海角直播

Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy

Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
Pakistan Finance Minister Muhammad Aurangzeb speaks during a meeting with Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki at the office of the Ministry of Finance in Islamabad on September 11, 2024. (Photo courtesy: Finance Ministry)
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Updated 12 September 2024

Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy

Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
  • Last month, Pakistan said it had secured commitments from China, 海角直播 and UAE to roll over debt for a year
  • Debt rollovers will be a boost for Islamabad as it awaits final approval of a $7 billion IMF loan program signed in July

ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday and discussed joint ventures and business collaborations as well as steps Islamabad is taking as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
Pakistan and 海角直播 enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
In February 2019, Pakistan and 海角直播 inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
鈥淎urangzeb expressed deep appreciation for 海角直播鈥檚 consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan鈥檚 private sector,鈥 Radio Pakistan said on Thursday.聽
鈥淎urangzeb noted the significant outcomes of the high-level business delegation鈥檚 visit from 海角直播 to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.鈥
The minister also outlined Pakistan鈥檚 鈥減ositive鈥 economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit and foreign exchange reserves sufficient to cover two months of imports.
鈥淭he Minister emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government鈥檚 policy agenda,鈥 Radio Pakistan said.聽
The report said Al-Malki 鈥渃ommended鈥 the government of Pakistan鈥檚 efforts in implementing structural and institutional reforms and reiterated the Kingdom鈥檚 鈥渦nwavering commitment to contributing to Pakistan鈥檚 economic growth.鈥
鈥淭he Ambassador also acknowledged the immense potential for investment and business opportunities between the two countries,鈥 Radio Pakistan said. 鈥淗e indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.鈥
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for a new 37-month $7 billion loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining 鈥渢imely confirmation of necessary financing assurances from Pakistan鈥檚 development and bilateral partners.鈥
Last month, Bloomberg reported Pakistan had secured commitments from China, 海角直播 and the United Arab Emirates to roll over debt for a year, a boost for Islamabad as it awaits final approval of the IMF loan program.
Rollovers or disbursements on loans from Pakistan鈥檚 long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.


Pakistan tells OIC conference Israeli military actions driving Middle East instability

Pakistan tells OIC conference Israeli military actions driving Middle East instability
Updated 21 June 2025

Pakistan tells OIC conference Israeli military actions driving Middle East instability

Pakistan tells OIC conference Israeli military actions driving Middle East instability
  • Ishaq Dar tells Istanbul conference Israeli strike on Iran 鈥榥ot an isolated event,鈥 reflects 鈥榗ontinued impunity鈥
  • He calls on the OIC to play its role in shaping a more just and stable global order for the Muslim world

ISLAMABAD: Pakistan on Saturday voiced alarm over escalating tensions in the Middle East, blaming Israel鈥檚 military actions in Gaza and recent strikes in Iran for deepening instability and humanitarian crisis in the region.

Addressing the 51st session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers in Istanbul, Deputy Prime Minister Ishaq Dar reiterated his country鈥檚 condemnation of Israel鈥檚 attack on Iran.

The high-level conference comes at a moment of crisis for several OIC member states. Two of the bloc鈥檚 key countries 鈥 Pakistan and Iran 鈥 have recently experienced military escalations with regional rivals.

While Pakistan鈥檚 brief but intense standoff with India ended in a ceasefire last month, Israel鈥檚 strikes on Iranian nuclear and military facilities, launched more than a week ago, have shown no signs of de-escalation.

鈥淚sraeli aggression against Iran is not an isolated event,鈥 Dar said in his address to the forum. 鈥淚t is part of a dangerous and consistent pattern of militarism that Israel has demonstrated across the Middle East.鈥

鈥淧akistan remains deeply concerned at the escalating tensions, deepening instability and humanitarian crises across the Middle East,鈥 he added. 鈥淲hat underpins many of these situations is the continued impunity with which Israel is undermining peace and stability of the broader region.鈥

The Pakistani deputy PM condemned Israel鈥檚 鈥渦nprovoked aggression鈥 against Iran as a violation of international law and the UN Charter, warning that such actions posed a grave threat to both regional and global peace.

