Inflation – a challenging task for nascent government

Sun, 28 Apr 2024, 9:38 AM

By M. Ashraf Wani/Shams Abbasi

ISLAMABAD, Apr 28 (APP): Although going down on trajectory during past couple of months, inflation continues to be a major challenge for Pakistan’s economy, affecting the market dynamics, lives of citizens and stirring a significant concern among policymakers, businesses and general populace.
No doubt that the government, soon after assuming power had embarked on an ambitious plan of bringing about structural reforms to boost revenues and put economy on growth path, the challenge still persist necessitating continuity of policies and political stability.
As the situation started improving gradually as revealed in the Pakistan Bureau of Statistics (PBS), figures for March 2023, showing headline Consumer Price Index (CPI)-based inflation rate slowed to 20.7% from February’s 23.1%, other measures like action against hoarders and cutting down prices of agricultural and industrial inputs may also have better impacts.
Amidst hopes of betterment after agreement with International Monetary Fund (IMF) and subsequent pouring in foreign investment, the government hopes to put economy on right track and ease out common consumers.
Federal Minister for Finance and Revenue, Muhammad Aurangzeb has also mentioned that inflation was on a declining trend. In an interactive session with Atlantic Council’s Geo-Economics Center and South Asia Center in Washington DC, he said the inflation had come down from the peak of 37-38 percent to 20-22 percent last month (March).
However, economic and business experts have stressed the need for comprehensive measures to stabilize economy and alleviate inflationary pressures for providing relief to masses and create conducive business environment.
“As cost of energy and transportation have a pivotal role in running business and production; their prices have direct impact on inflation,” remarked President Islamabad Chamber of Commerce and Industry, Ahsan Bakhtavari. “Both sectors are intricately linked, as each feeds into cost structure of the other, compounding the effects on inflation.”
He suggested reduction in prices of key energy inputs like oil and electricity for a broader deflationary impact as well as modernizing industry to boost productivity to lower unit costs of production and consequently, consumer prices.
Bakhtavari also highlighted role of the government in utilizing administrative measures to influence market forces and curb inflationary pressures.
The global financial institutions have indicated that continuing on the path leading to sustainable and inclusive economic growth, there is hope that inflation would come down during fiscal year starting from June 2024.
The Asian Development Bank (ADB) also optimistically predicted a decrease in headline inflation to 15.0% for fiscal 2024-25, attributing it to macroeconomic stabilization. However, it mentioned that cost of energy would be a major factor in achieving this target.
According to ADB, the Central Bank has maintained a tight monetary policy, keeping the policy interest rate at 22.0% and it is also committed to continue with a policy that lowers down inflation to medium-term target range of 5%-7%.
Amidst the economic challenges, the experts also attribute inflationary movement to international phenomena like heightened inflation in United States and geopolitical tensions in Middle East significantly influencing Pakistan’s inflation through their impact on global interest rates and oil prices, respectively.
“As the economic challenges are enormous, so we need a multi-pronged approach for economic revival and controlling inflation,” said Dr Usman Chohan, renowned Economist and Managing Director, Center for Aerospace and Security Studies (CASS).
He said, by enforcing stricter regulations on pricing of essential commodities and tackling hoarding practices, the government can help prevent exploitative pricing and artificial shortages. “Setting maximum retail prices for staple goods and improving market surveillance could ensure compliance and stabilize prices.”
Dr Usman also suggested the government to discuss concessionary oil terms with Saudi Arabia to mitigate the costs associated with oil imports, a major expense feeding into various sectors of economy.
As food inflation significantly impacts overall inflation figures in Pakistan, improving agricultural productivity and optimizing distribution channels are critical. These steps would ensure stable food supply and prevent sudden spikes in food prices.
“We also need to integrate these approaches to provide a robust strategy for economic growth and inflation control,” Dr Usman advocated as he also laid stress on improving industrial efficiency and regulating market practices. “Strategic international negotiations and better agricultural policies could also help improve economy and address immediate and structural causes of inflation.”
In view of the present recession inflicted on the nation by non-prudent economic policies of the PTI government, there was dire need of concerted efforts from all sectors of the government and industry.
These efforts may include policy formulation backed by empirical research, transparent and accountable governance to enforce regulations and collaborative initiatives by public and private sectors as well as modernizing industries by benefitting from technological advancements.
Furthermore, a comprehensive and well-coordinated strategy including domestic reforms and strategic international negotiations could also pave way for a more stable economic environment in the country.
The recent successful visit of the Saudi delegation with commitments of investment in different areas has raised hopes for more investment by friendly countries that would definitely pave way for economic activity and bring some respite to the lives of common people.
APP/maw-sha/maz (APP Feature Service)

