Federal Cabinet Pakistan Ratifies Kuwait Defence Pact, Approves New Currency Designs

The federal cabinet has ratified a defence cooperation agreement between Pakistan and Kuwait and approved new designs for currency notes, according to a statement issued by the Prime Minister’s Office on Wednesday.

The defence agreement, aimed at strengthening cooperation between the two countries, was concluded on June 11, 2023. Kuwait ratified it on July 19, the statement said.

The cabinet also approved transferring powers delegated to the Khyber Pakhtunkhwa chief minister to the provincial governor. The federal government declared an emergency and imposed governor’s rule in the province on October 11.

The transferred powers cover day-to-day administration during the emergency and other governance matters. Governor Faisal Karim Kundi will submit a monthly report to the federal government on how these powers are exercised.

The cabinet welcomed the arrangement and expressed hope that the KP Advisory Council, led by Kundi, would work to promote the province’s welfare, prosperity, peace and security.

On the Finance Ministry’s recommendation, the cabinet also approved designs for new currency notes. Artists and designers from across Pakistan submitted proposals, which a cabinet committee reviewed after consultations with relevant stakeholders.

The new notes will feature enhanced security measures and modern materials designed to improve their durability. The cabinet also approved replacing the Rs10 banknote with a Rs10 coin.

Addressing the meeting, Prime Minister Shehbaz Sharif said regional instability had pushed global oil prices higher. He added that Pakistan was continuing diplomatic efforts to restore peace in the Middle East.

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He referred to Pakistan’s recent engagements with Iran and other regional countries, as well as cooperation under the Makkah Joint Defence Agreement involving Pakistan, Saudi Arabia and Türkiye.

Shehbaz said the government had planned to raise fuel prices by Rs15 on Friday. However, Petroleum Minister Ali Pervaiz Malik had asked refineries to absorb the additional cost through their windfall profits.

The prime minister said the government would not allow the burden to fall on ordinary citizens.

He added that the fuel subsidy scheme, launched in September, would continue until the end of December. The government had spent Rs28 billion under the programme so far, he said, describing it as transparent and confirming that the Intelligence Bureau was monitoring its implementation.

On liquefied petroleum gas (LPG), Shehbaz said the government would auction imports in lots to encourage competition. Profits generated by the government would be used to subsidise supplies for consumers.

He said the government was working to ensure sufficient supplies of LPG, liquefied natural gas, petrol and gas ahead of winter despite disruptions to maritime routes.

The prime minister also said the federal government had finalised a proposed Rs160 billion package for Khyber Pakhtunkhwa.

He described security as the government’s top priority in the province and pledged to continue counterterrorism operations with the support of law enforcement agencies and the provincial government.