Search form

You are here

  • Home
  • Pakistan PM in Cairo to attend D-8 summit


Pakistan PM in Cairo to attend D-8 summit

Egypt's Minister for Public Business Sector (right) receives Pakistan's Prime Minister Shehbaz Sharif in Cairo, Pakistan, on December 18, 2024. (Government of Pakistan)
Short Url

https://arab.news/4cdrn

Updated 19 December 2024
Follow

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
Updated 19 December 2024
KASHIF IMRAN

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 member 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.

Topics: Pakistan Egypt ties D-8 summit Cairo

Pakistan set to hold rates as Israel-Iran conflict overshadows growth push

Updated 13 June 2025
Reuters
Follow

Pakistan set to hold rates as Israel-Iran conflict overshadows growth push

  • Several brokerages initially expected a cut but revised their forecasts after Israeli strikes sparked fears of a broader conflict
  • Escalating hostilities triggered a sharp spike in oil prices, a worry for Pakistan given the broader impact on imported inflation
Updated 13 June 2025
Reuters

KARACHI: Pakistan’s central bank is expected to hold its policy rate on Monday, a Reuters poll showed, as many analysts shifted their previous view of a cut in the wake of Israel’s military strike on Iran, citing inflation risks from rising global commodity prices.

Israel said on Friday it targeted nuclear facilities, ballistic missile factories and military commanders in a “preemptive strike” to prevent Tehran from building an atomic weapon.

Several brokerages had initially expected a cut but revised their forecasts after the Israeli strikes sparked fears of a broader conflict. The escalating hostilities triggered a sharp spike in oil prices — a worry for Pakistan given the broader impact on imported inflation from a potentially prolonged conflict and tightening of crude supplies.

Eleven of 14 respondents in a snap poll expected the State Bank of Pakistan (SBP) to leave the benchmark rate unchanged at 12 percent. Two forecast a 100 basis-point cut and one predicted a 50 bps cut.

“There remains an upside risk of a rise in global commodity prices in light of geopolitical tensions which could mark a return to inflationary pressures,” said Ahmad Mobeen, senior economist at S&P Global Market Intelligence.

“The resultant higher import bill could also threaten external sector performance and bring pressure to the exchange rate.”

Inflation in the South Asian country has been declining for several months after it soared to around 40 percent in May 2023.

Last month, however, inflation picked up to 3.5 percent, above the finance ministry’s projection of up to 2 percent, partly due to the fading of the year-go base effects. The SBP expects average inflation between 5.5 percent and 7.5 percent for the fiscal year ending June.

The central bank paused its easing cycle in March after cumulative cuts of 1,000 basis points from a record high of 22 percent, and resumed it with a 100-basis-point reduction in May.

The policy meeting follows the release a tight annual budget, which saw Pakistan raise defense spending by 20 percent but overall expenditure was reduced by 7 percent, with GDP growth forecast at 4.2 percent.

Pakistan says its $350 billion economy has stabilized under a $7 billion IMF bailout that had helped it staved a default threat.

Some analysts are skeptical of the government’s ability to reach the growth target amid fiscal and external challenges.

Abdul Azeem, head of research at Al Habib Capital Markets, which forecast a 50-bp cut, said a lower rate could “support the GDP target of 4.2 percent and reduce the debt financing burden.”

Topics: Pakistan Iran Ties

Pakistan condemns ‘illegitimate aggression’ as Israel launches widescale strikes on Iran

Updated 54 min 59 sec ago
Follow

Pakistan condemns ‘illegitimate aggression’ as Israel launches widescale strikes on Iran

  • Israel hits nuclear facilities, ballistic missile factories and military commanders in operation to prevent Tehran from building atomic weapon
  • 200 Israeli jets took part in strikes and hit over 100 targets, military spokesman says, Tehran launches 100 drones toward Israel in retaliation
Updated 54 min 59 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan on Friday condemned what it called Israel’s “unjustified and illegitimate aggression” against Iran after strikes targeted nuclear facilities, ballistic missile factories and military commanders as part of an operation to prevent Tehran from building an atomic weapon.

Israel launched strikes on Iran early Friday, with black smoke rising from around its main nuclear enrichment facility. Iran’s elite Revolutionary Guards corps said its top commander, Hossein Salami, was killed and state media reported the unit’s headquarters in Tehran had been hit. Several children had been killed in a strike on a residential area in the capital, it said.

The International Atomic Energy Agency said on Friday there was no increase in radiation levels at the Natanz nuclear site, citing information given by Iranian authorities.

