Latest news with #Sharif
Arab News
9 hours ago
- Business
- Arab News
Pakistan PM offers condolences to China over deadly floods and landslides
ISLAMABAD: Prime Minister Shehbaz Sharif expressed deep condolences to China on Tuesday following a wave of deadly floods and landslides that have killed dozens and displaced thousands across northern regions of the country, including Beijing and Hebei province. The message came as torrential rains overwhelmed parts of northern China, dumping record volumes of water, triggering landslides and forcing mass evacuations. At least 30 people have been killed, according to Chinese state media, with more fatalities feared as rescue operations continue. Beijing and surrounding provinces have witnessed some of their worst flooding in years, with entire villages cut off and widespread infrastructure damage reported. 'We are deeply saddened by the tragic loss of lives and displacement caused by the recent torrential rains and landslides in China,' Sharif said in a statement posted on social media. 'On behalf of the people of Pakistan as well as on my own behalf, I extend our heartfelt condolences to the bereaved families and all those affected.' Sharif noted that Pakistan itself has suffered from extreme weather in recent years and understood the hardship faced by Chinese communities. 'We fully understand and empathize with the hardship that our Chinese brothers and sisters are enduring,' he added. 'We are confident that the resilience and unity of the Chinese people, under the resolute leadership of President Xi Jinping, will see them through this difficult time.' Sharif said the people of Pakistan stood in solidarity with the people of China, adding they were 'bound together through thick and thin, in the spirit of iron clad brotherhood.' China and Pakistan share a longstanding strategic partnership, with close cooperation in defense, infrastructure, and economic development. Beijing has invested tens of billions of dollars in Pakistan through the China-Pakistan Economic Corridor (CPEC), a flagship project under the Belt and Road Initiative to enhance regional connectivity.
Business Recorder
a day ago
- Business
- Business Recorder
PM asks provinces, AJK & GB to partner for cashless economy
ISLAMABAD: In a clear message to the provinces, Prime Minister Shehbaz Sharif on Monday directed all provincial governments, including those of Gilgit-Baltistan and Azad Jammu and Kashmir (AJK), to fully cooperate with the federal government in advancing the ambitious plan for the digitisation of the economy and the promotion of a cashless economy. The prime minister, while chairing a weekly review meeting on the transition to a cashless and digital economy, warned that the transformation plan must not be treated as an optional exercise. He underscored that digitisation was not merely a matter of convenience – it was a matter of national transparency, economic efficiency, and global competitiveness. Govt pushes for cashless economy 'The aim is to make citizens' lives easier, not costlier,' the prime minister said, as he emphasised that the masses must not bear any financial burden during the transition. But behind the soft phrasing was a firm directive: federal plans must move forward swiftly, and all governments – central or provincial – must fall in step. Signalling impatience with bureaucratic foot-dragging, Sharif called for 'meaningful consultation' with stakeholders to be institutionalised – not delayed under the guise of process. He said that clear timelines must be met and insisted that collaboration across federal and provincial lines was non-negotiable. Officials briefing the prime minister said that the groundwork for the digital economy architecture was nearly complete. The National Digital Commission and Pakistan Digital Authority have been established, and rules of operation have been finalised. Appointments to the authority are said to be in their final stages. In what appears to be a signal that the plan is entering an operational phase, the Merchant Onboarding Framework – a critical step for enabling digital payments – was formally launched on July 25. The meeting was attended by Finance Minister Muhammad Aurangzeb, Planning Minister AhsanIqbal, IT Minister Shaza Fatima, and State Minister for Finance Bilal Kayani, as well as chief secretaries from all provinces and territories, and senior government officials. Copyright Business Recorder, 2025
Straits Times
a day ago
- Business
- Straits Times
‘Switching careers just as I became a dad was risky, but I had to do it for my family'
