Pakistan prime minister okays bank accounts for 1.4 million Afghan refugees

Pakistan is home to 2.5 million Afghans, the world’s second-largest refugee population, of which 1.4 million are legally recognised through ‘Proof of Registration’ cards issued by Pakistan. (AP/File)
Updated 25 February 2019
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Pakistan prime minister okays bank accounts for 1.4 million Afghan refugees

  • Afghan refugees with ‘proof of registration’ cards can ‘participate in the formal economy,’ Khan says
  • Pakistan has an estimated 2.5 million Afghan refugees, the world’s second-largest refugee population

ISLAMABAD: Prime Minister Imran Khan announced on Monday that Afghan refugees who held valid registration cards in Pakistan which granted them legal status would be allowed to open bank accounts.
Pakistan is home to 2.5 million Afghans, the world’s second-largest refugee population, of which 1.4 million are legally recognised through ‘Proof of Registration’ cards issued by the host government.
“I have issued instructions today that Afghan refugees who are registered can open bank accounts and from now onwards they can participate in the formal economy of the country,” the prime minister said in a Twitter post. “This should have been done a long time ago.”
The move aims to harness the economic potential of Afghan refugees by allowing them to open accounts at any Pakistan bank and enabling them to deposit and withdraw cash, carry out bank transfers, set up direct debits and make payments with cards.
Afghans have long complained about harassment and denial of work-related and other opportunities due to the absence of citizenship rights, even for those who have been born in Pakistan or spent decades living and working there.
Efforts by the Pakistan government to ease life for Afghan refugees will also be seen as a confidence building measure by Kabul, with whom relations have been particularly frosty in recent years.

Afghanistan accuses Islamabad of harbouring Taliban militants who carry out attacks across the border. Pakistan vehemently denies the charge and blames Afghanistan for providing safe havens to indigenous Pakistani Taliban militants who have carried out major attacks on its soil, including a siege on an army school in 2014 in which 134 children perished.
Experts said the prime minister's announcement was likely backed by Pakistan’s all-powerful military and linked to ongoing efforts to reach a negotiated settlement to a 17-year-long war in Afghan between Taliban insurgents and a Western-backed government. 
"By helping the Afghan refugees [by allowing bank accounts] Pakistan can ensure the Afghan government and the international community that it is whole heartedly supporting the peace process in Afghanistan,” political commentator Qamar Cheema told Arab News.

Aid agencies estimate that 1.5 million Afghans have been internally displaced by conflict, with U.N. figures showing 600,000 uprooted by conflict and drought in the past year alone.

Some three million Afghans have returned from camps in Pakistan and Iran since 2015, many ending up in squatter villages. Humanitarian agencies warn that any big influx of people back to Afghanistan would seriously test the ability of the government and international agencies to cope.


Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst

Updated 05 March 2026
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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.