Rupee finally snapped its losing streak against the dollar

The rupee finally snapped its losing streak against the dollar on Wednesday, gaining Rs1.80 in early morning interbank market a day after the government secured the much-anticipated deal with the International Monetary Fund (IMF).

According to the Forex Association of Pakistan (FAP), the rupee appreciated to Rs210 against the dollar from Tuesday's close of Rs211.80. Yesterday, the greenback was at an all-time high, appreciating by a sharp Rs2.

The development comes after weeks of persistent declines in the rupee's value, which has been largely attributed to the country's rising import bill and depleting foreign exchange reserves.

Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan, credited the rupee's recovery to the good news related to the IMF deal. "Hopefully, once the deal is finalised by the end of this week, it will pave way for loan from China and other financial institutions."

 

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Pakistan strongly condemns killing of Kashmiri youths by Indian forces

Pakistan strongly condemned on Wednesday the extrajudicial killing of four more Kashmiri youths and termed it a result of "continuing state terrorism by Indian occupational forces", a statement from the Foreign Office read.

The statement highlighted that since India’s illegal and unilateral actions of August 5, 2019, more than 636 Kashmiris have embraced martyrdom in fake encounters and so-called cordon-and-search operations. This year alone, 113 extrajudicial killings of Kashmiris have been recorded.

The FO further stated that the intensified military crackdown and rising numbers of extrajudicial killings in IIOJK were part of the extremist anti-Muslim designs of the Hindutva inspired BJP-RSS combine in India.

“Ironically, Kashmiri youth have been a specific target of the 900,000 strong Indian military occupation force stationed in the IIOJK,” said the FO.

The FO denounced the use of brutal force against Kashmiris and said, “extrajudicial killings, custodial torture and deaths, forced disappearances, incarceration of Kashmiri leadership an youth and other methods of subjugation have failed in the past and will not succeed in the future.”

It also highlighted that through a dossier unveiled last year, Pakistan provided the world "incontrovertible evidence of the gross and systemic oppression and human rights violations by the Indian occupation forces in the IIOJK".

The FO once again reiterated its stance on Kashmir regarding a call for investigation of extrajudicial killings by establishing an Independent Commission of Inquiry as recommended by the Office of the United Nations High Commissioner for Human Rights (OHCHR) in its Kashmir reports of 2018 and 2019.

“Pakistan also urges the international community to hold India responsible for its brazen suppression of innocent Kashmiris and play its due role in ensuring a just and peaceful resolution of the Jammu and Kashmir dispute in accordance with the relevant UN Security Council resolutions and the wishes of the Kashmiri people,” the statement read.

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IMF agrees with the budget targets of Pakistan

An agreement has been reached between the government and the International Monetary Fund (IMF).

According to sources in the Ministry of Finance, the talks between the IMF and Pakistan have been successful and the IMF has agreed on the steps taken by Pakistan for the budget for the next financial year.

Sources in the Ministry of Finance said that the IMF also agrees with the budget targets of Pakistan after which the chances of resumption of IMF loan program have become bright.

Under the loan program, Pakistan will get one billion dollars immediately.

According to government sources, a declaration on the agreement will be issued soon.

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IMF agrees with the budget targets of Pakistan

An agreement has been reached between the government and the International Monetary Fund (IMF).

According to sources in the Ministry of Finance, the talks between the IMF and Pakistan have been successful and the IMF has agreed on the steps taken by Pakistan for the budget for the next financial year.

Sources in the Ministry of Finance said that the IMF also agrees with the budget targets of Pakistan after which the chances of resumption of IMF loan program have become bright.

Under the loan program, Pakistan will get one billion dollars immediately.

According to government sources, a declaration on the agreement will be issued soon.

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Verdict in PTI foreign funding case reserved

The Election Commission of Pakistan (ECP) on Tuesday reserved its verdict in the much-delayed prohibited funding case — previously referred to as the foreign funding case — against the PTI.

The case, which was filed by party founding member Akbar S Babar, has been pending since Nov 14, 2014. Babar, who is no longer associated with PTI, had alleged serious financial irregularities in the party's funding from Pakistan and abroad.

The PTI has denied any wrongdoing, and maintains the funding is not from prohibited sources.

A bench headed by Chief Election Commissioner (CEC) Sikander Sultan Raja presided over today's hearing. CEC Raja remarked that the case against the PTI had concluded, adding that the electoral watchdog also wanted to conclude the cases against other political parties.

He went on to say that the ECP wanted to restore voter confidence and strengthen the country democratically. At the conclusion of the hearing, the commission reserved its verdict in the case but CEC Raja said that the respondents could be summoned again if need be.

During today's hearing, petitioner Babar's financial expert, Arsalan Wardak, pointed out that it was an "established fact" that money was received from Britain. He also highlighted that no one was aware of the origins of the money received from Canada.

"Funds were received from Wootton Cricket Limited for which the registration number has been provided. Another $49,000 dollars were received from another company in the United Arab Emirates," he said, adding that the PTI did not deny receiving these funds.

The financial expert also highlighted that the donor lists were missing several details. "The PTI received funds from 13 countries [...] There is no record of the Rs20 million received at the PTI chairman's office," he said.

Wardak said that 41 of the 50 banks did not respond to the scrutiny committee's inquiries, pointing out the possibility of more accounts existing. The PTI ignored the principles and the standards of auditing, he alleged.

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Verdict in PTI foreign funding case reserved

The Election Commission of Pakistan (ECP) on Tuesday reserved its verdict in the much-delayed prohibited funding case — previously referred to as the foreign funding case — against the PTI.

The case, which was filed by party founding member Akbar S Babar, has been pending since Nov 14, 2014. Babar, who is no longer associated with PTI, had alleged serious financial irregularities in the party's funding from Pakistan and abroad.

The PTI has denied any wrongdoing, and maintains the funding is not from prohibited sources.

A bench headed by Chief Election Commissioner (CEC) Sikander Sultan Raja presided over today's hearing. CEC Raja remarked that the case against the PTI had concluded, adding that the electoral watchdog also wanted to conclude the cases against other political parties.

He went on to say that the ECP wanted to restore voter confidence and strengthen the country democratically. At the conclusion of the hearing, the commission reserved its verdict in the case but CEC Raja said that the respondents could be summoned again if need be.

During today's hearing, petitioner Babar's financial expert, Arsalan Wardak, pointed out that it was an "established fact" that money was received from Britain. He also highlighted that no one was aware of the origins of the money received from Canada.

"Funds were received from Wootton Cricket Limited for which the registration number has been provided. Another $49,000 dollars were received from another company in the United Arab Emirates," he said, adding that the PTI did not deny receiving these funds.

The financial expert also highlighted that the donor lists were missing several details. "The PTI received funds from 13 countries [...] There is no record of the Rs20 million received at the PTI chairman's office," he said.

Wardak said that 41 of the 50 banks did not respond to the scrutiny committee's inquiries, pointing out the possibility of more accounts existing. The PTI ignored the principles and the standards of auditing, he alleged.

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PM summons fedral cabinet meeting today

Prime Minister Shehbaz Sharif has summoned the federal cabinet meeting to be held today (Tuesday) in Islamabad to discuss economic and political situation in the country

Prime Minister Shehbaz Sharif will preside over the federal cabinet meeting to be held at the Prime Minister’s office. The cabinet will discuss a seven-point agenda during the meeting.

According to sources, a decision regarding the prices of medicines is part of the agenda of the cabinet meeting while the cabinet will also ratify the decisions of the Economic Coordination Committee (ECC).

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