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Debt Trap of foreign loans engulfing the future of Khyber Pakhtunkhwa province

Monitoring Desk: The debt Trap of foreign loans is engulfing the future of Khyber Pakhtunkhwa province as of December 31, 2023, the outstanding debt portfolio (disbursed loans) has grown to PKR 632,448 million, marking a 19.17% rise from PKR 530,723 million on June 30, 2023.

Debt Trap of foreign loans engulfing the future of Khyber Pakhtunkhwa province
Debt Trap of foreign loans engulfing the future of Khyber Pakhtunkhwa province

Interestingly, KP bureaucracy and political leadership officially believe that debt not only enhances economic growth but also enables the government to achieve its social and developmental objectives. With such an understanding of financial issues, PTI led government is taking loans almost every quarter of the year.

There are 32 active loans, indicating that their grace periods have not yet ended. These loans are made to the projects and interest is paid on the disbursed balance. In contrast, 73 loans are closed, meaning their grace periods have expired, and both principal repayments and interest payments have commenced.

Debt Trap of foreign loans engulfing the future of Khyber Pakhtunkhwa province

Former bureaucrats in Finance claim that during the last 10 years of Tehreek-e-Insaf’s (PTI) rule in Khyber Pakhtunkhwa, a plan to pledge the province to international financial institutions and the Asian Development Bank came to light. From 2013 to 2021, according to the agreements signed by the PTI government with other financial institutions, including the Asian Development Bank, Khyber Pakhtunkhwa will be burdened with 2,555 billion rupees of debt by 2030.

According to the documents of the Finance Department, Khyber Pakhtunkhwa currently owes 632 billion rupees and by December 2024, after increasing by another 93 billion rupees, the amount of debt will reach 725 billion rupees.

Debt Trap of foreign loans engulfing the future of Khyber Pakhtunkhwa provinceDocuments indicate that in 2025, another loan of 215 billion rupees will be taken, while according to the agreements with financial institutions and banks, a loan of 284 billion rupees will be taken in 2026, and thus in 2026, Khyber Pakhtunkhwa will become an indebted province of 1,224 billion rupees.

According to the documents, a plan has been made to borrow another 353 billion rupees in 2027 and 455 billion rupees in 2028. During this period, the province will owe a total of 2,032 billion rupees. After borrowing 346 billion rupees in 2029 and 177 billion rupees in 2030, Khyber Pakhtunkhwa will be burdened with 2,555 billion rupees of debt. In 2023, a loan of 19 billion rupees has been returned by the provincial government, in which six billion 36 crore 40 lakh rupees have been paid as interest. During the current year 2024, 15 billion rupees will be paid in the form of interest in repayment of 41 billion rupees.

The completion of ongoing development projects in Khyber Pakhtunkhwa has become dependent on foreign loans and documents of the Finance Department show the provincial government has taken 9038 million rupees from the Asian Development Bank. Khyber Pakhtunkhwa has taken foreign loans from the International Development Agency, the Japan International Cooperation Agency, the French Development Agency, the International Fund for Agriculture Development, the International Bank of Reconstruction and Development, the Asia Infrastructure Investment Bank, and the Asian Development Bank.

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PM Shahbaz meets MD IMF, highlightes govt’s commitment to implementing structural reforms

NEW YORK: Prime Minister Shahbaz Sharif met with the Managing Director of the International Monetary Fund (IMF) Ms. Kristalina Georgieva on the sidelines of the 79th Session of the UN General Assembly in New York.

Appreciating the collaboration with IMF for successful Staff Level Agreement (SLA) for a 37 month, US$ 7 billion Extended Fund Facility (EFF) for Pakistan, the prime minister highlighted the government’s commitment to implementing structural reforms and promoting private sector development.PM Shahbaz meets MD IMF, highlightes govt’s commitment to implementing structural reforms

The prime minister also expressed appreciation for the IMF’s technical assistance and capacity-building programs, which have helped to strengthen the country’s institutions and improve its economic management.

The IMF managing director expressed the Fund’s support for Pakistan’s efforts and emphasized the importance of maintaining macroeconomic stability and promoting inclusive and sustainable growth.

