In partnership with
Profit
REKO DIQ TO ANCHOR $2.8B IN ANNUAL EXPORTS BY 2028, SAYS AURANGZEB Sunday, 13 April, 2025 I 14 Shawwal, 1446
g
Rs 20.00 | Vol XV No 276 I 8 Pages I Islamabad Edition
g MINISTER HIGHLIGHTS MACROECONOMIC PAKISTAN EYES TO REPLICATE INDONESIA'S NICKEL SUCCESS IMPROVEMENTS, INCLUDING DECLINING WITH COPPER; FINANCE MINISTER INFLATION, FALLING POLICY AND KIBOR RATES
F
Finance minister says budget to offer salaried class relief, power bill cuts by July
PROFIT
STAFF REPORT
INANCE Minister Muhammad Aurangzeb has said the Reko Diq gold and copper mining project will play a central role in transforming Pakistan into an export-driven economy, with annual export earnings from the mine projected to reach $2.8 billion once production begins in 2028. Speaking at the Lahore Chamber of Commerce on Saturday, the finance minister described copper as a critical component in the global shift toward renewable energy, citing rising demand and global shortages. “Copper is going to play the most critical role in terms of energy transition,” he noted, adding, “To this, deposits in Reko Diq are our answer.” Aurangzeb compared Reko Diq’s potential to Indonesia’s success with nickel, which generated $22 billion in export earnings in 2024. “Copper is to us what nickel has been to Indonesia,” he said. The minister highlighted macroeconomic improvements including declining inflation, falling policy and KIBOR rates, and a resulting drop in corporate debt servicing costs. He acknowledged recent volatility in the stock market, but cautioned against reading too much into short-term fluctuations. “I consider our stock market
PROFIT
STAFF REPORT
as a data point… it is still not deep enough to reflect main street sentiment.” Referring to a conversation with the Ethiopian ambassador during the Made in Gujranwala Expo 2025, Aurangzeb emphasised the need for export orientation across sectors. “Every single sector has to export,” he said. On fiscal matters, the minister stated that discussions with the International Monetary Fund (IMF) are progressing positively, and the government is committed to improving tax collection. “We aim to raise the tax-to-GDP ratio from 9–10% to 13%. Only if we broaden the tax base will this be the last IMF programme,” he said. Aurangzeb also signalled upcoming
All set for first Overseas Pakistanis convention starting today ISLAMABAD
STAFF REPORT
All arrangements have been finalized for the first-ever three-day (13-15 April) Overseas Pakistanis Convention being started in the federal capital from Sunday (tomorrow). The convention is being held by the government in collaboration with the Overseas Pakistanis Foundation (OPF). According to a statement issued by the Ministry of Overseas Pakistanis, the convention aims at warmly welcoming overseas Pakistanis back home, listening to their concerns, and incorporate their valuable suggestions into improved policymaking. The government has decided that all overseas Pakistanis attending the convention will be accorded the status of state guests. Special arrangements, including welcome banners and reception protocols, are being made at airports for their arrival. Participants will be received with full honours and respect, and public celebrations will also be held in their honour. Under special instructions from the Prime Minister, these arrangements reflect the government’s commitment to making overseas Pakistanis feel that Pakistan is truly their home. The convention aims to provide a shared platform where overseas Pakistanis, government officials, and national institutions can engage under one roof. To facilitate this, various government departments are setting up help desks at the venue to provide information, guidance, and services in one place. This initiative reflects the seriousness of the Government of Pakistan in addressing the concerns of overseas Pakistanis and offering timely solutions. The convention will also invite the overseas community to actively contribute to Pakistan’s development journey and explore improvements in existing services and policies for expatriates. Islamabad in need of ‘world-class’ expo centre Finance Minister Muhammad Aurangzeb has said Islamabad should have a world-class expo center where international traders could exhibit their products in a better way, according to a report on state-run PTV World. Speaking at the inaugural session of Gujranwala expo in Islambad, the finance minister said steps are underway for economic stability and government is committed to promote export-based economic growth. Muhammad Aurangzeb said economy will become stronger only by promoting exports.
