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Tuesday, 18 February, 2025 I 19 Shaban ul Moazzam, 1446
Rs 50.00 | Vol XV No 224 I 44 Pages I Islamabad Edition
PM SHEHBAZ SHARIF WELCOMES HISTORIC $40B WORLD BANK INVESTMENT IN PAKISTAN
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PM HAILS INVESTMENT AS A MAJOR STEP IN FOSTERING ECONOMIC GROWTH, FOCUSING ON DEVELOPMENT IN KEY SECTORS LIKE HEALTH, EDUCATION, AND PRIVATE INDUSTRY PROFIT
NEWS DESK
RIME Minister Shehbaz Sharif has expressed gratitude for the World Bank’s decision to invest $40 billion in Pakistan, calling it a significant and promising development for the country. In a statement released by the Prime Minister’s Office Press Wing, the PM shared his appreciation during a meeting with a delegation of World Bank Executive Directors, who are currently visiting Pakistan. He emphasized the longstanding partnership between Pakistan and the World Bank, spanning more than 70 years. The Prime Minister highlighted several key projects supported by the Bank that have been integral to Pakistan’s development. Notably, the World Bank’s assistance during the 2022 floods was a critical lifeline to those affected. As part of the new Country Partnership Framework, the World Bank is set to invest $40 billion in Pakistan, which the PM regards as a major positive development. Of this amount, $20 billion will be allocated to initiatives in health, education, youth development, and other vital social sectors. This marks the start of a new era of progress for Pakistan. Furthermore, $20 billion will be directed towards the country’s private sector under the International Finance Corporation (IFC), a move expected to enhance economic growth. The PM expressed his appreciation for the World
Bank’s confidence in Pakistan’s government policies. Prime Minister Shehbaz also pointed to the swift progress being made in Pakistan’s institutional and economic reforms, which are guiding the nation’s economy in the right direction. While acknowledging that more work is needed for sustainable growth, he praised the efforts of those responsible for these improvements. The PM noted positive trends, such as rising exports and remittances, falling interest rates, increasing investment in the production sector, and the ongoing push for transparency to combat corruption. Reforms in the Federal Board of Revenue (FBR) and the energy sector are high on the government’s agenda to ensure uninterrupted power supply and reduce inefficiencies. He also mentioned the Special Investment Facilitation Council (SFIC), which has created an attractive invest-
Inflation in Pakistan expected to drop further: PM Shehbaz ISLAMABAD
STAFF REPORT
Prime Minister Shehbaz Sharif said on Monday that inflation in Pakistan will continue to decrease, assuring citizens of a stabilising economy. In a discussion with reporters, he emphasised that while significant progress had been made in improving the economy, additional efforts were still needed, Express News reported. Sharif explained that when his government assumed office, the country's economic conditions were dire, but his team has worked tirelessly to bring about improvements. Despite this, he stressed that more hard work is required to fully turn the economy around and ensure the benefits of growth reach ordinary citizens. "At the start, the situation was incredibly challenging, but we worked towards making the economy stable and eliminating the culture of cronyism," Sharif said. He also reflected on the impact of political disputes in the past, which he argued led to a culture of hatred and division. According to the prime minister, this divisiveness caused significant harm to the country, but he believes that national progress can only be achieved through unity and collaboration. On a positive note, Sharif highlighted the progress made in tackling inflation. He stated, "Thank God, the inflation rate has now fallen to single digits. The banking sector’s markup rate has improved, and we can expect further reduction in inflation in the coming days." He further acknowledged the contributions of his team and the hard work of government officials in achieving these results. "All stakeholders, including civil servants, must continue working diligently for the development of Pakistan," he said. Sharif also praised the sacrifices of the military, which continues to fight for the country's security. Sharif's optimism about Pakistan's economic future came alongside his call for continued teamwork and commitment from all sectors to drive the country forward.
ment environment by involving all key stakeholders. This demonstrates the government’s priority of fostering partnerships over relying on loans.
The World Bank delegation praised the ongoing reforms in Pakistan, particularly in energy, industry, exports, privatization, and taxation, acknowledging the positive results being achieved. The World Bank delegation, consisting of nine Executive Directors, is in Pakistan to discuss potential economic development projects and investment opportunities. In addition, Pakistan is preparing for negotiations with the International Monetary Fund (IMF) for a $1.5 billion loan, which will be discussed during the IMF’s visit to the country later this month. The delegation will also review a combined loan amount of $2.5 billion, covering both the new programme and the next tranche of the previously approved $7 billion programme.
