WASHINGTON: For the first time since in its months-long negotiations with Pakistan, the Inter­national Monetary Fund (IMF) on Friday tied assurances from the country’s external partners with the renewal of its package deal.

Julie Kozack, the Fund’s Director for Strategic Communi­cations, underlined this at a virtual news briefing here, where she also referred to the talks the IMF has been holding with Pakistan.

“Discussions are ongoing between IMF staff and the Pakistani authorities towards a Staff-Level Agree­­­­ment on policies to complete the ninth review of Pakistan’s extended Fund Facility. Timely finan­cial assistance from external partners will be critical to support the authorities’ policy efforts and ensure the successful completion of the review,” she said.

This could be a major disappointment for Pakistani officials, who hope that an agreement with the Fund on the completion of the ninth review of a $7bn loan programme would come first and would not only lead to a disbursement of $1.2bn, but also unlock inflows from friendly countries.

The IMF official acknowledged that Pakistan’s economy faced multiple challenges, including slowing growth, high inflation, and large financing needs. “And of course, this is all coming on the back of devastating floods, she added.
Ms Kozack also acknowledged that Pakistani authorities were committed to implementing the necessary reforms and had started to implement decisive actions to stabilize the economy and restore confidence.
The talks with Pakistan, she said, also focused on providing space to accommodate the needs related to the floods, including through an increase in social assistance through the Benazir Income Support Program, which aimed at the most vulnerable.
When asked what assurances Pakistan needed from its external partners, the official said: “At this point, ensuring that there is sufficient financing to support the authorities is the paramount priority.”
Explaining the link between these assurances and the IMF deal, Ms Kozack said: “A Staff Level Agreement will follow once the few remaining points are closed. I can also say that financing assurances, right, what we’re looking for here, are a standard feature of all IMF programmes.”
She pointed out that besides IMF’s support, Pakistan’s external fund facility (EFF) supported program receives financing from other multilateral institutions, including the World Bank, the ADB, and the AIIB and bilateral partners, notably China, Saudi Arabia, and the UAE.
“So, we do need to ensure that we have those financing assurances in place in order for us to be able to take the next step with Pakistan,” said the IMF official, making it abundantly clear that Pakistan will need to have those assurances to finalise the deal.
The IMF’s resident representative in Pakistan, Esther Perez Ruiz, has already pointed out that a few remaining points, including a recently introduced fuel subsidy scheme, needed to be settled before a staff-level agreement could be signed.
Talking to Reuters, she said the Fund would ask the government for more details, including how the subsidy would be implemented and what protections would be put in place to prevent abuse.
Since last week, the IMF has been unusually candid in its statements about Pakistan. On Thursday the Fund clarified that the ninth tranche of its EFF programme with Pakistan was not linked to elections.
Decisions regarding the constitutionality, feasibility and timing of the provincial and general elections rest solely with Pakistani institutions,“ IMF’s Resident Chief in Pakistan Esther Perez Ruiz said in her statement.
Her statement came after the Finance Ministry informed the Election Commission of Pakistan (ECP) earlier this week that the country was facing a severe economic crisis and financing the elections at this stage could cause the government to miss IMF targets.
Last week, the IMF also clarified that the IMF does not discuss defence issues with the borrower and that it never raised the nuclear issue in its discussions with Pakistani officials.

PTI Chairman Imran Khan on Saturday called on supporters to “assert their right as people of a free nation” by attending his party’s rally at the Minar-i-Pakistan today, where he intends to outline his “vision of Haqeeqi Azadi”.

