Tag Archives: economical

PM Imran Khan said Pakistan was making extraordinary economic changes despite the coronavirus pandemic | Instant News

ISLAMABAD: Prime Minister Imran Khan on Tuesday said the country had made extraordinary economic changes despite the novel coronavirus pandemic.

“MashaAllah, despite COVID-19 there is good news about the economy,” he wrote in a tweet. “A tremendous turnaround. The prime minister said Pakistan’s current account surplus in November was $ 447 million, raising the cumulative surplus for the year to $ 1.6 billion.”

For the same period last year, the country faced a deficit of $ 1.7 billion. “The State Bank of Pakistan’s foreign reserves have increased to about $ 13 billion – the highest in three years,” he added.

This is the fifth month in a row the country has experienced a current account surplus. The central bank said in a tweet that its current account surplus was up $ 447 million against a deficit of $ 326 million in November last year.

“In contrast to the previous five years, the current account has experienced a surplus throughout the current fiscal year due to a better trade balance and continued improvement in remittances.”

“In November 2020, both exports and imports increased, reflecting a recovery in external demand and domestic economic activity,” SBP explained. “This current account turnaround, together with improved financial inflows, increased SBP’s foreign exchange reserves by about $ 1 billion by November 2020.”

“With $ 13.1 billion, they are now at their highest level in 3 years.”


image source

Australia paid a painful economic price for its Chinese criticism | Instant News

Lionel Barber is a former editor of the Financial Times and chairman of the Tate art gallery. He is the author of “The Powerful and the Damned: Private Diaries in Turbulent Times.”

When the Australian government asked last April for an independent investigation into the origins of the coronavirus pandemic, few anticipated the damage this would cause to bilateral relations with China.

Highly sensitive about accusations of shutting down COVID, Beijing has stepped up trade sanctions in various forms on Australian beef, barley, coal, timber and most recently the wine industry. Overall, about $ 21 billion of Australia’s $ 147 billion of exports of goods and services to China have been affected. Only iron ore – for which China remains dependent on supplies for the mighty steel sector – has been saved.

China has for years used access to its domestic market as a weapon against other Asian neighbors such as Japan and South Korea which have drawn its ire. As the cost of the economy increases, some business leaders in Australia are getting nervous. “We don’t understand why the Federal Government is at odds with our biggest customer,” James Robson, owner of Ross Hill Wines in New South Wales, told Australian national broadcaster ABC.

China has upped its stakes against Australia with “warrior wolf” diplomacy, a mixture of taunts and threats that culminated this month in a Chinese Foreign Ministry spokesman tweeting a fake image of a grinning soldier holding a bloodied knife to a child’s throat.

Bottles of wine imported from Australia display at a supermarket in Nantong on November 27: Beijing has raised trade sanctions on the Australian wine industry. © VCG / Getty Images

The post is intended to highlight allegations of extrajudicial killings and harassment by Australian special forces in Afghanistan, which Canberra authorities are investigating. The tweet is also a form of defense as a violation. China implicitly accuses Australia of having double standards, a way of fending off criticism of China’s human rights abuses against the Uigher population in Xinjiang.

While Prime Minister Scott Morrison’s outraged response is somewhat implausible (he demands the right of reply to WeChat and is undoubtedly abused), China’s economic pressures highlight a broader strategic dilemma for Australia: how to balance relationships with its biggest economy customers while maintaining independent decision-making and dependability security in the US

Australia’s maneuvering space hinges on a regional balance of which America’s presence in the Pacific is paramount. It is worth remembering that “The Land Down Under” has fought in almost every major “Western” war including World Wars I and II, Vietnam and Afghanistan. But in the 21st century, Australia, demographically and economically, has shifted from a post-colonial, “Western” country to a more “Asian” country that lies under the shadow of an increasingly powerful China.

Back in the mid-1990s, amid suspicions that Canberra was siding with the US for greater autonomy for Hong Kong and Taiwan, China’s response was characteristically pointed. A Chinese publication compared Australia to bats that were loyal to mammals when they were on the rise, but later declared themselves birds when the birds were victorious.

During Morrison’s time, these diplomatic relations became increasingly awkward. “Our preference is not to be forced into any binary options,” he said, acknowledging that foreign policy challenges for all Indo-Pacific countries in an era of global competition between the US and China are more complex than during the Cold War.

Over the past four years, the Trump administration’s strong outgoing approach to China has been felt from Europe to Asia. Australia’s conservative government has responded accordingly. In 2018, China became the first country to publicly ban China’s Huawei Technologies from fifth-generation wireless networks, or 5G. As members of the invaluable Five Eyes intelligence alliance which also includes the US, UK, Canada and New Zealand, they remain determined to stay close to Washington, be it Republican or Democrat in charge of the White House.

During Obama’s presidency, the US expressed a “leaning” toward Asia, but Australia felt that the substance of the slogan was lacking in reality. Recently, even as its economic dependence on China has grown, Australia’s foreign policy has tilted more towards the security dimension.

