ISLAMABAD: Pakistan’s central bank chief signed a Memorandum of Understanding (MoU) with the Arab Monetary Fund (AMF) in Abu Dhabi on Friday to create a cooperative framework for an instant cross-border payment system, enhancing the swift flow of remittances.
The initiative is pivotal as a considerable number of Pakistanis, employed in varied sectors like construction, services, health care, and IT in the Middle East, send significant amounts of money that are a cornerstone of Pakistan’s economy.
Established in 1976, the AMF is an organization with key members such as Saudi Arabia and the UAE, and is committed to advancing financial cooperation and market development in the Arab region.
The MoU paves the way for integrating Pakistan’s Raast instant payment system with the Buna platform of the Arab Regional Payments Clearing and Settlement Organization (ARPCSO).
“This strategic collaboration with Raast underscores Buna’s commitment to continue connecting different regions together and reinforcing economic, financial, and investment ties between the Arab region and its main global partners,” Dr. Abdulrahman Bin Abdullah Al Hamidy, Director General Chairman of the Board of the AMF and Chairman of the Board of ARPCSO, said.
“This resonates with the shared vision of innovating cross-border payment solutions to offer safe and efficient cross-border instant payments access for individuals and corporates,” he continued.
Al Hamidy informed his organization aimed to increase cross-border remittances by reducing costs and processing times, adding this also confirmed the global character of the Buna platform.
The SBP governor described the MoU as a “significant strategic achievement,” hoping it would open the door to closer connection between Pakistan and the Arab region.
“This collaboration between SBP and AMF is in line with our vision to leverage cross border integrations to complement the objective of building an innovative Digital Financial Services ecosystem,” he said.
“The integration of the two payment systems will increase remittances to Pakistan through formal channels, with enhanced speed, safety, and savings in these cross-border transactions,” he added. “With over 5 million Pakistanis residing in the Arab region and around 55 percent of Pakistan’s total remittances received from Arab countries, SBP is committed to completing the necessary work and operationalize the connectivity between Raast and Buna in the shortest possible time.”
Arab Monetary Fund, State Bank of Pakistan sign MoU in Abu Dhabi to facilitate remittances
https://arab.news/jafpn
Arab Monetary Fund, State Bank of Pakistan sign MoU in Abu Dhabi to facilitate remittances
- Pakistan central bank chief says the initiative will increase remittances to the country through formal channels
- Over five million Pakistanis reside in the Arab region and contribute nearly 55 percent of the total remittances
Pakistan province says warring tribes in violence-hit Kurram district have reached consensus
- Rival factions in Kurram district expected to formally sign agreement on Tuesday, says KP official
- At least 136 have been killed in sectarian and tribal clashes in Kurram district since November
PESHAWAR: The warring tribes in violence-hit northwestern Kurram district have reached a consensus on all contentious points but a formal agreement between them will be signed in the next two days, an official of Pakistan’s Khyber Pakhtunkhwa (KP) province confirmed on Sunday.
Kurram, a northwestern district of around 600,000 people in KP, has long been a hotspot for tribal and sectarian violence, with authorities struggling to maintain control.
The area’s situation has necessitated travel in convoys escorted by security personnel, yet it failed to prevent an attack on Nov. 21, when gunmen ambushed a convoy, killing 52 people. The attack sparked further violence and road closures, restricting access to medicine, food and fuel in the region as casualties surged to 136.
A grand jirga, or council of political and tribal elders formed by the provincial government, has been attempting to mediate between the rival Sunni and Shia factions this month as protests in Parachinar, the main city in Kurram, have also spread to the southern port city of Karachi.
“Efforts to settle the century-old Kurram dispute are going ahead as members of the jirga have reached a consensus,” Muhammad Ali Saif, the KP government’s spokesperson, said in a statement.
“The Ahle Sunnat side has requested a two-day break to hold their internal discussions,” he said, adding that the jirga will reconvene on Tuesday.
Saif said both warring factions were showing progress in heading toward lasting peace and reaching a settlement to their dispute.
Last week, Saif said authorities had decided to dismantle private bunkers, observation posts used in the fighting by both sides, and given a deadline of Feb. 1 for tribesmen in Kurram to hand over heavy weapons.
Local tribesmen have so far reportedly refused to surrender their weapons, citing concerns about their safety.
Munir Bangash, a Sunni tribal elder and a member of the jirga, confirmed to Arab News that his faction had sought two days to hold consultations before signing the agreement.
