Pakistan’s ‘first priority’ is countering terrorism from Afghanistan, PM says in UNGA address

Prime Minister Pakistan Anwaar-ul-Haq Kakar speaks during the United Nations General Assembly (UNGA) at the United Nations headquarters in New York City, US, on September 22, 2023. (Photo courtesy: AFP)
Short Url
Updated 22 September 2023
Follow

Pakistan’s ‘first priority’ is countering terrorism from Afghanistan, PM says in UNGA address

  • Kakar welcomes the normalization of relations between Saudi Arabia and Iran while calling for a two-state solution for Palestine
  • The premier urges global powers to convince India to accept Pakistan’s offer of mutual restraint on strategic weapons

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Friday called for action against militant attacks from neighboring Afghanistan, endorsed Saudi Arabia and Iran’s diplomatic rapprochement, and advocated a two-state solution as the path to enduring peace in Palestine.

Kakar achieved a historic milestone as the first caretaker prime minister of his country to address the annual United Nations General Assembly session in New York, where he tackled various global issues, spanning from extremist violence and relations with India to the escalating challenges of climate change and Islamophobia.

“Pakistan’s first priority is to prevent and counter all terrorism from and within Afghanistan,” he told representatives of United Nations member states. “Pakistan condemns the cross-border attacks … by the TTP [Tehreek-e-Taliban Pakistan], Daesh and other groups operating from Afghanistan.”

The prime minister’s statement comes against the backdrop of a dramatic spike in militant attacks in Pakistan, mainly in border regions abutting Afghanistan since the return of Afghan Taliban to power in Kabul in August 2021.

The first half of this year saw about 80 percent increase in attacks compared to the last year, according to statistics compiled by the Pakistan Institute for Conflict and Security Studies.

“We have sought Kabul’s support and cooperation to prevent these attacks,” the prime minister continued. “We are also taking necessary measures to end this externally encouraged terrorism.”




Prime Minister Pakistan Anwaar-ul-Haq Kakar speaks during the United Nations General Assembly (UNGA) at the United Nations headquarters in New York City, US, on September 22, 2023. (Photo courtesy: REUTERS)

Kakar reiterated his country’s position that peace in Afghanistan was a “strategic imperative” for Pakistan while sharing concerns of the international community with respect to Afghanistan, particularly those related to the rights of women and girls.

“We advocate continued humanitarian assistance for destitute Afghan population in which Afghan girls and women are the most vulnerable as well as the revival of Afghan economy and implementation of the connectivity projects with Central Asia,” he said.

Speaking about Pakistan’s relations with its nuclear-armed neighbor, the prime minister said his country desired “peaceful and productive” relations with all neighbors including India.

“Global powers should convince New Delhi to accept Pakistan’s offer of mutual restraint on strategic and conventional weapons,” he said, adding that Kashmir provided the key to peace between the two neighboring states.

Pakistan and India both rule parts of the disputed Himalayan region while claiming it in full. They have fought two wars over the mountainous territory and their forces regularly trade fire across a 740-kilometer (466 mile) Line of Control, which is the de facto border separating the two parts of Kashmir.

“We must counter all terrorists without discrimination including the rising threat posed by far-right extremist and fascist groups such as Hindutva inspired extremists threatening genocide against Indian Muslims and Christians alike,” he maintained.

“We also need to oppose state terrorism, address the root cause of terrorism such as poverty, injustice and foreign occupation, and distinguish genuine freedom struggles from terrorism,” he added.

The prime minister also proposed the creation of a committee of the general assembly to oversee the balanced implementation of all “four pillars of the global counter terrorism strategy.”

He also applauded the normalization of relations between Saudi Arabia and Iran while commenting on the overall strategic situation in the Middle East.

“Pakistan welcomes the progress made toward ending the conflicts in Syria and Yemen, in particular we warmly welcome the normalization of relations between the Kingdom of Saudi Arabia and the Islamic Republic of Iran,” he said.

Focusing on the Palestine issue, he mentioned continued “Israeli military raids, air strikes, expansion of settlements and eviction of Palestinians.”

“Durable peace can be established only through a two-state solution and establishment of a viable and contiguous Palestinian state within the pre-June 1967 borders with Al-Quds as its capital,” he said.

 

 

Kakar also mentioned the “age-old phenomenon” of Islamophobia, saying it had acquired endemic proportion in the wake of the September 11 attacks in the United States and was manifested in the negative profiling of Muslims and public burnings of the Holy Qur’an.

“The narratives advocating a clash of civilizations have done considerable harm to humanity’s progress,” he noted. “Such ideas have bred extremism, hatred and religious intolerance, including Islamophobia.”

The prime minister welcomed the legislation initiated by Denmark and contemplated by Sweden to ban the desecration of the Islamic scripture.

