ISLAMABAD: Pakistan and Azerbaijan have resolved to strengthen their partnership in infrastructure, energy and trade sectors, the Pakistani government said on Saturday, following high-level meetings between officials of the two countries in Baku.
Pakistan’s Minister of Investment, Privatization and Communications Abdul Aleem Khan met with Azerbaijan Prime Minister Ali Asadov and discussed with him avenues for enhancing bilateral cooperation, according to the Press Information Department (PID) of the Pakistani government.
The discussions focused on expanding economic collaboration, with Khan highlighting vast investment opportunities in Pakistan, particularly in privatization of state-owned enterprises (SOEs). He also invited Azerbaijan to invest in Pakistan’s motorway and other key sectors.
During the visit, the Pakistani delegation engaged in discussions with Azerbaijan’s Energy Minister Parviz Shahbazov, Transport Minister Rashad Nabiyev, Deputy Minister of Economy Samad Bashiri and President of the State Oil Company of the Republic of Azerbaijan (SOCAR), Rovshan Najaf.
“The meetings explored opportunities for mutual investment in various sectors, including infrastructure development, energy, and trade,” the PID said in a statement. “Additionally, discussions covered the privatization of government-run enterprises and other key investment initiatives.”
The meetings were also attended by Lt. Gen. Sarfaraz Ahmed, coordinator of Pakistan’s Special Investment Facilitation Council (SIFC), Federal Secretary Petroleum Momin Ali Agha and other senior officials.
Welcoming the Pakistani delegation, PM Asadov praised Pakistan’s recent economic advancements and assured Azerbaijan’s support in increasing bilateral trade and investment.
The development comes amid Islamabad’s efforts to forge closer ties, especially in trade and investment, with Central Asian states as Pakistan treads a tricky path to economic recovery. There have been a series of visits by Azerbaijani officials to Pakistan in recent months, with Azerbaijan President Ilham Aliyev visiting Pakistan in July 2024 and announcing the two nations were working to increase bilateral trade to $2 billion.
“The visit also included a review of progress on various Memorandums of Understanding (MoUs) between Pakistan and Azerbaijan. Special discussions were held on developing trade corridors, rail networks, and other communication links between Pakistan and Central Asian states to enhance regional connectivity,” the PID said.
“This visit marks another step toward deepening economic and strategic ties between Pakistan and Azerbaijan, paving the way for expanded cooperation in trade, investment, and infrastructure development.”
Last month, Pakistan’s Defense Minister Khawaja Asif said Islamabad and Baku were in the process of finalizing an agreement to enhance security ties through cooperation in arms trade, defense infrastructure and intelligence sharing.
In Dec. 2024, Pakistan waived customs and regulatory duties on imports from Azerbaijan under the Pakistan-Azerbaijan Preferential Trade Agreement. The agreement aimed to boost economic cooperation by reducing tariffs on goods like Pakistan’s sports equipment, leather, and pharmaceuticals and Azerbaijan’s oil and gas products.
Pakistan, Azerbaijan aim to strengthen partnership in infrastructure, energy and trade
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Pakistan, Azerbaijan aim to strengthen partnership in infrastructure, energy and trade
- The development comes as Islamabad seeks closer ties, especially in trade and investment, with Central Asian states to overcome an economic crisis
- In July last year, Azerbaijan President Ilham Aliyev visited Pakistan and announced the two nations were working to increase bilateral trade to $2 billion
POLL: Pakistan eyes seventh straight rate cut amid decade low inflation, IMF review
- Pakistan follows a six-month series of rate cuts, which brought the key rate down from a record high of 22 percent in June to 12 percent in January
- As Pakistan undergoes economic reforms mandated under the IMF program, it stands to secure additional funding from the global lender
KARACHI: Most analysts predict a seventh consecutive rate cut by Pakistan’s central bank on Monday, amid the country’s first International Monetary Fund (IMF) review for its $7 billion bailout and near-decade low inflation.