This young father and podcaster turned doubt into drive, leveraging the right support to make a meaningful career pivot to be more present and provide for his growing household As he became a dad, Mr Syed Sharif leaned on upskilling and support that helped him find his footing and be more present at home. For many in their 30s, this season of life is defined by transition – raising young children, supporting ageing parents and carving out a fulfilling career. In 2022, Mr Syed Sharif was in the thick of it. At the time, his wife and him were expecting their first child, and he was working shifts at a bank – while quietly going through a personal crossroads moment. 'I kept wondering – as a new father, am I doing enough? It wasn't just about contributing financially. I wanted to be there emotionally, too,' he shares. 'I knew I had to be there for my wife and son, get my resume done and look for a new job.' The 34-year-old, who has a diploma in mechanical engineering from Singapore Polytechnic, had spent several years in roles that required shift work – a routine he knew was not sustainable for his family priorities in the long run. He also wanted to move into a more strategic role and saw upskilling as the first step. Just before his wife gave birth, he used his SkillsFuture Credit to fund a three-month course in compliance – a field he had long been curious about. With the credit, Mr Sharif did not need to pay out of pocket for his course fees. 'I wanted to maximise the usage of my SkillsFuture Credit to open career pathways for me, like getting a higher-paying job with more responsibilities in an industry that I had always wanted to join,' he says. Within a month of receiving his certificate, he managed to land a new role as a compliance officer at another bank. It came with a significant pay raise, better long-term prospects, and structured working hours which would allow him to spend quality time with his family. Mr Sharif (far right) finds balance through creativity too, such as co-hosting Vada Poche – a podcast conducted in a mix of English and Tamil – with his friends. PHOTO: COURTESY OF SYED SHARIF Balancing fatherhood, work and personal passions He is especially grateful for the support from his wife Shaheena, who left her job in insurance to focus fully on raising their son. She is now pregnant with their second child. Government-paid paternity leave (GPPL) gave him two weeks of protected time to bond with his newborn and be present for his wife during those early, often overwhelming days as a first-time parent. Now, with baby number two on the way, he is planning to use four weeks of GPPL and also tap on the shared parental leave – a scheme that currently offers six weeks of leave and will be extended to 10 weeks for parents of babies born from April 2026. 'Paternity leave was the most crucial part of giving my wife time to rest, while I cared for our son and bonded with him during those precious first days,' he says. 'With our second child coming soon, we now know all about the government support that we can use.' With his second child on the way, Mr Sharif feels more assured, knowing that he can tap additional support such as increased mandatory paternity leave and the new shared parental leave scheme. PHOTO: SPH MEDIA Meanwhile, although his company offers flexible working arrangements, Mr Sharif prefers the routine of being in the office. He gets to plan his day better and reserve the evenings for his family. This structure also gives him time to invest in his passion project, Vada Poche, a podcast he launched in 2020 with three friends. The team spends four to 10 hours a week producing episodes that cover everything from social issues like gender equality, to spirited food debates, all delivered in Tanglish – a mix of English and Tamil. One of Vada Poche's co-founders is Mr Yuvaraj Uthaman, a marketing manager at an international business school, based in Singapore. Like Mr Sharif, the 32-year-old is navigating fatherhood, caregiving duties, career growth and passion-driven pursuits. With an avid interest in personal training (PT) and working out since his polytechnic days, Mr Yuvaraj decided to earn an American Certification in Exercise in 2022 to take on freelance PT jobs. Fellow Vada Poche co-host and new father Yuvaraj Uthaman is also finding his rhythm, as he balances familial duties, career growth and personal ambitions. PHOTO: COURTESY OF YUVARAJ UTHAMAN He used his SkillsFuture Credit to offset over 60 per cent of the fees for the three-month course, forking out only a couple of hundred dollars. Although he paused freelance work when his son was born, he hopes to return to it in the future. 'My challenge is juggling everything, from being a good caregiver to my wife and nine-month-old son to working in a fast-paced job, and finding time for our podcast,' he says. 'The moment I found out we were expecting, I knew I had to earn this much and do this much by the due date.' To help manage his concerns, Mr Yuvaraj tapped on the migrant domestic worker levy concession , which provides a monthly subsidy of $240 for Singaporean families with children under 16, allowing them to pay a concessionary rate of only $60 monthly. This concession also applies if an eligible elderly person or someone with disabilities lives in the same home. He gets to work from home on certain days, and his wife starts her job at a tuition centre only in the late afternoon. With an extra hand to assist with household chores, the couple gets to spend more time with their young son at home. Knowing their parents are taken care of While the two long-time friends, who first got to know each other at their polytechnic gym, do not live with their parents, both are mindful of their responsibilities as sons – a familiar tension for many in the sandwiched generation. Mr Sharif made the decision to purchase a flat in Ubi, close to his parents in MacPherson. His 61-year-old father is in the logistics industry and his 54-year-old mother gives pro-bono tuition in Tamil. 