Saudi Crown Prince wins hearts in Pakistan

News Network
February 19, 2019

Feb 19: Dubai The historic two-day official visit of Saudi Crown Prince Mohammad Bin Salman concluded with a strong message about the ‘bright future of Pakistan.

“Crown Prince Mohammad Bin Salman won the hearts of the people of Pakistan when he said “consider me Pakistan’s ambassador to Saudi Arabia” in response to my asking him to treat the 2.5 mn Pakistani’s working in KSA as his own,” Prime Minister Imran Khan summed up his feelings in his tweet.

Crown Prince Mohammad was seen off on Monday by Premier Imran and Pakistan Army Chief General Qamar Javed Bajwa at the Nur Khan Airbase. But before leaving, they held a candid but important press conference.

Imran thanked the Crown Prince for his visit hoping that he would stay longer next time “so I can show you the beauty of Pakistan and the northern areas.” He also thanked Prince Mohammad for his announcement of releasing more than 2,000 Pakistani prisoners from Saudi jails with immediate effect. “I want to thank you on behalf of the people of Pakistan” for announcing the release of Pakistani prisoners,” he said. He also thanked the crown prince for the agreements worth $20 billion that were signed on the first day of his visit in Islamabad.

We believe in Pakistan’s future and that it has a huge opportunity. In 2030, Pakistan will be next to two huge economies.

- Mohammad Bin Salman

“I woke up this morning and when I looked at my mobile phone, I realised ─ after your statement last night saying that you would be Pakistan’s ambassador in Saudi Arabia ─ that if you stand in elections here, you would get more votes than me,” Imran said on a lighter note, addressing the Crown Prince who was standing at a podium to his right. “You are extremely popular,” he added.

Crown Prince Mohammad told the press conference: “We believe in Pakistan’s future and that it has a huge opportunity. In 2030, Pakistan will be next to two huge economies. One, China will be the largest economy in 2030, and two, India will be the third-largest economy so Pakistan will definitely benefit from these neighbours,” he said.

Huge Potential

“We saw the Pakistani economy grow by 5 per cent in 2018 so we believe that Pakistan has huge potential, it could be one of top 20 economies in the future,” he reiterated.

“If the efforts of the leadership, the people of Pakistan, and their allies come together, definitely it can reach that one day,” he added.

Saudi Arabia has always been a 'friend in need' to Pakistan. For Pakistanis, this is a great day.

- Imran Khan

“So because of that, we believe in Pakistan and we want to be part of that journey and we want to risk our money, risk our efforts, to start from day one,” he explained.

“What we did today, it’s the beginning and we hope in the close future we do more and more partnering with Pakistan,” he said.

Pakistan is a very important country

After receiving a very warm welcome upon his arrival in Islamabad on Sunday, Crown Prince Mohammad engaged in various activities lined up for the day.

Speaking at the official reception at the Prime Minister’s House in Islamabad, Prince Mohammad said Pakistan will be a very, very important country in the future and that his country had been waiting for a leadership like that of Prime Minister Imran Khan to partner with Islamabad in various areas.

“Whatever we did was the beginning and I hope in the near future we do more,” he said.

That was evident in Saudi Arabia’s announcement of a whopping $20 billion investment to help Pakistan tide over its economic problems.

The credit for that change goes to Pakistan Prime Minister Imran Khan, who unlike his predecessors, sought investment instead of charity. The Saudi investment is not a charity as it will benefit both the countries.

The investment will be mainly in minerals, tourism, petrochemicals, agriculture, food processing and other key sectors.

The crown prince said Pakistan is a “dear country” to all Saudis and that the two countries “have walked together in tough and good times”.

Prime Minister Imran in his speech welcomed the Saudi crown prince and his delegation to the country, saying the Kingdom has always been a “friend in need” to Pakistan.

“For Pakistanis, this is a great day,” he said, adding that Saudi Arabia had always been there when Pakistan needed friends.

Imran said Pakistan and Saudi Arabia were now taking their relationship to a new level, where investment agreements would be mutually beneficial for the countries.

Khan told the Crown Prince that if it hadn’t been for security concerns, “you would have seen thousands and thousands of people on the streets welcoming you.”

Imran’s request

He requested the Crown Prince to allow Pakistani Haj pilgrims to complete immigration at the three major Pakistani airports before leaving for Saudi Arabia for their convenience.

Prime Minister Imran requested the Saudi authorities to look into the hardships of Pakistani labourers working in the Kingdom.

In response, the Crown Prince told Prime Minister Khan he could consider him the ambassador of Pakistan in Saudi Arabia.

“We cannot say no to Pakistan ... whatever we can do, we will deliver that,” he said.

