Condemnation from Pakistan as Qur’an burnt at Stockholm mosque on Eid holiday

Salwan Momika protests outside a mosque in Stockholm on June 28, 2023, during the Eid Al-Adha holiday. (AFP)
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Updated 29 June 2023
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Condemnation from Pakistan as Qur’an burnt at Stockholm mosque on Eid holiday

  • Man charged by Swedish police with “agitation against an ethnic group”
  • Swedish prime minister says Momika’s act was “legal but not appropriate”

ISLAMABAD: Pakistan on Thursday “strongly condemned” the public burning of the Qur’an outside a mosque in Stockholm on the occasion of Eid Al-Adha.

A man called Salman Momika was charged by Swedish police with “agitation against an ethnic group” following his desecration and setting fire to pages of the Qur’an outside the main mosque in Stockholm.

“Such willful incitement to discrimination, hatred and violence cannot be justified under pretext of freedom of expression and protest,” Pakistan’s foreign office said on Eid day. 

“Under international law, States are duty bound to prohibit any advocacy of religious hatred, leading to incitement of violence … We reiterate that the right to freedom of expression and opinion does not provide a license to stoke hatred and sabotage inter-faith harmony.”

Pakistan said it had conveyed its concerns about the incident to Sweden and urged both the international community and national governments to undertake “credible and concrete measures to prevent the rising incidents of xenophobia, Islamophobia and anti-Muslim hatred.”

Momika, 37, who fled from Iraq to Sweden several years ago, said he wanted to highlight the importance of freedom of speech.

“This is democracy. It is in danger if they tell us we can’t do this,” he said.

Swedish Prime Minister Ulf Kristersson said Momika’s protest was “legal but not appropriate,” and it was up to the police to permit it or not.


Pakistan targets January launch of first-ever Panda bond

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Pakistan targets January launch of first-ever Panda bond

  • $1 billion yuan bond program to diversify funding, ease external financing pressures
  • Inaugural $250m tranche planned pending Chinese regulatory approvals

KARACHI: Pakistan is aiming to launch its first-ever Panda bond — a yuan-denominated bond issued in China’s domestic market — in January, as the government looks to diversify external funding sources and strengthen debt sustainability under ongoing economic reforms, the finance ministry said on Friday.

The planned issuance would mark Pakistan’s debut in China’s onshore bond market and comes as Islamabad seeks alternatives to dollar-denominated borrowing amid tight global financial conditions and continued reliance on multilateral support.

Panda bonds are renminbi-denominated instruments sold to Chinese investors by foreign governments or companies, offering issuers access to China’s deep domestic capital markets while reducing exposure to foreign-exchange volatility.

“The Panda Bond program is being pursued as a structured and programmatic financing strategy, aligned with prudent debt management objectives,” the finance ministry said in a statement after Finance Minister Muhammad Aurangzeb chaired a review meeting on the planned issuance.

The ministry said Pakistan envisages a Panda bond program of around $1 billion, with an inaugural tranche equivalent to $250 million, subject to final regulatory approvals from Chinese authorities expected by early January. It added that preparatory work for subsequent issuances under a second phase of the program has already begun.

According to the statement, approvals from multilateral partners have been secured and engagement with Chinese institutional investors has so far been “constructive,” reflecting confidence in Pakistan’s macroeconomic stabilization efforts and reform framework. Pricing will be finalized closer to market engagement once regulatory requirements are completed.

Pakistan is operating under a $7 billion, 37-month bailout program with the International Monetary Fund that requires fiscal consolidation, stronger tax collection and structural reforms across energy, state-owned enterprises and the investment climate. The country has faced elevated borrowing costs in international markets in recent years, prompting the government to explore alternative and market-based financing channels, including yuan-denominated instruments.

The finance ministry said the Panda bond would support Pakistan’s medium-term debt sustainability goals by broadening the investor base and reducing reliance on traditional external borrowing sources.