Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Islamabad: Foreign Minister Ishaq Dar has said that <keyword id="19991528" type="General" weightage="100" keywordseo="trade-ties" source="keywords">trade ties</keyword> between Islamabad and New Delhi have remained suspended since 2019 due to the imposition of "heavy duties" by <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> on imports from Pakistan after the <keyword id="20579845" type="General" weightage="20" keywordseo="Pulwama-attack" source="keywords">Pulwama attack</keyword>. In a written reply submitted to the <keyword id="19935944" type="General" weightage="20" keywordseo="national-assembly" source="keywords">National Assembly</keyword> on Saturday, Dar, who also holds the deputy prime minister's slot, said: "India decided to impose 200 per cent duty on imports from Pakistan, suspended the Kashmir bus service and trade across the Line of Control after the Pulwama attack." According to the Dawn newspaper, Dar was responding to a question by Pakistan Peoples Party lawmaker Sharmila Faruqui seeking details about trade challenges faced by Pakistan in its relations with neighbouring countries, especially India. In March, during a press conference in London, Dar highlighted the eagerness of Pakistan's business community to resume trade activities with India. However, his office later clarified that Pakistan has no plan to resume trade relations with India which has been "non-existent" since 2019. Pakistan downgraded its ties with India after the <keyword id="20467268" type="General" weightage="20" keywordseo="indian-parliament" source="keywords">Indian Parliament</keyword> suspended Article 370 on August 5, 2019, a decision that Islamabad believed undermined the environment for holding talks between the neighbours. "We have consistently advocated constructive engagement and result-oriented dialogue to resolve all outstanding issues, including the core issue of Jammu and Kashmir with India...," Dar said on Saturday. The foreign minister said that the "onus is now on Delhi to take steps for the creation of an environment that is conducive to peace and dialogue". India has been maintaining that it desires normal neighbourly relations with Pakistan while insisting that the onus is on Islamabad to create an environment that is free of terror and hostility for such an engagement. Islamabad and New Delhi have a long history of strained relations, primarily due to the Kashmir issue as well as the cross-border terrorism emanating from Pakistan.

Trade ties with India suspended due to 'heavy duties': Pakistan Foreign Minister

Islamabad [Pakistan], February 11 (ANI): Tough times are ahead for Pakistan as Islamabad and the International Monetary Fund (IMF) have failed to reach a staff-level agreement on a much-needed USD 1.1 billion bailout package aimed at preventing the country from going bankrupt. Analysts believe that the current economic crisis in Pakistan is a culmination of decades of faulty policies, reported The <keyword id="12543719" type="General" weightage="50" keywordseo="al-arabiya-post" source="Orion">Al Arabiya Post</keyword>. Pakistan is seeking a USD 7 billion bailout package from the IMF to prevent the collapse of the economy. While the visiting IMF delegation is asking for several reforms and compliance with its conditionality. The IMF mission, led by <keyword id="14447716" type="General" weightage="50" keywordseo="nathan-porter" source="Orion">Nathan Porter</keyword>, began talks on January 31 with the Pakistan government represented by Finance Minister Ishaq Dar for the ninth review of the assistance package. <keyword id="2093498" type="General" weightage="50" keywordseo="pm-sharif" source="Orion">PM Sharif</keyword>, while addressing an apex committee meeting in <keyword id="42462" type="General" weightage="20" keywordseo="peshawar" source="Orion">Peshawar</keyword> following Monday's mosque bombing that killed over 100 people, said, "As I speak, the IMF delegation is in Islamabad and they are giving Finance Minister Ishaq Dar and his team a tough time." Notably, the resource allocation pattern in Pakistan from one budget to another puts a disproportionate focus on populism and militarization. This has put an additional burden on its exchequer leading to an unsustainable fiscal gap, reported Al Arabiya Post. Pakistan Prime Minister <keyword id="11977746" type="General" weightage="50" keywordseo="shehbaz-sharif" source="Orion">Shehbaz Sharif</keyword> said on February 3 that the International Monetary Fund (IMF) was giving a "tough time" to his country over the restoration of stalled bailout package at a time of "unimaginable" crisis. Shehbaz Sharif admitted that the country has no option but to accept the IMF conditionality. "You all know we are running short of resources," Sharif said, adding the country was "facing an acute economic crisis". Moreover, the Pakistrupee, which has been in a steep slide since last week, hit a record low against the US dollar. The Pakistani rupee fell by 1.9 per cent to a record low of 276.58 per dollar in the inter-bank market the same day, according to the Central Bank, reported Al Arabiya Post. As the IMF bailout package is conditional on Pakistan implementing IMF suggested measures, its release would require Islamabad to take tough decisions. After the first round of technical talks between the IMF team and the government concluded on February 4, Pak Prime Minister observed that the lender was imposing conditions that were "beyond our wildest dreams". The discussions covered details of expenditure and revenue performance to identify the policy measures- both revenue and non-revenue- that would have to be taken over the next four months of the current fiscal year. The <keyword id="16465663" type="General" weightage="50" keywordseo="pak-prime-ministered" source="Orion">Pak Prime Ministered</keyword>, despite calling the IMF conditionality unimaginable acknowledged that the country had no choice but to implement the conditions. It has been seen that Islamabad has a policy obduracy and inertia that prohibit it to shun its populist policies and take reform measures on debt, fiscal, trade and structural fronts to address its economic woes, reported Al Arabiya Post. Analysts opine that the rocky road Pakistan is passing through is its own creation. In the first instance, a debt-dependent growth strategy is itself a sure recipe to fall into a debt trap, especially when industrial growth and diversification are limited and the export basket is primarily made up of primary goods. The debt dependence has also eroded the sovereignty of Pakistan and the country's economic and foreign policies are dictated by those who provide funds. Such dependence on external funding has impeded the structural transformation of the Pak economy and its indigenous growth impetus. Secondly, an artificially designed threat perception in Pakistan created by the vested interests in Islamabad's establishment has totally distorted the allocation of resources in the country giving undue emphasis on militarisation in the name of preparing for a threat that does not exist. The third most remarkable flaw in Pakistan's economic policy is a deliberate and foolhardy choice of missing the development opportunities generated by free trade, reported Al Arabiya Post. While Pakistan has a good location to leverage the presence of two giant economies in its neighbourhood, it has opted to isolate one of them and sided with the other at the cost of huge losses in trade creation. Not giving the Most Favoured Nation status to India and keeping the trade routes closed for direct trade is a self-defeating proposition. Islamabad could no more avoid taking hard decisions. The situation continues to deteriorate. With only around USD 3.10 billion in foreign exchange reserves, which can only cover 18 days' worth of imports, and a shortage of basic goods including food and medicine and ever-spiralling inflation, the choice to comply with the IMF conditionality would not be easy for Pakistan. (ANI)

