Turkey wants peaceful resolution of Kashmir dispute

Caption : Pakistan’s Foreign Minister Shah Mehmood Qureshi greets his counterpart, Turkish Foreign Minister Mevlut Cavusoglu at the Ministry of Foreign affairs in Islamabad, Friday 14 September. (Ministry of Foreign Affairs photo)
Updated 15 September 2018
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Turkey wants peaceful resolution of Kashmir dispute

  • Turkish Foreign Minister Mevlut Cavusoglu is on a two-day official visit to Islamabad
  • The Turkish news agency said the bilateral trade volume between Turkey and Pakistan stood at $650 million by the end of 2017 and Ankara intended to increase this to $1 billion

ISLAMABAD: Pakistan’s Foreign Minister Shah Mehmood Qureshi said on Friday that Turkey was willing to support Islamabad’s quest for a peaceful resolution of the Kashmir dispute.
He added that the latest United Nations report had endorsed Pakistan’s perspective on the protracted problem that had driven the two South Asian nuclear nations apart, noting that the UN had meticulously documented Indian brutalities in the occupied region.
Addressing a joint press conference with his Turkish counterpart, Mevlut Cavusoglu, at the Ministry of Foreign Affairs in Islamabad, Qureshi said that Turkey had also agreed to attend a conference on Kashmir on the sides of the UN session and shared Pakistan’s vision for a peaceful resolution of the dispute.
Bearing a message from President Recep Tayyip Erdoğan, the Turkish foreign minister had arrived in Pakistan on Thursday for a two-day official visit. At the top of his agenda were discussions on the bilateral ties of the two countries, enhanced cooperation and views on regional and international developments.
The Turkish News Agency Anadolu said the bilateral trade volume between Turkey and Pakistan stood at $650 million by the end of 2017 and Ankara intended to increase this to $1 billion.
On August 10, US President Donald Trump had slapped steel and aluminum tariffs on Turkey in an attempt to force it to release US pastor Andrew Brunson.
Pakistan has expressed solidarity with Turkey and its government over the economic crisis and the unilateral sanctions imposed by the US government.
“The solution to any and all issues should lie in dialogue, mutual understanding and goodwill. Any steps or actions to the contrary only undermine peace and stability and make the solution to a problem more difficult and intractable,” said a statement issued by Pakistan’s Foreign Office on Aug. 13.
On Friday, the foreign ministers of the two countries recognized each other’s support and noted that the relations between Turkey and Pakistan were between not only the two governments but also their people.


Pakistan stock market jubilant as country receives $1bn from KSA

Updated 22 min 45 sec ago
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Pakistan stock market jubilant as country receives $1bn from KSA

  • Benchmark KSE 100 index gained 66 points to close at 41,352 level
  • Receipt of first installment from $6bn Saudi bailout package stabilizes currency, dealers say

KARACHI: Bulls in Pakistan’s stock market celebrated receiving $1 billion, the first tranche from Saudi Arabia’s bailout package, with the benchmark KSE 100 index gaining 66 points to close at 41,352 against Monday’s loss of 307 points.
The installment eased the pressure on the Pakistani rupee, too, in both the open and inter-bank markets. “Receipt of $1 billion tranche of financial assistance from Saudi Arabia to ease external account crises, recovery in global crude prices, upbeat data on exports, remittances and surging local cement and fertilizer prices played a catalyst role in bullish close at Pakistan Stock Market,” Ahsan Mehanti, Chief Executive of Arif Habib Corporation, said.
Pakistan’s share market was volatile last week as investors continued to remain on the back foot, wary of Morgan Stanley Capital International’s (MSCI) Semi‐Annual Index Review, which was published on November 13. Later during the week, after a confirmation by the Saudi envoy that the Kingdom would release $3 billion in the next few days — from the $6 billion bailout package promised to Pakistan — investors’ confidence was back on track.
On Tuesday, 167 million shares worth Rs7.6 billion were traded on the equity market. “Stocks showed recovery as investors weighed government austerity measures and resistance over IMF terms for a bailout package,” Mehanti said.
However, no major fluctuation was witnessed in the currency market even as dealers said the inflow of the Saudi bailout money had stabilized the market which is trading at Rs134 against the dollar.
“The currency market is under pressure due to a larger gap as compared to the inflows,” Zafar Paracha, General Secretary of Exchange Companies Association of Pakistan, told Arab News.
“The inflow has given moral strength to the bulls as the market was in a depressed mode due to the large gap which the country needs to fill [in terms of its] external payments,” he said.
Even though Finance Minister Asad Umar has declared that “there is no fiscal emergency and balance of payment crisis is over,” the country needs $12 billion to fund its external payment obligations.
“The Saudi assistance has minimized the specter of a further weakness of the Pak Rupee against US dollar and in fact has stabilized the market to large extent,” Malik Bostan, President of Forex Association of Pakistan told Arab News.
“There were talks in the market that Pakistan won’t get anything from KSA but tranche has dispelled the impression. An additional inflow of remaining $2 billion from the KSA in the next two months would strengthen the currency market,” he said.
The first installment from Saudi Arabia received on Monday has strengthened the country’s position in terms of its foreign exchange reserves from $7.48 billion, till November 9, to around $8.4 billion on Tuesday.
Pakistan has been negotiating with its allies ­­-- including KSA, UAE, and China – for monetary assistance to overcome the current account deficit. Prime Minister Imran Khan’s economic managers are also negotiating with the International Monitory Fund (IMF) for another loan to meet the economic challenges. Though the exact quantum of IMF loan has not been determined, the finance minister last week said that the country may need $5 to $6 billion from the global financial body.