Pakistan’s FM to attend OIC’s extraordinary meeting on escalating tensions in Gaza

Pakistan’s Caretaker Foreign Minister Jalil Abbas Jilani addresses a media briefing in Islamabad, Pakistan on October 15, 2023. (AN Photo)
Short Url
Updated 15 October 2023
Follow

Pakistan’s FM to attend OIC’s extraordinary meeting on escalating tensions in Gaza

  • Saudi Arabia will host urgent OIC meeting at ministerial level in Jeddah on Oct. 18 to discuss Gaza situation
  • Pakistan’s foreign minister condemns Israel for committing ‘genocide’ against Palestinians in Gaza

ISLAMABAD: Pakistan’s Caretaker Foreign Minister Jalil Abbas Jilani announced on Sunday he would attend an urgent meeting called by the Organization of Islamic Cooperation (OIC) next week in Jeddah to discuss escalating military tensions in Gaza. 

Saudi Arabia, which chairs the OIC’s executive committee, has called an urgent meeting of the body at the ministerial level on Wednesday to discuss the “escalating military situation in Gaza and its environs.”

Israel has intensified its attempts to destroy the Hamas group, relentlessly pounding the Gaza Strip and killing at least 2,215 people since Saturday. The Jewish state has deployed tens of thousands of soldiers near Gaza ahead of an expected ground offensive. Its relentless campaign follows last Saturday’s attack by Hamas, which saw hundreds of its fighters cross into Israel to take hostages and kill more than 1,300 people. 

“As part of the OIC executive committee from Pakistan, I will be attending the OIC extraordinary meeting on the Palestine issue,” Jilani briefed reporters, adding that turmoil in Palestine was an important issue for Pakistan. 

The Pakistani foreign minister condemned Israel’s actions, saying that there is no doubt Israel had committed aggression against Palestinians. 

“As a matter of fact, it is a genocide being conducted by Israel against the innocent people of Palestine,” Jilani said. 

He condemned the week-long blockade of the Gaza Strip by Israeli forces. The humanitarian crisis in the densely populated territory has been aggravated by the blockade, as the territory runs out of fuel, food, medical supplies, and clean drinking water. 

“This is a very unfortunate situation in the sense that in Gaza, people have no water, no health facilities, no food, which creates a major humanitarian crisis,” Jilani said.

He said the OIC was a very important forum where the deteriorating human rights situation in Gaza would be discussed at length. 

“Certainly, this meeting has many important objectives, number one is to develop a coordinated response of the OIC member countries in respect of the current situation in Palestine,” he added. 

He said Pakistan would demand Israel immediately cease its violence against Palestinians, and would then seek to provide immediate humanitarian assistance to the people of Gaza. 

The minister shared that Pakistan was in touch with Egyptian authorities on providing humanitarian assistance to Palestinians, adding that Israel was not allowing any assistance to reach Gaza currently. 

“We are in touch with Muslim countries, including the Saudi government on this issue and I am also looking forward to a bilateral meeting with the Saudi foreign minister during my visit to Jeddah,” he added.

He reiterated Pakistan’s position on the matter, saying that Islamabad demands Israel respect international law by recognizing the right of self-determination of the people of Palestine. 

Jilani said the current situation was a result of several decades of illegal occupation by Israel of Palestinian territories. Those territories should be vacated as per UN Security Council Resolutions, the foreign minister added. 

“To equate Israel who is an aggressor with the Palestinians’ struggle is unacceptable to Pakistan,” he explained. “Their [Israeli] settlements were increasing, and the rights of Palestinians were decreasing in the area.”

He said Pakistan is coordinating with UN agencies and international humanitarian organizations to provide immediate assistance and relief to Gaza through its missions in New York and Geneva. 


Pakistani firm partners with UAE’s NymCard to promote fintech innovation in MENAP

Updated 15 May 2024
Follow

Pakistani firm partners with UAE’s NymCard to promote fintech innovation in MENAP

  • Dellsons Associates is a Pakistani consultancy firm while Nymcard is a UAE-based financial services provider
  • Dellsons to act as a partner agent and refer new business opportunities to Nymcard, says press release

ISLAMABAD: Pakistani financial consultancy firm Dellsons Associates has partnered with NymCard, a leading financial services provider in the UAE, to promote innovation in the fintech landscape and empower businesses in Pakistan and the Middle East, Nymcard said on Wednesday. 

NymCard is a leading provider of end-to-end embedded finance solutions, simplifying payments with its modern platform since 2018. It empowers businesses of all sizes to launch new payment products quickly, including prepaid cards, multi-currency offerings and credit cards.

Dellsons Associates is a leading provider of strategic banking consultancy, training, conferences, event management, IT services, and more, its website says. 

