ISLAMABAD: Pakistan is fully committed to taking all necessary measures to provide robust security to all Chinese nationals in the country, the Foreign Ministry said late Friday.
Shah Mahmood Qureshi held an urgent call with his counterpart Wang Yi following an attack on the Chinese consulate in Karachi, apprising him of the details and highlighting the prompt action of Pakistani law enforcement officials.
Three gunmen stormed the consulate but were killed before they could enter the building, and at least two policemen died.
“He assured the State Councilor (Wang) that a thorough investigation will be carried out to apprehend the perpetrators, their financiers, planners and facilitators,” the ministry said.
The two countries will continue to cooperate to thwart the designs of “hostile forces against their time-tested friendship.”
Wang also condemned the attack, according to the statement, saying it was an attempt to hurt ties between the two countries and harm the China-Pakistan Economic Corridor.
He stressed that their “brotherhood was clad in iron and such cowardly attacks could not affect it.”
United Nations Secretary-General António Guterres condemned the Karachi attack and another that happened on Friday at a market in the north-west province of Khyber Pakhtunkhwa. At least 30 were killed.
“He hopes those responsible for the attacks will be swiftly brought to justice,” read a statement from his office.
The United States also condemned the two attacks.
“We send our deepest condolences to the victims’ families and wish for the speedy recovery of those injured,” Heather Nauert from the US State Department said.
“We also commend the Pakistani security forces’ quick and brave response to the attack on the Chinese Consulate in Karachi that prevented further loss of life.
“The United States stands with the Pakistani people in the face of these terrorist acts, and will continue to seek opportunities to cooperate with the Pakistani government to combat these threats in the region.”
China assured of ‘robust security’ after consulate attack
China assured of ‘robust security’ after consulate attack
- Thorough investigation will be carried out, says foreign minister
- Attack was attempt to hurt ties and harm CPEC, says China
Pakistan’s deputy PM says country seeks to convert $1 billion UAE deposit into investment
- Ishaq Dar says the UAE will acquire shares in Pakistani companies using the amount, with transaction to be completed by March 31
- The UAE’s remaining $2 billion in deposits, part of funds used to shore up Pakistan’s foreign reserves, are due for rollover in January
ISLAMABAD: Pakistan is seeking to convert part of its financial support from the United Arab Emirates into long-term investment to reduce external debt, Deputy Prime Minister Ishaq Dar said on Saturday, following talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan during his visit to Islamabad.
Dar said Pakistan was engaged with the UAE on converting $1 billion in deposits into equity investment, potentially involving stakes in companies linked to the Fauji Fertilizer Group, a move that would end Pakistan’s repayment obligation on that portion of the funds.
The UAE has been one of Pakistan’s key financial backers in recent years, providing $3 billion in deposits to the central bank as part of a broader effort to stabilize the country’s external finances and unlock support from the International Monetary Fund.
Speaking at a year-end briefing, Dar said Pakistan had already begun discussions with the UAE on rolling over the first $1 billion tranche, but Islamabad now wanted to replace short-term borrowing with investment.
“They will be acquiring some shares, and this liability will end,” Dar said, adding that discussions were under way for the transaction to be completed by March 31.
Dar said the Fauji Foundation Group was taking the lead in the process, with plans for partial disinvestment by Fauji-linked and other companies to facilitate the deal.
He added that Pakistan also raised the issue of a separate $2 billion rollover due in January during talks with the UAE leadership, saying Islamabad had conveyed that converting debt into investment would be preferable to repeated rollovers.
The issue was discussed during Al Nahyan’s visit, which Dar described as cordial, adding that the UAE had expressed willingness to expand its investment footprint in Pakistan.
Pakistan has relied on repeated rollovers of deposits from friendly countries to manage its balance-of-payments pressures, a practice economists say provides short-term relief but adds to debt vulnerabilities unless replaced with foreign direct investment.
The country acquired $5 billion from Saudi Arabia and $4 billion from China, which, along with the UAE, helped shore up its foreign reserves and meet IMF conditions at a time when its external account was under severe pressure.
Dar said Pakistan was now focused on shifting from temporary financing toward longer-term capital inflows to stabilize its economy and reduce reliance on external borrowing.
