Pak PM admits country went around with begging bowl, says allies no more expect it
Pakistani Prime Minister Shehbaz Sharif, in a stark admission of his country's financial woes, said even close allies no longer expect Islamabad to roam the world with a "begging bowl." Amid rising tensions with India, Sharif added that both he and Army chief Field Marshal General Asim Munir were unwilling to shoulder the weight of economic dependency any longer.Addressing Pakistani military personnel in Quetta on Saturday, the provincial capital of restive Balochistan, Sharif called China a "time-tested" friend and Saudi Arabia a "trustworthy" and "reliable" ally. advertisement"China is the most time-tested friend of Pakistan. Saudi Arabia is one of the most reliable and trustworthy friends of Pakistan. This applies to Turkey, Qatar and the UAE," he said.
"But let me point out abundantly here that they expect us now to engage them in trade, commerce, innovation, research and development, education and health, investments, and profitable ventures mutually. They no longer expect us to go there with a begging bowl," he added.Sharif stressed that Pakistan should fully utilise natural and human resources to tide over its economic challenges, adding that he and Field Marshal Asim Munir no longer want to carry the burden of dependency on their shoulders."I am the last person, along with Field Marshal Asim Munir, to carry this (economic) burden any more on our shoulders. The Almighty has blessed us with natural and human resources. We must make full use of them and deploy them for these very profitable ventures," he further said.advertisementThe Pakistani Prime Minister's remarks came at a time when its allies like Turkey have sided with Islamabad and condemned India's strikes on terror camps in the neighbouring country.On May 7, India launched Operation Sindoor, military strikes on nine terror bases in Pakistan and Pakistan-Occupied Kashmir (POK) in retaliation for the April 22 Pahalgam terror attack, which killed 26 people. The strikes killed 100 terrorists from the Jaish-e-Mohammed, Lashkar-e-Taiba and Hizb-ul-Mujahideen.Operation Sindoor was launched in response to the Pahalgam terror attack on April 22, which killed 26 people, mostly tourists.Pakistan then sought to escalate the situation by launching a barrage of drones and missiles at Indian cities and military installations, but they were shot down by India's S-400 air defence system. India then launched a fierce counter-attack, striking 11 Pakistani military sites across the country, before both sides agreed to cease all fighting.Recently, the International Monetary Fund (IMF) gave cash-strapped Pakistan a fresh bailout of USD 1 billion despite strong objections from India. The bailout is part of a support package under the Extended Fund Facility (EFF), approved in September 2024, which totals USD 7 billion. Till now, Pakistan has received USD 2.1 billion through this programme.advertisementIndia had recently asked the IMF to reconsider its decision to help Pakistan financially, arguing that the country continues to support terrorism and allows such groups to use its land to plan and carry out attacks against its people.In response to New Delhi's objections, the IMF said that the financial support it gave to Islamabad was part of an earlier agreement and followed normal procedures.Tune InMust Watch
IN THIS STORY#Pakistan#India-Pakistan#Jammu and Kashmir
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
23 minutes ago
- Mint
Geojit's Vinod Nair flags ‘cautious outlook' for IT stocks amid market volatility, geopolitical uncertainties
India Inc's Q4 earnings season has outperformed expectations, with broad market PAT rising by 12% YoY. Nifty50 companies reported earnings growth of 6–7%, exceeding the earlier forecast of 0–3%, which is expected to lead to a marginal upgrade in India's EPS forecasts for FY25 and FY26. This strong performance was largely driven by lower input costs and moderating inflation, which improved operational profitability. Performance across sectors was mixed. The metals and mining segment stood out, benefitting from higher QoQ realizations amid global supply chain disruptions. The pharma sector also performed well, supported by increased sales of complex drugs and declining chemical costs. Domestic-facing sectors such as private and public banks and telecom also posted better-than-expected results. However, Auto, IT, and FMCG sectors showed flat to weak earnings growth, impacted by both global and domestic slowdowns. Global headwinds, including slowing demand and geopolitical tensions, have had a nuanced impact on India Inc's performance. However, the recent reduction in global inflation and crude oil prices has helped India lower its input costs, while tariff-related risks have paradoxically boosted sector-specific orders and inquiries. The weakening of the US dollar has also supported Indian markets through fiscal gains and increased FIIs inflows lately. However, further depreciation of the dollar could pose risks to global