'They are both able-bodied but staying near them lets me run errands for them easily, like buying groceries or their favourite food,' he says. For families opting to buy a resale flat to live with or near their parents or child, there is the HDB Proximity Housing Grant , which offers up to $30,000. Juggling work and fatherhood, Mr Sharif is thankful to live close enough to help out with his father (far right) and mother (centre), and stay connected as a family. PHOTO: COURTESY OF SYED SHARIF His parents also enjoy savings for medical and dental care with their orange Chas cards at neighbourhood clinics, which relieves some of the pressures associated with medical expenses in their senior years. Besides his parents, Mr Sharif also lives just across the road from his in-laws, making it easy for the family to have regular meals with them. His in-laws, in turn, occasionally help with minding Mr Sharif's son when he and his wife need to run errands. Mr Yuvaraj's mother, a 69-year-old retired teacher, lives with his sister but the siblings take turns to bring her for hospital check-ups for her rheumatism. Two years ago, she also had a knee replacement surgery which was partially covered by her MediSave. She also benefited from the one-time MediSave bonus under the Majulah Package , which provides eligible seniors up to $2,000 in their CPF MediSave Account. Although Mr Yuvaraj's mother enjoys cooking, there are days when her rheumatism flares up so badly that she is not able to prepare meals. That is when CDC vouchers come in handy, as she can spend them on hawker food. Says Mr Yuvaraj: 'These help to alleviate rising food costs and are so convenient to use.' Mr Sharif agrees: 'My parents look forward to initiatives like these because they like to know that they are being taken care of. 'I feel a sense of assurance that there's a little extra help on the financial side. I'd like them to lead a comfortable life without having to over-worry about the basic cost of living.' Discover how Forward Singapore schemes and programmes can help support Singaporeans at every stage of life. In partnership with
The Diplomat
a day ago
- Business
- The Diplomat
Pakistan Achieves First Current Account Surplus in 14 Years
Pakistan's economy continues to demonstrate signs of stabilization and, in some cases, has even surpassed foreign currency reserves-related financial targets agreed with international lenders, particularly the International Monetary Fund (IMF). The State Bank of Pakistan announced last week that the country had achieved its first annual current account surplus (at $2.1 billion) after 14 years. The milestone was reportedly reached with crucial import management, a major rise in remittances, and growth in exports, particularly in the textile and information technology sectors. As a result of these factors, including fresh and rollover loans, Pakistan's foreign exchange reserves have reached $20 billion. Pakistan's Prime Minister Shehbaz Sharif welcomed the achievement, saying that the main reason for the current account surplus was due to 'a significant increase in remittances and exports.' Government officials are highlighting this development as a major indication that the country's economy has stabilized. 'Improving financial and economic indicators show that the country's economy is on the path of stability,' Sharif said. In another significant development, ratings agency S&P Global raised Pakistan's sovereign credit rating to B- from CCC+ and placed it on a 'stable' outlook. 'The stable outlook reflects our expectations that continued economic recovery and government efforts to enhance revenue will stabilize fiscal and debt metrics,' S&P said in a statement. 'We also expect that sustained official financing will support Pakistan in meeting its external obligations, and that the country will continue to roll over its commercial credit lines over the next 12 months,' it said. Amid these developments, Pakistan is also pushing to normalize and ease trade terms with Afghanistan. Pakistan and Afghanistan signed a deal to reduce tariffs on eight agricultural items for one year, which has laid the foundation for a broader preferential trade agreement (PTA) between the two countries. The agreement, which will come into effect on August 1, will remain in place for one year and can be renewed by the two countries. The deal also allows for the future inclusion of additional items. The temporary agreement is being seen as the first tangible step toward launching negotiations on a comprehensive PTA. Seemingly, these positive developments on the monetary front are supported by growing international backing for Pakistan. Pakistan's Army Chief Lt. Gen. Asim Munir recently visited China, where he met top military and civilian leaders to discuss initiatives under the China-Pakistan Economic Corridor (CPEC) and the need for both countries to develop coordinated responses to shared geopolitical challenges. While the army chief was in China, Pakistan's Foreign Minister and Deputy Prime Minister Ishaq Dar was in Washington for his first bilateral meeting with Secretary of State Marco Rubio. The two discussed trade and diplomatic ties. The statement issued by the secretary of state after his meeting with Dar was unusually warm and went beyond the typical mention of counterterrorism cooperation alone. 