KARACHI: Raast, an instant payment system of Pakistan, will be integrated within next 8 months with Buna, a cross-border payment system of the Arab Monetary Fund (AMF), to facilitate remittances in real-time between Pakistan and the Gulf region, Pakistani central bank chief told Arab News on Friday.
Earlier this month, the AMF and the State Bank of Pakistan (SBP) had signed a memorandum of understanding (MoU) in Abu Dhabi to establish a framework of cooperation between Buna, which is operated by Arab Regional Payments Clearing and Settlement Organization (ARPCSO) and supported by all central banks in the region, and Pakistan’s Raast.
“We have targeted to complete the integration (of Raast and Buna) in six to eight months,” Jameel Ahmad, the SBP governor, told Arab News on the sidelines of the 8th Pakistan Banking Awards in Karachi.
The integration of Raast with Buna is aimed at facilitating cross-border remittances between the Gulf region and Pakistan through formal channels. This initiative will benefit individuals as well as businesses not only through instant, safe and cost-effective cross border payments, but also by strengthening economic, financial, and investment ties between the Arab countries and Pakistan.
“The biggest benefit of this integration will be instant transfer of funds from any member country of the Arab Monetary Fund, and secondly at a low cost,” Ahmad said. “These are the two key benefits but there are also other benefits, including security of the funds.”
The integration of payment systems will facilitate Pakistani workers living in the Gulf region, including Saudi Arabia and the United Arab Emirates (UAE) that are one of the major contributors to the remittance inflows to Pakistan. Saudi Arabia and the UAE provided employment to 77 percent of the Pakistani expatriate workers in 2022.
Speaking at the event earlier, the SBP governor said the central bank had made a strategic plan for the next five years, called ‘Vision 2028,’ a commitment to foster price and financial stability. The financial sector is particularly vulnerable to climate change risks through its lending, investment and insurance activities, he noted.
“Similarly, cybersecurity is another emerging challenge that poses a significant threat to financial stability and our effort to achieve sustainable financial inclusion,” Ahmad said.
In recent years, he noted, there had been a sharp increase in the number and sophistication of cyberattacks on financial institutions, and these attacks could result in significant financial losses as well as cause reputational damage and operational distress.
“To address these challenges, we need to work together to strengthen our regulatory framework, enhance our supervisory oversight, and build a culture of financial resilience,” the SBP governor said, adding this would require a concerted effort from the central, the banking sector, and other stakeholders.
About the state of economy, the SBP chief said the current account deficit had come down from 4.8 percent to 0.8 percent of the GDP.
“So again, we are on track to achieve a very manageable current account deficit. Hopefully it will not exceed 1.5 percent of GDP for the current fiscal year as well,” he said.
Raast, Buna systems to be integrated within 8 months to facilitate real-time remittances from Gulf — Pakistani official
https://arab.news/c2jcn
Raast, Buna systems to be integrated within 8 months to facilitate real-time remittances from Gulf — Pakistani official
- Arab Monetary Fund, State Bank of Pakistan this month agreed to establish a framework of cooperation to facilitate fund transfer in real time
- Central bank governor says the financial sector is vulnerable to climate change risks, cybersecurity poses a significant threat to financial stability
Pakistan calls for renewed international support for UN agency for Palestinian refugees
- Israel’s parliament voted last month to ban UNRWA from operating within Israel and occupied East Jerusalem
- Almost all of Gaza’s population of more than two million people are dependent on aid and services from UNRWA
ISLAMABAD: Pakistan on Thursday urged the international community to renew its support for the United Nations Relief and Works Agency for Palestine Refugees (UNRWA), following the Israeli parliament passing a law last month that will ban the body from operating in the country when it takes effect in late January.
Israel’s parliament voted last month to ban the UNRWA from operating within Israel and occupied East Jerusalem, crippling its ability to work in Gaza and the Israeli-occupied West Bank. Almost all of Gaza’s population of more than two million people are dependent on aid and services from the agency.
The move has faced widespread condemnation, with UNRWA warning the new law could see aid supply chains “fall apart” in the coming weeks. Israel has defended the move, repeating its allegation that a number of the agency’s staff were involved in Hamas’s Oct. 7 attacks last year, which killed 1,200 people.
UN Secretary-General Antonio Guterres has told Israel that replacing UNRWA in Gaza and the West Bank would be Israel’s responsibility as the occupying power.
In a statement delivered at the UN Fourth Committee meeting, First Secretary at the Pakistani Mission to the UN, Ansar Shah, underlined the importance of “concrete measures to ensure that UNRWA remains operational and continues its critical humanitarian work for Palestinian refugees.”
