ISLAMABAD: The Chinese foreign ministry said on Sunday it would provide Pakistan a “batch” of coronavirus vaccines as “aid” and had directed Chinese companies to speed up the export of doses to Pakistan.
Pakistan’s Foreign Minister Shah Mahmood Qureshi said on Thursday China had agreed to provide half a million doses of the Chinese Sinopharm vaccine free of cost to Pakistan by January 31.
“In order to support our brothers and sisters in Pakistan, the Chinese government has decided to provide a batch of vaccines as aid and will actively coordinate with the relevant Chinese enterprise to speed up export of vaccines to Pakistan,” Chinese Foreign Ministry Spokesperson Hua Chunying said at a media briefing, adding that Chinese State Councillor Wang Yi had informed Pakistan’s foreign minister of the decision of the Chinese government.
“They have said send your aircraft and airlift this vaccine immediately. So this is a happy bit of news for us, and we will hopefully be successful in protecting ourselves using this vaccine,” Pakistan’s Qureshi had said at a press conference in Islamabad.
Pakistani regulators approved the Sinopharm vaccine for emergency use last Monday, two days after AstraZeneca’s vaccine developed with Oxford University was also approved.
“I thanked them and also told them we need more than this, and in the future we will need 1.1 million doses, and they reassured us and said by the end of February we plan to meet this requirement for you as well,” Qureshi added.
Qureshi said he had also raised the possibility of jointly manufacturing vaccines with China.
China confirms will provide Pakistan a ‘batch’ of coronavirus vaccines as ‘aid’
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China confirms will provide Pakistan a ‘batch’ of coronavirus vaccines as ‘aid’
- Pakistan said last week China would provide half a million doses of Sinopharm vaccine free of cost by January 31
- Pakistan has also raised the possibility of jointly manufacturing vaccines with China
Pakistan Stock Exchange crosses 96,000 to hit record intraday high
- Higher remittances, exports, foreign investment credited for bullish activity, analysts say
- Stock Exchange witnessing bullish trend since government slashed policy rate this month
ISLAMABAD: The Pakistan Stock Exchange on Tuesday surged past 96,000 points to hit a record high in intraday trading, with analysts attributing the rally to a current account surplus in October due to higher remittances, exports and foreign direct investment.
The benchmark KSE-100 index climbed to a record 935.66 points or 0.98 percent to stand at 95,931.33 from the previous close of 94,995.67 points. It touched the 96,036.48 mark for the first time at 2:44pm PST.
Ahsan Mehanti at the Arif Habib Corporation told Arab News potential investors had weighed surging foreign reserves as well as government decisions over reforms for loss-making state-owned enterprises, independent power producers and energy pricing.
“Stocks bullish on reports of current account surplus of $349 million in Oct. 2024 on higher remittances, exports and FDI rising by 32pc to $904m for Jul-Oct. 2024,” he said. “The next triggers could be easing political noise amid protest calls by opposition.”
Pakistan’s external current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus and the highest in this period. The current account reflects a nation’s transactions with the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
A bullish trend has been observed at the stock market since Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent earlier this month. It’s economic indicators have also steadily improved since securing a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.
Before this, the country went through a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.
Last year, Pakistan narrowly avoided a sovereign default by clinching a last-gasp $3 billion IMF bailout deal.
Pakistan dispatches aid consignment to Syria amid Israeli strikes
- Israel has been hitting what it calls Iran-linked targets in Syria for years but has ramped up such raids since Oct. 7, 2023
- Before latest dispatch, Pakistan has sent 12 aid consignments to Palestine, six shipments to Lebanon, one to Syria
ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) on Tuesday dispatched a consignment of aid for Syria where Israel has been carrying out strikes as part of its military actions in the Middle East.
Israel has been hitting what it calls Iran-linked targets in Syria for years but has ramped up such raids since the Oct. 7, 2023, attack by Hamas on Israel, leading Israel to launch a military campaign in which more than 43,000 Palestinians have been killed in Gaza and more than 3,500 people in Lebanon.
