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☆ Pakistan central bank raises main interest rate by 100 bps to 22%
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

Karachi, PAKISTAN, June 26 (Reuters) - Pakistan's central bank raised its benchmark interest rate by 100 basis points to 22% at an emergency meeting on Monday, a day after the country revised its budget for the fiscal year from July 1 in a bid to rescue an IMF programme that expires in days. The central bank has now raised its main rate by 12.25 percentage points since April 2022, mainly to curb soaring inflation. "The MPC views this action as necessary to keep real interest rate firmly in positive territory on a forward-looking basis," the central bank said in a statement. On June 12 the central bank had left its key rate unchanged. The KSE100 index on the Pakistan Stock Exchange closed up 3.42% on expectations of a deal begin reached with the IMF.

Persons: Fahad Rauf, Ismail Iqbal, Shivam Patel, Sanjeev Miglani, Hugh Lawson Organizations: IMF, Analysts, International Monetary Fund, MPC, Ismail, Ismail Iqbal Securities, Pakistan Stock Exchange, Thomson Locations: Karachi, PAKISTAN, New Delhi, Shahid

☆ Pakistan's economic meltdown spurs more people to risk lives to reach Europe
▼ + stars: | 2023-06-23 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +9 min

He is missing and presumed dead, according to his brother, highlighting the perils faced by people who seek to enter Europe illegally. Cash-strapped Pakistan's $350 billion economy is in a meltdown, with inflation at a record 38%. Pakistan's information ministry did not respond to questions from Reuters about economic factors fuelling migration. 3 nationality registered in Italy coming from Libya, after Egyptians and Bangladeshis, a Frontex spokesperson told Reuters in an email. At least 209 Pakistanis were believed to be on board, according to official data based on information provided by relatives.

Persons: Muhammad Sarwar Bhatti, Hameed Iqbal Bhatti, Salahuddin, Bhatti, Hafeez Pasha, Muhammad Nadeem, Nadeem, Kosar Bibi, Bibi, Sarwar Warraich, Muhammad Zubair, Muhammad Nazim, Nazim, Muhammad Ali, Anish Raza, Haji Ilyas, Ilyas, puffing, Israr Mirza, Mirza, Gibran Peshimam, Ariba Shahid, David Crawshaw Organizations: Reuters, REUTERS, Cash, Federal Investigation Agency, FIA, OF, International Monetary Fund, Migrant Resource Centre, College, Thomson Locations: Greece, Khuiratta, Pakistan, Kashmir, Saudi Arabia, Europe, Libya, Italy, Gujrat, Italian, Ferrara, Turkey, Bhojpur, Gujrat district, Spain, EU, Lahore, Islamabad

The minivan-sized submersible Titan, operated by U.S.-based OceanGate Expeditions, began its descent at 8 a.m. (1200 GMT) on Sunday. The Titan set off with 96 hours of air, according to the company, meaning its oxygen tanks would likely be depleted some time on Thursday morning. "When you're in the middle of a search-and-rescue case, you always have hope," Coast Guard Captain Jamie Frederick said at a press conference on Wednesday. Titanic expert Tim Maltin said it would be "almost impossible to effect a sub-to-sub rescue" on the seabed. The robot could also help hook the sub to a surface ship capable of lifting it, the operator said.

Persons: Jamie Frederick, Frederick, Atalante, Victor, Hamish Harding, Shahzada Dawood, Suleman, Paul, Henri Nargeolet, Sean Leet, Leet, Tim Maltin, OceanGate's, Steve Gorman, Joseph Ax, Tim McLaughlin, Rami Ayyub, Tyler Clifford, Louise Dalmasso, Daniel Trotta, Brad Brooks, Ariba Shahid, Paul Thomasch, Nick Zieminski, Sandra Maler, Raju Gopalakrishnan Organizations: Co, U.S, Expeditions, Atlantic, U.S . Coast Guard, Coast Guard, Guard, U.S . Navy, Stockton Rush, Horizon Maritime Services, Thomson Locations: Canada, France, U.S, Cape Cod , Massachusetts, St, John's, Newfoundland, French

[1/2] The Titan submersible, operated by OceanGate Expeditions to explore the wreckage of the sunken Titanic off the coast of Newfoundland, dives in an undated photograph. Robotic undersea search operations were diverted to the area where the sounds seemed to originate, but there was still no tangible sign of the missing vessel, the Coast Guard said on Twitter. ROBOTIC SEARCH REDIRECTEDThe search effort included Lockheed P-3 Orion turboprop airplanes designed with sub-surface surveillance gear to detect submarines, Frederick said. The Coast Guard did not detail the nature or extent of the sounds. Titanic expert Tim Matlin said it would be "almost impossible to effect a sub-to-sub rescue" on the seabed.