In a tweet today, the PTI chief said his party would be holding its sixth public gathering at Minar-i-Pakistan, which he felt would “break all records”.
“My heart tells me it will break all records. I am inviting everyone in Lahore to attend after Tarawih prayers. I will give my vision of Haqeeqi Azadi and how we will pull Pakistan out of the mess cabal of crooks have put our country in,” Imran said.
While expressing concerns that the government may erect obstacles to prevent party supporters from reaching the venue, Imran asserted that it was the fundamental right of the people to participate in a political gathering.
“Everyone must assert their right as people of a free nation that won its independence and come to Minar-i-Pakistan,” he told his supporters.
According to PTI’s official Twitter account, the rally will begin after Taraveeh prayers at 9pm.
The former premier had on March 13 announced a rally at the Minar-i-Pakistan — the same venue where he launched his campaign for the 2013 elections with a massive show of power — would take place on March 19 but the Lahore High Court had directed the PTI to reschedule its rally and have a dialogue with the administration.
Subsequently, the LHC had on March 22 disposed of a petition of the PTI seeking permission to hold a public rally at venue after the party and the city administration reached an agreement.
Lahore PTI president Imtiaz Mahmood, the petitioner, had submitted his affidavit accepting the terms and conditions along with his undertaking that the rally at the venue will start on March 25 (today) at 10pm and will end around March 26 at 3am. The DC and the CCPO accepted the affidavit and the undertaking filed by the petitioner.
The PTI chief kicked off his election campaign from Lahore at the end of second week of March following wrangling with the interim government of Punjab over ban imposed by local administration on public gatherings.
The rally was originally scheduled for March 11 and March 12 but was postponed after the party failed to get relief either from the Election Commission or the Lahore High Court against the caretaker Punjab government’s order of imposing Section 144 in the provincial capital.
The interim Punjab government had imposed Section 144 citing a Pakistan Super League match in the Qaddafi Stadium and a marathon race in the city. However, in a notification on March 12, the administration had allowed the PTI to take out the public rally on Monday (March 13) but mentioned that it would carry “high-security risk due to the general and specific threats against political gatherings and previous instance of attack on the ex-prime minister”.

KARACHI: Amid unprecedented inflation and stagnating incomes, Pakistanis are all set to experience the toughest Ramazan ever as families will have to limit their purchases, especially food items, due to affordability issues.

Households with static incomes or enduring a drastic cut in salaries for the last four years by employers will be in hot waters as meeting kitchen expenses in the holy month would be impossible amid skyrocketing prices.

A large number of families whose bread earners have been rendered jobless due to an economic slowdown will be facing a serious challenge to arranging Iftari and Sehri for their dependents and would have to compromise their dignity by requesting for loans from their kith and kin or opting welfare organisations.
Massive increases in electricity and gas rates have further multiplied consumers’ woes.
Price comparison based on the data of the Sensitive Price Index (SPI) during the first week of Ramazan in April 2022 to a day ahead of this holy month, consumers remained in distress especially in procuring average quality wheat flour. A 20kg flour bag price has surged to Rs1,295-3,100 in various parts of the country versus Rs800-1,500 per bag last Ramazan. Five- and 10kg branded fine flour bags are now available at Rs820-870 and Rs1,600, showing a rise of 80-90pc over the last year.

Flour no. 2.5 and fine variety were available at Rs65-67 and Rs70-75 per kg which are now tagged at Rs140 and Rs150-160 per kg, respectively.
After price stability in the last week, onion sells at Rs100-200 as compared to Rs40-80 per kg last Ramazan. Consumers are now using Sindh crop as growers made hectic efforts to re-cultivate the crop.

The government had allowed imports to bridge the supply gap following the flood devastation of crops in Sindh and Balochistan in August last year.
Gram Pulse (Daal Channa) rate climbed to Rs220-320 from Rs148-200 per kg. Masoor, Moong and Mash rates surged to Rs240-330, Rs250-350 and Rs280-480 per kg from Rs190-240, Rs116-220 and Rs200-310 per kg since the last Ramazan.