During the meeting, they also discussed the urgent need of mobilizing adaptation financing for climate change.

Prime Minister Shahbaz Sharif agreed to have the Finance Minister take up this critical issue with senior management at the IMF during the Annual Meetings in October.

The two leaders agreed to strengthen cooperation between the government and the IMF to promote economic stability and growth.

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PM Shahbaz Sharif stresses Pakistan’s dedication to strengthening its relationship with EU

NEW YORK: Prime Minister Shahbaz Sharif met with the President of the European Commission Ms. Ursula Von Der Leyen on the margins of the 79th Session of the United Nations General Assembly in New York.

Their discussions encompassed a wide array of topics including bilateral relations, regional and global issues, underscoring Pakistan’s commitment to proactive engagement and collaboration on a global scale on the issues of mutual interests.

The prime minister congratulated Ms. Ursula on her re-election as the President of the European Commission and commended her unwavering commitment to advancing the interests of the European Union.

The prime minister emphasized Pakistan’s dedication to strengthening its relationship with the European Union, underlining the importance of continued dialogue and cooperation in advancing shared goals.

Commenting on the GSP Plus Scheme, the prime minister mentioned that Pakistan has demonstrated consistent political commitment to fully implement the GSP Plus related international conventions.

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Pakistan signs contract with Azerbaijan for sale of JF-17 Block-III fighter aircraft

RAWALPINDI, Pakistan: As part of Pakistan’s efforts to enhance defence cooperation with friendly countries, a contract for the sale of JF-17 Block-III fighter aircraft to bolster airpower capabilities of Azerbaijan has been recently signed, the Dispatch News Desk (DND) news agency reported.

In a statement on Thursday, the Inter Services Public Relations (ISPR) said that during his recent visit to Pakistan, President of Azerbaijan Ilham Aliyev was briefed on the combat capabilities and versatile employment options of JF-17 BLOCK-III fighter aircraft.

Pursuant to President Ilham Aliyev’s visit and on request of Azerbaijan’s government, Pakistan deployed PAF contingent at Baku to participate in ADEX-2024 showcasing the aerial prowess and static display of Pride of Pakistan JF-17 Thunder Block-III.

During deployment, JF-17 carried out Air to Air Refuelling from PAF Multi Role Tanker Transport (MRTT) aircraft deploying in a single hop to Baku, Azerbaijan, demonstrating long haul capability and reach of the PAF’s fighter jet.

President Ilham Aliyev visited the static display of JF-17 BLOCK-III and later witnessed an enthralling aerial demonstration of JF-17 Thunder, showcasing the agility and maneuverability of the fighter jet alongside the professional competence of PAF pilots.

The ISPR said that JF-17 Thunder Block-III is an AESA Radar and Long Range BVR equipped 4.5 generation Multi-Role fighter aircraft which is capable of undertaking wide array of combat missions providing contemporary airpower employment options thus strengthening the National Security Paradigm of Azerbaijan.

It said that President of Azerbaijan Ilham Aliyev expressed that the support extended by Pakistan would go a long way in consolidating the existing military cooperation between Pakistan and Azerbaijan, fostering closer defence collaboration and strengthening the warm brotherly ties between the two nations.

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Interbank Dollar Rate Today in Pakistan – 26 September 2024

Interbank Exchange Rates in Pakistan

The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for September 26, 2024.Interbank Dollar Rate Today in Pakistan – 26 September 2024

Interbank Dollar Rate Today in Pakistan – 26 September 2024

At the Closing of the Trading Session in the Interbank Market on September 26, 2024, the US Dollar (USD) settled at 277.68 against the Pakistani Rupee (PKR), depreciating by 0.05 percent.