Pakistan’s central bank’s current easing cycle, one of the most aggressive among emerging markets, follows a six-month series of rate cuts totalling 1000 basis points (bps), which brought the key rate down from a record high of 22 percent in June to 12 percent, with the latest 100 bps cut in January.
As Pakistan undergoes economic reforms mandated by the IMF program, it stands to secure additional funding from the global lender, pending the ongoing review.
The cash-strapped South Asian nation could unlock a tranche of funding if the ongoing review is approved, ahead of its annual budget presentation looming in June.
Inflation for the month of February clocked in at a near decade low of 1.5 percent, largely due to a high base a year-ago.
A Reuters survey of 14 analysts suggests that the central bank may further reduce rates, with a median forecast of a 50 bps cut.
Of the 10 analysts who expect a rate cut: three anticipate a 100 bps cut, one a 75 bps cut, and six a 50 bps cut. The remaining four analysts predict no change.
Most analysts predicting a rate cut believe the central bank will stop reductions when rates hit 10.5-11 percent, due to a potential inflation rise and anticipate a moderate rise in inflation from March to May.
Ahmad Mobeen, senior economist of S&P Global predicts inflation will “bottom out” in Q1, then gradually rise.
He anticipates a 6.1 percent average inflation for 2025. Despite the “sharp drop” in the Consumer Price Index (CPI), he notes that urban core inflation, indicative of ongoing price pressures, remains high at 7.8 percent.
“The S&P Global HBL Pakistan Manufacturing PMI also indicates rising input costs, pushing manufacturers to hike prices in February 2025 at the fastest pace since October 2024,” he said.
In the last policy meeting, the bank maintained its forecast of full-year GDP growth at 2.5 percent-3.5 percent and predicted faster growth would help boost the country’s previously struggling foreign exchange reserves.
“While GDP posted 0.9 percent growth in 1QFY25, large-scale manufacturing remains in negative territory, and production has yet to gain momentum. The transmission of lower rates to economic activity is yet to be seen,” said Sana Tawfik, head of research at Arif Habib Limited.
She added that the target is only possible if industrial activity picks up and agricultural output improves.
Pakistan power regulator cuts tariff on account of fuel price adjustment
- The National Electric Power Regulatory Authority makes adjustments in power tariff on account of any variations in fuel charges on a monthly basis
- The South Asian country produces electricity with the help of imported fossil fuels, amid underutilization of domestic resources like hydropower, coal
ISLAMABAD: Pakistan’s national power regulator has cut the prices of electricity by Rs2.12 per unit on account of fuel adjustment charges, it said on Thursday.
The National Electric Power Regulatory Authority (NEPRA) has to make adjustments in the power tariff on account of any variations in fuel charges on a monthly basis.
The reduction in electricity prices followed a request by the Central Power Purchasing Agency (CPPA), which had worked out the fuel cost for the month of January.
“The authority... has reviewed and assessed a National Average Uniform decrease of (Rs2.1240/kWh) in the applicable tariff for XWDISCOs on account of variations in the fuel charges for January 2025,” NEPRA said in a notification issued late Thursday.
“XWDISCOs (distribution companies) shall reflect the fuel charges adjustment in respect of January 2025 in the billing month of March 2025.”
The development comes more than a week after Pakistan’s Power Minister Awais Leghari announced a reduction in power tariff for households consuming up to 300 units of electricity and those using agricultural tube-wells.
“By waiving these charges for low-usage consumers and agricultural tube-wells, the government aims to ease the financial burden on farmers and households with limited electricity consumption,” Leghari was quoted as saying by the state-run APP news agency.
Pakistan produces expensive electricity due to a combination of factors including high reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses and chronic issues like circular debt and regulatory inefficiencies.
The country’s outdated infrastructure and inadequate power plants further exacerbate costs, while underutilization of domestic resources such as hydropower and coal add to the problem.
