RIYADH: Dr. Abdullah Al-Rabeeah, general supervisor of the King Salman Humanitarian Aid and Relief Center (KSrelief), met the Swedish special envoy for Yemen, Peter Semneby, at the headquarters of KSrelief in Riyadh on Sunday.
During the meeting, Al-Rabeeah reviewed the 590 projects that the Kingdom has implemented through KSrelief in Yemen so far.
They discussed matters of common interest related to humanitarian and relief affairs in Yemen, and the efforts made to alleviate the suffering of the Yemeni people.
Semneby praised the pioneering role provided by the Kingdom through KSrelief in support of countries in need, and the special attention given to the Yemeni people.
Meanwhile, KSrelief distributed more than 27 tons of food baskets to displaced families in Yemen’s Marib governorate, benefiting 1,554 individuals. The center also continued distributing Ramadan food baskets to Syrian and Palestinian refugees and Lebanese families in Lebanon.
Saudi aid agency chief meets Swedish envoy for Yemen
https://arab.news/jy5j3
Saudi aid agency chief meets Swedish envoy for Yemen
- KSrelief distributed more than 27 tons of food baskets to displaced families in Yemen’s Marib governorate, benefiting 1,554 individuals
Pakistan set to hold policy rate as Israel-Iran conflict overshadows growth push
- Eleven of 14 respondents in a snap poll expected central bank to leave the benchmark rate unchanged at 11 percent
- Central bank paused its easing cycle in March after cumulative cuts of 1,000 basis points from a record high of 22 percent
KARACHI: Pakistan’s central bank is expected to hold its policy rate today, Monday, a Reuters poll showed, as many analysts shifted their previous view of a cut in the wake of Israel’s military strike on Iran, citing inflation risks from rising global commodity prices.
Israel said on Friday it targeted nuclear facilities, ballistic missile factories and military commanders in a “preemptive strike” to prevent Tehran from building an atomic weapon.
Several brokerages had initially expected a cut but revised their forecasts after the Israeli strikes sparked fears of a broader conflict.
The escalating hostilities triggered a sharp spike in oil prices — a worry for Pakistan given the broader impact on imported inflation from a potentially prolonged conflict and tightening of crude supplies.
Eleven of 14 respondents in a snap poll expected the State Bank of Pakistan (SBP) to leave the benchmark rate unchanged at 11 percent. Two forecast a 100 basis-point cut and one predicted a 50 bps cut.
“There remains an upside risk of a rise in global commodity prices in light of geopolitical tensions which could mark a return to inflationary pressures,” said Ahmad Mobeen, senior economist at S&P Global Market Intelligence.
“The resultant higher import bill could also threaten external sector performance and bring pressure to the exchange rate.”
Inflation in the South Asian country has been declining for several months after it soared to around 40 percent in May 2023.
Last month, however, inflation picked up to 3.5 percent, above the finance ministry’s projection of up to 2 percent, partly due to the fading of the year-go base effects. The SBP expects average inflation between 5.5 percent and 7.5 percent for the fiscal year ending June.
The central bank paused its easing cycle in March after cumulative cuts of 1,000 basis points from a record high of 22 percent, and resumed it with a 100-basis-point reduction in May.
The policy meeting follows the release a tight annual budget, which saw Pakistan raise defense spending by 20 percent but overall expenditure was reduced by 7 percent, with GDP growth forecast at 4.2 percent.
Pakistan says its $350 billion economy has stabilized under a $7 billion IMF bailout that had helped it staved a default threat.
Some analysts are skeptical of the government’s ability to reach the growth target amid fiscal and external challenges.
Abdul Azeem, head of research at Al Habib Capital Markets, which forecast a 50-bp cut, said a lower rate could “support the GDP target of 4.2 percent and reduce the debt financing burden.”
Saudi Arabia edges Haiti 1-0 in Gold Cup on penalty kick
Saleh Al-Shehri’s penalty kick in the 21st minute held up as the winner as Saudi Arabia shut out Haiti 1-0 in CONCACAF Gold Cup Group A play on Sunday night in San Diego.
Al-Shehri drew a foul in the penalty area on Frantzdy Pierrot in the 18th minute, then converted a right-footed shot to the bottom left corner to lift Saudi Arabia (1-0-0, 3 points) in the opener for both teams.
Haiti had an opportunity to pull even in the fifth minute of second-half stoppage time, but Saudi Arabia goalkeeper Nawaf Al-Aqidi (four saves) denied Dany Jean in the center of the goal on a right-footed shot from outside the box.
Haiti (0-1-0, 0 points) posted a decisive edge in corner kicks (11-1), but Saudi Arabia finished with more shots on goal (5-4) and shot attempts (13-7).
Haiti goalkeeper Johny Placide finished with three saves.
Pakistanis rally to demand Muslim solidarity with Iran as conflict with Israel deepens
- Israel’s surprise attack on targets across Iran on Friday has been followed by four days of escalating strikes
- Israeli attacks in Iran have killed over 220 people, mostly civilians, since Friday, 23 dead from Iran’s retaliatory strikes
LAHORE: Hundreds of demonstrators gathered in the Pakistani city of Lahore on Sunday to protest Israel’s military strikes on Iran, calling for unity among Muslim nations and stronger action against what they described as Israeli aggression.