Persons: Jamie Frederick, Hamish Harding, Shahzada Dawood, Suleman, Paul, Henri Nargeolet, Frederick said, Canada's, Stone, Alistair Greig, Tim Matlin, Steve Gorman, Joseph Ax, Brendan O'Brien, Natalie Thomas, Aiden Nulty, Kanishka Singh, Ismail Shakil, Steve Scherer, Steve Holland, Daniel Trotta, Brad Brooks, Ariba Shahid, Raju Gopalakrishnan Organizations: OceanGate Expeditions, U.S . Coast Guard, Canadian, Coast Guard, Twitter, U.S, Expeditions, British, Reuters, U.S . Navy, Atlantic, Stockton Rush, Authorities, Lockheed, Orion, CNN, Stone, University College London, Thomson Locations: Newfoundland, Canada, France, U.S, Connecticut, Cape Cod , Massachusetts, St, John's, French

☆ Who is on the missing Titanic sub?
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +4 min

Courtesy of Jannicke Mikkelsen/via REUTERS/File PhotoJune 20 (Reuters) - A five-person submersible vessel taking wealthy adventurers on a $250,000 trip to see the wreckage of the 1912 Titanic disaster 12,500 feet (3,800m) undersea is missing in the Atlantic off Canada. The British billionaire and chairman of aviation consultancy Action Aviation is among those missing, according to his stepson. The 77-year-old French explorer, whom media say is one of the five on board, is director of underwater research at a company that owns the rights to the Titanic wreck. The founder and CEO of the vessel's U.S.-based operating company OceanGate is also on the submersible, according to media reports. "It is an amazingly beautiful wreck," Rush told Britain's Sky news of the Titanic earlier this year.

Persons: Hamish Harding, Jannicke Mikkelsen, HAMISH HARDING, Harding, Buzz Aldrin, Aldrin, SHAHZADA DAWOOD, SULEMAN, Shahzada, PAUL, HENRI NARGEOLET, Rush, Britain's, OceanGate, Ariba Shahid, Kate Holton, Dominique Vidalon, Yousef Saba, Andrew Cawthorne, Christina Fincher, Alexandra Hudson Organizations: Titanic, WHO, Action Aviation, Engro Corporation, SETI, French Navy, France Bleu, STOCKTON RUSH, Britain's Sky, Reuters, Alexandra Hudson Our, Thomson Locations: Atlantic, Canada, British, Dubai, Newfoundland, fertilisers, California, Britain, U.S, Everett, Washington State, Pacific, Gulf of Mexico, Karachi, London, Paris

Those aboard the submersible called Titan, the highlight of a tourist expedition that costs $250,000 per person, included British billionaire Hamish Harding and Pakistani businessman Shahzada Dawood with his son Suleman. The wreckage of the Titanic that sank in 1912 after hitting an iceberg lies at about 12,500 feet (3,810 metres). OceanGate Expeditions, the private company that operates the submersible, said it was "mobilizing all options" to rescue those aboard the Titan. Reuters GraphicsBILLIONAIRE ABOARDThe expeditions to the Titanic start in St. John's, Newfoundland, before heading out about 400 miles (640 km) into the Atlantic to the wreckage site, OceanGate's website says. Harding's stepson later wrote on Facebook that Harding had "gone missing on submarine" and asked for "thoughts and prayers".

Persons: Hamish Harding, Shahzada Dawood, Suleman, Paul, Henri Nargeolet, John Mauger, Harding, Dawood, Joseph Ax, Kanishka Singh, Ismail Shakil, Edmund Blair, Janet Lawrence Organizations: Discovery, U.S . Coast Guard, Stockton Rush, Expeditions, Twitter, Reuters Graphics, Action Aviation, Facebook, Engro Corporation, SETI, Thomson Locations: Nova Scotia, Canada, U.S, ., Cape Cod, St, John's, Newfoundland, UAE, California, Britain, Washington, Shahid, Karachi

☆ Greece boat disaster: A Pakistani father's anguish over his missing son
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +3 min

Now, the father fears his son was among those lost in a disastrous boat capsize off Greece on Wednesday in which hundreds of people are thought to have died, among them Pakistanis. Mehmood, 60, said a local travel agent had charged 2.2 million Pakistani rupees ($7,653) for his son's trip, with the promise he would earn well in Europe. He said he last heard from his son when Sultan got on a boat, which he believes was the doomed vessel. "He sent a (text) message saying that he was sitting in a boat with around 400- 500 people. Most of the people on board the capsized boat were from Egypt, Syria and Pakistan, Greek government officials have said.

