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India.com
5 days ago
- Business
- India.com
After giving weapons to Pakistan, China makes another SHOCKING move, trouble for US due to...
(File) Pakistan economy: China has enhanced its military and economic support to Pakistan after the latter suffered a humiliating defeat at India's hands in the recent military conflict, in which Pakistani forces employed Chinese-made weaponry, including fighter jets and long-range air-to-air missiles. According to reports, after weapons, Beijing has now opened up its coffers to bolster Islamabad, approving a commercial loan of $3.7 billion for the cash-strapped country, which will be made available before the end of June. China approves $2.4 billion loan to Pakistan However, apart from its primary purpose of boosting Pakistan's ruined economy, China's loan, which includes a $2.4 billion payout maturing in June, is being seen as another move by Beijing to counteract the dominance of the US dollar in global trade as the loan is will be made available in Chinese RMB, instead of USD. Citing government sources, Pakistan-based Express Tribune reported that Beijing has assured Islamabad in recent meetings that it will refinance loans maturing between March and June 2025. Pakistan has already repaid a $1.3 billion loan to the Industrial and Commercial Bank of China (ISBC) in three installments between March and April this year, the report quoted officials as saying. Pakistan forex reserves Meanwhile, the foreign exchange reserves at Pakistan's central bank stood at $11.4 billion after the International Monetary Fund (IMF) approved a $1 billion loan installment earlier this month. Islamabad's forex reserves are expected to rise to $12.7 billion after it receives the latest tranche of Chinese funds, the report said. The $2.1 billion or 15 billion Yuan loan will be sourced from three commercial banks, and China has extended it for three years, it added. Economists point out that a timely refinancing of Chinese funds was crucial for Pakistan to main its forex reserves in double digits by June end, failing which the country's foreign currency reserves would have fallen below $10 billion. Pakistan's deal with the IMF mandates that it boosts forex reserves to around $14 billion this fiscal year.
Express Tribune
25-05-2025
- Business
- Express Tribune
Uprooted businesses await monetary relief
While mass transit projects are the need of the hour given the seasonal smog crisis plaguing the province, they are often a source of huge financial losses for thousands of local businessmen, who are suddenly left without a source of income. For instance, Naeem Aamir, a businessman uprooted during the construction of the Metro Bus, revealed that he had inherited several shops alongside the Ferozepur Road. However, even after the passage of several years, he was still struggling to receive the promised compensation. 'The monetary compensation given by the government is like salt in flour. Even today, we have to plead for our money and have almost become shuttlecocks between the development agency and the project,' claimed Aamir. Similarly, Riaz Ahmed, a small trader, who used to own a shop in Anarkali, was uprooted during the construction of the Orange Metro Train Station. 'I used to work as a used-cloth merchant and owned a small shop. The government did not offer proper compensation for my loss. Money was only given for the land, while no relief was given for the damage to my business, which had to be shut down eventually. Even today, I am making rounds of various government offices to get some help,' explained Ahmed. As per information obtained by the Express Tribune, more than 22 underpasses, 17 flyovers, a ring road spanning more than 100 kilometers in length, a 28-kilometer Orange Line train and a 27-kilometer Metro Bus have been constructed in Lahore, the largest city of the province during the past two decades. While these projects have resulted in development work worth trillions of rupees, they have also caused financial hardship for hundreds of families. According to Sohail Hanif Bhandara, an urban developer, the government has a reputation of giving stepmother treatment to the business community and residential areas during the construction of big development projects. 'Although big business entities are paid well, small businesses are often neglected. Therefore, before starting any big development project, efforts should be made to bypass areas with small businesses or mini residential schemes on the route. This process will not only reduce the cost of the project but will also ensure that the common man is not affected,' implored Bhandara. On the other hand, Rai Nasir Jamil, a land acquisition collector, claimed that whenever the government acquired any land, it first evaluated the value of the land and then offered compensation to businesses as per the government's standard formula. 'The standard formula is that whenever a project affecting residential, urban and rural populations is announced, the cost of the project is calculated only after determining its parameters. Sometimes there are irregularities in the valuation. But this can be settled by the complainant later on,' said Jamil. As per the claims of the government, a special package was given to underprivileged families who had been living on the land of various government departments for more than 60 years and did not have ownership rights. Families living in one room in a multi-storey building were given assistance of Rs1 million per household. Land compensation for residential houses located in Kapoorthala House, Kacha Lake Road and Edward Road was Rs.2.5 million per marla, while the compensation for commercial land was Rs3.5 million per marla. One hundred families were living in the Bengali Building while 58 families were living in the Maharaja Building.