The Euro (EUR) stood at Rs 309.02, the British Pound (GBP) at Rs 370.32, the Canadian Dollar (CAD) at Rs 206.06, the Australian Dollar (AUD) at Rs 190.47, the UAE Dirham (AED) at Rs 75.60, the Saudi Riyal (SAR) at Rs 74.02, the Chinese Yuan (CNY) at Rs 39.55, and the Turkish Lira (TRY) at Rs 8.13.Interbank Dollar Rate Today in Pakistan – 26 September 2024

Exchange Rates against Pakistani Rupees Today

  • USD to PKR – USD/PKR (1 US Dollar equals 277.68 Pakistani Rupees)
  • EUR to PKR – EUR/PKR (1 Euro equals 309.02 Pakistani Rupees)
  • GBP to PKR – GBP/PKR (1 British Pound equals 370.32 Pakistani Rupees)
  • CAD to PKR – CAD/PKR (1 Canadian Dollar equals 206.06 Pakistani Rupees)
  • AUD to PKR – AUD/PKR (1 Australian Dollar equals 190.47 Pakistani Rupees)
  • AED to PKR – AED/PKR (1 UAE Dirham equals 75.60 Pakistani Rupees)
  • SAR to PKR – SAR/PKR (1 Saudi Riyal equals 74.02 Pakistani Rupees)
  • CNY to PKR – CNY/PKR (1 Chinese Yuan equals 39.55 Pakistani Rupees)
  • TRY to PKR- TRY/PKR (1 Turkish Lira equals 8.13 Pakistani Rupees)

Interbank Dollar Rate Today in Pakistan – 26 September 2024

Interbank Exchange Rate in Pakistan Today

Currency
Exchange Rate (In PKR)
USD277.68
EUR309.02
GBP370.32
CAD206.06
AUD190.47
AED75.60
SAR74.02
CNY39.55
TRY8.13
Also Read: Pakistan’s foreign reserves up by $30.4 million to $14.83 billion

It’s worth noting that like elsewhere around the Pakistan, exchange rates are not fixed in Pakistan as well and they can fluctuate everyday due to a variety of factors including market forces, interest rates, inflation, political & economic stability, and speculation.

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CM Punjab inaugurates five new Hybrid Double-Decker Buses

LAHORE, Pakistan: The Chief Minister of Punjab Maryam Nawaz on Thursday officially inaugurated five new Hybrid Double-Decker Buses in Lahore, aiming at to promoting tourism.

Five new Hybrid Double-Decker Buses will operate on new routes for tourism in Lahore.

Additionally, one Double-Decker Bus will be added in Bahawalpur and Rawalpindi each.

Double-decker Bus Services for tourism will also be launched in Multan and Faisalabad.

The Chief Minister Punjab also traveled on the new Hybrid Double-Decker Bus in Lahore.CM Punjab inaugurates five new Hybrid Double-Decker Buses

Under the Tourism Development Corporation of Punjab (TDCP), the Double-Decker Bus Service was initially launched in November 2015 during the tenure of former Chief Minister Punjab Shahbaz Sharif.

In her remarks, Maryam Nawaz said that academia, diplomats, state guests, the corporate sector, showbiz, and the public all enjoy sightseeing tours on these Tourist Buses.

In Lahore, the route for three new Tourist Buses will be from Gaddafi Stadium to various tourist attractions.

Maryam Nawaz also announced plans to provide more new, modern, and eco-friendly buses for metropolitan tourism across Punjab.

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President recommends Nishan-i-Imtiaz for late Nawabzada Nasrullah Khan

ISLAMABAD, Pakistan: President Asif Ali Zardari has recommended the conferment of Nishan-i-Imtiaz (Posthumous) upon late Nawabzada Nasrullah Khan in recognition of his unwavering dedication to democracy, unity and justice.

The president has directed the Cabinet Division to initiate the process for the conferment of the award.President recommends Nishan-i-Imtiaz for late Nawabzada Nasrullah Khan

Known as ‘Baba-e-Jamhooriat’ for his services rendered for the restoration of democracy in the Country, Nasrullah Khan spent his entire life in struggle to strengthen the parliamentary democracy in Pakistan.

Baba-e-Jamhooriat passed away on September 26, 2003 following a heart attack at the age of 85. He is buried at Khangarh in Muzaffargarh district.

