Pakistan ex-finance chief Dar becomes foreign minister, HBL banker named finance czar 

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This handout photograph taken and released on June 9, 2023 by the Pakistan National Assembly, shows Pakistan's former Finance minister Ishaq Dar presenting the budget 2023-2024 in the national assembly in Islamabad. (AFP/File)
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The photo shows Mr. Muhammad Aurangzeb after officially taking over the responsibility as Finance Minister of Pakistan in Islamabad, Pakistan, on March 11, 2024. (Ministry of Finance)
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Updated 11 March 2024
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Pakistan ex-finance chief Dar becomes foreign minister, HBL banker named finance czar 

  • Ishaq Dar is former four-time finance minister, suggesting a ramped up role for economics in nation’s diplomacy
  • Muhammad Aurangzeb, CEO of HBL bank, takes over when IMF bailout negotiations are at top of national agenda

ISLAMABAD: Pakistan’s former finance minister Ishaq Dar was named on Monday as the country’s foreign minister while Muhammad Aurangzeb, the CEO of Pakistan’s largest bank, was picked as finance minister in the new cabinet. 

Both appointments come at a time when growing economic and security challenges will dominate the nation’s foreign policy.

Dar, 73, a chartered accountant and a seasoned politician, comes from Prime Minister Shehbaz Sharif’s Pakistan Muslim League-Nawaz (PML-N) party, which is leading a minority government as part of a ruling coalition. He is also a close relative of, and close aide to, PML-N chief Nawaz Sharif.

The senator is also a previous four-time finance minister, suggesting a ramped up role for economics in the nation’s diplomacy as the country tries to secure another International Monetary Fund Deal and shore up external financing from foreign capitals.

“Economic diplomacy is the need of the hour for sure,” Dar told Reuters.

However, even his political allies have criticized his handling of the economy in his tenure as finance minister in the last coalition set-up, which took over in April 2022 after the removal of former Prime Minister Imran Khan in a parliament vote of confidence.

Inflation spiked as high as 38 percent and interest rates to 22 percent during Dar’s 16-month stint, mostly due to the IMF’s policy requirements.

Dar has defended his actions, saying he had to take tough measures to avert a sovereign default by securing the IMF program, which Khan had scuttled days before leaving his office, an accusation the former cricket-star denies.

However, under Dar, Pakistan struggled for seven months to unlock the remaining tranches of its last $6.5 billion bailout program, and ultimately it took Shehbaz Sharif’s intervention to secure a new last-ditch deal. During that time, Dar regularly criticized the IMF on public platforms in the middle of negotiations. He is best known for favoring market intervention to prop up the Pakistani rupee — something the IMF has warned against.

In his new job, Dar will have to handle delicate relationships, including with China and Gulf countries that are key sources of financing for cash-strapped Pakistan, as well as with Washington.

He also faces prickly neighbors, including arch-rival India, which will go to the polls this year, and Taliban-led Afghanistan, which Pakistan accuses of harboring militants who are increasing attacks on Pakistani soil. The Taliban deny that claim. Dar will have to navigate these challenges in a minority government that will rely on the support of different parties to pass critical legislation, with alliance partner Pakistan Peoples Party saying it would support the government on an issue-to-issue basis.

In the role, he will also likely have to consider the powerful military, which has maintained a huge influence on the country’s foreign policy, although it denies meddling in politics.

“FINANCE MINISTER”

A national election last month resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time to tackle the country’s economic and political crises. 

Sharif has included Muhammad Aurangzeb, chief executive officer of HBL bank, in the cabinet and he will be given the portfolio of finance minister.

“Mr. Muhammad Aurangzeb officially took over the responsibility as Finance Minister of Pakistan after taking oath at the Presidency, today,” the ministry of finance said in a post on X on Monday night.

Aurangzeb was picked over several veterans previously involved in handling the $350 billion economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.

HBL on Monday informed the Pakistan Stock Exchange of Aurangzeb’s resignation from the bank, in a letter to the bourse.

Aurangzeb was quoted in the statement as saying, “I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan.”

The bank called his stepping down from his position a “remarkable act of national service.”

Pakistan’s current IMF program expires next month, and Sharif has said his government would look to negotiate a new, longer term bailout to keep the country’s economy stable amidst high inflation and external financing requirements.

Aurangzeb does not have a seat in parliament but local laws say he can hold a post of minister for up to six months without one.

