ADB signs trade finance agreement with Dubai Islamic Bank Pakistan

Cars drive past the Manila headquarters of the Asian Development Bank on February 17, 2009. (AFP/ File Photo)
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Updated 30 July 2021
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ADB signs trade finance agreement with Dubai Islamic Bank Pakistan

  • To date, ADB program has supported more than $17.3 billion in trade in Pakistan through 5,891 transactions
  • DIBPL has operated in Pakistan since 2006 with a network of 235 branches located in around 70 cities

ISLAMABAD: The Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program (TSCFP) on Thursday signed an agreement with Dubai Islamic Bank Pakistan Limited (DIBPL) to support trade in Pakistan.

ADB will provide guarantees to help DIBPL expand its trade finance business in Pakistan, a statement from the bank said.

TSCFP has been operating in the country since 2008. The addition of DIBPL increases TSCFP’s Pakistan partner banks to 13 and makes Pakistan one of the program’s most promising markets.

To date, the program has supported more than $17.3 billion in trade in Pakistan through 5,891 transactions. This support has predominantly been provided for steel, polypropylene, fertilizers, and machinery for garments and weaving. In 2020, TSCFP supported 650 transactions in Pakistan valued at $1.2 billion, with 51 percent co-financed with commercial banks.

“This further demonstrates our commitment to supporting trade in Pakistan,” TSCFP Relationship Manager for Pakistan Nana Khurodze said in a statement. “We are delighted to work with DIBPL to support its initiatives with trading companies, including providing small and medium-sized enterprises with access to global trade.”

 “This agreement will further streamline and ease the process for trade finance giving a boost to business activities in Pakistan. Our partnership with ADB shows trust in Dubai Islamic Bank Pakistan as an entity. We aim to work toward increasing trade flows to the country,” Dubai Islamic Bank Pakistan CEO Junaid Ahmed said.   

Backed by ADB’s AAA credit rating, TSCFP provides loans and guarantees to more than 200 partner banks to support trade, creating import and export opportunities for enterprises across Asia and the Pacific.

DIBPL is the wholly owned subsidiary of Dubai Islamic Bank UAE. DIBPL has operated in Pakistan since 2006 with a network of 235 branches located in around 70 cities.


Pakistan vows to track masterminds of attack on Chinese engineers during deputy PM’s Beijing visit

Updated 16 May 2024
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Pakistan vows to track masterminds of attack on Chinese engineers during deputy PM’s Beijing visit

  • Ishaq Dar reaffirms Pakistan’s commitment to the regional connectivity initiative launched by China’s Xi Jinping
  • The two countries express satisfaction at their expanding space cooperation and agree to build on it further