Additionally, fluctuations in foreign exchange rates and complex tariff structures contribute to higher electricity prices. High power cost is one of the key factors that lead to inflation in the country.
Daesh militant’s arrest sign of continuing Pakistan-US counterterror cooperation— analysts
- US President Donald Trump this week publicly thanked Pakistan for aiding in senior Daesh operative’s arrest
- Security analysts say development shows counterterrorism cooperation between Pakistan and US never ceased to exist
KARACHI: The recent arrest of a senior Daesh militant via joint collaboration by Washington and Islamabad is not a “historical shift” in bilateral ties between Washington and Islamabad, but a sign of continuing counterterrorism cooperation between the two states, Pakistani security analysts said on Thursday.
US President Donald Trump on Tuesday publicly thanked Pakistan for helping in the arrest of Mohammad Sharifullah, a Daesh operative implicated in a deadly 2021 Kabul airport bombing that killed at least 170 Afghans and 13 US troops.
Pakistan’s prime minister appreciated Trump’s support, confirming that Pakistani security forces arrested the militant in the border region with Afghanistan. On Wednesday, US National Security Adviser Michael Waltz called Pakistan’s Deputy Prime Minister Ishaq Dar to discuss counterterrorism cooperation between the two countries.
Ties between the US and Pakistan, once close allies following the Sept. 11, 2001 attacks in New York, have remained strained over the past few years. American officials have regarded with suspicion Pakistan’s role in the Afghan Taliban’s return to power in Afghanistan, despite Islamabad’s denial it did not shelter and aid their fighters.
“The intelligence cooperation between both the United States and Pakistan never stopped,” Qamar Cheema, an expert on strategic and political affairs, told Arab News. “It was only the Americans who stopped looking at the region from a new lens.”
He said with the new Trump administration in place, Washington once again wanted to “work with Pakistan” on security and counterterrorism, adding that the US was once again interested in Afghanistan and transnational terror outfits.
“So, there is a mutual dependence obviously and this mutual dependence will continue,” Cheema noted.
Fizza Batool, an international relations expert, agreed. She cautioned against viewing Sharifullah’s arrest as a “renewed” partnership, describing it instead as a continuation of America’s Afghanistan-centered relationship with Pakistan.
“The latest development aligns with this pattern, representing a continuation of the strategic partnership rather than a fundamental shift in bilateral relations,” she told Arab News.
’BOOTS ON THE GROUND’
Dr. Asma Shakir Khawaja, a defense and strategic studies expert, noted Pakistan’s importance as a country with “boots on the ground” close to Afghanistan. She said the recent arrest highlighted how technological advancement alone cannot defeat a transborder menace such as “terrorism.”
“And this arrest indicates upon the fact that any technological advancement cannot undermine the importance of ‘boots on the ground,’” she said. “A combination of both will lead to success.”
A Washington-based analyst who spoke on the condition of anonymity, however, described Trump’s move to express gratitude for Pakistan as a “significant” development.
“Donald Trump does not give compliments easily, but when he feels it from the heart, he expresses his gratitude,” the analyst said. “Therefore, it will positively impact his relations with Pakistan.”
He said strategically Pakistan-US ties were likely to remain “unchanged” as Islamabad was a close ally of Beijing while Washington was allied with both Islamabad and its arch-rival New Delhi.
“In any case, engagement with Donald Trump has begun, whereas relations of Pakistan with the previous administration could not have developed,” the analyst said.
In tense relations with India, Pakistani TV dramas break down barriers diplomacy often cannot
- Pakistani dramas offer millions of Indians a glimpse into life across border into arch-rival country
- Pakistani dramas offer simplicity, depth of writing and limited episodes, says actor Khalid Anam
KARACHI: Two Pakistani women sit together on a couch, rehearsing their lines while a director scrutinizes them. Waiting off camera for his scene is the male lead, an actor blessed with “Bachelor” hair and fine bone structure.