Federal Finance Minister Muhammad Aurangzeb said that the upcoming federal budget will include targeted relief measures for salaried individuals and further reductions in electricity tariffs, aiming for implementation by July. He made these remarks while speaking to the media following the inauguration of the Made in Gujranwala Exhibition organised by the local Chamber of Commerce and Industry. Aurangzeb confirmed that a comprehensive relief package for the salaried class has been finalised and will be submitted to the International Monetary Fund (IMF) as part of ongoing budgetary discussions. He added that measures are in
relief measures, including simplifying income tax filing for the salaried class through mobile apps. He shared that he had not taken a salary in the past 15 months, underscoring his commitment
progress to reduce electricity bills either by July or earlier, as part of the government’s broader economic plan. The finance minister noted that all prior targets agreed with the IMF have been met, and the Executive Board is expected to approve the staff-level agreement in May. Pakistan anticipates the disbursement of a $1 billion tranche under the current loan programme, along with potential climate-related financing. Aurangzeb stated that 98% of budget suggestions from both public and private stakeholders have been received. He said relevant parties will be informed about which proposals are viable before the budget is formally presented in parliament. He clarified that once approved, the budget will be implemented in its final form from July 1 without post-approval changes, ensuring efficient execution.
to public service. On the privatisation front, he confirmed that new expressions of interest for the sale of Pakistan International Airlines (PIA) will be issued later this month.
Eight Punjabi workers killed in Iran’s Balochistan-Sistan province: reports ISLAMABAD
STAFF REPORT
Eight Pakistani workers were killed by unidentified armed assailants in Iranian province of BalochistanSistan on Saturday morning. This is the second such incident of targeted killing this year involving Pakistani nationals working on the Iranian side of the border. In January, unknown gunmen had killed nine Pakistani nationals in southeastern Iran. As per sources, the latest incident took place in the village of Hizabad Paein, a small town about five kilometres from Mehrestan district in Iran’s Sistan and Balochestan province. According to sources, the slain workers are residents of Bhawalpur district in southern Punjab. They quoted local police as confirming
that the incident took place in Hizabad Paein village of Mehrestan district in the Balochistan-Sistan province. The unknown attackers who were more than a dozen managed to escape from the scene after the attack. Additional information revealed that the eight victims hailed from Pakistan’s Punjab province and used to work at a car repair workshop. “Among the victims were a man and his two sons, who had been working at a car repair workshop,” confirmed one of the sources. While the motive behind the targeted killing is still uncertain, it is suspected it relates to the ongoing ethnic killing of Punjabis from the Balochistan province of Pakistan. Five of the victims were identified as Dilshad, Naeem, Jafar,
Danish and Nasir. The deceased Dilshad is said to be the owner of the motor workshop that was targeted by the terror attack. The deceased belonged to Bahawalpur district of southern Punjab. The bodies have been shifted to nearby hospitals. The process of identification and verification of the citizenship of the remaining bodies is ongoing. A team from the Pakistani embassy has left for the Iranian province of Balochistan-Sistan. Pakistani embassy officials will visit the accident site and hospitals to assess the situation. Due to the remote location near Pak-Iran border, there is difficulty in obtaining information. The alleged involvement of the outlawed Balochistan Liberation Army (BLA) in terrorism cannot be ruled out, diplomatic sources.
Bilawal reelected as PPP chairman for another four-year term ISLAMABAD
STAFF REPORT
PPP Chairman Bilawal Bhutto-Zardari on Saturday was re-elected as the chairman of Pakistan people’s Party (PPP) for another four years term as the party held intra-party elections. According to a post on the PPP’s X account, the party conducted the election at its central secretariat in Islamabad, where Bilawal maintained his post as chairman. “In accordance with the party constitution, the following officer bearers have been elected for a period of four years,” the post read, listing Bilawal as chairman, Humayun Khan as general secretary, Nadeem Afzal Chan as information secretary and Amna Piracha as finance secretary. According to Bilawal House media spokesperson Kashif Hussain, the election results were announced by PPP Central Election Convener Fawzia Habib. “A board is constituted to conduct the elections,” Hussain told Dawn.com. “The election board was announced some time back and the election process was carried out under Fawzia Habib, Central Election Convener of the Pakistan People’s Party.” Bilawal was last re-elected to the office in January 2021 for a four-year term without having any contest. The intra-party elections at the federal level were held in Karachi on Jan 6, 2021, “in accordance with the PPP’s constitution and the country’s Elections Act 2017”. PM, NA speaker congratulates Bilawal on reelection as PPP chairman Prime Minister Muhammad Shehbaz Sharif Saturday congratulated Bilawal Bhutto Zardari on re-election as PPP chairman in the intra-party elections held on Saturday. He felicitated Humayun Khan on becoming Secretary General of the party and Nadeem Afzal Chan and Amina Paracha as Secretary Information and Secretary Finance respectively. He expressed best wishes for the newly-elected representatives of the party. He said Pakistan People’s Party under the young leadership of Bilawal Bhutto Zardari while representing the public wishes will continue to play an important role in the country’s progress and development.