Persons: Shahid Mehmood, Sultan, Mehmood, Adnan Iftikhar, Shahbaz Sharif, Ariba Shahid, Frances Kerry Organizations: country's Ministry of Foreign Affairs, Thomson Locations: KARACHI, Pakistan, Pakistani, Europe, Greece, Faisalabad, Dubai, Egypt, Libya, Tripoli, Pylos, Syria, Karachi

☆ Greece boat disaster: 12 Pakistanis among survivors
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

KARACHI, Pakistan, June 17 (Reuters) - Twelve Pakistanis were among survivors from a boat packed with migrants that capsized off the coast of Greece this week, the Ministry of Foreign Affairs said on Saturday. Ministry spokesperson Mumtaz Zahra Baloch said the government was unable so far to verify the number of Pakistanis who died, or their identities. People seeking missing relatives were urged to share with the ministry identity documents and DNA reports from authenticated laboratories, she said. Greek authorities have said 104 survivors and 78 bodies of the dead were brought ashore in the immediate aftermath. Most of the people on board were from Egypt, Syria and Pakistan, Greek government officials have said.

Persons: Mumtaz Zahra Baloch, Ariba Shahid, Frances Kerry Organizations: Ministry of Foreign Affairs, Thomson Locations: KARACHI, Pakistan, Greece, Pylos, Egypt, Syria, Karachi

June 15 (Reuters) - The International Monetary Fund (IMF) on Thursday expressed dissatisfaction with Pakistan’s recently presented budget, a blow for the cash-strapped country which has only two weeks left until its bailout programme expires. However, the draft FY24 Budget misses an opportunity to broaden the tax base in a more progressive way," Esther Perez Ruiz, the IMF's resident representative for Pakistan, said in a text message to Reuters. "The new tax amnesty runs against program’s conditionality and governance agenda and creates a damaging precedent," added Perez Ruiz. She said that measures to address the energy sector’s liquidity pressures could be included alongside the broader budget strategy. Added Perez Ruiz: "The IMF team stands ready to work with the government in refining this Budget ahead of its passage," implying the country still has a chance to unlock its ninth IMF board review prior to the end of the EFF programme.

Persons: Pakistan’s, Esther Perez Ruiz, program’s, Perez Ruiz, Bharat Govind Gautam, Jonathan Oatis, Matthew Lewis Organizations: Monetary Fund, IMF, Fund, FX, Staff, Reuters, EFF, Thomson Locations: Pakistan, Bengaluru, Shahid, Karachi

KARACHI, June 14 (Reuters) - Shell Pakistan (SHEL.PSX) said on Wednesday that its parent company, Shell (SHEL.L) unit Shell Petroleum Company, would be exiting Pakistan with the sale of its 77% shareholding in the in the local business. The move came after Shell Pakistan (SPL) suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a financial crisis and economic slowdown. "To support its intention to high-grade and simplify its portfolio, Shell Petroleum Company Ltd... has initiated a sales process to sell its 77.42% shareholding in Shell Pakistan Ltd," a spokesperson for Shell Pakistan said in an email to Reuters. That includes "all of SPL’s Downstream businesses and SPL’s 26% ownership of Pak-Arab Pipeline Company Ltd (PAPCO)," the spokesperson added. REUTERS/Morteza Nikoubazl/File PhotoIt said in the notice that Shell Petroleum Company had notified its board of directors of its intention to sell the holding in a meeting on June 14.

