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Pakistan’s finance minister unveils centralized gateway portal to boost country’s debt market

A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. (REUTERS/File)
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Updated 22 September 2023
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Pakistan’s finance minister unveils centralized gateway portal to boost country’s debt market

  • The platform will streamline investor onboarding process and enhance convenience of market intermediaries
  • The portal will be a major part of Pakistan’s financial infrastructure and will list government debt securities
Updated 22 September 2023
Sarah B. Haider

ISLAMABAD: Pakistan’s interim finance minister Dr. Shamshad Akhtar inaugurated a centralized gateway portal (CGP) on Friday, saying it would help develop debt market in the country by listing government securities to promote retail participation, transparency, savings channelization, and overall market growth.

Debt or bond markets constitute financial arenas in which people buy and sell various types of debt securities representing loans made by investors to entities such as governments, corporations, or other organizations.

These securities are typically issued with the promise of periodic interest payments to bondholders and the repayment of the principal amount at maturity.

According to a statement released by the Securities and Exchange Commission of Pakistan (SECP), the CGP is a novel financial initiative to facilitate simultaneous onboarding of investors and customers across the securities market, the nonbank financial companies’ sector, and the insurance industry.

The platform features standardized, one-time know-your-customer requirements across diverse asset classes.

“Dr. Shamshad Akhtar, the Federal Minister for Finance & Revenue, said that the securities market can play a vital role in the development of debt market through the listing of government debt securities on PSX [Pakistan Stock Exchange],” said the SECP statement.

Addressing the inauguration ceremony, Akhtar said the issuance of securities through public auctions at PSX would facilitate greater transparency.

“One of the key issues undermining the growth of capital markets is the lack of liquidity which is directly attributable to the small number of investors,” she was quoted as saying.

The minister said the CGP would provide immense opportunities to investors and great convenience to market intermediaries by removing duplications and streamlining the customer onboarding process.

However, she noted the successful CGP launch should not be deemed the end of the project.

“Having developed this promising digital platform, we are now faced with the critical part of realizing the potential it offers,” she continued. “This requires focused marketing efforts and promotion on the part of the PSX and other stakeholders like brokers, insurance companies, and AMCs [asset management companies].”

The minister pointed out that attracting new investors in the capital market should be one of the primary objectives, adding it would require coordinated efforts from all capital market infrastructure institutions, market intermediaries and brokerage houses under the SECP guidance.

‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi 

Updated 15 sec ago
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‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi 

  • State Bank museum has large collection including first cheque issued by Pakistani founder Muhammad Ali Jinnah at Habib Bank 
  • Museum is housed in a hundred-year-old building of the former Imperial Bank of India on Karachi’s famed I.I. Chundrigar Road
Updated 15 sec ago
NAIMAT KHAN

KARACHI: Nestled in the heart of Pakistan’s commercial capital of Karachi, the State Bank (SBP) Museum and Art Gallery stands as a testament to the region’s monetary history, with an extensive collection of artefacts like ancient coins, currency notes and rare documents, including cheques signed by the nation’s founding father.

The museum — housed in the hundred-year-old building of the former Imperial Bank of India on Karachi’s I.I. Chundrigar Road — takes visitors through a journey of the evolution of finance, from ancient barter systems to sophisticated financial instruments available today.

Notable exhibits displayed at the museum include the first cheque issued at Habib Bank from the personal account of Pakistan’s founder, Muhammad Ali Jinnah, and his original account-opening form.

“This State Bank Museum is the first and only specialized money museum of Pakistan which covers the theme of the evolution of money, starting from barter trade till e-banking,” museum official Jibran Ali told Arab News.

“One of the specialties of this museum is the coins ... Starting from the 6th century BC up to the coins of Pakistan today, we have all of the different dynasties’ coins available in this museum.”

One gallery displays a collection of coins from emperors that once ruled the region, including the British, the Mughals and the Arab rulers of Sindh. The first currency notes printed by the Reserve Bank of India after India and Pakistan’s independence from British rule in 1947 are also on display. 

One of the highlights is Hajj notes, specially designed for pilgrims from 1949 to the 1980s, which could be used in Saudi Arabia.

“On the same note, we can see that the Government of Pakistan [logo] is also mentioned alongside the Reserve Bank of India,” Ali said.

A range of cowrie shells, Indus seals and Ratti seeds as well as coins from various ancient cultures such as the Indo-Greek and Kushan eras are also on display. 

“Cowrie shells were initially used as money and also as ornaments in jewelry until the 19th century in different parts of the world,” Ali explained. “We have a vast collection of more than 7,000 rare coins available today.”

