‘Media speculation,’ foreign office says on Beijing wanting own security staff in Pakistan

A Pakistani police officer stands guard outside the Ministry of Foreign Affairs in Islamabad on January 18, 2024. (AFP/File)
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Updated 14 November 2024
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‘Media speculation,’ foreign office says on Beijing wanting own security staff in Pakistan

  • Reuters reported this week Beijing and Islamabad in talks to set up a joint security management system
  • Beijing has been angered by recent attacks on Chinese nationals, has publicly raised security concerns 

ISLAMABAD: The foreign office on Thursday rejected as “media speculation” reports by a foreign news agency that Beijing is pushing Pakistan to allow its own security staff to provide protection to thousands of Chinese citizens working in the South Asian nation.

Reuters, citing five Pakistani security and government sources speaking on condition of anonymity, reported this week that a string of recent attacks on Chinese nationals had angered Beijing and pushed Pakistan to begin formal negotiations for a joint security management system. 

Last month’s airport bombing in the southern port city that killed two Chinese engineers returning to work on a project after a holiday in Thailand was the latest attack on Beijing’s interests in Pakistan.

“Let’s not get carried away with speculation,” Foreign Office Spokesperson Mumtaz Zahra Baloch said at a weekly news briefing in Islamabad when questioned about the Reuters report. 

“I would not like to respond to media speculations that are based on unreliable sources and motivated by an agenda to create confusion about the nature of Pakistan-China relationship.”

She added that Pakistan had raised a security force to protect Chinese nationals and projects, particularly those operating under the China-Pakistan Economic Corridor (CPEC) umbrella, and “this security apparatus continues to provide security to Chinese CPEC projects inside Pakistan.”

Longtime Pakistan ally China has thousands of nationals working on projects grouped under the CPEC, a $65-billion investment in President Xi Jinping’s Belt and Road Initiative, which seeks to expand China’s global reach by road, rail and sea.

The Reuters report said there was now a consensus on setting up a joint security management system, and that Pakistan was amenable to Chinese officials sitting in on security meetings and coordination but there was no agreement as yet on their participating in security arrangements on the ground.

One official said Pakistan had asked China for help in improving its intelligence and surveillance capabilities instead of direct involvement.

“We advise the media to ascertain the motivation of individuals who are feeding them this story,” Baloch said. 

“Pakistan and China have a robust dialogue and cooperation on a range of issues including counterterrorism and security of Chinese nationals in Pakistan … We will continue to work with our Chinese brothers for the safety and security of Chinese nationals, projects and institutions in Pakistan.”

Baloch said as close allies, Pakistan and China had the resolve and capability to foil “any attempts to harm Pakistan-China relations, including by spreading stories about the nature of this relationship.”


Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

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Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

  • Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
  • Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors

KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.

The company, Pak-Qatar General Takaful Limited, said it would issue 30 million shares, with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75% of the shares on offer, while the remaining 25% will be allocated to retail investors.

“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.

The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.

The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.

Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.