Persons: Morteza, Shell, Wael Sawan, Ariba Shahid, Sakshi Dayal, Gibran Peshimam, David Evans, Jan Harvey, Kirsten Donovan Organizations: Shell Pakistan, Shell, Shell Petroleum Company, Shell Petroleum Company Ltd, Shell Pakistan Ltd, Reuters, Arab Pipeline Company, Pakistan Stock Exchange, REUTERS, Thomson Locations: KARACHI, Pakistan, Nowshera, Pakistan's, Khyber, Pakhtunkhwa Province, Bukom, Jurong, Singapore

Discounted crude offers respite as Pakistan faces an acute balance of payments crisis, risking a default on its debt obligations. The first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow earlier this year arrived in Karachi on Sunday. Pakistan's Refinery Limited (PRL) will initially refine the Russian crude, the minister said. Malik on Monday played down concerns around the financial viability and concerns about the ability of local refineries to process Russian crude given the South Asian country's historical importation of Middle Eastern petroleum products. "No adjustments (were) needed at the refinery to refine the Russian crude," the minister told Reuters.

Persons: Florence Lo, Malik Says, Musadik Malik, Pakistan's, Malik, Ariba Shahid, Asif Shahzad, Shilpa Jamkhandikar, Gibran, Philippa Fletcher, Toby Chopra Organizations: REUTERS, ., Karachi . Petroleum, Pakistan, Moscow, Pakistan's Refinery, Monday, Reuters, Energy, United, United Arab Emirates, Thomson Locations: Moscow, Islamabad, ISLAMABAD, Pakistan, Karachi, Russia, India, China, Ukraine, Saudi Arabia, United Arab

☆ Pakistan PM says first discounted Russian crude oil cargo arrives in Karachi
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +1 min

June 11 (Reuters) - Pakistan's Prime Minister Shehbaz Sharif on Sunday said the first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi. "Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow," Sharif tweeted. loading"This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation," he added. The discounted crude offers a relief to Pakistan, which is facing a payments crisis and is at risk of defaulting on its debt. The country's imports of crude are expected to reach 100,000 barrels per day after the first cargo arrives on Monday.

Persons: Shehbaz Sharif, Sharif, Shubhendu Deshmukh, Jan Harvey, Ros Russell Organizations: Pakistan's, Sunday, Russian Federation, Reuters, Energy, Thomson Locations: Islamabad, Moscow, Karachi, Pakistan, Russian, Russia, India, China, Ukraine, Afghanistan, Iran, Rishab, Bengaluru, Shahid

ISLAMABAD, June 10 (Reuters) - Pakistan is working on the possibility of restructuring its bilateral debt regardless of whether it successfully completes its IMF review, the country's finance minister said on Saturday, but reiterated it would not approach Paris club nation creditors or seek haircuts. The country is grappling with record inflation, fiscal imbalances and critical levels of reserves that cover barely a month worth of imports. The fiscal deficit for the following fiscal year was projected at 6.54% of GDP, according to the budget. Dar said on Saturday there was no more room in the budget to reduce the fiscal deficit target by any further. The government has received commitments of only $4 billion, mainly from Saudi Arabia and the United Arab Emirates.

Persons: Ishaq Dar, Dar, Gibran Naiyyar Peshimam, Shahid, Charlotte Greenfield, Michael Perry, William Mallard, Frances Kerry Organizations: IMF, Pakistan's IMF, United, United Arab Emirates, Thomson Locations: ISLAMABAD, Pakistan, Paris, Pakistan's, China, Saudi Arabia, United Arab

Finance Minister Ishaq Dar announced the target during his budget speech to the national legislature. The deficit target for the fiscal year ending this month had been revised higher, from a previous projection of 4.9%. The government had prepared "a responsible budget, not an election budget", Dar said. The total spending target would be 14.46 trillion rupees ($50.45 billion), Dar said, with 1.8 trillion rupees going to defence. It would target net external financing of 2,527 billion rupees for the fiscal year ending in June 2024 of which 1,601 billion rupees would come via commercial and Eurobond borrowing.

Persons: Akhtar Soomro, Ishaq Dar, Dar, Shehbaz Sharif, Shahbaz Ashraf, Mustafa Pasha, Asif Shahzad, Gibran Peshimam, Shahid, Charlotte Greenfield, Louise Heavens, Mark Heinrich, Mark Potter, Sriraj Organizations: REUTERS, IMF, Finance, Pakistan, FRIM Ventures, Lakson Investments, Reuters, Thomson Locations: Karachi, Pakistan, IMF ISLAMABAD

Experts have mixed reactions on whether the budget will meet IMF requirements and the impact on the economy. The ‘No new Taxes on Industry’ claim is belied by increase in super tax and that too in not a fully progressive way. Will retailers and the agri sectors that together contribute 40% contribute more than 2% as a result of the budget? SHAHBAZ ASHRAF, CHIEF INVESTMENT OFFICER AT FRIM VENTURES“It is surely not a budget that the IMF would approve of. "The regional energy price budget, which has built in cross subsidies, general collection and distribution losses is something the export industry cannot sustain."

