Saudi Arabia pledges $8b package to Pakistan: report

Saudi Arabia has agreed to provide Islamabad a "sizeable package" of around $8 billion to help revive the country’s ailing economy amid the maiden trip of Prime Minister Shehbaz Sharif.

The package includes doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities.

"However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed. Prime Minister Shehbaz Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalise the modalities of the increased financial package.

Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023.

"Pakistan and KSA discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," said official sources, adding that the size of the total package would be determined when additional money was finalised.

Saudi Arabia had provided $3 billion deposits to the State Bank of Pakistan in December 2021 while the Saudi oil facility was operationalised from March 2022 whereby Pakistan was provided $100 million to procure oil. Saudi Arabia had provided a $7.5 billion package during the last tenure of the PMLN government (2013-18). Under the PTI-led regime, Saudi Arabia had provided a package of $4.2 billion, including $3 billion deposits and $1.2 billion oil facility for one year and linked it with the IMF programme.

Now Saudi Arabia has provided an enhanced financial package to Pakistan when its economy is in dire straits and the country is facing a balance of payment crisis. The country’s foreign exchange reserves held by the State Bank of Pakistan depleted by $6 billion in the last six to seven weeks and nosedived to $10.5 billion at the moment. With the rising current account deficit at $13.2 billion in the first nine months and pressing external loan repayment requirements, Pakistan requires financial injections of $9 to $12 billion till June 2022 to avert further depletion of foreign currency reserves. Pakistan will have to repay external debt servicing of $3 billion in the last quarter (April-June) of the current fiscal year.

The revival of the IMF programme is considered as imperative because the gross external financing requirement is estimated to the tune of $35 billion during the next fiscal year 2022-23 and without the backing of the programme, the huge financing gap cannot be bridged. However, independent economists, like Dr Ashfaque Hasan Khan, suggest a ban on the import of luxury cars and other unessential items for saving dollars.

Later in a tweet, Miftah Ismail said, "Just said goodbye to Prime Minister Shehbaz Sharif and other colleagues at Jeddah Airport, who are on their way to Islamabad after a brief stopover in Abu Dhabi to meet Crown Prince Muhammad Bin Zayed. I remain in SA to meet Saudi officials and start technical-level talks."

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No sanctions, but US wants Delhi to break from Russia

US Secretary of State Antony J. Blinken has suggested encouraging India to voluntarily disengage from Russia instead of slapping sanctions on New Delhi for buying oil and weapons from Moscow.

“Where we can, it is far preferable to get countries to voluntarily not engage in these practices, and that’s where our diplomacy is focused,” Mr Blinken said at one of his several congressional hearings in Washington this week.

Democratic senators urged Secretary Blinken at these hearings to put more pressure on India for continuing to do business with Russia despite its invasion of Ukraine.

“They go buy oil from Russia. They buy the S-400 [anti-missile system]. They abstain at the United Nations [on votes criticising Russia],” said Senator Bob Menendez, who heads the Senate Committee on Foreign Relations.

“But they are a member of the Quad,” he said, referring to a US-led alliance of like-minded nations for containing China’s influence in the Indian-Pacific region. “So, at some point messages that we send globally here are inconsistent. When we say we’re ‘troubled’ and ‘disappointed,’ that doesn’t cut it.”

Secretary Blinken, who was defending the State Depar­tment’s fiscal 2023 budget request, acknowledged this ‘uncomfortable reality’ but also urged lawmakers to see the broader picture.

“We’re at a very important strategic moment as various countries … are possibly reconsidering some of their other relationships, including with Russia,” he said in his first of four appearances in Congress this week. “As a strategic proposition, I think it’s very much in our interests to encourage that and work with that and see what we can do to … take advantage of other strategic opportunities that may present themselves as a result of Russia’s aggression.”

In another hearing at a Senate Appropriations Subcommittee, Secretary Blinken told the lawmakers that India’s relationship with Russia goes back decades.

“Russia, for India, was out of necessity a partner of choice when we were not in a position to be a partner,” he said in response to a question from Senator William Hagerty.

“Now, we are investing in that effort. I think there is a growing strategic convergence between the United States and India,” Mr Blinken said. “And of course, China is a big part of that,” as Beijing’s growing influence in the region brings India closer to the United States.

