MULTAN: Pakistani authorities have evacuated about 2,000 people from flood-affected areas after accusing India of opening a dam without warning earlier this week and swelling two rivers in Pakistan.
Pakistani rescue services deployed boats and with the help of the military, transported people to safety from the flooded areas around the Ravi and Indus Rivers.
They say the water, which had come from India’s Sutlej River and Ladakh Dam, was receding Friday. The floodwaters entered Pakistan on Tuesday morning, damaging homes and crops in the region.
Pakistan says that under the 1960 Indus Water Treaty brokered by the World Bank, New Delhi is required to share information with Islamabad about rivers flowing into Pakistan.
Rains often trigger floods in Pakistan and India during monsoon season, which runs from June through September.
Pakistani authorities evacuate 2,000 from flood-hit areas
Pakistani authorities evacuate 2,000 from flood-hit areas
- Rescue services deployed boats and transported people to safety with army help
- Under Indus Water Treaty, New Delhi has to share information about rivers flowing into Pakistan
China says will continue investments in Pakistan after deadly suicide bombing
- On Mar. 26, suicide bomber hit a convoy of Chinese engineers working on Dasu hydropower project
- Five Chinese nationals and their Pakistani driver were killed in the attack in northwestern Pakistan
ISLAMABAD: The Chairman of the China International Development Cooperation Agency (CIDCA), Luo Zhaohui, said Beijing will continue to work with Pakistan to fulfill commitments made under the framework of the China-Pakistan Economic Corridor and the Global Development Initiative, Pakistani state news agency APP reported on Friday.
Luo’s statement comes a month after a suicide bomber rammed a vehicle into a convoy of Chinese engineers working on a hydropower project at Dasu in the northwestern Khyber Pakhtunkhwa province, killing five Chinese nationals and their Pakistani driver.
The assault on Mar. 26 was the third major attack in little over a week on China’s interests in the South Asian nation, where Beijing has invested more than $65 billion in infrastructure projects as part of its wider Belt and Road initiative.
Chinese contractors suspended work on three hydropower projects in view of security concerns after the March attack, government officials told media last month.
“China is ready to work with Pakistan to implement the consensus reached by the leaders of the two countries, further, deepen strategic mutual trust, and promote practical cooperation in various fields within the framework of the China-Pakistan Economic Corridor and the Global Development Initiative,” APP quoted Luo as saying.
“In his meetings with friends from various sectors during a recent visit to Pakistan, he hoped that friends from all walks of life would continue to exert their influence, and offer advice and suggestions for the development of bilateral relations.”
During the meetings, according to APP, Lou thanked Pakistani officials for “their long-standing contributions to China-Pakistan friendly cooperation, emphasizing the increasingly significant strategic importance of accelerating comprehensive cooperation between China and Pakistan and leading regional development trends.”
The Pakistani side expressed condolences over the Dasu attack and “highly praised the enduring traditional friendship” between Pakistan and China and their cooperation in various fields.
“They added that Pakistan will continue to support the development of Pakistan-China relations, advance exchanges on state governance, and expand friendly exchanges between the two countries in various sectors, including between governments, parliaments, business communities, think tanks, youth, and civil society,” APP said.
The Mar. 26 bombing followed a Mar. 20 attack on a strategic port used by China in the southwestern province of Balochistan, where Beijing has poured billions of dollars into infrastructure projects, and a Mar. 25 assault on a naval air base, also in the southwest. Both attacks were claimed by the Baloch Liberation Army (BLA), the most prominent of several separatist groups in Balochistan.
Dasu, the site of a major dam, has been attacked in the past, with a bus blast in 2021 killing 13 people, nine Chinese among them, although no group claimed responsibility, like the Mar. 26 bombing.
Pakistan is home to twin insurgencies, one mounted by religiously-motivated militants and the other by ethnic separatists who seek secession, blaming the government’s inequitable division of natural resources in southwestern Balochistan province.
Chinese interests are under attack primarily by ethnic militants seeking to push Beijing out of mineral-rich Balochistan, but that area is far from the site of the Mar. 26 bombing.
