Pakistan suspends authorization of exchange companies for violating rules amid forex crunch

A security guard stands outside a currency exchange shop in Rawalpindi, Pakistan on July 15, 2023. (AFP/File)
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Updated 14 October 2023
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Pakistan suspends authorization of exchange companies for violating rules amid forex crunch

  • The development comes amid a forex crunch that has prompted authorities to crackdown on currency smugglers and hoarders
  • Pakistan is trying to navigate a tricky path to economic recovery in the wake of a $3-billion IMF bailout program, approved in July

ISLAMABAD: Pakistan’s central bank has suspended the authorization of multiple currency exchange companies over regulatory violations, it said on Saturday, amid a foreign exchange crunch in the South Asian country. 

The companies whose authorization has been suspended include International Exchange Company, World Wide Exchange Company, World Exchange Company, Universal Exchange Company and United Exchange Company. 

The development comes as authorities in the South Asian country continue to crack down on currency hoarders, smugglers and money exchanges involved in regulatory violations to stabilize the country’s foreign reserves. 

“All the aforementioned Exchange Companies – B Category, their head offices and all branches have been debarred from undertaking any kind of business activity during the suspension period,” the State Bank of Pakistan (SBP) said in a statement. 

Pakistan is trying to navigate a tricky path to economic recovery under a caretaker government in the wake of a $3-billion International Monetary Fund (IMF) bailout program, approved in July, that helped the South Asian country avert a sovereign debt default. 

The central bank said on Friday it had met an end-September deadline for a forward book target of $4.2 billion agreed with the IMF, and was comfortably placed to meet others on net international reserves and net domestic assets. 

Since January 2023, the bank’s foreign exchange reserves have improved from a low of $3.1 billion to $7.6 billion by the end of September, according to the SBP. The build-up of reserves was largely supported by non-debt creating inflows amid favorable market conditions. 

“At the same time, SBP’s forward foreign exchange liabilities have declined and the forward book target of $4.2 billion for end-September 2023 agreed with the IMF has already been met by a wide margin,” the central bank added. 


Former foreign minister, serving chief minister among 14 indicted for attack on Pakistan army headquarter

Updated 9 sec ago
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Former foreign minister, serving chief minister among 14 indicted for attack on Pakistan army headquarter

  • Imran Khan supporters accused of attacking GHQ, other military installations on May 9, 2023, following his brief arrest in land graft case
  • Hundreds of PTI supporters and dozens of leaders were subsequently arrested while police registered cases against PTI party top leaders

ISLAMABAD: Former foreign minister Shah Mahmood Qureshi and Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, key aides of jailed ex-premier Imran Khan, were among 14 members of his party indicted on Thursday in a case involving an attack last year on the military’s headquarters (GHQ).

The move comes after Khan was himself also indicted on Thursday on charges of inciting his supporters to attack GHQ on May 9, 2023, when Khan was arrested by the national anti-corruption agency in a land graft case. The arrest sparked a wave of protests by Khan supporters across the country, with rioters attacking important state buildings and ransacking military facilities, including the GHQ in the garrison city of Rawalpindi and the residence of the army’s top commander in the eastern city of Lahore. 

Hundreds of supporters and dozens of leaders of Khan Pakistan Tehreek-e-Insaf (PTI) party were subsequently arrested while police registered cases against the party’s top leaders, including Khan.

Following Thursday’s indictment, Qureshi spoke to reporters outside Adiala Jail, saying he was being “targeted for political revenge.” 

“I was in Karachi on May 9, not Rawalpindi,” Qureshi told reporters. “I say take mine and the prosecutor’s oaths on May 9 under Section 16 of the Anti-Terrorism Act.”

Besides Qureshi and Gandapur, Senate opposition leader Shibli Faraz, Shehryar Afridi, Kanwal Shauzab, Latasab Satti, Umar Tanveer Butt, Taimur Masood, Saad Ali Khan, Sikandar Zeb, Zohaib Afridi, Fahad Masood and Raja Nasir Mahfouz are other PTI members indicted today. 

On Monday, former human rights minister Shireen Mazari and eight others were also arraigned in the GHQ case, in which a total of 113 PTI leaders and supporters have so far been indicted.

Following Thursday’s indictment, Gandapur, Afridi and Shauzab filed applications under Section 265-D of the Criminal Procedure Code, which deals with framing charges against an accused. A hearing on the applications has been scheduled for tomorrow, Friday, at the Anti-Terrorism Court (ATC) in Adiala Jail. 

Should Gandapur appear in court tomorrow, his arrest warrant will be canceled, Pakistan’s Dawn newspaper quoted the judge as saying. 

