KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday acknowledged Saudi Arabia’s critical role in helping secure the country’s International Monetary Fund (IMF) loan package and invited his counterpart from the Kingdom to visit Pakistan, during a series of high-level bilateral meetings held on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC.
The IMF approved a $7 billion Extended Fund Facility (EFF) for Pakistan in September 2024 after Saudi Arabia, the United Arab Emirates and China provided essential financing assurances to unlock the package.
The deal was widely seen as vital to stabilizing Pakistan’s economy amid declining foreign reserves and mounting fiscal stress.
The Pakistani finance chief acknowledged the Kingdom’s role in a meeting with his Saudi counterpart, Mohammed Aljadaan, during his trip to the United States.
“Senator Aurangzeb thanked H.E. Aljadaan for Saudi Arabia’s longstanding and strong support to Pakistan in its pursuit of economic development, including through support for the IMF program, and invited him to visit Pakistan,” the finance ministry said in a statement circulated after the meeting.
Aurangzeb reaffirmed Pakistan’s commitment to economic reforms and welcomed Saudi investments. The meeting followed Aurangzeb’s engagement a day earlier with Sultan bin Abdulrahman Al-Murshid, the top Saudi Fund for Development (SFD) official, where he sought faster disbursements under the $1.2 billion Saudi Oil Facility, an arrangement that allows Pakistan to defer payments on oil imports.
He also requested SFD’s support for the National Highway N-25 and reviewed the pace of implementation of ongoing projects.
In addition to his meeting with the Saudi counterpart, the Pakistani finance chief held separate sessions with senior UAE and Chinese officials.
During a meeting with UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini, Aurangzeb discussed his country’s improving economic indicators, including a recent credit rating upgrade by Fitch, and briefed him on the government’s privatization program.
He informed the UAE side that a Staff-Level Agreement (SLA) had been reached with the IMF under the EFF and a new arrangement under the Resilience and Sustainability Facility.
The finance minister also expressed interest in the UAE’s regulatory experience in cryptocurrency and invited his counterpart to visit Pakistan.
In another bilateral engagement, Aurangzeb met with Chinese Finance Minister Lan Fo’an to discuss Beijing’s continued economic support.
He sought support from the People’s Bank of China to fast-track the issuance of Pakistan’s Panda Bond, a renminbi-denominated bond issued in China’s capital markets.
Pakistan’s finance chief acknowledges Saudi role in IMF deal, invites counterpart to visit
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Pakistan’s finance chief acknowledges Saudi role in IMF deal, invites counterpart to visit
- Saudi Arabia, UAE and China provided financing assurances needed to unlock the $7 billion IMF loan
- Aurangzeb also discusses Panda bonds, cryptocurrency regulation with Chinese and UAE ministers
Traditional Swati rice dish finds new life at Pakistani valley’s roadside eatery
- Restaurant owner Nasar Khan began preparing warjale as a hobby, turned it into a business after strong demand
- Labor-intensive dish prepared with begumi rice grown in Swat and mixed with naturally occurring bitter wild greens
SWAT: At a small mudbrick, hut-style restaurant in Pakistan’s picturesque Swat Valley, customers are showing up to try a traditional delicacy: warjale.
A local version of vegetable rice served with clarified butter, yogurt, cheese, milk, fresh cream and sometimes with the sauce of chicken meat, warjale, an old regional dish, is being kept alive as the main attraction at the Kawdareen Traditional Restaurant (KTR) in Mingora city.
Known for its scenic landscape of mountains and trees and cultural heritage and archaeological sites, Swat attracts thousands of visitors every year.
Many now seek out Khan’s modest eatery to experience a taste of the valley’s traditional cuisine, especially warjale, which is made from a special rice called begumi, named after a noblewoman, Begum Bilqees Effandi, who had brought the rice variety’s seeds from Afghanistan in 1949 and cultivated it in the Bagh Dherai area of Swat for the first time.
“I had another business, this was my hobby but God gave me a chance and made this a business out of my hobby,” Nasar Khan, the 60-year-old owner, told Arab News at the restaurant which he started six years ago to revive traditional foods from the valley and introduce them to young people.
“I had in mind that our traditional food should be commercialized so that the youth who don’t know about it should get a sense of it, that was the main aim.”