'Secretary Rubio expressed appreciation for Pakistan's continued willingness to play a constructive role in mediating conversations with Iran and its commitment to preserving regional stability,' the State Department said. In a separate post on X, Rubio said he met his Pakistani counterpart to discuss 'expanding bilateral trade and enhancing collaboration in the critical minerals sector.' Rubio also thanked Dar for 'Pakistan's partnership in countering terrorism and preserving regional stability.' Pakistan seems to be doing well in managing its relationships with both China and the U.S., which bodes well for its economy and its ability to access international markets. That said, critics argue that economic stabilization doesn't mean Pakistan's economy is on the path to sustainable growth. The ongoing stabilization is mainly seen as Pakistan doing well in meeting targets agreed with international lenders and fulfilling its debt obligations. Moreover, Pakistan continues to spend more on importing goods and services compared to what it earns from exports. Pakistan has around $20 billion in foreign currency reserves, but the dollar rate in the interbank and open markets has increased in recent weeks. The Pakistani English daily Dawn reported that private businesses are finding it difficult to access dollars easily in the market as the State Bank of Pakistan makes major purchases to meet fiscal deficit-related gaps. Last week, the dollar rate dropped a little after security agencies launched a crackdown on illegal currency smugglers. It appears there are still concerns about dollar-related liquidity issues despite the more-than-expected rise in foreign currency reserves in recent months. Business owners from across the country recently met with Munir to share their concerns about the need for effective reforms, especially regarding taxation, to steer the economy back onto a sustainable path to recovery. It seems that domestic reforms are still slow, even though overall macroeconomic indicators have improved. Inflation has dropped significantly in recent months officially, but retail markets and major food-related businesses have yet to pass these benefits on to consumers. This remains a challenge that the government has not yet overcome with adequate reforms, which will require sidelining interest groups. However, Pakistan has come a long way from being on the verge of economic default not long ago. The real challenge is to build on this internationally recognized economic stabilization by pushing through meaningful reforms.
Business Recorder
a day ago
- Business
- Business Recorder
PM Shehbaz underscores digital economy push to enhance transparency, ease public access
Prime Minister Shehbaz Sharif on Monday said that digitisation of the economy will help improve transparency and ensure public convenience without adding financial burden on citizens. Chairing a high-level meeting to review progress on the government's digital transformation and cashless economy agenda, the premier said the core objective of the digital transition plan is to offer efficient services to the public free of additional cost. 'The federal government is encouraging digital payments and electronic fund transfers through focused policy measures,' Sharif noted. PM Shehbaz approves formation of digital ecosystem in FBR He directed authorities to hold meaningful consultations with provincial governments to ensure effective and inclusive implementation of the digital transformation roadmap. The prime minister also instructed provincial administrations, including those of Gilgit-Baltistan and Azad Jammu and Kashmir, to fully cooperate with the federal government in advancing the digital and cashless economy agenda. With provincial support, he said, the government's digital initiatives could be accelerated to achieve key targets within the stipulated timelines. Sharif further called for institutionalising stakeholder engagement as a regular feature of the transformation process. PM Shehbaz lauds FBR reforms as tax filers jump to 7.2mn The briefing during the meeting highlighted that the National Digital Commission and Pakistan Digital Authority had been established, and necessary regulatory frameworks finalised. The process of appointing the chairperson and members of the authority is in its final stages. Officials also informed the meeting that the Merchant Onboarding Framework, a key component of the digital payments infrastructure, was formally launched on July 25, 2025. The meeting was attended by Finance Minister Muhammad Aurangzeb, Minister for Economic Affairs Ahad Khan Cheema, Minister for IT and Telecom Shaza Fatima Khawaja, Minister of State for Finance and Railways Bilal Azhar Kayani, the chief secretaries of all provinces, Gilgit-Baltistan and AJK, as well as senior federal officials.