Tough times ahead for Pakistan as talks with IMF fails over bailout package

<ul class="summary-list"><li>Iran hit neighboring Pakistan with missiles and drones on Tuesday.</li><li>It came as the two countries reportedly hosted a joint naval exercise in the Persian Gulf.</li></ul>Iran's <a target="_blank" href="https://apnews.com/article/iran-iraq-militant-bases-attack-05c7530d66fb05dd6f2868527003ba2d">missile and drone attack on neighboring Pakistan</a> earlier this week came as the two countries reportedly held a joint naval exercise in the Persian Gulf.Iran was quick to claim that Pakistani citizens were not targeted in the attack, with its foreign minister, <a target="_blank" href="https://en.irna.ir/news/85357634/No-Pakistani-national-target-of-Iran-airstrikes-Amirabdollahian">Hossein Amirabdollahian</a>, saying during a speech at the World Economic Forum in Davos, Switzerland, on Wednesday that Iran had targeted "Iranian terrorists present on Pakistani soil.""We targeted Jaish al-Adl, not Pakistani citizens," Amirabdollahian said, per the Islamic Republic News Agency (IRNA), Iran's state news agency."We respect the sovereignty and territorial integrity of Pakistan, but we won't allow Iran's security to be compromised," he added.Pakistan warned of "serious consequences" for the strikes, which it said killed two children and injured three others.While Iran was attacking Pakistan from the air, the two nations held joint military exercises in the Strait of Hormuz and the Persian Gulf.The IRNA <a target="_blank" href="https://en.irna.ir/news/85356614/Navies-of-Iran-Pakistan-hold-joint-military-exercise">reported</a> on Tuesday that officers from the Iranian Navy had carried out tactical maneuvers and communications practice with the Pakistani Navy.The report said that both nations had deployed missile launchers and warships for the exercise.<a target="_blank" href="https://www.businessinsider.com/twin-blasts-iranian-memorial-for-soleimani-killed-over-90-people?r=US&amp;IR=T">Iran also hit Iraq and Syria with a series of airstrikes</a> earlier this week as the conflicts in the Middle East continue to escalate.The Islamic Revolutionary Guard Corps said it had targeted an "Israeli spy base" in Iraq and ISIS positions in Syria, per the <a target="_blank" href="https://en.irna.ir/news/85356514/IRGC-discloses-details-about-anti-terror-missile-strikes">IRNA</a>.Responding to the news, Defense Minister Brigadier General Mohammadreza Ashtiani <a target="_blank" class="editor-rtfLink" href="https://en.irna.ir/news/85357204/Iran-has-no-limit-in-defending-its-security-Defense-minister">told reporters</a> on Wednesday that Iran would not be limited in its defense of the Islamic republic."It doesn't matter to us. We will react from any area that threatens Iran," said the minister.