Khan said he served nearly all the traditional foods of Swat, such as warjale, khare, a popular dish made with lamb, tomatoes, garlic and minimal spices cooked in a traditional karahi pan, as well as saag, which is cooked mustard or similar bitter wild greens.
A warjale meal was typically served with desi ghee, fresh cream and a yogurt-based drink called lassi. A portion for two people costs around Rs1,000, less than $1, while a three-person meal costs around Rs1,300.
Cooking warjale was a labor-intensive task, Khan explained.
“Warjale is cooked in a specific kind of saag, which can’t be cultivated but grows naturally,” he said. “The locals then pluck it and cut it in a special way … People of upper Swat call it chukan and those who live in the lower part call it warjale.”
Khan said warjale’s distinct flavor derived from ingredients that could only be sourced in Swat’s environment.
“The soil of Swat is fit for growing [Begami rice], which needs cold weather, fresh water and an environment like this,” he said.
Tourists visiting the restaurant vouched for the unique taste.
Izhar Zeb Yousafzai, a computer science lecturer visiting from Timergara, said he first heard about KTR online:
“We saw some videos about this restaurant on social media. We had a day off today, so we came here with friends ... Warjale was their specialty and we got a chance to eat it after a long time. When we gave it a try, we found its taste delicious.”
Asad Khan, a 28-year-old resident from Besham in Shangla district, said he had come to Swat for sightseeing before he heard about the restaurant and the dish.
“Warjale is the traditional food of Swat,” he said. “The way it is cooked and then presented with desi ghee, it has an exceptional taste, we can’t explain it.”
Pakistan air force’s ‘timely’ response compels four Indian jets to retreat — state media
- APP says Indian Rafale jets conducted patrolling within Indian geographical boundaries near de facto LoC border
- Minister says Islamabad had “credible intelligence” New Delhi intended to launch military action within 36 hours
ISLAMABAD: A “timely” response by the Pakistan Air Force (PAF) had “forced” four Indian Rafale jets to retreat after payrolling near the two nations’ de facto border, state-run Associated Press of Pakistan reported on Wednesday, as a top minister said Islamabad had “credible intelligence” New Delhi intended to launch military action within 36 hours.
Tensions have surged between the nuclear-armed neighbors following a deadly attack on tourists in Indian-administered Kashmir on Apr. 22 that New Delhi has said Pakistan was involved in, which denies the charges. Fears have risen since that India may conduct limited airstrikes or special forces raids near its border with Pakistan.
Since the attack, in addition to shooting over the Line of Control frontier that divides disputed Kashmir between the two nations, India and Pakistan have announced tit-for-tat diplomatic measures that included cancelation of visas and a recall of diplomats. New Delhi also suspended a crucial water-sharing treaty with Islamabad and ordered its border shut with Pakistan. In response, Pakistan has closed its airspace to Indian airlines.
“On the night of April 29/30, four Indian Rafale jets conducted patrolling within Indian geographical boundaries” near the LoC, APP reported, saying PAF “immediately” detected the jets.
“A timely and swift response by the Pakistan Air Force forced four Indian Rafale jets to retreat … The Pakistani armed forces remain fully prepared and alert to give a befitting response to any aggression from India.”
Late on Tuesday night, Pakistan’s Information Minister Ataullah Tarar said Pakistan had “credible intelligence” India was planning military action against it in the “next 24-36 hours on the pretext of baseless and concocted allegations of involvement in the Pahalgam incident.”
The statement came after Indian Prime Minister Narendra Modi on Tuesday reportedly authorized his country’s armed forces to respond to the latest attack in whatever way it deemed fit.
India has in recent years significantly enhanced its air combat capabilities with the acquisition of Rafale fighter jets from France. In 2016, India procured 36 Rafale jets for its air force, all of which have been delivered and are operational.
India also signed a $7.4 billion agreement with France this month to purchase an additional 26 Rafale jets — 22 single-seaters and four twin-seaters — for its navy, with deliveries expected by 2030.
India and Pakistan both claim Kashmir in full and rule it in part since 1947.