Reuters reported that Sharif’s Pakistan Muslim League-Nawaz (PML-N) party planned to give Aurangzeb a Senate seat soon.


Belarus president to arrive in Pakistan today for bilateral investment agreements

Updated 19 sec ago
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Belarus president to arrive in Pakistan today for bilateral investment agreements

  • Pakistan, Belarus sign several memorandums of understanding ahead of Aleksander Lukashenko’s visit
  • Pakistan and Belarus, world’s 74th-largest economy by GDP, celebrated thirty years of diplomatic relations this year

ISLAMABAD: Belarus President Aleksander Lukashenko is scheduled to arrive in Pakistan today, Monday, for a three-day visit to the country as Islamabad eyes foreign investment in its renewed efforts to ensure economic growth and stability.
Pakistan’s government has been seeking foreign trade, investment and bilateral cooperation agreements with old and new allies as it seeks to keep its $350 billion fragile economy afloat whilst grappling with a macroeconomic crisis.
A 68-member delegation from Belarus arrived in Pakistan’s capital on Sunday ahead of Lukashenko’s visit. The Belarusian delegation arrives in the capital as thousands of supporters of former prime minister Imran Khan march toward Islamabad, demanding his release from prison, independence of the judiciary and to register their protest against alleged rigging in the country’s February general election. 
“President of the Republic of Belarus Aleksandr Lukashenko will undertake three-day visit to Pakistan from today,” state broadcaster Radio Pakistan said in a report. 
Belarus’ Foreign Minister Maxim Ryzhenkov oversaw the signing of several agreements in Islamabad. Pakistan’s Deputy Foreign Minister Ishaq Dar welcomed Ryzhenkov to the Ministry of Foreign Affairs. 
Pakistan and Belarus, the world’s 74th-largest economy by GDP, celebrated thirty years of the establishment of diplomatic relations this year. Pakistan was one of the first countries to recognize Belarus after the dissolution of the Soviet Union in 1991 and maintains an embassy in Minsk.
The prime minister of Belarus was in Islamabad earlier this year where he met his counterpart as well as the chief of the Pakistan army, among other key leaders.
In September, Pakistan and Belarus discussed different options for a joint venture to establish a tractor plant in the country and reached a consensus on collaborating on a foot-and-mouth disease vaccine to protect cattle, as well as on the capacity building of agricultural engineers in machinery design.
They also agreed to enhance cooperation in the sectors of livestock and seeds, and work together on the mechanization of agriculture and on increasing market access for agricultural and livestock products. Belarus also wants to set up a veterinary medicine plant in Pakistan.
The First Pakistan-Belarus Joint Economic Commission (JEC) was held in 2015 in which the two countries agreed to initiate joint ventures in the textile, pharmaceutical and lighting solution industries and share technological expertise.


Pakistan president calls for education, financial freedom to combat violence against women

Updated 41 min 58 sec ago
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Pakistan president calls for education, financial freedom to combat violence against women

  • Zardari urges ‘systematic reforms’ on International Day to End Violence Against Women
  • Pakistan has introduced laws to protect women, but their implementation is inadequate

ISLAMABAD: President Asif Ali Zardari on Monday called for intensified efforts to eliminate violence against women, emphasizing education and financial independence as essential tools to empower women and ensure their safety.
Zardari issued the statement on the International Day for the Elimination of Violence against Women, observed annually on November 25, to highlight the global issue of gender-based violence, which affects one in three women worldwide, according to the United Nations.
In Pakistan, the problem is compounded by deeply rooted patriarchal norms, with incidents of domestic abuse, honor killings and workplace harassment remaining widespread despite existing laws.
“Today, we renew our commitment to protecting women’s rights, providing a safe and supportive environment and eradicating violence,” the president said in a statement. “It is essential to provide women with education and skills and ensure their financial independence.”
“Every year, thousands of women lose their lives due to violence,” he added. “To prevent violence against women, strategies and systemic reforms must be implemented.”
Pakistan has introduced several laws to protect women, including legislation against sexual violence and workplace harassment. However, human rights organizations point to significant gaps in enforcement and the persistence of discriminatory attitudes that undermine women’s safety.
The president described violence against women as a “major human rights issue,” stressing the importance of raising awareness about women’s rights and the urgent need for collective action to create a safer society.
“Through collective efforts, we can create a safer, violence-free environment for women,” he said.
The president also recalled how Pakistan’s only female prime minister, his late wife Benazir Bhutto, emphasized economic freedom and social equality to improve the quality of life for women in the country.
He said she aspired to create a society free from exploitation and mistreatment of women.
“I am pleased that meaningful efforts are being made in Pakistan to eliminate violence against women,” he added. “Through collective efforts, we can create a safer, violence-free environment for women.”