These include the status of a pending troop agreement with Japan, greater attention to Southeast Asia and closer ties with the EU. By 2021, this could lead to Australia joining the D-10 forum allegedly containing democratic states hosted by Boris Johnson’s government in the UK which will include India, Japan and South Korea.

Still, grand strategies are no substitute for sound day-to-day diplomacy. Veteran diplomats were surprised by Morrison responding to a tweet from a mid-level Chinese diplomat, despite being a young nationalist with 750,000 followers on Twitter.

A more effective approach would be a more measured Japanese-style criticism or a statement of collective solidarity by like-minded allies. The latter is sure to be a safer bet than the Australian crossfire style, highlighted by calls for an investigation into the origins of COVID. In retrospect, it appears that what Sir Humphrey Appleby, the fictional British civil servant in the political satire “Yes Minister,” would call “very brave” (translation: judged poorly).

However, many countries are paying attention to how Australia’s frank approach to China works. In London, where anti-Chinese sentiment in the ruling Conservative party has persisted, the view is that closer economic ties with China leave countries vulnerable to political intimidation. In this reading, Australia’s stand will prove to be not only courageous but also smart.


image source

Strong industry essential for economic stability: PM Imran Khan | Instant News

ISLAMABAD: Prime Minister Imran Khan said Monday that industrial development is essential to economic growth adding that the government is committed to ensuring ease of doing business for investors.

Chairing the 7th meeting of the Special Economic Zone Approval Council (KEK), he said economic activities generated by the SEZ would increase employment opportunities for local skilled and unskilled workers and direct the provision of utility services, including electricity and gas, to SEZs on priority.

Federal Minister Dr. Abdul Hafeez Sheikh, Muhammad Hammad Azhar, Senator Shibli Faraz, Trade Advisor Abdul Razak Dawood, Chief Minister of Punjab Sardar Usman Buzdar, Chief Minister Khyber Pakhtunkhwa Mehmood Khan, chief secretary of Sindh and Balochistan, chairman of the Investment Council, chairman of FBR, deputy chairman of the Pakistan Planning Commission , The CEO of the provincial Investment Board, the FPCCI president and senior officials, including the BOI secretary, attended the meeting.

Chief Minister Gilgit Baltistan and deputy governor of Bank Negara joined the meeting via video link. From the meeting it was found that 19 KEKs were notified in the country. The Board approved the SEZ Zone Company Registration and the 2020 Plot Sale / Lease Regulations.

The Board of Directors meeting approved the launch of the online SEZ Management Information System, where the approval process will be digitized and streamlined. It will also act as a window for investors and will ensure transparency. The KEK Council also approved the granting of the Sole Company Special Economic Zone status to the Siddiqsons Tin Plates in Balochistan and the Long March Tire Service in the Sindh KEK.


image source

UK, Qatar have important financial and economic partnerships: Mayor of London | Instant News

Doha: Lord Mayor of London in England HE William Russell, described his visit to the State of Qatar as successful and beneficial in terms of the nature of the discussions he had with a number of competent state officials regarding financial development and strengthening. , investment, commercial and economic relations and opportunities in general between the two parties.

He gave an example, the City of London has a long-term partnership with investment and financial institutions in Qatar.

In an interview with the Qatar News Agency, (QNA), His Excellency emphasized the close and historical relationship between the State of Qatar and Britain, and in this regard it was said that Qatar is an important friend of Britain, and it is necessary. to develop financial, economic and commercial relations with it, especially as the two countries are considered to be financial centers at the world level, besides that they play an important and pioneering role in building a more resilient global economy that takes into account the environment, the risks of climate change and green growth, which it is very important for both countries to develop this partnership in the wider region.

Lord Mayor noted that he chose Doha to be his first overseas visit following the state of general closure that the world has witnessed due to the Coronavirus (Covid-19) pandemic, saying that Qatar is an important country for Britain and London’s financial district, stressing that he met a number of officials during visit, where they discussed investment opportunities, especially green investment, accelerating economic growth, and issues of sustainable development.

In this context, His Excellency lauded the issuance of the Qatar National Bank’s USD 600 million green bond on the London Stock Exchange last September, and said it was an initiative worth following.

He referred to the broad and profound concerns Qatar and Britain have given to climate change issues, and environmental issues.

In this regard, His Excellency pointed out that Qatar is hosting the 2012 UN Climate Change Conference “COP18”, while Britain will host the twenty-sixth Summit “COP26” in Glasgow next year.

Lord Mayor added that he realized how important and great attention Qatar attaches to issues related to the United Nations green agenda and the goals of sustainable development and their fulfillment, all of which were issues that were the focus of both parties during the discussions in Doha, such as included in the ambitious Qatar National Vision.

The Mayor reviewed the fields and prospects for banking cooperation in financial services between the two parties as well as commercial and financial opportunities that would benefit both parties, he also touched on reviving world trade and economy, the challenges of international development in this regard, and the importance of collective action. between the two sides to resolve it in a way that also benefits the world.

