newspaper archive. The Act mentions August 15 as the Independence Day for both India and Pakistan. The country is just one of many around the world which annually celebrates its separation from the British Empire, which had a stranglehold on millions of people until the end of the 20th century. ""The nation is celebrating this Independence Day amid serious challenges ahead, ranging from economy to diplomacy, and regional developments," Karachi-based economist Shahid Hasan Siddiqui told Anadolu Agency. "Afghanistan is at a make or break point. We have to push the process forward in our own interest," he said. The day will give millions of people in the country to revel in what has been a year with little cause to do so so far. Please see our Pakistan will celebrate its Independence Day this week, as the country nears its 74th birthday. 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"To stabilize the already strained economy will be the first and foremost challenge for this government," said Siddiqui, chairman of the Research Institute of Islamic Banking and Finance in Karachi.The yearly economic survey reveals Pakistan's economy is set to contract for the first time in 68 years by 0.38% due to the adverse impact of the virus outbreak, and the already volatile financial situation.Economists expect the economy to shrink by $15 billion, with a 10% decline in gross domestic product in the fourth quarter of financial year 2020-21.Siddiqui, however, says "all is not bad" considering the current circumstances. Make the most of your money by signing up to our newsletter for Independence Day of Pakistan 2020: When is Pakistan's Independence Day? If peace is restored, it will ultimately benefit Pakistan. Pakistan will celebrate its 74th Independence Day on Aug. 14 amid a slew of economic, diplomatic and health challenges. Pakistan will celebrate its Independence Day this week, as the country nears its 74th birthday. "We cannot even think of offending Saudi Arabia. "Meanwhile, Pakistan unveiled a new "political map," which identifies Indian-administered Kashmir as a disputed territory, and states that a decision on its final status will be decided under UN resolutions.Earlier this month, Pakistan's Foreign Minister Shah Mehmood Qureshi asked the OIC to stop dilly-dallying on convening a meeting of the group’s Council of Foreign Ministers on Kashmir. Pakistan will celebrate its 74th Independence Day on Aug. 14 amid a slew of economic, diplomatic and health challenges.The nation of more than 210 million people, which enjoys a geo-strategic location since its inception in 1947, will mark the day amid new regional alignments, a new political map and strengthening partnership with China.Another highlight of the year is row with longtime ally Saudi Arabia because of a "lame" reaction by the Riyadh-dominated Organization of Islamic Cooperation (OIC) to India's scrapping the longstanding semi-autonomous status of disputed Jammu and Kashmir.The government of Prime Minister Imran Khan is struggling to prop up an ailing economy, which has also been hammered by the novel coronavirus.Although the South Asian nuclear state is among a handful of countries where virus cases have significantly dropped in recent weeks, economists say the effect on the domestic economy will be "long lasting. "It will be a big test for the Pakistani leadership, and the nation, to sustain the discourse initiated in the UNSC and other forums in view of India's illegal annexation of Kashmir," said Khalid Rahman, the head of Institute of Policy Studies, an Islamabad-based think tank. "Taxation, energy, and recovery of ill-gotten money and loans from within the country should be the government's priority to underpin the economy, and subsequently generate more jobs, and alleviate poverty.”The change in disputed Jammu and Kashmir's special status, and continual clashes between Indian and Pakistani armies along the Line of Control, the de facto Kashmir border, will continue to haunt the already strained relations between the two rivals for years to come, according to observers.The long-standing dispute was discussed by the UN Security Council thrice in a year, following New Delhi's move to annex the valley last August, which Islamabad characterized as a "mark of solidarity" by the international community with the Kashmiris.It was the first time the international body debated on Kashmir dispute since the Indo-Pak war of 1965. A small sliver of the region is also controlled by China.Since they were partitioned in 1947, New Delhi and Islamabad have fought three wars -- in 1948, 1965 and 1971 -- two of them over Kashmir.Some Kashmiri groups have been fighting against Indian rule for independence, or unification with neighboring Pakistan.According to several human rights organizations, thousands of people have been killed in the conflict, which flared up in 1989.On Aug. 5, 2019 the Indian government revoked Article 370 and other related provisions from its Constitution, scrapping the country’s only Muslim-majority state with its autonomy. He warned that if the OIC fails to do so, "I will request my prime minister to convene the meeting of those Muslim countries, which want to support us on the Kashmir issue, whether it will be through the OIC or any other forum. It was just a request to Saudi Arabia, which was, is, and will remain one of our closest friends," Qureshi explained in an attempt to ease criticism from opposition parties, which termed his remarks "careless," saying it amounted to affecting the decades-long "brotherly relations" with Riyadh.Siddiqui said disagreements with its traditional ally could cost Islamabad economically.

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