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PM stresses further deePening Pakistan-turkiye trade, defence ties Friday, 8 November, 2024 I | 5 Jamadi ul Awwal, 1446
PM Shehbaz reiterates Pakistan would continue lending its strong support to Turkiye on its core interests
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ISLAMABAD
Lays foundation stone of Ramday University to be constructed in Thagos in GB’s Ghanche district
STAFF REPORT
RIME Minister Shehbaz Sharif on Thursday expressing satisfaction at the growing bilateral cooperation between Pakistan and Turkiye, stressed the need to further deepen bilateral cooperation in trade, investment, and defense sectors. The prime minister said this in a meeting with newly-appointed Ambassador of Turkiye to Pakistan Irfan Neziroglu, who called him at the PM House. The prime minister welcomed Ambassador Neziroglu, who presented his credentials to President Asif Ali Zardari on October 28, 2024, and said that he looked forward to working closely with the ambassador to further strengthen bilateral relations between the two countries, according to a PM Office press release. Recalling the historic, longstanding and brotherly ties between Pakistan and Turkiye, the prime minister expressed gratitude for Turkiye’s consistent support to Pakistan on Kashmir and said that Pakistan would also continue to lend its strong support to Turkiye on its core interests. The regional situation, particularly in Gaza and the Middle East also came under discussion. The prime minister conveyed his warm greetings and best wishes to Pres-
ident Recep Tayyip Erdogan and reiterated his invitation to the Turkish President to undertake an official visit to Pakistan at his earliest convenience. Ambassador Neziroglu thanked the prime minister for warmly receiving him and assured him of his full commitment and support to further strengthen the strong and historic bonds of friendship between both countries. PM lays foundation stone of Ramday University Prime Minister Muhammad Shehbaz Sharif on Thursday laid the foundation stone of Ramday University to be constructed in Thagos, district Ghanche of
fO rebuts speculations trump will influence, pressurise Pakistan’s internal politics ISLAMABAD
STAFF REPORT
The Foreign Office (FO) on Thursday dismissed speculations US president-elect Donald Trump would try to “influence or pressurise Pakistan’s internal politics,” describing Pakistan and the US as “old friends and partners,” and will continue to pursue these relations on the basis of mutual respect. “We see this as speculative reporting, and as I just said, Pakistan and the United States are old friends and partners, and we will continue to pursue our relations on the basis of mutual respect, mutual confidence and non-interference in each other’s domestic affairs,” FO spokesperson Mumtaz Zahra Baloch stated during weekly press briefing on Thursday responded when asked whether Trump, after becoming the president, would influence Pakistan’s internal politics and whether the Pakistan government would possibly be pressurised by his administration. Soon after Trump started his election campaign for the 2024 race, unsubstantiated reports began circulating on social media, stating that if Trump were to win the US presidential election, it would bring favourable outcomes for Imran Khan and US-Pakistan relations. However, senior PTI leader and former central spokesman, Raoof Hassan, has asserted that no one in the party had ever thought that Imran would be released if Trump won the US elections. Calling the narrative “mere propaganda”, Hassan said that Khan’s release would only materialise after the PTI sat across the table and held dialogue with the powerful establishment in the country. She went on to say that Pakistan’s relations with the US were decades old and the country was looking forward to further strengthening and broadening the relationship in all fields. “As the deputy prime minister said in a tweet yesterday, we look forward to fruitful and mutually beneficial cooperation between Pakistan and the United States.” Pakistan and the United States established diplomatic relations on August 15, 1947, making the US one of the first nations to recognise Pakistan. The two countries have had a multi-faceted relationship for decades in areas ranging from counter-terrorism to energy to trade and investment.
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Gilgit Baltistan. The ground breaking ceremony was held in Islamabad. Ramday University is being built under a Trust, with construction set to be completed through the donations of the overseas Pakistanis. Addressing the ceremony, the prime minster extended his heartfelt felicitations to Justice (r) Khalilur Rehman Ramday and his all friends on the establishment of Ramday University. “The efforts of all individuals and the institutions who contributed to the establishment of Ramday University are appreciable,” he added.
