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☆ Pakistan's new fuel pricing scheme needs to be agreed before IMF deal
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fayaz AzizISLAMABAD, March 24 (Reuters) - A long-awaited loan agreement between Pakistan and the International Monetary Fund (IMF) will be signed once a few remaining points, including a proposed fuel pricing scheme, are settled, an IMF official confirmed on Friday. Petroleum Minister Musadik Malik told Reuters on Thursday that his ministry had been given six weeks to work out the pricing plan. But the IMF's resident representative in Pakistan, Esther Perez Ruiz, said the government had not consulted the fund about the fuel pricing scheme. Ruiz, in a message to Reuters, confirmed a media report that a staff level agreement would be signed once a few remaining points, including the fuel scheme were settled. With enough foreign reserves to only cover about four weeks of necessary imports, Pakistan is desperate for the IMF agreement to disperse a $1.1 billion tranche from a $6.5 billion bailout agreed in 2019.

☆ Pakistani parliament's ruling sought over ex-PM Khan's party
▼ + stars: | 2023-03-22 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

LAHORE, Pakistan, March 22 (Reuters) - Pakistan's Interior Minister Rana Sanaullah on Wednesday sought a parliament ruling to empower authorities to tackle former Prime Minister Imran Khan's party's alleged involvement in violence. The ruling was asked for in a joint session of parliament convened over the instability caused by the crisis over Khan. The minister requested the house give "guidance" to the government about the violence stoked by Khan's supporters, who he said included "miscreants, armed groups, and terrorists". "It is required that the security forces should be given authority and other measures to deal with this issue," he said, adding that Khan's agenda is "chaos and anarchy." The government has alleged that Khan's supporters had militants among them and ministers have called for proscribing Khan's Pakistan Tehreek-e-Insaf (PTI) party.

[1/6] Supporters of former Pakistani Prime Minister Imran Khan carry bamboo sticks and slingshots, as they gather and chant slogans, at the entrance of Khan's house, in Lahore, Pakistan March 17, 2023. Even though there was no police presence on Friday, witnesses said Khan's supporters, armed with batons and iron rods, remained stationed outside his home. The Election Commission of Pakistan had found him guilty and barred Khan from holding public office for one parliamentary term. Khan has said he was willing to submit a written undertaking that he would voluntarily appear before the court on Saturday, but the court said such an undertaking was insufficient. Current Prime Minister Shehbaz Sharif has rejected Khan's demands, saying an election would be held as scheduled later this year.

☆ Pakistan court postpones police operation to arrest Imran Khan
▼ + stars: | 2023-03-16 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +2 min

[1/5] Supporters of former Pakistani Prime Minister Imran Khan, carry sticks as they walk towards Khan's house, in Lahore, Pakistan March 16, 2023. REUTERS/Akhtar SoomroLAHORE, Pakistan, March 16 (Reuters) - A Pakistani high court ordered police on Thursday to postpone an operation to arrest Imran Khan for another day, defusing a surge in violence that saw supporters of the former prime minister fighting pitch battles with security forces. Khan's aide Fawad Chaudhry said the Lahore high court had extended an order to halt the police operation until Friday. The state information minister, Amir Mir, confirmed the court order. Current Prime Minister Shehbaz Sharif has rejected Khan's demands, saying the election would be held as scheduled later this year.

Summary Arrest warrant issued after ex-PM failed to attend courtCourt rejects Khan's offer to appear voluntarilyFormer cricket star denies wrongdoingSupporters battled police for two days to prevent arrestLAHORE, Pakistan, March 16 (Reuters) - A Pakistani court on Thursday rejected former Prime Minister Imran Khan's plea to suspend an arrest warrant issued against him, stoking fears of a renewed confrontation between his supporters and security forces. [1/5] Supporters of former Pakistani Prime Minister Imran Khan, carry sticks as they walk towards Khan's house, in Lahore, Pakistan March 16, 2023. Provincial information minister Amir Mir said there were militants among Khan's supporters outside his house. The police were unarmed, he said, adding they had to use water-cannons and teargas shells when Khan's supporters turned violent. Current Prime Minister Shehbaz Sharif has rejected Khan's demands, saying an election would be held as scheduled later this year.

☆ Clashes between Pakistan police, former PM Khan's supporters injure several
▼ + stars: | 2023-03-14 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +2 min

A few hundred Khan supporters gathered outside his house after a police team arrived from Islamabad to arrest him on a court order, government spokesman Amir Mir told Reuters. Khan's Pakistan Tehreek-e-Insaf (PTI) workers started the violence, which injured several police officials, Mir said, adding, "If Imran Khan ensures his presence in the court, it will be good, otherwise the law will take its course." "If something happens to me, or sent to jail, or they kill me, you've to prove that this nation will continue to struggle even without Imran Khan." Several of Khan's supporters were injured when the police resorted to teargas shelling, witnesses said. The workers started pelting the police with stones and bricks, and in response police directed a water cannon at them and in some cases baton charged them, he said.