Elephant Madhubala set to reunite with kin on Tuesday after 15-year separation

Updated 25 November 2024
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Elephant Madhubala set to reunite with kin on Tuesday after 15-year separation

  • Madhubala has languished in Karachi Zoo’s solitary confinement since April 2023 after elephant Noor Jehan died
  • Animal rights activists have campaigned for elephants to be shifted to species-appropriate sanctuaries 

KARACHI: Elephant Madhubala is set to be reunited with her cousins at Karachi’s Safari Park sanctuary on Tuesday after being separated from them for 15 years and spending a year in solitary confinement, an animal welfare organization said. 
Madhubala, one of only three captive elephants in Pakistan, was brought to the country in 2009 along with three other elephants from Tanzania. She and her companion, Noor Jehan, were separated from their kin about 15 years ago and brought to the Karachi Zoo. 

This handout photo, taken and released by FOUR PAWS International, a Vienna-based animal welfare organization, on November 24, 2024, shows Madhubala, one of only three captive elephants in Pakistan, at a zoo in Karachi. (Photo courtesy: FOUR PAWS/Handout)

Noor Jehan passed away in April 2023, leaving Madhubala in solitary confinement at the zoo since then. Animal rights organizations have vigorously campaigned for Madhubala to be shifted to the Safari Park, saying the solitary confinement has taken a toll on her health. 
A team from FOUR PAWS International, a Vienna-based animal welfare organization, has arrived in Karachi to oversee Madhubala’s transfer to the sanctuary. 
“I’m excited to see how Madhubala will react when she meets her cousins,” Dr. Amir Khalil, director of reveal and rescue at FOUR PAWS, told Arab News. 

This handout photo, taken and released by FOUR PAWS International, a Vienna-based animal welfare organization, on November 24, 2024, shows officials from the FOUR PAWS work on a sanctuary being created for Madhubala, one of only three captive elephants in Pakistan, at Safari Park in Karachi. (Photo courtesy: FOUR PAWS/Handout)

“Imagine someone who hasn’t seen their siblings in fifteen years — how will she feel when they finally reunite?”
Animal rights activists have long campaigned against the plight of animals in Pakistan, especially elephants, and demanded they be shifted to “species-appropriate” locations such as the Safari Park.
FOUR PAWS has said the elephant enclosures at Safari Park would have water elements for bathing, skincare and thermoregulation. Enrichments such as hay nets, varying substrates like soil, sand, clay, and sawdust will be provided for Madhubala to dust bathe while the area is secured by elephant-proof fencing.

This handout photo, taken and released by FOUR PAWS International, a Vienna-based animal welfare organization, on November 24, 2024, shows Madhubala, one of only three captive elephants in Pakistan, at a zoo in Karachi. (Photo courtesy: FOUR PAWS/Handout)

Four Paws said in a statement last month that the adaptation work at Karachi’s Safari Park had reached its final stage. Madhubala will be carried from the Karachi Zoo to the Safari Park in a huge transport crate. 
The elephant was trained to enter and exit the crate by herself and sit inside it earlier this year. 
“As part of the final preparations, the focus now lies on completing the landscaping of the elephant enclosure at Safari Park, finalizing enrichment features, and continuing the necessary training of the three elephants, including resuming crate training for Madhubala,” FOUR PAWS said last month.

This handout photo, taken and released by FOUR PAWS International, a Vienna-based animal welfare organization, on November 24, 2024, shows official from the FOUR PAWS works on a sanctuary being created for Madhubala, one of only three captive elephants in Pakistan, at Safari Park in Karachi. (Photo courtesy: FOUR PAWS/Handout)

The relocation, among others, will be witnessed by Karachi Mayor Murtaza Wahab, the consul general of the United Arab Emirates and the ambassador of Austria.

