KARACHI: Pakistan and Saudi Arabia will decide the quantum and areas of Saudi investment in a meeting with the Kingdom’s delegation to Pakistan, which is due to arrive in the country during the first week of October, said Federal Minister for Finance, Revenue and Economic Affairs, Asad Umar, speaking exclusively to Arab News.
The minister rebuffed recent media reports that claimed Riyadh would “invest $10 billion in Pakistan,” dismissing the impression that the volume of investment had been ascertained yet.
“The prime minister’s visit was meant to make agreements at the highest level with the King of Saudi Arabia and build a stronger relationship. In principle, only verbal discussions have taken place so far,” he added.
Umar noted: “We have discussed trade-related issues, foreign direct investment, visa fees, and issues faced by our laborers.”
The finance minister also dispelled the notion that Pakistan was facing a financial emergency. “Pakistan is not in an emergency situation that requires it to rush to the International Monetary Fund (IMF) to seek a bailout,” he maintained.
“We have neither stopped imports nor imposed financial sanctions,” said the minister. However, he emphasized that it was important to be prudent while taking economic decisions.
“We need to take well-measured decisions. As a situation emerges, we take steps to manage it. We don’t want to take decisions in emergency.”
The staff mission of the IMF is scheduled to arrive in Pakistan on Sept. 27 to engage with the Pakistani authorities. “We are in discussion with them, but this is not to negotiate for a loan. Our purpose is to do our homework, in case we want to approach them at some stage,” the minister clarified.
Responding to a question about managing the balance of payment deficit, Umar said: “We are eliminating the root cause of this problem, and that root cause is fiscal deficit. We have done that through the recent finance bill which will reduce our cost of import.”
He said that during his visit to Saudi Arabia and the United Arab Emirates, Pakistan’s prime minister discussed measures for trade enhancement and investment. “These are measures which will help fill the external financing gap,” he noted.
He also said Pakistan was constantly in touch with international commercial markets and banks for financing.
About the measures to increase the country’s exports to ease its external payment obligations, the finance minister said the issue had been discussed in detail with the Chinese.
“During the upcoming international trade exhibition, which will be attended by the prime minister as one of the chief guests in China on Nov. 4 and 5, we will discuss items line by line so that they can give us trade concessions to increase exports to China.”
“Similarly, when the Saudis will come, decisions will be made here in Pakistan about trade enhancement and investment,” he added, hoping that these steps would mitigate the balance of payments crisis.
The government is also planning to float overseas, dollar-based saving certificates for Pakistanis living abroad. The finance minister said the amount of issue would be decided at the time of floating these certificates.
“We will float them in October, but it will not be a one-time issue. We will be floating these certificates periodically for overseas Pakistanis,” said Umar.
Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
- A Saudi delegation will visit Pakistan in the first week of October to discuss trade enhancement and investment visas
- Prime Minister Imran Khan, during his Saudi visit, discussed trade, foreign direct investment, visa fees, and issues faced by our labor class
Ukraine’s parliament cancels session after Russia fired a new missile
- Three Ukrainian lawmakers confirmed that the parliamentary session previously scheduled was canceled
- President Volodymyr Zelensky’s office continued to work in compliance with standard security measures
KYIV: Ukraine’s parliament canceled a session on Friday as security was tightened after Russia deployed a new ballistic missile that threatens to escalate the nearly three-year war.
Russian troops also struck Sumy with Shahed drones overnight killing two people and injuring 12 more, the regional administration said Friday morning. The attack targeted a residential district of the city.
Ukraine’s Suspilne media, quoting Sumy regional head Volodymyr Artiukh, said the Russians used Shaheds stuffed with shrapnel elements for the first time in the region. “These weapons are used to destroy people, not to destroy objects,” said Artiukh, according to Suspilne.
Separately, Czech Foreign Minister Jan Lipavsky arrived on a visit to Kyiv. He posted a photo from Kyiv’s railway station on his X account Friday morning.
“I am interested in how the Ukrainians are coping with the bombings, how Czech projects are working on the ground and how to better target international aid in the coming months. I will discuss all of this here,” Lipavsky wrote.
Three Ukrainian lawmakers confirmed that the parliamentary session previously scheduled was canceled due to the ongoing threat of Russian missile attacks targeting government buildings in the city center.
Not only is the parliament closed, “there was also recommendation to limit the work of all commercial offices and NGOs that remain in that perimeter, and local residents were warned of the increased threat,” said lawmaker Mykyta Poturaiev, who added this is not the first time such a threat has been received.
President Volodymyr Zelensky’s office continued to work in compliance with standard security measures, a spokesperson said.