Saudi Pakistan Supreme Council

Bilateral ties also received a significant boost with the launch of the Saudi-Pakistan Supreme Coordination Council. Chaired by Imran and Prince Mohammad, the council is a high-level institutional mechanism to fast-track decisions in critical aspects of cooperation, and to monitor its implementation in three key areas: political and security, economic, social and culture.

Seven MoUs signed

Seven Memoranda of Understanding were signed at a ceremony witnessed by Crown Prince Mohammad and Prime Minister Imran at the Prime Minister’s House,

The agreements signed include:

Technical cooperation programme between the Saudi Standards, Metrology And Quality Organisation (SASO) and Pakistan Standards and Quality Control Authority (PSQCA).

Cooperation agreement between Saudi and Pakistani governments in the field of sports.

Financing agreement for the import of Saudi goods between the Saudi Fund for Development and Pakistan.

Framework MoU regarding Saudi funds’ participation in the financing of power generation projects between the Saudi Fund for Development and Pakistan.

MoU between the governments of Saudi Arabia and Pakistan to explore investment opportunities in refining and petrochemical sectors.

MoU between the governments of Saudi Arabia and Pakistan in the field of mineral resource sector.

MoU between the government of Saudi Arabia and Pakistan on the development of renewable energy projects.

Prime Minister Khan also held a one-on-one meeting with the Saudi crown prince at PM House. It was followed by the inaugural session of the Saudi-Pak This is not charity

In response to the Saudi investment of $20 billion in different projects in Pakistan, , Saudi State Minister for Foreign Affairs Adel Al Jubeir said on Monday: “This is not charity, but investment for the benefit of the two countries.”

“We are developing a roadmap with set targets ahead in areas including counter-terrorism, economy, people-to-people contacts and culture to further deepen our relations,” the Saudi Minister said in a joint press conference with Pakistani Foreign Minister Shah Mehmood Qureshi.

Working Groups

Foreign Minister Qureshi said 10 joint working groups had been formed under the Saudi-Pak Supreme Coordination Council, which would meet every three months. He said the Council would coordinate in areas including security, defence, intelligence sharing and energy and the leadership would oversee the implementation of projects.

What analysts say

Senior officials and analysts praised the visit. They said it presents a “historic opportunity” to expand collaboration in all sectors.

Dr. Huma Baqai, expert on International Relations, said the high-profile visit is manifestation of the strength of the relationship and it would go a long way in building strategic and economic relations that have been the hallmark of two brotherly countries.

Economist Mirza Ikhtiar Baig said Pakistan is facing several economic challenges and Saudi investment in development projects in the country would send across a positive message to the world about Pakistan.

Saudi Arabia was investing in long-term projects, which showed that Middle East countries have sighted Pakistan to be a developed country in the near future, he said.

The economist said the main focus of Pakistan is to strengthen trade, agriculture, tourism and other relations with Saudi Arabia. Riyadh is interested to establish an oil refinery in Gwadar.

Former Foreign Secretary Najam-ud-Din Sheikh said the Saudi relationship with Pakistan is considered to be exemplary and exceptional. He said Pakistan supported Saudi’s role and provided all out assistance to the Kingdom at political, military and diplomatic levels. Former Ambassador Fauzia Nasreen also praised the visit. She said heavy investment in development projects would be a message to the world that Pakistan is a haven for foreign investors.

Prisoner release

Prince Mohammad Bin Salman ordered the immediate release of 2107 Pakistani prisoners from jails in Saudi Arabia. Pakistan Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain said Crown Prince Salman ordered the release of prisoners following a request from Prime Minister Imran Khan. He said cases of other Pakistani prisoners would also be reviewed.

The minister tweeted: “As a sequel to Prime Minister of Pakistan request, His Royal Highness the Crown Prince of Kingdom of Saudi Arabia Mohammad Bin Salman has ordered the immediate release of 2107 Pakistani prisoners from Saudi jails. Saudi Crown Prince arrived in Islamabad on a two-day official visit on Sunday.

Oil refinery

The biggest Saudi investment will be to set up an oil refinery in port city Gwadar. The oil refinery and petrochemical complex with an investment of around $11 billion would open new energy vistas in Pakistan. The Minister for Petroleum Ghulam Sarwar Khan signed Memoranda of Understanding (MoUs) with his Saudi counterpart to set up a $10 billion oil refinery, $ 1 billion petrochemical complex, installation of two Re-gassified Liquefied Petroleum Gas (RLNG) plants at an estimated cost of $4 billion and $2 billion investment in mineral development sector, an official source told APP.

“The petrochemical complex and refinery will help bring down the country’s oil import bill by $ 1.2 billion annually,” he said, adding Pakistan’s annual oil consumption was around 26 million tons (MT), out of which 13.5 MT was met through local production of eight existing oil refineries. “Around 50 per cent crude oil is imported to meet energy needs.”