IN TODAY’S ISSUE
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Senate passes bill to increase salaries and perks for parliamentarians
WB delegation reaches Islamabad to review progress on $40b accord PROFIT INP
A delegation of the executive directors of the World Bank (WB) arrived here in Islamabad on Monday to review the progress on $40 billion development framework, aimed at helping Pakistan economically. The visiting delegation is scheduled to meet Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb and other federal ministers during their stay in Pakistan.
According to the Ministry of Finance, the WB delegation and the government would deliberate on effective implementation of funding worth $40 billion under the country partnership framework – which is to be doled out by the global lender over the course of a decade to Pakistan. The WB delegation which has come to Pakistan after almost ten years, will review the steps taken by the government and also visit all provinces to take input from the provincial governments.
Pakistan calls for resolution of Kashmir and Palestine conflicts at OIC meeting UNITED NATIONS
STAFF CORRESPONDENT
Pakistan Monday underscored the need for resolution of the conflicts in Jammu & Kashmir and Palestine by allowing their peoples to exercise the UN-promised right of self-determination. “The principles of self-determination and the non-acquisition of territory by the use or threat of use of force are fundamental for the maintenance of world order,” the Deputy Prime Minister and Foreign Minister, Senator Mohammed Ishaq Dar told a special meeting of OIC Ambassadors at the UN. “Respect for these principles is critical to realize just solutions for Palestine as well as for the Jammu and Kashmir dispute,” said the DPM/FM, who arrived Sunday afternoon to participate in the highlevel meeting of the UN Security Council on global governance and multilateralism. In both conflicts, he added, implementation of these principles is essential to end foreign occupation and realize freedom. At the outset, Senator Dar reaffirmed Pakistan’s steadfast commitment to advance the common objectives of the OIC at the UN. In particular, he expressed that Pakistan will continue to advocate for a just and lasting peace in Palestine, calling for a permanent ceasefire in Gaza, unhindered hu-
manitarian assistance, and firm opposition to any attempts to displace the Palestinian people. He reiterated Pakistan’s full support for the two-state solution, with a viable, sovereign State of Palestine based on pre-1967 borders, with Al-Quds Al-Sharif as its capital. Pakistani cuisine recipes The DPM/FM reaffirmed Pakistan’s unwavering support for the just struggle of the Kashmiri people and called upon the international community to seek a peaceful resolution of Jammu and Kashmir dispute in accordance with the relevant UN Security Council resolutions and wishes of the Kashmiri people. At the same time, Senator Dar voiced concern over the reported Israeli threats to conduct further attacks against Iran, saying it would create a grave threat to regional and
international peace and security. “Despite the hostile rhetoric, it is our hope that all peoples will seek to revive the JCPOA (the Iran nuclear deal) on equitable terms. This should contribute significantly to realizing durable peace and security across the Middle East.” The DPM/FM reaffirmed Pakistan’s support for peaceful resolution of conflicts and disputes that affect the Muslim countries in the Middle East, Africa and Asia in accordance with principles of the UN Charter. He also stressed the urgency of combating Islamophobia and called for the early appointment of a UN Special Envoy in line with the OIC’s collective efforts to counter this rising trend globally. Senator Dar expressed Pakistan’s strong commitment to working closely with OIC member states during its Security Council term on all issues of interest to OIC countries.
ATTENTION
ISLAMABAD STAFF REPORT
The Senate has approved the Parliamentarians’ Salaries and Allowances (Amendment) Bill 2025, which will increase the salaries and perks of lawmakers. Despite some opposition, the bill was passed by a majority vote after a formal vote was conducted to address concerns from dissenting members. The bill, introduced by Senator Danesh Kumar, was passed unanimously, though Deputy Chairman Syedal Khan ordered the names of dissenting members to be recorded, signalling the contentious nature of the decision. Law Minister Azam Nazeer Tarar defended the salary hike, urging lawmakers to avoid politicising the issue. He suggested that members unwilling to accept the raise should submit a written declaration and pointed out that similar measures had been implemented at the provincial level. His remarks led to loud protests from the opposition, prompting an intervention by the Deputy Chairman to restore order in the Senate. In addition to the salary bill, other legislative matters faced mixed outcomes. The Income Tax Ordinance (Amendment) Bill 2025, presented by Senator Zeeshan Khanzada, was opposed by Minister of State for Finance Ali Pervaiz Malik. The State Bank of Pakistan (Amendment) Bill 2023, introduced by Senator Mohsin Aziz, sparked a debate, with Aziz insisting on its discussion in the Senate instead of being referred to a committee. Other bills, such as the Legal Practitioners & Bar Councils (Amendment) Bill 2025, were postponed due to the absence of Senator Farooq H Naek, while the University of Business Sciences & Technology Bill 2025 was referred to the relevant standing committee.
