Connect with us

Politics

Army urges all stakeholders to play role in revival of economy

Published

on

  • COAS urges all stakeholders to fulfil thier social responsibility.
  • Gen Munir invited foreign investors to explore ‘hidden reserves’. 
  • Army chief says there are vast mining opportunities in Pakistan. 

Chief of Army Staff (COAS) General Syed Asim Munir has called upon all stakeholders to fulfil their social responsibility of contributing towards the revival of the country’s economy saying, “We must never lose hope”.

Addressing the “Pakistan Minerals Summit” in Islamabad on Tuesday, the army chief invited foreign investors to play their due role in exploring the hidden reserves of Pakistan and to fully utilise this potential as the country is blessed with rich mineral resources.

The army chief said there are vast mining opportunities in our country that will be realised through joint efforts.

He said the authorities will ensure an investor-friendly system to soften terms and avoid unnecessary delays.

Gen Munir said Pakistan’s first mineral summit laid down new rules of ease of doing business for domestic and foreign investors in Pakistan as mineral projects are keys to success.

He said the government of Pakistan in collaboration with all the institutions assured the establishment of the Special Investment Facilitation Council (SIFC), which brings all the stakeholders on one platform.

He said it is our social responsibility to play our role in unison for the country’s economy.

Addressing the ceremony, Prime Minister Shehbaz Sharif called for exploring the untapped resources including the vast natural minerals and reserves and developing the agriculture, information technology and industrial sectors.

The premier regretted that the country’s journey of 75 years was dotted with bitter factors as they could not fully exploit the precious natural deposits estimated at worth $6 trillion.

“The day gives an opportunity to self-contemplation over a journey of last 75 years and the reasons which landed Pakistan into this situation with a begging bowl,” he added.

Elaborating his viewpoint, he said with Russian support, Pakistan Steel Mills was established during 70s while in Reko Diq a hefty penalty of $10 billion was imposed on Pakistan and if it was enforced, the entire country’s foreign reserves would have been depleted.

The prime minister referred to the Thar coal mines reserves and said these were being converted for the development of Pakistan.

The summit was attended by federal ministers, foreign delegates, ambassadors, experts, relevant authorities, and investors.

The army chief was included in a Special Investment Facilitation Council (SIFC) formed by Prime Minister Shehbaz Sharif for economic revival in June this year.

The military’s inclusion in the body — led by the PM and also comprising federal ministers — is aimed at complementing the government’s efforts to deal with economic challenges facing the country.

The government unveiled an elaborate ‘Economic Revival Plan’ with a view to capitalise on Pakistan’s untapped potential in key sectors, fast-track the development projects and facilitate investment in a bid to steer the country of economic crisis.

The total liquid foreign reserves held by the country stood at $13.534 billion. 

Last month, Pakistan’s foreign exchange reserves got a boost after the country’s receiving the first tranche of $1.2 billion from the International Monetary Fund, under a shot-term standby arrangement approved by the lender of the last resort. Inflows from friendly countries, including Saudi Arabia and the UAE, also contributed in the increase in the reserves.

SBP reserves had surged by $4.2 billion to $8.7 billion as of July 14, highest level in nine months, thanks to financial support from the bilateral and multilateral partners. 

Analysts noted that that was the highest level of foreign exchange reserves seen since October 2022 and hailed as a boost to the nation’s balance of payments and investor confidence in the economy.

Latest News

Reaction to the PTI protest call by Fazlur Rehman

Published

on

By

Maulana Fazlur Rehman, speaking on a private television station, said that the PTI is always coming to the streets, which really lessens the impact of a protest.

He also suggested to the PTI leadership that rather than carrying on with the agitation, it should finally put a hard hand down, which would be the final nail in the coffin.

He continued, citing the JUI protests as an example, saying, “We had a strong grip over our protesters and workers, so neither road was closed nor any property damage occurred during protests.”

The PTI has the right to protest, but Maulana Fazlur Rehman described the party’s agitation strategy as insufficient, stating that it is currently being “exposed which maynot be a good sign’.

