IMF to discuss a “potential new programme”; Saudi delegation arrives in Pakistan for three-day visit aimed at boosting trade ties
In Brief
POLITICS
Inquiry committee holds first meeting on wheat import irregularities
On 5 May, the cabinet division secretary held the first meeting of an inquiry committee investigating the alleged import of PKR 330 billion worth of wheat. Information Minister Attaullah Tarar said that the committee worked on “verifying data and documents,” and denied reports in the media suggesting that former caretaker Prime Minister Anwaarul Haq Kakar, ex-Finance Minister Shamshad Akhtar, and incumbent Interior Minister Mohsin Naqvi, were “called or interviewed.” On the content of the inquiry report, Tarar explained that the “report is under preparation and has not been presented to anyone.” However, media reports have said that so far, the inquiry revealed that the caretaker government imported PKR 330 billion worth of wheat from August 2023 to March 2024, of which 1.3 million tonnes were unfit for human consumption due to fundus. Tarar asserted that the stocks were “completely unsafe and usable.” Further, the media reported that the last Pakistan Democratic Movement (PDM) government led by the PML-N had reserved its decision regarding wheat imports till July 2023. The last caretaker government imported 2.8 million tonnes of wheat for PKR 250 billion, and during the present regime, 700,000 tonnes of wheat worth PKR 80 billion entered Pakistan. Currently, a fact-finding committee formed by Prime Minister Shehbaz Sharif is working to identify import irregularities. (“Probe panel discusses wheat import scandal,” Dawn, 6 May 2024)
Pakistan Kissan Ittehad (PKI) announces new farmers’ protest
On 5 May, the Pakistan Kissan Ittehad (PKI) declared fresh protests across the country from 10 May against the alleged wheat import scandal. PKI President Khalid Mahmood Khokhar alleged that a mafia gained massively from the wheat import scandal. Due to this, the farmers lost PKR 400 billion, which is why they will be protesting. Currently, farmers will not be able to cultivate cotton and rice if they are unable to sell wheat. Khokhar said that due to the import, wheat prices allegedly fell to PKR 2,800- PKR 3,000 per 40 kilogram against the government-mandated rate of PKR 3,900. Separately, the Pakistan Kisan Rabita Committee (PKRC) invited growers for a meeting on 9 May to devise a future strategy. The Committee’s General Secretary, Farooq Tariq, called for the arrest of former caretaker Prime Minister Anwarul Haq Kakar and other individuals involved in the scandal. He also sought compensation for affected growers, demanding the government begin buying grains from the farmers in order to stabilize prices in the local market. (Amjad Mahmood and Imran Gabol, “Farmers plan fresh agitation against wheat debacle,” Dawn, 6 May 2024)
PTI to hold rallies on anniversary of 9 May riots
On 6 May, Dawn reported that the PTI had finalized plans to hold rallies across the country on the anniversary of the 9 May riots, based on a circular signed by PTI Secretary General Omar Ayub Khan as per Imran Khan’s instructions. Elected representatives, ticket holders, and office-bearers will lead these rallies at every provincial assembly constituency level, displaying Khan’s photo on placards and organizing prayers of PTI “martyrs.” On 9 May 2023, Khan’s arrest triggered countrywide protests in which public and private property was damaged and mobs attacked military installations. While the PTI says over 10,000 of its workers were arrested, the government maintains that it arrested only a few thousand. (Ikram Junaidi, “PTI finalises plan for rallies on May 9,” Dawn, 6 May 2024)
ECONOMY
IMF mission to visit Pakistan this month to discuss a “potential new programme”
On 5 May, the IMF said that a fund mission will visit Pakistan this month to discuss a new programme, ahead of Pakistan beginning its annual budget-making process for the upcoming financial year. Though the country waived off a sovereign default through a short-term USD three billion programme, Prime Minister Shehbaz Sharif’s government has underscored the need for a new longer-term programme. In an emailed response to Reuters, the IMF said: “A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new programme for the welfare of all Pakistanis.” Sharif’s government has to present the budget for the new financial year, which will run from July to June, before 30 June. Though the IMF did not specify any dates for the visit or details of the programme, it did note that “accelerating reforms now is more important than the size of the programme, which will be guided by the package of reform and balance of payments needs.” The previous IMF programme helped bring down inflation to 17 per cent in April from a high of 38 per cent in May 2023; however, Pakistan is still dealing with fiscal shortfall and stagnating growth. (“IMF says its mission will visit Pakistan this month to discuss new loan,” The Express Tribune, 5 May 2024)
EXTERNAL
Saudi delegation arrives in Pakistan for three-day visit aimed at boosting trade ties