ISLAMABAD: Pakistan vowed to pursue the masterminds behind a suicide attack that claimed the lives of five Chinese engineers earlier this year while reaffirming its commitment to the regional connectivity initiative launched by President Xi Jinping’s administration during Deputy Prime Minister Ishaq Dar’s three-day visit to Beijing.
According to a statement issued by the foreign office of Pakistan on Thursday, Dar, who is also the foreign minister, began his trip to China on May 13 where he co-chaired the Fifth Round of China-Pakistan Foreign Ministers’ Strategic Dialogue with his counterpart Wang Yi before concluding his visit.
During his stay in Beijing, the two sides discussed multiple global and regional challenges, including the second phase of the multibillion-dollar China-Pakistan Economic Corridor (CPEC).
The foreign office said both countries condemned the March 26 suicide attack on the Chinese workers who were on their way to the Dasu Hydropower Project in the northwestern Khyber Pakhtunkhwa province.
“In keeping with its ironclad friendship with China, the Pakistani side would hunt down the perpetrators and bring them to justice, take more effective security measures, and make all-out efforts to ensure the safety of Chinese personnel, projects and institutions in Pakistan,” the statement said while providing details of the discussions between both countries.
Pakistan’s military spokesperson, Maj. Gen. Ahmed Sharif, said last week the attack was planned in “terrorist sanctuaries” in neighboring Afghanistan while addressing a news conference.
His assertion came amid accusations from officials in Islamabad that the administration in Kabul was not doing enough to prevent groups like banned Tehreek-e-Taliban Pakistan (TTP) from launching cross-border attacks.
“The two sides reiterated their commitment to combating terrorism in all its forms and manifestations with a ‘zero tolerance’ attitude, and agreed to further strengthen cooperation in counter-terrorism and security through a comprehensive approach,” the foreign office continued.
Pakistan also agreed to work with China to support high-quality Belt and Road cooperation and forge an upgraded CPEC version by jointly building growth, livelihood, innovation and green corridors and aligning them with Pakistan’s development framework and priorities.
“The two sides agreed to accelerate progress on major connectivity projects including upgradation of ML-1 [railway infrastructure], the Gwadar Port, realignment of Karakoram Highway Phase II, strengthen cooperation in agriculture, industrial parks, mining, information technology and other fields according to local conditions, and enhance Pakistan’s capacity for sustainable development,” the foreign office informed.
“The two sides believe that the Khunjerab pass plays an important role in promoting bilateral trade and people-to-people exchanges, and agreed to speed up efforts to make sure that the Khunjerab Pass can function all year round,” it continued.
The two sides also agreed to strengthen communication and coordination over issues related to Afghanistan, calling for concerted efforts of the international community to help deal with the humanitarian situation in that country.
They agreed to play a positive and constructive role in helping Afghanistan achieve stable development and integrate into the international community.
Additionally, Pakistan and China expressed satisfaction at their expanding space cooperation and agreed to further build on it for a peaceful and mutually-beneficial exploration of space.
Earlier this month, Pakistan sent an imaging device in outer space as part of China’s Chang’e-6 lunar mission.


Pakistan establishes Hajj control rooms in Makkah, Madinah to facilitate pilgrims

Updated 16 May 2024
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Pakistan establishes Hajj control rooms in Makkah, Madinah to facilitate pilgrims

  • Around 15,819 Hajj pilgrims have arrived in Saudi Arabia weeks before Hajj 2024 kicks off 
  • Hajj control rooms in Makkah and Madinah are open 24 hours a day, says Pakistani official

ISLAMABAD: Pakistan has established two control rooms, one each in the holy cities of Makkah and Madinah to facilitate Hajj pilgrims, the religion ministry confirmed on Wednesday, as thousands of Pakistanis continue to arrive in Saudi Arabia ahead of the annual Islamic pilgrimage. 
Pakistan’s Ministry of Religious Affairs (MoRA) has confirmed that around 15,819 pilgrims from the country have arrived in Saudi Arabia weeks before the Hajj begins. 
This year, 179,210 Pakistanis will perform Hajj under government and private schemes. Pakistan kicked off a month-long flight operation last week. Five airlines— PIA, Saudi Airlines, Airblue, Serene Air, and Air Sial— will operate 259 flights from eight major Pakistani cities to Jeddah and Madinah till June 9.
The government intends to facilitate thousands of Pakistani pilgrims through Hajj control rooms to ensure their pilgrimage remains free from hassles.
“We have established two control rooms: a main control room in Makkah and a branch office in Madinah to facilitate the pilgrims,” Muhammad Umer Butt, a religious affairs ministry spokesperson, told Arab News via phone from Madinah.
He said both control rooms in Makkah and Madinah would facilitate pilgrims 24 hours throughout the day. 
“All pilgrims are provided with a card they wear for identification, and on the back of each card, the control room numbers are listed so they can contact the control room by phone in case of any emergency or complain,” Butt explained. 
He said this year Pakistan has followed the Saudi government’s lead in digitizing Hajj through the Pak Hajj mobile application. Butt said the app provides all necessary information, including the ability to lodge complaints and track their status. 
“We have a live dashboard established in the control room under the complaint management system which showed all the details of complaints received and solved, movement of the pilgrims and other general queries,” he shared.
During the last seven days, the spokesperson said 195 complaints received through the Pak Hajj mobile app have been resolved, and 25 pilgrims who lost their way to their respective destinations in the holy cities were guided.
He added that the Loss and Found department located 111 bags and seven wheelchairs which were handed over to their owners. 
Butt said as Pakistani Hajj pilgrims were currently arriving in Madinah, the control room there was more active compared to the one in Makkah and was staffed with 54 personnel, and 18 Hajj assistants (Muaveneen). 
“These pilgrims will go to Makkah from May 17 after their eight-day stay in Madinah,” he said.
Butt said the Makkah control room was staffed with only eight people as Pakistani pilgrims have not started to arrive in the holy city yet.
“Along with this all adviseries issued by the Saudi government and Pakistani Hajj mission are also uploaded on the application through these control rooms,” he said.


