Saudi FM to arrive in Islamabad on Dec. 18 for OIC meeting on Afghanistan

Pakistani foreign minister Shah Mehmood Qureshi receives Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al-Saud at the Foreign Office in Islamabad on December 26, 2019. (Photo courtesy: Pakistan Foreign Office/File)
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Updated 16 December 2021
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Saudi FM to arrive in Islamabad on Dec. 18 for OIC meeting on Afghanistan

  • Bahrain, Kuwait, Qatar, Indonesia, Malaysia and other countries have confirmed participation, PM’s aide says
  • Secretary level meeting to take place on Saturday to chalk out agenda items, foreign ministers to meet on Sunday

ISLAMABAD: Saudi foreign minister Prince Faisal bin Farhan Al Saud will arrive in Islamabad with a large delegation on Saturday, December 18, to participate in a special session of the Organization of Islamic Cooperation (OIC) to discuss a growing humanitarian crisis in Afghanistan, the Pakistani prime minister’s aide on the Middle East said on Wednesday.

The 17th Extraordinary Session of the OIC’s Council of Foreign Ministers was called by Saudi Arabia and will be hosted by Islamabad on December 19. The meeting’s focus is on the humanitarian situation in Afghanistan where the United Nations is warning nearly 23 million people – about 55 percent of the population – can face extreme levels of hunger, with nearly 9 million at risk of famine as winter takes hold in the impoverished, landlocked country.

The United States and other donors cut off financial aid on which Afghanistan became dependent during 20 years of war and more than $9 billion of the country’s hard currency assets were frozen.

“Saudi foreign minister will arrive in Islamabad with a big delegation on December 18 to participate in the OIC meeting on Afghanistan,” Tahir Mahmood Ashrafi told Arab News. “Today I met with Saudi ambassador to Pakistan Nawaf bin Said Al-Makli and discussed the upcoming OIC foreign ministers meeting on Afghanistan.”

He said all Islamic countries were participating in the meeting and a majority would be represented by their foreign ministers.

“Bahrain, Kuwait, Qatar, Indonesia, Malaysia and other important countries’ foreign ministers have already confirmed their participation,” Ashrafi said, adding that P-5 countries and European Union delegations had also confirmed participation.

The P5+1 refers to the UN Security Council’s five permanent members (the P5); namely China, France, Russia, the United Kingdom, and the United States; plus Germany. The P5+1 is often referred to as the E3+3 by European countries.

Talking about the agenda of the conference, Ashrafi said an official secretary level meeting would take place on Saturday to chalk out details and agenda items, while the foreign ministers would meet on Sunday.

“Pakistan and Saudi Arabia are presenting this opportunity to all the countries to share their reservations,” Ashrafi said, “and find solutions so that the Afghan people should not suffer.”

Pakistani foreign minister Shah Mahmood Qureshi also chaired a meeting of high officials later in the day to review the preparations and arrangements for the OIC conference.

According to an official statement, a detailed briefing on the OIC meeting was given to Qureshi by the managing committees constituted under the chairmanship of the foreign secretary.

“Special Teams [have been] formed to warmly welcome the Foreign Ministers and other distinguished guests attending the extraordinary meeting of the OIC Council of Foreign Ministers on Afghanistan,” the statement said.

“Fool-proof security arrangements [have also been] made in Islamabad on the occasion of OIC meeting,” foreign office added.




Prime Minister Imran Khan’s special representative for the Middle East Tahir Mahmood Ashrafi (L) meets with the Saudi envoy to Pakistan Nawaf bin Said Al-Makli (R) in Islamabad, Pakistan, on Dec 15, 2021. (Courtesy: Tahir Mahmood Ashrafi)

“Bahrain, Kuwait, Qatar, Indonesia, Malaysia and other important countries’ foreign ministers have already confirmed their participation,” Ashrafi said, adding that P-5 countries and European Union delegations had also confirmed participation.

The P5+1 refers to the UN Security Council’s five permanent members (the P5); namely China, France, Russia, the United Kingdom, and the United States; plus Germany. The P5+1 is often referred to as the E3+3 by European countries.

Talking about the agenda of the conference, Ashrafi said an official secretary level meeting would take place on Saturday to chalk out details and agenda items, while the foreign ministers would meet on Sunday.

“Pakistan and Saudi Arabia are presenting this opportunity to all the countries to share their reservations,” Ashrafi said, “and find solutions so that the Afghan people should not suffer.”

Pakistani foreign minister Shah Mahmood Qureshi also chaired a meeting of high officials later in the day to review the preparations and arrangements for the OIC conference.

According to an official statement, a detailed briefing on the OIC meeting was given to Qureshi by the managing committees constituted under the chairmanship of the foreign secretary.

“Special Teams [have been] formed to warmly welcome the Foreign Ministers and other distinguished guests attending the extraordinary meeting of the OIC Council of Foreign Ministers on Afghanistan,” the statement said.

“Fool-proof security arrangements [have also been] made in Islamabad on the occasion of OIC meeting,” foreign office added.


Pakistan courts Chinese fintech investment as digital push widens

Updated 11 sec ago
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Pakistan courts Chinese fintech investment as digital push widens

  • Fintopia delegation explores digital lending, SME finance opportunities in Pakistan
  • China’s vast fintech ecosystem contrasts with Pakistan’s fast-growing, underbanked market

ISLAMABAD: Pakistan is seeking to attract Chinese fintech investment as it accelerates a broader push to expand digital finance, improve access to credit for small businesses and modernize its largely cash-based economy, the information ministry said on Thursday.

The move was underscored during a meeting in Islamabad between Federal Minister for the Board of Investment Qaiser Ahmed Sheikh and a delegation from Fintopia China, a financial technology firm exploring potential entry into Pakistan’s digital finance market. The outreach comes as the government places increasing emphasis on technology-led growth and foreign investment, particularly in financial services, amid efforts to boost financial inclusion and support small and medium-sized enterprises. Pakistan has in recent years expanded branchless banking, digital wallets and mobile payment systems, while also rolling out regulatory reforms aimed at improving the ease of doing business.

Fintopia is a China-based financial technology group that operates digital lending and consumer finance platforms across several emerging markets, according to company information. China hosts one of the world’s largest fintech ecosystems, driven by mass adoption of mobile payments, digital credit and data-driven financial services, while Pakistan’s fintech sector, though far smaller, has grown rapidly as smartphone use rises and demand for digital financial services expands.

“The delegation expressed keen interest in initiating its digital financing venture in Pakistan and in exploring structured collaboration with relevant public and private sector stakeholders,” the information ministry said, quoting minister Sheikh.

The meeting between Sheikh and the Fintopia China delegation took place in Islamabad and followed the company’s participation in a Pakistan-China business-to-business investment conference held in Beijing in September during Prime Minister Shehbaz Sharif’s visit to China, according to the ministry.

During the talks, Pakistani officials highlighted the country’s market potential, noting that Pakistan is the world’s fifth most populous nation and presents growing opportunities for digital financial services, particularly for small businesses and youth-led enterprises. The delegation was briefed on government reforms, including the Business Facilitation Center and the Asaan Karobar Act, aimed at reducing regulatory hurdles for investors.

Officials also outlined investment incentives available in Pakistan’s special economic zones and reiterated government support for foreign companies seeking to launch pilot projects or long-term digital financing operations in the country, the ministry said.

Pakistan has repeatedly described technology and digital finance as central to its long-term economic strategy, as it seeks to widen the tax base, formalize the economy and improve access to credit for underserved segments of the population.