NEW DELHI: Fresh concerns on the economic front, a bold attack on the Karachi police chief’s office and other news that made headlines last week in our neighboring country Pakistan:
Pakistan is already in default, says the defense minister
Pakistan is already in default, Defense Minister Khawaja Asif said on Saturday, holding “everyone” accountable, including the establishment, the bureaucracy and politicians.
Speaking at a private college ceremony in Sialkot, he said: ‘You may have learned that Pakistan is going bankrupt or in the process of default or meltdown. It has already happened. We live in a bankrupt country.”
He said the current situation is the result of minimal respect for the Constitution and the rule of law over the past seven decades.
“The solution to our problems lies within the country. The IMF has no solution to Pakistan’s problems,” he added.
Karachi police office attackers identified
The Pakistani Taliban militants who attacked the police chief’s office in Karachi were identified as residents of two tribal districts bordering Afghanistan, police said on Sunday.
Zala Noor and Kifayatullah were identified as residing in North Waziristan and Lakki Marwat districts respectively.
Three TTP terrorists were killed and four others, including three security personnel, also lost their lives in the attack.
Read the full story
Petrol at historic highs after 22 rupee hike
On Thursday, the Pakistani government raised the price of petrol by another 22 rupees per liter to an all-time high.
The consecutive increases have seen the price of petrol in Pakistan rise sharply, from around 150 rupees per liter in May 2022 to the current 272 rupees.
Pakistan is desperate for an IMF bailout to prop up its struggling economy. But the global lender has made the withdrawal of fuel and electricity subsidies a condition of the package.
Read the full story
Fitch downgrades Pakistan’s credit rating
Global rating agency Fitch downgraded Pakistan’s sovereign debt rating by one notch from CCC+ to CCC-, citing political risks, extremely low reserves and large refinancing risks and tough conditions set by the International Monetary Fund (IMF).
Its downgrade comes after S&P Global cut Pakistan’s long-term sovereign debt rating by one notch to “CCC+” from “B” in December, citing a continued weakening of its external, fiscal and economic metrics.
Read the full story
China temporarily closes consular office in Islamabad
China has temporarily closed the consular section of its embassy in Pakistan due to “technical problems”.
The embassy refrained from providing any specific information about the nature of the “technical problem” or the timeline for closure.
The notification follows a warning from the Chinese government, advising Chinese citizens to exercise caution while in Pakistan, saying they could be at risk from the deteriorating security situation.
Read the full story
Clock Pakistan: Amid severe economic crisis, Defense Minister Khwaja Asif says the country is bankrupt
Pakistan is already in default, says the defense minister
Pakistan is already in default, Defense Minister Khawaja Asif said on Saturday, holding “everyone” accountable, including the establishment, the bureaucracy and politicians.
Speaking at a private college ceremony in Sialkot, he said: ‘You may have learned that Pakistan is going bankrupt or in the process of default or meltdown. It has already happened. We live in a bankrupt country.”
He said the current situation is the result of minimal respect for the Constitution and the rule of law over the past seven decades.
“The solution to our problems lies within the country. The IMF has no solution to Pakistan’s problems,” he added.
Karachi police office attackers identified
The Pakistani Taliban militants who attacked the police chief’s office in Karachi were identified as residents of two tribal districts bordering Afghanistan, police said on Sunday.
Zala Noor and Kifayatullah were identified as residing in North Waziristan and Lakki Marwat districts respectively.
Three TTP terrorists were killed and four others, including three security personnel, also lost their lives in the attack.
Read the full story
Petrol at historic highs after 22 rupee hike
On Thursday, the Pakistani government raised the price of petrol by another 22 rupees per liter to an all-time high.
The consecutive increases have seen the price of petrol in Pakistan rise sharply, from around 150 rupees per liter in May 2022 to the current 272 rupees.
Pakistan is desperate for an IMF bailout to prop up its struggling economy. But the global lender has made the withdrawal of fuel and electricity subsidies a condition of the package.
Read the full story
Fitch downgrades Pakistan’s credit rating
Global rating agency Fitch downgraded Pakistan’s sovereign debt rating by one notch from CCC+ to CCC-, citing political risks, extremely low reserves and large refinancing risks and tough conditions set by the International Monetary Fund (IMF).
Its downgrade comes after S&P Global cut Pakistan’s long-term sovereign debt rating by one notch to “CCC+” from “B” in December, citing a continued weakening of its external, fiscal and economic metrics.
Read the full story
China temporarily closes consular office in Islamabad
China has temporarily closed the consular section of its embassy in Pakistan due to “technical problems”.
The embassy refrained from providing any specific information about the nature of the “technical problem” or the timeline for closure.
The notification follows a warning from the Chinese government, advising Chinese citizens to exercise caution while in Pakistan, saying they could be at risk from the deteriorating security situation.
Read the full story
Clock Pakistan: Amid severe economic crisis, Defense Minister Khwaja Asif says the country is bankrupt