As per SPI data, one kg ghee pouch of Dalda rose to Rs570-638 from Rs399-484. Five-litre Dalda cooking oil rate went up to Rs3,000-3,510 from Rs2,060-2,485. However, many retailers are demanding Rs650-670 for branded cooking oil and ghee.
Fresh milk, meat and greens
Fresh milk rates in various cities now hover between Rs120-210 per litre as compared to Rs90-150 a year back. One kg live poultry bird rate ranges between Rs360-550 per kg versus Rs240-350.
Mutton and beef with bones are now available at Rs1,100-1,800 and Rs500-900 as compared to Rs1,050-1,500 and Rs350-750 per kg. In Karachi, mutton retailers, who were charging Rs1,600 per kg two weeks back, are now demanding Rs1,800. Beef without bones is being sold at Rs1,000 per kg.
Potato rate crawled up to Rs40-100 per kg from Rs25-60 per kg. Sugar price increased to Rs100-110 from Rs83-95.
High-quality basmati rice sells between Rs300-500 per kg now as compared to Rs150-300 per kg last year.
Average quality basmati is now priced at Rs150-240 as compared to Rs80-140 per kg while Irri 6/9 (Sindh/Punjab) carries a price tag of Rs80-180 per kg as against Rs60-100.
White gram (white channa) sells between Rs400-450 per kg versus Rs250 last year, while black gram (kaala channa) is now available at Rs220-260 per kg in different sizes as against Rs120-150 last year.
Vermicelli and salt pack prices are almost double than last year. Lipton tea pack (less than 250 grams) now sells at Rs413-558 as compared to Rs250-260.
Impressive sales
Despite high inflation, external challenges and floods, the sales of Nestle Pakistan grew by a robust 22pc to Rs162bn during 2022 from Rs133bn in 2021. Its profit after tax soared to Rs15bn from Rs12.7bn, up by 18pc.
After investing Rs3.4bn in 2022, the consumer products giant has planned to invest Rs3bn during 2023 in operational reliability to meet consumer demand.
Sales of Friesland Campina Engro Pakistan Limited surged to Rs 73bn in 2022 from Rs 52bn in 2021, while profit after tax during 2022 swelled to Rs 2.46bn from Rs 1.8bn.
Unilever Pakistan Foods Ltd posted impressive sales of Rs28bn in 2022 as compared to Rs19.8bn in 2021, while profit after tax swelled to Rs8bn from Rs 5.16bn in 2021.

The Lahore High Court (LHC) on Wednesday ordered the government to make public the record of Toshakhana gifts received by public office holders from foreign governments and dignitaries between 1990 and 2001 as well.

The high court’s directives came days after the government, under a previous order of the court, had made public the details of foreign gifts retained by public office holders — presidents, prime ministers, federal cabinet members, politicians, bureaucrats, retired generals, judges and journalists from 2002 to 2022.

Justice Asim Hafeez issued the orders today while presiding a hearing on a petition filed by Munir Ahmad through Advocate Azhar Siddique seeking the government to make public the complete details of Toshakhana gifts received by political rulers and bureaucrats from foreign dignitaries since the creation of Pakistan.

In the previous hearing, a day after the release of Toshakhana records from 2002 onwards, the high court had directed the law officer representing the government to “submit in chamber” the remaining record before 2002, including the names of those who gave those gifts.

During today’s hearing, the judge said that any gifts received by the country from friendly nations should also be made public, adding that nothing should be hidden.
The Tosha­khana is a department under the administrative control of the Cabinet Division and stores precious gifts given to rulers, parliamentarians, bureaucrats, and officials by heads of other governments and states and foreign dignitaries.

According to Toshakhana rules, gifts/presents and other such materials received by persons to whom these rules apply shall be reported to the Cabinet Division.

KARACHI: Despite odd situation on both economic and political fronts, the inflow of foreign direct investment in February increased by 10 per cent but the overall eight months’ inflows fell by over 40 per cent.

The data released by State Bank of Pakistan on Monday shows that the FDI during February was $100.9 million compared to $90.8m during the same month of last year. The FDI has been declining since the beginning of the current financial year mainly on account economic vulnerability and political uncertainties.

China was on the top of the list since the inflow from the country was the highest with $22.7m last month. The data shows that during July-Feb FY23, the inflows of FDI from China were $222.8m, which was the highest inflow from any one country; however, the Chinese inflows were less than last year’s $366m.

Other two significant inflows were from Japan ($134m) and Switzerland with $123m. During the eight months of the current fiscal FY23, the total FDI inflows were $784.4m against $1315m in the same period of last year; a decline of 40.4pc.
Rupee falls
Pakistani rupee has been struggling against the US dollar to remain within current range of Rs280, but the mounting demand and poor foreign exchange reserves is causing rupee deprecation.
On Monday, the Pakistani rupee depreciated by Rs2.32 per dollar which was significantly high since the price is already at the optimum point. The SBP reported that the closing price of dollar was Rs284.03 in the inter-bank market compared to Rs281.71 in the last session held on March 17.
Currency dealers expecting more depreciation since the Pakistani rupee is losing its value internationally with the negative reports reaching abroad.
“The PKR has become so devalued that I was getting Rs324 per dollar in Dubai,” said an individual named Saeem, who recently visited the UAE.
Rupee depreciates by Rs2.32 versus dollar
The exchange companies said importers are buying dollars from illegal markets to keep alive their business but, at the same time, their buying is strengthening the illegal dollar trading. The SBP has allowed importers to arrange dollars for their imports. The exchange companies have no capacity for big supply of dollars required to importers.