Ali Amin Gandapur, the chief minister of Khyber Pakhtunkhwa, promised not to go back home unless the PTI founder was freed. During their demonstration, Imran Khan’s wife, Bushra Bibi, encouraged the party officials to come up with strategies to avoid being arrested.

According to an alleged audio recording, she stated that November 24 will be a loyalty test for PTI members.

Additionally, the government of Islamabad has enforced section 144 for a period of two months, which prohibits processions, rallies, demonstrations, and meetings of five or more individuals in the city.

As per the notification, the prohibition forbade meetings in any public space inside the boundaries of Islamabad, including the Red Zone, which encompasses important government buildings, diplomatic missions, and other sensitive sites.

Continue Reading

Latest News

PTI representatives conjecture in the media over Imran’s approval of bail: FIA investigator

Published

on

By

The hearing on the PTI founder’s bail application in the Toshakhana-2 case has resumed at the Islamabad High Court (IHC), with Justice Mian Gul Hasan Aurangzeb serving as the presider.

The hearing was attended by the defense attorney, Barrister Salman Safdar, and FIA prosecutor Zulfiqar Abbas Naqvi.

Judge Mian Gul Hasan Aurangzeb told the FIA prosecutor to “leave the media alone and exempt yourself from them” in order to avoid commenting on the media. The statement followed the prosecutor’s assertion that the bail would be granted, which had previously been reported by media sources.

In addition, the court questioned whether the receipts in question were issued in the name of Bushra Bibi or the PTI founder itself. Bushra Bibi’s name was on the receipts listed in the challan, according to Barrister Salman Safdar.

Defense arguments
The defense expressed displeasure about the case’s 3.5-year registration wait. The prosecution has swore in Sohaib Abbasi and made Inamullah Shah a crucial witness without requiring them to take an oath.

Barrister Salman Safdar highlighted that multiple agencies, including NAB, FIA, Police, and the Election Commission, have initiated actions related to the Toshakhana case, suggesting procedural redundancy.

Regarding a phony Toshakhana receipt, he contended, the Kohsar Police Station has also filed a case.

Position of the prosecution
The FIA prosecutor, Umair Majeed Malik, maintained that the valuation of the jewelry set mentioned in the case would be explained in the prosecution’s evidence.Justice Mian Gul Hasan Aurangzeb remarked, “If the media does not spread sensationalism, how will they conduct their business?” He dismissed rumors about his health, stating that he was present and hearing the case despite such reports.

Status of Co-Accused
The court was informed that Bushra Bibi, a co-accused in the case, is currently on interim bail and awaiting a decision by Judge Afzal Majuka. Barrister Salman Safdar expressed hope that Judge Majuka would soon announce his verdict.

Continue Reading

Latest News

Naqvi visits Fazl to express gratitude for contributions to the 26th amendment.

Published

on

By

Federal Interior Minister Mohsin Naqvi convened with Jamiat Ulema-e-Islam Fazl (JUI-F) leader Maulana Fazlur Rehman to deliberate on issues of shared concern and the current political landscape in the nation.

In today’s meeting in Islamabad, Mr. Naqvi asked about Maulana Fazlur Rehman’s health and sent his best wishes for the JUI chief’s well-being and future pursuits.

Naqvi extended his appreciation to Maulana Fazlur Rehman for his crucial contribution to the enactment of the 26th Constitutional Amendment, which he characterised as a significant milestone in Pakistan’s legislative history.

Following the meeting, Naqvi commended Mr. Fazlur Rehman’s commitment to the nation, asserting, “Maulana Fazlur Rehman has consistently prioritised Pakistan’s interests, and his contributions to the country are indispensable.”

The experienced politician reaffirmed his dedication to Pakistan and its populace, stating, “Our priority has consistently been Pakistan and the well-being of its citizens.”

Senator Kamran Murtaza attended the meeting.

Continue Reading

Trending