Iran struck Pakistan with missiles and drones as the 2 countries held a joint naval exercise      

<ul><li>Indian Army chief General Manoj Mukund Naravane believes that the tensions between India and China along the border can be resolved through talks. </li><li>The countries’ defence ministers are likely to interact on the sidelines of the Shanghai Cooperation Organisation (SCO) meet in Moscow and the foreign ministers will bump shoulders during the BRICS virtual meeting, later today. </li><li>However, India remains alert on the ground matching its troops to China’s build up and putting up tougher scrutiny of Chinese influence groups.</li></ul>India and China continue to face-off along the border in Ladakh, but Indian Army chief, General Manoj Mukund Naravane, believes that the ongoing talks between the two countries will help bring an end to the situation. “We are sure the problem can be resolved fully through talks,” he told <a href="https://economictimes.indiatimes.com/news/defence/army-chief-general-manoj-mukund-naravane-says-talks-can-resolve-border-row-with-china/articleshow/77925569.cms">ANI</a> while highlighting that the situation along the border between India and China is ‘slightly tense’. India’s Defence Minister <keyword id="6355121" type="UNKNOWN" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> is also likely to meet his Chinese counterpart in Moscow today evening on the sidelines of the Shanghai Cooperation Organisation (SCO) meet. China and India’s foreign ministers are also set to bump shoulders at the BRICS virtual meeting later today. But, it’s not just China that India has to worry about. Chief of Defence Staff (CDS) Bipin Rawat believes that China is in cahoots with Pakistan to initiate ‘coordinated action’ along the northern and western borders of India. He added that even if that is the case, India is capable of handling the two-front threat while speaking at a seminar organised by the United States-India Strategic Partnership Forum on Navigating New Challenges, In light of threat, the Indian Army has already <a href="https://www.businessinsider.in/defense/news/india-says-border-situation-is-a-direct-result-of-chinese-actions-as-it-repositions-troops-in-ladakh/articleshow/77913259.cms">repositioned itself</a> along the Line of Actual Control (LAC) to strengthen its stance along the border. “The morale of jawans is high and they are ready to deal with all challenges,” Naravane told <a href="https://twitter.com/timesofindia/status/1301753703410462722">ANI</a>. More troops, more visa scrutiny and more pressure from the US India may be betting on talks to work things out but there is no indication of it backing off from the border. The Indian Army has increased its troop deployment in the northern region to match China’s additional forces. <div type="image" title="finger area pangong tso lake" msid="77929310" hostid="261"></div> A senior official told <a href="https://www.indiatoday.in/india/story/indian-army-dominating-pangong-tso-heights-but-chinese-still-control-finger-4-1718195-2020-09-03">India Today</a> that the Indian Army currently dominates the strategic heights in the Finger Area along the banks of Pangong Tso Lake, while the Chinese People’s Liberation Army (PLA) is currently positioned at the Finger 4 ridge. “The People’s Liberation Army (PLA) was taken by complete surprise. It has moved additional forces opposite the Chushul sector in a show of force. But we are well-entrenched and well-prepared there, as elsewhere in eastern Ladakh,” an official told <a href="https://m.timesofindia.com/india/army-iaf-chiefs-visit-forward-areas-as-china-moves-more-forces-to-chushul/amp_articleshow/77920284.cms?__twitter_impression=true">Times of India.</a> The Ministry of External Affairs (MEA) has also ordered tougher scrutiny of visa requests by a Chinese non-profit group called the Chinese Association of International Understanding (CAIFU). Sources told <a href="https://timesofindia.indiatimes.com/india/lac-face-off-india-steps-up-scrutiny-of-chinese-influence-group/articleshow/77924211.cms?utm_source=twitter.com&amp;utm_medium=social&amp;utm_campaign=TOIIndiaNews">Reuters</a> that the group is associated with the Communist Party Central Committee’s United Front Work Department suspected of running influence operations outside China. The move follows in the footsteps of the US and Australia who are also implementing tougher scrutiny of Chinese cultural and language institutions within their respective countries. According to the US Department of Defence, also called the <a href="https://media.defense.gov/2020/Sep/01/2002488689/-1/-1/1/2020-DOD-CHINA-MILITARY-POWER-REPORT-FINAL.PDF">Pentagon</a>, China will use everything ‘short of armed conflict’ to meet its nationalist objectives. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/india-says-border-situation-is-a-direct-result-of-chinese-actions-as-it-repositions-troops-in-ladakh/articleshow/77913259.cms">India says border situation is a ‘direct result’ of Chinese actions as it repositions troops in Ladakh</a> <a href="https://www.businessinsider.in/tech/apps/news/india-bans-pubg-wechat-and-118-other-mobile-applications/articleshow/77890776.cms">India bans PUBG, Ludo World, and 116 other Chinese mobile applications</a> <a href="https://www.businessinsider.in/finance/banks/news/interim-relief-from-supreme-court-on-loan-moratorium-says-banks-must-not-declare-accounts-as-npas-for-two-months/articleshow/77910763.cms">Interim relief from Supreme Court on loan moratorium — says banks must not declare accounts as NPAs for two months</a>

