WASHINGTON: Pakistan is targeting around $1 billion in a formal request for funding from the IMF facility that helps low and middle-income countries manage external shocks, its finance minister told Reuters.
“We have formally requested to be considered for this facility,” Finance Minister Muhammad Aurangzeb said in an interview on the sidelines of the IMF/World Bank autumn meetings in Washington.
The International Monetary Fund had already agreed a $7 billion bailout for Pakistan, but has further funding available via its Resilience and Sustainability Trust (RST).
The RST, created in 2022, provides long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
The South Asian nation is one of the most vulnerable countries to climate change according to the Global Climate Risk Index.
Floods in 2022, which scientists said was aggravated by global warming, affected at least 33 million people and killed more than 1,700. The country’s economic struggles and high debt burden impinged its ability to respond to the disaster.
Pakistan is also in talks with the Asian Infrastructure Investment Bank for a credit enhancement for a planned Panda bond, with an initial issue of $200-250 million, Aurangzeb said.
A Panda bond issuance would be Pakistan’s first foray into China’s capital markets. Aurangzeb said they were talking to “a few other institutions” in addition to the AIIB for a credit enhancement.
Issuing in the world’s “second largest and the second deepest” capital market, Aurangzeb said, was the key aim, rather than a particular issuance size.
“From our perspective it is diversification of the funding base,” Aurangzeb. “Even if the inaugural issue is not significant in size, for us it is important that we print that and of course then we can keep it on tap.”
Pakistan formally requests IMF RST money, targeting $1 bln, finance minister says
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Pakistan formally requests IMF RST money, targeting $1 bln, finance minister says
- Created in 2022, RST provides long-term concessional cash for climate-related spending
- Pakistan is one of the most vulnerable countries to climate change, as per Global Climate Risk Index
Pakistan PM in Cairo to attend D-8 summit
- Shehbaz Sharif will underline the importance of investing in youth and small medium enterprises for building a strong and inclusive economy
- The prime minister will also attend a special session of D-8 on the humanitarian crisis and reconstruction challenges in Gaza and Lebanon
ISLAMABAD: Prime Minister Shehbaz Sharif will address on Thursday the 11th Summit of the Developing Eight (D-8) countries in Cairo, Sharif’s office said, with the Pakistan premier expected to hold bilateral meetings with leaders of members states as well as attend a special meeting on Gaza and Lebanon.
Sharif arrived in Cairo on Wednesday to lead the Pakistan delegation at the D-8 summit on December 18-19. Egypt’s Minister for Public Business Sector Mohamed Shimi and officials of the Pakistani embassy received the prime minister at the airport.
Founded in 1997 in Istanbul, D-8 is an organization for development co-operation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. The 11th summit of the bloc is themed as “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
“At the Summit, the Prime Minister will underline the importance of investing in youth and SMEs (small medium enterprises) for building a strong and inclusive economy, creating jobs, advancing innovation, and promoting local entrepreneurship,” Sharif’s office said.
“The Prime Minister will also attend the Special Session of D-8 on the Humanitarian Crisis and Reconstruction Challenges in Gaza and Lebanon to deliberate on the situation resulting from Israeli aggression in the Middle East.”
The D-8 organization aims to boost economic growth, sustain development and promote and improve standards of living among member states by focusing on bringing improvement and enhancing cooperation in agriculture, trade, transportation, industry, energy and tourism.
Ahead of Thursday’s session, Sharif held a meeting with Indonesian President Prabowo Subianto and congratulated him on assuming the office.
The two figures exchanged views on a wide range of issues of mutual interest, including bilateral ties covering political, trade and economic matters as well as cooperation at the multilateral fora, according to Sharif’s office.
“Both the leaders reaffirmed their unwavering support for the Palestinian cause and called for a ceasefire in Gaza urging for a comprehensive approach for resolution of the Palestinian question, with the establishment of a sovereign and independent State of Palestine,” it added.
Sharif is also accompanied by Deputy Prime Minister and Foreign Minister, Ishaq Dar, Information Minister Ataullah Tarar at the summit.
On Wednesday, Dar attended the 21st meeting of D-8 Council of Foreign Ministers in Cairo, where he reaffirmed Pakistan’s commitment to the D-8 charter and intra-regional cooperation.
He highlighted the potential for economic collaboration and trade within the D-8 economies, specifically in the areas of agriculture, food security, and tourism. Dar also expressed Pakistan’s support for Azerbaijan’s application for D-8 membership.
Pakistani forces kill 11 militants in restive northwest amid surge in attacks
- The militants were killed in separate engagements in Tank, North Waziristan and Mohmand districts of the Khyber Pakhtunkhwa province
- Pakistan has blamed a surge in militancy in Khyber Pakhtunkhwa on militants operating out of Afghanistan, Kabul denies the allegation
ISLAMABAD: Pakistani security forces have killed 11 militants in separate operations in the country’s northwestern Khyber Pakhtunkhwa (KP) province, the Pakistani military said on Wednesday, amid a surge in attacks in the region.
