Pakistan and India agree to ceasefire 

Pakistani people flashing victory signs stand over a tank as they celebrate after the ceasefire between Pakistan and India, in Multan on May 10, 2025. (AFP)
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Updated 10 May 2025
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Pakistan and India agree to ceasefire 

  • US secretary of state says two countries had agreed to talks on “broad set of issues at a neutral site”
  • Announcement comes after Pakistan and India launched attacks on each other early morning Saturday 

ISLAMABAD: Pakistan and India both confirmed on Saturday they had agreed to a ceasefire after President Donald Trump said the US had mediated late night talks between the nuclear-armed South Asian nations on the brink of an all-out war.

The announcement came after the Pakistan military said early on Saturday India had attacked three bases in Pakistan with missiles, after which it had targeted multiple bases in India in response, including a missile storage site in India’s north. India said there was limited damage to equipment and personnel at air force stations in the Udhampur, Pathankot, Adampur and Bhuj areas. The military said there were several high-speed missile attacks on several air bases in Indian Punjab, and that India had responded to the attacks.

Five civilians were killed in attacks in the Jammu region of Indian-administered Kashmir, regional police said.

“Pakistan and India have agreed to a ceasefire with immediate effect. Pakistan has always strived for peace and security in the region, without compromising on its sovereignty and territorial integrity,” Pakistani Deputy Prime Minister Ishaq Dar wrote on X.

The Indian ministry of external affairs also confirmed the ceasefire deal in a briefing. 

Separately, Trump said:

“After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a FULL AND IMMEDIATE CEASEFIRE. Congratulations to both Countries on using Common Sense and Great Intelligence.”

US Secretary of State Marco Rubio said the two countries had also agreed to talks on a “broad set of issues at a neutral site.”

Earlier on Saturday, Pakistani and Indian officials had both separately said they would consider de-escalation if the other nation reciprocated. 

Through this week, allies and friends like Saudi Arabia, China, Iran and Qatar have offered mediation and urged restraint. The Group of Seven (G7) major countries called on India and Pakistan to engage in direct dialogue while the US government said it had offered assistance in starting “constructive talks.”

Saturday’s military confrontation, the worst fighting between the longstanding enemies in decades, followed days of daily clashing since Wednesday through drones and missiles and gunfighting on the Line of control, the de facto border that divides the disputed Kashmir region between them. At least 50 have been killed on both sides.

The latest tensions were triggered by a militant attack in Indian-administered Kashmir that killed 26 people on April 22. New Delhi said Islamabad was involved, which denied the allegation and repeatedly said it was willing to participate in a transparent and credible inquiry.

Pakistan and India have a history of bitter relations, having fought two of their three wars over Kashmir, a region split between them, since gaining independence from the former British colonial rule in 1947.

Both nations acquired nuclear weapons in 1998.

– Inputs from Reuters


Kuwait-backed digital bank to enter Pakistan with $100 million investment

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Kuwait-backed digital bank to enter Pakistan with $100 million investment

  • Finance adviser Khurram Schehzad describes the development as sign of rising investor confidence
  • It comes as Pakistan seeks foreign investment particularly from Gulf nations to bolster its economy

ISLAMABAD: Pakistan’s Finance Adviser Khurram Shehzad on Friday said Kuwait Investment Authority–backed Raqqami Islamic Digital Bank (RIDB) was set to invest $100 million in the South Asian country by launching operations in February this year.

The bank will be Pakistan’s first fully digital Shariah-compliant bank, according to its website. It offers online financing, savings, and payments to individuals and small-medium enterprises, with a focus on financial inclusion for underserved segments.

The development comes as Pakistan seeks foreign investment, particularly from Gulf nations, to bolster its economy and stabilize its finances. In 2024, the State Bank of Pakistan had issued a no-objection certificate to RIDB.

“Kuwait Investment Authority–backed Raqqami Bank set to launch in Pakistan with a $100 million investment,” Schehzad said in a post on X. “This is a strong vote of confidence in Pakistan’s improving economic outlook and reform momentum.”

Schehzad said Raqqami was backed by the State of Kuwait’s sovereign wealth fund, a development he described as a sign of rising investor confidence in Pakistan.

It also underscores strengthening investment ties between Pakistan and Kuwait, particularly in the financial and digital economy sectors, he added.

Earlier in January, Bank Islami launched Pakistan’s first Shariah-compliant QR payment gateway enabling real-time online payments allowing customers to pay instantly from their bank accounts and enabling merchants to receive payments securely through a smooth checkout experience.