India bets on talks to resolve China border row even as it prepares for a two-front threat on the ground

<ul class="summary-list"><li><keyword id="11893449" type="UNKNOWN" weightage="60" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s political opposition ousted Prime Minister <keyword id="11995831" type="UNKNOWN" weightage="60" keywordseo="imran-khan" source="Orion">Imran Khan</keyword> in a no-confidence vote on Sunday.</li><li>The country's Parliament will hold a vote on Monday to determine the new prime minister.</li></ul>ISLAMABAD (AP) — Pakistan's political opposition ousted the country's embattled prime minister in a no-confidence vote early Sunday, which they won after several of Imran Khan's allies and a key coalition party deserted him.The combined opposition that spans the political spectrum from the left to the radically religious will form the new government, with the head of one of the largest parties, the Pakistani Muslim League, taking over as prime minister.Anticipating his loss, Khan, who charged the opposition colluded with the United States to unseat him, has called on his supporters to stage rallies nationwide on Sunday. Khan's options are limited and should he see a big turnout in his support, he may try to keep the momentum of street protests as a way to pressure Parliament to hold early elections.Khan earlier had tried to sidestep the vote by dissolving Parliament and calling early elections but a Supreme Court ruling ordered the vote to go ahead.The vote comes amid cooling relations between Khan and a powerful military who many of his political opponents allege helped him come to power in general elections in 2018. The military has directly ruled Pakistan for more than half of its 75 years and wields considerable power over civilian governments, who worry a disgruntled army could unseat them.The opposition called for Khan's ouster charging economic mismanagement as inflation soars and the Pakistani rupee plummets in value. The vote caps months of political turmoil and a constitutional crisis that required the Supreme Court to sort out.In an impassioned speech Friday, Khan doubled down on his accusations that his opponents colluded with the United States to unseat him over his foreign policy choices, which often seemed to favor China and Russia and defied the U.S.Khan said Washington opposed his Feb. 24 meeting with Russian President Vladimir Putin in the Kremlin hours after tanks rolled into Ukraine, launching a devastating war in the heart of Europe.Ahead of the vote his lawmakers addressed Parliament attack a letter Khan said told of a senior U.S. official, who was not named, who informed top Pakistani diplomats that Washington's relations with Pakistan would improve if Khan was ousted. Human rights minister Shireen Mazari said the memo named Khan and said that if he was out of power "all would be forgiven."She went on to ask: "Forgiven for what? What is our sin?"The U.S. State Department has denied any involvement in Pakistan's internal <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword>. Deputy State Department spokeswoman Jalina Porter told reporters on Friday there was "absolutely no truth to these allegations."Still, Khan urged his supporters to take to the streets, particularly the youth who have been the backbone of his support since the former cricket star turned conservative Islamist politician came to power in 2018. He said they needed to protect Pakistan's sovereignty and oppose U.S. dictations."You have to come out to protect your own future. It is you who have to protect your democracy, your sovereignty and your independence. ... This is your duty," he said. "I will not accept an imposed government."Khan's allegations of U.S. involvement are likely to resonate with many in Pakistan, says Michael Kugelman, deputy director of the Asia Program at the Washington -based Wilson Center"Khan's conspiracy allegations will resonate in a country where there's a tendency to ascribe the worst possible motives to U.S. policy, especially because there is a past history of U.S. meddling in Pakistani politics," said Kugelman.Khan's insistence there is U.S. involvement in attempts to oust him also exploits a deep-seated mistrust among many in Pakistan of U.S. intentions, particularly following 9/11.Washington has often berated Pakistan for doing too little to fight Islamic militants, even as thousands of Pakistanis have died at their hands and the army has lost more than 5,000 soldiers. Pakistan has been attacked for aiding Afghanistan's Taliban insurgents while also being asked to bring them to the peace table.The no-confidence vote loss for Khan brings to power some unlikely partners.Among them is a radically religious party that runs scores of religious schools. The Jamiat-e-Ulema-Islam, or Assembly of Clerics, teaches a deeply conservative brand of Islam in its schools. Many of Afghanistan's Taliban and Pakistan's own homegrown violent Taliban graduated from JUI schools.The largest among the opposition parties — the Pakistan People's Party, led by the son of slain former Prime Minister Benazir Bhutto, and the Pakistan Muslim League — have been tainted by allegations of widespread corruption.Pakistan Muslim League leader and former Prime Minister Nawaz Sharif was convicted of corruption after being named in the so-called Panama Papers. That's a collection of leaked secret financial documents showing how some of the world's richest hide their money and involving a global law firm based in Panama. Sharif was disqualified by Pakistan's Supreme Court from holding office. The new prime minister is expected to be Sharif's brother Shahbaz Sharif after a vote for the new prime minister is held in Parliament on Monday."This would be the first time in Pakistan's history that a no-confidence vote succeeds in ousting a Prime Minister -- the fulfilment of a constitutional process that was far from guaranteed after Khan's attempts to derail the vote," said Elizabeth Threlkeld, Pakistan expert at the U.S.-based The Stimson Center. "That, in itself, is significant, and could give Pakistan something to build on going forward."___Matthew Lee in Washington contributed to this report.