Pakistan urges simpler climate finance for vulnerable nations at Geneva forum
- Environment Minister Musadik Malik says global development not possible without climate justice
- He says Pakistan is highly climate-vulnerable despite contributing less than 1 percent to global emissions
ISLAMABAD: Pakistan’s Environment Minister Musadik Malik on Wednesday urged the international community to ease access to climate finance for vulnerable nations, saying Pakistan contributes less than one percent to global emissions but remains among the hardest hit by climate change.
Speaking in Geneva at a UN Capital Development Fund session on the sidelines of the Basel, Rotterdam and Stockholm (BRS) Conventions, Malik said developing countries like Pakistan face mounting climate threats despite minimal emissions and need more support from global financial institutions.
The BRS conventions are multilateral environmental agreements which focus on hazardous chemicals and waste management.
“Pakistan is among the countries most severely affected by climate change,” the Pakistani minister said, according to an official statement, adding this was despite the fact that it “contributes less than one percent to global carbon emissions.”
“The federal minister emphasized the need to simplify climate finance support,” the statement continued.
Malik reaffirmed Pakistan’s commitment to the Paris Agreement, a legally binding international treaty aimed at limiting global warming to below 2°C.
He said Pakistan was actively pursuing its Nationally Determined Contributions (NDCs), with a focus on green growth, renewable energy and sustainable water systems.
Pakistan has faced recurring heatwaves, droughts and devastating floods.
In 2022, unprecedented monsoon rains left a third of the country submerged, killing about 1,700 people and leading to over $35 billion in infrastructure damage.
Pakistan also played a leading role in establishing the global loss and damage fund for climate-hit countries, though the mechanism has yet to become fully functional.
“Global development is not possible without climate justice,” Malik said, as he appealed for effective cooperation from international financial institutions for developing countries.
Pakistani nationals leave India as tensions between the two nations escalate over Kashmir attack
- New Delhi decided to order almost all Pakistani citizens to leave the country after last week’s deadly attack in Indian-administered Kashmir
- The deadline for Pakistani citizens to leave the country, with exceptions for those who are on medical visas in India, passed on Sunday
ATTARI, India: Dozens of Pakistani nationals living in India headed to the main land crossing between India and Pakistan on Wednesday, following New Delhi’s decision to order almost all Pakistani citizens to leave the country after last week’s deadly attack in Indian-controlled Kashmir.
The deadline for Pakistani citizens to leave the country — with exceptions for those who are on medical visas in India — passed on Sunday, but many families were still scrambling to the Indian side of the border in Attari town in northern Punjab state to cross into Pakistan.
Some were arriving on their own and others were being deported by police.
“We have settled our families here. We request the government not to uproot our families,” said Sara Khan, a Pakistani national who was ordered back to Pakistan without her husband, Aurangzeb Khan, who holds an Indian passport.
Waiting on the Indian side of the border crossing, Khan carried her 14-day-old child in her arms. She said Indian authorities did not give her any time to recuperate from a caesarean section and that her long-term visa was valid until July 2026.
“They (authorities) told me you are illegal and you should go,” said Khan, who has been living in Indian-controlled Kashmir since 2017. “They gave us no time. I could not even change my shoes.”
Tensions between rivals India and Pakistan have escalated after gunmen killed 26 people, most of them Indian tourists, near the resort town of Pahalgam in disputed Kashmir.
At least three tourists who survived the massacre told The Associated Press that the gunmen singled out Hindu men and shot them from close range. The dead included a Nepalese citizen and a local Muslim pony ride operator.
India has described the massacre as a “terror attack” and accused Pakistan of backing it. Pakistan has denied any connection to the attack, which was claimed by a previously unknown militant group calling itself the Kashmir Resistance.
The massacre set off tit-for-tat diplomatic measures between India and Pakistan that included cancelation of visas and a recall of diplomats. New Delhi also suspended a crucial water-sharing treaty with Islamabad and ordered its border shut with Pakistan. In response, Pakistan has closed its airspace to Indian airlines.
As tensions escalate, cross-border firings between Indian and Pakistani soldiers have also increased along the Line of Control, the de facto frontier that separates Kashmiri territory between the two rivals.
Kashmir is split between India and Pakistan and claimed by both in its entirety. New Delhi describes all militancy in Indian-controlled Kashmir as Pakistan-backed terrorism. Pakistan denies this, and many Muslim Kashmiris consider the militants to be part of a home-grown freedom struggle.