鈥淲e can all feel the reverberations of this instability,鈥 he said.

Turning to Gaza, Dar said Israel was waging a 鈥済enocidal campaign鈥 against Palestinians, pointing out that over 55,000 people, mostly women and children, had been killed since the start of the conflict in October 2023.

He noted Israel was deliberately blocking life-saving humanitarian aid and targeting relief workers, leaving millions displaced and entire neighborhoods in ruins.

Calling for an immediate and unconditional ceasefire in Gaza, Dar said that lasting peace in the region was impossible without a viable, sovereign Palestinian state based on pre-1967 borders, with Jerusalem as its capital.

He also referenced last month鈥檚 military standoff between Pakistan and India, telling the conference participants that Pakistan had shot down six Indian fighter jets in the confrontation.

He said that his country was committed to regional stability and warned that India鈥檚 unilateral actions 鈥 including the suspension of the Indus Waters Treaty 鈥 were further escalating tensions.

鈥淧akistan will not allow India to stop water for our people,鈥 he said. 鈥淚t will be treated as an act of war.鈥

Dar also urged the OIC to assert itself as a collective voice for the Muslim world.

鈥淭he OIC has a crucial role to play in streamlining the rapidly evolving and deteriorating global order to the benefit of the Muslim world,鈥 he added.


Pakistan highlights India鈥檚 鈥榖razen disregard鈥 for international law over Indus treaty stance

Pakistan highlights India鈥檚 鈥榖razen disregard鈥 for international law over Indus treaty stance
Updated 21 June 2025

Pakistan highlights India鈥檚 鈥榖razen disregard鈥 for international law over Indus treaty stance

Pakistan highlights India鈥檚 鈥榖razen disregard鈥 for international law over Indus treaty stance
  • Pakistan says India鈥檚 treaty suspension shows it cannot be trusted to honor legal obligations
  • The statement follows Indian home minister鈥檚 threat to divert river waters, 鈥榮tarve鈥 Pakistan

KARACHI: Pakistan on Saturday accused India of showing a 鈥渂razen disregard鈥 for international agreements after New Delhi said it would not restore the decades-old Indus Waters Treaty and divert river waters for internal use.

India put into 鈥渁beyance鈥 its participation in the 1960 treaty, which governs the distribution of the Indus river system between the two countries, after 26 civilians in Indian-administered Kashmir were killed in an April gun attack.

India blamed Pakistan for the incident, though it denied any involvement. The accord remains dormant since then despite a ceasefire agreed upon by the two nuclear-armed neighbors last month following their worst fighting in decades.

Islamabad鈥檚 statement over the issue came after Indian Home Minister Amit Shah gave an interview to the media, saying New Delhi would not reinstate the treaty that guarantees water access for 80 percent of Pakistan鈥檚 farms through rivers originating in India.

鈥淭he statement reflects a brazen disregard for the sanctity of international agreements,鈥 Foreign Office Spokesperson Shafqat Ali Khan said in a statement. 鈥淭he Indus Waters Treaty is not a political arrangement, but an international treaty with no provision for unilateral action.鈥

鈥淚ndia鈥檚 illegal announcement to hold the Treaty in abeyance constitutes a clear violation of international law, the provisions of the Treaty itself, and the fundamental principles governing inter-state relations,鈥 he continued. 鈥淪uch conduct sets a reckless and dangerous precedent 鈥 one that undermines the credibility of international agreements and raises serious questions about the reliability and trustworthiness of a state that openly refuses to fulfill its legal obligations.鈥

The statement further said India鈥檚 attempt to 鈥渨eaponize water for political ends鈥 was irresponsible and in violation of established norms of state behavior.

