At Bali conference, Pakistan backs efforts to get Afghan girls and women back to school

Dignitaries pose for a group photo at the first International Conference on Afghan Women's Education in Bali, Indonesia on December 8, 2022. (Photo courtesy: Pakistan foreign office)
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Updated 08 December 2022
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At Bali conference, Pakistan backs efforts to get Afghan girls and women back to school

  • Meeting on Afghan women's education co-organized by governments of Indonesia, Qatar
  • Indonesia has made Afghanistan one of its priority foreign aid commitments

JAKARTA: Indonesia on Thursday hosted the first international conference to back education for Afghan women who face growing restrictions from the Taliban government, with the Pakistani foreign minister emphasising a greater role for women in decision-making. 

Afghan girls and women have been facing growing uncertainty since the Taliban took control of the country last year, with an estimated 3 million secondary school girls kept out of school for more than a year.

The International Conference on Afghan Women’s Education was held in Bali and co-organized by the governments of Indonesia and Qatar. This was the first such meeting to take place since the Taliban takeover last year, gathering representatives of 38 countries, including Pakistan, international organizations, NGOs and academics.

In his remarks at the conference, Pakistani Foreign Minister Bilawal Bhutto Zardari highlighted the "importance of education for women and their participation in decision making."

"Need for concrete and practical assistance programs benefiting cross section of Afghan society," the foreign office said in a statement, listing Bhutto Zardari’s main talking points. "Pakistan’s strong support to all efforts aimed at promoting the well-being and prosperity of the Afghan people."

Indonesia, the world’s largest Muslim-majority country and conference host, has made Afghanistan one of its priority foreign aid commitments, with assistance directed mostly to support women’s empowerment and education.

“We cannot choose to remain idle, we must do something,” Indonesian Foreign Minister Retno Marsudi told a press conference.

“I firmly believe investing in women means investing in a brighter future, given the opportunity women can make a critical contribution to society.”




Pakistan Foreign Minister Bilawal Bhutto-Zardari speaks at the International Conference on Afghan Women's Education in Bali, Indonesia on December 8, 2022. (Photo courtesy: Pakistan foreign office)

Marsudi said creating conducive conditions for women’s participation in Afghan society was of critical importance, urging participants to “encourage progress to establish an inclusive government that respects women’s rights” and “guarantee education for all.”

Under its new rulers, Afghanistan has been struggling to achieve growth and stability, as foreign governments have refused to recognize the Taliban while its aid-dependent Afghan economy has been in freefall following the suspension of billions of dollars in foreign aid.

Human rights violations against women and girls have mounted steadily in the last year and restrictions on women’s employment have cost Afghanistan’s GDP up to $1 billion, or around five percent, according to UN data.

The conference was a “good steppingstone,” Qatar’s assistant foreign minister, Lolwah Rashid Al-Khater, told participants of the Bali meeting.

Indonesia and Qatar are working together on a scholarship program dedicated to Afghan people and planning to create economic opportunities through microloans. The two governments are also keen on facilitating policies that would connect the Afghan private sector with their international counterparts.

“One message for the international community: Education is a basic right for all ... And it’s important for myself and my colleagues as well — me as a Muslim woman — to confirm that this is not part of a faith; preventing women from their basic rights is not part of the faith,” Al-Khater said.

“It is our obligation as Muslim-majority countries to confront that and to say to any actors that this does not represent us, this does not represent the faith of Islam.”


Pakistan stocks reel as geopolitical tensions, macro pressures drive 10 percent slide

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Pakistan stocks reel as geopolitical tensions, macro pressures drive 10 percent slide

  • KSE-100 sheds over 17,800 points since Jan. 26 high as investors trim their risk
  • Analysts say valuations turn attractive but warn external shocks remain key risk

KARACHI: Pakistan’s benchmark stock index has shed nearly 10 percent from its January peak, as mounting geopolitical tensions, external financing concerns and domestic political noise triggered sustained selling across sectors, markets analysts said on Friday.

The KSE-100 Index, which touched an intraday high of 191,032.73 points on January 26, has since fallen 17,863 points to close the week at 173,169.71 on Friday, according to Pakistan Stock Exchange (PSX) data.

Analysts say the retreat reflects a mix of global risk aversion and local policy concerns, with investors trimming exposure amid uncertainty over oil prices, an impending International Monetary Fund (IMF) review and political developments at home.

“Investors worldwide are feeling nervous, especially with the growing tensions between the United States and Iran,” Amreen Soorani, who works with Pakistan’s largest Shariah-compliant mutual fund Al Meezan Investments Management Limited, told Arab News.

“This anxiety is pushing oil prices up and making people want to pull their cash out of riskier markets like Pakistan and put it into safer investments,” he continued.

Soorani said foreign and local investors were actively pulling out “a lot of money” from the stock market.

“There aren’t enough new buyers stepping in to scoop up all those shares, making the prices take a steep dive,” she added.

Political developments have also weighed on market sentiment.

In recent weeks, tensions intensified following reports about incarcerated former prime minister Imran Khan’s medical condition, prompting protests by his supporters in different parts of the country.

“Rising political uncertainty surrounding the potential release of Imran Khan has increased risk perception and foreign outflows,” said Adnan Sami Sheikh, vice president research at Pakistan Kuwait Investment Company Limited.

He said the index fell from its peak “amid a confluence of geopolitical and macroeconomic pressures that have unsettled investor sentiment.”

Sheikh also pointed to uncertainty around the financial close of the Reko Diq copper and gold project following heightened security concerns raised during Barrick’s recent earnings call.

The issue, he noted, has weighed on major index constituents including Oil & Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL), both of which hold stakes in the project.

Since Jan. 26, OGDCL’s shares have fallen about 13 percent to Rs283.76, while PPL has declined 17 percent to Rs223.74, PSX data show.

External financing concerns have added to the pressure, with investors focused on the reported short-term rollover of a $2 billion United Arab Emirates deposit and the International Monetary Fund’s upcoming review under Pakistan’s loan programs.

The IMF’s staff mission is due next week to begin reviewing Pakistan’s economic performance under its Extended Fund Facility and Resilience and Sustainability Facility programs from Feb. 25.

Domestic monetary policy has also played a role.

Sana Tawfik, head of research at Arif Habib Limited, said stocks began declining after the State Bank of Pakistan decided to keep its key policy rate unchanged at 10.5 percent on Jan. 26, contrary to market expectations of a cut.

“The monetary policy was implemented on 26th January when contrary to market expectations the interest rate was not cut,” she said.

Despite the sell-off, analysts say underlying macroeconomic indicators remain stable, though vulnerable to external shocks.

“After this correction, valuations are expected to become attractive because the fundamentals are intact unless there is an external shock,” Tawfik said, referring to escalating US-Iran tensions and their potential impact on global oil prices.

“Internally, the macroeconomic indicators are good, but any external shock can be a concern. The key risk is geopolitics,” she added.

Soorani echoed that view, noting that the decline has pushed valuations lower, with stocks now trading at less than eight times their annual earnings.

“The actual businesses behind these stocks are still making money, and their core corporate fundamentals broadly haven’t changed,” she said. “Because of this, the overall reasons to invest are intact.”