The open market offered dollar at Rs286 on Monday while they quoted the dollar price as Rs285.50 for the inter-bank market. Exchange companies also trade with banks as they are bound to deposit their surplus dollars in banks each day.

ISLAMABAD: Former Spea­ker of KP Assembly Mushtaq Ahmad Ghani approached the Supreme Court on Monday, seeking conte­mpt proceedings against Governor Haji Ghulam Ali for allegedly violating its March 1, judgement that required him to announce a date for elections in the province.

In a petition, Mr Ghani said the Supreme Court should ask President Dr Arif Alvi or any “suitable functionary” to appoint the poll date.

The petitioner said the governor violated the judgement by delaying the announcement of poll date, adding that contempt proceedings may be initiated under Article 204 of the constitution read with section 3 of the Contempt of Court Ordinance 2003 and Order 27 of the Supreme Court Rules, 1980.

He alleged that the governor had been creating and propagating doubts, qualms, fears and misgivings about holding elections within the constitutionally guaranteed deadline of 90 days on one pretext or the other. The governor had been brazenly giving interviews in media, maintaining that he does not see elections to happen within the constitutional timeframe, the petitioner said.

Former Speaker Ghani says governor’s ‘brash mannerism’ shows he’s fully geared up to defy SC orders; petitioner terms ECP’s conduct ‘extremely discouraging’
He said the respondent (governor) was not only found — through a recent court judgement — to have committed a breach of his constitutional responsibilities, but he has also been continuously disregarding the court’s clear directions despite being the highest constitutional functionary of the province. Therefore, the petition pleaded, it is necessary to proceed against him.

Notwithstanding the immunity available to the respondent under Article 248, he has had committed contempt of court and thus acted against the oath of his office, Mr Ghani said.

The petitioner highlighted the 2012 contempt case against former prime minister Syed Yousaf Raza Gilani in which the court held that holders of exalted offices (including president/prime minister or governor) on account of their executive office require greater restraint, and there is nothing in the constitution which bars initiating contempt proceedings against them.

The Constitution mentions no exemptions from the obligation it imposes, and Article 25(1) provides that all citizens are equal before law and are entitled to equal protection of law, the petition argued.

This seminal judgement goes on to propound that the holder of constitutional office has higher responsibility because he, unlike ordinary citizens, makes an oath to discharge his duties in accordance with the constitution and law. Their oath also requires that they will preserve, protect and defend the constitution, therefore, more stringent legal standards apply to them as compared to others who have not taken a similar oath and the court had greater reason to be particularly concerned about the possibility of contempt having been committed by such public officeholders, the petition pleaded.

While the respondent holds an office mentioned in Article 248, the Supreme Court held in the 1998 Masroor Ahsan case that scope of powers and functions of such a high functionary cannot possibly be extended to committing of contempt of court which is punishable under the constitution itself, according to the petition.

Neither the constitution nor any law authorises holder of such high office to commit a criminal act or do anything which is contrary to law, the petition said, adding the immunity provided under Article 248 cannot be extended to illegal or unconstitutional acts.
Holders of such high offices are bound to obey the constitution and law under Article 5(2) which is basic obligation of every citizen, the petition pleaded.
But through his “brash and unabashed mannerism and public posturing”, the respondent has left no doubt that he is not interested in discharging his constitutional responsibilities and seems fully geared up to defy, disregard and disobey the orders of the Supreme Court and has thus conducted himself in a manner to have clearly and undoubtedly committed culpable contempt of court, the petition regretted.
Likewise, Mr Ghani said, the conduct of the Election Commission of Pakistan is also extremely discouraging as it appeared as if it’s hand in glove with the KP governor and seems more inclined to postpone elections both in KP and Punjab while aligning itself with defective line of reasoning orchestrated by the respondent.