Pakistan's Prime Minister Imran Khan has been ousted in a no-confidence vote

<ul class="summary-list"><li><keyword id="11893449" type="UNKNOWN" weightage="60" keywordseo="pakistan" source="Orion">Pakistan</keyword> Prime Minister <keyword id="11995831" type="UNKNOWN" weightage="60" keywordseo="imran-khan" source="Orion">Imran Khan</keyword> was reportedly going to lose a no-confidence vote in parliament on Sunday. </li><li>Instead, Khan asked the president to dissolve the country's parliament, The Associated Press reported.</li></ul>Pakistan's President Arif Alvi on Sunday dissolved the law-making chamber of the country's national assembly, <a href="https://apnews.com/article/pakistan-religion-ad929acf523850fdb63a5b6dd960f1d2">The Associated Press</a> reported. Alvi dissolved the law-making lower house of Parliament after a plea from Prime Minister Imran Khan, who accused his opposition of working with the US government to overthrow him. <a href="https://www.npr.org/2022/04/03/1090490181/pakistan-imran-khan-parliament-early-elections"></a>The AP reported that Khan made the request after facing a no-confidence resolution against him. That resolution was likely to pass as 17 members of Khan's own party as well as some coalition partners joined the opposition to remove him as prime minister.The opposition would have needed 172 of the 342 votes in Parliament to remove Khan which would allow them to be a part of forming an interim government ahead of elections, The AP reported. Deputy speaker, Qasim Khan Suri, had rejected the opposition's motion for the no-confidence vote on Sunday, <a href="https://www.nytimes.com/live/2022/04/03/world/imran-khan-confidence-vote-pakistan">The New York Times</a> reported. The AP reported that Suri, an ally of Khan, threw out the motion after Information Minister Fawad Chaudhry said the opposition was working with a "foreign power" to enact "regime change."Suri said Khan was still prime minister and could dissolve parliament. Khan on Sunday called for a new election, side-stepping the no-confidence vote. In a televised speech, Khan defended his actions by alleging that America is conspiring to remove him from office, but did not offer any evidence, The Times reported. "Prepare for elections," Khan said. "No corrupt forces will decide what the future of the country will be."Asfandyar Mir, a senior expert with the Washington-based U.S. Institute of Peace, told The AP, that Khan's claims that the US is trying to oust him plays on the mistrust some Pakistanis have about the US. Opposition groups said Khan had no right to call for the vote, and that he couldn't dissolve parliament. The AP reported that they planned to take the issue to the Supreme Court. The Times reported that the Supreme Court is expected to hear the issue on Monday. Mir told the AP that opposition groups, who ranged across a spectrum of ideologies have been trying to unseat Khan since he was elected in 2018. The military had been accused of helping Khan, a former Cricket player, win the election, which is something that Mir said undermined Khan. "The movement against Imran Khan's government is inseparable from his controversial rise to power in the 2018 election, which was manipulated by the army to push Khan over the line," Mir told the AP. "That really undermined the legitimacy of the electoral exercise and created the grounds for the current turmoil. "