Seven militants were killed during an exchange of fire in an intelligence-based operation (IBO) in KP’s Tank district, according to the Inter-Services Public Relations (ISPR), the military’s media wing.
Two militants were killed in an encounter in North Waziristan district, while a third operation in Mohmand district killed two more militants, following an intense exchange of fire.
“Weapons and ammunition were also recovered from killed khwarij [militants], who remained actively involved in numerous terrorist activities against the security forces as well as innocent civilians,” the ISPR said in a statement late Wednesday.
“Sanitization operations are being carried out to eliminate any other Kharji found in the area.”
Pakistan’s Khyber Pakhtunkhwa, which borders Afghanistan, has witnessed a number of attacks by the Tehreek-e-Taliban Pakistan (TTP) and other militant groups that targeted security forces convoys and check posts, besides targeted killings and kidnappings of law enforcers and government officials in recent months.
Earlier this month, six Pakistani soldiers and 22 militants were killed in three separate gunfights in Tank, North Waziristan and Kurram districts of KP, according to the military.
Pakistan has frequently accused neighboring Afghanistan of sheltering and supporting militant groups, urging the Taliban administration in Kabul to prevent its territory from being used by armed factions to launch cross-border attacks.
Afghan officials, however, deny involvement, insisting Pakistan’s security issues are an internal matter of Islamabad.
In ‘hope’ ambulances with women drivers in Pakistan’s Sanghar district
- Sindh Integrated Emergency & Health Services employed the province’s first two women ambulance drivers in June
- Employing women is a bold move by SIEHS in a conservative province where women are often denied the most basic rights
SANGHAR, Sindh: Irum Jatt’s hands gripped the steering wheel tightly as the ambulance she was driving zipped through the roads of the southern Pakistani city of Sanghar earlier this month, sirens blaring to warn other cars and pedestrians to move out of the way.
While a woman driving an ambulance is no anomaly in cities like London or New York, in this remote, conservative town in Sindh province, Jatt, 21 and another colleague Shereen Shah, 22, made history in June when they were hired as the first women ambulance drivers for the Sindh Integrated Emergency & Health Services (SIEHS), a semi-governmental organization operating around 283 “HOPE” ambulances across the province.
Established in 2021, SIEHS employs 750 Emergency Vehicle Operators (EVOs) and launched operations in Sanghar in October 2023 with three ambulances.
In conservative and patriarchal Pakistan, where the right to education, employment and even voting is sometimes not extended to women, employing female ambulance drivers was a bold move by SIEHS and one that has not even been experimented with in large urban centers of the province such as Karachi and Hyderabad. Women in Sindh in general also face many challenges such as discrimination, violence, and limited access to health, education and job opportunities.
“Many people believed that it wasn’t possible,” Jatt told Arab News in an interview as she drove on a road in main Sanghar city.
“But there’s something within a person, a passion that drives them to do something. I felt the same, I wanted to do it, I wanted to drive an ambulance.”
Jatt, an intermediate degree graduate, saw the job opening for an ambulance driver on social media and applied, having to go through several rounds of tests before her selection.
“On the road, it’s common for people to stare when they see a woman driving,” Jatt said.
“Many people don’t give way. While leaving our Sanghar city, motorcyclists don’t give way, and we have to face all of that.”
Negative stereotypes and biases, including that women were bad drivers or drove slowly, also made the job harder, she said.
“Some good people get it but there are communities that don’t understand and say things like, ‘You arrived late,’ or ‘You deliberately delayed’. Some might even think, ‘Because it was a woman driving, it took longer’.”
Mumtaz Ali Pirzada, the district manager at the SIEHS, acknowledged the initial resistance by the community to the women ambulance drivers.
“When we first inducted female drivers in Sanghar, and we did and in the future also we will do it, there was significant backlash on social media, most people asked how can a woman drive an ambulance,” he said.
“But we have broken that stereotype. These women have broken it because they are doing all these things and doing them with a lot of hard work.”
According to Pirzada, Shah and Jatt often outperformed their male counterparts.
“But their success isn’t due to sympathy or special treatment, it’s purely their hard work and skills,” he added. “They even handle tasks like changing tires, including the heavy tires of ambulances, which challenges the traditional mindset that only men can manage such tasks.”
Shereen Shah, another women ambulance driver from Sanghar, said the response from the community was improving.
“When we first started working here, people were shocked to see women driving ambulances, they thought we wouldn’t be able to handle it, that we might hit something,” she told Arab News as she stood by her vehicle.
