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PM Shehbaz meets world leaders amid Egypt’s Climate Implementation Summit

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  • PM Shehbaz meets world leaders and dignitaries during Egypt visit.
  • PM thanked EU Commissioner for its nations’ support for Pakistan in FATF grey list removal.
  • Premier thanks international community for helping Pakistan’s flood victims.

SHARM EL-SHEIKH: Prime Minister Shehbaz Sharif, during his maiden official visit to Egypt to attend the Climate Implementation Summit, has been meeting with world leaders and dignitaries on the sidelines of the summit in Sharm El-Sheikh.

In his meeting with the European Union Commissioner Ursula von der Leyen, PM Shehbaz appreciated the spirit of EU nations for their support extended to the flood-hit population of Pakistan.

The premier stressed the significance of achieving shared goals that the EU and Pakistan have worked on together, particularly the cooperation extended by EU nations toward the removal of Pakistan’s name from the Financial Action Task Force’s grey list.

“Unity is essential to combat the effects of climate change,” he said, adding that the impact of climate change faced by developing countries at present will eventually spread across the world.

The premier also spoke about increasing bilateral trade between Pakistan and the EU.

PM Shehbaz, during his ongoing visit, also met with the Secretary General of the Arab League on the sidelines of COP27’s High-Level Segments. The two leaders discussed issues of bilateral and mutual interest, agreeing on strong cooperation to prevent the devastating impacts of climate change.

The prime minister has also separately met with the Presidents of Iraq, Tajikistan and Indonesia Abdul Latif Rashid, Emomali Rahmon, and Joko Widodo, respectively. He also conducted a meeting with Lebanese PM Najib Makati.

PM Shehbaz thanked the international community for helping Pakistan’s flood victims and discussed bilateral, regional and global issues with them.

In his meeting with the President of the United Arab Emirates Sheikh Mohammed bin Zayed al-Nahyan, the premier thanked him for the assistance sent for aid and assistance of flood victims.

“The international community must come together to create a common charter for the survival of the planet,” PM Shehbaz iterated during his engagements in Egypt.

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Business

Moody’s says the IMF programme will increase Pakistan’s foreign financing.

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Moody’s, a reputable international rating agency, has stated that Pakistan’s chances of acquiring funding will increase as a result of the recent agreement with the International Monetary Fund (IMF), which offers dependable sources for that purpose from both friendly countries and international financial institutions.

According to a recent Moody’s analysis on Pakistan’s economy, social unrest and tensions could result from Pakistan’s ongoing inflation. The country’s economic reforms may be hampered by increased taxes and potential changes to the energy tariff, it continued.

Moody’s, on the other hand, agrees that the coalition government headed by Shehbaz Sharif of the PML-N is in danger of failing to secure an election mandate, which may potentially undermine the successful and long-lasting execution of economic reforms.

The government’s capacity to proceed with economic changes may be hampered by societal unrest and poor governance, according to Moody’s.

In order to appease the IMF by fulfilling a prerequisite for authorising a rescue package, the government raised the basic tariff on electricity, which coincided with the most recent increase in fuel prices announced on Monday. This report was released by Moody’s.

Food costs have increased in the nation, where the vast majority is experiencing an unprecedented crisis due to the high cost of living, following the government’s earlier presentation of a budget that included a large increase in income tax for the salaried classes and the implementation of GST on commodities like milk.

The most recent comments were made following Islamabad’s achievement of a staff-level agreement for a $7 billion contract that spans 37 months and is contingent upon final approval by the IMF Executive Board.

It states that Pakistan will need foreign financing totaling about $21 billion in 2024–2025 and $23 billion in 2025–2026, meaning that the country’s present $9.4 billion in reserves won’t be sufficient to cover its needs.

Therefore, according to Moody’s, Pakistan is in an alarming position with regard to its external debt, and the next three to five years will be extremely difficult for the formulation and implementation of policies.

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Base Of bilateral relations: China And Pakistan Reiterate Their Support For CPEC

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China-Pakistan economic corridor is a major project of the Belt and Road Initiative, and both countries have reiterated their commitment to it. It remains a fundamental aspect of their bilateral relations.

Vice Chairman Zhao Chenxin of the National Development and Reform Commission of China and Minister Ahsan Iqbal of Planning and Development met in Beijing, where Ahsan Iqbal made this assurance.

The summit made clear how committed China and Pakistan are to advancing their strategic cooperative partnership in all weather conditions.

The focus of the discussion was on how the CPEC was going, with both parties reviewing project development and discussing how the agreement made at the leadership level will lead to the launch of an enhanced version of the CPEC.

In order to improve trade, connectivity, and socioeconomic growth in the area, they emphasised the need of CPEC projects.

The Ml-I Project, the KKH realignment, and the Sukkur-Hyderabad motorway—the last remaining segment of the Karachi-Peshawar motorway network—were all to be expedited.

Expanding the partnership’s horizons to include technology, innovation, education, connectivity, and renewable energy sources was another topic of discussion.

Specifically in the special economic zones being built under the Comprehensive Economic Cooperation (CPEX), Vice Chairman NDRC emphasised the possibility of China investing more in Pakistan.

In addition to expressing confidence in the ongoing success of the two nations’ collaboration, Zhao Chenxin reiterated China’s support for Pakistan’s development aspirations.

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9th Muharram: Processions Happen Throughout the Nation Today Under Strict Security

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Nineth Muharram: Today, the nation observes the ninth day of Muharram with the appropriate seriousness and respect, honouring the ultimate sacrifice made by Hazrat Imam Hussain (RA) and his followers.

In addition to Tazia and Alam processions being held in certain cities, Majalis will take place in all major and minor cities.

A thorough traffic and security strategy for the ninth day of Ramadan has been finalised by the Islamabad police.

Starting from the Imambargah at G/6-2, the main 9 Muharram al haram procession will travel a predetermined itinerary before ending back at its starting position.

The traffic measures are in place to guarantee the parade proceeds smoothly. General traffic will not be allowed on the route that runs from Fazal Haq Road, Polyclinic, to Kulsoom Plaza.
Today, amid strict security, there are processions across the nation.

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