The Gujarkhan Times, Gujar Khan (2025)

01/10/2022

FinMin Ishaq Dar massively slashes petrol price by Rs12.63 per litre

ISLAMABAD: Newly appointed Finance Minister Ishaq Dar on Friday slashed the price of petrol by Rs12.63 per litre giving massive relief to the inflation-weary people.

Addressing his maiden press conference as the finance minister, Dar said that the decision to reduce prices of petroleum products has been taken after consultation with Prime Minister Shehbaz Sharif.

It should be noted that the new prices will come into effect at midnight tonight.

Following the changes in the prices, petrol will now be available for Rs224.80 per litre from October 1.

Meanwhile, there is also a decrease of Rs12.13 in the price of high-speed diesel, after which the new price will stand at Rs235.30 per litre. The price of light diesel oil will be Rs191.83 after a decrease of Rs10.19 per litre.

Moreover, the finance minister also announced a 31-day extension in the date of filing tax returns.

Later a statement issued by the Finance Division mentioned that the government decided to decrease the prices of petroleum products in the wake of the reduction of petroleum products prices in the international market and with a view to providing relief to the consumers

30/09/2022

Army Chief General Qamar Javed Bajwa inaugurated the newly renovated Chaklala Cricket Ground

Chief of Army Staff General Qamar Javed Bajwa inaugurated the newly renovated Chaklala Cricket Ground.

According to Pakistan Army Public Relations Department ISPR, Chief of Army Staff General Qamar Javed Bajwa inaugurated the newly renovated Chaklala Cricket Ground.

The cricket ground will also be available to the students and clubs of Rawalpindi and Islamabad to promote sports and provide a healthy environment.

According to ISPR, on the occasion of the inauguration, Chief of Army Staff General Qamar Javed Bajwa appreciated the efforts of Rawalpindi Corps for renovating the old cricket ground and providing the best cricket facilities.

30/09/2022

Whenever Ishaq Dar became the finance minister, he drove the country out of bankruptcy: Imran Khan

Chairman PTI Imran Khan has said that whenever Ishaq Dar became the finance minister and removed the bankruptcy of the country, he silently acknowledged it, so there will be no difference between us and the sheep.

Addressing a rally in Muzaffarabad, Imran Khan said that preparations are being completed, they are going to call the nation soon.

Imran Khan said that the Chief Election Commissioner of Pakistan is the Chief Electoral Fraud, the nation will not forgive the Chief Election Commissioner, if he does not resign immediately, he will take legal action.

30/09/2022

I had said many years ago that I have left my affairs to Allah: Nawaz Sharif
London: Former Prime Minister Nawaz Sharif expressed his gratitude for Maryam's acquittal and said that I had said many years ago that I have left my case to Allah.

Talking to the media in London, Nawaz Sharif said that if a person is truthful, then Allah does not leave the side. Allah showed the truth to the whole world.

It should be noted that today the Islamabad High Court has acquitted Maryam Nawaz, the vice president of Muslim League-N in the Avenfield reference. A two-member bench comprising Justice Amir Farooq and Justice Mohsin Akhtar Kayani of the Islamabad High Court heard the petition against the sentence in the Avenfield reference on behalf of Maryam Nawaz.

The Islamabad High Court after hearing the arguments of Maryam Nawaz's lawyer Amjad Parvez Advocate and NAB Prosecutor gave a short judgment in the case and declared Maryam Nawaz's 7-year sentence void and acquitted her.

It should be remembered that the accountability court sentenced Maryam Nawaz to 7 years and her husband Captain Retired Safdar to one year in the Avenfield reference.

Nawaz Sharif, leader of Muslim League-N, was sentenced to 10 years in prison in the Avenfield case itself

30/09/2022

Gold gains its shine back, price rallies by Rs2,200 per tola in Pakistan

KARACHI: Gold continued to shine in the local market on Thursday as the price rose by 1.5%, and as a result, investors once again started showing interest in the safe-haven asset.

The gold price rose by Rs2,200 per tola and Rs1,886 per 10 grams to settle at Rs145,900 per tola and Rs125,086 per 10 grams, data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Although gold is considered a traditional hedge against economic and other global uncertainties, investors have lately preferred the safety of the dollar amid growing slowdown worries and a high-interest rate environment.

In the international market, the price of the yellow metal rose by $27 per ounce settling at $1,651 as the dollar resumed its ascent after a brief dip in the previous session, with looming rate hikes still a headwind for the non-yielding bullion.

Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices declined by Rs10 per tola and Rs8.58 per 10 grams at Rs1,560 per tola and Rs1,337.44 per 10 grams.

With gold under pressure, silver should also continue to struggle to outperform but a clear positive turn in gold holds considerable risks for silver.