This handout photo, taken and released by FOUR PAWS International, a Vienna-based animal welfare organization, on November 24, 2024, shows Madhubala, one of only three captive elephants in Pakistan, at a zoo in Karachi. (Photo courtesy: FOUR PAWS/Handout)

 


Pakistan Senate chairman leaves for Saudi Arabia to strengthen bilateral ties

Updated 25 November 2024
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Pakistan Senate chairman leaves for Saudi Arabia to strengthen bilateral ties

  • Yousuf Raza Gillani to meet Saudi Shoura Council chairman, governors of Riyadh and Madinah during visit
  • Pakistan and Saudi Arabia closely cooperate in defense, military, economy, trade and other vital sectors

ISLAMABAD: Pakistan’s Senate Chairman Yousuf Raza Gillani left for a five-day trip to Saudi Arabia on Monday with his visit aimed at strengthening bilateral ties and promoting institutional cooperation between Islamabad and Riyadh, the Senate Secretariat said. 
The invitation to Gillani and his delegation was extended by Saudi Arabia’s Shoura Council, the secretariat said. The Majlis Al-Shoura, or Consultative Council, is a legislative body that advises the Saudi king on issues that are important to Saudi Arabia.
“Chairman Senate Syed Yousuf Raza Gillani has left for a five-day trip to Saudi Arabia with a delegation,” the Senate Secretariat said in a statement. 
“The aim of the visit is to further promote bilateral relations and institutional cooperation.”
The Pakistani delegation will hold high-level meetings with the Shoura Council chairman, governors of Madinah and Riyadh, and conduct other high-level meetings, it said. 
Pakistan and Saudi Arabia enjoy cordial relations that have resulted in close cooperation in defense, military, economic and other sectors. 
Last month, Pakistan and Saudi Arabia signed investment agreements worth $2.8 billion while Crown Prince Mohammed bin Salman has pledged to expedite a $5 billion investment portfolio for Islamabad.
Saudi Arabia has frequently bailed Pakistan out of its economic crisis over the years, coming to its aid with loan rollovers and providing oil on deferred payments to Islamabad.


Sri Lankan artist immortalizes Pakistan’s Olympic hero Arshad Nadeem with special painting

Updated 25 November 2024
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Sri Lankan artist immortalizes Pakistan’s Olympic hero Arshad Nadeem with special painting

  • Arshad Nadeem won Pakistan its first Olympic gold medal since 1992 in August with record-breaking javelin throw
  • Titled “The Throw,” Mueen Saheed’s painting features an abstract portrayal of Nadeem and his mother

ISLAMABAD: Sri Lankan artist Mueen Saheed has paid tribute to Pakistani Olympian Arshad Nadeem by dedicating a “special painting” to the sportsman, state-run media recently reported, as a mark of respect for bagging the gold medal for his country earlier this year. 
Nadeem made history at the Paris Olympics in August by setting a new record for the longest javelin throw in the global competition, winning Pakistan its first gold medal since 1992 with a record-breaking 92.97m javelin throw. 
Saheed last week concluded an art cultural tour in Pakistan where he showcased his artwork at three major exhibitions in Lahore and Islamabad.
“Renowned Sri Lankan artist, Mueen Saheed made a memorable addition to his tour of Pakistan by presenting a special painting dedicated to Arshad Nadeem, Pakistan’s celebrated Olympic gold medalist, to the Pakistan National Council of the Arts (PNCA),” the state-run Associated Press of Pakistan (APP) reported on Sunday. 
The painting, now a part of the PNCA’s prestigious permanent collection, pays homage to Nadeem’s remarkable achievements and his role in uniting fans across borders.
Titled “The Throw,” the painting features an abstract portrayal of Nadeem and his mother, veiled behind Saheed’s distinctive brushstrokes and use of small squares, the APP said. 
The presentation ceremony at the PNCA in Islamabad, part of the artist’s “Passages of Light” exhibition, was attended by key figures in the arts and culture sector, including PNCA Director General Muhammad Ayoub Jamali and Information Minister Attaullah Tarar. 
“Arshad Nadeem’s story is one of resilience and humility,” Saheed explained. “His victory at the Olympics and the moments of sportsmanship with his Indian counterpart, Neeraj Chopra, were powerful examples of unity in competition.”
Tarar praised Saheed’s gesture, noting the significance of honoring a national hero whose journey resonates beyond sports, inspiring audiences from Pakistan, India, and around the world, the state-run media said.