Saudi Arabia to deposit $2 billion in Pakistani central bank before IMF bailout — defense minister 

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Updated 27 May 2023
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Saudi Arabia to deposit $2 billion in Pakistani central bank before IMF bailout — defense minister 

  • Khawaja Asif promises to place all resources of Pakistan at the Kingdom’s disposal for its safety and security 
  • Says his party is seeking ‘judicial remedy’ to get ex-PM Nawaz Sharif’s conviction overturned before his return 

ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif said on Thursday that Saudi Arabia would be depositing funds worth $2 billion in the Pakistani central bank before the revival of a stalled $6.5 billion International Monetary Fund (IMF) bailout program, amid desperate attempts by the South Asian country to secure external financing to avoid a default. 

Pakistan, a nation of over 220 million, has been facing an economic crisis for the last several months, with soaring inflation, a depreciating currency and critically low foreign exchange reserves. To avert the possibility of a default on its international obligations, the government has been striving for the resumption of the IMF loan program, stalled since November last year. 

In March, the IMF asked Pakistan to secure financing assurances from friendly states and multilateral donors before it could release $1.1 billion tranche, after which China rolled over its $2 billion loan to the cash-strapped South Asian nation. This was followed by a $2 billion pledge by Saudi Arabia and the UAE promising $1 billion support to Islamabad. 

However, the global lender has yet to sanction the release of funds. To keep the frail economy afloat, the South Asian country is facing the daunting task of securing the crucial IMF funds ahead of its budget for the next fiscal year on June 9. 

“The IMF asked them (Saudi Arabia) to give that commitment to them. They (Saudi Arabia) have already given that, that means that they will pay [the funds to Pakistan],” Asif told Arab News in an exclusive interview on Thursday. 

“I think, if I am not wrong, they will be depositing that money ($2 billion) before the IMF program. The IMF is not giving us something, not a big amount. It is just a program which we have to complete till 30th of June.” 

Pakistan’s IMF bailout program is set to expire on June 30, which has prompted the government to look for other options to avert a sovereign default. 

“We are receiving help from UAE, Saudi Arabia, China and some other sources also,” Asif said. “We hope to, God willing, come out of this economic wilderness very soon.” 

Earlier this year, the defense minister said in one of his statements that Pakistan had already defaulted, stirring a debate and fueling commotion within the country’s business community. 

“My use of the word default perhaps was not very accurate or very appropriate, but the fact remains that we are in a dire financial situation, we were in dire financial situation and we are still not out of the woods,” he replied, when asked about his statement. 

Asif said he was “just trying to explain” by using the word default that Pakistan was borrowing money to service its loans. 

During the interview, the minister lauded Saudi Arabia for its assistance to Pakistan on several occasions and expressed profound regard for the Saudi royal family. 

“Saudi Arabia, the land obviously, is the ultimate sacredness for us, the two holy cities. And our relationship with Saudi Arabia has a long history of brotherhood and respect and love for each other,” he said. 

“I have no words to explain that the feelings we have for Saudi Arabia and the ruling family of Saudi Arabia. They have helped us at very crucial junctures of our history in last 75 years and we are indebted to them.” 

He vowed to place all resources of Pakistan at the Kingdom’s disposal for its protection and safety. 

“And our forces or our resources, whatever resources we have mostly defense related, they will always be at the disposal of the Kingdom of Saudi Arabia for their defense, their protection,” Asif said. 

“Whatever worth we are, we will always stand by the Kingdom of Saudi Arabia.” 

Arab News also questioned Asif about the return of his Pakistan Muslim League-Nawaz (PML-N) party’s supremo and three-time former prime minister, Nawaz Sharif, to Pakistan. To which, Asif said said they were following a legal way to get his conviction in corruption cases overturned before his return to the country from London. 

Sharif, who is the elder brother of sitting Pakistan PM Shehbaz Sharif, was restricted for life from holding any political office by Pakistan’s top court in April 2018, followed by his conviction in a corruption case the same year. The ex-premier, who left for London in 2019 after securing bail on medical grounds and has since not returned, says the cases against him were politically motivated. 

“He will be returning soon. There are some legal hurdles, the sentence he received during 2017-18 when engineering to bring Imran Khan to power was taking place,” Asif said. “He [Sharif] had to be replaced and sentenced, that was a plan.” 

The defense minister said the “circumstances” forced Sharif to stay in exile in London. 

“He is still suffering, and he is in exile not because of his own choice,” he said, adding that Sharif was dismissed on the “most frivolous” charge of not receiving money from his son’s company. 