“He called on all UN member states to provide political, financial, and operational support to UNRWA and stressed that sustaining and expanding the agency’s operations is essential to mitigating the harmful effects of Israel’s actions in the region,” state broadcaster Radio Pakistan said.
“Pakistan strongly condemns the Israeli attempts to dismantle UNRWA’s operations, which is a blatant violation of the UN Charter, international law, and the provisional measures set by the International Court of Justice (ICJ).”
Shah said the international community must step in to prevent the collapse of UNRWA, which would leave millions of Palestinians without access to essential services like education, health care, and social support.
Founded in 1949, UNRWA works in Gaza, the West Bank, Syria, Lebanon and Jordan, initially caring for the 700,000 Palestinians who were forced from or fled their homes after the creation of the state of Israel. Over the decades, the agency has grown to become the biggest UN agency operating in Gaza.
Since the war in Gaza began in October last year, the agency says it has distributed food parcels to almost 1.9 million people and also offered nearly six million medical consultations across the enclave over the course of the conflict.
More than 200 UNRWA staff have been killed in Israeli attacks since October 2023 in the course of those duties, according to the agency.
Pakistan’s defense minister reports ‘death threat’ to British police, received during subway ride
- Individuals who heckled Khawaja Asif recorded a video, warning he could be stabbed with a knife
- Pakistani ministers have also complained of harassment by Imran Khan’s followers in the past
ISLAMABAD: Defense Minister Khawaja Asif has lodged a report with the British police over the alleged death threat and abuses hurled at him during a train ride in London, the Pakistan High Commission in the United Kingdom said on Thursday.
A viral video surfaced on social media a day earlier, showing an unidentified man hurling abuses at the Pakistani minister in the native Punjabi language, saying, “Take him away before someone stabs him with a knife.”
While Asif chose to ignore the incident and got off the next stop, he visited the Pakistan High Commission on Thursday to formally report the “death threat” to the UK police and demanding an investigation.
“Khawaja Muhammad Asif lodged a report of the train incident with the local police at the Pakistan High Commission,” said a statement released by the Pakistani diplomatic facility. “He informed the police about the details of the knife threat and harassment incident on the train.”
The incident that took place on the Elizabeth Line is now being investigated by the London Transport police, it added.
“I am on a private visit to London,” Asif was quoted as saying. “I was going to Reading via the Elizabeth Line with a loved one.”
He added that a family of three to four persons “harassed and threatened to kill with a knife and used abusive language” against him while making the video.
“I do not know anyone involved in the incident,” the Pakistan High Commission quoted him as saying. “London Transport Police should use CCTV footage to track down the suspects.”
Asif further said death threats and harassment were a “source of shame” for 1.7 million Pakistanis residing in the UK apart from British citizens.
This is not the first time Pakistani ministers belonging to Prime Minister Shehbaz Sharif’s coalition government, led by the Pakistan Muslim League Nawaz party, have been heckled or harassed in the UK.
In the past, Pakistan Information Minister Ataullah Tarar and Punjab Minister Marriyum Aurangzeb have endured the same treatment allegedly by the Pakistan Tehreek-e-Insaf party supporters of jailed former PM Imran Khan.
Seven killed in Pakistan’s northwest as militant’s car bomb explodes accidentally
- The explosion took place in Mir Ali where a militant was fitting a bomb in a car at his residence
- Blast damaged several nearby homes and wounded 14 people, with some in critical condition
PESHAWAR: A powerful car bomb accidentally detonated at the house of a Pakistani Taliban militant in northwestern Pakistan on Thursday, killing at least two children and five suspected militants, police said.
The explosion took place before dawn in the city of Mir Ali in Khyber Pakhtunkhwa province when a man identified a local commander of the militants, Rasool Jan, was fitting a bomb in a car at his house, police official Irfan Khan said.
He said other militants from the Pakistani Taliban group quickly arrived at the scene and removed the bodies of the insurgents who died. Authorities later found the bodies of two children in the rubble of the house, which collapsed in the explosion.
The blast also badly damaged several nearby homes and wounded 14 people, including women. Some of the injured were in critical condition in a hospital, Khan said, but he did not provide details.
The Pakistani Taliban and other insurgents in the region often target security forces with assault rifles, rockets, grenades and suicide car bombings, and Khan said it appeared the car bomb was being prepared for such an attack.
The Pakistani Taliban, known as Tehreek-e-Taliban Pakistan, are separate from the Afghan Taliban but have been emboldened by the group’s takeover of Afghanistan in 2021.