“But now, wherever we go, if the traffic police sees us, they salute us and the Sindh police also salute us. They feel proud of us.”
She said it was “so fulfilling” to be able to rescue people from road accidents and other emergencies and deliver them to medical facilities in a timely manner.
“A few years ago, women rarely stepped out of their homes in this city,” she said. “But today, women are driving vehicles here and that’s a matter of pride for Sanghar.”
UN adopts Pakistan-sponsored resolution on self-determination, highlighting Palestinian plight
- Pakistan has annually tabled the resolution for over four decades to highlight the struggles of oppressed people
- The resolution addresses the situation in Indian-administered Kashmir, challenges colonial and foreign occupation
ISLAMABAD: The United Nations General Assembly unanimously adopted a Pakistan-sponsored resolution reaffirming the universal right to self-determination, said the foreign office on Wednesday, with a focus on people living under foreign occupation, including in Palestine and Indian-administered Kashmir.
Pakistan has annually tabled this resolution for over four decades to highlight the struggles of people denied self-determination under colonial domination or foreign subjugation.
“The unanimous adoption of this resolution reflects the collective will of UN member states and strengthens the principle of self-determination, as enshrined in international law, including the UN Charter and the International Covenants on Civil and Political Rights, and Economic, Social and Cultural Rights,” the foreign office said.
“The resolution highlights the plight of people in Indian Illegally Occupied Jammu and Kashmir and Palestine, reinforcing international support for their legitimate aspirations for self-determination,” it added.
Adopted by consensus, the resolution was supported and co-sponsored by a large number of countries from different regions around the world.
It underscores the inalienable right of all peoples to self-determination as essential for advancing human rights globally, sending a message of solidarity to populations struggling against foreign occupation, while calling for an end to intervention and aggression.
The foreign office said the adoption of the resolution demonstrated Pakistan’s leadership in advocating for the rights of oppressed peoples and maintaining the principle of self-determination as a cornerstone of international justice and peace.
Islamabad decries ‘double standards’ as US imposes more sanctions on Pakistan missile program
- The State Department says the measures target ‘proliferators of weapons of mass destruction and their means of delivery’
- Islamabad says the latest sanctions defy the ‘objective of peace and security by aiming to accentuate military asymmetries’
ISLAMABAD: Pakistan’s foreign ministry on Thursday criticized the United States (US) for imposing more sanctions on the South Asian country’s missile program, saying it reflected “double standards and discriminatory practices.”
The statement came hours after US said it was imposing new sanctions related to nuclear-armed Pakistan’s long-range ballistic-missile program, including on the state-owned defense agency that oversees the program. The sanctions freeze any US property belonging to the targeted entities and bars Americans from doing business with them.
State Department spokesperson Matthew Miller said in a statement that the measures slapped on the National Development Complex and three firms were imposed under an executive order that “targets proliferators of weapons of mass destruction and their means of delivery.”
In its reaction to the development, the Pakistani foreign ministry said the US decision was “unfortunate and biased” and that Pakistan’s strategic capabilities were meant to defend its sovereignty and preserve peace and stability in South Asia, regretting the imposition of sanctions on private commercial entities too.
“Similar listings of commercial entities in the past were based on mere doubts and suspicion without any evidence whatsoever. While claiming strict adherence to non-proliferation norms, licensing requirement for advanced military technology to other countries have been waived off in the past,” it said in a statement.
“Such double standards and discriminatory practices not only undermine the credibility of non-proliferation regimes but also endanger regional and international peace and security.”
A State Department factsheet said the Islamabad-based NDC had sought to obtain components for the country’s long-range ballistic-missile program and missile-testing equipment. It said the NDC “is responsible for the development of Pakistan’s ballistic missiles,” including the Shaheen family of missiles.
The Bulletin of the Atomic Scientists research organization says the Shaheen series of missiles is nuclear-capable. Pakistan conducted its first nuclear-weapons test in 1998, becoming the seventh country to do so. The Bulletin estimates Pakistan’s arsenal at about 170 warheads.
Islamabad has refused to sign the Non-Proliferation Treaty, the cornerstone of the international system designed to prevent the spread of nuclear weapons.
The other entities slapped with sanctions were Affiliates International, Akhtar and Sons Private Limited and Rockside Enterprise, all located in Karachi, the factsheet said. It said the companies worked with the NDC to acquire equipment.
“The United States will continue to act against proliferation and associated procurement activities of concern,” Miller said.
The Pakistani foreign ministry said the latest installment of sanctions defied the “objective of peace and security by aiming to accentuate military asymmetries,” an apparent reference to Pakistan’s rivalry with nuclear-armed India.
“Such policies have dangerous implications for strategic stability of our region and beyond,” it said.
