Standby Arrangement (SBA) from IMF last year that was about to be completed. The IMF Executive Board is expected to meet on April 29 to decide on
At meeting with IMF chief, PM reiterates commitment to revive Pakistan’s economy STAFF REPORT
Prime Minister Shehbaz Sharif on Sunday met with Managing Director (MD) of the International Monetary Fund (IMF) Kristalina Georgieva wherein he reiterated his government’s commitment to put Pakistan’s economy back on track. In the meeting held on the sidelines of the World Economic Forum Special Meeting here, the prime minister said that he had directed his financial team,
IHC condemns ‘smear media campaign’ against Justice Babar Sattar ISLAMABAD
STAFF REPORT
The Islamabad High Court (IHC) on Sunday said that a “malicious campaign” was being run against Justice Babar Sattar on social media, as part of which confidential information and documents belonging to the judge were leaked online. The IHC issued a press release on Sunday, in which it stated that those behind the campaign against Justice Babar Sattar not only leaked the travel documents of Sattar, his wife and his children but also accused him of hiding assets in both Pakistan and the US. “As part of the malicious campaign, the confidential information has been posted and reposted on social media, including travel documents of the Hon’ble Judge, his wife and children,” the press release said.
“Justice Babar Sattar has never had any nationality other than that of Pakistan,” the IHC clarified, adding that while Sattar worked as a lawyer in New York and was granted a green card, “he left his job in the US in 2005 and returned to Pakistan and has lived and worked in Pakistan since then.” The campaign also leaked details about properties declared in the judge’s tax returns, “accompanied by unlawful and malignant allegations”, the press release stated. It is to be noted that Justice Sattar is one of the six IHC judges who have written a letter against the interference in judicial affairs by the intelligence agencies. Earlier this week, a full court meeting of the IHC decided to introduce several measures, including the reactivation of ‘empowered’ inspection teams, to end the alleged
meddling. The full court also decided to reactivate its inspection teams and empower inspection judges to enable them to address the complaints of judicial officers of the subordinate judiciary against any interference and pressure. The IHC press release noted that Justice Sattar’s assets in Pakistan and the US were thoroughly scrutinised by the Judicial Commission of Pakistan before his appointment as a judge. “All real estate assets that he owns are either inherited or were acquired while he was a lawyer. He has acquired no real estate assets since his appointment as a judge,” the statement reads. The court added that Sattar is not involved in the “management of any business entity”, nor has he presided over cases in which his family members have interests.
under a lot of pressure; and uncertainty was quite high. However, today, inflation is coming down sharply; our reserves have risen to around US$8 billion despite heavy debt repayments and will so cross US$ 9 billion mark; the current account deficit has narrowed quite significantly, and as a result, the PKR is stable. Uncertainty has also reduced. Pakistan’s bilateral and multilateral partners are continuing their support. And the stock market is reaching new highs. Governor, while citing Pakistan’s economic improvements, shared that progress was made possible because of a firm commitment of the government and the State Bank of Pakistan to effectively respond to the macroeconomic challenges. He shared that unpopular yet necessary measures had to be taken. The State Bank raised the policy rate to 22 percent, in order to reduce pressure on inflation and the current account. The government also undertook fiscal consolidation by constraining non-essential current expenditures. This coordinated policy response is now yielding the desired results.
Governor SBP stressed on the need for fresh perspectives and innovative solutions to address the longstanding issues facing our economy. This fresh perspective and innovative thinking has become more necessary, as the global shocks facing our economy are getting increasingly complex. He shared that climate change, technological advancements, cybersecurity threats, and financial innovations are adding new dimensions to the risks to economic and financial stability. Governor encouraged the graduates to proactively respond to these emerging challenges as our country needs professionals with in-depth knowledge of economics, finance and accounting to find workable solutions. He said that leadership skills are also paramount, so that you can design and implement the policy and regulatory decisions with courage and fortitude. In conclusion, the Governor encouraged the graduates to work with dedication, hard work, and unwavering commitment to excellence to help in shaping the economic landscape of Pakistan.
Pakistan’s economy is on path to recovery: SBP governor KARACHI
STAFF REPORT
State Bank of Pakistan (SBP) Governor Jameel Ahmad has said that the firm commitment of the government and the SBP to respond to the macroeconomic challenges has resulted in significant improvement in the economy. He was delivering his keynote address as the Chief Guest at the Members Convocation of ICMA Pakistan in Karachi, according to a statement issued by SBP on Sunday. In his keynote address, Mr Ahmad congratulated the graduating accounting professionals and encouraged them to make a mark for themselves. While elaborating on the recent improvement in Pakistan’s economy, Governor Jameel shared that it is worth taking a step back and analyze where the economy is standing and where it is headed. He shared that a year ago, Pakistan was facing a very challenging macroeconomic environment. Inflation reached to as high as 38 percent; the forex reserves were fast depleting; the exchange rate was
visit Pakistan. Pakistan was a priority for their investment and Saudi Arabia would continue to fully cooperate in the fields of agriculture, information technology and energy. He lauded Pakistanis’ prominent role in the progress of Saudi Arabia in different fields. During the meeting, it was agreed that Saudi Arabia would further explore opportunities of investment in Pakistan. He reaffirmed the support of Saudi Arabia in the economic progress of Pakistan and called the “progress of Pakistan the progress of Saudi Arabia”. He said that Saudi Arabia had made difficult decisions for reforms at the government level regarding its Vision 2030.
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the final tranche of USD 1.1 billion under SBA. The IMF chief appreciated the prime minister’s leadership for timely securing the SBA last year. Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year were consolidated and its economic growth trajectory remained positive. IMF MD shared her institution’s perspective on the ongoing program with Pakistan, including the review process.
FM Dar appointed as 4th deputy prime minister ISLAMABAD
NEWS DESK
Foreign Minister Ishaq Dar has been appointed as the country’s deputy prime minister, as per a notification by the Cabinet Division on Sunday. The notification stated, “The Prime Minister has designated Mr Mohammad Ishaq Dar, Federal Minister for Foreign Affairs, as Deputy Prime Minister with immediate effect and until further orders.” Dar assumed the role of foreign minister after the Pakistan Muslim League-Nawaz (PML-N) formed a coalition government post the February 8 elections. A seasoned politician and a chartered accountant, Dar, 73, is not only a close aide but also a close relative of PML-N supremo Nawaz Sharif. The appointment of the four-time finance minister as foreign minister indicated an increased focus on economics in the nation’s diplomacy, aiming to secure another International Monetary Fund Deal and bolster external financing from foreign capitals. “Economic diplomacy is crucial at this time,” Dar commented to Reuters after his appointment in March. Prior to Dar’s appointment, Pervaiz Elahi of the Pakistan Muslim League-Quaid (PML-Q) was the country’s deputy prime minister, appointed on June 25, 2012, after a political alliance between the Pakistan People’s Party and the PML-Q. Last month, Dar took on the role of the country’s foreign minister, adding to his extensive experience that includes serving as finance minister from 1998 to 1999, March to May 2008, 2013 to 2017, and 2022 to 2023. He has also held positions as minister for industry and investment from February 1997 to July 1997, as well as commerce from December 1997 to October 1999. Dar was previously the Leader of Opposition in the Senate from March 2012 to June 2013.