Pakistan's president dissolved parliament after embattled prime minister accused opposition of working with US to overthrow him: report

<keyword id="3001" type="General" weightage="20" keywordseo="pakistan" source="Orion">Pakistan</keyword> is <keyword id="52011" type="General" weightage="20" keywordseo="south-asia" source="Orion">South Asia</keyword>'s <keyword id="16104235" type="General" weightage="20" keywordseo="weakest-economy" source="Orion">weakest economy</keyword>, and it will take a herculean effort to pull the country out of poverty, reported Islam Khabar. Pakistan is in the news for its economic meltdown amid natural disasters, food shortages, and poverty. Pakistan had unprecedented floods in July last year, devastating large swathes of farmlands. The forex reserves in the country which hit a new low of USD 4.6 billion would only be enough to pay for foreign import bills for three weeks. The analysts put Pakistan's need for relief at USD 33 billion. The world helped then and has renewed its pledge. Moved by the intervention by the UN Secretary-General, better-off nations have come forward with generous commitments of around USD 10 billion. Sensing the urgency, friends including Saudi Arabia and the UAE have chipped in with four billion dollars this month, reported Islam Khabar. It has been six months since the flood waters ebbed. But on-land traveller (SF Aizaduddin, Dawn January 11, 2023) writes that they remain underwater, with no sign of water management or renewed cultivation. It is understandable up to a point, though. But after so many months, there is an acute food shortage. Imagine the country with one of the world's most irrigated fertile wheat-growing land has a shortage of flour and no money to import it. Market reports say a PKR 1200 bag of 20 kg of flour has shot up to PKR 3,00, reported Islam Khabar. Dragging talks with the International Monetary Fund (IMF) put PKR at three months low. The Express Tribune (January 12, 2023) quoted a currency exchange expert, "The Pakistrupee's fair value is the one prevailing in the black market at Rs 260-270 to a dollar. The government has artificially kept the currency overvalued. It should let market forces determine the exchange rate meet an IMF's condition." Unsurprisingly, warning of another global recession, the World Bank on January 13, 2023 forecasted Pakistan's economic growth to slow further to two per cent during the current year -- down by two percentage points from its June 2022 estimate, reported Islam Khabar. The new excuse is climate change as if only Pakistan is affected. Prime Minister Shehbaz Sharif says the country will need USD 16.3 billion over the next three years for the initial efforts to rebuild and improve its ability to withstand climate change. Sharifs earlier called out Imran Khan for 'begging'. Now Khan is returning the same compliment. He had globe-trotted with a begging bowl, now he asks why Sharif 'wasted' money on going to the Geneva conference where aid pledges were made. 'Begging' continues, no matter who rules Pakistan. But, the country fails to acknowledge the damage caused by the China-Pakistan Economic Corridor to the fragile Himalayas in Gilgit-Baltistan, reported Islam Khabar. Farmers are reluctant to increase the area under wheat cultivation because of the delay in the announcement of support prices. They are demanding an "Agri-emergency" due to fertiliser shortage and weak crop outlook. Pakistan Kissan Ittehad (PKI) President Khalid Mehmood Khokhar said instead of boosting domestic wheat production, the government was "supporting farmers of other countries by buying the commodity at higher prices from them," reported Islam Khabar. In a report, it said Pakistan's declining economic output was also bringing down the regional growth rate. It forecast Pakistan's GDP growth rate to improve to 3.2 per cent in 2024, which would be lower than the earlier estimate of 4.2 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/investment-tips-from-indias-super-rich/slidelist/97062541.cms" style="">India super rich got richer, here’s is where they are parking their money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/finance-minister-the-other-brains-behind-the-union-budget-who-are-burning-the-midnight-oil/articleshow/97061266.cms" style="">Finance Minister &amp; the other brains behind the Union Budget who are burning the midnight oil</a>