equity markets. On the rural front, consumption volumes have shown signs of recovery, aided by a strong rabi harvest and easing domestic inflation. In contrast, subdued urban demand has continued to drag on the performance of FMCG and Consumption-linked sectors. Looking ahead, expectations of a favourable monsoon, sustained inflation moderation, and potential income tax relief are expected to stimulate consumption across both rural and urban segments. The IT sector's Q4FY25 results reflected a cautious industry outlook, with hiring slowing due to global uncertainties inand the ongoing transition to new technologies. Q1FY26 has started on a muted note, with subdued global discretionary spending. Nevertheless, the sector remains optimistic, supported by strong order pipelines and strategic initiatives such as AI upskilling and cost optimization. After the recent 2-months rally the sector valuations are slightly above their long-term averages while earnings outlook is subdued. A further revival in the IT stocks momentum is contingent on the stabilization of U.S. interest rates and progress in tariff negotiations. In the banking and NBFC space, the credit cycle has moderated over the past year, their current focus is on managing yield spreads and preserving asset quality. FY25 witnessed asset quality challenges, particularly in the microfinance and personal loan segments, prompting a more cautious stance from lenders. However, recent trends suggest these risks are easing, with asset quality expected to improve through the year. Looking ahead to FY26, the earnings growth outlook has improved slightly, buoyed by better-than-expected Q4 results. If inflation, interest rates, and tariff uncertainties ease, market sentiment could turn more positive. Additionally, cut in taxation and increased government expenditure are expected to further stimulate domestic demand. Currently, projections place India's earnings growth at 10–12% for FY26, up from sub-5% in FY25. Sectors likely to lead this growth include rate-sensitive ones like Banks, NBFCs, Auto, and Realty, driven by anticipated demand increases and reduced operational costs. Domestic consumption is also expected to rise, benefiting FMCG, Consumer Durables, Fertilizers, and the Agri sector. In anticipation of improvement in broad economy, portfolio strategies are shifting, with increased diversification into mid- and small-cap equities. The valuation premium of midcaps over large caps has normalized, and with domestic risks easing and global risks potentially moderating—like BTA finalization—investors are positioning for broader market participation in the coming quarters. Lately, domestic equity indices have remained rangebound with a slight negative bias, in that large-cap stocks are facing greater pressure. This could be primarily due to the lack of support from FIIs due to high volatility in global currency. USD has been depreciating heavily in the last 3 months, even to Asian peers like Japan & India. Additionally, retail investors are on a profit booking mode. After the two months rally India valuation has breached 20x one year forward P/E, 21x is the 3years peak. Some lingering concerns are reciprocal tariff June deadline, India-US trade, US-EC trade and weakening dollar posing as key external risk. India's earnings visibility needs to improve in tandem with the macros and peaking valuation, for which we may have to wait to get a better foresee of the upcoming June quarter, could be a vital stabilizer to the market trend. Despite the better than holistic view tendered by Q4 the market needs to see a solid upside in FY26 earnings, Q1 could be the leading clue.
The Hindu
26 minutes ago
- The Hindu
The Hindu Morning Digest: June 03, 2025
INDIA bloc to push for special session of parliament on Pahalgam attack Leaders of the Indian National Developmental Inclusive Alliance will be meeting in the capital on Tuesday (June 3, 2025) to present a united front and press for a Special Session of Parliament to 'discuss the developments following the terror attack in Pahalgam'. Union Home Secretary visits Kuki-Zo relief camps in Manipur, attends security review meeting with Governor Union Home Secretary Govind Mohan arrived in Manipur on Monday (June 2, 2025) where he visited relief camps in the hill district of Churachandpur and attended a security review meeting chaired by Governor Ajay Kumar Bhalla in Imphal. Pakistan too sends delegations abroad to present its case In what appears to be a move to copy India's outreach to countries after the four-day conflict and May 10 ceasefire after Operation Sindoor, Pakistan on Monday (June 2, 2025) sent parliamentary delegations to various capitals to discuss its version of events, call for an international 'role' in the region, and plead its case for the restoration of the Indus Waters Treaty, suspended by India after the Pahalgam terror attack. An Israeli strike on Gaza kills 14 Palestinians, mostly women and children, hospitals say An Israeli strike on a residential building in the Gaza Strip on