Returning to New York, Lahore Literary Festival showcased Pakistan’s contemporary art, literature

NNPS Desk

Sun, 28 Apr 2024, 9:37 AM

NEW YORK, Apr 28 (APP): The sixth edition of Lahore Literary Festival (LLF) was held at Asia Society in New York on Saturday, with a senior Pakistani diplomat saying that this premier cultural event showcased the essence of Pakistani social fabric and provided an opportunity for meaningful exchange of ideas.
“Culture has historically empowered humanity to overcome tough times. It sets our imaginations free, shapes who we are, and shows what our nation stands for,” Consul General Aamer Ahmad Atozai said in his opening remarks at the well-attended event.
This year’s festival featured engaging conversations on a wide variety of topics, ranging from cinema in Lahore to combating climate change, from the literature of Manto to designing ideal cityscapes.
The Asia Society, New York, hosted the day-long festival in its spacious hall in conjunction with the Lahore Literary Festival, one of South Asia’s premier cultural events.
“It fills me with immense joy to witness the arrival of the Lahore Literary Festival once again in the bustling city of New York, bringing together leading writers, poets, artists, and scholars for engaging in thought-provoking conversations and panel discussions,” Consul General Atozai said.
Speakers at the event included Iftikhar Dadi, Sonal Khullar, Nasreen Rehman, Saeed Naqvi, Shazia Rafi, Saleem Ali, Farwa Aamer, Molly Crabapple, Noah Chasin, Murad Khan Mumtaz, Sorayya Khan, Dur e Aziz Amna, Tahira Naqvi, and Azra Raza.
LLF founder and CEO Razi Ahmed welcomed the Pakistan consul general for his presence, as did Rachael Cooper on behalf of Asia Society.
In his remarks, the consul general emphasized the pivotal role of the Lahore Literary Festival in fostering cross-cultural understanding and dialogue. He lauded the diverse range of topics covered during the festival.
Atozai also extended his sincere congratulations to Razi Ahmad, the Asia Society, and all involved in organizing this memorable celebration of Pakistani arts and ideas. He remarked that their dedication to showcasing the richness and diversity of Pakistani culture is commendable and reflects positively on the Pakistani diaspora.
Pointing out that present-day Pakistan boasts a cultural scene of remarkable richness, he said that the literary sphere was undergoing a transformation, with an increasing number of globally acclaimed writers alongside a thriving music industry.
“From the recreation of classical and contemporary music to the evolution of traditional Qawwalis and the emergence of fresh pop artists, the Pakistani music industry is gaining ground every passing day in the global arena,” the consul general said.
“It is pertinent to mention that the creative voices in Pakistan’s music, literature, art, and media reflect the essence of our living nation—a nation grappling with numerous challenges yet confronting them with the resilience and spirit that define our people,” he added.
APP/ift

44 outlaws held, narcotics, weapons seized

AHMD Raja

Sun, 28 Apr 2024, 8:35 AM

ISLAMABAD, Apr 28 (APP):Islamabad Police apprehended 44 outlaws from different areas of the city during the last 24 hours and also recovered narcotics and weapons from their possession.

A public relations officer said that, following the special directions of the Inspector General of Police (IGP) in Islamabad, Syed Ali Nasir Rizvi, the Islamabad Police has intensified the crackdown against the criminal elements in order to eliminate the crime in the city.

Meanwhile, Kohsar police arrested an accused, namely Atif Shahzad, and recovered 210 grams of heroin from his possession. The Karachi Company police team arrested two accused, namely Daniyal and Muhammad Aamir, and recovered 167 grams of ice from their possession. The Ramna police team arrested an accused, namely Rashid Maqsood, and recovered 14 dancing pills and 65 grams of ice from their possession.

Likewise, the Sumbal police team arrested two accused, including a lady, namely Noreen Bibi and Abdullah, and recovered 170 grams of ice from his possession. The Tarnol police team arrested the accused, namely Imran Yousaf, Ahmed Gul, Bilawal Khan, and Sheraz Khan, and recovered 2450 grams of heroin, seven liquor bottles, and 155 grams of ice from their possession.

The Shalimar police team arrested three accused, including Tahir Ali, Waqas Jalil, and Sameena Bibi, and recovered one Kalashnikov, 55 grams of Ice, and two dancing pills from their possession.

Similarly, the Industrial Area police team arrested two accused, namely Iftikhar Ahmed and Muhammad Taimoor, and recovered 30 liters of liquor and one 30-barrel pistol from their possession. The Shams Colony police team arrested five accused, namely Bilal, Farhan, Arslan, Muhammad Nadeem, and Kashif, and recovered 515 grams of heroin, 180 grams of hashish, and 84 grams of ice from their possession. The Kirpa police team arrested two accused, namely Muhammad Usama and Muhammad Saleem, and recovered 582 grams of hashish from their possession.