“We have to secure his position legally before he returns. I think that will happen soon. We are following the legal path to secure that, nothing, something which is beyond legal realm.” 

The minister said they were working on a legal strategy to get Sharif’s conviction overturned from the Supreme Court. 

“We are seeking a judicial remedy to that,” he said, adding that they would be filing a petition for it in the Supreme Court. “It’ll happen. You’ll come to know about it.” 


At least one injured as fire guts multiple factories in Pakistan’s Karachi

Updated 08 June 2025
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At least one injured as fire guts multiple factories in Pakistan’s Karachi

  • The city, home to hundreds of thousands of industrial units, has fragile firefighting system and poor safety controls
  • In November last year, a blaze erupted at a shopping mall killing around a dozen people and injuring several others

KARACHI: At least one person was injured after a fire gutted multiple factories in the southern Pakistani port city of Karachi, Rescue 1122 officials said on Sunday, with efforts underway to douse the blaze.

The fire engulfed four factories, including Y G Textile and MF Roomi Textile, at the Landhi Export Processing Zone, with 11 fire brigade trucks and one snorkel taking part in the firefighting operation.

The operation was facing difficulties due to the intensity of smoke and shortage of water in the city of roughly 20 million people, according to rescue officials.

“One person was injured after part of the affected buildings collapsed,” Rescue 1122 spokesperson Hasaan Khan told Arab News.

The Rescue 1122 team is making efforts to control the blaze by utilizing all possible resources.

Karachi, Pakistan’s largest city and commercial capital, is home to hundreds of thousands of industrial units and some of the tallest buildings in the South Asian country. The megapolis, known for its fragile firefighting system and poor safety controls, witnesses hundreds of fire incidents annually.

In Nov. last year, a blaze at a shopping mall killed around a dozen people and injured several others. In April 2023, four firefighters died and nearly a dozen others were injured after a blaze erupted at a garment factory, while 10 people were killed in a massive fire at a chemical factory in the city in August 2021.

In the deadliest such incident, 260 people were killed in 2012 after being trapped inside a garment factory when a fire broke out.


Volleyball returns to Azad Kashmir border village as fragile India-Pakistan ceasefire holds

Updated 08 June 2025
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Volleyball returns to Azad Kashmir border village as fragile India-Pakistan ceasefire holds

  • As guns fall silent in Battal sector, youth return to riverside ground with message of peace, memories of fallen friend
  • Anwar Taskeen, 17-year-old student and regular at the matches, was killed in shelling hours before May 10 ceasefire

Battal Sector, Azad Kashmir: On a dusty, uneven patch of ground beside the Poonch River, the rhythmic thud of a volleyball hitting palms and sand rose above the late afternoon quiet. 

It’s a familiar sound in the border village of Jhawara, located in the Poonch district of Azad Kashmir, the part of the disputed Himalayan region of Kashmir that is governed by Pakistan. But until recently, it had fallen silent under the roar of artillery and gunfire.

Just weeks ago, the area bore the brunt of intense cross-border shelling between India and Pakistan. The Line of Control (LoC), a jagged and heavily militarized de facto boundary slicing through the disputed region, once again became a flashpoint for conflict, forcing families into hiding and pausing everyday joys like this daily volleyball match.

Now, with a tenuous ceasefire in place since May 10 — brokered with help from Washington — the boys are back on the field. 

For them, the return to play is more than a pastime. It’s an act of defiance, remembrance, and quiet hope.

“There has been firing here before but now it doesn’t feel scary,” said Hamid Fareed, 18, as he waited to serve. “There is a ceasefire in place now, which is why we play with peace of mind. Before, when there used to be firing, we didn’t play here.”

People are playing volleyball in the border village of Jhawara, located in the Poonch district of Azad Kashmir, on May 23, 2025. (AN photo)

The Battal sector, situated at one of the most sensitive stretches of the LoC, was at the heart of last month’s escalation, with the shelling so heavy residents were forced to evacuate, and even the simple joy of a volleyball match became too dangerous to risk.

Among those displaced were the families of the boys who now fill the field each evening from 4pm until the sunset maghrib prayer. Many had sought shelter with relatives in safer villages farther from the border during the latest fighting. Others, like Fareed, stayed behind but refrained from venturing out unnecessarily.

The violence still didn’t spare the players. Anwar Taskeen, a 17-year-old student and regular at the matches, was killed in shelling on his home just hours before the ceasefire was announced.

“Our brother who got martyred [on May 10, 2025] used to play volleyball with us,” said Muhammad Nawaz, one of Anwar’s closest friends. “He used to come every day.”