Pakistan is South Asia's weakest economy: World Bank report

<ul class="summary-list"><li>Pakistan, a country reliant on imported energy, is mired in an energy crisis.</li><li>It's in such dire straits that it's joining a list of countries moving away from US dollar-denominated trade.</li></ul>The Chinese yuan is gaining traction in cross-border payments — even for trades that don't involve China.Pakistan, <a href="https://www.bbc.com/news/world-asia-65462347" target="_blank" rel="noopener">a country mired in an economic and political crisis</a>, has become the latest to signal using the Chinese currency to make cross-border payments for Russian oil.Islamabad is considering the new payment method for <a href="https://markets.businessinsider.com/news/commodities/russian-crude-oil-cheap-pakistan-commodities-market-analysis-india-china-2023-4" target="_blank" rel="noopener">Pakistan's first Russian crude oil order</a> for 750,000 barrels that are scheduled to arrive in the first week of June, <a href="https://www.thenews.com.pk/print/1067052-russian-ship-carrying-750-000-barrels-crude-to-arrive-in-june" target="_blank" rel="noopener">The News International</a>, a prominent English-language daily, reported last Friday."Pakistan will pay the price of crude most probably in China's currency — yuan," an unnamed Pakistan energy ministry official told the media outlet. The official declined further comment on the pricing of the crude shipment.The country has been indicating in recent weeks that it wants to snap up Russian oil. Petroleum minister Musadik Malik told <a href="https://www.reuters.com/world/asia-pacific/pakistan-places-first-order-discounted-russian-crude-says-minister-2023-04-20/" target="_blank" rel="noopener">Reuters</a> in April that Pakistan will eventually import around 100,000 barrels of Russian crude daily if the first transaction goes smoothly.The South Asian country's potential shift to the yuan comes as <a href="https://www.businessinsider.com/dedollarization-countries-us-dollar-dominance-china-yuan-rmb-brics-currency-2023-5#chinas-yuan-is-gaining-increasing-usage-globally-pointing-to-the-de-dollarization-of-transactions-worldwide-gradually-1" target="_blank" rel="noopener">countries globally are lining up backup currencies</a> to either trade with heavily sanctioned countries like Russia or for political leverage.Pakistan's purchase of Russian oil comes also amid sweeping sanctions against Moscow over its invasion of Ukraine. Although the trade restrictions have <a href="https://www.businessinsider.com/russia-budget-deficit-falling-energy-revenues-first-quarter-ukraine-war-2023-4">hit Russia's energy revenues,</a> the energy giant has still been able to sell its energy at a discount to opportunistic buyers, such as <a href="https://markets.businessinsider.com/news/commodities/india-china-still-buying-russian-oil-but-demand-huge-discounts-2022-11">China and India.</a>Countries mired in economic difficulties — like Pakistan and <a href="https://markets.businessinsider.com/news/commodities/sri-lanka-source-crude-oil-imports-russia-sanctions-fuel-shortage-2022-10">Sri Lanka</a> — have also joined the queue as Russian energy is now being sold at a discount. Russia's flagship <a href="https://oilprice.com/oil-price-charts/" target="_blank" rel="noopener">Urals crude</a> is trading at around a $20 per barrel discount to benchmark US and Brent crude oil currently.Pakistan has been facing an economic crisis that started last year amid soaring inflation, a <a href="https://www.bloomberg.com/news/articles/2023-01-27/pakistan-rupee-slumps-over-4-to-set-new-record-low" target="_blank" rel="noopener">sustained depreciation of its currency,</a> and <a href="https://www.livemint.com/news/world/pakistans-forex-exchange-reserves-hit-10-year-low-11675416505650.html#:~:text=weeks%20of%20imports.-,The%20central%20bank%20said%20the%20reserves%20had%20come%20down%20by,country%20to%20USD%208.74%20billion." target="_blank" rel="noopener">low foreign currency reserves</a>. All these factors make payments difficult for a country that needs to <a href="https://www.trade.gov/energy-resource-guide-pakistan-oil-and-gas#:~:text=In%202019%2C%20the%20country%20produced,%2415%2D%2416%20billion%20annually." target="_blank" rel="noopener">import about 80%</a> of its crude oil and refined petroleum products requirement.The South Asian nation is in such dire straits that it is trying to secure a <a href="https://www.reuters.com/markets/asia/imf-says-it-is-working-with-pakistan-conclude-ninth-review-bailout-programme-2023-05-05/" target="_blank" rel="noopener">bailout from the International Monetary Fund.</a>On top of its economic woes, Pakistan has been mired in a <a href="https://www.businessinsider.in/international/news/pakistan-facing-worst-economic-crisis-ever-as-its-rupee-plunges-says-asian-lite-report/articleshow/97471951.cms" target="_blank" rel="noopener">political crisis</a> that recently intensified after former prime minister <a href="https://www.reuters.com/world/asia-pacific/former-pakistan-pm-imran-khan-arrested-geo-tv-2023-05-09/" target="_blank" rel="noopener">Imran Khan was arrested</a> on Tuesday.Pakistan's energy ministry did not immediately respond to Insider's request for comment.

