KARACHI: Chinese premier Li Qiang could inaugurate operations at a Chinese-funded airport in Pakistan’s Balochistan province during his visit to the country in the coming week, information minister Attaullah Tarar told reporters on Sunday.
The start of operations at the $200-million Gwadar International Airport has been pushed back for a security review after deadly attacks by separatist militants in August in the area, government and aviation sources said.
Li, along with ministers and government officials, will visit Pakistan from Oct. 14 to 17, Pakistan’s foreign affairs ministry said on Sunday.
Pakistan is hosting the meeting of the Shanghai Cooperation Organization (SCO), which comprises nine full members, including China, India, Iran and Russia, and is scheduled for Oct. 15 and 16 in Islamabad.
The new airport will handle domestic and international flights, according to Pakistan’s Civil Aviation Authority, and will be one of the country’s biggest airports.
The initial plan was for Prime Minister Shehbaz Sharif to inaugurate the airport on Aug. 14 alongside Chinese officials, but that was called off after an ethnic Baloch rights group started a sit-in protest, the officials said.
A decades-long insurgency in Balochistan by separatist militant groups has led to frequent attacks against the government, army and Chinese interests in the region to press demands for a share in mineral-rich regional resources.
Two Chinese nationals were killed in an explosion near the international airport of the southern Pakistani city of Karachi last week, the Chinese embassy in Pakistan said.
Separatist militant group the Baloch Liberation Army (BLA) claimed responsibility for the attack, which it said had targeted Chinese nationals, including engineers.
China said on Thursday it would work with Pakistan to protect the safety and security of Chinese personnel, projects and institutions in Pakistan.
Besides the separatists, the region is also home to Islamist militants, who have been active again since 2022 after revoking a ceasefire with the government.
Chinese premier could inaugurate Beijing-funded airport in Pakistan during visit
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Chinese premier could inaugurate Beijing-funded airport in Pakistan during visit
- The start of operations at the $200-million Gwadar International Airport has been pushed back after deadly attacks by separatist militants
- Premier Li Qiang, along with ministers and government officials, will visit Pakistan from Oct. 14 to 17, Pakistan’s foreign ministry said
PM Sharif announces IMF approval of $1 billion disbursement to Pakistan under $7 billion deal
- The prime minister expresses satisfaction India’s ‘efforts to sabotage’ the loan program had failed
- He says Pakistan’s economic situation is improving and it is moving toward financial progress
KARACHI: The International Monetary Fund (IMF) approved a $1 billion disbursement for Pakistan under a loan program secured by the government last year, Prime Minister Shehbaz Sharif said in an official statement late Friday.
The announcement followed an IMF Executive Board meeting to finalize staff-level agreements related to the $1 billion payout, as well as Pakistan’s new $1.3 billion arrangement under a climate resilience facility approved in March.
The meeting took place at a time when Pakistan is working to revive investment amid a gradually stabilizing macroeconomic environment, following a prolonged downturn that compelled it to seek external financing from allies and global lenders.
“Prime Minister Shehbaz Sharif expressed satisfaction over the IMF’s approval of the $1 billion tranche for Pakistan and the failure of India’s underhanded tactics against the country,” his office said in a statement issued after the board’s decision.
Media reports said recently India had attempted to pressure the IMF to block the disbursement, citing heightened military tensions between the two neighbors following a deadly April 22 attack in Indian-administered Kashmir that left 26 tourists dead.
New Delhi blamed Islamabad for the assault, an allegation Pakistani officials repeatedly denied.
Sharif said international financial institutions had “responsibly rejected” India’s narrative and reaffirmed their trust in Pakistan’s economic strategy.
“Indian efforts to sabotage the IMF program have failed,” he said, adding the disbursement would help stabilize the economy and steer it toward long-term recovery.
He praised Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb and other members of the government’s economic team for their role in securing the funds.
Pakistan has been working to broaden its tax base, improve energy sector efficiency, and unlock private sector growth as part of its reform commitments under the $7 billion IMF loan program.
“By the grace of God, the country’s economic situation is improving, and Pakistan is moving toward progress,” Sharif said. “The government remains committed to tax reforms, energy sector improvements and private sector development.”
He reiterated that Pakistan would stay the course on economic stabilization, effective performance and long-term planning.
The IMF funding approval comes at a critical time for Pakistan, as it seeks to reassure global investors and shore up foreign exchange reserves amid geopolitical instability and upcoming budget negotiations.
