WASHINGTON: A four-member delegation from Pakistan headed by Attorney General Ashtar Ausaf Ali is due to visit Washington next week to appraise the top World Bank officials about Pakistan’s serious concern over the Kishanganga hydropower project that was inaugurated this week.
Talking to the media at the Pakistan Embassy in Washington, Pakistan’s Ambassador to the United States Aizaz Ahmed Chaudhry said that the delegation will visit the US capital from Monday through Wednesday during which it will hold high-level talks with the World Bank officials on the project.
Pakistan has termed the inauguration of the project without the resolution of the dispute as a serious violation of the Indus Waters Treaty brokered by the World Bank in 1960 that governs the distribution and control of rivers between Pakistan and India.
Ambassador Chaudhry expressed Pakistan’s serious concern over the project that has become operational and said that Islamabad had conveyed its strong opposition to the construction of the project to the World Bank but it had been ignored. India plans to undertake several such project in the disputed territory.
He said that as the World Bank is a guarantor of the treaty, it has to play its role in addressing Pakistan’s concerns over the project that has been constructed on waters flowing into Pakistan and would seriously disrupt supplies vital for the country’s agriculture.
India started the work on the 330 MW Kishanganga in 2009, but Pakistan took the issue to the International Court of Justice and also raised the issue with the World Bank.
Ambassador Chaudhry said that the World Bank needed to intervene in the matter, and it was the responsibility of the world body to fulfill its obligation as the guarantor of the international agreement.
Pakistan delegation to discuss Kishanganga Dam with World Bank officials in Washington
Pakistan delegation to discuss Kishanganga Dam with World Bank officials in Washington
- Pakistan’s Ambassador to the US Aizaz Ahmed Chaudhry said that a four-member delegation from Pakistan will visit the US capital next and hold high-level talks with the World Bank officials on the project
- Pakistan has termed the inauguration of the project without the resolution of the dispute as a serious violation of the Indus Waters Treaty
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