Nawabzada Nasrullah Khan was a distinguished statesman whose life was dedicated to the advancement of democracy and political integrity of Pakistan. His legacy as a leader of unparalleled integrity, tolerance and democratic values will continue to inspire future generations,” said a statement issued by the Presidency on Thursday.

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Joint Communique of Meeting of OIC Contact Group on Jammu & Kashmir held in New York

The Ministers and Senior Officials of the Member States of the OIC Contact Group on Jammu and Kashmir met on September 25, 2024 on the sidelines of the 79th Session of the United Nations General Assembly in New York.

The Secretary General of the Organization of Islamic Cooperation (OIC) Hissein Brahim Taha chaired the meeting.Joint Communique of Meeting of OIC Contact Group on Jammu & Kashmir held in New York

The OIC Contact Group on Kashmir Meeting heard the report from the OIC General Secretariat and Independent Permanent Human Rights Commission (OIC-IPHRC), the briefing from the Defence Minister of Pakistan Khawaja Asif, the views of the Senior Officials of other Member States of the Contact Group as well as the True Representatives of the Kashmiri People on the latest developments in Indian Illegally Occupied Jammu and Kashmir (IIOJK).

The meeting reaffirmed the inalienable right to self-determination of the people of Jammu and Kashmir in accordance with the relevant UN Security Council resolutions.

It also reaffirmed the earlier OIC pronouncements and resolutions on the Jammu and Kashmir dispute.

The meeting reiterated the contents of the Joint Communiques issued by the meetings of the OIC Contact Group on Jammu and Kashmir held on September 25, 2019; June 22, 2020; September 23, 2021; March 22, 2022; September 21, 2022; March 17, 2023; and September 20, 2023.

The meeting recalled the two reports issued by the Office of the UN High Commissioner for Human Rights in June 2018 and July 2019, comprehensively documenting the gross and systematic violations of human rights in IIOJK.

It welcomed the role played by the relevant UN Special Rapporteurs, world leaders, parliamentarians, human rights organizations and international media in raising their voice against the human rights violations in IIOJK.

The Ministers and Senior Officials reaffirmed their support for the legitimate struggle of the Kashmiri people for realization of their inalienable right to self-determination in accordance with the relevant UN Security Council resolutions.

They emphasized that durable peace and stability in South Asia remain contingent upon the final settlement of the Jammu and Kashmir dispute in accordance with UN Security Council resolutions and aspirations of the Kashmiri people.

They reiterated their rejection of the illegal and unilateral actions taken by India on August 5, 2019 as well as the subsequent steps, aimed at undermining the internationally-recognized disputed status of the IIOJK and altering its demographic structure and political landscape.

They rejected the Indian Supreme Court’s judgement of December 11, 2023 on the status of IIOJK, emphasizing that domestic legislation and judicial verdicts cannot be invoked to undermine the internationally-recognized disputed status of Jammu and Kashmir.

They condemned the protracted detention of the Hurriyat leadership, the genuine voice of the Kashmiri political aspirations, and thousands of political activists and dissenters.

The Ministers and Senior Officials of the Member States of the OIC Contact Group on Jammu and Kashmir also condemned the banning of a number of Kashmiri political parties and the ongoing campaign to confiscate the properties of the Kashmiri activists, to suppress dissent and intimidate the local population.

They denounced the Indian authorities’ plea seeking death penalty for one of the most prominent Kashmiri leaders Yaseen Malik who was awarded a life sentence in 2022, and demanded his immediate acquittal and release.

Furthermore, they denounced India’s continued refusal to allow the OIC Special Envoy, the OIC- Independent Permanent Human Rights Commission (IPHRC), the UN Special Mandate Holders and international civil society organizations to visit IIOJK.

They underscored that the Lok Sabha or Legislative Assembly elections in IIOJK cannot serve as a substitute to the grant of the right to self-determination to the people of Jammu and Kashmir.

They urged India to end the human rights violations being committed by its forces in the IIOJK.

The Ministers and Senior Officials expressed serious concern over the statements from the Indian leaders, asserting unwarranted claims over Azad Jammu and Kashmir and Gilgit-Baltistan.