Highest Civil Award for Crown Prince

President Dr Arif Alvi conferred the Pakistan’s highest civil award “Nishan-e-Pakistan” on Saudi Crown Prince Mohammed Bin Salman during a ceremony at the Aiwan-e-Sad in Islamabad.

The ceremony was attended by Prime Minister Imran Khan, federal ministers, three Services Chiefs, Chairman Joint Chiefs of the Staff Committee, members of the Saudi delegation and senior civil and military officials.

The country’s highest civil award was conferred on the Saudi Crown Prince in recognition of his efforts and contributions towards enhancing bilateral brotherly and traditional ties between the two countries.

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News Network
March 12,2020

Mar 12: Three women were arrested for allegedly administrating fake coronavirus vaccines to villagers in Maharashtra's Jalna district, police said on Thursday.

The police on Wednesday arrested Beed residents Radha Ramnath Saamse, Seema Krishna Andhale and Sangeeta Rajendra Avhad, who allegedly posed as doctors and healthcare workers, an official said.

The trio met villagers of Pipalgoan in Ambad tehsil, informed them about a vaccine that could protect them from coronavirus and administered it to gullible locals, he said.

Some villagers informed Dr Mahadev Munde, a medical officer at a rural health centre, about this, after which a complaint was lodged, the official said.

Fake vaccines and bottles, which were seized from the accused, have been sent to the state health department, he said, adding that a case of cheating has been registered against the trio.

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News Network
March 28,2020

Washington, Mar 27: The United States has seen a record 18,000 new confirmed coronavirus cases and 345 deaths over the past 24 hours, according to a Johns Hopkins University tracker.

There are now 97,028 declared virus cases in the country and there have been 1,475 deaths, Johns Hopkins said.

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News Network
February 1,2020

When it comes to the economy, dark days do loom large over India. May it be growth (lowest since 2008), inflation (highest in the last six years), or revenue collection (lowest in 10 years), the Indian economy is faltering. Hence, there is little leeway that can be assumed in the incumbent Union Budget 2020 (the first of the decade) if the economy needs to be boosted.

While presenting the decade's first Budget for India, finance minister Nirmala Sitharaman said on Saturday in Parliament:

Taxation

•             AADHAR based tax verification introduced

•             Review of customs duty exemptions in September 2020

•             GST refund process simplified

•             Electronic invoice implementation in phases

•             New digital scheme for tax litigation

•             PAN to be instantly allotted online against Aadhar

•             Vivaad se Vishwas Scheme: Defaulter to pay only disputed tax and no penalty or interest by 31 March 2020, post which additional amount can be paid till June 2020

•             Measure to promote affordable housing - tax holiday extended for developers

•             Concession on real estate transactions

•             Turnover threshold for audit raised to Rs 5 crore from 1 crore

•             Company audit requirements eased

•             Taxes on ESOPs (employee stock ownership) in start-ups deferred by 5 years

•             100% per cent tax exemption

•             Corporate Tax at 15%

•             Dividend Distribution Tax removed, dividend taxed only for recipients

•             No tax for 0-5 lakh

•             30% above 15 lakh

•             25% for income between Rs 12.5-15 lakh

•             20% for income between Rs 10-12.5 lakh

•             15% for income between Rs 7.5-10 lakh

•             10% for income between Rs 5-7.5 lakh, against the prevailing 20%

•             A new, optional simplified personal income tax regime for those not seeking exemptions

 

Major steps and initiatives taken by the government in finance

•             3.8 percent fiscal deficit estimated

•             GDP nominal growth expected at 10 per cent

•             Govt to sell part of holding LIC via IPO (initial public offering)- partial LIC disinvestment

•             Partial credit guarantee for NBFCs

•             New law for netting of financial contracts

•             Mechanism to end liquidity crisis

•             NRIs (non resident Indians) can invest in certain govt securities

 

Aspirational India: Caring society

•             App-based invoice financing loans for MSMEs

•             Amendment to Factoring Regulation Act to aid MSMEs

•             Pension Fund Regulatory and Development Authority (PFRDI) Act amendments

•             No criminal liabilities for civil acts

•             Auto-enrolment in universal pension scheme

•             5958 cr allocated for Ladakh

•             30757 cr allocated for J&K

•             Insurance for depositors raised to 5 lakh from 1 lakh

•             Robust mechanisms in place to monitor all PSU banks

•             Depositors’ money safe

•             100 cr for hosting G20 in 2022

•             National Recruitment Agency to be set up

•             Tax payers’ charter to be enshrined in statutes

•             Amendments for Companies Act

•             Tax payer charter proposed to free citizens from tax harassment

•             Businesses should have confidence that system is fair

•             4400 crore allocation for clean air and climate change policy

•             Aim to reduce carbon footprint - Warning to old thermal plants

•             Committed to preserve environment, tackle climate change

•             23150 crore for culture ministry

•             2500 crore for tourism sector

•             Institute of Heritage and Conservation to come up soon

•             Aim to set up more museums

•             5 archaeological sites to be made iconic

•             Proposal to end manual scavenging

•             53700 crore for welfare of STs

•             85000 crore for SCs and OBCs for 2021

•             35600 crore for nutritional schemes

•             Gross enrollment ratio of girls higher than boys in elementary level

