Day: February 10, 2023

Pakistan and the International Monetary Fund (IMF) have mutually agreed to a number of points for the completion of ninth review of the Extended Fund Facility (EFF), entitling Pakistan to a 1.2 billion dollars tranche.

This was stated by Minister for Finance Ishaq Dar at a news conference in Islamabad on Friday after conclusion of talks with the IMF Mission that was on a visit to Pakistan.

Sharing broad contours of the understanding reached with the IMF, the Finance Minister said taxation measures of one hundred and seventy billion rupees will be taken as opposed to the rumours of seven hundred to eight billion rupees.

Ishaq Dar said reforms in the energy sector will be implemented and its main thrust is to check the flow of the circular debt.

He said the circular debt in the gas sector will be brought to zero while untargeted subsidies will be minimized. He said these decisions in fact are in the country's own interest to fix the economy.

The Finance Minister said commitment vis-a-vis Petroleum Development Levy has almost been fulfilled.

He said it has been decided to increase the budget of Benazir Income Support Program by forty billion rupees from 360 billion rupees to 400 billion rupees in order to reduce the burden of inflation on the most vulnerable segments of the society.

Ishaq Dar said we have received Memorandum of Economic and Financial Policies (MEFP) from the IMF and talks on it will virtually be started from Monday.

The Finance Minister said that Prime Minister Shehbaz Sharif during a Zoom meeting with the IMF Mission expressed Pakistan's resolve to fulfill the commitments. He recalled that the agreement was signed by the previous government back in 2019.

Ishaq Dar said the next tranche for Pakistan will be released after approval by the lender's executive board.

Source: Radio Pakistan

Pakistan and France have signed ‘Roadmap for Bilateral Cooperation’ that envisages deepening relations in all fields of mutual interest including high level exchanges and cooperation in political, economic, development, science & technology, education, culture, tourism, defence, security and counter-terrorism, migration, climate change and multilateral domains.

The agreement was inked during the 14th round of Pakistan-France Bilateral Political Consultations was held in Paris on Friday.

Foreign Secretary Dr. Asad Majeed Khan led the Pakistan side while Secretary-General of the Ministry for Europe and Foreign Affairs, Anne-Marie Descôtes led the French side. Ambassador of Pakistan to France, Asim Iftikhar Ahmad and other senior officials assisted the Foreign Secretary.

With shared desire and commitment to reinforce ties, Pakistan and France signed on this occasion, the ‘Roadmap for Bilateral Cooperation’ that envisages deepening relations in all fields of mutual interest including high level exchanges and cooperation in political, economic, development, science & technology, education, culture, tourism, defence, security and counter-terrorism, migration, climate change and multilateral domains.

The two sides had a comprehensive exchange of views on bilateral cooperation, and regional and multilateral issues. The Foreign Secretary conveyed Pakistan’s profound appreciation for President Macron’s participation in the Geneva Conference on 9 January 2023 and strong support pledged by France for resilient reconstruction of flood affected areas of Pakistan.

While underscoring the priority attached to economic, trade and investment relations, the two sides agreed to enhance cooperation in energy, IT, agriculture and livestock, tourism and other sectors. They discussed arranging dedicated trade events and exchange of business delegations to sustain the positive trajectory of bilateral trade and investment in recent years.

The two sides took stock of the current bilateral defence and security cooperation. They agreed to maintain and further nurture long- standing defence ties and reinforce cooperation on counter-terrorism. They also exchanged views on UN Peacekeeping in the context of multilateral action for maintenance of international peace and security.

Foreign Secretary briefed his French counterpart on the regional situation and the challenges related to maintenance of peace and security in the region. They exchanged views on the situation in Afghanistan. The Foreign Secretary also stressed that resolution of the Jammu and Kashmir dispute in accordance with the relevant UN Security Council resolutions and wishes of the Kashmiri people was fundamental for lasting peace and stability in South Asia.

The two sides agreed to hold the 15th round of BPC in Islamabad next year.

Source: Radio Pakistan

Pakistan Navy's eighth multinational Maritime Exercise AMAN-23 has begun in Karachi.

The five-day exercise involves participation of over 50 countries with ships, aircraft, Special Operations Forces Marine teams and observers.

Exercise has been divided into harbour and sea phases.

It is aimed at providing a forum for understanding maritime concepts and operational cultures, enhancing interoperability as well as identifying ways and means to combat common threats at sea.

Meanwhile, the first-ever Pakistan International Maritime Expo & Conference also kicks off at the Expo Centre in Karachi today.

Source: Radio Pakistan