Also out of sight: the Islamabad homeowners, who are holed up in a separate room and whose furniture and knick-knacks will be seen by millions of viewers — many from the society that has been their country’s neighbor and uneasy sparring partner for much of the past century.
This is the set of the Pakistani drama “Adhi Bewafai,” or “Half Infidelity” — one of what some in other nations would call “soap operas.” But these dramas, it turns out, are not just for Pakistanis.
Realistic settings, natural dialogue and almost workaday plots about families and marriages make Pakistani dramas a hit with viewers at home and abroad — especially in the neighboring country that split with Pakistan in 1947 and is its nuclear archrival today: India.
Television, it seems, is succeeding where diplomacy sometimes can’t.
Several thousand people work in Pakistan’s drama industry; the country produces between 80 to 120 shows a year, each one a source of escapism and intrigue. They offer Indians a tantalizing glimpse into life across the border — and manage to break through decades of enmity between the two governments.
Maheen Shafeeq, a research associate at the Institute of Strategic Studies in Islamabad, says there is effectively no relationship between the two governments.
Each government is fixed on a single issue it cannot move past — for India, it’s “terrorism” for Pakistan, the disputed territory of Jammu and Kashmir.
“The governments are very much opposed to each other,” she says. “They don’t agree what they should talk about.”
Although it’s difficult for Indians to visit Pakistan, where these shows are filmed, they faithfully follow the plot twists and turns through platforms like YouTube, ZEE5, and MX Player.
For those of a certain generation, however, it wasn’t always so easy to keep up.
Kaveri Sharma, a writer in the Indian city of Patna, recalls her mother-in-law and aunt jiggling antennas in the 1980s and 1990s in hopes of catching a signal from Pakistan’s state broadcaster, PTV.
It’s how Sharma first realized that the country next door was a drama powerhouse. It inspired her to discover the shows for herself years later, even going on to watch them with her own daughter.
“They feel familiar, but they are also a break from our own lives,” Sharma says. “I don’t see any differences between the two countries. Everything is relatable. I see Karachi and think that it could be Lucknow or Patna. What happens on the shows could happen to me or my friends.”
She had heard only negative things about Pakistan since childhood — that it was the enemy that would take everything from India. The TV dramas have added subtlety and detail to this image for her. She would love to visit, but is unlikely to get the opportunity.
So she explores Pakistan through the locations, malls, offices, streets and restaurants depicted on the small screen. The names of popular Karachi neighborhoods roll off her tongue.
Sharma, like Bibi Hafeez in the southern Indian city of Hyderabad and Punita Kumar in the central Indian city of Raipur, raves about the dramas’ universality of themes, the strong characterization and the emotional range.
“Pakistani characters are not only heroes or villains. They have shades to them, and that is very human,” says Kumar, who chanced upon a Pakistani drama through a chunky videocassette when she was a teenager living in the northern Indian city of Aligarh. It was love at first watch.
“They captivated me. We got a cable connection that offered PTV. Then YouTube came and I realized I could search for whatever drama I wanted. I haven’t taken a stop,” she said. “We get exposure to Pakistani life in the scenes, but the struggles the characters have with their relatives are ones I would have with my own.”
Pakistani TV veteran Khaled Anam is delighted by Indians’ enthusiasm for the country’s serials and the barriers they help erode.
“What Bollywood is to India, dramas are to Pakistan,” says Anam, who is based in Karachi and has worked as an actor since the 1980s. He has appeared in many dramas, including the ratings smash “Humsafar” (“Life Partner”).
India’s productions go big, while Pakistan’s are more low key
India dominates the movie market in South Asia and beyond, with big stars and bigger budgets. Pakistanis have been exposed to Bollywood films for decades, although the prevailing hostile political climate means they can’t watch them in movie theaters.
The bans are mutual, though. India, like Pakistan, restricts content from across the border in movie theaters and TV channels.
