PAKISTAN NEWS
Pakistan stocks downgraded to frontier market by FTSE Russell
Pakistan's market status has been lowered from secondary emerging to frontier market by FTSE Russell, impacting equities with potential outflows. Despite this, the market remains optimistic due to IMF support. Debt concerns and political volatility have contributed to Pakistan's struggle to maintain its market size and liquidity.
Pakistan's federal cabinet approves hike of PKR 5.72 per unit in basic power tariff
Pakistan's federal cabinet has approved a significant hike in the basic power tariff, raising it by PKR 5.72 per unit. This increase, effective from July 1, 2024, will raise the average electricity tariff to PKR 35.50 per unit. The move aims to cover financial losses and support an IMF bailout, despite causing consumer strain.
Property dispute takes a dark turn in Pakistan: Woman and her daughter buried alive. Watch viral video
The incident happened in the Latifabad No. 5 area of Hyderabad where the woman's brother-in-law, Suhail, and his sons had locked the mother-daughter duo inside a room and built a wall to seal them inside, after a property dispute.
Pakistan has met all requirements for IMF bailout deal, finance official says
The South Asian country has set challenging revenue targets in its annual budget to help it win approval from the IMF for a loan to stave off another economic meltdown, even as domestic anger rises at new taxation measures.
US deepening its relationship with India in several areas, says official
Patel said that he imagines there will be a number of additional areas where the two countries could continue to deepen cooperation. "National Security Adviser Sullivan just had a visit to Delhi a number of weeks ago as well," he said.
Pakistan court rejects appeals by Imran Khan & wife to suspend sentence in illegal marriage case
A Pakistan district court rejected the appeals of former prime minister Imran Khan and his spouse Bushra Bibi to suspend their sentences in the illegal marriage case, known as the Iddat case. They were sentenced to seven years in jail and fined Rs 500,000 each on February 3 for marrying during the iddat period, which is the mandatory waiting period after a Muslim woman's divorce or husband's death.
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'Let's sit down and talk': Pak PM Shehbaz Sharif extends olive branch to Imran Khan
In the face of adversity, I advocate for dialogue and justice, highlighting the importance of overcoming political differences and promoting fair treatment for all individuals, regardless of background. Let's strive for unity and progress through inclusive discussions and a commitment to addressing injustices.
Pakistan: Human smuggler arrested in Lahore; fake passports, IDs seized
One individual was arrested in Lahore on charges of smuggling people out of the country, as reported by ARY News. The Federal Investigation Agency (FIA) Anti-Human Trafficking Circle conducted the arrest of Azhar on Sunday and recovered seven Pakistani passports, six Computerised National Identity Cards (CNIC), and counterfeit stamps from him. Legal proceedings have commenced against the suspect.
Pakistan govt announces Rs 10.20 reduction in petrol price ahead of Eid ul Adha
The Pakistani government has announced significant reductions in petrol and high-speed diesel (HSD) prices ahead of Eid ul Adha, cutting petrol prices by Rs 10.20 and HSD prices by Rs 2.33 per litre. Effective from Saturday, this move aims to alleviate inflation pressures on the public. The decision, based on international market price variations, is expected to provide relief to a population grappling with double-digit inflation.
'Fixer' abuse from the crowd: Pakistan's Mohammad Amir is in the news again
Mohammad Amir's career faced a setback due to his involvement in the spot-fixing scandal in England in 2010. The scandal led to ICC strengthening its policies against such incidents.
Pakistan Prime Minister Shehbaz Sharif, Chinese President Xi agree to upgrade CPEC
The CPEC, which connects Gwadar Port in Pakistan's Balochistan with China's Xinjiang province, is the flagship project of China's ambitious Belt and Road Initiative (BRI). The BRI is seen as an attempt by China to further its influence abroad with infrastructure projects funded by Chinese investments across the world. China has also invested billions in various power projects and road networks in Pakistan under the USD 65 billion CPEC plan, but the implementation of various projects has slowed in recent months.
President Xi & Pak PM Sharif discuss deepening strategic cooperation
Chinese President Xi Jinping and Pakistan Prime Minister Shehbaz Sharif discussed deepening strategic cooperation as Pakistan opts out of attending Narendra Modi's swearing-in ceremony with other SAARC leaders.
Pakistan PM Shehbaz Sharif in Beijing for talks with President Xi to seek more investments, elevate ties
Visiting Pakistan Prime Minister Shehbaz Sharif has reached Beijing for talks with Chinese President Xi Jinping and other leaders to elevate all-weather bilateral ties and prospects of more aid and investments to bail out his cash-strapped country from the current economic crisis. Sharif, on a five-day official visit to China since June 4, toured the southern high-tech city of Shenzhen on Wednesday and addressed the investors meeting.
Islamabad High Court stays execution of five former Pakistan Navy officers
Islamabad High Court (IHC) Judge Babar Sattar on Tuesday issued the written order for the hearing held a day earlier on the request of Navy officers who said they were not provided legal assistance during the general court-martial order, Dawn News reported.
Pakistan High Court accepts request seeking transfer of Imran Khan & his wife's illegal marriage case
Imran Khan, 71, and Bushra, 49, were sentenced to seven years in prison each on February 3 by a trial court for contracting the marriage during iddat, a mandatory period for a woman in Islam to wait before a second marriage after the death of her husband or divorce.