Moreover, the Sihala police team arrested an accused, namely Amir Altaf, and recovered a 32-bar revolver from his possession. The Humak police team arrested two accused, namely Iftikhar Zafar and Shahzad Ali, and recovered 227 grams of hashish from his possession. The Phulgran police team arrested two accused, namely Muhammad Yousaf and Qasir Ali, and recovered 530 grams of hashish and one 30-bar pistol from his possession.

Furthermore, the Bhara Kahu police team arrested three accused, namely Muhammad Wasim, Saim, and Bawar Hussain, and recovered 3520 grams of hashish from their possession. The Shahzad Town police team arrested four accused, namely Umer Hayat, Aqeel Ahmed, Muhammad Yousaf, and Jameel Khan, and recovered 570 grams of heroin, 154 grams of ice, and two 30-barrel pistols from their possession.

The separate cases have been registered against the nabbed accused, and further investigation is underway. DIG Operations Islamabad, Syed Shehzad Nadeem Bukhari, directed the police officials to further intensify the crackdown against the criminal elements. “The safety and security of the citizens is our foremost priority, and no laxity will be tolerated in this regard,” he maintained.

Pro-Palestinian protests embroil US colleges, prompting arrests

NNPS Desk

Sun, 28 Apr 2024, 1:59 AM

NEW YORK, Apr 28 (APP): Pro-Palestinian demonstrations continue in universities across the United States Saturday, as authorities called in armed police to quell enraged student gatherings in some of the campuses, according to media reports.

In the second week of protests calling for a ceasefire in Israel’s war on Gaza, which has killed more than 34,000 Palestinians, thousands of students are calling on dozens of universities to divest from Israel.

Some universities have been forced to cancel their graduation ceremonies, while others have seen entire buildings occupied by protesting students.

One of the latest to join the movement is The City University of New York (CUNY), where hundreds of students have set up an encampment on campus with banners with slogans like “No More Investment in Apartheid”.

Gabby Aossey, a student organiser at the CUNY protest said that the mobilization of young pro-Palestinian people in the US is “beautiful to see”.

“Young people are really starting to show up and demand that schools are held accountable for their relationship with the Israeli colonization,” Aossey said.

Across the US, university leaders have tried, and largely failed, to suppress the demonstrations. The police have intervened violently, with videos emerging from different states showing hundreds of students – and even faculty members – being forcefully arrested.

Early on Saturday, police in riot gear cleared an encampment on the campus of Northeastern University in Boston. Several dozen students shouted and booed at them from a distance, but the scene was otherwise not confrontational.

The school said in a statement that the demonstration, which began two days ago, had become “infiltrated by professional organisers” with no affiliation to the school and protesters had used what they called anti-Semitic slurs.

“We cannot tolerate this kind of hate on our campus,” the statement posted on the social media platform X said.

At New York’s Columbia University, where more than 100 pro-Palestinian activists were arrested by armed police officers on campus about a week ago, university leaders said in a statement on Friday that if the university calls the New York Police Department again, it would “further inflame what is happening on campus”.

Some university leaders and state officials have condemned the protests, calling them “anti-Semitic”, but demonstrators reject the accusation, with many Jewish activists and some Orthodox Jews joining the ranks.

“As a child of Holocaust survivors, it disturbs me to my core to see my own people perpetrating something that we’ve been through,” Jewish anti-war protester Sam Koprak told Al Jazeera at a campus gathering.

The protests, which have sprouted all around the globe in the near seven-month period since the start of the war on Gaza, continue to spread this week outside the US as well.

In Berlin, Germany, activists set up a camp in front of parliament to demand the German government stop exporting arms to Israel. At the renowned Sciences Po university in the French capital Paris, protesters on Friday blockaded a central campus building, forcing classes to be held online.

The latest pro-Palestine rally in Sweden on Saturday saw people marching in the streets to chants of “Free Palestine” and “Boycott Israel”.

Hundreds gathered on Saturday afternoon in central London in solidarity with Palestinians, with a smaller group organizing a pro-Israel event.

“People are gathering here on Parliament Square just outside the houses of parliament for the latest in a series of very major protests in the heart of London,” Al Jazeera TV reported.

Ben Jamal, director of the Palestine Solidarity Campaign, an organizer of the march, said he expected hundreds of thousands to attend from across the United Kingdom.

“Once again, we are delivering a double message. One is to the Palestinian people, a message of solidarity. We see you, we hear you, we stand with you,” he said.

The second message, Jamal said, is addressed to the British political establishment “to end their complicity with Israel’s genocide against Palestinian people”.

Jamal dismissed critics saying that protests have been anti-Semitic.

