Author: Madeeha Lanjwani

Goods have reached Pakistan from Russia after an oil tanker arrived in June amid increasing trade between Islamabad and Moscow. The Russian Embassy in Islamabad said the first truck of goods reached Pakistan from Russia under the Transport International Routes (TIR) Convention. “By May 2023, trade between Russia and Pakistan grew by almost 50% and amounted to more than $760 m (million). Another step towards strengthening cooperation in trade between,” it tweeted. Last month, the first cargo of “discounted” crude oil from Russia arranged under a deal between Islamabad and Moscow arrived in Pakistan. The Pure Point cargo vessel was…

Prime Minister Shehbaz Sharif on Monday lauded Chinese government for extending all-out support to Pakistan during challenging economic times and expressed resolve to steer the country out of crisis. “China is fully supporting Pakistan and $1 billion have been received from China,” the premier said while addressing the PM’s National Innovation Awards ceremony here on Monday. In a major boost to the forex reserves, China announced refinancing $1 billion loan in Pakistan, the State Bank of Pakistan (SBP) confirmed late on Friday. The news of the refinancing came after Finance Minister Ishaq Dar informed the National Assembly’s Standing Committee on…

The international rights group Amnesty International called on Pakistan’s government Tuesday to stop what it described as random arrests of Afghan refugees, including those with Pakistani visas. Millions of Afghans fled to Pakistan during the 1979-1989 Soviet occupation of their country, creating one of the world’s largest refugee populations. More than 100,000 Afghans crossed the border to avoid persecution at home after the Taliban seized power in August 2021. The Taliban have announced a pardon and urged Afghans not to leave the country. The majority of Afghan refugees living in Pakistan say they are facing delays in their visa processing…

Pakistan and Georgia affirmed their desire to explore mutually beneficial areas of cooperation with a special focus on trade and investment, tourism, education and information technology. The bilateral relations were discussed in the inaugural session of Pakistan-Georgia Bilateral Political Consultations (BPC) held in Tbilisi on Thursday.Foreign Secretary Dr. Asad Majeed Khan and Deputy Minister of Foreign Affairs of Georgia, Alexander Khvtisiashvili, led the respective sides. Ambassador of Pakistan to Georgia and Azerbaijan and senior officials from both sides were also present. The two sides exchanged views on the state of play of bilateral relations. Both sides termed the inaugural session…

New Future Consumer International General Trading (NFCIGT), a Dubai-based multinational company, has acquired a Pakistani home and personal care product manufacturer, Zulfiqar Industries Limited (ZIL), by injecting around $6 million foreign direct investment (FDI) in Pakistan, officials and a corporate finance adviser familiar with the deal said on Friday.  The NFCIGT is an emerging global fast-moving consumer goods (FMCG) player with business development initiatives in the Gulf countries, Russia, and now in Pakistan with local partners. The company has acquired over 5 million, or 84.84 percent, shares of the ZIL, according to a stock filing on Thursday. The ZIL, incorporated…

After a first attempt to tinker with the constitution went horribly wrong last year, authorities in Uzbekistan realized they needed a different approach. In anticipation of a referendum on amendments to the constitution due to take place on April 30, a largely top-down exercise was put into motion to create the impression of genuine public engagement. The date for that vote was approved by lawmakers on March 10. Within days, slickly organized concerts and other mass events began to be held across the country in support of the changes. Celebrities, athletes, government officials and businessmen turned out in force in a show…

The European Bank for Reconstruction and Development has announced that it will cease funding the office of the business ombudsman in Kyrgyzstan in an apparent gesture of no-confidence in the country’s pro-enterprise credentials. The decision is due to come into force at the end of this month, the EBRD said in a statement on April 24. No official reason was provided for the move. The lender did say, however, that it will continue to provide technical support to the Kyrgyz government in its efforts to develop the economy. “We will focus our efforts on strengthening the Cabinet’s Investment Council through…

In its flagship annual report State of Human Rights in 2022, released earlier this week, the Human Rights Commission of Pakistan (HRCP) expressed concern over the political and economic turmoil of last year, both of which have had a serious impact on the human rights situation. Both the incumbent and previous governments failed to respect the supremacy of Parliament, while tussles among the legislature, executive and judiciary undermined institutional credibility, the report noted. The report stated further that political victimisation continued throughout the year, with colonial-era sedition laws being weaponised to stifle dissent. Dozens of journalists and opposition politicians were arrested, with…

KARACHI: Amidst the current global economic competition, there are talks within the Russia-led political bloc about introducing a new international currency called BRIC. The aim is to decrease the influence of the United States in the global trade market by de-dollarising it. The question, however, remains: Will Pakistan join the BRICS (Brazil, Russia, India, China, and South Africa) bloc and become part of the new global currency under consideration, or will it opt for other measures to address its financial crisis? Recent developments indicate that one cannot rule out Pakistan adopting the BRIC. For example, Pakistan has recently placed its…

Iraq halted crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields on Saturday, an oil official told Reuters, after the country won a longstanding arbitration case against Turkiye, Reuters reports. The decision to stop shipments of 450,000 barrels per day (bpd) of crude relates to a case from 2014, when Baghdad claimed that Turkiye violated a joint agreement by allowing the Kurdistan Regional Government (KRG) to export oil through a pipeline to the Turkish port of Ceyhan. Baghdad deems KRG exports via Turkish Ceyhan port as illegal. The International Chamber of Commerce ruled in favour of Iraq on Thursday, Iraq’s oil ministry…