Old minting machines are another interesting part of the collection.

“These machines used to produce coins and paper money and give visitors a rare glimpse into the craftsmanship behind currency production before modern technology took over,” the museum in-charge added. 

The original office furniture of the central bank’s first governor, Zahid Hussain, and the bank’s inaugural account ledger are also showcased. Visitors can also view antique coin-minting machines, a currency printing press, and the first automated teller machine (ATM) in Pakistan, introduced by Habib Bank in 1988.

“We have the first ATM as well,” Ali said. “And we have original vaults of the 1920s.”

“PAST ECONOMIES”

The building itself is a historical marvel, featuring a Greco-Roman design with a stunning glass ceiling and intricately preserved Burma teak doors. Built in the 1920s for the Imperial Bank of India, the structure is crafted from Jodhpuri Red Sandstone and a grand example of colonial-era architecture.

Professor Altaf Aseem, a heritage and archaeology expert, said the museum was important both for its building and the collection inside. 

“From cowrie shells to modern-day currency, the museum has a wide array of items on display. However, the building that houses these coins and currencies is equally significant, as it is itself a heritage site. In a way, we can say that heritage is housed within heritage,” Aseem told Arab News.

The currency notes and metal coins on display showed an impressive array of art and calligraphy from different periods also, the historian said. 

“For example, some display Khat-e-Kufi, others use Nasta’liq, and some feature the Naskh script,” Aseem added, referring to different calligraphy styles. 

“This variety is a key highlight of the collection. Even though details are often missing such as who made these designers, the collection remains remarkable.”

Babar Ali, a visitor, said the museum offered a “deep dive into the history of money.”

“One of the most impressive sections is the collection of rare coins, including those from the era of Alexander the Great, the Arab rulers, and other significant historical empires,” the retired government official said. 

“The display also includes precious metal coins like gold and silver, which highlight their importance in past economies.”

Topics: state bank museum State Bank of Pakistan (SBP) money museum

Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines

Updated 21 min 2 sec ago
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Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines

  • D-8 summit in Cairo will see gathering of leaders from eight countries to promote economic cooperation
  • PM to attend special session on Gaza where Israeli offensive has killed over 46,000 people since last year
Updated 21 min 2 sec ago
SAIMA SHABBIR

ISLAMABAD: The foreign ministers of Pakistan and Egypt have called for a ceasefire in Gaza and expressed “unequivocal support” for the establishment of an independent Palestinian state as they met on the sidelines of a summit of the D-8 developing group of nations to be held today, Wednesday, in Cairo.

Pakistani deputy prime minister Ishaq Dar, who is also the country’s foreign minister, on Tuesday held a meeting with the Egyptian foreign minister, Badr Abdelatty, on the sidelines of the 21st Session of the D-8 Council of Ministers.

Prime Minister Shehbaz Sharif will also leave for Egypt today, Wednesday, to participate in the Eleventh Summit of D-8 countries, during which Israel’s military offensive on Gaza and the humanitarian crisis and reconstruction efforts in the besieged enclave as well as in neighboring Lebanon are expected to be at the center of discussions.

“The two Foreign Ministers discussed regional developments including the ongoing Israeli genocide in Gaza and atrocities in the West Bank, highly criticizing the ongoing Israeli genocide in Gaza,” the Pakistani foreign office said in a statement. “They called for an immediate ceasefire in Gaza to prevent further loss of innocent Palestinian lives.”

Dar appreciated the role played by Egypt to facilitate humanitarian assistance for the people of Gaza and its diplomatic efforts for a ceasefire in Palestine.

“The two Foreign Ministers also expressed unequivocal support for establishment of a viable, contiguous and independent Palestinian state based on pre-June 1967 borders with Al-Quds Al-Sharif as its capital,” the foreign office said.

Health officials in the Gaza Strip said on Monday the death toll from the 14-month war between Israel and Hamas had topped 45,000 people. 

The Gaza Health Ministry does not distinguish between civilians and combatants in its count, but it has said that more than half of the fatalities are women and children. The Israeli military says it has killed more than 17,000 militants, without providing evidence.

The theme of this year’s D-8 Summit is “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”

“At the Summit, the Prime Minister will underline the importance of investing in youth and SMEs for building a strong and inclusive economy; creating jobs; advancing innovation; and promoting local entrepreneurship,” the foreign office said.