•             Beti Bachao, Beti Padhao - tremendous results

 

Aspirational India: Infrastructure and economic development

•             Further reforms for transparent price discovery for natural gas

•             22000 crore for power sector

•             8000 crore for quantum technology in next 6 years

•             Two national level science schemes

•             Expand Jan Aushadhi Scheme

•             1 lakh gram panchayats to be connected via Bharat Net

•             6000 crore for Bharat Net

•             Data Centre parks to be set up across the country

•             National Gas Grid to be expanded

•             Reforms to help stressed DISCOMS (distribution companies)

•             Delhi-Mumbai Expressway by 2023

•             100 more airports by 2024

•             Plans to energise economic activity along river banks

•             Need to enhance sea ports

•             High Speed Mumbai-Ahmedabad train

•             More Tejas-type trains

•             4 station redevelopment projects under PP model

•             2000 km of strategic highways to be built, 11000 km of track electrification

•             Accelerated development of highways

•             National Logistics Policy to be released soon

•             Big push on infrastructure - 100 lakh crore

•             National Technical Textiles Mission to be set up

•             1480 crore outlay for textile sector

•             27300 crore for industrial development by 2021

•             Digital refund of duties for exporters

•             Boost domestic manufacturing - electronic equipment, mobile phone, medical devices

•             5 new smart cities in collaboration with states

•             Investment clearance cell to be set up for end to end facilitation

•             Entrepreneurship has been the strength of India

 

Aspirational India: Education and skills

•             High need for medical teachers and paramedics

•             Internships for engineers in panchayats

•             Rs 99300 cr for education sector

•             Large hospitals to be encouraged to start PG courses

•             Attach medical colleges to district hospitals

•             National police university to be set up

•             IND-SAT programme for overseas students for studying in India

•             New courses in 159 universities by 2026

•             Focus on education for jobs

•             Propose a fresh education policy

•             Urban local bodies should give opportunities to new engineers

•             Education needs more finances

 

Aspirational India: Healthcare

•             AI (artificial intelligence) to be used for Ayushman Bharat Scheme

•             69000 crore for health sector

•             Propose to set up more hospitals

•             Holistic vision for national healthcare

 

Aspirational India: Agriculture, Irrigation and rural development

•             Need to liberalise farm markets

•             108 million metric tonne milk production by 2021

•             2.83 lakh cr allocation for agriculture and irrigation

•             Propose raising fish production to 200 lakh tonne

•             Zero budget national farming

•             NABARD refinance scheme to be expanded

•             Village credit card scheme

•             Agriculture credit target for 2020 set at Rs 15 lakh crore

•             Village storage scheme for farmers, zero budget natural farming

•             Dhanya Lakshmi scheme for women in villages

•             Krishi Udaan by civil aviation ministry for air transport of such commodities over longer distances

•             Indian railways to set up 'kisan rail'

•             Govt to provide help to geo-tag warehouses

•             Financial inclusion has helped raise farm incomes

•             Plan for 100 water stressed districts

•             Scheme for 20 lakh farmers to set up solar pumps

•             Doubling farm income - model agricultural land leasing act, balanced use of fertilisers, solar pumps for 20 lakh farmers

 

Budget 2020 and its three focuses

•             Budget's first focus is 'Aspirational India'. Second focus: economic development for all. Third focus: building a caring society.

•             FDI at 284 billion dollars, achieved 7.84% growth

•             GST formalised the economy

•             Efficiency gained in logistics

•             16 lakh new tax payers added

•             Fundamentals of economy hold strong

•             Scaled up implementation of pro-poor schemes

 

Key challenges FM faces

•             India needs to grow by 9 per cent to 10 per cent a year to become the $5 trillion economy by 2024, as projected by the government. The government is now forecasting growth will come in at 5 per cent

•             The IMF, which had originally predicted 6.1 per cent growth for India in 2019, has revised that downwards to 4.8 per cent

•             The government’s likely to miss its fiscal deficit target for the current fiscal year of 3.3 per cent and hike its target to as much as 4 per cent for the next financial year

•             India will struggle to achieve 5 per cent GDP growth in 2020 - Economist Steve Hanke, Johns Hopkins University

•             Investment is forecast to grow at less than 1 per cent -- the lowest since 2004-05

•             India's unemployment rate rose to 7.5 per cent during September-December 2019 quarter, according to data released by think-tank Centre for Monitoring Indian Economy

 

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