It called on India to 鈥渋mmediately rescind its unilateral and unlawful stance鈥 and restore the 鈥渇ull and unhindered implementation鈥 of the treaty.

鈥淧akistan remains firmly committed to the Treaty and will take all necessary measures to protect its legitimate rights and entitlements under it,鈥 the spokesperson added.

Earlier in the day, the Indian minister said in his interview New Delhi would divert water by constructing a canal, and that Pakistan would be 鈥渟tarved鈥 of water it had been receiving 鈥渦njustifiably.鈥

While Islamabad has pursued diplomatic channels to raise awareness of the issue globally, it has also warned that any Indian attempt to block river flows will be treated as 鈥渁n act of war.鈥
With input from Reuters


Pakistan, Turkiye leaders vow diplomatic push to halt Israel鈥檚 military campaigns in Mideast

Pakistan, Turkiye leaders vow diplomatic push to halt Israel鈥檚 military campaigns in Mideast
Updated 21 June 2025

Pakistan, Turkiye leaders vow diplomatic push to halt Israel鈥檚 military campaigns in Mideast

Pakistan, Turkiye leaders vow diplomatic push to halt Israel鈥檚 military campaigns in Mideast
  • The Middle East situation came up during a meeting between Ishaq Dar, Asim Munir and Recep Tayyip Erdo臒an
  • Both sides stressed the urgency of halting 鈥業sraeli aggression鈥 in Gaza, ensuring unhindered humanitarian aid

ISLAMABAD: Pakistan鈥檚 Deputy Prime Minister Ishaq Dar and Army Chief Field Marshal Asim Munir met Turkish President Recep Tayyip Erdo臒an on Saturday and agreed to step up diplomatic efforts to halt Israel鈥檚 military campaigns in the Middle East, as regional tensions threaten to escalate further.

The meeting took place on the sidelines of the 51st session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers in Istanbul, where Muslim-majority nations are grappling with regional crises.

Two of the bloc鈥檚 key members 鈥 Pakistan and Iran 鈥 have recently faced military escalations with regional adversaries. While Pakistan鈥檚 brief but intense standoff with India last month ended in a ceasefire, Israel鈥檚 strikes on Iranian nuclear and military sites, launched over a week ago, have shown no signs of letting up.

鈥淭he leaders [of Pakistan and Turkiye] expressed strong condemnation of the continued Israeli attacks in blatant violation of fundamental principles of international law, reiterated support for Iran鈥檚 sovereignty, territorial integrity and its right to self-defense under the UN Charter, agreed to continue diplomatic efforts to de-escalate the situation and urged the international community to play its part in restoring peace and stability in the region,鈥 the Foreign Office in Islamabad said in a statement.

鈥淏oth sides emphasized the urgency of galvanizing efforts to bring an immediate halt to the Israeli aggression in Gaza and unhindered provision of humanitarian assistance to the besieged people of Gaza,鈥 the statement added.

As Iran and Israel continue to trade fire, European and regional powers are racing to contain the conflict and bring Iran back to the negotiating table to resume nuclear negotiations that broke down when Israel launched its strike on Tehran and other cities.

During Saturday鈥檚 meeting, Dar underscored Pakistan鈥檚 commitment to strengthening bilateral ties with Turkiye.

The two sides reaffirmed their desire to deepen cooperation, particularly in light of Turkiye鈥檚 diplomatic support for Pakistan during last month鈥檚 flare-up with India, which saw both nuclear-armed neighbors exchange missiles, drone fire and airstrikes before tensions subsided under international pressure.

Dar also congratulated Erdo臒an on receiving an award from the Islamic Cooperation Youth Forum in recognition of his leadership and the successful organization of the ongoing OIC ministerial session.