The partnership between the two entities was signed at the Dubai Fintech Summit, a press statement from NymCard said, adding that the strategic alliance would synergize NymCard’s cutting-edge technology with Dellsons’ regional expertise and industry connections in the financial and banking sectors. 

“We are excited to partner with Dellsons Associates, believing the synergies from this collaboration would catalyze cross-regional expansion for both institutions,” Shiraz Ali, the chief business officer at NymCard, was quoted as saying in the press release. 

The press release said Dellsons would act as a partner agent and refer new business opportunities to NymCard, focusing on the fintech and banking sectors in the UAE and Pakistan. It said the partnership would create a powerful alliance to “revolutionize the financial services landscape.”

Dellsons Associates Chairman Ibrahim Amin said his firm was working in Pakistan and the Middle East to promote fintech innovation, financial inclusion, and digitization of cross-border channels of remittances to facilitate different states. 

“Our key objective is to bring social and economic development through technological solutions, collaborations with emerging players, and networking with communities in Pakistan, the UAE, and different countries of the Middle East and South Asia,” Amin was quoted as saying by the press release. 


Pakistani court grants bail to ex-PM Khan in graft case, says party

Updated 25 min 45 sec ago
Follow

Pakistani court grants bail to ex-PM Khan in graft case, says party

  • Ex-PM Khan, wife were charged with receiving land worth millions of dollars as bribe from real estate tycoon
  • Khan’s party says “fake” cases were designed to damage his and wife’s reputation, keep him away from polls

ISLAMABAD: A Pakistani high court on Wednesday granted bail to former prime minister Imran Khan in a land corruption case, his party confirmed in a statement, rejecting the “fabricated and politically motivated” cases against the cricketer-turned-politician. 

Government officials allege Khan, 71, and his wife received land worth millions of dollars as a bribe from a real estate tycoon Malik Riaz Hussain through the Al-Qadir Trust, a non-governmental welfare organization set up by Bushra Watto, Khan’s third wife, and Khan in 2018 when he was still in office.

The trust runs a university outside Islamabad devoted to spirituality and Islamic teachings, a project inspired by the former first lady, who is also commonly known as Bushra Bibi and has a reputation as a spiritual healer.

Khan was briefly arrested on May 9 in connection with the case, with riots breaking out throughout the country that saw military and government installations attacked. Khan was released shortly but was arrested in August in a separate case related to the sale of state gifts illegally. 

The National Accountability Bureau (NAB), Pakistan’s corruption watchdog, filed a reference against Khan in December 2023 saying he and his wife committed the offense in the land corruption case. In February this year, the former prime minister and his wife were indicted by an accountability court. 

Khan, who denied the charges, appealed against the indictment at the Islamabad High Court. A two-member bench of the IHC comprising Chief Justice Aamer Farooq and Justice Tariq Mehmood Jahangiri had reserved the verdict on Tuesday after both sides concluded their arguments.

“Islamabad High Court has accepted bail petition from the Former Prime Minister Imran Khan & has ordered his release,” Khan’s Pakistan Tehreek-e-Insaf (PTI) party said in a statement. 

The PTI said it had contended that the land of the trust was not for personal gain. It said the former prime minister had established a religious and scientific educational institution with the intention of providing quality education to people regardless of caste, creed, race, religion, or financial status. 

It said that since the trust deed mentioned Khan and his wife could not derive any benefit from it, the “false, fabricated and politically motivated cases were filed against them only to damage their reputation.”

“And to keep him in prison, impeding his participation in general elections,” it added. 

PTI’s lawyer Naeem Haider Panjutha wrote on social media platform X that despite getting bail, Khan would remain in custody due to two convictions— one involving the leaking of state secrets and the other on his marriage violating Islamic law.

Khan, 71, has been in jail since August last year. In total, he has been convicted in four cases, but sentences in two have been suspended. 


Pakistan conducts successful training launch of rocket system capable of engaging ‘deep targets’

Updated 15 May 2024
Follow

Pakistan conducts successful training launch of rocket system capable of engaging ‘deep targets’

  • Fatah II Guided Rocket System can defeat any missile defense system, says army’s media wing 
  • Pakistan sees its missile development as deterrent against nuclear-armed neighbor and rival India 

ISLAMABAD: Pakistan Army on Wednesday successfully conducted the training launch of the Fatah-II Guided Rocket System capable of engaging “deep targets” with high precision, a statement from the army’s media wing said, adding it can defeat any defense system. 

Pakistan sees its missile development as a deterrent against nuclear-armed neighbor India, with which it has fought three wars since independence from Britain in 1947. Both nations have been developing missiles of varying ranges since they conducted nuclear tests in May 1998. In December 2023, Pakistan Army successfully conducted the flight test of the Fatah-II missile, which has a range of 400 kilometers. 