Pakistan accuses India of targeting civilians along Kashmir border amid intensifying hostilities
- Army spokesperson says Pakistan has limited its response to Indian military posts across the LoC
- He denies Indian claims Pakistan launched large-scale drone and missile attacks across the border
ISLAMABAD: Pakistan’s military on Friday accused India of deliberately targeting civilians along the Line of Control (LoC), the de facto border in the disputed Kashmir region, as tensions between the two nuclear-armed neighbors escalated sharply this week.
Fighting between the South Asian rivals intensified after India carried out strikes on multiple locations in Pakistan on Wednesday, in response to a deadly April 22 attack in Indian-administered Kashmir that left 26 tourists dead. New Delhi blamed Islamabad for the attack, a charge Pakistan has denied.
In the days since, Pakistan has claimed to have downed five Indian fighter jets and over 75 drones, while India said it had retaliated against Pakistani air and drone assaults by destroying an air defense system in Lahore.
The cross-border violence also had a devastating impact on civilians living along the LoC, with both sides trading heavy fire over the past two days.
“Pakistan has been receiving the Indian artillery shelling,” the military’s spokesperson, Lt. Gen. Ahmed Sharif Chaudhry, told Türkiye’s TRT World in an interview.
“Unfortunately, they are targeting, deliberately targeting, the civilians,” he continued. “Pakistan is now firing on the posts from where the [Indian] artillery and the military are firing. We are concentrating and putting our fire only on military targets.”
Chaudhry said Pakistan’s response was defensive and restrained, limited to small arms fire against Indian military positions.
He also denied New Delhi’s claims that Pakistan had launched large-scale drone or missile attacks across the international border, calling them “fabrications” designed to fuel a “media frenzy.”
“Since last night, they [India] have created a media blitz that Pakistan has launched drones, aircraft and a massive attack across the international border,” he said, adding: “In 21st century warfare, everything has an electronic signature. If there have been attacks with missiles from the Pakistani side, there has to be an electronic signature.”
Chaudhry further accused India of “gagging” international and domestic media as well as controlling digital platforms, saying it was using its new organizations to spread disinformation hour after hour.
The LoC has long been a flashpoint between India and Pakistan, both of which claim the disputed Kashmir region in full but control only parts of it. The latest hostilities mark one of the most serious flare-ups in decades.
Pakistani stocks surge sharply on IMF optimism, hopes of easing India-Pakistan standoff
- The benchmark KSE-100 index rose 3,647.82 points, or 3.52 percent, to close at 107,541.45
- India-Pakistan tensions triggered about 12 percent market decline between April 23 and May 8
KARACHI: The Pakistan Stock Exchange (PSX) rebounded sharply on Friday, climbing over 3,500 points, as investor sentiment improved ahead of an International Monetary Fund (IMF) Executive Board meeting and what some analysts described as easing tensions between Pakistan and India.
The benchmark KSE-100 index recovered 3,647.82 points, or 3.52 percent, closing at 107,541.45, after a historic plunge of 6,482 points on Thursday, the largest single-day drop in the index’s history, triggered by fears of an escalating conflict between the two nuclear-armed neighbors.
"The recovery was on account of optimism on IMF Executive Board meeting scheduled to consider Extended Fund Facility (EFF) program, where market expects smooth approval," Topline Market Review said after the end of trading. "Overall decline in cross border hostilities also provided stimulus to investor sentiment."
The EFF, a $7 billion loan program secured by Pakistan in September last year, is aimed at stabilizing the country's economy through structural reforms and fiscal consolidation.
While Pakistan’s authorities say macroeconomic indicators have improved in recent months, they view the IMF support as critical for sustaining gains and transitioning toward growth.
Some analysts also linked the improved investor confidence to what they described as a gradually easing geopolitical situation between India and Pakistan.
"Stocks staged sharp recovery as investor eye de-escalation in Pakistan-India tensions after US appeal for end to violence," Ahsan Mehanti, the Chief Executive Officer of Arif Habib Commodities, told Arab News.
Raza Jafri, the head of Intermarket Securities, said any de-escalation could extend the positive stock market trend.
"Institutional value buying, especially in blue-chip high dividend yielding stocks, saw the KSE100 rebound today," he added.
Tensions between India and Pakistan spiked this week after New Delhi launched missile strikes on multiple locations in Pakistan, blaming Islamabad for a deadly April 22 attack in Indian-administered Kashmir that killed 26 tourists. Pakistan has denied involvement.
The crisis triggered a 12 percent decline in the Pakistani market from April 23 to May 8.