Production orders for several members issued: Ayaz Sadiq ISLAMABAD
STAFF REPORT
Speaker of the National Assembly, Ayaz Sadiq, on Monday said that he had issued production orders for several members, and they had been fully implemented. The Speaker said that he had previously issued production orders for 11 members, yet accusations persisted regarding his failure to issue such orders. He firmly said that if this behaviour continued, he would ensure strict adherence to the rules. Speaker Sadiq also recalled that a decision had been made in the House Advisory Committee meeting to avoid raising points of order or quorum issues during the Question Hour. Despite this, such issues continued to be raised. He clarified that under the rules, points of order could only be addressed after the completion of the Question Hour and the agenda. Nevertheless, he had been granting the floor for such matters. However, he said that he would be compelled to strictly follow the rules.
Kurram-bound aid convoy attacked; one killed, over a dozen wounded PARACHINAR
STAFF REPORT
A Kurram-bound aid convoy came under attack in Lower Kurram’s Ochit area on Monday, leaving at least one truck driver dead and 15 others wounded, including four truck drivers and a policeman, police confirmed. The convoy of 64 vehicles, traveling from Thall to Kurram, was targeted by unidentified assailants at multiple locations, including Bagan, Ochit, Mandori, Dad Kamar, and Char Khel. As a precautionary measure, officials redirected the convoy back to Hangu following the attacks. Reacting to the escalating violence, the Khyber Pakhtunkhwa government has announced a sweeping crackdown on militant groups in Kurram. A provincial spokesperson stated that law enforcement agencies have been directed to take decisive action, with police leading efforts to eliminate militant elements targeting aid convoys. Chief Minister Ali Amin Gandapur con-
vened an urgent meeting with senior officials, including the chief secretary, inspector general of police, and additional chief secretary for home affairs. Authorities have been ordered to purge militant flashpoints such as Ochit and Mandori, with residents in high-risk zones set to be evacuated for security operations. The spokesperson also criticized the role of peace committees, stating they had failed to prevent attacks, and warned of indiscriminate action against militants and their abettors. Adviser to the KP CM on Information, Barrister Muhammad Ali Saif, condemned the attack and reaffirmed the government’s commitment to restoring peace in Kurram. “The KP chief minister has directed strict action against those responsible for disturbing peace,” Saif stated. He added that efforts were underway to rebuild trust through peace agreements brokered via a grand jirga, while the demolition of illegal bunkers in the area was progressing swiftly. Despite a government and military-brokered ceasefire, Kurram continues to suffer
frequent attacks, particularly on convoys. In a previous ambush last month, at least eight people—including security personnel, drivers, and civilians—were killed, with security forces retaliating by neutralizing six assailants. In a provincial cabinet meeting chaired by CM Gandapur, officials approved the establishment of 120 security posts on the Kurram Road, with equipment worth Rs764 million allocated. The government has also sanctioned the recruitment of 407 personnel to ensure security. The meeting revealed that 189 people have lost their lives due to violence in Kurram since October. To restore normalcy, the government has been implementing provisions of the peace agreement, including the removal of 151 illegal bunkers with a March deadline for completion. Additionally, the provincial government has dispatched nine aid convoys comprising 718 vehicles and launched a helicopter service for Kurram, transporting 4,000 people and 19,000 kilograms of medicine.
Traders Demand Compensation Amid Humanitarian Crisis Amid the prolonged unrest, residents in Parachinar, Boshehra, and Upper and Lower Kurram remain trapped in a dire humanitarian crisis, with severe shortages of food, fuel,
gas, and medicine. Shopkeepers and traders in Bagan staged a protest sit-in, demanding compensation for losses incurred during violence. They threatened to block the Thall-Parachinar road if relief was not provided.