ISLAMABAD: Pakistan’s top army generals reviewed national security challenges on Tuesday following a series of coordinated militant attacks by a separatist outfit in the southwestern Balochistan province last month that killed more than 50 people, vowing not to let the “hard-earned” gains against such groups to be reversed.
The army has carried out a number of intelligence-based operations in Pakistan’s western region, including the province of Khyber Pakhtunkhwa (KPK), in recent months to quell extremist and separatist violence, killing a number of fighters from various armed factions while also sacrificing its soldiers.
The meeting of top officials, led by Chief of Army Staff (COAS) General Asim Munir, began with the remembrance of these soldiers, according to an official statement that said they had “laid down their lives in Balochistan and Khyber Pakhtunkhwa in pursuit of peace and stability of Pakistan.”
“The forum was briefed on the prevailing geo-strategic environment, national security challenges, and strategic and operational responses to emerging threats,” the statement by the Inter-Services Public Relations (ISPR), the military’s media wing, informed.
“In assessing the inimical forces, malicious actors, subversive proxies, and the facilitators of Pakistan’s external and internal adversaries, particularly those active in Balochistan and KPK, the forum deliberated on a range of measures to neutralize these threats,” it added. “The forum reaffirmed that the Pakistan Army, with the unwavering support of the people, will not allow the hard-earned successes against terrorism to be reversed.”
The statement highlighted the professionalism, integrity and loyalty to the state within the army, attributing these qualities to a “well-established and rigorous system of accountability” that ensures these values are preserved within its ranks.
The army has recently taken action against its own officials, including Lt. Gen. (retired) Faiz Hameed, the former director general of the country’s most powerful Inter-Services Intelligence (ISI) spy agency, by launching court martial proceedings on charges of extortion and meddling in politics.
“This strict adherence to accountability fortifies the Army’s integrity, ensuring that no individual is above the law or exempt from scrutiny,” it continued.
It also noted that law enforcement agencies would take “swift and lawful action against terrorists, anarchists, and criminal mafias” in the country.
The top army forum, which has previously highlighted the issue of “digital terrorists” spreading disinformation on social media, also reiterated the need to safeguard national cyberspace.
Pakistani generals vow to defend ‘hard-earned gains’ against militants after Balochistan attacks
https://arab.news/zjff6
Pakistani generals vow to defend ‘hard-earned gains’ against militants after Balochistan attacks
- The meeting discussed the army’s ‘rigorous system of accountability,’ saying it ensures professionalism and loyalty
- Pakistani generals also reiterated the need to safeguard national cyberspace among concerns over disinformation
Pakistani economists flag debt sustainability risks as foreign loans surge in FY26
- Pakistan received $2.98 billion from bilateral, global lenders from July to November this year, official data shows
- Economists urge government to take structural reforms to boost exports, cut energy costs, ensure rupee stability
KARACHI: Pakistani economists on Wednesday warned the government against debt sustainability risks as the country’s foreign loan receipts surged to nearly $3 billion in the first five months of the current fiscal year, data from the economic affairs ministry showed.
Pakistan received 16 percent more financing, which is $2.98 billion, from bilateral and multilateral lenders during the July to November period of the current fiscal year compared to last year, the economic affairs’ ministry data showed.
Pakistan, as per the data, seeks to raise $19.8 billion in loans this year through June, which include $16.7 billion non-project and $3.11 billion project loans from multilateral lenders such as the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Islamic Development Bank (IsDB), European Union (EU), European Investment Bank (EIB), UNICEF and others.
Pakistan’s bilateral lenders include the countries of China, Saudi Arabia, Kuwait, Oman, the US, Denmark, France, Germany, Italy, Japan and South Korea
“As long as you are utilizing the loan for economic recovery and growth, it is understood,” Sana Tawfik, head of research at the Karachi-based brokerage firm Arif Habib Limited, told Arab News.
“But in the long term, it is not sustainable to rely only on loans. Foreign reserves should be built on FDI [foreign direct investment] and not on loans,” she added.
Pakistan’s finance adviser Khurram Schehzad and finance ministry spokesperson Qamar Sarwar Abbasi did not respond to requests for comment.
Cash-strapped Pakistan came close to a sovereign default in 2023 before a last-gasp financial bailout by the International Monetary Fund (IMF) averted the risk.
While Pakistan has lowered inflation and registered other economic gains, the country’s $15.9 billion foreign reserves mostly come from the IMF in budgetary support and bank deposits from countries such as Saudi Arabia and China.
The cash-strapped country will seek $13.5 billion in budgetary support, $700 million in short-term loans from the IsDB, $1.44 billion as program loans, $1 billion worth of oil on deferred payments and $3.11 billion as project loans by June, the data said.
Prime Minister Shehbaz Sharif’s government also plans to raise $400 million through issuing international bonds, $3.1 billion in loans from foreign commercial banks, $410 million from the IMF, $609 million through Naya Pakistan Certificates (NPCs) and $5 billion as time deposits from Saudi Arabia, and $4 billion as safe deposit from China.
“Long-term solution is not to take loans and this only adds up to the existing external account,” Tawfik said.
She, however, appreciated the government’s ability to reduce its current account deficit in recent months. The economist noted that Pakistan, in the short run, could manage its current account deficit if it remains in the $1.5 billion range throughout the year.
She urged the government to focus on increasing exports, noting its debt servicing requirement was $25.8 billion this year.
Tawfik called for long-term reforms such as reducing the cost of doing business, cutting energy costs, clearing Pakistan’s longstanding power sector debt and keeping the rupee stable to attract increased remittances from Pakistanis working abroad.
“In the long run, we must focus on increasing Pakistan’s exports, remittances, and FDI,” the economist said. “FDI is the most important.”
‘OBVIOUSLY A RISK FACTOR’
However, neither are Pakistan’s exports on the rise nor is FDI. Pakistan’s current account deficit widened by 37 percent to $16 billion from July to November this year. This was due to a 6.4 percent decline in exports to $12.8 billion and a 13 percent hike in imports to $28 billion, data from the Pakistan Bureau of Statistics (PBS) showed.
FDI dropped by more than 25 percent to $927 million during the same period and has never surged beyond $3 billion in nearly 20 years, data from Pakistan’s central bank shows.
“Our debt sustainability will be questioned at any point if we, going forward, are not able to match these debt flows or counter these debt flows with growth and remittances and exports,” Muhammad Saad Ali, head of research at Lucky Investments Ltd, told Arab News.
He noted that debt sustainability is “obviously a risk factor” as Pakistan has not increased its FDI nor exports during the period when its foreign debt has increased.
However, he said that there was a positive side to the 16 percent rise in foreign debt receipts as well, adding that recent macroeconomic improvements have enabled Islamabad to borrow more from global lenders.
But the risks remain.
“You (government) are increasing your debt and your debt sustainability will come into question again if global factors or global environment turn south,” he warned.