“Equipped with state-of-the-art navigation system, unique trajectory and maneuverable features, Fatah-II is capable of engaging targets with high precision and defeating any missile defense system,” the Inter-Services Public Relations (ISPR), the army’s media wing, said. 

“Fatah -II is being inducted in Pakistan’s Artillery Divisions for stand-off, precision engagement of deep targets.”

The army said the rocket system would “significantly upgrade” the reach and lethality of Pakistan Army’s conventional arsenal.

The flight test was witnessed by Pakistan Army’s chief of general staff and senior officers of the country’s air force, army and navy forces, apart from scientists and engineers.

President Asif Zardari, Prime Minister Shehbaz Sharif, Chairman Joint Chiefs of Staff Committee General Shamshad Mirza and Army Chief General Syed Asim Munir congratulated the participating troops and scientists over the achievement.

As Pakistan and India continue to test missiles and build their weapons armor, analysts warn Asia may be sliding into an accelerating arms race. 
 


Ancient spring festival kicks off in Pakistan’s Chitral, drawing crowds with traditional music and dance

Updated 15 May 2024
Follow

Ancient spring festival kicks off in Pakistan’s Chitral, drawing crowds with traditional music and dance

  • Chilam Joshi festival is celebrated by the Kalash people, often described as pagan due to their religious practices
  • The annual event is integral to the identity of the Kalash community and the continuity of its ancient traditions

PESHAWAR: The Khyber Pakhtunkhwa (KP) Tourism Authority on Tuesday announced the beginning of a popular cultural festival in Pakistan’s northwestern Chitral region, saying the event had attracted large numbers of foreign and local tourists like in the past.

The Chilam Joshi festival is celebrated by the Kalash people, who are often described as pagan due to their religious beliefs and practices involving the worship of multiple gods and spirits, to mark the arrival of spring and celebrate the bounty of nature.

Known for music, dance, and colorful clothes, the festival is also associated with the preparation for new crops, symbolizing hope and prosperity for the community.

“The ancient Kalash festival ‘Chilam Joshi’ has kicked off in full swing,” the KP tourism authority said in a statement. “Young women of Kalash danced to the beat of drums while wearing intricately embroidered garments, enhancing the colors of the festival.”

The statement added that district administration officials, members of the Kalash Development Authority and a large number of domestic and foreign tourists were also attending the festivity.

“The district administration has arranged foolproof security for the festival,” it added. “Tourism police are also providing services for the guidance of tourists.”

Chilam Joshi is said to be the oldest festival of the Kalash tribe. It involves various rituals, the most well-known being the one where people dance with walnut branches in hand.

The festival will last for three days in the area known for its rugged terrain and scenic beauty. The annual event is considered integral to the identity of the indigenous Kalash community and the continuity of its ancient traditions.
 


Pakistan shares hit fresh record on rate cut hopes, IMF talks

Updated 15 May 2024
Follow

Pakistan shares hit fresh record on rate cut hopes, IMF talks

  • Pakistan last month completed a short-term, $3 billion IMF program, seeking fresh, longer-term bailout 
  • IMF mission is in Pakistan to discuss financial year 2025 budget, policies, reforms under potential new program

Pakistan’s benchmark share index touched a lifetime high on Wednesday, breaching the key level of 75,000, on hopes that easing inflation could pave the way for interest rate cuts as early as June.

Still attractive stock valuations, expectations of more foreign inflows, and the start of talks with the IMF on a new loan program added to the bullish sentiment.

The index was trading at 75,013 points at 0531 GMT, up 0.7 percent, after hitting an intraday high of 75,115. It has surged 80 percent over the past year, and it is up 16.1 percent year-to-date after an IMF rescue last summer helped the government avert a debt default.

On Monday, the index closed at a record of 73,822, up 1 percent.

Mohammed Sohail, CEO of Topline Securities, said Wednesday’s gains were fueled by foreign fund buying.

On Tuesday, the MSCI index added a Pakistani bank, National Bank of Pakistan, to the MSCI frontier market index. Its shares rose 1.6 percent on Wednesday, outperforming the benchmark index.

“We estimate Pakistan’s weight will also increase, thereby having the potential to attract more passive foreign funds,” said Sohail.

The market is picking up steam due to an anticipated decline in inflation to 13.5 percent for May and expectations of a monetary easing cycle starting in June, said Shahid Habib, CEO of Arif Habib Limited.

Investors were also optimism about discussions on a new International Monetary Fund financing program and the economic roadmap ahead, Habib said.

Pakistan last month completed a short-term, $3 billion IMF program, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.

An IMF mission is in Pakistan to discuss the financial year 2025 budget, policies, and reforms under a potential new program.

Wall Street bank Citi expects Pakistan to reach a four-year agreement with the IMF worth up to $8 billion by end-July, and recommends going long on the country’s 2027 international bond.