Israel launched its campaign in Gaza after a Hamas-led assault on southern Israeli communities in which some 1,200 people were killed and another 250 taken hostage, according to Israeli tallies.
“On Tuesday, 20th consignment of aid was dispatched from Karachi to Syria,” the NDMA said in a statement.
“This aid shipment, sent by NDMA in collaboration with Al-Khidmat Foundation [NGO], comprised approximately 17 tons of supplies, including rice buckets, powdered milk, tin food, family packs, sleeping bags, medical support kits and generator. The aid was dispatched via chartered flight from Jinnah International Airport, Karachi, to Damascus, Syria.”
Before Tuesday’s dispatch, the government of Pakistan had sent 12 aid consignments to Palestine, six to Lebanon, and one to Syria.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.
Since the beginning of the war in October last year, Pakistan has repeatedly called for a ceasefire in Gaza and raised the issue at the United Nations, the Organization of Islamic Cooperation (OIC) and other international forums, urging an end to Israeli military actions.
Pakistan PM meets Saudi minister, expresses satisfaction over implementation of $2.8 million investment deals
- Pakistani and Saudi businesses signed 34 agreements last month
- Sharif appreciates Saudi crown prince for stance on Israel’s war on Gaza
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif met Saudi Arabia’s Deputy Interior Minister Dr. Nasser bin Abdulaziz Al-Dawood on Tuesday, with the premier expressing satisfaction over the implementation of recently signed business agreements between the two countries worth $2.8 billion, his office said.
Pakistani and Saudi businesses signed 27 memorandums of agreement (MoUs) worth $2.2 billion on Oct. 10 during the Saudi investment minister’s visit to Islamabad. The Saudi minister announced on Oct. 30 whilst Sharif was visiting the Kingdom that both sides had agreed to enhance the number of business agreements from 27 to 34 and increase their value from $2.2 billion to $2.8 billion.
Al-Dawood called on PM Sharif in Islamabad where the two leaders discussed bilateral relations, the Prime Minister’s Office (PMO) said. During the meeting, Sharif thanked the Saudi leadership and government for always supporting Pakistan.
“The Prime Minister expressed his satisfaction over the implementation of MoUs between Saudi Arabia and Pakistan with regard to Saudi Investment of 2.8 billion USD in Pakistan,” the PMO said.
The two sides also discussed the escalation in tensions in the Middle East and Israel’s war on Gaza. Sharif appreciated the Saudi leadership for holding the Arab-Islamic Summit this month and praised Saudi Crown Prince Mohammed bin Salman’s stance on the Palestine issue.
“The Prime Minister applauded the leadership role of Saudi Arabia and the efforts of HRH Crown Prince Mohammed bin Salman in unifying the Ummah to collectively seek an end to violence in Gaza due to Israel’s genocidal actions,” the PMO said.
Speaking on the importance of defense ties between Pakistan and the Kingdom, Sharif Al-Dawood’s visit would help bring the two countries closer in terms of cooperation in these areas.
Pakistan has increasingly sought to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
Sharif has actively pursued economic diplomacy in the region in recent months, seeking more investments and enhancing trade and regional connectivity for Pakistan. The South Asian country has sought to leverage its position as a transit and trade hub connecting landlocked Central Asian countries with the rest of the world and also pushed for mutually beneficial economic partnerships with Gulf countries.
Pakistan and UK agree to deepen bilateral cooperation, address climate challenges
- British Under-Secretary of State Hamish Falconer meets Deputy PM Ishaq Dar in Islamabad
- Pakistan is one of the most vulnerable countries in the world to climate change impacts
ISLAMABAD: British Under-Secretary of State Hamish Falconer called on Pakistan’s Deputy Prime Minister Ishaq Dar on Tuesday to discuss bilateral cooperation between the two countries and challenges related to climate change, state broadcaster Radio Pakistan reported.
