Tag: Saudi Arabia

International

Australian government welcomes UNESCO finding on Great Barrier Reef

August 1, 2023

Canberra: The Australian government Tuesday welcomed the draft decision from the UNESCO not to list the Great Barrier Reef "in ...

International

Pakistan approves projects worth billions of dollars to Gulf countries for investment purpose

July 30, 2023

Islamabad: In a major development, cash-strapped Pakistan has in principle approved 28 projects worth billions of dollars that would be ...

Cash-strapped Pakistan to get Saudi help - Gwadar Port

International

Saudi Arabia invests $ 10 billion to build Pakistan’s largest oil refinery in Gwadar Port

July 28, 2023

Islamabad: Four Pakistani state-owned petroleum companies have signed a memorandum of understanding with Saudi Arabia to build Pakistan's largest oil ...

SAFF Championship 2023 -Indian National Football Team

Sports

FIFA World Cup Joint Qualification Round 2: India clubbed with Qatar, Kuwait in four-team Group A

July 27, 2023

Kuala Lumpur: The Indian men's football team has been drawn in Group A of the FIFA World Cup 2026 Preliminary ...

Smuggling of US dollars to Afghanistan hurting Pakistan's economy Karachi: The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, media reports said on Tuesday. "Pakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest one. The dollar crisis is also connected with it," Malik Bostan, the Chairman of the Exchange Companies Association of Pakistan (ECAP), said at a news conference, The News reported. About $2 billion goes to Afghanistan from Pakistan in the form of official and unofficial trade, misuse of Afghan transit trade, smuggling and through the borders, claimed Bostan, adding that these factors are burdening Pakistan's foreign exchange reserves. Currently, Pakistan's economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added, The News reported. To lower the import bill, the government imposed high duties on many luxury goods. "Our traders and importers thought that why should they pay a 200 per cent duty to the Pakistani government," Bostan said, adding that they operate a global network, accepting payments through hundi/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else. "They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country," he said. When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country's foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market, The News reported. He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. "Where does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala/hundi operators are giving those 270 for every dollar," Bostan said. IANS Pakistan, Afghanistan, economy

International

Pakistani rupee depreciates by Rs 1.8 against US dollar in interbank & open markets

July 25, 2023

Karachi: The Pakistani rupee lost value to the US dollar in the interbank and open markets Tuesday as the initial ...

Sports

Paris Saint-Germain accept world-record 259m pounds bid for Kylian Mbappe from Saudi club Al-Hilal: Report

July 25, 2023

New Delhi: Ligue 1 club Paris Saint-Germain have accepted Saudi Arabian side Al Hilal's world-record bid of 259 million pounds ...

International

Peace talks stalled over payment dispute with Saudi: Yemen’s Houthi militia

July 25, 2023

Sanaa: Yemen's Houthi militia said that peace talks with Saudi Arabia have been put on hold because of a dispute ...

North Korea confirms test-firing of Hwasong-18 intercontinental ballistic missile

National

NSA Ajit Doval bats for collective steps to overcome cybersecurity challenges

July 24, 2023

New Delhi: National Security Advisor Ajit Doval Monday called for collective efforts to deal with challenges emanating from cybersecurity at ...

Sports

Saudi Arabian soccer team Al-Hilal makes record $332 million bid for France striker Kylian Mbappe

July 24, 2023

Sydney: After missing out on Lionel Messi, Saudi Arabian soccer team Al-Hilal made a record 300 million euro ($332 million) ...

Metro

Odisha govt requests Indian envoy in Saudi to rescue 33 Odia workers

July 21, 2023

Bhubaneswar: The Odisha government has requested the ambassador of India at Riyadh in Saudi Arabia for the rescue and repatriation ...

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Editorial

Trust Deficit for EC

September 28, 2026

After remaining deafeningly silent on a media report casting serious doubts about the fairness and functioning of the Election Commission...

September 27, 2026

By Aakar Patel Corruption and bribery are two words that are interchangeable. Or are they? Bribery, in the way that...

September 26, 2026

By Dilip Cherian The next big change in India’s babudom may not come through another cadre reform or a new...

September 23, 2026

The alleged suicide by a second-year B. Tech student of the prestigious IIT Bombay, one of India’s most premier institutes,...

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