Pakistan: Policeman caught selling stolen motorcycles, sting operation reveals
A shocking revelation emerged when a DSP at Karachi's AVLC was caught selling stolen motorcycles in a sting operation by ARY News.
Former Pakistan PM Nawaz Sharif re-elected 'unopposed' as PML-N president after 6 years
Nawaz Sharif was re-elected as President of the Pakistan Muslim League-Nawaz (PML-N) party unopposed, marking his return to the position six years after losing it due to a Supreme Court ruling in the Panama Papers case. The 74-year-old politician, who recently returned from exile, was elected at the PML-N's General Council meeting in Lahore. The decision was made to coincide with the celebration of Pakistan's 26 years as a nuclear power.
Pakistan: Christians take to streets to protest against yet another mob attack over blasphemy
Angry members of the Christian community took to the streets in protest after a Muslim mob attacked a Christian factory owner in Punjab's Sargodha district for alleged blasphemy, Union of Catholic Asian News reported. The incident occurred on May 25 when an angry mob assaulted a Christian person, vandalized his house, and torched properties in Mujahid Colony in Sargodha, Punjab province in Pakistan.
Nearly 1,400 girl students escape from school building engulfed by fire in Pakistan's Khyber Pakhtunkhwa
Nearly 1,400 girl students safely evacuated from a school building engulfed by a massive fire in a remote mountainous region of Pakistan's Khyber Pakhtunkhwa province.
Germany: Free Balochistan Movement raises alarm on Pakistan's nuclear arsenal
The Free Balochistan Movement (German Branch) warned that Pakistan's possession of nuclear weapons poses a threat to regional and global peace, particularly in light of its history of making nuclear threats.
Blazing heatwave hits Pakistan: Mohenjo Daro records 50°C temperature
A severe heatwave has hit Pakistan, with Mohenjo Daro and Dadu in Sindh recording temperatures of 50 degrees Celsius each, making it the hottest day of the summer. Temperatures in other cities also soared, with Nawab Shah and Mithi reaching 48 degrees Celsius in Sindh, and D G Khan in Punjab hitting 47 degrees Celsius. Sibbi in Balochistan recorded 48 degrees Celsius, and Dera Ismaeel Khan in Khyber Pakhtunkhwa reached 46 degrees Celsius.
World leaders extend condolences over death of Iranian president Ebrahim Raisi
World leaders expressed condolences for Iranian President Ebrahim Raisi and other officials who died in a helicopter crash. Pakistan's Prime Minister Shehbaz Sharif declared a day of mourning, while UAE's President Sheikh Mohammed bin Zayed Al Nahyan and Qatar's Emir Tamim bin Hamad Al Thani offered sympathy. Former Iranian Foreign Minister Mohammad Javad Zarif Khansari and Iraqi PM Mohammed Shia' Al Sudani also extended solidarity. Venezuelan President Nicolas Maduro hailed Raisi as a friend of Venezuela.
IMF asks Pakistan to 'impose' tax on monthly pensions, says 'new bailout programme' will require reforms
The International Monetary Fund (IMF) has requested Pakistan to impose a tax on monthly pensions exceeding Rs 100,000 as part of a new bailout program. The IMF's demand is expected to gain legislative support to tax wealthy pensioners. Pakistan remains committed to the IMF loan program and must exercise fiscal discipline to qualify. The IMF also demanded an increase in general sales tax (GST) to 18% on commodities and services, and the end of GST exemption.
Amid IMF loan talks, cash-strapped Pakistan mulls 5-yr extension on $15.5 billion Chinese energy debt
Cash-strapped Pakistan is considering to seek a five-year extension on its $15.5 billion debt in the Chinese energy sector as talks with the IMF for a fresh loan continue. The consent of the Chinese government and Independent Power Producers is crucial for contract amendments, which may involve lengthy negotiations. The extension could lead to a reduction in tariffs for consumers and a rise in outstanding liabilities by $1.3 billion over five years, potentially easing financial burdens and stimulating economic growth.
A year after May 9 protests in Pakistan: A turning point in civil-military relations?
Even though the military remains the final arbiter in Pakistan to determine the course of politics, the May 9 protests have made it more difficult and challenging than ever for it to manage the guided democracy. The anguish and sentiment of people against the instrumental role of the military have raised questions about its legitimacy.
One police officer killed, over 100 injured in clashes during protest in PoK
The JAAC, which has traders at the forefront in most parts of the state, has been seeking the provision of electricity as per hydropower generation cost in the region, subsidised wheat flour and an end to the privileges of the elite class. The regional government has called in the Rangers and a heavy contingent of policemen to stop the massive protests.
IMF doubts cash-strapped Pak's repayment capacity
IMF expresses doubts on Pakistan's debt repayment capacity, citing risks from policy delays, high debt, and low reserves. Washington-based team in Islamabad for bailout talks. Geo News reports lender's concerns.
IMF urges Pakistan to bring reforms to energy sector
IMF presses Pakistan for energy reforms, debt targets, and subsidy cessation. Ongoing talks with IMF for a new loan program and budget plans to address financial challenges and stabilize the energy sector.
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