“When they [Indian forces] fire, they target civilians and army posts as well,” he added.

The picture shows Anwar Taskeen, a 17-year-old student who was killed in shelling on his home just hours before India-Pakistan ceasefire. (AN photo)

SYMBOL OF NORMALCY

Now that calm has returned, at least for the moment, the boys are determined to reclaim the ground and the normalcy it represents. Most days, they split into two teams of six, playing until darkness falls. Laughter, shouts, and the squeak of rubber slippers on hard soil fill the air.

But the volleyball field isn’t just a space for play. It’s also a space of memory.

Taskeen’s absence lingers. So too does the knowledge that peace here is often fleeting.

“There are beautiful places on that side, people should get to enjoy them. And people from there should be able to come here,” said Abdul Hannan, another student who recently completed his intermediate studies.

“Many people there [Indian-administered], in Jammu and Kashmir, play as well,” Hannan added. “We watch their videos to gain skills. They are playing better than us. We also get motivated by watching them.”

The boys recalled that some former players who used to compete on this very field had now moved abroad in search of better opportunities. From afar, many continued to support the volleyball tradition, pooling together funds to help maintain the ground. 

Their latest contribution helped install a protective net, now in place for six to seven years, which keeps the ball from rolling into the river and drifting downstream toward the Indian side.

“WE JUST WANT PEACE”

The Poonch River marks both a border and a lifeline for the region. On hot days, the boys often dive into its cool waters to beat the heat, even as Indian army posts watch from across the bank.

That same river has seen far more than games but carried the sounds of shelling, the cries of displaced families, and now, the echoes of a volleyball match played in the name of peace.

During Ramadan and other special occasions, the field hosts semi-annual tournaments. Teams travel from neighboring towns and villages to compete, a reminder that even in a conflict zone, community and competition endure.

“When there is peace, we can play. That’s all we want,” Fareed saiid. 

India and Pakistan have long shared a contentious relationship over Kashmir, with flare-ups along the LoC occurring frequently despite periodic agreements. The current ceasefire too is fragile, its future uncertain. But on this side of the Poonch River, young players are daring to imagine something more permanent — not through diplomacy, but through volleyball, through shared videos, playful rivalries, and quiet tributes to friends lost. And through simple, hopeful wishes — that one day, the people of Kashmir might cross the border not as enemies, but as guests.

“We just want peace,” Hannan repeated softly. “That’s all we’ve ever wanted.”


Pakistan-origin Mahnoor Qazi wins James Baldwin award for fiction

Updated 08 June 2025
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Pakistan-origin Mahnoor Qazi wins James Baldwin award for fiction

  • The James Baldwin Award for Fiction is one of six creative writing awards given by Penguin Random House
  • Qazi, whose entry ‘Eternity’ won $10,000 prize, aims to connect literature with the deepest human emotions

ISLAMABAD: Mahnoor Qazi, a Pakistani-origin high school student in the US state of California, has won the inaugural James Baldwin Award for Fiction, the organizers announced this week.

The James Baldwin Award for Fiction is one of six creative writing awards given by Penguin Random House, touted as the world’s largest trade book publisher, as part of their signature Creative Writing Awards (CWA) program. The award is named after Baldwin, a novelist, essayist, playwright, poet and critic.

Qazi, an aspiring writer who attends Golden Valley High School in California, is dedicated to connecting the art of literature with the deepest human emotions. Her entry ‘Eternity’ won the first-place prize of $10,000.

“As his niece, it has been an honor to select the recipient of the James Baldwin Award for fiction. Traveling the creative landscape of students with insightful narrative voices has been inspiring,” Baldwin’s niece Darlene Burnett said.

“They continue to demonstrate that the power of words can inform minds, fuel the imagination, and construct narratives that compel us to read and to feel. They are the literary architects of the future.”

Other categories included the Freedom of Expression Award, Michelle Obama Award for Memoir, the Amanda Gorman Award for Poetry, and the Maya Angelou Award for Spoken Word.

Since 1993, the Penguin Random House CWA program has awarded more than $2.9 million to public high school students for their original compositions.

In addition to scholarships, the publisher hosts a virtual development week for the CWA winners each summer that includes networking workshops, a panel about career opportunities in publishing, and fireside chats with Penguin Random House authors.