Mr Blinken said US President Joe Biden had spent “a lot of time directly engaging with Prime Minister Modi and India’s leadership”.

At the Foreign Relations Committee, Senator Menendez criticised the State Department for not forcefully calling out India’s decision to increase oil purchases from Moscow just as other US allies are curtail their own energy imports from Russia.

Senators said they could suggest sanctioning India if it didn’t stop buying Russian defence equipment, on which India has long relied.

The US media, while reporting their remarks, noted that before the Russian invasion of Ukraine, US lawmakers were more open to giving India a waiver for purchasing a Russian anti-missile system.

The US media reported that since the Russian invasion, India has imported more than double the amount of crude oil from Russia that it did in all of 2021.

“Why aren’t we applying secondary sanctions against countries … that are increasing their imports from Russian commodities?” asked Senator Chris Van Hollen, a Maryland Democrat. “There are countries that are taking advantage of discounted Russian oil prices … which only helps (President) Putin.”

Secretary Blinken said Washington has “engaged with some countries” that are taking advantage of Russia’s discounted commodity exports.” But applying individual sanctions was inadvisable, he added.

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Saudi Arabia pledges $8b package to Pakistan: report

Saudi Arabia has agreed to provide Islamabad a "sizeable package" of around $8 billion to help revive the country’s ailing economy amid the maiden trip of Prime Minister Shehbaz Sharif.

The package includes doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities.

"However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed. Prime Minister Shehbaz Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalise the modalities of the increased financial package.

Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023.

"Pakistan and KSA discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," said official sources, adding that the size of the total package would be determined when additional money was finalised.

Saudi Arabia had provided $3 billion deposits to the State Bank of Pakistan in December 2021 while the Saudi oil facility was operationalised from March 2022 whereby Pakistan was provided $100 million to procure oil. Saudi Arabia had provided a $7.5 billion package during the last tenure of the PMLN government (2013-18). Under the PTI-led regime, Saudi Arabia had provided a package of $4.2 billion, including $3 billion deposits and $1.2 billion oil facility for one year and linked it with the IMF programme.

Now Saudi Arabia has provided an enhanced financial package to Pakistan when its economy is in dire straits and the country is facing a balance of payment crisis. The country’s foreign exchange reserves held by the State Bank of Pakistan depleted by $6 billion in the last six to seven weeks and nosedived to $10.5 billion at the moment. With the rising current account deficit at $13.2 billion in the first nine months and pressing external loan repayment requirements, Pakistan requires financial injections of $9 to $12 billion till June 2022 to avert further depletion of foreign currency reserves. Pakistan will have to repay external debt servicing of $3 billion in the last quarter (April-June) of the current fiscal year.

The revival of the IMF programme is considered as imperative because the gross external financing requirement is estimated to the tune of $35 billion during the next fiscal year 2022-23 and without the backing of the programme, the huge financing gap cannot be bridged. However, independent economists, like Dr Ashfaque Hasan Khan, suggest a ban on the import of luxury cars and other unessential items for saving dollars.

Later in a tweet, Miftah Ismail said, "Just said goodbye to Prime Minister Shehbaz Sharif and other colleagues at Jeddah Airport, who are on their way to Islamabad after a brief stopover in Abu Dhabi to meet Crown Prince Muhammad Bin Zayed. I remain in SA to meet Saudi officials and start technical-level talks."

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Bill Gates appreciates Pakistan Army for supporting polio drive

Chief of Army Staff General Qamar Javed Bajwa and Co-Chair of the Bill and Melinda Gates Foundation Bill Gates had a telephone conversation on Friday.

According to Inter-Services Public Relations (ISPR) matters related to Pakistan s commitment for comprehensive Polio eradication and COVID-19 were discussed in the telephonic conversation.

Read more: Pakistani pilgrims arrested for sloganeering at Masjid-i-Nabwi: Saudi embassy

Bill Gates conveyed appreciation for Pakistan Army for supporting national polio drive, ensuring proper reach and coverage, the ISPR said. COAS said it was a national cause and credit goes to all involved in the process.

Bill Gates also appreciated Pakistan’s success against COVID-19 despite resource constraints. COAS attributed the success to a true national response, executed through the mechanism of NCOC which allowed optimisation of resources.

The Army Chief appreciated untiring efforts of Bill Gates and his foundation towards the noble cause of Polio eradication at global level and assured him of continued support.