After Monday’s indictments against Mazari and eight others, the PTI had said in a statement to reporters:

“It’s good that things are going toward indictment … As the case goes to trial, then it will come out whether these accused people are actually involved, and they will get a way to fight these false charges through the legal and judicial system. Up until now, people were just being kept in custody and things were lingering on for a year and a half.”

Nearly 2,000 people were arrested following the May 9 protests and at least eight were killed. The government had called in the army to help restore order.

Though Khan was released on bail within days of the May 9 arrest, he was later rearrested in August 2023 after he was handed a three-year prison sentence in another corruption case. He has been in jail since then.

His party was barred from Pakistan’s election on Feb. 8, 2024, but the would-be candidates stood as independents.

Despite the ban and Khan’s imprisonment for convictions on charges ranging from leaking state secrets to corruption, millions of the former cricketer’s supporters voted for him. Independent candidates from his party won the highest number of seats but not enough to form a government on their own. Khan cannot be part of any government while he remains in prison.

Khan and his party say all legal cases against him are based on made-up charges to keep him out of politics at the behest of the army after he had fallen out with the military’s generals. The army denies the accusation.


Pakistani PM condemns Israeli military actions at special D-8 session on Middle East conflict

Updated 20 min 25 sec ago
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Pakistani PM condemns Israeli military actions at special D-8 session on Middle East conflict

  • Shehbaz Sharif announces support for mediation efforts by Qatar and Egypt, calls for funding for war-torn regions
  • More than 45,000 people including women and children have been killed during the 14-month war in Palestine

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Thursday condemned Israel’s “unrelenting atrocities” in Gaza, the West Bank, Lebanon and Syria, applauding countries like Egypt and Qatar for leading international mediation efforts to end the war in the Middle East.

Sharif was speaking at a special session called during the Eleventh Summit of the D-8 group of developing nations, which is taking place in Cairo this week. 

Health officials in the Gaza Strip have said the death toll from the 14-month war between Israel and Hamas has topped 45,000 people, with more than half of the fatalities being women and children. The Israeli military says it has killed more than 17,000 militants, without providing evidence.

Israel has since launched attacks on Lebanon as well, killing over 3,000 after accusing Hezbollah of targeting its military. This month, it took control of Syria’s buffer zone and bombed key military and strategic assets after the overthrow of the Bashar Assad regime by opposition forces. 

“Israel’s deliberate and inhumane targeting of the people of Gaza and Lebanon, with intensifying savagery has resulted in a relentless massacre that blatantly violates international law, UN resolutions and ICJ directives,” Sharif said in an address to the special session, referring to Israeli aggression in Gaza, the West Bank, Lebanon and Syria. 

“Pakistan supports all international mediation efforts for an immediate ceasefire and for that, we deeply appreciate the efforts of Qatar and Egypt,” the PM added, calling for the provision of funding and aid for the rehabilitation and reconstruction of Gaza, the West Bank, Lebanon and other war-torn areas.

Since the beginning of Israel’s war on Gaza, Pakistan has repeatedly raised the issue at the United Nations, the Organization of Islamic Cooperation and other multilateral platforms and demanded international powers and bodies stop Israeli military actions. 

Islamabad does not have diplomatic relations with Israel and has for decades called for an independent Palestinian state with Al-Quds Al-Sharif as its capital.


Pakistani ministry signs agreement with National Testing Service for selection of Hajj staff

Updated 19 December 2024
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Pakistani ministry signs agreement with National Testing Service for selection of Hajj staff

  • Pakistan selects hundreds of assistants via competitive process every year to facilitate local pilgrims
  • Pakistan has received 82,000 applications for next year’s Hajj pilgrimage under government scheme

ISLAMABAD: The Pakistani ministry of religious affairs has signed an agreement with the National Testing Service, which will hold exams for the selection of supervisors and assistants for next year’s Hajj pilgrimage, the ministry said on Thursday.

Pakistan selects hundreds of assistants and doctors from federal and provincial government departments via a competitive process every year to facilitate local pilgrims in performing the rituals of the annual pilgrimage in Saudi Arabia. 

Pakistan had received 82,000 applications for next year’s Hajj under the government scheme by Tuesday when the submission deadline ended. Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims, to be divided equally between government and private schemes. The government extended the deadline for applications twice this month, first from Dec. 3 to Dec. 10, and then to Dec. 17, as it aims to fill over 89,000 seats under the federal government quota. 

“Like last year, this year too, the selection of Hajj Assistants who will be sent on Hajj duty will be done through National Testing Service,” the religious affairs ministry said. 

“According to the agreement, staff will be appointed on the basis of merit as per the federal and provincial quotas, in which a specific ratio of new and experienced assistants has been kept … Government employees and officers of Scale 7 to 18 will be eligible to apply.”

The ministry said it would “soon” announce the selection through an advertisement. 