Express Tribune
25-05-2025
- Sport
- Express Tribune
'Home environment, Karachi life groomed me'
Meeting the legendary Younis Khan is a reminder that humility and greatness can coexist. He speaks softly but thinks deeply. On the field, though, it was his bat that did all the talking in an illustrious career that spanned nearly 17 years. Indeed, his astounding records and monumental achievements makes the man worthy of knighthood. Over 10,000 Test runs, 34 centuries, six double centuries, one triple century, centuries against nine Test playing nations, hundred catches as a fielder, 23 centuries outside Pakistan, victorious skipper of the 2009 T20 World Cup — and the impressive list of milestones goes on. The affable player from Mardan blushes when complimented about the many feathers in his cap. "Achievements are one thing, but when people remember you with love and call you a true Pakistani — that's the real legacy," says Younis in an exclusive interview with the Express Tribune recently. Younis credits his early life in Mardan and a close-knit family of six brothers for nurturing his love for cricket. "We all played cricket," he recalled, "and I was lucky to have their support. My family never saw it as a waste of time. They saw my passion." The prolific right-hander, who has been an ideal for millions in Pakistan and abroad, was inspired by his elder brother Sharif Khan who encouraged him to professionally take up the game. "For me, it was my elder brother Sharif Bhai who was the ultimate role model," says Younis as his eyes light up. "He (Sharif) was the complete package — captain, wicketkeeper, opening batsman, even an occasional off-spinner, and a brilliant fielder. He led from the front and had a great personality. From Steel Mills to steely nerves Besides his batsmanship, Younis maintained remarkable composure in career through crises - be it personal tragedy, Pakistan's international cricket drought, or high-stakes matches. "That sort of mental toughness was a part of my grooming at home," says Younis. "There's something powerful about the right environment and I found that environment at home which shaped me more than I can explain." His family had migrated from Mardan to Karachi in the early 80s and Younis Khan's father decided to settle down near the Steel Mills area. Growing up in Karachi during the volatile years of the early '90s contributed, too, in Younis acquiring his steely nerves. "Yes indeed, violence and unrest were rampant in those days, but the dream stayed alive," he says. The former Pakistan Captain recounts incidents where his team's vehicles came under fire, and they had to duck and hide. "I saw those dark days firsthand. Once you've played cricket through that, nothing fazes you." "When I joined Malir Gymkhana in 1992, it was a powerhouse — Waheed Mirza, Tariq Alam, Rashid Latif — they all played there. Suddenly, I was surrounded by top-class cricketers and mentors. That competitive environment, too, worked wonders." "It's that background that helped in developing my temperament. When I debuted for Pakistan against Sri Lanka at the National Stadium in Karachi in 2000, my captain asked me how I handled pressure. I was surprised. Pressure? After what we'd seen growing up, this is nothing." Unfazed by comparisons In the recent comparisons carried out by a renowned website on modern greats, Younis Khan held sway over his contemporaries with his astounding achievements and handsome run aggregate. So does it rankle with him when the Kohlis and the Smiths get to hog the limelight. "Not in the slightest," he replies. "I honestly don't believe in comparisons. My Allah knows how hard I worked and what I was able to accomplish. Besides, the love of my fans is the real reward. Having said that, I wish our cricket administrators could make greater, sincere efforts to ensure we were given our due in terms of respect, reward and recognition after having served our country with distinction." Asked about his cricketing idols, Younis names Rashid Latif as someone he learned from directly, but holds special reverence for two legends — Javed Miandad and Imran Khan. "Miandad bhai was someone we all wanted to emulate — the way he built his innings, carried the team, guided youngsters, and performed under pressure. As for Imran Khan, of course, he was a national icon who literally inspired every cricketer in the country who played the game after him." In what could be termed as poetic justice, Younis fulfilled his childhood dream while emulating Imran in 2009. "I always wanted to be part of a World Cup-winning team, just like Imran Khan in 1992. And in 2009, I was the captain when we won the T20 World Cup. It was proof that dreams backed by will and discipline do come true."