Pakistani, Muslim leaders share Eid greetings, offer special prayers for Gaza

Updated 08 June 2025
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Pakistani, Muslim leaders share Eid greetings, offer special prayers for Gaza

  • Israel’s military campaign has killed over 54,000 Palestinians, Palestinian officials say
  • The war has destroyed vast areas of Gaza and displaced around 90 percent of its population

ISLAMABAD: Prime Minister Shehbaz Sharif and Deputy Prime Minister Ishaq Dar on Sunday exchanged Eid Al-Adha greetings with the leaders of the United Arab Emirates (UAE), Oman, Bahrain, Jordan and other Muslim nations and offered special prayers for the people of Gaza.

Eid Al-Adha is one of the two most important festivals of the Islamic calendar, marked by Muslims in Pakistan and around the world by slaughtering animals such as sheep and goats, and distributing their meat among family, friends and the poor.

Pakistan Deputy Prime Minister Dar held a telephonic conversation with his UAE counterpart Sheikh Abdullah bin Zayed Al-Nahyan and exchanged warm Eid greetings, the Radio Pakistan broadcaster reported. They prayed for peace, prosperity and well-being of Muslims across the world.

Separately, PM Sharif held a telephonic conversation with Oman’s Sultan Haitham bin Tarik and conveyed his warm greetings to him and the brotherly people of Oman on the Eid Al-Adha.

“While exchanging Eid wishes, the two leaders prayed for unity and harmony among the Muslim Ummah. They also offered special prayers for the people of Gaza,” Sharif’s office said.

The development came as at least four Palestinians were killed and others were wounded by Israeli fire around a kilometer from an aid distribution point in the Gaza Strip, Palestinian health officials and witnesses said on Sunday.

Israel’s military campaign has killed over 54,000 Palestinians, according to Palestinian Health Ministry. The war has destroyed vast areas of Gaza and displaced around 90 percent of its population. The territory’s roughly 2 million Palestinians are almost completely reliant on international aid because nearly all of Gaza’s food production capabilities have been destroyed.

The Pakistani leaders also held similar calls and exchange of Eid greetings with Bahrain’s King Hamad bin Isa Al-Khalifa, Jordan’s King Abdullah II Ibn Al Hussein, Tajikistan President Emomali Rahmon, Malaysian Prime Minister Dato’ Seri Anwar Ibrahim and Uzbekistan President Shavkat Mirziyoyev.


Pakistan Navy urges ‘result-oriented’ collective actions as world marks Oceans Day

Updated 08 June 2025
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Pakistan Navy urges ‘result-oriented’ collective actions as world marks Oceans Day

  • World Oceans Day is observed on June 8 each year and this year’s theme is ‘Wonder: Sustaining What Sustains Us’
  • The navy says it is undertaking initiatives to safeguard oceans against pollution, over-fishing and climate change

ISLAMABAD: Pakistan Navy on Sunday urged “result-oriented” collective actions to safeguard oceans against pollution, over-fishing and climate change, its Directorate General Public Relations (DGPR) said, on the occasion of the World Oceans Day.

World Oceans Day is observed on June 8 each year and this year’s theme is ‘Wonder: Sustaining What Sustains Us,’ which resonates with the oceans’ vital role in underpinning all life on earth. Covering over 70 percent of Earth, oceans are a key source of oxygen, a regulator of climate and immeasurably support biodiversity, all of which are essential to global livelihoods.

As the principal custodian of Pakistan’s maritime domain, the navy said, it is undertaking substantive initiatives like implementing remedial measures for preventing oil spills at sea, enforcing pollution control measures and banning destructive fishing nets to encourage healthy practices and sustainable use of ocean resources.

“World Oceans Day calls upon us to move beyond the reflexive acknowledgment and take result-oriented collective actions,” the navy quoted its Public Relations director-general as saying.

“To this end, I call upon all the stakeholders to join hands with Pakistan Navy and adopt safe and sustainable practices to secure our oceans’ vitality. Collectively, we can avail this immense endowment in the shape of our rich oceans, preserve their enduring majesty and secure the lifeblood they provide, for our future generations.”

The statement came ahead of a United Nations (UN) Ocean Conference in Nice, France on June 9-13, which will not only focus on accelerating actions for conservation and sustainable use of oceans but also identify ways to conserve and sustainably use the oceans, seas and marine resources by building partnerships.

“For Pakistan, our long coastline and rich marine resources constitute a national trust. This vital treasure trove of biodiversity is facing rapid deterioration and demands immediate and robust intervention by all stakeholders,” the navy said.

“Recognizing our obligation to the environment, Pakistan Navy is also instilling ecological ethos through awareness drives and crucial partnerships. To mark the occasion, National Institute of Maritime Affairs (NIMA) has organized one day international seminar to create awareness about the issue and highlight ways and means to protect our oceans.”