Persons: GHIAS KHAN, EHSAN MALIK, SHAHID HABIB, ARIF HABIB, ZULQARNAIN, ABDUL ALEEM, IRFAN IQBAL SHEIKH, MUSTAFA PASHA, SHAHBAZ ASHRAF, they've, There's, ” FAHAD RAUF, ISMAIL IQBAL, GOHAR EJAZ, Ariba Shahid, Jonathan Oatis, Nick Zieminski Organizations: International Monetary Fund, IMF, Pakistan, Reuters, FX, ENGRO CORP, OF, PAKISTAN BUSINESS, Industry, PAKISTAN, Company, FEDERATION OF PAKISTAN, OF COMMERCE, PKR, IN, MILLS ASSOCIATION, Thomson Locations: KARACHI, Pakistan, PAKISTAN, Karachi

June 8 (Reuters) - Pakistan is likely to post GDP growth of 0.29% in the fiscal year ending June 2023, the country's economic survey released on Thursday said, well below the target of 5% set last year. Finance Minister Ishaq Dar told a news conference on the annual report that 0.29% GDP growth was a "realistic achievement" and anything higher was not achievable. Average year-on-year inflation rate for the period up to May 2023 was recorded at 29.2%, the survey found. In April and May, the country's inflation hit record levels, which were also the highest in Asia. Remittances of money sent from relatives abroad were down 13% for the FY23 until April, to $22.7 billion.

Persons: Ishaq Dar, Ariba Shahid, Asif Shahzad, Gibran Peshimam, Sakshi Dayal, Sudipto Ganguly, Barbara Lewis Organizations: International Monetary Fund . Finance, Thomson Locations: Pakistan, Asia

☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

KARACHI, Pakistan, June 2 (Reuters) - Pakistan has passed a special order to allow barter trade with Afghanistan, Iran and Russia for certain goods, including petroleum and natural gas, the Ministry of Commerce said on Friday. The government order, called the Business-to-business (B2B) Barter Trade Mechanism 2023 and dated June 1, lists goods that can be bartered. Sajid Amin, deputy director of the Sustainable Development Policy Institute, said Pakistan could gain particularly from oil and energy imports from Russia and Iran without adding to dollar demand. "While it may not solve currency smuggling, particularly at the Afghanistan border, it can discourage smuggling of goods from Iran, such as diesel, and Afghanistan which is hurting the economy," Amin added. In May, the Pakistan Petroleum Dealers Association complained that up to 35% of the diesel sold in Pakistan had been smuggled from Iran.

Persons: Sajid Amin, Amin, Pakistan's, Musadik Malik, Malik, Ariba Shahid, Asif Shahzad, Simon Cameron, Moore, David Holmes Organizations: Ministry of Commerce, State, Sustainable Development Policy Institute, Reuters, Pakistan Petroleum Dealers Association, Thomson Locations: KARACHI, Pakistan, Afghanistan, Iran, Russia

☆ Analysis: Pakistan in uncharted territory as army seeks to vanquish Imran Khan
▼ + stars: | 2023-05-22 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +6 min

[1/2] Pakistan's former Prime Minister Imran Khan, gestures as he speaks to the members of the media at his residence in Lahore, Pakistan May 18, 2023. There has never been that kind of challenge to Pakistan's military, which has held sway over the country since independence in 1947 with a mixture of fear and respect. The 1971 fall of Dhaka in what was then East Pakistan and the birth of Bangladesh after defeat by arch-enemy India has been the lowest point for Pakistan's military since 1947. Khan was released by court order two days after his arrest, but his Pakistan Tehreek-e-Insaf (PTI) party now faces the ire of the military. "The military's power comes from its ability to deploy force, not popularity - Pakistan's generals like being liked but they like being in control even more," he said.