PM Sharif to meet officials in Azad Kashmir today following deadly protests in region

Updated 16 May 2024
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PM Sharif to meet officials in Azad Kashmir today following deadly protests in region

  • The unprecedented protests against price hikes broke out last Friday and resulted in four fatalities
  • The protests were called off after Shehbaz Sharif’s administration approved $82 million in subsidies

ISLAMABAD: Prime Minister Shehbaz Sharif will embark on a daylong visit to Azad Kashmir on Thursday where he will interact with officials and visit the site of a hydropower project, just a few days after a massive public protest in the region resulted in at least four fatalities.
The unprecedented protests against price hikes broke out last Friday and spread across the semi-autonomous Himalayan territory under Pakistan’s administration.
One police officer was killed in the clashes while three protesters lost their lives in clashes taking place in different parts of the region.
The Jammu Kashmir Joint Awami Action Committee (JAAC), which organized the demonstrations, announced to end its protest on Tuesday after the Sharif administration approved $82 million in subsidies to provide relief to people who objected to the increase in flour prices and electricity tariffs.
“Prime Minister Muhammad Shehbaz Sharif will arrive in Muzaffarabad, Azad Jammu and Kashmir today for a one-day visit,” his office announced in a statement circulated in the morning. “A meeting will take place between the Prime Minister of Pakistan and the Prime Minister of Azad Jammu and Kashmir Chaudhry Anwar ul Haq.”
Sharif will also address the cabinet of the Government of Azad Jammu and Kashmir that will be broadcast by the state-owned news channel.
He will also meet with the leaders of the Kashmiri freedom movement.
“The Prime Minister will visit the Neelum-Jhelum Hydropower Project where he will be briefed,” the statement added.
Kashmir has been divided between India and Pakistan since their independence from Britain in 1947, with both countries ruling part of the territory, but claiming it in full.
Pakistan has frequently criticized New Delhi for mismanaging the portion of Kashmir under its rule, accusing it of rights violations while using its forces to suppress people and their aspirations.


Pakistan PM condemns gun attack on Slovakian counterpart, offers prayers for recovery

Updated 16 May 2024
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Pakistan PM condemns gun attack on Slovakian counterpart, offers prayers for recovery

  • Prime Minister Robert Fico was shot multiple times while coming out of a government meeting on Wednesday
  • The attack was described as unprecedented in a country where no such previous incident has been reported

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday condemned the attack on Robert Fico, his Slovakian counterpart who was shot multiple times while coming out of a government meeting, saying he was praying for the leader of the central European state.
Fico was rushed to a hospital after the gun attack on Wednesday where he fought for his life in what was described by his administration as a “political assault.”
Speaking to the media after Fico’s surgery, Deputy Prime Minister Tomas Taraba said the medical procedure had gone well and the 59-year-old Slovakian leader was expected to survive the assassination attempt.
“Strongly condemn shocking attack on Slovak Prime Minister Robert Fico,” the Pakistani PM said in a social media post. “Our thoughts and prayers with him and his family. Wish him quick recovery and good health.”
“We stand by government and people of Slovak Republic in these critical moments,” he added.
Fico’s party won the last general election in the European state held in September 2023.
The Slovak leader is a four-time prime minister and political veteran who has been criticized by his rivals for swaying his country’s foreign policy in Russia’s favor.
The gun attack was described as unprecedented, with analysts pointing out there had been no such previous incident reported against any minister or prime minister in Slovakia.


