NEW YORK: Prime Minister Shahbaz Sharif held a meeting with the Prime Minister of Nepal K.P. Sharma Oli on the sidelines of 79th Session of the UN General Assembly in New York.
Shahbaz Sharif congratulated K.P. Sharma Oli on assuming the office of the Prime Minister of Nepal.
Prime Minister Muhammad Shehbaz Sharif meets with the Prime Minister of Nepal, H.E. K.P. Sharma Oli on the sidelines of 79th session of the United Nations General Assembly.
Expressing satisfaction at the excellent bilateral ties between Pakistan and Nepal, he conveyed warm sentiments and wishes for the people and the government of Nepal on behalf of the people of Pakistan.
The prime minister expressed Pakistan’s desire to further strengthen the multi-faceted cooperation between the two Countries, especially in commercial and economic, trade, tourism sectors.
Shahbaz Sharif also extended an invitation to the Prime Minister of Nepal to visit Pakistan.
The two leaders reiterated their commitment to continue exploring avenues for enhancing bilateral and regional cooperation.
ISLAMABAD, Pakistan: The International Monetary Fund (IMF) has distanced itself from Pakistan’s decision to arrange the most expensive foreign commercial loan of US$ 600 million.
In a statement, the Spokeswoman for the IMF in Islamabad said that any such move was not linked to its requirement for securing approval for a U$ 7 billion bailout package.
“To our knowledge no commercial financing at 11% has been undertaken and if there is such it does not necessarily for the programme financing assurances,” the Spokeswoman said.
On Wednesday, the IMF Executive Board in its meeting held in Washington approved the US$ 7 billion loan package under the Extended Fund Facility Program for Pakistan.
The IMF Executive Board also authorised the release of first tranche of about US$ 1 billion for Pakistan.
NEW YORK: Prime Minister Shahbaz Sharif met with his Iraqi Counterpart Mohammad Shia’ Al Sudani on the sidelines of 79th UN General Assembly Session in New York on Friday.
During the meeting, the two leaders agreed to further deepen and broaden the scope of existing bilateral ties.
They decided to benefit from the potential that exists between the two Countries for enhancing mutually beneficial cooperation.
Prime Minister Muhammad Shehbaz Sharif meets with Prime Minister of Iraq, Mr. Mohammed Shia’ Al Sudani on the sidelines of 79th session of the United Nations General Assembly.
The two leaders also exchanged views on regional and international issues of mutual interest.
Both the leaders noted with grave concern the ongoing Israeli carnage on Gaza and the ensuing humanitarian catastrophe.
The prime minister lauded the cordial ties between the two brotherly Countries, reinforced by strong historical, cultural and religious affinities. He also commended the excellent arrangements made by the Iraqi government for the Pakistani Zaireen.
ShAhbaz Sharif reiterated Pakistan’s call for an immediate ceasefire in Gaza and holding Israel accountable for the Gaza genocide.
Underscoring the commonality of views on international issues, both the leaders resolved to reinforce the international efforts both at UN and OIC platforms for immediate ceasefire in Gaza, unimpeded supply of humanitarian assistance to Palestinian brethren.
Commercial Banks reserves: $5.34 billion, up by $22.6 million
ISLAMABAD, Pakistan: The Country’s total foreign exchange reserves have jumped to US$ 14.87 billion, the highest since July 15, 2022.
As per the latest figures released by the State Bank of Pakistan (SBP), foreign exchange reserved held by the Country stood at US$ 14,873.1 million as of September 20, 2024 with an increase of US$ 46.6 million.
Previously, they were US$ 14,826.5 million recorded on September 13, 2024.
Pakistan’s Liquid Foreign Reserves Position (Sep 20, 2024):
ISLAMABAD, Pakistan: The Federal Interior and Anti-Narcotics Minister Mohsin Naqvi has expressed the desire to transform the Federal Investigation Agency (FIA) into a dynamic organization modeled after the Federal Bureau of Investigation (FBI) with the support of US Bureau of International Narcotics and Law Enforcement Affairs (INL).
In a meeting with a INL delegation which included the US Deputy Ambassador Natalie Baker, INL Country Director Lain Nelson, Police Advisor Ed Preston, and Police Program Specialist Faisal Gul in Islamabad on Friday, Mohsin Naqvi said that the FIA is a critical investigative institution in Pakistan, and transforming it into a dynamic organization will be a significant milestone in combating crime in Pakistan.
وفاقی وزیر داخلہ وانسدا منشیات محسن نقوی سے امریکہ کی بیورو آف انٹرنیشنل نارکوٹکس اینڈ لا انفورسمنٹ افیرز( آئی این ایل) کے وفد کی ملاقات
وفاقی وزیرداخلہ و انسداد منشیات سے ملاقات کرنے والے وفد میں امریکہ کی نائب سفیر نیٹلی بیکر، کنٹری ڈائریکٹر آئی این ایل لائن نیلسن، pic.twitter.com/IcPIu5WKjQ
The interior minister said that the restructuring of the National Police Academy is also urgently needed so that it can be developed into a world-class academy.
Mohsin Naqvi said that the Frontier Constabulary (FC), which acts as a reserve police force throughout Pakistan, also needs to be modernized, and it is crucial for Pakistan to benefit from US’s experience in all these areas.
The minister said that the INL is providing exceptional support in enhancing the capacity of Pakistan’s police and paramilitary forces. He said that several important projects are being worked on in this regard which are commendable.
The federal interior minister expressed the desire to further expand this cooperation and establish it on sustainable foundations. He suggested that through a master plan, attention should first be focused on projects of utmost importance.
The US Deputy Ambassador Natalie Baker said that the INL has been working with the government of Pakistan for 42 years and emphasized the need to further strengthen and sustain this cooperation.
Natalie Baker expressed determination, stating that Pakistan’s security is directly linked to America’s security.
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
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.
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.
Documents 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.
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.
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.
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.
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.
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
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.
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)
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.
NEW YORK: Prime Minister Shahbaz Sharif met with his Iraqi Counterpart Mohammad Shia’ Al Sudani on the sidelines of 79th UN General Assembly Session...
Total reserves: $14.87 billion, up $46.6 million
SBP reserves: $9.53 billion, up $24 million
Commercial Banks reserves: $5.34 billion, up by $22.6 millionISLAMABAD,...
ISLAMABAD, Pakistan: The Federal Interior and Anti-Narcotics Minister Mohsin Naqvi has expressed the desire to transform the Federal Investigation Agency (FIA) into a dynamic...
Monitoring Desk: The debt Trap of foreign loans is engulfing the future of Khyber Pakhtunkhwa province as of December 31, 2023, the outstanding debt...
NEW YORK: Prime Minister Shahbaz Sharif met with the Managing Director of the International Monetary Fund (IMF) Ms. Kristalina Georgieva on the sidelines of...
Documents 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.