Here are some key facts about Pakistan's military courts, according to lawyers Reuters spoke to:- Pakistan's Army Act of 1952 established military courts primarily to try members of the military or enemies of the state. - Civilians accused of offences such as waging war against the armed forces or law enforcement agencies, or attacking military installations or inciting mutiny, can be tried at military courts. - Military courts operate under a separate system from the civilian legal system and are run by military officers. The judges are also military personnel and cases are tried at military installations. - Military courts were most recently used to try Islamist militants waging an insurgency in Pakistan.

☆ You Don’t Need to Speak Another Language to Love a Bilingual Edition
▼ + stars: | 2023-05-16 | by ( Hasan Altaf | ) www.nytimes.com time to read: +3 min

In “The Rebel’s Silhouette,” for example, an untitled Urdu poem by Faiz Ahmed Faiz on Page 50 is placed opposite its translation, by the Kashmiri American poet Agha Shahid Ali, on Page 51. Even if you don’t read Urdu, the original is sharply outlined: four lines in two couplets, taking up barely a third of the page. One great charm of a bilingual edition is that you don’t have to give up one for the other, as you would with a translation. You can have both at the same time, and treat language as a Jenga tower, moving its pieces but preserving its structure. Look at the beginning of another untitled poem and you can hear the music of “Passará/tem passado/passa com a sua fina faca” — the time-traveling verb, the echoing sibilants, the alliteration.

[1/3] Firefighters try to douse a bus that caught fire during clashes with the supporters of Pakistan's former Prime Minister Imran Khan in Islamabad, Pakistan, May 12, 2023. The decision was taken at a meeting of the National Security Committee chaired by Prime Minister Shehbaz Sharif. It is an endorsement of the military, which said on Monday that the rioters and their handlers had been identified, and would be tried under army laws. "The meeting endorsed to bring the miscreants, the planners who incited for violence and their facilitators to dock by trying them under constitutional provisions of concerned laws, including Pakistan Army Act and Official Secrets Act," said a statement issued by Sharif's office. The Human Rights Commission of Pakistan (HRCP), an independent civil rights group, said it strongly opposes the use of those two laws to try civilians.

☆ Pakistan's external financing requirements for IMF deal unchanged - IMF
▼ + stars: | 2023-05-14 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +2 min

KARACHI, May 14 (Reuters) - Pakistan's external financing requirements have not been changed in talks with the International Monetary Fund (IMF) over bailout funds, the IMF Resident Representative in Pakistan said, denying local media reports that the Fund was seeking fresh financing. Pérez Ruiz said that external funding requirements had not changed throughout the discussions, under a review that would unlock $1.1 billion in financing for the cash-strapped South Asian nation as part of a $6.5 billion IMF package. On Thursday, the Fund reiterated that obtaining commitments on external financing from friendly countries would be essential before the IMF approves the release of bailout funds. IMF Resident Representative Pérez Ruiz said that Pakistani authorities committed to the IMF during last month's spring meetings that they would not introduce the cross-subsidy scheme in fiscal year 2023 or beyond. "The announced fuel cross-subsidy scheme raises new quasi-fiscal and balance of payments risks, and it is amenable to fraud," she said, in a separate text message to Reuters.

KARACHI, Pakistan, May 13 (Reuters) - Pakistan's Prime Minister Shahbaz Sharif on Saturday gave authorities 72 hours to identify and arrest all those involved in violent acts after former Prime Minister Imran Khan's arrest this week sparked deadly unrest. Khan departed court premises late Friday night and headed towards his hometown Lahore amid high security, after a court granted him bail. Following Sharif's announcement, Punjab's government released pictures of unidentified protesters involved in an attack on a military official's residence on Wednesday. Khan, 70, is a cricket star-turned-politician who was ousted as prime minister in April 2022 in a parliamentary no-confidence vote and Pakistan's most popular leader according to opinion polls. Facebook, YouTube and Twitter were inaccessible in Pakistan on Saturday, Reuters journalists said, after access was briefly restored late on Friday.

He had remained inside for hours after being granted bail, saying he was not being allowed to leave by security officials. It's not the security agencies, it's one man – the army chief," he said, without naming him. He has since been a vocal critic of current army chief General Asim Munir. [1/7] Security officers escort Pakistan's former Prime Minister Imran Khan, as he appeared in Islamabad High Court, Islamabad, Pakistan May 12, 2023. "The Islamabad High Court has given a two-week bail and also ordered the (anti-graft body) not to arrest Imran Khan during this period," another of Khan's lawyers, Faisal Chaudhry, told Reuters.

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