“Pakistan and the OIC [Organization of Islamic Cooperation] countries will propose further steps to combat Islamophobia, including the appointment of a special envoy, creation of an Islamophobia data center, legal assistance to victims and an accountability process to punish Islamophobic crimes,” he continued.

Discussing the climate change issue, Kakar said Pakistan looked forward to fulfilling the climate commitments made at COP28 by developed countries to provide over $100 billion in annual climate finance, allocate at least half of it for adaptation in developing countries, operationalize the loss and damage fund, and reduce global carbon emission.

“Pakistan’s triple food finance fuel challenge is a prime illustration of the impact of COVID conflict and climate on developing countries,” he said, adding Pakistan was one of the worst affected countries from the adverse impacts of climate change.

Kakar said the last year’s flood in Pakistan submerged one-third of the country, killed 1,700 people, displaced over eight million people, destroyed vital infrastructure and caused over $30 billion damage to the economy.

“We are gratified by the commitment of over $10.5 billion for Pakistan’s comprehensive plan for recovery, rehabilitation, reconstruction with resilience,” he said.

“Specific projects are being submitted to ensure timely funding … I hope our development partners will accord priority to the allocation of funds for our recovery plan which costs $13 billion,” he added.


Pakistan’s stock market gained 87% during 2024 with transport, pharmaceuticals top-performing sectors — report

Updated 11 sec ago
Follow

Pakistan’s stock market gained 87% during 2024 with transport, pharmaceuticals top-performing sectors — report

  • Analysts attribute stock market’s strong performance to sharp rate cuts, strengthening rupee and disbursement of IMF loan
  • Pakistan’s central bank slashed key policy rate by 200 basis points to 13% on Dec. 16, making it fifth straight reduction since June

ISLAMABAD: The KSE-100 index of the Pakistan Stock Exchange (PSX) recorded an impressive 85% gain in Pakistani rupees and 87% in US dollars during 2024, a report by the country’s top brokerage house said this week, listing pharmaceuticals, jute and transport among the top-performing sectors of the market.
Pakistan’s stock market has enjoyed gains and bullish trends since the past two months. Financial analysts have attributed the stock market’s bullish trend to drastic cuts in key policy rate, strengthening of the rupee and economic gains triggered by Islamabad signing a $7 billion loan with the International Monetary Fund (IMF) this year.
Pakistan’s central bank cut its key policy rate by 200 basis points to 13% on Dec. 16, making it the fifth straight reduction since June, as the country keeps up efforts to revive a sluggish economy with inflation on the decline as per official figures.
According to a yearly market review by Topline Securities on Tuesday, the market capitalization of companies listed at the Pakistan Stock Exchange (PSX) increased by 61% to reach Rs14.6 trillion this year.
“Benchmark KSE 100 Index jumped 85% in PKR (87% in USD) in 2024, with only one trading session left,” the report said. “Market value (market capitalization) of listed companies at PSX also increased by 61% to reach Rs14.6trn.”
The report pointed out that pharmaceuticals, jute and transport were the best performing sectors in 2024 as their market cap increased by 198%, 182% and 130% respectively. On the other hand, chemicals, modarabas, and textile weaving sectors remained the worst performing sectors that posted declines of 54%, 33% and 2%, respectively in 2024.
Raza Jafri, the head of equity at Intermarket Securities, told Arab News that the gains enjoyed by the PSX made it one of the “best-performing equity markets in the world.”
He highlighted that the Pakistan stock market’s gains outpaced those of the Morgan Stanley Capital International Emerging Markets Index and the Morgan Stanley Capital International Frontier Markets Index, which gained only around five percent in 2024.
“Macro stabilization, which reflected in sharp interest rate cuts and a stable Pakistani rupee, enabled equity market valuations in Pakistan to bounce back from record lows,” Jafri told Arab News on Wednesday.
Meanwhile, Arif Habib Commodities CEO Ahsan Mehanti said the PSX outperformed other stock markets due to the central bank’s key policy rate, robust economic indicators and the successful disbursement of the new IMF program.
“Government bond yields fell by over an unprecedented 1100bps during the year inviting institutional interest in equities,” he said. “Fall in global crude oil prices reduced import bill by up to $5 billion and helped CPI inflation to fall below five percent resulting in current account surplus and rupee stability.”
According to Topline Securities, the best-performing stocks in Pakistan were GlaxoSmithKline Pakistan (GLAXO), which recorded a 385% increase; Air Link Communication (AIRLINK), which gained 268%; Sazgar Engineering (SAZEW), which gained 252 percent; Fauji Fertilizer Company (FFC), which rose 246 percent; and Mari Petroleum Company (MARI), which gained 220 percent.
It added that the top performers among all listed stocks in 2024 were Ali Asghar Textile Mills (AATM), which gained 2,774%; Khalid Siraj Textile Mills (KSTM), which rose by 1,156%, Thatta Cement Company (THCCL), whose share price soared by 1,027%; and Dewan Automotive Engineering (DWAE), which surged by 1,073%.
Pakistan’s Prime Minister Shehbaz Sharif also expressed his happiness over the Pakistani stock market’s performance in a post on social media platform X.


