Pakistan assures support for establishing Asia Infrastructure Bank

ISLAMABAD: Finance Minister Muhammad Ishaq Dar on Monday assured full support to the Chinese government for the establishment of Asia Infrastructure Bank. A statement issued by the Ministry of Finance said Ishaq Dar held a bilateral meeting with Chinese Finance Minister Lou Jiwei during the 47th Annual Meeting of the Board of Governors at Astana on Monday.

The minister also appreciated the proposal for its establishment as it is likely to contribute to the development of infrastructure needs of the region.The minister appreciated the Chinese contribution to the economic development of Pakistan and conveyed the best wishes from the prime minister of Pakistan to the Chinese leadership.

Appreciating the Chinese support for building the economic corridor from Kashgar to Gwadar, both sides agreed to work on an integrated plan for overcoming the difficulties likely to be encountered in the planning and implementation of the economic corridor.

Ishaq Dar assured full support for the initiative of establishing the economic corridor as it will not only reduce the transportation costs, but also result in the development of local regional economies through increased connectivity through enhanced levels of movement of people and goods.

In a meeting with a US delegation led by Marisa Lago, Assistant Secretary International Markets and Development, on the occasion of 47th annual meeting of Board of Governors of Asian Development Bank, Finance Minister Mohammad Ishaq Dar on Monday said that Pakistan was expecting the World Bank to consider Dassu Hydro Project and would appreciate the US support in this regard.

Dar said Pakistan was goingahead with Diamer Bhasha Dam Project which would serve the dual purpose of generating electricity and acting as a water reservoir for both agriculture and flood controls.

The finance minister briefed the US delegation about the structural reforms and stabilization measures undertaken by the present government since its coming into power in June 2013.He informed the delegation that through prudent macroeconomic management austerity measures resorting to external sources of funding and retiring domestic debt obligations the government had been successful in putting the economy on the stable growth trajectory.

The minister suggested the Asian Development Bank (ADB) to adopt innovative approaches for addressing the newly arising challenges through reviewing ADB’s processes, rewarding innovative approaches and by adopting result based lending modalities.

The minister represented Pakistan during the Governor Round Table Conference, in the 47th annual meeting of the ADB Board of Governors at Astana today, said a statement issued by the Ministry of Finance.The theme of the conference was to suggest a role for ADB in handling the challenges currently faced in the Asia and Pacific economies due to different levels of economic development.

Russia assures US it won’t invade Ukraine

KOSTYANTYNIVKA: Moscow has assured Washington it will not invade Ukraine, the US Defense Department said after the United States and Europe imposed fresh sanctions on Russia over its role in the former Soviet republic.

As Western powers stepped up the pressure on Moscow over the worst East-West crisis since the Cold War, the White House on Monday slapped sanctions on seven Russian officials and 17 firms close to President Vladimir Putin.

The European Union said it was adding 15 names to its own list while Canada added nine names and two banks.

Tensions on the ground in Ukraine spiked when a pro-Moscow mayor was shot and badly wounded and rebels seized another town.

The Pentagon said that Secretary of Defense Chuck Hagel had spoken by phone with his Russian counterpart Sergei Shoigu and that "Shoigu reiterated his assurance that Russian forces would not invade Ukraine".

Defense Department spokesman Rear Admiral John Kirby, in a statement, said the two men discussed a range of issues related to the situation in Ukraine, with Hagel requesting clarification of Russia´s intentions in eastern Ukraine.

Hagel urged an end to Russia´s "destabilising influence inside Ukraine and warned that continued aggression would further isolate Russia and result in more diplomatic and economic pressure," Kirby said.

The Pentagon chief also asked for Moscow´s help in securing the release of seven inspectors from the Organization for Security and Cooperation in Europe being held in eastern Ukraine.

Moscow said that, during the phone call with Hagel, Shoigu called on the United States to tone down its rhetoric on the Ukraine crisis.

The Kremlin vowed there would be a "painful" response for Washington to the sanctions imposed.

Russian Deputy Foreign Minister Sergei Ryabkov told the Interfax news agency that Moscow was "disgusted" by the US action, which he said showed Washington had "completely lost touch with reality".

 

Pemra assures restoration of Geo News telecasts: Pervaiz

ISLAMABAD: Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rasheed has said that he talked to the Chairman of Pakistan Electronic Media Regulatory Authority (Pemra) Pervaiz Rathore regarding the closure of Geo News in parts of the country and the Pemra chief had assured him that he would take steps for the restoration of telecast of Geo News.

The minister, in a statement issued here on Thursday, strongly regretted the closure of Geo News broadcast, hurdles in circulation of ‘The News’ and ‘Jang’ in some parts of Pakistan.“The news of closing the broadcast of Geo News, changing its position on cable and hurdles in the circulation of ‘The News’ and ‘Jang’ in some parts of the country is highly regrettable,” the minister said.