Monday (June 2, 2025) killed 14 persons, mostly women and children, according to health officials. Dilip Ghosh's absence at Modi, Shah events sparks speculation over internal rift in Bengal BJP Former West Bengal Bharatiya Janata Party (BJP) president Dilip Ghosh's absence from key party events, including the meeting of Prime Minister Narendra Modi and Home Minister Amit Shah , has sparked speculation among the party's rank and file. Rahul Gandhi to launch campaign to revamp Congress in Madhya Pradesh Ahead of Leader of Opposition Rahul Gandhi's Bhopal visit on June 3, the Madhya Pradesh Congress on Monday said that the tour would consist of multiple meetings and discussions aimed at revamping the party in the State before the next Assembly elections in 2028. 'Time of Great Opportunity' for U.S. and India: Usha Vance The U.S. India relationship is in a phase of 'great opportunity', U.S. Second Lady Usha Vance has said. Ms. Vance, whose parents are from Andhra Pradesh, said that she had a personal relationship with India as she had family ties to the country and had visited India as she was growing up. Satwik-Chirag lead charge as Indian shuttlers eye glory in Indonesia Former champions Satwiksairaj Rankireddy and Chirag Shetty will look to keep their comeback story on track as they spearhead India's challenge at the $1,450,000 Indonesia Open Super 1000 badminton tournament, beginning in Jakarta on Tuesday (June 3, 2025). IPL 2025 final | Chance for Royal Challengers, Kings to set the record straight History beckons as Royal Challengers Bengaluru and Punjab Kings attempt to break new ground here on Tuesday. Now into the 18th edition of the IPL, the wait for a maiden title has been long and painful for RCB and PBKS. A glorious new chapter will be written at the Narendra Modi Stadium for one of the two combatants.
Mint
26 minutes ago
- Mint
Prostarm Info Systems IPO listing date today. Here's what GMP, analysts indicate about share debut on BSE, NSE
Prostarm Info Systems IPO Listing: The equity shares of power solution products manufacturer Prostarm Info Systems are set to make their debut in the Indian stock market today after the recently concluded initial public offering (IPO). Prostarm Info Systems IPO listing date is today, 3 June 2025. The public issue was open from May 27 to May 29 and the IPO allotment was done on May 30. Prostarm Info Systems IPO listing date 3 June, Tuesday. 'Trading Members of the Exchange are hereby informed that effective from Tuesday, June 3, 2025, the equity shares of PROSTARM INFO SYSTEMS LIMITED shall be listed and admitted to dealings on the Exchange in the list of 'T' Group of Securities. Further in terms of SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012; the scrip will be in Trade-for-Trade segment for 10 trading days,' a notice on the BSE said. Prostarm Info Systems shares will be a part of Special Pre-open Session (SPOS) on Tuesday, June 3, 2025, it said, and the stock will be available for trading from 10:00 AM. Ahead of the Prostarm Info Systems IPO listing today, investors watch out for the trends grey market premium (GMP) to gauge the listing price. Prostarm Info Systems IPO GMP and analysts signal that the share listing would be at a decent premium. Prostarm Info Systems shares are showing a positive trend in the unlisted market. According to stock market experts, Prostarm Info Systems IPO GMP today is ₹ 12 per share. This means that in the unlisted market, Prostarm Info Systems shares are trading higher by ₹ 12 than their issue price. With a positive GMP today, the estimated listing price of Prostarm Info Systems shares is ₹ 117 apiece, a premium of 11.5% to the IPO price of ₹ 105 per share. Analysts also expect the Prostarm Info Systems IPO listing to be at a decent premium on the back of strong demand for the IPO. 'Prostarm Info Systems IPO witnessed an overwhelming response from all investor categories, closing with an impressive overall subscription of 82.42 times. Supported by a Grey Market Premium (GMP) in the range of 16% – 17%, the offering has generated strong listing expectations in the market,' said Gaurav Garg, Lemonn Markets Desk. The bidding period for the Prostarm Info Systems IPO commenced on May 27 and concluded on May 29. The IPO allotment date was May 30, and Prostarm Info Systems IPO listing date is today, June 3. Prostarm Info Systems shares will be listed on both the stock exchanges, BSE and NSE. The ₹ 168-crore Prostarm Info Systems IPO was entirely a fresh issue of 1.60 crore equity shares at a fixed IPO price band of ₹ 105 per share. Prostarm Info Systems IPO was subscribed 97.20 times in total. The retail investors' segment received 39.49 times subscription, while the quota for non-institutional investors (NII) was subscribed 222.14 times. The qualified institutional buyers (QIBs) portion was booked 104.49 times. Choice Capital Advisors Pvt Ltd is the book-running lead manager of the Prostarm Info Systems IPO, while Kfin Technologies is the IPO registrar. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