JCP greenlights elevation of Justice Najafi to apex court ISLAMABAD
STAFF REPORT
The Judicial Commission of Pakistan (JCP) approved the elevation Lahore High Court’s Justice Ali Baqar Najafi to the Supreme Court with a majority vote of 9 to 4. The JCP meeting with Chief Justice of Pakistan Yahya Afridi in the chiar, was held the other day. The JCP members considered the appointment of two Lahore High Court (LHC) judges to the apex court. However, of the two nominees, only Justice Najafi received the necessary votes for his elevation to the Supreme Court. According to sources, a group of the government was particularly in favour of elevating Justice Shujaat Ali Khan. However, the Pakistan Bar Council (PBC) representative opposed his appointment. Both the government and PTI supported Justice Najafi’s nomination to the SC, though four judicial members did not back his elevation. The second item on the JCP agenda was a request by LHC Senior Puisne Judge Justice Shujaat Ali Khan for the expunging the observations from the minutes of the commissions’ meeting held on July 2, 2024. All the participants agreed that the words “negative public perception as to their integrity and reputation amongst the judicial and legal fraternity,” used in the minutes dated July 2, 2024, be expunged.
Pakistan, US reaffirm resolve to further strengthen ties in areas of mutual interest ISLAMABAD
STAFF REPORT
Pakistan and the United States on Saturday reaffirmed the resolve to further strengthen and diversify bilateral relations in the areas of mutual interest. The resolve was reaffirmed during meeting between Foreign Secretary Amna Baloch and a visiting US Congressional delegation in Islamabad on Saturday. The delegation comprises Congressmen Jack Bergman, Tom Suozzi and Jonathan Jackson. The two sides resolved to further strengthen and diversify bilateral rela-
tions in the areas of mutual interest, Foreign Office Spokesperson said in a press release. Earlier, Pakistan government has decided to send a high-level delegation to the United States to address the newly imposed 29% tariff on Pakistani goods exported to the US, the Prime Minister’s Office (PMO) confirmed. The decision came after the US imposed heavy tariffs on several nations, including Pakistan, on April 2. A press release issued by the PMO stated that the delegation would be led by key government officials, along with prominent business leaders and exporters, though
the specific members of the team were not disclosed. The delegation’s primary objective will be to engage in negotiations with US authorities over the newly imposed tariffs and work on a mutually beneficial approach for future trade relations. Prime Minister Shehbaz Sharif emphasised the importance of strengthening Pakistan’s trade relations with the US, which have been ongoing for decades. He expressed the government’s determination to resolve the issue and further enhance the bilateral trade partnership. The decision was made during a meeting chaired by Prime Minister
Sharif in Islamabad, where the issue of the tariff was discussed. The meeting included reports from the Steering Committee and Working Group, which reviewed the tariff situation and proposed potential actions. Various alternative strategies for addressing the tariffs were presented, and the prime minister was informed that Pakistan’s Embassy in the US had been in continuous contact with the US administration. Key figures present during the meeting included Deputy Prime Minister Ishaq Dar, Finance Minister Aurangzeb, and Special Assistant to the Prime Minister Tariq Fatemi.
PM gets briefing on Belaz manufacturing vehicles, transport equipment capacity ISLAMABAD
STAFF REPORT
Prime Minister Muhammad Shehbaz Sharif on Saturday had visited Belaz, the major global manufacturer of the mining dump trucks, transport equipment of mining and construction, located in Minsk during his two-day official visit to Belarus. Upon arrival, the prime minister was received by Belarus Prime Minister Alexandar Turchin, relevant authorities and engineers. The prime minister, accompanied by his delegation, was taken to different sections of the factory and given a detailed briefing. The prime minister was informed that its first product was made in 1950 with production of 25 tonnes truck and since 60s, the fac-
tory had been producing heavy trucks, dumpers and mining machinery, besides, electric dumpers and battery driven trucks with payload capacity of 550 tonnes. They were delivering supplies to more than 70 countries around the world including Pakistan. In addition to heavy vehicle used in the mining, construction, metallurgical and other sectors, it was manufacturing heavy-duty mining dump trucks and specialized vehicles. The factory had the capacity to manufacture 30 quarry trucks on monthly basis earning them millions of dollars. The factory was also producing parts of machinery, equipment and hydromechanical and electromechanical transmission mining dump trucks. Talking to his Belarusian counterpart,
the prime minister invited a high-level Belarusian delegation to visit Pakistan so that they could discuss in details as to how these machines could be used in Pakistan for productive purposes. The prime minister termed his visit to the factory as very impressive and said that if not had visited the plant, the visit to the great country would be incomplete. He also expressed his gratitude to President Aleksandr Lukashenko for his hospitality. He also hinted to visit Belarus in future to hold further detailed meeting in this regard. The prime minister was also seen speaking to the authorities in Russian language. The Belarusian prime minister said that he would personally visit Pakistan along with his delegation.