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KARACHI: Finance Minister Ishaq Dar assured investors on Wednesday that “there’s no way Pakistan is going to default”, though he agreed that all was not well with the economy. “We’re in a tight position. We don’t have $24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault,” he told investors at a ceremony to mark the listing of Pakistan’s first developmental real estate investment trust scheme on the stock exchange. Mr Dar also assailed “pseudo-intellectuals” for raising the spectre of sovereign default even though the country repaid its $1 billion Islamic bond before maturity early this month. “There’s no way Pakistan is going to default,” he repeatedly declared in his largely backward-looking speech via video link. ‘Pseudo-intellectuals’ assailed for raising spectre of sovereign default Mr Dar’s reference to pseudo-intellectuals appears to be a dig at his predecessor Dr Miftah Ismail, a PhD in economics, who...

Russia’s foreign minister said Wednesday he was convinced that Moscow would achieve its goals in Ukraine thanks to its “patience” and “perseverance”. “I am convinced that thanks to our perseverance, patience and determination, we will defend the noble goals that are vital for our people and our country,” Russia’s top diplomat Sergei Lavrov said in an interview broadcast on national television Wednesday. He reiterated Moscow’s stance that for talks to resume Kyiv should recognise the annexation by Russia of four Ukrainian regions. “Our absolute priority is four new Russian regions,” Lavrov said. “They should become free from the threat of Nazification that they have faced for many years.” Russia does not currently control the regions of Donetsk, Lugansk, Kherson and Zaporizhzhia in full, and Lavrov confirmed that was Moscow’s ultimate goal. Lavrov said that while Moscow wanted the conflict to be over, Russia would take its time to achieve its goals on the battlefield. “We are in ...

JAMSHORO: A woman was killed while several others sustained injuries when a loaded truck turned turtle and fell on a passing-by car on M-9 motorway near Jamshoro, ARY News reported. According to details, the tragic incident took place at Karachi-Hyderabad M-9 motorway, where a loaded truck turned turtle and fell on a passing-by car. The people in the car were travelling from Mirpur Khas to Karachi. Rescue sources told ARY News that the woman in the car died on the spot, while two women who sustained injuries were shifted to the hospital for medical assistance. Sources further claimed that the two people were trapped in the car and efforts were underway made to extricate them. Meanwhile, rescue operation was being carried out at the accident spot and the truck was being removed with the help of a crane. Read More: Three killed in car-truck collision in Ghotki Earlier in November, at least two people were killed and seven others sustained injuries when a car collided with a trailer...

Foreign Minister Bilawal Bhutto Zardari has hailed the securement of the “loss and damage fund” at last month’s COP27 climate summit as a “significant achievement”. He said this in an exclusive interview with Arab News published on Wednesday in which he talked about his recent seven-day visit to the United States. FM Bilawal was in New York earlier this month to host a ministerial conference of the G-77 and China bloc — the largest negotiating bloc of developing countries within the United Nation network. It was also Pakistan’s last conference as the chair of the group as the leadership was transferred to Cuba for the upcoming year. Talking to Arab News , he asserted that he was “proud of the fact that it was under Pakistan’s chairmanship of the G77” that this aim for the climate fund — which he said was something that climate activists had been struggling with for the past 30 years — had been achieved. “I think we were very successful in creating that consensus.” He said that...

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif invited Turkiye President Recep Tayyip Erdogan to ‘International Conference on Climate Resilient Pakistan’, to be held in Geneva on January 9, 2023 in the wake of the recent devastating floods, ARY News reported on Monday. According to details, the prime minister held a telephone conversation with President of the Republic of Turkiye Recep Tayyip Erdogan. The two leaders exchanged views on various bilateral matters and international issues. During the telephonic conversation, PM Shehbaz underscored the importance of continued international support and solidarity for Pakistan’s plans to build back better after devastating floods. PM Shehbaz highlighted the daunting challenge faced by Pakistan in terms of rehabilitation and reconstruction of the flood-affected areas in a climate-resilient manner. The prime minister expressed gratitude on behalf of the people and the government of Pakistan to the brotherly government of Turkey for the pro...

BUFFALO: Temperatures were expected to moderate across the eastern and midwest United States on Tuesday, after days of freezing weather from “the Blizzard of the Century” left at least 50 dead and caused Christmas travel chaos. However, according to a BBC report, the death toll has risen to 62. Blizzard conditions persisted in parts of the northeastern US, the stubborn remnants of a sprawl of extreme weather that gripped the country over several days, causing widespread power outages, travel delays and deaths in nine states, according to official figures. In New York state, authorities described ferocious conditions, particularly in Buff­alo, with hours-long whiteouts, bodies being discovered in vehicles and under snow banks, and emergency personnel going “car to car” searching for survivors. NY governor calls it ‘Blizzard of the Century’ The perfect storm of fierce snow squalls, howling wind and sub-zero temperatures forced the cancelation of more than 15,000 US flights i...

KARACHI: Sindh Governor Kamran Tessori has responded to the allegations of Pakistan Tehreek-e-Insaf (PTI) leader and former governor Imran Ismail and said, ‘Muttahida Qaumi Movement (MQM) is my red line’, ARY New reported on Tuesday. While talking to the ARY News programme ‘11th Hour’, Sindh Governor Kamran Tessori said that he does not want to respond to Imran Ismail’s statements. However, he said that he wants to clarify that he belongs to MQM Pakistan and it is his red line. He asked Ismail to be careful in his statements. Regarding division in MQM faction, Tessori said that the merger of MQM factions is now dependent on Dr Khalid Maqbool Siddiqui and the current MQM Rabita Committee. He added that Siddiqui is willing to restore the past glory of the metropolis. READ:  MQM-P LEADERS MEET SINDH GOVERNOR, SHARES RESERVATIONS AGAINST PPP He said that Pak-Sarzameen Party (PSP) chief Mustafa Kamal and MQM Bahali Committee head Dr Farooq Sattar met him and held a detailed discu...