The ministry of religious affairs trains Hajj assistants and pilgrims every year ahead of their departure to Saudi Arabia to ensure all aspects of the pilgrimage process, including food, transportation, and accommodation in Makkah and Madinah, run smoothly. 

Pakistan last year sent 550 Hajj assistants and 400 doctors and paramedical staff to Saudi Arabia to facilitate pilgrims.


Pakistani president calls for greater parliamentary cooperation with Saudi Arabia

Updated 19 December 2024
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Pakistani president calls for greater parliamentary cooperation with Saudi Arabia

  • Chairman of Saudi Arabia’s Shura Council is on three-day visit to Pakistan
  • Council is legislative body that advises the king and his regulatory authority

ISLAMABAD: President Asif Ali Zardari on Thursday met Dr. Abdullah bin Mohammed bin Ibrahim Al-Sheikh, the chairman of Saudi Arabia’s Shura Council, and discussed enhancing parliamentary cooperation and high-level exchanges with the Kingdom.

The chairman of the Shura Council, a legislative body that advises the king and his regulatory authority, is on a three-day visit to Pakistan, during which he has met Prime Minister Shehbaz Sharif, Senate Chairman Yousaf Raza Gillani, National Assembly Speaker Ayaz Sadiq and others.

“President Zardari has emphasized the need for enhancing parliamentary cooperation and high-level exchanges with the Kingdom of Saudi Arabia (KSA) to deepen the fraternal relationship between Pakistan and KSA,” the president’s office said in a press release on Thursday after he met the visiting dignitary. 

“He reaffirmed Pakistan’s commitment to further strengthening economic, political, and cultural ties with KSA for the mutual benefit of both nations … both sides emphasized the need to transform the longstanding bilateral relationship into a more robust and strategic partnership.”

Zardari also expressed concern over the conflict in the Middle East, saying Pakistan stood in solidarity with “brothers and sisters” from Palestine, Lebanon and Syria.

Pakistan and Saudi Arabia are longtime allies, with Islamabad seeking closer economic, defense and security ties with the Kingdom, host to nearly 2.5 million Pakistani expatriates and the largest source of remittances for the cash-strapped South Asian nation.


Pakistan says five killed, no information on missing as search ends in Greece boat tragedy

Updated 19 December 2024
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Pakistan says five killed, no information on missing as search ends in Greece boat tragedy

  • Report in Geo News says at least 40 Pakistanis killed in migrant boat tragedy off Greek island of Gavdos last week
  • Six cases filed against suspects accused of facilitating transport of victims from Punjab to Libya where they boarded boats

ISLAMABAD: Pakistan’s mission in Greece said on Thursday five Pakistanis had been killed in a migrant boat tragedy off the Greek island of Gavdos last week but it had “no concrete information” on how many of its nationals were missing.

The latest incident of the boat capsizing highlights the perilous journeys many migrants undertake due to conflicts and lack of economic opportunities in their home countries. 

In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel capsized and sank in international waters off the southwestern Greek coastal town of Pylos. It was one of the deadliest boat disasters ever recorded in the Mediterranean Sea.

A report in Pakistan’s Geo News on Thursday said at least 40 Pakistanis had been killed in the latest tragedy, quoting the embassy in Athens. 

“So far, we have information of five dead Pakistanis and another 47 who have been rescued. No concrete information of missing persons is with us, and this is the final information available at this time,” an official at Pakistan’s mission in Greece told Arab News over the telephone, declining to be named.

“We are in contact with the authorities who have concluded their special search operation.”

The official added that regular patrolling would continue, and Greek authorities would inform the mission if any new information became available. He declined to comment on the Geo News report and referred Arab News to the foreign office. 

Speaking to Arab News, Foreign Office Spokesperson Mumtaz Zahra Baloch said the government had already released death toll figures and had no further information. 

“We cannot comment on people’s statements or claims regarding how many Pakistanis were on board until we receive evidence from the investigation,” she said in response to a question about the Geo News report that 40 Pakistanis were feared dead. “It is difficult to verify the claimed figure, as there was no official record of their travel.”

On Wednesday, Prime Minister Shehbaz Sharif ordered strict measures to combat human trafficking and demanded a detailed report on human trafficking incidents involving Pakistani citizens this year. 

Separately, the Federal Investigation Agency (FIA) has filed six cases against suspects accused of facilitating the transport of victims from Punjab to Libya, where they were subsequently sent on boats to Greece.

Greece was a favored gateway to the European Union for migrants and refugees from the Middle East, Africa and Asia in 2015-2016, when nearly 1 million people landed on its islands, mostly via inflatable dinghies.

Incidents with migrant boats and shipwrecks off Crete and its tiny neighbor Gavdos, which are relatively isolated in the central Mediterranean, have increased over the past year.