Russia on Thursday fired a new intermediate-range ballistic missile in response to Kyiv’s use of US and British longer-range missiles capable of striking deeper into Russian territory, Russian President Vladimir Putin said in an address on Thursday.
It struck a missile factory in Dnipro in central Ukraine. Putin warned that US air defense systems would be powerless to stop the new missile, which he said flies at 10 times the speed of sound and which he called Oreshnik – Russian for hazelnut tree.
The Pentagon confirmed that Russia’s missile was a new, experimental type of intermediate-range missile based on its RS-26 Rubezh intercontinental ballistic missile.
Pope Francis to visit French island of Corsica on Dec. 15, local church says
- Short visit to the island’s capital city Ajaccio will mark his 47th foreign trip since becoming pope in 2013
- Corsica’s population of some 356,000 is estimated by the Vatican as 81.% Catholic
VATICAN CITY: Pope Francis will visit Corsica on Dec. 15, the local diocese said on its website on Thursday, in the first recorded trip of a pope to the French island in the Mediterranean.
The short visit to the island’s capital city Ajaccio, where Francis is expected to speak at a conference on popular religiosity across the Mediterranean region, will mark his 47th foreign trip since becoming pope in 2013.
Corsica, noted for its steep, mountainous terrain and as the birthplace of Napoleon, is the fourth largest island in the Mediterranean Sea. It is one of France’s poorest regions, with government statistics estimating that about 20 percent of the population lives below the poverty line.
The Vatican did not immediately confirm the local church’s announcement, but the trip is known to have been in preparation for weeks. Francis has made two prior visits to France, traveling to Strasbourg in 2014 to address the European Parliament and the Council of Europe, and to Marseilles in 2023 to attend a meeting of bishops.
But the pope, who turns 88 on Dec. 17, has never made a full state visit to France, a historic stronghold for Catholicism that is now widely secular and home to Europe’s largest Muslim and Jewish communities.
French President Emmanuel Macron invited Francis to come to Paris for the Dec. 8 reopening of Notre Dame Cathedral, but the pope will be leading a ceremony at the Vatican that day to install new Catholic cardinals.
Cardinal Francois-Xavier Bustillo, originally from Spain, has led the Catholic Church in Corsica since 2021. Francis made him a cardinal, the highest rank in the Church below pope, in 2023.
Corsica’s population of some 356,000 is estimated by the Vatican as 81.5 percent Catholic.
Francis has traveled widely around the Mediterranean over his 11-year papacy, visiting Malta, the Greek island of Lesbos and the Italian island of Lampedusa.
Record 281 aid workers killed in 2024, says UN, with 1 month left
- 280 humanitarians were killed across 33 countries during all of 2023
Geneva: A staggering 281 aid workers have been killed around the world so far this year, making 2024 the deadliest year for humanitarians, the UN aid chief said Friday.
“Humanitarian workers are being killed at an unprecedented rate, their courage and humanity being met with bullets and bombs,” said Tom Fletcher, the United Nations’ new under-secretary-general for humanitarian affairs and emergency relief coordinator.
With more than a month left to go of 2024, the “grim milestone was reached,” he said, after 280 humanitarians were killed across 33 countries during all of 2023.
“This violence is unconscionable and devastating to aid operations,” Fletcher said.
Israel’s devastating war in Gaza was driving up the numbers, his office said, with 333 aid workers killed there — most from the UN agency supporting Palestinian refugees, UNRWA — since Hamas’s Oct. 7, 2023 attacks, which sparked the war.
“States and parties to conflict must protect humanitarians, uphold international law, prosecute those responsible, and call time on this era of impunity,” Fletcher said.
Aid workers were subject to kidnappings, injuries, harassment and arbitrary detention in a range of countries, his office said, including Afghanistan, the Democratic Republic of the Congo, Sudan, and Ukraine.
The majority of deaths involve local staff working with non-governmental organizations, UN agencies and the Red Cross Red Crescent movement, Fletcher’s office said.
“Violence against humanitarian personnel is part of a broader trend of harm to civilians in conflict zones,” it warned.
“Last year, more than 33,000 civilian deaths were recorded in 14 armed conflicts — a staggering 72 percent increase from 2022.”
The UN Security Council adopted a resolution last May in response to the surging violence and threats against aid workers.
The text called for recommendations from the UN chief — set to be presented at a council meeting next week — on measures to prevent and respond to such incidents and to increase protection for humanitarian staff and accountability for abuses.
Russia says ‘derailed’ Kyiv’s war plans after uproar over test strike
- Vladimir Putin says the conflict in Ukraine had taken on a ‘global’ nature
- NATO and Ukraine will hold talks next week in Brussels over the strike
KYIV: Russia said on Friday it had scuppered Kyiv’s military objectives for 2025 just after President Vladimir Putin issued a warning to the West by test-firing a new intermediate-range missile at Ukraine.