Meanwhile, India’s cabinet committee on security, headed by Prime Minister Narendra Modi, met on Wednesday. It was their second such meeting since the attack.
United Nations Secretary-General Antonio Guterres, in separate phone calls with India and Pakistan, stressed the need to “avoid a confrontation that could result in tragic consequences.” The US State Department also called for de-escalation and said that Secretary of State Marco Rubio would be speaking soon to the Indian and Pakistani foreign ministers.
The two nations have frequently come to blows over Kashmir in the past, but last week’s massacre has escalated tensions and Modi has repeatedly vowed to pursue and punish the attackers.
Early Wednesday, Pakistan said it had “credible intelligence” that India intends to carry out military action against it in the “next 24-36 hours on the pretext of baseless and concocted allegations of involvement in the Pahalgam incident.”
There was no immediate comment from Indian officials.
Pakistan positions itself as ‘leading digital nation’ at inaugural online FDI forum
- Pakistan ranks among top 10 nations by online population, with 140 million Internet and 73 million smartphone users
- PM Sharif says Pakistan stands on brink of digital transformation, backed by investor confidence and young workforce
ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar emphasized the country’s young and dynamic population was capable of positioning it as a competitive provider of high-quality information technology services while addressing the Digital Foreign Direct Investment (DFDI) forum in Islamabad on Wednesday.
The two-day forum, inaugurated on April 29, is co-hosted by Pakistan and the Riyadh-based Digital Cooperation Organization (DCO). It has brought together over 400 delegates and more than 200 IT and telecom companies from over 30 countries.
The DCO, established in November 2020, is a global multilateral organization that seeks to accelerate the inclusive growth of the digital economy. Its founding members include Saudi Arabia, Bahrain, Jordan, Kuwait and Pakistan.
Pakistan is also set to assume the DCO presidency, reflecting the South Asian state’s commitment to digital transformation.
“Digital services exports have become a cornerstone of [Pakistan’s] economic strategy,” Dar said. “Pakistan’s growing pool of highly skilled tech professionals is creating world-class solutions for clients across the globe.”
“With our young, dynamic workforce and expanding capabilities, we are positioning Pakistan as a reliable and competitive source of high-quality digital services,” he continued.
Dar highlighted the country’s demographics as a significant advantage, adding Pakistan had over 140 million Internet users and 73 million smartphone users, making it among the top 10 countries globally in terms of online population.
He also emphasized the opportunities within the DCO region.
“The potential of the DCO region is immense,” he pointed out. “With a combined GDP of $3.5 trillion and a population of over 800 million, it is one of the most promising frontiers for digital investment.”
“At this forum, we are not just identifying investment-ready markets and emerging startup ecosystems,” he continued. “We are spotlighting scalable innovations in artificial intelligence, cybersecurity, cloud computing and other frontier technologies.”
He highlighted Pakistan’s commitment to building world-class digital infrastructure and invited global investors to benefit as well.
“Let me emphasize that Pakistan offers a compelling proposition to global investors,” he said. “With investor-friendly policies, regulatory reforms and a cost advantage of up to 70 percent compared to North America, Pakistan creates the ideal environment for sustainable and profitable growth.”
A day earlier, Prime Minister Shehbaz Sharif announced Pakistan had secured approximately $700 million in foreign investment commitments by hosting the forum, underscoring the country’s appeal as a digital investment destination.
Sharif also met DCO Secretary-General Deemah AlYahya earlier today and called the forum a “transformative moment” for the country’s digital economy.
“Pakistan’s most valuable asset is our young workforce,” he said. “Equipping them with digital skills and training is among our top priorities.”
The prime minister said the DFDI forum and its international participation reflected Pakistan’s potential to lead in the global digital economy.
He also met executives from major IT firms participating in the two-day forum, including Russoft, sAi Venture Capital, Mashreq Bank and Mindhyve.ai, who collectively pledged about $700 million in digital sector investment.
“Pakistan stands on the threshold of a transformative leap,” he told delegates, reaffirming his government’s support and commitment to building long-term, mutually beneficial partnerships.
Sharif said Pakistan’s goal was to become a regional hub for technology, finance and innovation, aligned with its ongoing fiscal reforms and digital infrastructure expansion.
