Pakistan PM accepts King Charles’ invitation to attend Commonwealth summit in Samoa 

Britain's King Charles III (L) shakes hands with Pakistan Prime Minister Shehbaz Sharif (R) as he arrives for an informal meeting with Commonwealth leaders at Marlborough House in London on May 5, 2023. (Government of Pakistan/File)
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Updated 18 September 2024
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Pakistan PM accepts King Charles’ invitation to attend Commonwealth summit in Samoa 

  • King Charles III invites Sharif to Commonwealth summit during telephone call
  • Leaders to discuss global economic and environmental challenges during October summit

ISLAMABAD: Pakistan’s Prime Minister Shebaz Sharif on Wednesday accepted an invitation by British King Charles III to attend an upcoming Commonwealth summit in Samoa, the Prime Minister’s Office (PMO) said, reiterating his country’s commitment to the international association. 

The Commonwealth Heads of Government Meeting 2024 (CHOGM) will take place in Apia, Samoa from October 21-26, 2024. This will be the first time that King Charles III will head a meeting of the global association since becoming king. 

According to the Commonwealth’s website, leaders will deliberate on global economic, environmental and security challenges during the summit. They will also discuss how Commonwealth countries can work together to build resilience, boost trade, innovation, growth and empower the 1.5 billion young people who live in member states. 

Sharif received the invitation over a telephone call from the British king on Wednesday, the PMO said, adding that the Pakistani premier described it as a “significant moment in the history of the Commonwealth.”

“Prime Minister Sharif reiterated Pakistan’s commitment to the Commonwealth and the values enshrined in the Commonwealth Charter,” the PMO said. 

He noted the UK monarch’s longstanding interest in environmental issues and initiatives for climate sustainability. The Pakistani premier said he looked forward to engaging with Commonwealth leaders on climate change as Pakistan is “highly vulnerable” to its impacts.

Unusually heavy rains and the melting of glaciers in June 2022 triggered flash floods in many parts of the country. Over 1,700 people were killed as large swathes of crops were destroyed and critical infrastructure was damaged. Pakistan estimated losses of over $30 billion from the floods. 

Sharif also expressed his best wishes for the king’s health and for Catherine Middleton, the princess of Wales, who announced in May that was suffering from cancer. 

“Recalling the fond memories of the King’s last visit to Pakistan, when he was the Prince of Wales, the Prime Minister hoped that the King and Her Majesty The Queen would visit Pakistan soon,” the PMO said. 

Pakistan is a member of the Commonwealth, a voluntary association of 56 countries out of which the vast majority are former British territories.

The governments of Commonwealth countries pledge to promote common objectives such as development, democracy and peace.


Pakistan launches crypto testing framework to regulate digital assets

Updated 59 min 23 sec ago
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Pakistan launches crypto testing framework to regulate digital assets

  • Regulatory ‘sandbox’ to let firms test crypto products under supervision
  • Move comes amid broader push to formalize Pakistan’s digital asset sector

ISLAMABAD: Pakistan’s Virtual Assets Regulatory Authority (PVARA) on Friday launched a crypto testing framework to regulate digital assets, allowing firms to trial new products and services under official supervision.

The initiative, formally structured as a regulatory “sandbox,” creates a controlled environment where companies can test crypto-related services under the oversight of the regulator before full-scale approval.

According to PVARA, the sandbox will support real-world use cases including tokenization, stablecoins, remittances and on- and off-ramp infrastructure.

Tokenization refers to converting real-world assets into digital tokens on a blockchain, while stablecoins are cryptocurrencies pegged to a fiat currency to maintain a stable value. On- and off-ramp infrastructure allows users to convert between fiat money and digital assets, enabling the practical use of virtual asset products.
“The Pakistan Virtual Assets Regulatory Authority has formally approved and launched its Regulatory Sandbox for virtual assets,” PVARA said in a post on X. “Sandbox Guidelines and the application process will be published shortly on our website.”

 

 

The move comes as the government seeks to build a formal regulatory framework for digital assets while attracting investment and strengthening oversight of the sector.

Pakistan has stepped up efforts recently to regulate its digital asset sector and is exploring digital currency initiatives as part of broader measures to reduce cash usage.

In January, Pakistan signed a memorandum of understanding with a company affiliated with World Liberty Financial, a crypto-based finance platform launched in September 2024 and linked to US President Donald Trump’s family to explore the use of a dollar-linked stablecoin for cross-border payments.