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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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.


10 militants killed, four paramilitary soldiers injured in separate incidents in Pakistan

Updated 4 sec ago
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10 militants killed, four paramilitary soldiers injured in separate incidents in Pakistan

  • The militants were killed in an operation in Khyber Pakhtunkhwa, while a roadside explosion apparently targeted a convoy of Chinese mining firm in Balochistan
  • Islamabad has frequently accused neighboring Afghanistan of sheltering groups that launch attacks in Pakistan’s western regions, Kabul denies the allegation

QUETTA: Ten militants were killed and four paramilitary soldiers injured in separate incidents in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) and southwestern Balochistan provinces, the military and local administration said on Monday.

Pakistan has been battling twin insurgencies in its western provinces that border Afghanistan. One is led my religiously motivated groups, mainly the Tehreek-e-Taliban Pakistan (TTP), in KP and the other by ethno-nationalist Baloch separatist groups in Balochistan.

On Monday, Pakistani security forces conducted an intelligence-based operation in Bagh area of KP’s Khyber district on reported presence of TTP militants that killed 10 insurgents, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.

“Sanitization operation is being conducted to eliminate any other Kharji [TTP militant] found in the area,” the ISPR said in a statement.

Pakistani authorities brand the Pakistani Taliban, or the TTP, fighters as “khwarij,” a historical reference to an extremist sect in early Islam known for rebelling against authority, declaring other Muslims as apostates, and justifying their killing.

Separately, four Pakistani paramilitary troops were injured in a roadside explosion that appeared to target a convoy of Chinese mining firm MCC Resource Development Limited (MRDL) in Balochistan’s Kalat district, according to Kalat Deputy Commissioner Bilal Shabbir.

The convoy of Saindak-based MRDL was moving goods from Quetta to Karachi when an IED explosion hit the convoy in Mangochar.

“Four soldiers of a Pakistani paramilitary force escorting the convoy and two civilians were injured in the attack,” DC Shabbir told Arab News, adding the area had been cleared.

No group immediately claimed responsibility for the attack in Balochistan, Pakistan’s largest province by landmass, that has long faced an insurgency led by separatist groups like the Baloch Liberation Army (BLA), who accuse Islamabad of exploiting the province’s natural resources, such as gold and copper, while neglecting the local population.

The separatists have frequently attacked police and security forces as well as civilians and foreigners they see as “outsiders” in the resource-rich region, where China has been building a deep-sea port in Gwadar on the Arabian Sea and has made huge investments under its Belt and Road Initiative (BRI).

Pakistan’s government denies these allegations and says it has prioritized Balochistan’s development through investments in health, education and infrastructure projects.

Violence by Baloch separatist factions, primarily the BLA, killed about 300 people last year, according to official statistics, marking an escalation in the decades-long conflict in Balochistan.

Islamabad has frequently accused neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks in Pakistan’s western regions. Afghan officials deny involvement, insisting Pakistan’s security issues are an internal matter of Islamabad.


Pakistan forecasts rain, snowfall in northern and western regions this week

Updated 24 February 2025
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Pakistan forecasts rain, snowfall in northern and western regions this week

  • The South Asian country last week received rains after a months-long drought severely dented winter crops in several areas
  • Authorities have warned of flash floods, landslides due to rains and urged citizens to exercise caution from Feb 24 till Mar. 1

ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) on Monday forecast rain, wind, thunderstorms and snowfall in northern and western parts of the country till March 1, urging citizens to exercise caution during this period.

Parts of the South Asian country last week received rains after a months-long drought severely impacted crops like wheat, a staple food, as well as vital cash crops like potato in several regions, according to the Pakistani climate change ministry.

The Pakistan Meteorological Department (PMD) said rainfall from Sept. 1 to Jan. 15 was 40 percent below normal across Pakistan, with Sindh, Balochistan, and Punjab being the most affected provinces with deficits of 52 percent, 45 percent and 42 percent, respectively.

However, the NDMA says a strong westerly wave is expected to bring fresh rains, thunderstorms and snowfall in upper parts of the country between Feb. 24 and Mar. 1.

“Islamabad, upper Punjab, Pothohar Region, central and southern/northeastern Punjab, is expected to experience rain, wind, and thunderstorms accompanied by snowfall or hailstorms. Heavy rainfall may trigger flash floods in vulnerable areas,” the NDMA said in a statement.

“In Balochistan, rain, wind, and thunderstorms with snowfall over hills are anticipated in western, northwestern, and northern parts of the province, with the possibility of flash flooding in susceptible regions.”

Similarly, the Khyber Pakhtunkhwa (KP) province is likely to witness rains, winds and hailstorms along with snowfall over the hills in upper and western parts, including the Malakand and Hazara divisions, according to the NDMA.

In Gilgit-Baltistan (GB) and Azad Jammu and Kashmir (AJK), rain and snowfall are expected over the hills, which may disrupt travel and routine activities. Sindh is likely to experience mostly cold and dry weather throughout this period.

“Heavy rainfall in northern KP may lead to flash flooding and landslides,” the authority said. “The NDMA is closely monitoring the evolving situation and coordinating with relevant authorities to ensure timely response and mitigation efforts.”

Meanwhile, local authorities have issued warnings regarding potential hazards associated with the weather system, particularly the risk of heavy snowfall in Murree, Galliyat and other northern regions, which may impact travelers and tourists.