30/09/2022

Flood relief activities to continue for next two years, says planning minister
ISLAMABAD: Minister for Planning, Development, and Special Initiatives Ahsan Iqbal said Thursday that the relief activities initiated after cataclysmic floods in the country could continue for the next two years.

Devastating floods engulfed large swathes of Pakistan this month, killing more than 1,600 people and devastating the country's infrastructure to cause damages estimated nearly at $30 billion.

In conversation with anchorpersons, Iqbal blamed climate change for the unprecedented rainfall and flooding that have "severely affected" the rural areas.

"Natural disasters are a result of climate change, however, we are coming up with plans to deal with them in future. For now, the government has allocated Rs40 billion for 20 underdeveloped districts."

Civil society organisations — helping in relief efforts from setting up tent cities to providing education in camps — are rendering "valuable services", the planning minister noted.

For their part, the minister noted that the armed forces are actively participating in relief efforts, along with the provincial governments and district administrations.

"The floods have caused wide-scale destruction. The nation will have to unite and help those affected by floods," the planning minister urged.

As many as 1,666 people have been killed in flash floods, including 615 children and 333 women, the country's disaster management agency said on Thursday.

Apart from the lives lost, more than two million people's houses have been destroyed, and over one million livestock — a major source of income for rural households — have been lost in the floods.

Non-governmental organisations are working in flood-affected areas, while aid from the international community is also trickling in gradually, but it is yet to cushion the catastrophe's damage.

The floods have also raised questions on whether Pakistan will be able to pay its debts on time, with the local currency weakening against the dollar and the forex reserves diminishing over time.

In this regard, Prime Minister Shehbaz Sharif and Foreign Minister Bilawal Bhutto-Zardari have sought climate justice to compensate for the destruction as the disaster was climate-induced — and Pakistan produces one of the lowest carbon emissions in the world

30/09/2022

Critical-level: Foreign exchange reserves continue to plunge

KARACHI: In line with the dominant trend over the last several weeks, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 4.07%.

On September 23, the foreign currency reserves held by the SBP were recorded at $8,005.9 million, down $341 million compared with $8,346.4 on September 16, data released by SBP showed on Thursday.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,761.9 million.

Net reserves held by banks amounted to $5,756 million. The central bank cited external debt repayment as a major reason behind the decline.

With the current foreign exchange reserves position, Pakistan has an import cover of less than two months.

A critical level of reserves has caused severe pressure on the Pakistani rupee with the local unit becoming the worst performing currency this month.

The rupee gained some ground as Ishaq Dar assumed charge as the new finance minister, a development that helped the currency market recover.

The rupee was at the cusp of a fresh historic low; however, Dar’s arrival gave the market much-needed clarity.

The Pakistani rupee appreciated for the 5th consecutive session on Thursday and closed at 229.62

30/09/2022

Today's Pakistan clearly different from what it was six months ago: Bilawal

The visit to the US was fruitful, Foreign Minister Bilawal Bhutto-Zardari said, adding that the purpose of the visit was to help the flood victims in Pakistan. He also vowed that a lot of work has to be done for them.

"At this critical time, the demand for pre-elections is like playing with the lives of the flood victims," he said, addressing a press conference in Washington on Thursday.

"The top priority is to aid flood victims; politics is a distant second. Nothing that we do for the flood evacuees is adequate."

He said the United Nations Secretary-General put the flood issue on top of the agenda during the UN session. He expressed gratitude to the world community for the help they offered to Pakistan for the flood victims.

The minister said, "We have not reached the stage of reconstruction and rebuilding. We are still in the phase of relief and rescue."

"You must have witnessed improvement in the country's foreign affairs during the six months of our government. Also, you must witness a clear difference between today's Pakistan and what it was six months ago," Bilawal noted.

Bilawal said Pakistan faces shortage of food as crops have been destroyed by floods. Pakistan faced massive flooding right after the country inked an agreement with the IMF, he said.

The COVID-19 pandemic and the Ukraine war have triggered price hike around the globe, he said.

Bilawal said, "Besides floods, our agenda was to improve relations with the US. The visit to the US was successful." Both the countries are expected to make further progress in trade, agriculture, health and other sectors, he said.

He suggested that India and Pakistan work together on climate change issues. The world would suffer if there is no agreement on climate change issues, he warned.

Bilawal said the ten biggest countries affected by climate change will have to raise their voices together. He proposed to the world to work together as it is the only solution to the climate change problem.

He also criticised PTI Chairman Imran Khan, saying the PTI leader has damaged the foreign policy and economy of the country, said the foreign minister. However, Pakistan is back on the right track, he said, thanking God.