“He will express Pakistan’s strong commitment to the ideals of D-8; underscore the importance of fostering partnerships for mutual benefit and prosperity; and promoting cooperation in agriculture, food security and tourism. He will also underline Pakistan’s incentives for youth empowerment and financial development.”

Sharif will also attend a special session on the war in Gaza and Lebanon.

Topics: Pakistan Egypt ties D8 summit

Pakistani PM says grateful UAE visa facility being ‘opened again’

Updated 29 min 23 sec ago
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Pakistani PM says grateful UAE visa facility being ‘opened again’

  • Sharif’s remarks come after months of widespread media reports of a decline in visas for Pakistanis by the UAE
  • Last month, foreign office said it did not subscribe to “impression” of a ban on UAE visas for Pakistani nationals
Updated 29 min 23 sec ago
SAIMA SHABBIR

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday expressed gratitude to the UAE for working to streamline visas for Pakistanis wanting to travel to the Emirates, home to more than 1.5 million expatriates from the South Asian nation and its second-largest source of remittances after Saudi Arabia.

Sharif’s remarks come after months of widespread media reporting on a decline in visas for Pakistanis by the UAE and a decrease in overall overseas employment for nationals of Pakistan, allegedly due to their lack of respect for local laws and customs and for participating in political activities and sloganeering while abroad.

On Tuesday, the issue came up as Sharif addressed a ceremony in Islamabad to commemorate UAE’s National Day. 

“We are very grateful [to UAE] for being host to a large number of Pakistanis and I am very grateful that the visa facility is being opened again and facilitated by the ambassador and UAE President Mohammed bin Zayed’s personal love for Pakistan,” Sharif said.

Last week, Hamad Obaid Ibrahim Salem Al-Zaabi, the ambassador of the UAE to Pakistan, called on Deputy Prime Minister Ishaq Dar and briefed him on steps being taken to streamline visas for Pakistanis. Previously, the foreign office has repeatedly said Islamabad did not subscribe to the “impression” that there is a ban on UAE visas for Pakistani nationals.

“If there are any issues that arise with respect to issuance of visas and stay of Pakistani nationals in the UAE, that are important agenda items between Pakistan and the UAE and we continue to discuss them,” the foreign office spokeswoman told reporters last month.

“STRATEGIC PARTNER”

The UAE is one of Pakistan’s largest trading partners and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE ministry of foreign affairs. Trade volume between the two countries rose to $7.9 billion in 2023, up 12 percent from 2022. 

In May this year, Sharif said the Emirates had committed $10 billion to invest in promising economic sectors in Pakistan. The Pakistan Business Council (PBC), set up this September at the Sharjah Chamber of Commerce and Industry, also aims to increase Pakistan’s bilateral trade volume with the UAE to $40 billion in three years.

“We are waiting anxiously for the visit of the President of UAE very soon and we are absolutely deeply engaged to promote investment, and trade,” Sharif said, thanking the UAE for its economic support to Pakistan, especially in helping meet external financing gaps that paved the way for the approval of an IMF loan program in September. 

“Without UAE’s support, this program could not have been achieved,” the Pakistani PM said. 

Speaking at the event, President Asif Ali Zardari said bilateral relations between the two countries had flourished into a “trustworthy strategic partnership across political, economic, and social dimensions.”

“The UAE remains one of Pakistan’s most significant economic partners and stands as one of the largest investors in Pakistan, and our bilateral trade continues to grow steadily,” the president said. 

“We are eager to enhance cooperation with the UAE in key areas including the Pakistan Stock Exchange, renewable energy and other promising sectors … I am sure that the recent signing of multiple agreements in diverse sectors including maritime legislation and aviation will further deepen our bilateral cooperation.”

UAE’s ambassador also addressed the ceremony and said the Emirates was committed to strengthening its partnership with Pakistan “as we see huge potential for collaboration in various sectors, including renewable energy, artificial intelligence, and agricultural innovation.”

Topics: Pakistan UAE ties uae national day Pakistan Prime Minister Shehbaz Sharif

Pakistan postpones vaccine drive in province with highest number of cases this year

Updated 37 min 48 sec ago
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Pakistan postpones vaccine drive in province with highest number of cases this year

  • Of 63 cases confirmed in Pakistan this year, 26 are from southwestern Balochistan province
  • Pakistan has launched nationwide drive to vaccinate 44 million children from Dec. 16-22
Updated 37 min 48 sec ago
SAADULLAH AKHTER

QUETTA: Authorities in Pakistan’s Balochistan on Tuesday cited a lack of preparedness as they announced that a planned polio vaccine campaign in the province was being postponed until Dec. 30, a staggering blow for a region that has reported the highest number of cases of the crippling virus this year. 