“This tactic of conflating anti-Semitism with legitimate criticism of the State of Israel is a very familiar one, and is used globally by Israel to silence those who are advocating for Palestinian rights,” he said.

Meanwhile, Rina Shah, a Washington-based political strategist and former senior congressional aide, said protests in US universities are a display of democracy in action, a welcome sight in an election year marked by concerns of voter apathy chiefly due to Israel’s war on Gaza.

“So when I see a movement like this of students taking peaceful, non-violent action and expressing their concern about the US government backing of Israel, of where our tax money is going, I think that’s extremely healthy,” she said.

“These students are out there concerned about America’s role in backing [Israeli Prime Minister] Benjamin Netanyahu. On the one hand, we are supplying weapons and funds to do what he wants to do in Gaza, while on the other we are sending humanitarian aid to Gaza. This is the hypocrisy these students are concerned about.”

PM, Saudi Royal court advisor discuss ways to boost economic ties

NNPS Desk

Sat, 27 Apr 2024, 11:42 PM

RIYADH, Apr 27 (APP): Advisor at the Royal Court and General Secretary of Saudi-Pakistan Supreme Coordination Council Mohammed bin Mazyad Al-Tuwaijri called on Prime Minister Shehbaz Sharif here on Saturday and discussed the ways to strengthen economic ties between the two countries.

Both sides expressed exceptional warmth for further promoting economic relations between the two countries. They reviewed the progress on the Saudi investment in Pakistan, during the visit of the delegation led by Saudi foreign minister to Pakistan.

Al-Tuwaijri and his delegation expressed deep interest in the Saudi investment by the Saudi government and companies in Pakistan. He said after the visit of Saudi Foreign Minister to Pakistan, work had started on priority basis on the Saudi investment in Pakistan.

The work has started on war footing in investment in Pakistan, which includes investment from both the public and private sectors, he added.

He said a delegation comprising Saudi business community and investors would soon visit Pakistan.

Al-Tuwaijri, who is In Charge of the Vision 2030 of Saudi Arabia, told the prime minister in detail about the said project.

He said, “We want that the economic relations of Pakistan and Saudi Arabia should move forward in the backdrop of Saudi Vision 2030.”

According to the Vision 2030, Saudi Arabia would provide all kinds of assistance for providing training to the Pakistan workforce and government officials.

A detailed briefing was given to the prime minister on the reforms agenda of Saudi Arabia.

Prime Minister Shehbaz Sharif said Pakistan wanted to benefit from the successful reforms policy of Saudi Arabia to modernise governance structure of Pakistan.

He said Pakistan and Saudi Arabia had fraternal relations which were strengthening with the passage of time, adding economic relations of Pakistan and Saudi Arabia had entered a new phase.

He said notable progress was made regarding investment in different sectors in Pakistan by Saudi Arabia, during the visit of the delegation led by Saudi foreign minister.

“We are moving with a lightning speed after the progress made during the visit of the Saudi delegation to Pakistan,” he added.

The PM said the people of Pakistan had immense regard and respect for the Custodian of the Two Holy Mosques His Excellency King Salman Bin Abdul Aziz Al Saud.

He thanked the Saudi Crown Prince and the Prime Minister for their warm welcome and magnificent hosting.

Foreign Minister Ishaq Dar, Finance Minister and Revenue Muhammad Aurangzeb, Minister for Petroleum Musadiq Malik, Information Minister Attaullah Tarar, Minister for Power Awais Ahmed Khan Leghari, Minister for Commerce Jam Kamal Khan, Deputy Chairman Planning Commission Jehanzeb Khan and high level officials were also present.

APP/mnr

Minister meets Chinese Consul General, discusses bilateral cooperation, Chinese security

NNPS Desk

Sat, 27 Apr 2024, 11:18 PM

ISLAMABAD, Apr 27 (APP): Minister for Interior Mohsin Naqvi on Saturday called on Chinese Consul General Zhao Shiren.

Chinese nationals’ safety is our core responsibility, instructions have been issued to the concerned agencies to ensure the safety of Chinese citizens, said the minister.

On his arrival at the Chinese Consulate, the Chinese Consul General welcomed Federal Minister for Interior Mohsin Naqvi.

Issues of mutual interest, including bilateral cooperation and security of Chinese citizens were discussed in the meeting. The minister informed about the measures taken about the security of Chinese citizens, adding that it is our national responsibility.

Mohsin Naqvi said that instructions have been issued to all relevant institutions to ensure the safety of Chinese citizens as per SOPs.

We’ll not allow any conspiracy to harm Pak-China friendship. No effort will be spared to ensure the security of the Chinese brothers. Zhao Shiren said that China and Pakistan are all-weather friends.