“There are no hurdles left in signing the peace agreement but we sought to days’ time to consult all and sundry of our tribe,” Bangash said. “I’m sure there is no hurdle. Everything will be okay after two days.”
Professor Jamil Kazmi, a member of the jirga representing the Shia faction, however, did not seem optimistic about the jirga brokering a permanent solution to the Kurram dispute.
He said certain elements had their “personal vested interests,” without elaborating what those interests were or identifying those elements.
“Yes, an agreement has been reached which will be signed by both parties but I fear the issue can’t be settled on a permanent basis because some elements always sabotage peace efforts,” Kazmi told Arab News.
While the talks continue, the KP government has launched a helicopter service to evacuate people and transport aid and medicines to Kurran as a major highway connecting the district’s main city of Parachinar to the provincial capital of Peshawar has been blocked since last month, triggering a humanitarian crisis with reports of starvation, lack of medicine and oxygen shortages.
In a meeting on Monday, the KP cabinet decided to establish a special police force to secure the Peshawar-Parachinar road, for which 399 people would be recruited.
Shia Muslims dominate parts of Kurram, although they are a minority in the rest of the country. Militant groups like the Pakistani Taliban and Daesh have previously targeted the minority group in the district.
Pakistan ‘deeply saddened’ as South Korea plane crash casualties surge to 120
- Jeju Air flight, carrying 175 passengers from Bangkok, crashed after landing at Muan International Airport on Sunday morning
- Investigators looking into bird strikes and weather conditions as possible reasons for plane crash, says Muan fire chief Lee Jung-hyun
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Sunday expressed condolences for the loss of lives after at least 120 people were killed when a passenger plane crashed upon landing in South Korea.
The incident took place on Sunday morning as the Jeju Air flight, carrying 175 passengers and six crew from Thailand’s capital Bangkok, caught fire after skidding off a runway and crashing at the Muan International Airport.
South Korea’s National Fire Agency said 120 people have been killed in the plane crash while two people have been rescued, both of them being crew members.
“Deeply saddened to learn about the tragic plane crash at Muan International Airport in Korea resulting in the loss of so many lives,” Sharif wrote on social media platform X.
“In this hour of grief, our thoughts and prayers are with the bereaved families and with the people and the Government of Republic of Korea,” he added.
Muan fire chief Lee Jung-hyun told reporters that the fire was extinguished at 1:00 p.m. local time.
“Only the tail part retains a little bit of shape, and the rest of (the plane) looks almost impossible to recognize,” he said.
Authorities have switched from rescue to recovery operations and because of the force of the impact, are searching nearby areas for bodies possibly thrown from the plane, Lee added.
The two crew were being treated at hospitals with medium to severe injuries, said the head of the local public health center.
Investigators are looking into bird strikes and weather conditions as possible factors, Lee said. Yonhap cited airport authorities as saying a bird strike may have caused the landing gear to malfunction.
With inputs from Reuters
Sit-in protests in solidarity with violence-hit Kurram district enter third day in Karachi
- Demonstrators call protests in Karachi vital to draw attention to ‘overlooked’ crisis in Kurram
- Traffic police urges citizens to avoid traveling unnecessarily in protest areas, exercise patience
KARACHI: Sit-in protests at various locations across Pakistan’s southern port city of Karachi continued for a third consecutive day today, Sunday, with demonstrators showing solidarity with the people in Kurram district, where violence and a lack of medical access have claimed over 130 lives in recent weeks.
Kurram, a northwestern district of around 600,000 people in Khyber Pakhtunkhwa province, has long been a hotspot for tribal and sectarian violence, with authorities struggling to maintain control.
The area’s situation has necessitated travel in convoys escorted by security personnel, yet it failed to prevent an attack on Nov. 21, when gunmen ambushed a convoy, killing 52 people. The attack sparked further violence and road closures, restricting access to medicine, food and fuel in the region.
A grand jirga, or council of political and tribal elders, has attempted to mediate between rival factions, as protests in Parachinar, the main city in Kurram, spread to Karachi on Friday where demonstrators held sit-in protests at 10 different locations in the city.
“Protest demonstrations due to the Parachinar incident in Karachi city are ongoing,” Karachi Traffic Police said in an advisory, urging citizens to avoid traveling unnecessarily in certain locations across the metropolis.
The protests have been called by the Majlis-e-Wahdatul Muslimeen (MWM), a Shia organization, with demonstrators blocking main thoroughfares, including Shahrah-e-Faisal, which connects the airport to the city’s Red Zone, home to sensitive government installations, and major hotels.