Pakistan on Monday launched the latest nationwide drive to vaccinate 44 million children in 143 districts from Dec. 16-22 amid a surge in polio cases compared to previous years, with the 2024 tally reaching 63 last week.

In Balochistan province, which has reported the highest number of polio cases this year, 26, the anti-polio drive was first postponed by a day on Monday due to security reasons.

However, the campaign was not launched on Tuesday as planned, with the Provincial Emergency Operation Center (EOC) saying it would now start on Dec. 30 in all 36 districts of the remote, impoverished province that has for decades been plagued by an insurgency by separatist militants who frequently attack government officials, security forces and investment projects.

“The campaign will now start on December 30th,” the EOC said in a statement. “The latest nationwide anti-polio campaign in Balochistan has been postponed due to required preparations at the district level.”

Dr. Aftab Kakar, a senior health official in Quetta, said provincial authorities had decided to delay the vaccination drive due to a boycott by the Grand Health Alliance Balochistan, an umbrella organization representing health care workers in the province.

“Paramedical staff was involved with us [previously] … but we have prepared a new strategy now,” he told Arab News. “We won’t hire those paramedics who boycotted the latest anti-polio drive in Balochistan, and a decision has been made to hire private staff who will serve in the next campaign starting from Decc. 30.”

Jamal Shah, a representative of the alliance, said the paramedics had not boycotted the campaign but were registering their protest against the involvement of “medically unskilled” people locally hired by deputy commissioners to take part in the campaigns.

“Balochistan has the highest number of polio cases in Pakistan this year due to the participation of non-technical government staff in anti-polio campaigns,” he told Arab News. “Negligence of unskilled staffers defames the provincial health department.”

Polio is a paralyzing disease with no cure. Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five are essential to provide high immunity against the virus.

Pakistan’s polio eradication efforts have faced several challenges in recent years, including militant attacks and misinformation spread by militants and conservative clerics.

Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world. In the early 1990s, the country reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021.

Topics: anti-polio campaign POLIO VACCINE Polio Vaccination Anti-polio drive Polio cases in Pakistan

Saudi ties ‘vital pillar’ of Pakistani foreign policy, PM tells Shura Council chairman

Updated 48 min 21 sec ago
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Saudi ties ‘vital pillar’ of Pakistani foreign policy, PM tells Shura Council chairman

  • Sharif meets Dr. Abdullah bin Mohammed bin Ibrahim Al-Sheikh, head of Saudi legislative body that advises king and his regulatory authority
  • Pakistan and Saudi Arabia are longtime allies and Islamabad is seeking closer economic and security ties with the Kingdom
Updated 48 min 21 sec ago
SAIMA SHABBIR

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday evening met the chairman of Saudi Arabia’s Shura council and reiterated that Islamabad’s longstanding ties with Riyadh were a “vital pillar” of its foreign policy as it sought to expand economic cooperation.

Pakistan and Saudi Arabia are longtime allies, and Islamabad has been seeking ever closer economic, defense and security ties with the Kingdom, which is home to approximately 2.5 million Pakistani expatriates and the second largest source of remittances for the cash-strapped South Asian nation. Saudi Arabia has come to the rescue of Pakistan’s ailing economy multiple times in the past through loans, debt rollovers, oil on deferred payments and investment deals. This year, the two countries signed several memorandums of understanding and agreements worth $2.8 billion in multiple sectors.

“Our enduring ties with Saudi Arabia are a vital pillar of our foreign policy,” Sharif said during a meeting in Islamabad with Dr. Abdullah Muhammad Ibrahim Al-Sheikh, who heads the Saudi legislative body that advises the king and his regulatory authority.

“We are actively working to expand our economic and financial relations with the Kingdom.”

The Pakistani PM congratulated Saudi Arabia for securing the hosting rights of the FIFA World Cup 2034 and praised Crown Prince Mohammed bin Salman for his leadership in amplifying demands for peace in Gaza and Lebanon.

“Pakistan will continue to fully support all efforts to address the suffering of the people of Gaza and Lebanon and to combat human rights violations,” Sharif added.

Topics: Pakistan Saudi Arabia Pakistan Saudi Arabia ties Saudi Shura Council Pakistan Prime Minister Shehbaz Sharif

Latest updates

‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi 
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Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines
Pakistani PM says grateful UAE visa facility being ‘opened again’
Pakistan postpones vaccine drive in province with highest number of cases this year

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