The prime minister said today the foundation had been laid down collectively for a bright future for the children here. “The establishment of an institution of higher learning in a remote area like Ghanche in Gilgit-Baltistan is highly encouraging.” He expressed his confident that this university, located at an altitude of 11,000 feet in Thagos, will reach the peak of modern knowledge and research standards. “The role of the private sector in the promotion of education in Pakistan is extremely important”, he said adding that graduates from private educational institutions had made Pakistan proud in every field. PM Shehbaz Sharif emphasized that the development of Gilgit-Baltistan and the welfare of its people were among the government’s top priorities adding that yesterday, during his visit to GilgitBaltistan, 62 affected families from the floods were handed over homes. Furthermore, he said that a 100megawatt solar energy project had been launched in Gilgit-Baltistan, which would help meet the region’s electricity needs. During his recent visit to Gilgit Baltistan, the prime minister said he also announced the Gilgit-Baltistan Education and Endowment Fund, which would benefit deserving and talented students from the region, enabling them to play a role in the development of Pakistan as constructive members of society.
Mohsin Naqvi vows justice for attacks on Chinese nationals ISLAMABAD
STAFF REPORT
Interior Minister Syed Mohsin Naqvi emphasized on Thursday that ensuring the safety of Chinese citizens in Pakistan, particularly those working on China-Pakistan Economic Corridor (CPEC) projects, remains a top government priority. He pledged that individuals involved in acts of terrorism against Chinese nationals would be
brought to justice. During a meeting with China’s Ambassador to Pakistan, Jiang Zaidong, Naqvi expressed shock and concern over a recent incident in Karachi, where two Chinese nationals were injured in a firing by a security guard. He conveyed his sympathies to the victims’ families and updated the ambassador on the progress of the investigation, while also praying for the injured’s speedy recovery.
“The government is enhancing security measures for Chinese nationals to ensure they can work in a safe environment,” Naqvi said, reaffirming the enduring PakistanChina friendship. The two sides also discussed strategies to prevent similar incidents in the future. Ambassador Jiang highlighted that through joint efforts, the bond between Pakistan and China continues to strengthen daily.
4 soldiers martyred, 5 terrorists killed in South Waziristan IBO RAWALPINDI
iMf’s urgent mission scheduled to visit islamabad from november 11 to 15 g
Mission to assess fiscal performance and discuss potential corrective measures, including introduction of a mini budget PROFIT
NEWS DESK
The International Monetary Fund’s (IMF) urgent mission is scheduled to visit Islamabad from November 11 to 15, to assess fiscal performance and discuss potential corrective measures, including the introduction of a mini-budget. According to media reports, the IMF team, led by Nathan Porter, is aimed to address recent shifts in the macroeconomic and fiscal framework under the $7 billion Extended Fund Facility (EFF). The decision for an in-person review followed unsuccessful virtual meetings, as Pakistani authorities struggled to reassure the IMF of their commitment to economic reforms. This “SOS mission” aims to conduct a mid-cycle evaluation, ahead of the first formal review, which is expected in early 2025. The IMF felt that waiting until February or March 2025 might delay crucial corrective actions. Despite positive fiscal results in the first quarter (July-September)—largely due to non-tax revenue from the State Bank of Pakistan— the Federal Board of Revenue (FBR) reported a substantial tax collection shortfall, with a potential gap of Rs321 billion projected for the first half of FY25. Large-Scale Manufacturing (LSM) growth also fell short, while inflation rates dropped and imports declined, further affecting fiscal targets. Amid discussions, economic managers may consider further cuts to the Public Sector Development Program (PSDP), as only Rs22 billion of the allocated Rs1,100 billion has been utilized so far.
JcP’s second meeting decides on constitutional benches in shc today ISLAMABAD
STAFF REPORT
Four soldiers were martyred and five terrorists were eliminated in exchange of fire during an operation in Khyber Pakhtunkhwa’s South Waziristan district, the military’s media wing said on Thursday. According to a statement issued by the Inter-Services Public Relations (ISPR), “During the intense fire exchange, four brave sons of the soil, Naib Subedar Taib Shah (38), Lance Naik Gulab Zaman (30), Lance Naik Muzammil Mehmood (30) and Lance Naik Habibullah (28), having fought gallantly, embraced martyrdom.” Five militants were also sent to hell due to effective engagement by the troops, it added. A sanitisation operation was being conducted to eliminate any other Khawarij found in the area, the ISPR said. “Security forces of Pakistan are determined to wipe out the
STAFF REPORT
menace of terrorism and such sacrifices of our brave soldiers further strengthen our resolve” it added. Yesterday, four Frontier Corps personnel embraced martyred when the bomb disposal vehicle of the security forces was attacked with an improvised explosive device (IED) in the Karam area of tehsil Ladha of the South Waziristan Upper. The IED was followed by shooting. As a result, four FC men were martyred
and five others wounded, according to media reports. Two of the injured personnel were in critical condition and shifted to Scouts Hospital in Wana. “Security forces cordoned off the area immediately and launched a search operation,” the reports quoting sources said. There was no official statement by the military’s media wing till this report went to press.
