ISLAMABAD: On behalf of more than 50 countries from across the world, Pakistan on Tuesday delivered a joint statement to the UN Human Rights Council (UNHCR) to bring attention to the worsening humanitarian situation in Indian-administered Kashmir, the Foreign Office said in a statement released on Wednesday.
“The worsening human rights and humanitarian situation in Indian-administered Jammu & Kashmir, especially following decisions taken on August 5, 2019, requires urgent attention by the Human Rights Council and human rights mechanisms,” excerpts from the joint statement said.
The Foreign Office said that Pakistan shared the concerns of the UN High Commissioner for Human Rights, Michelle Bachelet “regarding the impact of recent actions on the human rights of Kashmiris” and appreciated the joint call for the removal of restrictions and the protection of the Kashmiri people.
It also pushed for actions based on the findings of the UN’s Kashmir reports, and for the peaceful resolution of the Jammu & Kashmir dispute by implementating the UN Security Council’s recommendations.
On Tuesday, Foreign Minister Shah Mahmood Qureshi demanded that the UN launch an international investigation into the situation in Kashmir. “I shudder to mention the word genocide here, but I must,” he said in his address to the UNHCR in Geneva.
The issue follows an announcement on August 5 by the Indian government to revoke Kashmir’s special status, following which the entire valley has been under a state of curfew.
The disputed Himalayan region has also seen thousands of additional troops being deployed in the area which experts say is India’s attempt to silence the Kashmiris’ right to protest.
The issue has become a flashpoint for the nuclear-armed South Asian neighbors with Pakistan appealing to the UN to interject and resolve the matter.
Pakistan says joint statement to UN on Kashmir backed by over 50 nations
Pakistan says joint statement to UN on Kashmir backed by over 50 nations
- Situation in Kashmir warrants urgent attention from Human Rights Council, Foreign Office says
- Foreign Minister Qureshi urges the UN to launch an international probe into the matter
IFC to provide $400 million loan for Pakistan’s copper-gold Reko Diq mine
- The loan adds to a $300 million commitment announced in April, bringing the total to $700 million
- Reko Diq, one of the largest undeveloped copper-gold deposits, is being developed by Barrick Gold
ISLAMABAD: The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday.
The loan adds to a $300 million commitment announced in April, bringing IFC’s total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded through a mix of debt and equity from a consortium of lenders.
“The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,” the disclosure said, adding that other parallel lenders will provide the remaining debt financing.
This type of loan, known as subordinated debt, is typically repaid after other senior loans and helps absorb more risk, making it easier for other lenders to invest.
Other financiers, including the US EXIM Bank, Asian Development Bank, Export Development Canada, and Japan’s JBIC, are also expected to join the financing package, project director Tim Cribb told Reuters in April.
Term sheets are expected to close by early in the third quarter. IFC chief Makhtar Diop said earlier this year that the institution was “doubling down” on Pakistan, with a focus on infrastructure, energy and natural resources.
Reko Diq, located in Balochistan, is one of the world’s largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds 50 percent, with the remainder split between Pakistan’s federal and provincial governments.
Production is expected to begin in 2028. Barrick has projected the mine will generate up to $74 billion in free cash flow over its estimated 37-year life.
Pakistan stocks drop over 1,900 points amid Israel-Iran tensions
- Analysts cite fears of broader regional escalation following Israeli strikes on Iran
- Israel struck Iran, claiming Tehran was “close” to developing a nuclear weapon
KARACHI: The Pakistan Stock Exchange (PSX) plunged more than 1,900 points on Friday, as investor sentiment soured following Israel’s strikes on Iran, triggering fears of wider regional escalation.
The benchmark KSE-100 index fell 1,949.56 points, or 1.57 percent, closing at 122,143.56, down from the previous close of 124,093.12.
Shares traded largely in the red, mirroring losses across regional and global markets after the Israeli attacks shook investor confidence, according to a market review by Pakistani brokerage Topline Securities.
“Geopolitical tensions after Israel’s attack in Iran weighed down on world equities, including the KSE100,” Raza Jafri, Head of Intermarket Securities, told Arab News. “In particular, if a geopolitical risk premium gets added to international oil prices on a prolonged basis, it could negatively affect the outlook for the current account deficit and inflation, given more than 25 percent of Pakistan’s import bill comprises of petroleum products.”
He noted that Pakistan was now “much more disciplined” economically, having avoided fuel subsidies and refrained from using foreign exchange reserves to support the currency. This, he said, would help the country better withstand a potential oil price shock than in the past.
Ahsan Mehanti, Chief Executive of Arif Habib Commodities Ltd, said stocks declined across the board in response to the strikes.
“Slump in global equities on geopolitical risks and weakening rupee played catalyst role in panic selling at PSX,” he said.