Another area that has been choked is Numaish, a vital junction linking the city’s central district to its commercial hubs.
“Passengers are requested to exercise patience and refrain from going to locations where the demonstrations are taking place,” the traffic police said.
MWM’s Karachi spokesperson, Syed Ahmad Naqvi, told Arab News on Saturday that the protests would continue as long as the Parachinar protests persist.
“Large-scale protests in Karachi highlight the situation in Kurram, where many precious lives have been lost in recent weeks but have received no attention,” he said.
Meanwhile, Karachi Mayor Murtaza Wahab criticized demonstrators for disrupting daily life in the city.
“If the aim of a protest is to inconvenience people, disrupt a city’s system, prevent ambulances and fire brigades from operating, or hinder police and administrative vehicles, then I believe this is inappropriate,” Wahab told Arab News on Saturday.
ICC shortlists Pakistani batter Saim Ayub for Emerging Cricketer of the Year award
- Saim Ayub scored two centuries in recently concluded ODI series against South Africa
- He has been nominated alongside Kamindu Mendis, Shamar Joseph and Gus Atkinson
ISLAMABAD: The International Cricket Council (ICC) this week shortlisted Pakistan’s new batting sensation Saim Ayub for the Men’s Emerging Cricketer of the Year award for his match-winning performances against South Africa and Zimbabwe this month.
Ayub has played six Test matches for Pakistan, scoring 323 runs at an average of 26.91 and scored three half-centuries. He has played nine ODIs, scoring 515 runs at an average of 64.37 with three centuries and a fifty already under his belt.
The aggressive opening batter’s two centuries against South Africa in the recently concluded ODI series has earned him critical acclaim and comparisons with former Pakistan batting legend Saeed Anwar.
“With nine categories in total, cricket fans around the world have the opportunity to cast their votes and help decide the winners of the ICC Awards 2024,” the ICC wrote on Saturday.
Ayub has been nominated for the award with Sri Lanka’s Kamindu Mendis, West Indies’ bowler Shamar Joseph and England’s Gus Atkinson.
Pakistan are currently playing the first of their two-Test match series against South Africa in Centurion. The hosts have handed the Proteas a 148-run target, as South Africa struggle at 27/3 to chase the target.
Pakistan minister says May 2023 protests ‘unforgivable’ despite talks with Imran Khan’s party
- Pakistan’s government this week kicked off negotiations with Khan’s party to ease political tensions
- May 9, 2023, protests saw people carrying flags of Khan’s party attacking government, military installations
ISLAMABAD: Pakistan’s Information Minister Ataullah Tarar has said that the violent protests of May 2023 led by former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party were “unforgivable,” despite the government’s ongoing negotiations with the PTI, state-run media reported this week.
Tarar was referring to the violent countrywide protests of May 9, 2023, that saw people carrying PTI flags attack government and military installations. Khan’s party denies involvement in the protest, saying that the May 9 incident was a “false flag” operation designed to crush the party.
Pakistan’s military this month sentenced 85 civilians to prison, which included Khan’s nephew, for sentences ranging from two years to 10, for their involvement in the protests. The decision was criticized by the European Union, the US and the UK, who raised questions over the transparency of the trials.
Pakistan’s government this week opened talks with Khan’s PTI party to ease political tensions in the country. The PTI has demanded the release of political prisoners and the establishment of judicial commissions to investigate protests on May 9, 2023, and Nov. 26 this year.
“He [Tarar] said incidents of violence like May 9 cannot be overlooked and anyone who commits acts of violence has to face the law,” Tarar told journalists at a press conference in Gujranwala, state broadcaster Radio Pakistan said.
The minister said that there was “irrefutable evidence” against people sentenced by the military for the May 9 protests, categorically stating that the right to fair trial was ensured.
“The government wants to build on a momentum of hard-earned economic progress during the last few months and political stability is inevitable to this end,” Radio Pakistan said.
Khan’s ouster in a parliamentary vote of no-confidence in 2022 has plunged the country into a long-term political crisis, particularly since the PTI founder was jailed in August last year on corruption and other charges and remains behind bars.
His party and supporters regularly hold protests calling for his release, with many of the demonstrations turning violent, including one last month in which the government says four troops were killed and the PTI says 12 of its supporters died.
The next session of talks between the government and the PTI is scheduled to be held on Jan. 2 in which it is expected that the PTI will present their demands in writing.