Pakistan will do anything to get cheap oil as its economic crisis drags on &mdash; including paying for it in the Chinese yuan

<keyword id="3001" type="General" weightage="100" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s exit from the Financial Action Task Force's (FATF) grey list has brought little cheer to the country's economic managers even as estimates suggest that the cumulative real GDP losses for the country due to the blacklisting had soared to $38 billion. The severe floods and rising political uncertainty have caused the country's economic situation to deteriorate further in the last few months. Ishaq Dar, the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister of the country, who replaced <keyword id="1741315" type="General" weightage="50" keywordseo="miftah-ismail" source="Orion">Miftah Ismail</keyword> a month ago has had little impact on the situation. Local newspaper <keyword id="59588" type="General" weightage="80" keywordseo="dawn" source="Orion">Dawn</keyword> in its report said that forex reserves held by the country's central bank were close to nil. Of the total amount, $2.3 billion has been credited by China, $3 billion was deposited by Saudi Arabia and $1.2 billion came from the International Monetary Fund (IMF). The rest is also based on borrowings from commercial banks, the newspaper said, adding that Pakistan seems to be isolated. Though the South Asian nation has managed to avert an immediate default, its foreign exchange reserves continue to remain below the $8 billion mark. While Pakistan would require about $32 billion for debt repayment in the current financial year, on October 21, the country's foreign currency reserves stood at $7,439.9 million, a fall of $157 million compared to $7,597.2 million held by the State Bank of Pakistan on October 14. After the initial recovery soon after Dar assumed charge, the Pakistani currency is once again on a slide. On Monday, however, it managed to gain more than Rs 2 a dollar. It traded at about 220.5 to a US dollar on Monday after Friday's close of Rs 222.47. An analyst dealing with South Asia said that the economic crisis will linger "until bold reforms are implemented." "But that is not going to be the case and now with general elections inching closer, policies may be more towards populism. We saw how Miftah Ismail (Pakistan's former finance minister) was removed despite being able to steer away from a default," he told India Narrative. After Moody's, rating agency <keyword id="82981" type="General" weightage="80" keywordseo="fitch" source="Orion">Fitch</keyword> too has downgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'. This will make borrowing even tougher. In its statement, Fitch said that the downgrade reflects further deterioration in Pakistan's external liquidity and funding conditions, and the decline of foreign exchange reserves. This is partly a result of widespread floods, which will undermine Pakistan's efforts to rein in twin fiscal and current account deficits. Fitch typically does not assign outlooks to sovereigns with a rating of 'CCC+' or below, it said in its statement. Earlier, Pakistan-based think tank Tabadlab said: "that FATF grey-listing, starting in 2008 and till 2019, may have resulted in cumulative real GDP losses of approximately $38 billion." The country had been put on the FATF grey list since June 2018. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/jamshed-j-irani-steel-man-of-india-who-advised-governments-and-instituted-a-cricket-trophy/slidelist/95223867.cms">Jamshed J Irani – Steel Man of India who advised governments and instituted a cricket trophy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/twitter-bosses-entitled-to-usd-122-million-in-golden-parachute-payouts/articleshow/95224235.cms">Twitter bosses entitled to USD 122 million in 'golden parachute' payouts</a>

You Searched For "Pakistan Foreign Minister" and got 9 results

Trade ties with India suspended due to 'heavy duties': Pakistan Foreign Minister

PTI

Tough times ahead for Pakistan as talks with IMF fails over bailout package

ANI

Iran struck Pakistan with missiles and drones as the 2 countries held a joint naval exercise

Nathan Rennolds

India bets on talks to resolve China border row even as it prepares for a two-front threat on the ground

Prabhjote Gill

Pakistan's Prime Minister Imran Khan has been ousted in a no-confidence vote

Kathy Gannon and Munir Ahmed

Pakistan's president dissolved parliament after embattled prime minister accused opposition of working with US to overthrow him: report

Sarah Al-Arshani

Pakistan is South Asia's weakest economy: World Bank report

ANI

Pakistan will do anything to get cheap oil as its economic crisis drags on including paying for it in the Chinese yuan

Huileng Tan

Pakistan's forex reserves are close to nil, says local newspaper Dawn

IANS

Popular Keywords

Buying Guides