Israel launched strikes on Iran earlier on Friday, claiming Tehran was “very close” to developing a nuclear weapon. The attacks reportedly targeted nuclear facilities, scientists, and senior military commanders.
Pakistan stocks drop over 1,900 points amid Israel-Iran tensions
- Analysts cite fears of broader regional escalation following Israeli strikes on Iran
- Israel struck Iran, claiming Tehran was “close” to developing a nuclear weapon
KARACHI: The Pakistan Stock Exchange (PSX) plunged more than 1,900 points on Friday, as investor sentiment soured following Israel’s strikes on Iran, triggering fears of wider regional escalation.
The benchmark KSE-100 index fell 1,949.56 points, or 1.57 percent, closing at 122,143.56, down from the previous close of 124,093.12.
Shares traded largely in the red, mirroring losses across regional and global markets after the Israeli attacks shook investor confidence, according to a market review by Pakistani brokerage Topline Securities.
“Geopolitical tensions after Israel’s attack in Iran weighed down on world equities, including the KSE100,” Raza Jafri, Head of Intermarket Securities, told Arab News. “In particular, if a geopolitical risk premium gets added to international oil prices on a prolonged basis, it could negatively affect the outlook for the current account deficit and inflation, given more than 25 percent of Pakistan’s import bill comprises of petroleum products.”
He noted that Pakistan was now “much more disciplined” economically, having avoided fuel subsidies and refrained from using foreign exchange reserves to support the currency. This, he said, would help the country better withstand a potential oil price shock than in the past.
Ahsan Mehanti, Chief Executive of Arif Habib Commodities Ltd, said stocks declined across the board in response to the strikes.
“Slump in global equities on geopolitical risks and weakening rupee played catalyst role in panic selling at PSX,” he said.
Israel launched strikes on Iran earlier on Friday, claiming Tehran was “very close” to developing a nuclear weapon. The attacks reportedly targeted nuclear facilities, scientists, and senior military commanders.
Pakistan urges religious devotees to postpone travel to Iran, Iraq amid regional tensions
- A senior government official says currently there are an estimated 5,000 Zaireen in Iran
- Israel launched strikes against Iranian military and nuclear facilities earlier in the day
ISLAMABAD: Pakistan on Friday advised its citizens planning religious travel to Iran and Iraq to reconsider their plans, citing security concerns after Israeli strikes on Iranian military and nuclear facilities earlier in the day.
The advisory mentions Pakistani “Zaireen,” or Shi’ite Muslim pilgrims who travel to Iran and Iraq to visit sacred religious sites, particularly in Mashhad, Qom, Najaf and Karbala.
The region has seen heightened tensions following Israeli attacks on key installations in Iran, prompting fears of broader instability.
“In view of the evolving security situation in the region, the Zaireen from Pakistan are advised to reconsider their travel plans to Iran and Iraq,” the foreign office said in a brief statement issued in Islamabad.
According to a senior government official who spoke on condition of anonymity, the number of Zaireen traveling to Iran fluctuates, and most do not contact the Pakistani diplomatic missions.
“Currently, there are an estimated 5,000 Zaireen in Iran,” he said, adding that Pakistan’s embassy in Tehran and its consulates remain available to assist citizens.
“Any Pakistani requiring guidance or support is encouraged to contact our relevant diplomatic missions, which will, as always, provide necessary assistance and facilitate their return to Pakistan,” the official added.
While no evacuation plans have been announced, the authorities say they are closely monitoring the regional situation.
Pakistan’s Babar Azam to make Big Bash debut with Sydney Sixers in Australia
- Former Pakistan skipper says playing first-ever BBL match will be ‘something special’
- BBL is a Twenty20 cricket competition that features Australia’s eight city-based teams
ISLAMABAD: Former Pakistan captain Babar Azam has been picked by Sydney Sixers to debut in the upcoming 15th season of Australia’s Big Bash League (BBL), the club announced on Friday.
The BBL is a professional Twenty20 cricket competition in Australia that features eight city-based teams.
Launched in 2011, the league is held during the summer and features a mix of local and international players.
“The SCG [Sydney Cricket Ground] has been home to many legends. Now it’s home to the [king]. Welcome, Babar Azam,” the Sydney Sixers said in a post on X.
Azam said he was “super pumped” to join the team, highlighting that his BBL debut “will be something special.”
“Cannot wait to share the dressing room with my favorite batter Steve Smith and world class bowler Josh Hazlewood,” he was quoted saying in a video posted by BBL on X.
“So really excited and looking forward to getting over there and meeting my craziest cricket fans.”
Azam has featured in several major franchise leagues around the world.
Apart from competing in the Pakistan Super League, Azam has played for Guyana Amazon Warriors in the Caribbean Premier League, Sylhet Sixers and Rangpur Riders in the Bangladesh Premier League, and Somerset in England’s T20 Blast.