His Excellency pointed out that the volume of Qatari investment in Britain totaled around 40 billion pounds last year in the energy, corporate and property sectors.

It is noteworthy that the total number of British companies and representative offices operating in Qatar is around 1134 companies and representative offices, including 993 companies with joint Qatari-British capital, and two representative offices for British companies, compared to 104 companies wholly British owned. and 35 companies registered with the Qatar Financial Center.

His Excellency expressed optimism that the UK and London financial areas will be stronger after the Brexit and COVID-19 pandemics and the global economic recovery.

Lord Mayor also considered Qatar’s 2022 FIFA World Cup as a great opportunity in which Qatar will prove its ability to host this important global sporting event, especially after the completion of many stadiums and facilities with environmentally friendly standards, he also expressed his willingness financially. the service sector in the UK provided technical assistance for the successful and sustainable edition of the event, lauding in this regard the announcement of the transformation of Qatar’s public transport bus fleet to 25 percent trolleybus by 2022.

HE Lord William Russell affirmed the commitment of the two countries to develop successful partnerships and take advantage of future opportunities to strengthen their cooperation in these and other areas such as green finance, technology and the financial services sector.


image source

Britain imposes travel bans, economic restrictions on Rao Anwar | Instant News

LONDON: Britain has imposed a travel ban and economic sanctions on former Karachi SSP Rao Anwar Ahmed Khan and 64 other individuals and three entities for involvement in gross human rights violations including torture and killings including the murder of Naqeebullah Mehsud in 2018.

Speaking to The News and Geo here, a spokesman for the Foreign and Commonwealth Office, which issued the list, confirmed that Rao Anwar Ahmad Khan, a former senior superintendent of police (SSP) for the Malir District, Karachi, had been subject to sanctions. Rao Anwar has been added to the UK government’s burdensome list on suspicion of being behind 190 police meetings that led to more than 400 deaths in Karachi.

The Foreign Office said Anwar and former Gambian president Yahya Jammeh face sanctions for historic human rights violations including extrajudicial killings of protesters and minority groups. On the designated list, Rao Anwar appears at number 59. The British government explains that the former Karachi encounter specialist has been subject to sanctions that include a freeze on assets and a travel ban to the UK. The British government said Rao Anwar was involved in the killings through staged meetings including the assassination of the Pashtoon model Naqeebullah Mehsud. It read: “Rao Anwar Khan is the former SSP of the Malir District, Pakistan. In his role as SSP Malir, he was reportedly responsible for various police meetings where individuals were killed by the police, and was directly involved in more than 190 police meetings that resulted in the deaths of more than 400 people, including the murder of Naqeebullah Mehsud in 2018. “

These sanctions give Britain the power to stop those implicated in serious human rights abuses and abuses from entering the country, funneling money through British banks, or profiting from the economy.

The foreign office said sanctions, including travel bans and asset freezes, had been applied to 11 politicians, officials and others responsible for gross human rights violations in Russia, Venezuela, Gambia and Pakistan.

The UK government says Foreign Secretary Dominic Raab announced sanctions on International Human Rights Day to warn those who commit human rights violations that Britain will not hesitate to impose further sanctions. Foreign Secretary Dominic Raab said these sanctions send a clear message to human rights violators that Britain will hold them accountable. “The UK and our allies highlight the gross and systematic human rights violations committed by those who were sanctioned today. Britain will defend democracy, human rights and the rule of law as a force for good in the world. Underscoring Britain’s position as a global power for good, the regime demonstrates a commitment to a rules-based international system and defends victims of human rights violations around the world. “

In Russia, Britain imposed sanctions, including a travel ban and asset freeze, on three people and the Terek Special Rapid Response Unit, which is responsible for torture and other human rights abuses against LGBT people in Chechnya. From Russia, the recipients of the sanctions included Magomed Daudov, spokesman for the parliament of the Chechen Republic; Aiub Kataev, head of the Interior Ministry of the Chechen Republic of the Russian federation in Argun; Apti Alaudinov, Deputy Minister of the Interior of the Republic of Chechnya and Major General of Police; Terek Special Quick Response Unit; and from The Gambia, Yahya Abdul Aziz Jemus Junkung Jammeh, former president of the Gambia; Yankuba Badjie, former director general of Gambia’s National Intelligence Service (NIA); Zineb Jammeh, former first lady of the Gambia and wife of Yahya Jammeh.

Several Saudi nationals have also been sanctioned for the extrajudicial killing of Jamal Khashoggi at the Saudi Consulate in Istanbul on October 2, 2018. These include Fahad Shabib, a member of the Royal Guard; Thaar Ghaleb; Mansour Osman; Naif Hassan; Abdulaziz Mohammed; Mustafa Mohammed; Waleed Abdullah; Salah Mohammed; and Dr Salah Mohammed Tubaigy. These people are part of a 15-person team sent to Turkey by the Saudi authorities.


image source