They Requested the Office of UN High Commissioner for Human Rights to continue monitoring the situation in IIOJK and issue a third report, in addition to its reports of 2018 and 2019, on the ongoing human rights violations there.

They requested the Secretary General and OIC Member States to highlight the plight of the Kashmiri people at various international fora including the United Nations.

In addition, thye directed their respective Permanent Representatives in New York and Geneva to regularly brief the UN Secretary General, the Presidents of the UN General Assembly, UN Security Council and the Human Rights Council and the High Commissioner for Human Rights on the developments in IIOJK.

They directed the OIC Observer Missions in New York and Geneva to send a copy of this Joint Communiqué to all member states, the UN Secretary General and Office of the High Commissioner for Human Rights; and demanded that India:

  1. reverse all illegal and unilateral measures taken on or after 5 August 2019, aimed at altering the demographic structure and political landscape of IIOJK;
  2. stop human rights violations in the IIOJK,
  3. release all Kashmiri political prisoners and lift the ban on all outlawed Kashmiri political parties,
  4. repeal all restrictive and draconian laws such as Armed Forces Special Powers Act, Public Safety Act, and Unlawful Activities (Prevention) Act,
  5. allow unrestricted access to UN Special Procedures, OIC and IPHRC fact-finding missions, international media and independent observers to visit IIOJK, and
  6. implement the relevant UN Security Council Resolutions on Jammu and Kashmir.
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8 Fitna al Khawarij terrorists killed in North Waziristan

ISLAMABAD, Pakistan: The security forces killed eight terrorists of Fitna al Khawarij in the Razmak area of Khyber Pakhtunkhwa’s North Waziristan district.

Paying tribute to the security forces for sending eight Khawarij terrorists to hell in the Razmak area, the Federal Interior Minister Mohsin Naqvi said “The security forces, with timely action, brought eight Khawarij terrorists to a shameful end.”

“We salute the brave soldiers of the security forces. These courageous young men are our pride, and we are proud of their professional skills,” the minister said.

The interior minister said that the Khawarji terrorists are a burden on this land, and with the support of the nation, we will rid this land of these terrorists.

Mohsin Naqvi said that the entire nation stands with the security forces in crushing the heads of these Khawarij terrorists.

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Benazir Education Scholarship Program: Eligibility Criteria and Registration Process

The Benazir Education Scholarship Program provides financial assistance to students from low-income families across the Country, aiming at to increase access to education and empower future generations.

The Program offers scholarships for primary, secondary, and higher secondary education, ensuring that students have the opportunity to pursue their academic goals.Benazir Education Scholarship Program: Eligibility Criteria and Registration Process

Age Limit for Children:

Age
Class
4 to 12 yearsPrimary
8 to 18 yearsSecondary
13 to 22 yearsHigher Secondary

Eligibility Criteria for Benazir Education Scholarship:

  1. The student’s mother must be eligible for the Benazir Kafalat Program.
  2. The children must have a “B-Form” issued by NADRA.

Registration Process:

  1. Take the Children who need to be registered to the nearest Benazir Income Support Office.
  2. Provide the Officer with the Children’s “B-Form” and the verified mobile number of the head of the household.
  3. The Officer will complete the registration and issue an enrollment slip.
  4. Have this slip filled out by the school, ensuring the details of both the class teacher and the head teacher are recorded.
  5. Submit the completed slip back to the Benazir Income Support Office.
    • The enrollment slip must include the Child’s class, section, class teacher’s name, and teacher’s details.
  6. Once the enrollment slip is verified, the Scholarship will be issued.

Note: The child’s scholarship will continue as long as their school attendance remains above 70%. If the child changes schools, it is mandatory to inform the Benazir Income Support Program.

Quarterly Scholarship Rate:

Students
Primary
Secondary
Higher Secondary
FemaleRs 2,500Rs 3,500Rs 4,500
MaleRs 2,000Rs 3,000Rs 4,000

Special Bonus: A bonus of Rs 3,000 will be awarded to girls upon completing primary education.

Benazir Education Scholarship Program: Eligibility Criteria and Registration Process

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