Also Thursday, security forces raided a hideout of insurgents in Harnai, a district in restive southwestern Balochistan province, triggering an intense shootout in which a soldier and three insurgents were killed. During the operation, an army major was killed when a roadside bomb exploded near his vehicle, the military said in a statement.
Pakistan’s President Asif Ali Zardari and Prime Minister Shehbaz Sharif paid tribute to whom they called the “martyred soldiers” in separate statements. They said the fight against terrorism will continue until the elimination of all insurgents.
Pakistan, Russia call for regional collaboration on Afghanistan amid shared security concerns
- The call comes as Moscow’s special representative for Afghanistan visits Pakistan for a day
- Despite security issues, Afghanistan’s neighboring states view its stability as vital for progress
ISLAMABAD: Pakistan and Russia on Thursday called for greater collaboration among regional states to address the situation in Afghanistan, amid shared concerns over militant violence emanating from the war-torn country.
The call came during a visit by Moscow’s special representative for Afghanistan, Ambassador Zamir Kabulov, who met with Pakistan’s foreign secretary, Amna Baloch, and held detailed discussions with the additional secretary, Ahmad Naseem Warraich, at the Ministry of Foreign Affairs in Islamabad.
“The two sides exchanged views on relations with Afghanistan and called for enhanced coordination among regional countries for a peaceful and prosperous Afghanistan,” the foreign office said. “The two sides agreed to remain engaged toward this end.”
The talks come as both nations grapple with security threats linked to Afghanistan. Russia has voiced alarm over Daesh and its attacks, including a concert bombing in Moscow earlier this year that was linked to militants with ties to Afghanistan.
While the Afghan Taliban and Daesh are sworn enemies, Pakistan accuses the Afghan administration of facilitating the Tehreek-e-Taliban Pakistan (TTP), a proscribed militant network blamed for cross-border attacks, an allegation Kabul denies.
Pakistan’s approach to Afghanistan has grown increasingly confrontational since last year as it pressures Kabul to rein in the TTP. By contrast, Russia announced last month it would remove the Taliban from its list of terrorist organizations, signaling a step toward normalizing ties with Afghanistan’s rulers.
Beyond security, Russia is keen to retain its influence in Central Asia and engage in Afghanistan’s economic reconstruction, particularly in energy and infrastructure projects.
Initiatives such as the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline and the Trans-Afghan Railway remain key priorities for Moscow, though persistent security challenges have delayed progress.
For Pakistan also, Afghanistan is critical for regional connectivity. Islamabad has offered landlocked Central Asian nations access to its ports, aiming to facilitate trade with global markets via sea routes.
Despite security concerns shared by Afghanistan’s neighboring countries, its stability is viewed as vital to unlocking the economic potential of regional projects.
PM Sharif urges nation to perform rain prayers as toxic smog chokes Pakistani cities
- Shehbaz Sharif urges Islamic scholars to play their role in organizing ‘Istisqa’ prayers across the country
- Toxic smog has enveloped Pakistan’s cultural capital, Lahore, and 17 other districts of Punjab province
ISLAMABAD: Prime Minister Shehbaz Sharif has urged the nation to perform prayers for rainfall, calling on Islamic scholars to take the lead in organizing “Istisqa” prayers, his office announced on Thursday, as worsening air quality continues to endanger the health of millions.
The Istisqa prayer is a special Islamic ritual performed to seek rain, primarily during times of drought or severe water shortages. It symbolizes the community’s humility, repentance and reliance on divine mercy for sustenance.
Toxic smog has enveloped Pakistan’s cultural capital, Lahore, and 17 other districts in Punjab since last month. Health officials report that more than 40,000 people have sought treatment for respiratory illnesses, prompting Punjab authorities to close schools until November 17 to safeguard children’s health.
“PM Sharif appeals to the nation to offer Istisqa prayers for rain,” his office announced in a statement. “Scholars should especially play their role in organizing Istisqa prayers.”
The prime minister noted the rainfall would improve the environment apart from aiding in getting rid of diseases.
“Istisqa prayers should be organized in all mosques under the auspices of the federal government and the provinces,” he was quoted as saying. “In the current situation, there is a dire need for rain.”
A day earlier, Pakistan’s Meteorological Department forecast light rains from Nov. 14-16 in most districts of the country’s populous Punjab province.
The UN children’s agency has warned that the health of 11 million children in Punjab is in danger due to air pollution.
South Asia, particularly India and Pakistan, gets shrouded in intense pollution every winter as cold air traps emissions, dust, and smoke from farm fires.
Pollution could cut more than five years from people’s life expectancy in the region, according to a University of Chicago’s Energy Policy Institute study last year.