Pakistan central bank expected to hold rates on Monday ahead of IMF deal
- Median estimate in Reuters poll predicts State Bank will hold rates steady
- South Asian nation is seeking new long-term, larger IMF bailout program
KARACHI: Pakistan’s central bank is widely expected to hold its key interest rate at a record 22 percent for the seventh straight policy meeting on Monday as Pakistan gears up for an International Monetary Fund board approval and talks on a longer term program.
Monday’s policy decision will be followed by the fund’s executive board meeting to discuss the approval of $1.1 billion in funding for Pakistan, which is the last tranche of a $3 billion standby arrangement with the IMF secured last summer to avert a sovereign default.
The median estimate in a Reuters poll of 14 analysts predicts the State Bank of Pakistan (SBP) will hold rates steady.
Four analysts are forecasting a 100-basis-point (bps) cut, while two expect a 50-bps cut on Monday.
Eight respondents expect a rate cut before Pakistan signs a new program with the IMF. There is another MPC meeting on 10 June 2024, which is possibly before Pakistan gets another IMF Programme.
The South Asian nation is seeking a new long-term, larger IMF loan. Pakistan’s Finance Minister, Muhammad Aurangzeb, has said Islamabad will begin talks with the fund next month, and could secure a staff-level agreement on the new program by early July.
Pakistan’s key rate was last raised in June to fight persistent inflationary pressures and to meet one of the conditions set by the IMF for securing the bailout.
Pakistan’s Consumer Price Index (CPI) for March rose 20.7 percent from the year before, slowing down partly due to the “base effect,” touching a record high of 38 percent in May 2023.
Tahir Abbas, head of research at Arif Habib Limited said that the central bank is unlikely to cut rates before getting a new IMF program. “The monetary policy will also consider the inflationary outcome of tensions in the middle east and its impact of fuel prices, along with the Fed’s delay in monetary easing,” he added.
“Expect a symbolic reduction in the current quarter (till June), with aggressive cuts to follow in the September quarter as the government has to roll over approximately 6.7 trillion rupees of maturing domestic treasury bills in the last quarter of the calendar year,” said Mustafa Pasha, CIO of Lakson Investments.
He added that by then there will be greater clarity on inflation and FX inflows. “Historically the SBP has cut rates in the 1st year of an IMF program and we expect the policy rate to settle around 17 percent by December.”
Punjab Police defends chief minister after controversy over wearing police uniform
- Sharif donned police uniform to attend passing out parade on Thursday
- Move widely criticized by political opponents and social media users
ISLAMABAD: Police in the Pakistani province of Punjab have said Chief Minister Maryam Nawaz Sharif’s act of wearing a police uniform to a passing out parade this week was a “commendable show of solidarity” after widespread criticism by opposition politicians and social media users.
On Thursday, Sharif, who is the first woman chief minister in Pakistan’s history, wore a police uniform while attending a passing out parade of woman constables and traffic assistants at the Police Training College in Chung.
Opposition leader in the National Assembly, Omar Ayub, and other opposition politicians like Yasmin Rashid, Moonis Elahi and Shahbaz Gill all criticized Nawaz’s decision to don the police uniform. The issue also remained a top trend on social media, with many users questioning the logic behind the move.
But the Punjab Police force came out in the chief minister’s defense in an X post.
“As per the ‘Punjab Police Dress Regulations’, the CM of Punjab, Maryam Nawaz Sharif, is entitled to wear the police uniform,” it said in a statement.
“This has been widely celebrated by the police personnel, who view it as a commendable show of solidarity.”
The statement said the Central Police Office had received hundreds of messages by police personnel who had “lauded” Sharif’s act of wearing the uniform and women police officers in particular were celebrating the gesture.
Punjab police also shared a copy of rules that govern how governors and chief ministers can dress on formal occasions.
As per the amended Punjab Police Dress Regulations, “chief minister may wear uniform on formal occasions like review of parades, while addressing police darbars, visiting police establishments or any such occasion as specified, for encouraging the police personnel and troops.”
Separately, a citizen named Waqar Ali filed a plea at a local court against Sharif, arguing that a civilian cannot wear the uniform of an institution and calling for a case to be registered against the Punjab chief minister.