Chief Justice of Pakistan (CJP) Yahya Afridi has called a second meeting of the Judicial Commission of Pakistan (JCP) on Friday 9tomorrow), to constitute constitutional benches in the Sindh High Court (SHC). According to the SC registrar office, the significant meeting is scheduled for 2pm at the Supreme Court and the attendees will include Justices Mansoor Ali Shah, Munib Akhtar, Aminuddin Khan, and Jamal Khan Mandokhel with CJP Afridi presiding over the meeting. Additionally, other members of the Judicial Commission will include Law Minister Azam Nazeer Tarar, Attorney General Mansoor Usman Awan, Pakistan Bar Council representative Akhtar Hussain, Omar Ayub, Shibli Faraz, senior lawyer Farooq H Naek, Sheikh Aftab Ahmed, and Roshan Khursheed Bhutto. It is noteworthy that in the first meeting of the Judicial Commission following the 26th Constitutional Amendment, seven judges were nominated for constitutional benches in the Supreme Court. Justice Aminuddin Khan has been appointed as the head of these constitutional benches and will participate in the commission meeting in that capacity.
Pakistan’s credit rating improves, expected to see further gains this year: Aurangzeb
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Public sector employees hired from next fiscal year onward will no longer be eligible for state-funded pensions, says FM PROFIT
MONITORING DESK
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, stated that Pakistan’s credit rating has improved and is expected to see further gains this year as the country is witnessing macroeconomic improvements due to government policies. Speaking at the 8th Edition of the Future Summit, the finance minister highlighted the Monetary Policy Committee’s decision to cut the interest rate by 2.5%, noting that the country is on track to meet its financial targets for the first four months of the fiscal year. The Karachi Interbank Offer Rate (KIBOR) stands at 13%, and food inflation has significantly decreased. The Express Tribune cited the finance minister as saying that “public sector em-
ployees hired from the next fiscal year onward will no longer be eligible for statefunded pensions upon retirement.” The finance minister stressed the need to reform the pension system and highlighted the critical role of technology in governance to increase transparency, reduce corruption, and enhance service delivery. “If reforms were easy, they would have been done years ago,” he said, urging the private sector to boost productivity and expand their businesses. The minister emphasized that Pakistan’s fiscal deficit and current account have remained stable, with remittances contributing to stabilizing the domestic currency. Additionally, foreign exchange reserves have improved, and inflation has declined. The State Bank of Pakistan has also lowered its base interest rate, providing further economic support.
“These are the foundations on which we can rebuild our economy,” the Minister said, adding that Pakistan’s credit rating has im-
proved and is expected to see further gains this year. Aurangzeb underscored the importance of reducing the KIBOR in advance of the policy rate cut, making it more affordable for the private sector to access loans. While acknowledging challenges, he reaffirmed the government’s commitment to making difficult decisions, particularly in tax and energy reforms and restructuring government institutions. Senator Aurangzeb also conveyed that both the local business community and international investors have encouraged the government to maintain its path of economic reform for sustained growth. In his welcome address at The Future Summit, Muhammad Azfar Ahsan, Former Federal Minister for Investment and Founder and Chairman of Nutshell Group,
emphasized the valuable exchange of information at the event. He noted that Pakistan is the fifth most populous country in the world and stressed the importance of focusing on current investors to enhance the country’s business environment further. The 8th Edition of the Future Summit, the country’s largest corporate event, commenced on Wednesday in Pakistan’s financial capital. It is jointly organized by Unity Foods Limited and Nutshell Conferences Group in strategic partnership with Faysal Bank Limited and the Overseas Investors Chamber of Commerce and Industry (OICCI). The Summit serves as a platform for industry experts, thought leaders, and innovators from across the globe to reshape economic dynamics and strategic landscapes.