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'High precision' strike kills journalist, hits Kyiv homes

Mykhailo Vovchynskyi had only just moved into his Kyiv apartment when the building was hit in what Russia called a "high precision" missile attack targeting a factory across the street -- a claim he found loaded with menace.

Not only did the powerful blast on Thursday evening heavily damage the structure, injuring at least 10 people, it killed a female journalist in her home as UN chief Antonio Guterres was visiting the Ukrainian capital.

Read more: Turkey, Saudi Arabia striving to increase all kinds of relations: Erdogan

"If this was indeed a high precision attack, that is pretty cynical. It s inhuman behaviour," 22-year-old Vovchynskyi said Friday after he and his girlfriend hauled out bags of belongings they had brought in some two weeks earlier.

As he spoke, heavy equipment was piling up rubble and crews were shovelling shattered glass and inspecting the building, which had nearly three storeys of its facade shorn off.

The powerful blast left mounds of shattered concrete and on Friday morning, rescuers said they had found a corpse, which was carried out in a black body bag on a stretcher and loaded into a green morgue van.

The victim was Vera Gyrych, a journalist and producer at US-funded Radio Free Europe/Radio Liberty who was killed in her home, prompting the broadcaster to express its anger over "the senseless nature" of her death.

"We have lost a dear colleague who will be remembered for her professionalism and dedication to our mission," its president Jamie Fly said in a statement.

Russia has faced harsh criticism for its explosive strikes that have struck civilian areas, but also over accusations its soldiers on the ground have killed or harmed civilians.

Moscow insists it is doing all it can to protect non-combatants.

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ECP announces schedule for second phase of LG elections in Sindh

The Election Commission of Pakistan (ECP) on Friday announced the schedule for the second phase of local government (LG) elections in Sindh.

According to an ECP notification, the election will be held on July 24 to fill the seats of chairman and vice-chairman of the union councils, union committees, and general members in each union council, union committee and ward in the municipal committees or town committees and district councils of Karachi and Hyderabad/Thatta divisions.

Read more: Pakistan to approach Saudi Arabia for action against Masjid-e-Nabawi slogan chanters

The ECP called upon the electors of respective local councils and wards of the said divisions to elect their representatives.

As per schedule, the public notices will be issued by the returning officers (ROs) on June 3 in their offices. The nomination papers will be submitted to the ROs concerned from June 8 to June 11.

The publication of the names of nominated candidates will be on June 13 while the scrutiny of nomination papers by the ROs will be during June 15-17.

Similarly, the date for filing of appeals against the decision of ROs will be June 18-22 while the last date for deciding of appeals by the appellate authority will be June 25.

The date for publication of the revised list of candidates will be June 27 while the last date for withdrawal and publication of the revised candidate list will be June 28.

The date for the allotment of symbols to contesting candidates will be June 29 while the date for the consolidation of results will be July 28.

In further guidelines to ensure the elections are held fairly and honestly and to ensure that corrupt practices are prevented, the ECP barred executive authorities from announcing development projects or using state resources to influence polls in favour of a candidate.

It warned that any government official who misused their position to influence the elections would be proceeded against under the law. The ECP also barred transfers and postings of government officers or granting them leaves in divisions for which the election schedule had been issued without the commission’s prior approval.

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Bill Gates appreciates Pakistan Army for supporting polio drive

Chief of Army Staff General Qamar Javed Bajwa and Co-Chair of the Bill and Melinda Gates Foundation Bill Gates had a telephone conversation on Friday.

According to Inter-Services Public Relations (ISPR) matters related to Pakistan s commitment for comprehensive Polio eradication and COVID-19 were discussed in the telephonic conversation.

Read more: Pakistani pilgrims arrested for sloganeering at Masjid-i-Nabwi: Saudi embassy

Bill Gates conveyed appreciation for Pakistan Army for supporting national polio drive, ensuring proper reach and coverage, the ISPR said. COAS said it was a national cause and credit goes to all involved in the process.

Bill Gates also appreciated Pakistan’s success against COVID-19 despite resource constraints. COAS attributed the success to a true national response, executed through the mechanism of NCOC which allowed optimisation of resources.

The Army Chief appreciated untiring efforts of Bill Gates and his foundation towards the noble cause of Polio eradication at global level and assured him of continued support.

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