On anniversary of shooting down Indian warplane, Pakistan says will ‘forcefully respond to aggression’

Pakistan's army Major General Shahid gives briefing to an international media team at Horran village near the site where an Indian Mig-21 fighter aircraft flown by pilot Wing Commander Abhinandan Varthaman was shot down during a dogfight between Pakistani and Indian air forces in February last year, during an event to commemorate Pakistan Air Force's 'Operation Swift Retort' against the Indian Air Force, near the Line of Control (LoC) in Pakistani-administered Kashmir on February 26, 2020. (AFP/File)
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Updated 28 February 2024
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On anniversary of shooting down Indian warplane, Pakistan says will ‘forcefully respond to aggression’

  • Pakistan downed Indian MiG-21 aircraft and captured its pilot after New Delhi ordered airstrikes in Balakot in 2019
  • Caretaker PM Kakar says his country is capable of protecting its territorial integrity against external aggression

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar praised the armed forces of Pakistan on the fifth anniversary of the downing of an Indian fighter jet in Kashmir on Tuesday, saying the incident demonstrated that his country was capable of protecting its territorial integrity in the face of any external aggression.

“Operation Swift Retort” was a military operation conducted by the Pakistan Air Force (PAF) on February 27, 2019, in response to the Indian Air Force’s (IAF) airstrike in Balakot a day earlier.

The Indian attack was said to be in response to an attack in Pulwama, Jammu and Kashmir, on February 14 which killed 40 of its paramilitary personnel.

The Indian authorities blamed the attack on its soldiers on a Pakistan-based militant group, Jaish-e-Mohammed, leading to heightened tensions between the two nuclear-armed neighbors and the attack in Balakot.

“Today marks the completion of five years of ‘Operation Swift Retort,’” the PM office circulated Kakar’s message. “We pay tribute to the professional skill and determination of the Armed Forces of Pakistan, who on this day debunked India’s claims, falsely and wrongly, by practically demonstrating their operational superiority.”

“There should be no doubt that Pakistan is a peace-loving country, committed to protecting its sovereignty and territorial integrity,” he added. “We will robustly respond to any aggression.”

During the operation, the PAF conducted airstrikes across the Line of Control (LoC) in the disputed Kashmir region, targeting non-military sites to demonstrate its capability and resolve while avoiding human loss and escalation to a full-scale war.

The operation included an aerial engagement between Indian and Pakistani fighter jets, resulting in the downing of an Indian MiG-21 aircraft and the capture of its pilot, Wing Commander Abhinandan Varthaman, by Pakistani forces.

The pilot was later released as a gesture of peace by the administration in Islamabad.


Pakistan’s Engro executes $475 million Islamic financing deal to expand telecom infrastructure

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Pakistan’s Engro executes $475 million Islamic financing deal to expand telecom infrastructure

  • Islamic banking accounts for over a fifth of Pakistan’s banking assets amid a shift toward Shariah-compliant finance
  • The deal brings more than 10,000 telecom towers under Engro’s control, enabling their shared use by multiple operators

KARACHI: Pakistan’s largest conglomerate Engro Corp. has completed a Rs133 billion ($475 million) Islamic financing deal to acquire telecom tower company Deodar, expanding its telecom infrastructure business as the country seeks to strengthen digital connectivity, the company said on Friday.

The transaction, structured entirely through Shariah-compliant financing, brings more than 10,000 telecom towers under Engro’s control and marks one of the largest Islamic financing deals in Pakistan’s infrastructure sector.

Engro, which has major interests in energy, fertilizers, food and petrochemicals, said the acquisition would allow it to scale shared telecom infrastructure, under which a single tower can host multiple mobile network operators, lowering costs and reducing duplication as Pakistan prepares for next-generation digital services.

“My congratulations to the Dawood family and Engro, the Islamic bankers and conventional banks through their Islamic windows on being able to put together a deal of this size,” State Bank of Pakistan Governor Jameel Ahmed said at a ceremony marking the transaction, referring to the company and its chairman. “This is a great achievement which has been supported by the banks.”

The deal was supported by a group of local banks, including United Bank Limited and Meezan Bank, Engro said, highlighting the increasing role of Islamic financing in funding long-term investment in Pakistan.

Islamic banking, which operates without interest and is based on profit-and-loss sharing structures, accounts for more than a fifth of Pakistan’s banking assets, and authorities have said they aim to transition the financial system toward Shariah compliance over the coming years.

The acquisition of Deodar, which was originally carved out of mobile operator Jazz, also aligns with government efforts to digitize the economy by expanding broadband access and supporting digital payments, e-commerce and online public services, though progress has remained uneven due to infrastructure and regulatory challenges.