Imran Khan appearance via video link in Pakistan court not broadcast live — party

Updated 47 min 23 sec ago
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Imran Khan appearance via video link in Pakistan court not broadcast live — party

  • Supreme Court had ordered government to allow Khan to argue case against NAB amendments via video from prison
  • Order had raised widespread hopes among millions of Khan followers they would be able to see leader after almost nine months

ISLAMABAD: Pakistan’s former Prime Minister Imran Khan appeared in the Supreme Court on Thursday by video link from prison in a case he has filed against amendments to Pakistan’s anti-graft laws, but visuals of the hearing could not be seen online as expected by his millions of followers, the ex-premier’s Pakistan Tehreek-e-Insaf (PTI) party said. 
Khan, a 71-year-old cricketer-turned-politician who ruled Pakistan as PM from 2018-22, has been appearing in other cases since being jailed last August, but cameras are not permitted to cover the proceedings which are conducted inside the premises of the Adiala Jail where he is incarcerated. 
The Supreme Court’s order to the government on Tuesday to ensure that Khan be produced via video link and granting his request to be allowed to represent himself instead of through a lawyer had raised widespread expectations among his millions of followers that they would be able to catch a glimpse of their leader after almost nine months. 
“Chairman Imran Khan’s picture from Adiala Jail,” Khan’s PTI party said on X, posting a photo of their leader as he appeared in the case via video link. 
However, the live visuals of the appearance could not be seen on the PTI’s website or YouTube as proceedings began and it was not immediately clear why that was the case.
“So far no live stream from SC,” the PTI said in a statement shared with reporters, adding that a court committee had voted for a live broadcast.
“Judicial process demands fairness and openness, transparency can only be ensured through public view of proceedings …Refusal to stream proceedings advances unfairness and non-transparency and must be condemned.”
NAB AMENDMENTS
The last government of Prime Minister Shehbaz Sharif, who started his second term as PM in March, amended the National Accountability Bureau (NAB) Ordinance in May 2022, curtailing the powers of the country’s top anti-graft body, which is widely believed to have been used as a tool of political persecution by past governments and military rulers.
One of the amendments limited the NAB’s jurisdiction only to cases involving over Rs500 million, leading Khan and his party to argue that the changes were meant to close cases against leaders of Sharif’s ruling Pakistan Muslim League-Nawaz (PML-N) party, which involved larger amounts. 
In June 2022, Khan challenged the amendments in the Supreme Court, claiming they would effectively “eliminate any white-collar crime committed by public office holders.” After reviewing the case, the top court reinstated the original provisions of the NAB law in September 2023, but the government has challenged the ruling.
Khan, who was ousted from the prime minister’s office in a parliamentary no-confidence vote in April 2022, has been fighting a slew of legal cases since, a frequent hazard for opposition figures in Pakistan.
A two-member Islamabad High Court bench granted him bail in a £190 million Al-Qadir land embezzlement case this week but he will have to stay in jail to serve time in two other cases, including one in which he is accused of revealing state secrets. 
CASES AGAINST KHAN
Khan was first jailed after being handed a three-year prison sentence in August 2023 by the Election Commission for not declaring assets earned from selling gifts worth more than 140 million rupees ($501,000) in state possession and received during his premiership. In January, Khan and Bushra were handed 14-year jail terms following a separate investigation by NAB into the same charges involving state gifts. 
An anti-graft court in Islamabad also handed Khan a 10-year jail term in January for revealing state secrets, a week before national elections on Feb. 8. Another ruling that his marriage to Bushra Bibi violated the country’s marriage law and a seven-year sentence each for both also came ahead of the polls.
Khan has also been indicted under Pakistan’s anti-terrorism law in connection with violence against the military that erupted following his brief arrest related to the Al-Qadir case on May 9. A section of Pakistan’s 1997 anti-terrorism act prescribes the death penalty as maximum punishment. Khan has denied the charges under the anti-terrorism law, saying he was in detention when the violence took place. 
Khan’s convictions, which mean he is banned from holding public office, ruled him out of the February general elections. Arguably Pakistan’s most popular politician, Khan says all cases against him are motivated to keep him out of politics.