“Alhamdolilah! What great news to end the year on!” he wrote on Wednesday.


Pakistani province vows to enforce writ in Karachi after police’s clash with sit-in protesters

Updated 31 min 12 sec ago
Follow

Pakistani province vows to enforce writ in Karachi after police’s clash with sit-in protesters

  • Majlis Wahdat-e-Muslimeen party is leading sit-in protests in Karachi to protest violence in northwestern Kurram district 
  • Karachi police say eight cops wounded during Tuesday’s clashes, out of which three were injured due to protesters’ firing

KARACHI: The home minister of Pakistan’s southern Sindh province on Wednesday warned members of a religio-political party of stern action if they did not move their sit-in protests from Karachi’s busy locations to designated spots, a day after law enforcers clashed with the demonstrators in the port city. 
Karachi police and the paramilitary Rangers force cracked down on protesters belonging to the Majlis Wahdat-e-Muslimeen (MWM) party on Tuesday morning, using tear gas to disperse them from the city’s busy Numaish Chowrangi, Malir and other locations. Demonstrators pelted the law enforcers with stones in response and chanted slogans against them. 
The MWM has been leading sit-in protests at over 10 locations in Karachi since last week to protest violence in the northwestern Kurram district. With a population of around 600,000, Kurram has been plagued by tribal and sectarian violence for decades. A devastating ambush on a convoy of Shias on Nov. 21 in which gunmen killed 52 people, gave rise to sectarian clashes in the area that have since then claimed the lives of at least 136 people. 
Karachi police has charged protesters under the country’s anti-terror law, saying that over 150 protesters fired directly at police officers with the intention to kill during Tuesday’s clashes in the city’s Malir district. Two police constables, Zaeem Abbas and Ayaz Gul, were injured in the gunfire, as per the police complaint. All in all, police said eight cops were injured during the clashes out of which three were injured due to firing by protesters.  
“It is not possible for us to let the city fall victim to violence,” Sindh Home Minister Zia Ul Hassan Lanjar told reporters at a news conference. “It’s not possible for us to not protect the lives and property of citizens while sitting idle,” he added. 

Police personnel fire tear gas shells to disperse protesters during a demonstration in Karachi on December 31, 2024, to condemn sectarian clashes in Pakistan’s Kurram district. (AFP)

He said the government was ready for talks with protesters but also warned that it would enforce its writ in the city. 
“Against any illegal actions, the government will stand firm, the police will do its job, the Rangers will do their job and law enforcement agencies will carry out their responsibilities,” the minister said. 
He said the Sindh government had extended protesters the offer to move their protests to designated spots across the city. 
“We will stand with you, but this is not the way for our main Saddar area to be closed, for Shahra-e-Faisal to be closed, for the Ancholi area to be closed, for the Malir area to be closed, and to turn the city into a battlefield,” he said, referring to Karachi’s areas where the MWM is holding protests.
 “You cannot do this. We will not compromise on this under any circumstances.”

Police personnel (front) disperse protesters (back) during a demonstration in Karachi on December 31, 2024, to condemn sectarian clashes in Pakistan’s Kurram district. (AFP)

Reiterating his offer of negotiations, Lanjar said Karachi’s additional Inspector-general of police and the city’s commissioner will hold talks with MWM since Sindh’s senior ministers had already met representatives of the party. 
Meanwhile, senior MWM leader Allama Baqir Hussain Zaidi announced that the party’s protests in Karachi will continue. 
“The ongoing sit-ins will continue wherever they are being held and alternative routes will remain open,” Zaidi said in a video message. “The community is urged to participate in the sit-ins in an organized manner and to consider it both a personal and religious obligation to join tomorrow evening’s protest gathering.”
He announced that the group will hold a protest rally on Thursday at 4:00 p.m. at Numaish Chowrangi, stressing that it will be a peaceful one. 
A grand jirga — a traditional council of political and tribal elders — has been attempting to mediate between the rival factions in Kurram to enforce peace.