☆ Pakistan police and ex-PM Khan's supporters clash, injuring several
▼ + stars: | 2023-03-08 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +2 min

The clashes erupted in the eastern city of Lahore ahead of a Khan's planned rally to kick-start his election campaign, but which the government then banned. The former premier has been demanding snap polls since he was ousted in a parliament vote of confidence last year. Twelve workers of Khan's Pakistan Tehreek-e-Insaf (PTI) party were arrested, he added. Khan's aide Shafqat Mahmood said several of the workers were injured in the clashes, which, he termed, "fascist tactics." Live TV footage showed the police using extensive teargas shelling on several spots around Khan's Lahore home, with a couple of the workers seen bleeding.

Finance Minister Ishaq Dar had said last week that the external financing assurance was not one of the IMF's conditions for clearance of the funding. Pakistan has completed almost all other measures needed except for the external financing requirement, officials say. Dar said last week that Pakistan will need $5 billion external financing to close its financing gap this fiscal year ending June 30, adding the IMF believed it should be $7 billion. Dar said hoped more external financing will be coming as Pakistan signs the IMF deal this week. Ruiz noted that the difference in foreign exchange rates between the open and informal markets has been very damaging for Pakistan, resulting in shortages of foreign exchange and consequently imported goods.

☆ Suicide bombing in southwest Pakistan kills nine policemen
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: 1 min

QUETTA, Pakistan, March 6 (Reuters) - A suicide bomber rammed a motorcycle into a police truck in southwestern Pakistan on Monday, killing nine policemen, a police spokesman said. Spokesman Mehmood Khan Notizai told Reuters the attack took place in Sibbi, a city some 160 km (100 miles) east of Quetta, the capital of Balochistan province. Hospital officials said at least 7 policemen were wounded in the attack, the latest in a series targeting police personnel in Pakistan. Ethnic Baloch guerrillas have been fighting the government for decades, accusing it of exploiting Balochistan's rich gas and mineral resources. Reporting by Saleem Shahid in Quetta and Asif Shahzad in Islamaba, writing by Shilpa Jamkhandikar; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

☆ Pakistani police serve arrest warrants to former PM Imran Khan
▼ + stars: | 2023-03-05 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +2 min

LAHORE, Pakistan, March 5 (Reuters) - Pakistani police on Sunday served arrest warrants to former prime minister Imran Khan to ensure his appearance in court on charges of misusing his office to sell state gifts, authorities said, after Khan's supporters tried to prevent police entry into his home. The Federal Investigation Agency then filed charges against him in an anti-graft court, which last week issued the arrest warrants after Khan failed to appear in court despite repeated summons. He led countrywide protest campaigns to press for an early vote last year and was shot at and wounded at one of the rallies. Chaudhry said the government wanted to sow political chaos and avoid an early election by arresting the former premier, who was still popular among the country's youth and urban voters. Islamabad police said in a statement that when Khan wasn't found at his residence in Lahore, they served the arrest warrants.

☆ Pakistan expects $1.3 bln financing from China's ICBC soon
▼ + stars: | 2023-03-03 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

ISLAMABAD, March 3 (Reuters) - Cash-strapped Pakistan will receive $1.3 billion in financing from the Industrial and Commercial Bank of China Ltd in coming days to help shore up its foreign exchange reserves, Finance Minister Ishaq Dar said on Friday. Dar said the total $2 billion is in effect Pakistan borrowing back the debt repayments it has paid to Beijing for previously agreed loans. He said Pakistan will need $5 billion external financing to close its financing gap this fiscal year, which ends in June. More external financing will be coming to Pakistan only after Islamabad signs a deal with International Monetary Fund (IMF), which the minister said should be done by next week. Reporting by Asif Shahzad and Ariba Shahid; editing by John Stonestreet and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Over two dozen Pakistanis drowned in Italy migrant shipwreck - PM
▼ + stars: | 2023-02-27 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

[1/5] Carabinieri officers work at the beach where bodies believed to be of refugees were found after a shipwreck, in Cutro, the eastern coast of Italy’s Calabria region, Italy, February 26, 2023. REUTERS/Giuseppe PipitaISLAMABAD, Feb 27 (Reuters) - Pakistan Prime Minister Shehbaz Sharif on Monday said over two dozen Pakistanis were believed to be among 59 people who drowned when a boat carrying migrants to Europe crashed against rocks near the southern Italian coast. At least 81 people survived Sunday's accident, with 20 hospitalised including one person in intensive care, Italian authorities said. Italy is one of the main landing points for the migrants trying to enter Europe by sea, with many seeking to travel on to northern European nations. The United Nations Missing Migrants Project has registered more than 17,000 deaths and disappearances in the central Mediterranean since 2014.