No tension with Pakistan, US says after sanctioning firms for ‘aiding’ ballistic missile program
- US announced sanctions against three Chinese companies, one Belarus-based firm
- Washington says the firms were supplying items to Pakistan’s ballistic missile program
ISLAMABAD: The US State Department said on Thursday there were no tensions with Pakistan following Washington’s move to impose sanctions on four international firms for supplying to the South Asian nation’s ballistic missile program.
In a press release issued last Friday, the US State Department announced sanctions against three Chinese companies and one Belarus-based firm on charges they supplied items to Pakistan’s ballistic missile program.
Pakistan has said it rejects the “political use of export controls.”
“Absolutely not … Pakistan continues to be one of our most important partners in the region,” State Department Deputy Spokesperson Vedant Patel told reporters in response to a question about tensions between Washington and Islamabad following the sanctions.
“There continues to be a lot of cooperation that we have with the Government of Pakistan, especially in the security space, especially in the trade sector … This is a robust relationship and we’ll look to continue strengthening it.”
The companies listed by the US for sanctions are the China-based Xi’an Longde Technology Development Company Limited, Tianjin Creative Source International Trade Co. Ltd, Granpect Company Limited and Belarus-based Minsk Wheel Tractor Plant.
The sanctions mean all property and interests in property of the companies in the US or in possession or control of American citizens are blocked and must be reported to the US Treasury Department’s Office of Foreign Assets Control (OFAC), according to the State Department.
They also mean that all transactions by American citizens, or those within (or transiting) the US that involve any property or interests in property of the companies, are prohibited unless authorized by a general or specific license issued by OFAC.
Officials from global container logistics company in Pakistan for talks on developing ports
- Maersk is integrated container logistics company operating in 130 countries
- Company delegation meets Pakistani finance and maritime affairs ministers
ISLAMABAD: A delegation from a leading logistics company, A.P. Moller-Maersk (APM) Terminals, met Pakistani officials in Islamabad this week for talks on developing and modernizing the South Asian nation’s ports, state-run Radio Pakistan reported on Friday.
Maersk is an integrated container logistics company operating in 130 countries. APM Terminals has been developing and operating advanced ports and container terminals for over half a century and has 60 strategically located ports and container terminals around the globe and several more in development.
On Thursday, a delegation from the company led by its CEO Keith Svendsen separately met Pakistani Finance Minister Muhammad Aurangzeb and Minister for Maritime Affairs Qaiser Ahmed Sheikh.
“Pakistan is keen to explore future projects and investments with APM especially in the maritime sector,” Aurangzeb was quoted as telling the APM delegation in a report by Radio Pakistan. “The government is fully committed to facilitate an environment conducive to business and investments.”
Radio Pakistan quoted Svendsen as telling Aurangzeb APM was “pleased” to engage with Pakistan and saw “great potential” in the Pakistani market.
“Affirming confidence in the country’s growth prospects and development agenda, he expressed commitment to enhance its investment and operations to support the country’s trade,” the report said.
Svendsen and his delegation also met the maritime affairs minister and discussed investment prospects in Pakistan’s ports and terminals sector.
“The delegation head highlighted Moller-Maersk’s prominent global position and its robust relationship with Pakistan, which reflects a market share of approximately 20 percent in containerized import-export activities,” Radio Pakistan said.
“Recognizing the immense growth potential, Keith Svendsen proposed investments to enhance integrated supply chain solutions, including the upgrading of ports and logistics infrastructure. The delegation pledged support for the advancement of maritime affairs in Pakistan and for nurturing a skilled workforce in this sector.”
On Monday, Pakistani and United Arab Emirates (UAE) officials performed the groundbreaking of a $175 million Bulk and General Cargo terminal as part of a new 25-year concession agreement signed between AD Ports Group and Karachi Port Trust (KPT) in Feb. 2024 to outsource operations of the terminal.
Under the terms of the agreement, Karachi Gateway Terminal Multipurpose Limited (KGTML), a joint venture between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company, will develop, operate and manage the Bulk and General Cargo Terminal, berths 11 to 17 at Karachi Port’s East Wharf.