Pakistan, India exchange list of nuclear installations and facilities

Updated 01 January 2025
Follow

Pakistan, India exchange list of nuclear installations and facilities

  • India and Pakistan are signatories to an agreement that bars them from attacking each other’s nuclear facilities 
  • Pakistan hands over list of nuclear facilities to Indian High Commission representative in Islamabad, says state media 

ISLAMABAD: India and Pakistan exchanged lists of their nuclear assets on Wednesday as part of a bilateral pact that prohibits them from attacking each other’s nuclear facilities, state-run media reported. 
The ‘Agreement on Prohibition of Attacks against Nuclear Installations and Facilities’ between the two countries was signed in December 1988. It requires that both sides inform each other of their nuclear installations and facilities on Jan. 1 each year. The two countries have been exchanging the lists since 1992.
“Accordingly, the list of nuclear installations and facilities in Pakistan was officially handed over to a representative of the Indian High Commission in Islamabad at the Ministry of Foreign Affairs,” state broadcaster Radio Pakistan reported. 
Accordingly, the Indian Ministry of External Affairs handed over the list of India’s nuclear installations and facilities to a representative of the Pakistan High Commission in New Delhi.
Nuclear-armed India and Pakistan have fought two of three wars after independence from British rule in 1947 over the disputed former princely state of Kashmir. The first war was fought in 1947, the second in 1965, and a third, largely over what became Bangladesh, in 1971.
Both countries claim the disputed territory in full but control only parts of it. Tensions between the two countries escalated last month when India’s top court upheld a 2019 decision by New Delhi to scrap Indian-administered Kashmir’s special status. 
India conducted its first nuclear test in 1974, with Pakistan carrying out its first test in 1988.


Pakistan’s annual inflation slowed to 4.1% in December

Updated 01 January 2025
Follow

Pakistan’s annual inflation slowed to 4.1% in December

  • Annual inflation already slowed to 4.9% in November, largely due to high base a year earlier
  • Inflation slowed due to stable currency, lower global commodity prices, says financial analyst

KARACHI: Pakistan’s consumer inflation rate slowed to 4.1% year on year in December, the statistics bureau said on Wednesday, the lowest in more than 6-1/2 years.
The South Asian country is navigating a challenging economic recovery path buttressed by a $7 billion facility from the International Monetary Fund (IMF) granted in September.
Consumer prices in December rose 0.1% from the month before, according to the Pakistan Bureau of Statistics.
In its monthly report released last week, the finance ministry said that the annual inflation rate was expected to hold in the range of 4-5% in the final month of the year.
Annual inflation had already slowed to 4.9% in November, largely due to a high base a year earlier, coming in below the government’s forecast and significantly lower than a multi-decade high of around 40 percent in May 2023.
“Inflation has come down on the back of stable currency, lower global commodity prices and improved supply chain,” said Samiullah Tariq, head of research and development at Pak Kuwait Investment Company.
Pakistan’s central bank previously targeted 5-7% inflation in the medium term but its head has said the level is now in sight within the next 12 months.
The State Bank of Pakistan (SBP) cut its key policy rate by 200 basis points to 13% in December, the fifth straight reduction since June, to bring cumulative rate cuts for 2024 to 900 basis points and making it one of the most aggressive emerging market central banks in the current easing cycle.
Inflation during the first half of the current fiscal year to end-June 2025 has averaged 7.22% compared to 28.79% in the year-earlier period.


Pakistan hikes petrol and diesel prices by up to Rs2.96 per liter

Updated 01 January 2025
Follow

Pakistan hikes petrol and diesel prices by up to Rs2.96 per liter

  • Government fixes fuel prices every fortnight to account for market fluctuations, dollar-rupee parity
  • After the latest revision, petrol will now sell for Rs252.66 while diesel will cost Rs258.34 per liter

ISLAMABAD: The government has increased the price of petrol and high-speed diesel by Rs0.56 and Rs2.96 per liter, respectively, according to the finance ministry on Tuesday.

Fuel prices are fixed on a fortnightly basis by in Pakistan, which adjusts them after evaluating changes in the global energy market and considering rupee-dollar parity. This allows the government to pass on the net effect to consumers to finance the country’s fuel imports.

“The Oil and Gas Regulatory Authority has worked out the consumer prices of petroleum products in view of the fluctuations in the international market in the last fortnight,” the finance ministry said in a notification.

“It has accordingly revised the prices of the petroleum products for the next fortnight starting from Jan. 1, 2025,” it added.

After the latest revision, a liter of petrol will cost Rs252.66, while high-speed diesel will sell for Rs258.34 per liter.

Petrol is mostly used in Pakistan for private transport, small vehicles, rickshaws and two-wheelers. At the same time, any increase in the price of diesel is considered highly inflationary, as it is mostly used to power heavy transport vehicles and particularly increases the prices of vegetables and other eatables.

On Dec. 15, Pakistan reduced the price of high-speed diesel by Rs3 per liter but kept the price of petrol unchanged.

Earlier, on Dec. 1, the price of petrol was increased by Rs3.72 per liter due to varying petroleum product prices in the international market.

Fuel prices in energy-starved Pakistan are instrumental in contributing to inflation. The South Asian country saw inflation hit a record high of 38 percent in May 2023.

Pakistan’s annual consumer inflation slowed to 4.9 percent in November, cooling from 7.2 percent in October.