☆ China lends Pakistan further $700 mln to shore up FX reserves
▼ + stars: | 2023-02-22 | by ( Asif Shahzad | ) www.reuters.com time to read: +3 min

"This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves," Finance Minister Ishaq Dar said on Twitter. A finance ministry official said the loan was in addition to other facilities that China has already extended to Pakistan. China Development Bank did not respond to a faxed request for comment. Addressing his cabinet, he said the government was focusing on austerity as a top priority. China is already Pakistan's single largest creditor with its commercial banks holding about 30% of its external debt.

☆ Pakistan finance secretary sees IMF staff level talks wrapping up this week
▼ + stars: | 2023-02-21 | by ( Asif Shahzad | ) www.reuters.com time to read: +3 min

[1/2] Men reach out to buy subsidised flour sacks from a truck in Karachi, Pakistan January 10, 2023. We expect to conclude the consultations soon, even within the week," Hamed Yaqoob Sheikh, the top official in the finance ministry, told Reuters. The staff level agreement would need approval from the IMF's board before the funds can be released. Pakistan has taken steps, such as raising more than 170 billion Pakistani rupees ($648 million) through a supplementary finance bill passed by the parliament on Monday. The IMF funds are critical for the $350 billion South Asian economy, which is facing a severe balance of payments crisis.

☆ Pakistani minister says fuel supplies adequate, warns against hoarding
▼ + stars: | 2023-02-08 | by ( Ariba Shahid | ) www.reuters.com time to read: +2 min

KARACHI, Pakistan, Feb 8 (Reuters) - Pakistan's government said on Wednesday it was not planning to hike fuel prices and warned oil companies against stockpiling petrol after some consumers complained they had been unable to purchase fuel at pumps. A member of Oil Companies Advisory Council (OCAC) in Pakistan told Reuters that only a few of the licensed companies are selling fuel while the others are not either due to financial issues or due to hoarding. Some consumers in Pakistan's most populous province of Punjab reported petrol stations were closed and others were limiting the amount people could buy. "I went to Sialkot where I found the majority of petrol stations closed. "Consumers think we're not giving them fuel and they blame us - but we aren't being supplied enough," he said.

☆ Pakistan, IMF grapple for consensus to unlock critical funding
▼ + stars: | 2023-02-06 | by ( Asif Shahzad | ) www.reuters.com time to read: +3 min

The IMF funding is crucial for the $350-billion economy facing a balance-of-payments crisis with foreign exchange reserves dipping to less than three weeks of import cover. The two sides disagree on their data on the fiscal gap, two finance ministry officials with knowledge of the talks told Reuters. The country has already shifted back to a market-based exchange rate and hiked fuel prices - measures demanded by IMF. The big pile of energy sector debt - over 4 trillion Pakistani rupees ($14.55 billion), including 1.6 trillion in the gas sector- is another stumbling block in the talks, officials said. Over 900 billion rupees in gas sector subsidies for FY2022-23 are also on the chopping block, they said, adding that Pakistan has agreed to withdraw export sector subsidies.

☆ IMF giving Pakistan tough time over unlocking funds, PM says
▼ + stars: | 2023-02-03 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

"As you know, the IMF mission is in Pakistan, and that's giving us a tough time," he said. "You all know we are running short of resources," Sharif said, adding Pakistan at present was facing an economic crisis. The IMF mission is visiting Pakistan to discuss fiscal consolidation measures the institution needs from Pakistan to clear a 9th review of its Extended Fund Facility, aimed at helping countries facing balance-of-payments crises. Pakistan is in a $6.5 billion IMF programme. An IMF delegation is in Pakistan to restart talks stalled since November for $2.5 billion funds yet to be disbursed.

☆ Pakistan mosque attacker wore police uniform, breached security - police chief
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

ISLAMABAD, Feb 2 (Reuters) - Pakistani police have identified the suicide bomber who attacked a mosque in Peshawar this week, the provincial police chief said on Thursday, adding that the attacker had breached security by wearing a police uniform. The attack, which took place on Monday in a heavily fortified area called Police Lines, killed more than 100 people, all but three of them policemen. Moazzam Jah Ansari, police chief of Khyber Pashtunkhwa province where Peshawar is located, told reporters the bomber was part of a "network" and had driven a motorcycle into the area. Reporting by Asif Shahzad, writing by Sudipto Ganguly; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

[1/5] Daughter of Irfan Khan, a police officer, who along with other police officers was killed, weeps during a protest by police officers to condemn the suicide blast in a mosque in Peshawar, Pakistan February 1, 2023. REUTERS/Fayaz AzizPESHAWAR, Pakistan, Feb 2 (Reuters) - The suicide bomber who killed more than 100 people at a mosque in a police compound in the Pakistan city of Peshawar this week wore a police uniform and entered the high security area on a motorbike, a provincial police chief said on Thursday. Ansari said the CCTV footage showed the bomber, wearing a helmet and a mask, riding his motorbike through the main checkpoint of Police Lines. He then parked his bike, asked directions to the mosque and walked there, Ansari added. All but three of those killed were police officers, making it the worst attack on Pakistani security forces in recent history.