PM Sharif orders early Hajj planning, calls for private scheme reform

PM Sharif orders early Hajj planning, calls for private scheme reform
Updated 21 June 2025

PM Sharif orders early Hajj planning, calls for private scheme reform

PM Sharif orders early Hajj planning, calls for private scheme reform
  • A major portion of the quota for private Hajj operators remained unutilized this year
  • Shehbaz Sharif says no negligence in serving Hajj pilgrims next year will be tolerated

KARACHI: Prime Minister Shehbaz Sharif on Saturday directed the religious affairs ministry to begin preparations for the 2026 Hajj immediately, while calling for urgent reforms to the country鈥檚 private Hajj scheme following a situation that left thousands of pilgrimage slots unused this year.

Pakistan received a quota of 179,210 pilgrims from 海角直播 for Hajj 2025, which was evenly divided between the government and private Hajj operators.

While the government filled its full allocation of over 88,000 pilgrims, a major portion of the private quota remained unutilized due to delays by companies in meeting payment and registration deadlines.

Private operators, however, blamed the situation on technical glitches such as payment issues and communication breakdowns.

鈥淧reparations for next year鈥檚 Hajj operation must begin immediately,鈥 the prime minister said, according to a statement released by his office.

鈥淭he operational plan should be developed in accordance with the Hajj policy issued by 海角直播,鈥 he continued. 鈥淣o negligence in serving pilgrims next year will be tolerated.鈥

Sharif also emphasized the need to 鈥渞egularize鈥 the private Hajj scheme.

Previously, Pakistan鈥檚 religious affairs minister, Sardar Muhammad Yousaf, had confirmed that over 67,000 private-sector slots went unused, despite a last-minute effort to reclaim some of the allocation.

The shortfall prompted criticism and concerns over regulation and the capacity of private Hajj companies.

The prime minister has also asked the religious affairs ministry to submit a detailed Hajj action plan with clear deadlines and start preparing for next year鈥檚 Islamic pilgrimage.


PM Sharif seeks action after two police officers shot dead in northwest Pakistan

PM Sharif seeks action after two police officers shot dead in northwest Pakistan
Updated 21 June 2025

PM Sharif seeks action after two police officers shot dead in northwest Pakistan

PM Sharif seeks action after two police officers shot dead in northwest Pakistan
  • The officers had stopped to get water when they were ambushed by gunmen on a motorbike
  • The prime minister praises the efforts of police officials fighting militancy on the front lines

PESHAWAR: Two police officers were shot and killed when unidentified assailants opened fire on their mobile patrol van in Swabi, a district in Pakistan鈥檚 northwestern Khyber Pakhtunkhwa (KP) province, with Prime Minister Shehbaz Sharif on Saturday directing authorities to bring the perpetrators to justice.

The attack took place around 10:00 p.m. Friday night near a roadside kiosk within the jurisdiction of the Gadoon police station, according to Abdul Majid, a senior police officer in Swabi.

The officers had briefly stopped to get water when they were ambushed by gunmen on a motorbike.

鈥淭errorists riding a motorbike opened fire on the police party,鈥 Majid told Arab News over the phone. 鈥淭wo officers were martyred on the spot.鈥

Militant attacks in KP, particularly by Tehreek-e-Taliban Pakistan (TTP), have increased in recent years, with security forces, government officials and civilians often targeted.

The Pakistani military and law enforcement agencies have launched intelligence-based operations to curb the violence, but attacks have persisted.

Following the shooting, a large police contingent was deployed to the area to secure the scene, collect forensic evidence and launch a search operation.

No arrests have been made so far, and the investigation is ongoing. No group has so far claimed responsibility for the attack.

Prime Minister Shehbaz Sharif condemned the Swabi attack and expressed deep sorrow over the deaths of the police officers.

鈥淲e pay tribute to the martyrs and pray for patience for their families,鈥 he said in a statement issued by the Prime Minister鈥檚 Office.

Sharif directed authorities to investigate the incident and ensure those responsible are brought to justice.

鈥淭he war against terrorism will continue until this scourge is eradicated from the country,鈥 he said, praising the efforts of police officers fighting on the front lines.