"It would be unfair if Asad Majid [Pakistan's ex-envoy to the US when the cipher was delivered] was penalised for a wrong committed by Imran Khan," he said. Asad Majid is fulfilling his responsibilities, he said.

30/09/2022

Rupee flourishes further against dollar after Ishaq Dar warning

The Pakistani rupee continued its upward trend in the interbank market as the dollar further weakened against the local unit for the fifth consecutive session on Thursday, after newly appointed finance minister Ishaq Dar's warning against manipulation of Pakistani currency.

The dollar lost 2.5 against the rupee and closed at Rs229.62 during intraday trade, up in value from yesterday's close of 232.12.

Finance Minister Ishaq Dar warned that no one would be allowed to play tricks with the local currency.

Currency dealers and analysts have cited that the return of Ishaq Dar — a close aide of PML-N supremo Nawaz Sharif — to Pakistan as the finance minister has helped improve sentiment and the fall in international commodity prices boosted the rupee’s rise.

The current account deficit — fortunately — will likely remain in check on account of declining international commodity prices and administrative measures taken by the government.

Inflation, too, has most likely peaked and is expected to come down over the coming months, The News reported.

Talking to Geo.tv, economist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said the first aspect is a change in market sentiment driven by a leadership change at the finance ministry.

"The new team is regarded to be more conscious of rupee movement and thus leaning to more orderly movement," the former adviser said.

Secondly, he noted that some fundamentals have improved, especially a decline in oil prices as well as other key commodity prices, which may help reduce the quantum of imports.

"Thirdly, the confirmation by multilateral lenders to extend flood support is a market supporting development," Dr Najeeb said.

Lastly, a bit farfetched but the possibility of reconsideration and leniency in some conditions by the International Monetary Fund (IMF) due to flood impact is driving a positive sentiment toward the rupee, Najeeb added.

30/09/2022

'Real reason behind Imran's ouster,' PTI responds to Maryam's acquittal

In a strong response to PML-N Vice President Maryam Nawaz's acquittal in a corruption case, PTI said that it was the "real reason" behind PTI Chairman Imran Khan's ouster.

The PTI has been building a narrative since its ouster in April that the party's removal from the government was the incumbent rulers' strategy to get themselves acquitted of corruption.

PTI Senior Vice President Fawad Chaudhry claimed that the state institutions have lost the nation's confidence and said that their decisions have "no value" in the people's court.

Beyond any doubt, it is another dark day in the history of Pakistan," he added.

In a tweet, PTI Secretary-General leader Asad Umar said: “Inflation is increasing day by day and cases of imported government leaders are being dismissed daily

These are the main reason[s] for which Imran Khan was removed through conspiracy.”

Former energy minister Hammad Azhar said that the PML-N was also a "bit embarrassed" after today's ruling.

PTI's Babar Awan said the jail department would teach lessons about the Sharif family to prisoners so that they can get NRO II as well.

PTI leader Khurram Sher Zaman said "regime change conspiracy" has come out on top after the ruling and not the PML-N

30/09/2022

IHC acquits Maryam Nawaz, husband Safdar in Avenfield reference

The Islamabad High Court (IHC) acquitted on Thursday PML-N Vice President Maryam Nawaz and her husband Captain (retd) Safdar in the Avenfield reference, nullifying the conviction handed to them in 2018 by an accountability court.

Shortly before, the IHC had reserved its verdict on an appeal filed by Maryam against the sentence awarded to her in the Avenfield reference.

An accountability court, just ahead of the 2018 General Elections, slapped Maryam with a fine of £2 million and sentenced her to seven years for being “instrumental in concealment of the properties of her father” and one year for non-cooperation with the bureau — sentences which were due to run concurrently.

PML-N Supremo Nawaz Sharif was sentenced to 10 years in jail for possessing assets disproportionate to the known sources of income, while Maryam's husband captain (retd) Muhammad Safdar was handed down two-year rigorous imprisonment.

In August 2019, Maryam was arrested in the case — while she was visiting her father in prison. Later, a local court granted bail in November 2019.

PML-N supremo Nawaz Sharif, while talking to his aides in London, congratulated his daughter Maryam and claimed that the cases against the father-daughter duo were "baseless".

“God has unveiled the liars today. The sentences were announced hastily to prevent us from participating in the 2018 elections,” said the former prime minister, adding that some people wanted him not to come back to Pakistan after the sentences were announced.

He shared that he returned to Pakistan for his arrest with his daughter after leaving behind an ailing wife.

In a brief tweet right after the verdict, Maryam's uncle Prime Minister Shehbaz Sharif said the “edifice of lies, slander and character assassination” had come crumbling down.

The Gujarkhan Times

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