On 5 May, a Saudi delegation led by Saudi Deputy Investment Minister Ibrahim Almubarak, comprising dozens of investors, arrived in Islamabad as part of a three-day visit to explore investment opportunities. As per Pakistan’s Commerce Minister Jam Kamal, the visit is aimed at enhancing trade ties between investors from both countries and identifying trade and investment opportunities in multiple sectors. Kamal also detailed that the Ministry of Commerce picked Pakistani companies for business-to-business (B2B) meetings with the Saudi investors, and that “leading” Pakistani companies would collaborate with at least 30 Saudi companies. During the meetings, local companies will present their business proposals to the Saudi delegation, targeting investment in sectors such as agriculture, mining, chemicals, energy, religious tourism, telecom, and aviation. Kamal remained optimistic that companies would finalize business deals during the B2B meetings, enabling greater economic cooperation between both countries. (Syed Irfan Raza, “Pakistan aims high as Saudi investors arrive,” Dawn¸ 6 May 2024)
SECURITY
CTD kills two suspects involved in attack on Dolphin Police
On 5 May, according to a statement released by the Counter-Terrorism Department (CTD), two of the four alleged militants who were engaged in an attack on the Dolphin police, were killed by the CTD in Rawalpindi. The killed militants were allegedly part of the Tehreek-i-Taliban Pakistan (TTP), and were wanted for eight additional cases in Dera Ismail Khan for their involvement in “anti-state activities.” Following the operation, officials recovered several arms and ammunition. Earlier, a shootout between the Dolphin Force officials and the suspects occurred when the suspects were returning to Tank City after receiving treatment from a private hospital. The four men were spotted by intelligence and flagged by the Dolphin Force on Murree Road, leading to a shootout. A week ago, on Murree Road during the pursuit of a vehicle, one dolphin police was killed and one other was injured. Two suspects were arrested and handed over to the CTD, along with a mobile phone, photographs, arms license, and treatment record from a private hospital. (Mohammad Asghar, “Two TTP suspects killed in CTD ‘encounter’ in Rawalpindi,” Dawn, 6 May 2024)
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Today, a flash protest was held in Lahore, Pakistan, calling for the release of CAPTAIN PAKISTAN -- Imran Khan
-Steve Hanke
Chairman Pakistan People's Party BhuttoZardari extends warm felicitations to the newly elected President of Awami National Party (ANP), Senator AimalWali.
-PPP
More than 50 Saudi companies are investing in Pakistan, USD 28 billion worth of investment. Tell me, was there a single investment during Imran Khan’s tenure except selling Tosha Khana “watches” on profit? This is the supremacy of PML-N!
-Saad Kaiser
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Dr Khaqan Hassan Najeeb, ‘Budget 2025: beyond accounting’
The News International, 6 May 2024
“Truth be told, the ideas debate for Budget 2025 has to focus equally on the issues in the expenditure side of the fiscal equation - in terms of quality and quantity. The expenditure side is a less well-understood and researched area. Since the 7th NFC Award in 2010, especially with ballooning fiscal deficits, the authorities should have undertaken a worthwhile in-house review of the budgetary expenditure. Handling the growth in Pakistan’s federal spending is critical to ensuring fiscal and debt sustainability and improving the social contract between the state and its citizens.”
Israr Ayoubi, ‘May Day call’
The Express Tribune, 6 May 2024
“Pakistani workers are even deprived of basic rights like: minimum wage, issuance of appointment letter, determining terms and conditions of employment, 8-hour workday (with one hour for rest), payment of overtime for additional work, provision of salary statement, share in company profit, bonus, compensation money, healthcare facilities, group insurance, safe drinking water, quality food on subsidised rates, registration with social security institutions, EOBI pension, Workers Welfare Fund membership, etc.”
Editorial, ‘Terrains of dread’
Dawn, 6 May 2024
“KARACHI, with its long history of crime, is well-acquainted with the menace. For some time now, it has witnessed unbridled street crime, robberies, narcotic-related offences and police encounters. Street criminals’ prey on people freely — outside banks, in traffic jams and markets, even killing citizens when they resist muggings.”
Editorial, ‘End the cycle’
The News International, 6 May 2024
“What is needed is for all political parties to realize they have made mistakes, have been used, and vow to not repeat these mistakes again. They should also apologize unconditionally to those they have wronged. If there is any genuine case against a political opponent, due process must be followed. Until political parties stop being willing partners in such witch-hunts against their rivals, we will keep seeing the same cycle being repeated again and again. And if the political class does not sit together today and still looks elsewhere for deals, this cycle will become permanent.”
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“Our policies are formulated by officials far removed from reality.”
-An opinion in Dawn, ‘Leaky buckets’
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