Pakistan is one of the most vulnerable countries to climate change, according to the Global Climate Risk Index. Floods in 2022, which scientists said were aggravated by global warming, affected at least 33 million people and killed more than 1,700 and cost the nation an estimated $33 billion. Pakistan’s economic struggles and high debt burden put a strain on its resources and impinged the country’s ability to respond to the disaster.
The South Asian country has also experienced frequent erratic weather patterns, which range from droughts to heat waves and intense rainfall. This year, Pakistan recorded its “wettest April since 1961,” after recording 59.3 millimeters of rainfall, while some areas of the country faced deadly heatwaves in May and June.
“Pakistan and the United Kingdom have agreed to deepen bilateral cooperation and address climate change-related challenges,” Radio Pakistan reported.
It said both leaders also discussed regional and bilateral issues of common interest, with Dar reaffirming Pakistan’s desire to further strengthen traditionally cordial ties with the UK.
Pakistan and the UK enjoy strong military, economic and educational ties, with the latter hosting a large Pakistani diaspora.
The two countries have recently witnessed high-level visits between their military leaderships, indicating a strengthening of defense ties and collaboration. The relationship between the two countries is underpinned by shared history and the presence of a significant Pakistani diaspora in the country.
Ex-PM Khan warns party leaders against making excuses ahead of ‘decisive’ Islamabad protest
- Khan’s PTI party last week announced a “long march” to Pakistan’s capital from all parts of the country on Nov. 24
- PTI plans to protest against alleged rigging in Feb. 8 polls, demand independence of judiciary and release of supporters
ISLAMABAD: Former prime minister Imran Khan on Tuesday warned his Pakistan Tehreek-e-Insaf (PTI) party leaders and ticket holders against making excuses ahead of a “decisive” protest in Islamabad on Nov. 24, urging those who cannot ensure their participation to dissociate from the PTI.
The PTI last week announced a ‘long march’ to Islamabad over alleged rigging in Feb. 8 national election and to call for the release of political prisoners and the independence of the judiciary. Khan accuses the powerful military of colluding with his political rivals to form the
Khan has been in jail since August 2023 and has faced dozens of cases since he was removed as prime minister in 2022 after which he launched a protest movement against a coalition of his rivals led by current Prime Minister Shehbaz Sharif and backed by the powerful military, which denies interfering in politics.
In a message posted from his official account on X, Khan appealed to the entire nation to take to the streets and protest on Nov. 24.
“Everyone must join the protest on November 24th,” the former premier’s message read. “If any PTI leader or ticket holder is not able to ensure their participation in the protest, they should disassociate themselves from the party because this is the decisive moment when the entire nation will come out for freedom.”
He called upon overseas Pakistanis to record anti-government protests in their respective countries and raise funds for the PTI.
One of the PTI’s fundamental demands is for the government to roll back recent constitutional amendments like the 26th amendment which it alleges is an attempt to curtail the independence of the senior judiciary. The government says the amendments are meant to smooth out its functioning and tackle a backlog of cases.
Khan accused “fraudulent assemblies” of attacking the independence of the judiciary. “It is impossible for a democracy to exist without an independent judiciary,” he said.
The caretaker government that administered the Feb. 8 election denies the polls were manipulated to ensure Khan’s party lost. The incumbent Sharif-led coalition government denies it is backed by the military and that it is unfairly treating Khan supporters.
Following the PTI’s call for the Nov. 24 protest last week, Pakistani authorities have bolstered efforts to thwart the march. Islamabad’s district magistrate imposed a two-month-long ban on the gathering of more than five people in the capital on Monday.
The PTI’s recent rallies and marches have been thwarted by similar bans on public gatherings imposed under Section 144 of the Pakistan Penal Code which allows the government to prohibit various forms of political assembly, gatherings, sit-ins, rallies, demonstrations, and other activities for a specified period.
