ISLAMABAD: Pakistan will allow the Chinese yuan to be used for imports, exports and financing transactions for bilateral trade and investment activities, in a move economists said Wednesday would simplify a massive Chinese investment project.
Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan said in a statement issued Tuesday.
“As per current foreign exchange regulations, Chinese Yuan (CNY) is an approved foreign currency for denominating foreign currency transactions in Pakistan,” it said.
“In terms of regulations in Pakistan, CNY is at par with other international currencies such as USD, Euro and JPY,” it added.
The bank said that in light of a massive Chinese infrastructure project in Pakistan, the move would “yield long-term benefits for both the countries.”
The China-Pakistan Economic Corridor (CPEC), a $54 billion (SR202.50 billion) project launched in 2013 linking western China to the Indian Ocean via Pakistan, has been hailed as a “game changer” by Pakistani officials.
They hope the power stations and transmission lines built as part of the project will help ease Pakistan’s chronic power crisis.
Economic analyst and former government adviser on finance Salman Shah welcomed the State Bank’s move, saying that avoiding dollar transactions in the implementation of CPEC would “simplify matters very considerably.”
The Chinese economy is now one of the biggest in the world, he said, justifying the use of the Chinese currency of choice.
Pakistan allows use of Chinese yuan for trade and investment
Pakistan allows use of Chinese yuan for trade and investment
Turkiye’s top diplomat meets Syria’s new leader in Damascus
- Hakan Fidan had announced on Friday that he planned to travel to Damascus to meet Syria’s new leaders
- Turkiye’s spy chief Ibrahim Kalin had earlier visited the city on December 12, just a few days after Bashar Assad’s fall
ANKARA: Turkiye’s foreign minister Hakan Fidan met with Syria’s new leader Ahmed Al-Sharaa in Damascus on Sunday, Ankara’s foreign ministry said.
A video released by the Anadolu state news agency showed the two men greeting each other.
No details of where the meeting took place in the Syrian capital were released by the ministry.
Fidan had announced on Friday that he planned to travel to Damascus to meet Syria’s new leaders, who ousted Syria’s strongman Bashar Assad after a lightning offensive.
Turkiye’s spy chief Ibrahim Kalin had earlier visited the city on December 12, just a few days after Assad’s fall.
Kalin was filmed leaving the Umayyad Mosque in Damascus, surrounded by bodyguards, as broadcast by the private Turkish channel NTV.
Turkiye has been a key backer of the opposition to Assad since the uprising against his rule began in 2011.
Besides supporting various militant groups, it has welcomed Syrian dissenters and millions of refugees.
However, Fidan has rejected claims by US president-elect Donald Trump that the militants’ victory in Syria constituted an “unfriendly takeover” of the country by Turkiye.
Syria’s de facto ruler reassures minorities, meets Lebanese Druze leader
- Ahmed Al-Sharaa said no sects would be excluded in Syria in what he described as ‘a new era far removed from sectarianism’
- Walid Jumblatt said at the meeting that Assad’s ouster should usher in new constructive relations between Lebanon and Syria
Syria’s de facto ruler Ahmed Al-Sharaa hosted Lebanese Druze leader Walid Jumblatt on Sunday in another effort to reassure minorities they will be protected after Islamist militants led the ouster of Bashar Assad two weeks ago.
Sharaa said no sects would be excluded in Syria in what he described as “a new era far removed from sectarianism.”
Sharaa heads the Islamist Hayat Tahrir Al-Sham (HTS), the main group that forced Assad out on Dec. 8. Some Syrians and foreign powers have worried he may impose strict Islamic governance on a country with numerous minority groups such as Druze, Kurds, Christians and Alawites.
“We take pride in our culture, our religion and our Islam. Being part of the Islamic environment does not mean the exclusion of other sects. On the contrary, it is our duty to protect them,” he said during the meeting with Jumblatt, in comments broadcast by Lebanese broadcaster Al Jadeed.
Jumblatt, a veteran politician and prominent Druze leader, said at the meeting that Assad’s ouster should usher in new constructive relations between Lebanon and Syria. Druze are an Arab minority who practice an offshoot of Islam.
Sharaa, dressed in a suit and tie rather than the military fatigues he favored in his militant days, also said he would send a government delegation to the southwestern Druze city of Sweida, pledging to provide services to its community and highlighting Syria’s “rich diversity of sects.”
Seeking to allay worries about the future of Syria, Sharaa has hosted numerous foreign visitors in recent days, and has vowed to prioritize rebuilding Syria, devastated by 13 years of civil war.