And while India is no slouch when it comes to TV production, it doesn’t offer viewers what Pakistan does, according to Anam: simplicity, depth of writing and a limited number of episodes.
“There are 15-minute flashbacks in Indian serials. (The characters) are decked out and dolled up. It’s a fantasy world. The shows go on forever. Everything is ‘DUN dun dun!’” says Anam, mimicking a dramatic musical riff and shaking his hands.
The actors on the couch in Islamabad are rehearsing lines about a woman who is disrespectful and so, according to one of them, is an unsuitable marriage prospect.
The delivery and grammar could be heard in virtually any South Asian household.
“Pakistanis are generally emotional people, and that is in their dramas also,” says Islamabad-based director Saife Hassan. “It would take me less than two minutes to explain the plot of the super-duper hit ‘Kabhi Main, Kabhi Tum’ (‘Sometimes Me, Sometimes You’). It’s about the emotions between a husband and wife.”
Hassan, who began his TV career in the 1990s, says Indians frequently comment on his social media pages and send him direct messages about his work. He even recalls Indian viewers praying for the recovery of a character who was in a coma.
Hassan would love to see more homegrown dramas make it onto platforms like Netflix, as some Indian shows have with great success. But he wonders whether international audiences would understand and connect with Pakistani stories or lives:
“The way we think is different from the West. Our shows are not driven by events. They are driven by emotions.”
There is also a lack of raunch in Pakistani dramas, which are family-friendly with little to no vulgarity, violence, or even action. Indians, therefore, are a natural audience for Pakistani dramas, Hassan says.
“They are our people. They are like us. They eat like us,” he says. “I love India, and I love Indians. They have grown out of this animosity.”
Pakistan stocks surge by over 1,400 points amid decline in oil prices, policy rate cut hopes
- Benchmark KSE index closes at 113,713 points, surging 1.3 percent more from last close
- Central bank’s Monetary Policy Committee is set to review interest rate on Mar. 10
ISLAMABAD: The Pakistan Stock Exchange (PSX) surged by over 1,400 points on Thursday as bulls dominated the trading session, with analysts attributing the rise to a drop in oil prices at the international market and investors’ hopes of a further cut in the policy rate by the central bank.
The benchmark KSE-100 index rose by 1,459.41 points or 1.3 percent to close at 113,713.17 points on Thursday, up from the previous close of 112,253.76.
The development takes place as the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) is set to review the interest rate on Mar. 10, with many expecting the bank to slash the interest rate further.
“Stocks closed bullish led by scrips across the board amid speculations ahead of SBP policy announcement on March 10,” Ahsan Mehanti, managing director and CEO of Arif Habib Commodities, told Arab News.
It said investors’ expectations for further ease in the central bank’s policy after treasury bill auction yields remained flat, following a decade-low consumer price index inflation which was recorded at 1.5 percent year-on-year in February.
Prominent Pakistani brokerage house Topline Securities attributed the surge in stocks to a sharp decline in global oil prices.
“This rally was primarily driven by a sharp decline in international oil prices, which plunged to multi-year lows, uplifting investor sentiment,” Topline Securities said in its daily market review.
“Moreover, speculation surrounding high-level meeting on the clearance of the longstanding circular debt further fueled optimism across the board.”
The report highlighted how the benchmark index surged to an intraday high of 1,617 points causing the equity market to witness a robust rebound in today’s session.
It added that a total of 372 million shares changed hands which generated a turnover of Rs26.2 billion with PIBTL dominating the volume charts.
The development takes place as an International Monetary Fund (IMF) team is in the country for the first review of the $7 billion loan program that Islamabad secured last September.
A nine-member mission, led by IMF Mission Chief in Pakistan Nathan Porter, is in the country to assess Pakistan’s economic performance and determine the release of a $1.1 billion tranche from the $7 billion Extended Fund Facility (EFF) over the next three weeks, secured as part of Islamabad’s economic recovery plan.