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First Post
23-05-2025
- Business
- First Post
India welcomes stricter IMF terms for Pakistan but questions bailout timing
India has said it is 'thankful' for the 11 additional conditions imposed by the International Monetary Fund (IMF) on Pakistan, while clarifying that it is not opposed to financial assistance meant for genuine developmental purposes. read more India has said it is 'thankful' for the 11 additional conditions imposed by the International Monetary Fund (IMF) on Pakistan, while also raising alarm over the timing of the recent bailout, citing concerns that the funds may be indirectly supporting Pakistan's expanding defence expenditure. Quoting public data, official sources told reporters that Pakistan allocates around 18% of its general budget to defence affairs and services, significantly higher than the 10–14% typically spent by other conflict-affected nations. STORY CONTINUES BELOW THIS AD They further noted that Pakistan's arms imports increased dramatically from 1980 to 2023, by more than 20% during the years it received IMF disbursements compared to non-disbursement years. 'We are thankful for the additional 11 conditions imposed by the IMF on Pakistan. However, we are not against any financial assistance provided for genuine developmental agendas,' a source said, reiterating India's concerns about potential misuse of global financial assistance. Indian multi-party delegations are currently touring several countries to expose what they describe as Pakistan's continued support for terrorism and to underline India's zero-tolerance stance. According to Pakistan-based Express Tribune, the IMF has tied the next tranche of its bailout package to several fiscal and governance reforms. These include passing a Rs 17.6 trillion budget for FY2025-26 aligned with IMF goals, introducing new agriculture income tax laws with systems for registration and compliance by June 2025, and publishing a governance action plan based on the IMF's own diagnostic. Pakistan is also expected to prepare and publish a post-2027 financial sector strategy to outline institutional and regulatory priorities beyond the current programme. On May 9, the IMF completed its review of a USD 1 billion Extended Fund Facility (EFF) and approved an additional USD 1.3 billion under the Resilience and Sustainability Facility (RSF), taking total disbursements under the USD 7 billion programme to USD 2 billion. STORY CONTINUES BELOW THIS AD The IMF staff report warned that escalating tensions between India and Pakistan could pose risks to the programme's fiscal and reform objectives, further highlighting the fragility of the current economic situation. With inputs from agencies
India.com
22-05-2025
- Business
- India.com
After shamelessly losing against India, Pakistan is now planning to increase its..., its military will be...
Pakistan leaders- File image After India conducted Operation Sindoor and killed more than a hundred terrorists across nine terror camps of Pakistan and Pakistan Occupied Kashmir, the government of Pakistan and the Pakistani Army is in panic mode. After India destroyed multiple airbases and exposed the air defence of Pakistan, the government of Pakistan is is considering a huge increase in its defence budget. As per media reports, a huge increase of 18% can be seen in the defence budget for the upcoming financial year. Here are all the details you need to know about the recent move from China. As per a report carried by the Express Tribune, the government of Pakistan is planning to increase the defence expenditure after it failed to protect itself from the Indian attack. For a better understanding, the defence budget of India spent a whooping $86.1 billion in 2024, while Pakistan's military expenditure stood at $10.2 billion. PM Modi on terrorism in Pakistan In a recent statement on Pakistan after Operation Sindoor conducted against Pakistan sponsored terrorists, Prime Minister Narendra Modi said that if Pakistan continues to foster terrorism, the rogue state will have to beg for every penny. He mentioned that Pakistan attempted to target the Nal Air Force Station in Bikaner, but the Indian armed forces thwarted the attempt and delivered a powerful counter-strike by destroying Pakistan's Rahim Yar Khan air base, a report carried by news agency IANS said. The Prime Minister praised the Indian Army, Navy, and Air Force for their coordinated and courageous response during Operation Sindoor, which he described as a strong signal to the world against terrorism, while he was addressing a massive public rally in Bikaner, Rajasthan. 'When I came here from Delhi, I landed at Nal Air Force Station. Pakistan tried to target this airbase earlier but failed to even touch it. Just across the border, Pakistan's Rahim Yar Khan air base is now in the ICU. No one knows when or if it will function again,' PM Modi declared, as crowds enthusiastically chanted 'Modi-Modi' and 'Bharat Mata Ki Jai.' (With inputs from agencies)