India, Kuwait upgrade ties to strategic partnership on Modi visit
- Modi awarded Order of Mubarak Al-Kabeer for strengthening Kuwait-India relations
- India, Kuwait leaders discussed cooperation in pharmaceuticals, IT, security
NEW DELHI: India and Kuwait upgraded bilateral ties to a strategic partnership on Sunday as their leaders eye stronger cooperation in “key sectors” ranging from pharmaceuticals to security.
Indian Prime Minister Narendra Modi signed a strategic partnership agreement with Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah during his trip to the Gulf state, the first visit by an Indian leader in 43 years.
“We have elevated our partnership to a strategic one and I am optimistic that our friendship will flourish even more in the times to come,” Modi said in a statement.
“We discussed cooperation in key sectors like pharmaceuticals, IT, fintech, infrastructure and security.”
During the trip, the Kuwaiti emir presented Modi with the Order of Mubarak Al-Kabeer for his efforts in strengthening Kuwait-India relations.
The order is the highest civilian honor in Kuwait and is bestowed upon leaders and heads of state.
The emir said India was a “valued partner” in the country and the Gulf region and that he “looked forward” to India playing a greater role in the realization of Kuwait Vision 2035, according to a statement issued by the Indian Ministry of External Affairs.
The newly upgraded ties will open up “further cooperation in sectors such as defense … with the Kuwaiti armed forces,” especially the navy, said Kabir Taneja, a deputy director and fellow with the strategic studies program at the Observer Research Foundation in New Delhi.
Their closer cooperation in major sectors will also “further India’s economy-first agenda,” he added.
“Pharmaceuticals, for example, is a point of strength of Indian manufacturing and can contribute to further building the sector in states such as Kuwait,” Taneja told Arab News.
India’s pharmaceutical exports have been growing in recent years, and the country was the third-largest drugmaker by volume in 2023.
Delhi is also among Kuwait’s top trade partners, with bilateral trade valued at around $10.4 billion in 2023-24.
Taneja said India-Kuwait ties are also likely to strengthen through the Indian diaspora, the largest expatriate community in the Gulf state.
Over 1 million Indian nationals live and work in Kuwait, making up about 21 percent of its 4.3 million population and 30 percent of its workforce.
“(The) Indian diaspora has been part of the Kuwaiti story for a long time,” Taneja said, adding that strengthening ties between the two countries will allow India, through its diaspora, to unlock “deeper economic cooperation potential.”
Stokes out of England’s squad for Champions Trophy in Pakistan
- The 33-year-old star all-rounder was not considered after damaging a hamstring during England’s defeat by New Zealand this month
- Key batsman Joe Root, who preceded Stokes as Test captain, returns to the ODI side for the first time since the World Cup in India
LONDON: England Test captain Ben Stokes has been ruled out of next year’s Champions Trophy one-day international tournament in Pakistan and the preceding white-ball tour of India, team management announced Sunday.
The 33-year-old star all-rounder was not considered after damaging a hamstring during England’s defeat by New Zealand in the third Test at Hamilton earlier this month.
“Durham all-rounder Ben Stokes was not considered for selection as he continues to be assessed following a left hamstring injury sustained,” said an England and Wales Cricket Board statement.
Stokes did not bat in the second innings of that match as England slumped to a 423-run defeat — a result that meant his side still won a three-match series 2-1.
He previously missed this year’s home series against Sri Lanka and the first Test in Pakistan due to hamstring issues.
With England facing a five-match Test series at home to India starting in June before their pinnacle 2025/26 Ashes tour of Australia, team management have decided against risking inspirational red-ball skipper Stokes.
Key batsman Joe Root, who preceded Stokes as Test captain, returns to the ODI side for the first time since the 2023 World Cup in India.
Fast bowler Mark Wood, who missed the recent Test tours of both Pakistan and New Zealand, with a bone-stress injury to his right elbow, is in both squads.
The India series and Champions Trophy will mark England’s first limited-overs tour and tournament under coach Brendon McCullum, previously just in charge of the Test side.
Jos Buttler, who missed the recent ODI series against the West Indies with a calf injury, remains captain of the two white-ball teams despite England surrendering both their 50-over and T20 world titles since November 2023.
But it is possible the dashing batsman, replaced as skipper in the Caribbean by all-rounder Liam Livingstone, may not keep wicket, as he has for much of his limited-overs career.