The geopolitical unrest posed a major challenge for Prime Minister Shehbaz Sharif’s efforts to stabilize the economy, which depends on a number of factors including increased foreign investment, exports and revenue generation.
Pakistan’s remittances hit record $31.2 billion in current fiscal year, led by Saudi inflows
- PM Sharif praises overseas Pakistanis for supporting the country’s economic recovery
- Central bank projects remittances to reach $38 billion by end of current fiscal year
KARACHI: Prime Minister Shehbaz Sharif on Friday lauded the contribution of overseas Pakistanis as workers’ remittances surged to a record $31.2 billion during the first ten months of the current fiscal year, with Saudi Arabia emerging as the top source of inflows.
According to data released by the State Bank of Pakistan (SBP), remittances rose by 30.9 percent during July-April FY25 compared to $23.9 billion received in the same period last year.
In April alone, Pakistan received $3.2 billion, showing a 13.1 percent year-on-year increase. The inflows were mainly sourced from Saudi Arabia ($725.4 million), United Arab Emirates ($657.6 million), United Kingdom ($535.3 million) and the United States ($302.4 million).
“Prime Minister Shehbaz Sharif expressed satisfaction over a 31 percent increase in remittances during the first 10 months of fiscal year 2025 compared to the previous year,” a statement issued by his office said.
“Remittances reaching a record level is a reflection of the confidence of overseas Pakistanis in government policies,” it quoted him as saying.
Remittances form a vital pillar of Pakistan’s external sector, helping stabilize the current account, fueling domestic consumption and easing the country’s reliance on external borrowing.
Earlier this year, in March, the SBP recorded an all-time monthly high of $4.1 billion in remittance inflows, driven by seasonal factors and improved formal channel usage.
Pakistan has focused on boosting exports and remittances in recent years as part of broader efforts to strengthen its external sector and address economic vulnerabilities.
The central bank has also revised its FY25 remittance projection upward from $36 billion to $38 billion, citing current trends.
Pakistan PM condemns Indian strikes on civilians, praises Saudi push for de-escalation
- Shehbaz Sharif tells Adel Al-Jubeir Pakistan is determined to defend its sovereignty against India
- The Saudi minister calls for peaceful resolution of issues between the South Asian nuclear states
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday condemned India’s missile and drone strikes against Pakistan that killed civilians this week while appreciating Saudi diplomatic efforts to de-escalate tensions with its nuclear neighbor in a meeting with the Kingdom’s Minister of State for Foreign Affairs Adel Al-Jubeir.
The Saudi minister’s daylong visit follows India’s military strikes inside Pakistan in response to a gun attack in the disputed Kashmir region that left 26 tourists dead, with New Delhi blaming Islamabad for the incident, though Pakistani authorities have repeatedly denied any involvement.
With the two archrivals teetering on the edge of a full-scale war, the United States announced on Thursday that Secretary of State Marco Rubio had discussed regional de-escalation with Saudi officials.
The same day, Al-Jubeir made a surprise stop in New Delhi for talks with Indian officials before arriving in Pakistan on Friday.
“While discussing the prevailing situation in South Asia [with the visiting dignitary], the Prime Minister strongly condemned India’s missile and drone strikes against Pakistan that had resulted in the martyrdom of scores of innocent civilians, including women and children, as well as damage to civilian infrastructures,” said a statement issued by his office after the meeting.
“He said Pakistan was fully determined to defend its sovereignty and territorial integrity, in accordance with Article 51 of the UN Charter,” it added. “He appreciated the Kingdom’s diplomatic efforts to de-escalate the situation and bring peace in the region.”
Sharif conveyed warm regards to Salman bin Abdulaziz and Crown Prince Mohammed bin Salman and expressed satisfaction at the positive trajectory of Pakistan-Saudi relations.
He also maintained that India’s “unprovoked and unjustified acts of aggression” had violated Pakistan’s sovereignty and territorial integrity and seriously endangered regional peace and stability.
The statement said Al-Jubeir offered condolences over the loss of civilian lives and said the Kingdom was “deeply concerned” about the current situation in South Asia.
He reiterated Saudi Arabia’s call for de-escalation and the peaceful resolution of disputes between Pakistan and India in accordance with international law.
Saudi Arabia and Pakistan share close diplomatic and strategic relations.
The Kingdom has extended significant support to Pakistan during prolonged economic challenges faced by Islamabad in recent years, including external financing and assistance with International Monetary Fund (IMF) loan programs.
Saudi Arabia has also contributed to global peacemaking efforts by hosting talks and mediating prisoner exchanges between Russia and Ukraine.