Saudi Arabia reaffirms $500 million pledge for polio eradication in Pakistan, Afghanistan

Updated 24 February 2025
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Saudi Arabia reaffirms $500 million pledge for polio eradication in Pakistan, Afghanistan

  • Contagious disease is endemic in Pakistan and Afghanistan, which together reported 99 cases last year
  • GPEI hopes to declare an end to wild virus and vaccine-derived variant by 2027 and 2029 respectively

Saudi Arabia has reaffirmed its $500 million pledge to the Global Polio Eradication Initiative (GPEI), the World Health Organization said on Monday.
The funds, initially pledged in April 2024, will be disbursed to help end the wild form of polio in Pakistan and Afghanistan and stop outbreaks of variant polio.
Wild polio — a naturally occurring form of the viral disease — is endemic in Pakistan and Afghanistan, which together reported 99 cases last year, according to the WHO. Variant polio is caused by the weakening of the oral polio vaccine.
The GPEI hopes to declare an end to the wild virus and the vaccine-derived variant by 2027 and 2029, respectively, compared with a previous deadline of 2026 for both forms.
The US, which has announced its intention to withdraw from the WHO, was previously a major donor to a program to eliminate polio and contributed 17 percent of its budget during 2024-2025, the WHO data showed.


Pakistan crash out of Champions Trophy after New Zealand beat Bangladesh

Updated 12 min 32 sec ago
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Pakistan crash out of Champions Trophy after New Zealand beat Bangladesh

  • Pakistan lost to New Zealand and then India in the first ICC event they are hosting in three decades
  • New Zealand’s victory against Bangladesh also advances India to the semifinals of the tournament

ISLAMABAD: Pakistan were crashed out of the Champions Trophy after New Zealand defeated Bangladesh in their group stage encounter in Rawalpindi on Monday.

Bangladesh’s middle order capitulated against the off-spin of Michael Bracewell, who took 4-26 in 10 overs. Captain Najmul Hossain Shanto scored 77 to lead Bangladesh to 236-9.

Rachin Ravindra, who took a blow on the forehead in a game 16 days ago and missed the last three one-day internationals, recovered to strike 112 off 105 balls and carry New Zealand to 240-5 in 46.1 overs.

The victory eliminated tournament hosts and defending champions, Pakistan, and Bangladesh from contention, while it also advanced India to the semifinals. Pakistan have been under fire since losing their group-stage match to India on Sunday.

“I don’t say this lightly. I didn’t see an effort [by Pakistan]. I didn’t see the, you know, the wanting to be out there and putting themselves in the fire line, you know, I didn’t see that,” former Yorkshire cricketer Azeem Rafiq said in an Arab News-hosted Instagram live after Sunday’s match.

“And it’s been too long now, you know, it’s been, it’s been far too long.”

Both New Zealand and India have two wins from two matches and will now meet in Dubai on Sunday to decide team one and two from the group.

Pakistan, who won the previous edition of the Champions Trophy in 2017, lost their opening match to New Zealand in the first International Cricket Council (ICC) event they are hosting since the 1996 ODI World Cup.

Pakistan were also knocked out in the group stage at the last two ICC Men’s Cricket World Cups and suffered the same fate at last year’s ICC Men’s T20 World Cup after losing to co-hosts USA.

Angry and dejected Pakistan fans have also demanded the country’s cricket stars be held accountable for the national squad’s lackluster performance in the tournament, which led to a crushing defeat at the hands of their arch-rivals.

“We’re always praying for Pakistan’s success, but prayers alone aren’t enough,” Iqra Tahir, a cricket fan in Pakistan’s southern port city of Karachi, told Reuters. “We need to focus on improving our performance. It’s time for us to take responsibility and work on our game.”


Pakistan watchdog announces cash rewards for exposing cartels manipulating markets

Updated 24 February 2025
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Pakistan watchdog announces cash rewards for exposing cartels manipulating markets

  • Initiative aimed at promoting public participation in eliminating illegal practices, competition commission says
  • Scheme will encourage members of public to be part of protecting economy, economic rights, watchdog says 

KARACHI: The Competition Commission of Pakistan (CCP), a government agency for the enforcement of economic competition laws, said on Monday it would pay cash rewards to people who exposed cartels involved in the manipulation of various markets.

The development comes ahead of the holy month of Ramadan, during which various elements hoard essential items and artificially increase prices at local levels to make unjust profits.

The artificial increase in prices of goods and services in Pakistan, and a lack of quality goods is largely the result of business cartelization in the markets, according to the CCP.

Cartels are formed when suppliers in a market coordinate or enter into agreements to fix prices for goods and services and control the supply which is an illegal practice.

“If any individual is aware that a business association or product suppliers have colluded to fix prices or control supply, he is urged to immediately report such information to the CCP,” the watchdog said.

“Those who provide information and evidence regarding such illegal cartels will be rewarded with amounts ranging from Rs200,000 ($714) to Rs2,000,000 ($7,146). It is important to note that the identity of the informant will remain confidential.”

People can reach the CCP through WhatsApp number 0304-0875255 or its website www.cc.gov.pk to report any cartelization in the country.

“If your information is verified, you will not only receive a reward but also be recognized as a national hero,” it said.

The CCP said the initiative is aimed at promoting public participation in eliminating illegal business practices and the scheme would not only provide a legal avenue but also encourage the public to be part of protecting the country’s economy and their economic rights.

To ensure the provision of better-quality goods and services at fair prices to consumers, it is essential that all suppliers in the market compete with each other by offering better services and products at better prices, rather than colluding to fix prices, according the watchdog.

Engaging in agreements or understandings to control prices or supply of goods and services for unjustifiable profits is a serious crime under the Competition Act 2010.

“The Competition Commission of Pakistan has called for cooperation from the public in general and the concerned stakeholders in particular to take strict action against such illegal business nexus and cartels and to report any such act,” it said.