Israel’s surprise attack on targets across Iran on Friday has been followed by four days of escalating strikes, as both sides have threatened more devastation in the biggest ever confrontation between the longstanding enemies.
Clutching banners and chanting slogans, protesters in Lahore urged Muslim countries to stand with Iran and resist Israel’s actions.
“The only solution to this is that the atrocity and barbarism that Israel started is put to an end by getting together with Iran,” said Nida Fatima, a student who joined the rally. “For every Muslim, every proud Muslim, every proud individual in any Muslim nation, it is their duty to stand up for Palestine with Iran.”
Hussnain Zaidi, a local marketing manager in his 50s, demanded immediate international pressure on Israel.
“The oppression and brutality that Israel has committed against Iran must end, and the international community must propose a punishment for it so that it does not attempt to destroy any country in the future like Israel did with Gaza,” he told AFP.
The death toll in Iran since Friday has reached at least 224, with 90 percent of the casualties reported to be civilians, an Iranian health ministry spokesperson said. At least 23 fatalities have been reported in Israel, including in Tel Aviv and Haifa, as per Israel’s national emergency services/.
Pakistan’s Foreign Office has condemned Israeli missile strikes on Iran as a “grave violation of international law” and urged the United Nations to take immediate steps to halt the aggression and hold Israel accountable.
Pakistan, which does not recognize Israel, has for decades called for the establishment of an independent Palestinian state based on pre-1967 borders, with Al-Quds Al-Sharif as its capital.
The Lahore demonstration reflects growing domestic pressure on the Pakistani government to take a stronger stance against Israel as the conflict deepens and oil prices rise, potentially squeezing Pakistan’s economy and foreign exchange reserves.
Israel has long been determined to prevent Iran, its fiercest enemy, from obtaining a nuclear weapon. Since the rise of the Islamic Republic at the end of the 1970s, Iran’s rulers have repeatedly pledged to destroy Israel.
Israel says deports last three Gaza flotilla activists to Jordan
JERUSALEM: Israel said Monday it deported the last three remaining activists from an aid flotilla that attempted to reach the war-torn Gaza Strip last week.
“The last three participants remaining from the “Selfie Yacht” (flotilla) were transferred this morning to Jordan via the Allenby Crossing,” the foreign ministry said in a statement, adding they included one Dutch and two French nationals.
Military-linked Fauji Fertilizer to bid for stake in Pakistan’s PIA
- Islamabad is trying to offload 51-100 percent stakes in PIA under $7 billion IMF program to overhaul state-owned firms
- 2024 auction drew only one offer of $36 million, far below government’s $305-million floor price, and was rejected
ISLAMABAD: Fauji Fertilizer Company Ltd. (FFC), a unit of the Pakistan army-run Fauji Foundation, said on Monday its board had approved submitting an expression of interest to acquire a stake in loss-making national carrier PIA, according to a filing with the Pakistan Stock Exchange (PSX).
Islamabad is trying to offload a controlling stake of 51-100 percent in PIA under a $7 billion International Monetary Fund program aimed at overhauling state-owned firms. Authorities last month pushed back the deadline for expressions of interest to June 19.
“The board … has approved submission of an expression of interest and pre-qualification documents to the Privatization Commission … and undertaking a comprehensive due-diligence exercise,” FFC said in the filing.
FFC is Pakistan’s biggest fertilizer maker and has diversified interests in energy, food and finance. Any deal on PIA would expand the military group’s footprint into aviation, though final terms will hinge on the government’s privatization process and regulatory approvals.
FFC’s move marks Pakistan’s second attempt to sell PIA.
A 2024 auction drew only one offer – Rs10 billion ($36 million) for 60 percent of the airline from real-estate developer Blue World City – far below the government’s Rs85 billion ($305 million) floor price and was rejected.
Pakistan had offloaded nearly 80 percent of the airline’s legacy debt and shifted it to government books ahead of the privatization attempt. The rest of the debt was also cleaned out of the airline’s accounts after the failed sale attempt to make it more attractive to potential buyers, according to the country’s privatization ministry.
In April, PIA posted an operating profit of Rs9.3 billion ($33.1 million) for 2024, its first in 21 years.
The airline has for years survived on government bailouts as its operational earnings were eaten up by debt servicing costs.
Officials say offloading the debt burden and recent reforms like shedding staff, exiting unprofitable routes and other cost-cutting measures led to the profitable year.
Ahead of the attempt to sell the airline last year, PIA had faced threats of being shut down, with planes impounded at international airports over its failure to pay bills and flights canceled due to a shortage of funds to pay for fuel or spare parts.
The state carrier’s 34-plane fleet commands only 23 percent of Pakistan’s domestic market, while Middle Eastern rivals take about 60 percent of overall traffic, thanks to wider route networks and direct connections.