That assessment for next year came after a Russian drone attack at night on the eastern Ukrainian city of Sumy killed two civilians and wounded a dozen more in an attack with new cluster munitions, local authorities said.
Putin announced the missile launch in a defiant address late on Thursday, saying the conflict in Ukraine had taken on a “global” nature, while hinting at strikes on Western countries.
In a meeting with military commanders, Russian defense minister Andrei Belousov said Moscow’s advance had “accelerated” in Ukraine and “ground down” Kyiv’s best units.
“We have, in fact, derailed the entire 2025 campaign,” Belousov said of the Ukrainian army in a video published by the Russian defense ministry.
The attack, which apparently targeted an aerospace manufacturing plant in the central Ukrainian city of Dnipro, sparked immediate condemnation from Kyiv’s allies.
China, which has thrown its political clout behind the Kremlin, reiterated calls for “calm” and “restraint” by all parties after Russia confirmed the new missile strike.
“All parties should remain calm and exercise restraint, work to de-escalate the situation through dialogue and consultation, and create conditions for an early ceasefire,” foreign ministry spokesman Lin Jian told a regular briefing.
German Chancellor Olaf Scholz meanwhile, on Friday described Russia’s deployment of the medium-range missile as a “terrible escalation.”
NATO and Ukraine will hold talks next week in Brussels over the strike, according to diplomats.
Ambassadors from countries in the NATO-Ukraine Council will hold talks on Tuesday. The meeting was called by Kyiv following the Dnipro strike, officials said.
The Russian attack came after Ukraine recently fired US- and UK-supplied missiles at Russian territory for the first time, escalating already sky-high tensions over the conflict, which is nearly in its third year.
Washington said it had granted Kyiv permission to fire long-range weapons at Russian territory as a response to the Kremlin’s deployment of thousands of North Korean troops on Ukraine’s border.
Ukrainian President Volodymyr Zelensky has called for a strong response from world leaders to Russia’s use of the new missile, which he said proved Moscow “does not want peace.”
In Kyiv, Oleksandra, a 30-year-old resident working in the media, said the Russian strike was a sign of desperation within the Kremlin.
“You could have launched a missile that is less expensive and have the same result. As long as this missile does not carry a nuclear payload, there is nothing to fear about,” she said.
Russian troops have been making steady advances in eastern Ukraine for months, capturing a string of small towns and villages from overstretched Ukrainian soldiers lacking manpower and artillery.
In the city of Sumy, authorities said a Russian drone had struck a residential neighborhood. Emergency services distributed images showing rescue workers retrieving the bodies of the dead from the rubble.
Sumy lies across the border from Russia’s Kursk region, where Ukrainian troops captured swathes of territory after launching a major ground offensive in August.
The head of the Sumy region, Volodymyr Artyukh, said Russia had deployed a drone with modified munitions that were equipped with shrapnel, describing the weapons as being “used to kill people, not to destroy buildings.”
Indian commandos kill 10 Maoist rebels
- More than 10,000 people have died in the decades-long insurgency waged by the Naxalite movement
- Gunbattle took place in a remote forested area of Chhattisgarh state, the heartland of the insurgency
RAIPUR, India: Indian security forces gunned down at least 10 Maoist rebels on Friday during a firefight, police said, as New Delhi steps up efforts to crush the long-running armed conflict.
More than 10,000 people have died in the decades-long insurgency waged by the Naxalite movement, who say they are fighting for the rights of marginalized Indigenous people of India’s remote and resource-rich central regions.
The gunbattle took place in a remote forested area of Chhattisgarh state, the heartland of the insurgency.
“Dead bodies of 10 Maoists have been recovered so far,” Vivekanand Sinha, chief of the state police’s anti-Maoist operations, said.
Sinha said the police recovered several automatic weapons from the rebels.
India’s home minister Amit Shah this year issued an ultimatum to the insurgents to surrender or face an “all-out assault.”
A crackdown by security forces has killed over 200 rebels this year, an overwhelming majority in Chhattisgarh, according to government data.
India has deployed tens of thousands of security personnel to battle the Maoists across the insurgent-dominated “Red Corridor,” which stretches across central, southern and eastern states but has shrunk dramatically in size.
India has pumped millions of dollars into infrastructure development in remote areas and claims to have confined the insurgency to 45 districts in 2023, down from 96 in 2010.
The conflict has seen a number of deadly attacks on government forces over the years. Twenty-two police and paramilitaries were killed in a gunbattle with the far-left guerrillas in 2021.
Sixteen commandos were also killed in the western state of Maharashtra in a bomb attack that was blamed on the Maoists in the lead-up to national elections in 2019.
