ISLAMABAD: Pakistan Foreign Minister Shah Mahmood Qureshi has termed the Indian revocation of special status for disputed Kashmir a “unilateral and unjust” move that will jeopardize peace in the region.
“Just when the Afghan peace process was making a smooth headway, India has played the role of a spoiler by creating this distraction,” he told Arab News from Jeddah where he was attending the emergency meeting of the OIC on Kashmir hosted on Tuesday.
Qureshi said, “Russia, China, Central Asian Republics, and Pakistan all have shared objective to have peace restored in Afghanistan, the cease-fire implemented, and stability returning to the country.”
“This kind of diversion at this stage, at such a sensitive point, neither serves the region nor helps the US interests. They [India] have rather hindered [the process] through this destruction.”
Qureshi said that Islamabad will “use all diplomatic, legal and political options against the unilateral and unjust Indian decision of revoking special constitutional status of Indian occupied Kashmir.”
Pakistan has already initiated efforts to lobby world powers, he continued.
“Pakistan has not only taken up the issue with United States but also has started using its diplomatic contacts with China, Russia and other powers of the world.”
He said that US President Donald Trump had offered to mediate on Kashmir dispute between Pakistan and India which New Delhi unfortunately rejected.
“Now, Pakistan will use United Nations Security Council as well as other humanitarian and legal ways to take up the volatile issue of Kashmir to save the Kashmiri brothers,” he added. “Our legal experts are looking into all the possible dimensions to use the International Court of Justice or other legal platforms.”
Qureshi said that “the world has not only condemned India’s ruthlessly imposed decision on Kashmiri people but has rejected it altogether.”
He said the Kashmiri diaspora is in “sheer anguish” while voices within India are condemning the move. “Indian legal experts, themselves, are saying that the decision is unlawful and can be a big challenge for its government. It will create chaos within India.”
Pakistan has constituted a seven-member committee to review the political, diplomatic and legal aspects to prepare a proposed response in view of the critical situation of the Indian administered Kashmir.
According to the official notification, the committee comprises Foreign Minister Shah Mehmood Qureshi, Attorney-General of Pakistan Anwar Mansoor Khan, Foreign Secretary Sohail Mahmood, renowned international law expert Ahmer Bilal Soofi, as well as three top military generals including chiefs of the Inter-Services Intelligence (ISI), Military Operations, and the Inter-Services Public Relations (ISPR).
India’s Kashmir decree a ‘spoiler’ in Afghan peace process — Qureshi
India’s Kashmir decree a ‘spoiler’ in Afghan peace process — Qureshi
- Says New Delhi’s revocation of Kashmir’s special status will have regional implications
- Pakistan vowed to make all diplomatic and political efforts to challenge the Indian move
IMF board to approve Pakistan reviews today ‘if all goes well,’ say officials
- IMF’s executive board is scheduled to meet today to discuss the disbursement of $1.2 billion
- Economists say the money will boost Pakistan’s forex reserves, send positive signals to investors
KARACHI: The International Monetary Fund’s (IMF) executive board is scheduled to meet today, Monday, to approve the release of about $1.2 billion for Pakistan under the lender’s two loan facilities, said IMF officials who requested not to be named.
The IMF officials confirmed the executive board was going to decide on the Fund’s second review under the $7 billion Extended Fund Facility (EFF) and first review under the $1.4 billion Resilience and Sustainability Facility (RSF), a financing tool that provides long-term, low-cost loans to help countries address climate risks.
“The board meeting will be taking place as planned,” an IMF official told Arab News.
“The board is on today yes as per the calendar,” said another.
A well-placed official at Pakistan’s finance ministry also confirmed the board meeting was scheduled today to discuss the next tranche for Pakistan.
The IMF executive board’s meeting comes nearly two months after a staff-level agreement (SLA) was signed between the two sides in October.
Procedurally, the SLAs are subject to approval by the executive board, though it is largely viewed as a formality.
“If all goes well, the reviews should pass,” said the second IMF official.
On approval, Pakistan will have access to about $1 billion under the EFF and about $200 million under the RSF, the IMF said in a statement in October after the SLA.
The fresh transfer will bring total disbursements under the two arrangements to about $3.3 billion, it added.
Experts see smooth sailing for Pakistan in terms of the passing of the two reviews, saying the IMF disbursements will help the cash-strapped nation to strengthen its balance of payments position.
Samiullah Tariq, group head of research at Pakistan Kuwait Investment Company Limited, said the IMF board’s approval will show that Pakistan’s economy is on the right path.
“It obviously will help strengthen [the country’s] external sector, the balance of payments,” he told Arab News.
Until recently, Pakistan grappled with a macroeconomic crisis that drained its financial resources and triggered a balance of payments crisis.
Pakistan has reported financial gains since 2022, recording current account surpluses and taming inflation that touched unprecedented levels in mid-2023.
Economists also viewed the IMF’s bailout packages as crucial for cash-strapped Pakistan, which has relied heavily on financing from bilateral partners such as Saudi Arabia, China and the United Arab Emirates, as well as multilateral lenders.
Saudi Arabia, through the Saudi Fund for Development, last week extended the term of its $3 billion deposit for another year to help Pakistan boost its foreign exchange reserves, which stood at $14.5 billion as of November 28, according to State Bank of Pakistan statements.
“In our view this [IMF tranche] will be approved,” said Shankar Talreja, head of research at Karachi-based brokerage Topline Securities Limited.
“This will help strengthen reserves and will eventually help a rating upgrade going forward,” he said.
The IMF board’s nod, Talreja said, would also send a signal to the international and local investors regarding the continuation of the reform agenda by Pakistan’s government.