Both the ODI squad for the India tour and the Champions Trophy, as well as the squad for five T20s in India in January, feature two other wicketkeepers in Test gloveman Jamie Smith, who missed the New Zealand series to attend the birth of his first child, and Phil Salt.
Meanwhile, 21-year-old rising star Jacob Bethell, who marked his debut Test series with three fifties in New Zealand, is included in both squads.
Leg-spinner Rehan Ahmed joins the T20 squad, while Root is selected only for the ODIs.
The tour party leaves for India on January 17, with the first match of a five-game series against T20 world champions India in Kolkata on January 22.
India and England will then play a three-match ODI series, in preparation for the Champions Trophy, starting in Nagpur on February 6.
Match dates for the Champions Trophy, which also features Pakistan as well as Australia, New Zealand, South Africa, Afghanistan and Bangladesh, have yet to be announced, with the tournament due to run from February 19 to March 9.
England ODI squad for India tour and 2025 Champions Trophy:
Jos Buttler (capt/wkt), Jofra Archer, Gus Atkinson, Jacob Bethell, Harry Brook, Brydon Carse, Ben Duckett, Jamie Overton, Jamie Smith (wkt), Liam Livingstone, Adil Rashid, Joe Root, Saqib Mahmood, Phil Salt (wkt), Mark Wood
Pakistani province launches helicopter service to evacuate people, dispatch aid to clashes-hit district
- Clashes between Sunni, Shia tribes have killed over 100 people in Kurram since last month
- On Friday, authorities set a deadline of Feb. 1 for the warring tribes to surrender weapons
PESHAWAR: Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province has launched a helicopter service to evacuate people and transport aid to Kurram district that has been hit by sectarian clashes in recent weeks, officials said on Sunday.
Kurram, a tribal district of around 600,000 near Pakistan’s border with Afghanistan where federal and provincial authorities have traditionally exerted limited control, has been a flashpoint for sectarian tensions between Shia and Sunni tribes for decades.
Fresh clashes that erupted last month have killed more than a hundred people, triggering a humanitarian crisis with reports of starvation, lack of medicine and oxygen shortages following the blocking of the main highway connecting Kurram’s main city of Parachinar to the provincial capital of Peshawar.
In response to the problems being faced by residents, the KP administration has been facilitating travel between Parachinar and Peshawar. On Sunday, two flights evacuated 27 individuals as well as carried 16 government staffers and members of a tribal council, which has been striving to achieve peace, to Kurram.
“There is no fare involved in transportation of people or medicines via the helicopter, rather it is a voluntary service by the KP government to meet the emergency situation,” Nisar Muhammad Khan, a KP government official, told Arab News.
The helicopter service was also being used to dispatch medicines to Parachinar. A day ago, 53 individuals, including 14 patients, were shifted to Peshawar from Kurram via helicopter, according to the provincial authorities.
A third flight was scheduled to bring people stranded in the Tal area back to Parachinar, while five more flights were expected to relocate over a hundred people on Sunday, according to the provincial government.
Chief Minister Ali Amin Gandapur’s office said the government had so far dispatched 1,850 kilograms of medical supplies to Kurram, assuring that it would mobilize all resources to ease problems of the people and ensure durable peace in the region.
The development comes days after the KP authorities set a deadline of Feb. 1 for warring Sunni and Shia tribes in the district to surrender all weapons and dismantle their bunkers to stem sectarian clashes in the region.
The decision was made at a meeting of the KP apex committee, which comprises civilian and military officials, to discuss a sustainable solution to the issue. It allowed the launch of a special air service for temporary evacuation from some parts of Kurram to protect people’s lives, according to the apex committee declaration.
“The agreement outlines that both sides will submit a detailed action plan within 15 days for voluntary submission of weapons,” read a declaration issued after the apex committee meeting.
“All weapons are to be deposited with the local administration by February 1. Additionally, it was decided that all bunkers in the area will be dismantled by the same deadline.”
In the meantime, land routes to the area would be opened intermittently on humanitarian grounds and a mechanism was put in place for secure transportation, according to the statement.
“Personnel of police and Frontier Corps will jointly provide security to the convoys,” it read.
Last month’s clashes erupted after rival tribes attacked convoys of passengers on the Parachinar-Peshawar road, which were followed by attacks on each other’s villages.
The apex committee asked both sides to avoid any violent action in the future to keep the land route safe and open at all times, hoping that the parties would fully cooperate with the government for a lasting solution to the issue.