☆ Pakistan, IMF open talks to unlock crucial funding - ministry
▼ + stars: | 2023-01-31 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

ISLAMABAD, Jan 31 (Reuters) - Cash-strapped Pakistan on Tuesday began the much-waited talks with the International Monetary Fund (IMF) to unlock stalled funding, the country's finance ministry said. Pakistan secured a $6 billion IMF bailout in 2019, which was topped up with another $1 billion last year. Unlocking the funding is crucial for the South Asian economy as its foreign exchange reserves have dropped to cover just three weeks of imports. The IMF delegation is led by mission chief Nathan Porte, while Pakistan's Finance Minister Ishaq Dar led his team. It said the teams discussed and reviewed the economic and fiscal policies and reforms agenda to accomplish the ninth review.

☆ Pakistan mosque bombing death toll rises to 87
▼ + stars: | 2023-01-31 | by ( Jibran Ahmad | ) www.reuters.com time to read: +1 min

[1/5] Chief of Army Staff (COAS) of Pakistan Asim Munir and Pakistan's Prime Minister Shehbaz Sharif visit an injured, after a suicide blast in a mosque, at a hospital in Peshawar, Pakistan January 30, 2023. Prime Minister's Office/Handout via REUTERSPESHAWAR, Pakistan, Jan 31 (Reuters) - The death toll in the suicide bombing that tore through a mosque in Pakistan rose to 87 on Tuesday, a hospital official said, a day after the one of the biggest attacks in the unstable South Asian nation. The attack occurred in one of the most fortified areas of the northwestern Peshawar city, which houses offices of the police and counter-terrorism departments. Hospital official Mohammad Asim said that 87 people had been killed, and that 57 people were being treated, seven of whom were in critical condition. Pakistani Taliban, known as Tehreek-e-Taliban Pakistan (TTP), an umbrella of Sunni and sectarian Islamist groups, has denied responsibility.

The currency's official value closed at 255.4 rupees against the dollar versus 230.9 on Wednesday, the central bank said. Facing an increasingly acute balance of payments crisis, Pakistan is desperate to secure external financing, with less than three weeks worth of import cover in its foreign exchange reserves. Aside from wanting the government to reduce its budget deficit, the IMF is pushing for it to move to a market-determined exchange rate regime. The foreign exchange companies said on Wednesday that they had removed the cap for the sake of the country, because it was causing "artificial" distortions for the economy. Aside from moving towards a market-determined exchange rate, Islamabad has also announced it will take fiscal measures recommended by the IMF.

[1/3] Vehicle lights cause light streaks on the road along a market, during country-wide power breakdown in Karachi, Pakistan January 23, 2023. But the blackout in Pakistan on Monday was its second near-complete grid failure and the third in south Asia in three months. Grid operators attempt to keep the frequency of the grid stable at 50 hz, with deviations over 0.05 hz typically considered abnormal. "Transmission lines tripped, which resulted in isolation of north and south system," Akthar said in the note. About 11.35 gigawatts (GW) of power plants were in operation across the country when the transmission lines tripped and separated the northern and southern grid, the note read.

The Exchange Companies Association of Pakistan (ECAP) said late on Tuesday it was lifting the cap on the currency in the interest of the country. Before the cap on the rupee was removed, markets eyed three different rates to assess its value -- the state bank's official rate, the one assessed by the foreign exchange companies and the black market rate. He said the removal of the cap would curb the black market. "The black market rate is still sticky in the range of 260-270. The decision of exchange companies has not had any impact as such," said Fahad Rauf, Head of Research at Ismail Iqbal Securities.

ISLAMABAD, Jan 24 (Reuters) - Pakistan's energy ministry said on Tuesday it had restored its national power grid nearly 24 hours after a breakdown triggered the worst outage in months, highlighting the frailty of the aid-dependant nation's infrastructure. All 1,112 grid stations were back online, a senior government official told Reuters, adding that electricity would be fully restored across the country once power generation units were back up. The outage, which began on Monday morning during the peak winter season, is the second major grid failure to hit the nation of 220 million people since October, though there are partial blackouts almost daily. Residents in major cities said they now had electricity, but some areas of the country were still without power. China has invested in its power sector as part of a $60 billion infrastructure scheme that feeds into Beijing's "Belt and Road" initiative.

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