Air exercise ongoing in Pakistan with participants from 14 nations including Saudi Arabia, UAE

Pakistan's army chief General Asim Munir, center front, stands alongside participants and other guests during the ongoing Indus Shield exercise at one of country's operational bases on October 19, 2023. (Photo courtesy: social media)
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Updated 20 October 2023
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Air exercise ongoing in Pakistan with participants from 14 nations including Saudi Arabia, UAE

  • The exercise is aimed at consolidating modern concepts of aerial warfare, fostering mutual cooperation and enhancing interoperability
  • Gen Asim Munir reiterates his support to the vision of Pakistan's air chief to incorporate smart inductions, cutting-edge niche technologies

ISLAMABAD: Pakistan's army chief, General Asim Munir, on Thursday witnessed the ongoing Indus Shield air exercise at one of the country's operational air bases, where he lauded the air warriors for their prowess in aerial combat, the Pakistani military said. 

The exercise, aimed at consolidating modern concepts of aerial warfare, fostering mutual cooperation and enhancing interoperability, is being participated in by Saudi Arabia, United Arab Emirates (UAE), Qatar, Turkiye, Egypt, Oman, Bahrain, Azerbaijan, Indonesia, Morocco, Uzbekistan, China and Hungary. 

Upon arrival, the army chief was received by the Pakistan Air Force (PAF) chief, Air Chief Marshal Zaheer Ahmed Baber Sidhu, and introduced to foreign dignitaries and principal staff officers of the PAF. Air chiefs of Türkiye, Azerbaijan and Hungary were also among the distinguished guests 

Addressing the participants, Gen Munir highlighted the importance of multinational air exercises in pursuit of common objectives amid the ever-evolving dynamics of air warfare, according to the Inter-Services Public Relations (ISPR), the Pakistani military's media wing. 

"He lauded the professionalism of the exercise participants and extended heartfelt appreciation to the Air Power Centre of Excellence for its state-of-the-art facilities and instrumental role in orchestrating such largescale air exercise," the ISPR said in a statement. 

"General Syed Asim Munir acknowledged that the Centre's expertise and dedication have contributed to the development of highly skilled and proficient air warriors, who are ready to meet the challenges of modern warfare." 

He reiterated his commitment to support the vision of the Pakistani air chief to incorporate smart inductions, cutting-edge niche technologies in the domains of artificial intelligence, information technology, space and specialized innovations. 

Organized by the PAF, Indus Shield aims to bolster regional security by fostering cooperation among allied nations. The exercise serves as a platform for enhancing operational capabilities, promoting mutual understanding and advancing the shared goals of peace and stability, in addition to showcasing the PAF's commitment to secure its skies through innovative and disruptive technologies. 

Highlighting the significance of the exercise, Air Chief Sidhu said the exercise offered a unique opportunity to participating air forces to showcase their unparalleled skills and operational capabilities. He commended the dynamic role played by the PAF's Air Power Center of Excellence in successfully orchestrating the mega drill, ensuring meticulous supervision, conduct, analysis and assessment of aerial warfare missions.  

"The successful execution of an aerial mission requires the effective utilization of all components of combat efficiency, including electronic warfare operations, force multipliers and support elements," he said. 

"These crucial aspects are diligently taught at Air Power Center of Excellence, creating a cohesive impact on operational capabilities." 


Pakistan says Panda bond launch to diversify funding, avoid overreliance on dollar

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Pakistan says Panda bond launch to diversify funding, avoid overreliance on dollar

  • Pakistan has said it plans to issue its first-ever yuan-denominated Panda bond in January 2026
  • Pakistan minister identifies agriculture, minerals, AI as key areas to attract Chinese investment

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb said on Tuesday that launching its first-ever Panda bond would allow Islamabad to diversify its external financing sources away from overreliance on the US dollar, the Finance Division said. 

Pakistan has said it aims to launch the Panda bond— a yuan-denominated bond issued in China’s domestic market— by January next year. This highlights Pakistan’s efforts to find alternatives to dollar-denominated borrowing as global financial conditions tighten and Islamabad looks to escape a prolonged macroeconomic crisis. 

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.

“He said the [Panda bond] issuance would allow Pakistan to tap into the second-largest and second-deepest capital market in the world, helping diversify funding sources away from overreliance on the US dollar by complementing existing access to euro and sukuk markets,” the Finance Division said. 

Aurangzeb was speaking to the state-owned China Global Television Network (CGTN), the Finance Division said. 

The finance minister acknowledged Pakistan had “previously underutilized” the opportunity to take advantage of the Panda bond, expressing optimism about investor interest in the Chinese market.

He said Pakistan remains hopeful of launching the bond ahead of the Chinese New Year, calling it a “landmark development” in the country’s external financing strategy. 

In response to a question about Pakistan’s economic priorities, Aurangzeb identified agriculture, minerals and mining, artificial intelligence and digital economy as key areas where Islamabad could attract Chinese investment. 

“He emphasized that beyond capital flows, this phase of cooperation places strong emphasis on knowledge transfer and technical support,” the Finance Division said.