Israeli military spokesman Brig. Gen. Effie Defrin said 200 Israeli fighter jets took part in the strikes, hitting more than 100 targets in Iran, which had launched about 100 drones toward Israeli territory in retaliation.

“Pakistan strongly condemns the unjustified and illegitimate aggression by Israel against the Islamic Republic of Iran,” the Pakistani foreign office said in a statement, warning that the escalation posed “a serious threat to regional peace and security.”

The foreign ministry said Israel had violated Iran’s sovereignty and said the attacks were “contrary to the UN Charter and fundamental principles of international law.”

“Iran has the right to self-defense under Article 51 of the UN Charter,” the statement added.

Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar described the Israeli strikes as a “brazen violation” of Iran’s sovereignty and said they “gravely undermine regional stability and international security.”

“Pakistan stands in solidarity with the government and the people of Iran,” Dar wrote on X.

Dar also said the embassy had set up a 24/7 Crisis Management Unit at the foreign ministry “to ensure safety & security of our nationals / pilgrims in Iran.”

Pakistani Prime Minister Shehbaz Sharif called on the international community and the United Nations to “take urgent steps to prevent any further escalation that could imperil regional and global peace.”

Israeli military spokesperson Defrin said all air defense systems had been activated in response to Iran’s retaliation and the country expected “difficult hours ahead.”

In Washington, the US administration said it was not involved in the Israeli operation, which raises the risk of a fresh escalation in tensions in the Middle East, a major oil producing region.

“Israel took unilateral action against Iran,” US Secretary of State Marco Rubio said in a statement released by the White House. “Our top priority is protecting American forces in the region.”

Saudi Arabia’s foreign ministry also condemned the Israeli strikes.

“The Kingdom condemns these heinous attacks and affirms that the international community and the Security Council bear a great responsibility to immediately halt this aggression,” the Saudi statement said.

Airlines cleared out of the airspace over Israel, Iran and Iraq and Jordan on Friday after the Israelis strikes, Flightradar24 data showed, with carriers scrambling to divert and cancel flights to keep passengers and crew safe.

Iran closed its airspace and Tel Aviv’s Ben Gurion Airport was closed until further notice.

Israeli military Chief of Staff Eyal Zamir said tens of thousands of soldiers had been called up and “prepared across all borders.”

“We are amidst a historic campaign unlike any other. This is a critical operation to prevent an existential threat, by an enemy who is intent on destroying us,” he said.

With inputs from AP and Reuters​​​​​​​

Topics: Pakistan Iran Ties

Pakistan, other nuclear states together spent $100 billion on weapons in 2024 — report

Updated 13 June 2025
AFP
Follow

Pakistan, other nuclear states together spent $100 billion on weapons in 2024 — report

  • US spent $56.8 billion in 2024, followed by China at $12.5 billion, says International Campaign to Abolish Nuclear Weapons
  • ICAN says level of nuclear weapons spending in 2024 by these nine nations could have paid UN budget almost 28 times over
Updated 13 June 2025
AFP

GENEVA: Nuclear-armed states spent more than $100 billion on their atomic arsenals last year, the International Campaign to Abolish Nuclear Weapons said Friday, lamenting the lack of democratic oversight of such spending.

ICAN said Britain, China, France, India, Israel, North Korea, Pakistan, Russia and the United States together spent nearly $10 billion more than in 2023.

The United States spent $56.8 billion in 2024, followed by China at $12.5 billion and Britain at $10.4 billion, ICAN said in its flagship annual report.

Geneva-based ICAN won the 2017 Nobel Peace Prize for its key role in drafting the Treaty on the Prohibition of Nuclear Weapons, which took effect in 2021.

Some 69 countries have ratified it to date, four more have directly acceded to the treaty and another 25 have signed it, although none of the nuclear weapons states have come on board.

This year’s report looked at the costs incurred by the countries that host other states’ nuclear weapons.

It said such costs are largely unknown to citizens and legislators alike, thereby avoiding democratic scrutiny.

Although not officially confirmed, the report said Belgium, Germany, Italy, the Netherlands and Turkiye were hosting US nuclear weapons, citing experts.

Meanwhile Russia claims it has nuclear weapons stationed in Belarus, but some experts are unsure, it added.

The report said there was “little public information” about the costs associated with hosting US nuclear weapons in NATO European countries, citing the cost of facility security, nuclear-capable aircraft and preparation to use such weapons.

“Each NATO nuclear-sharing arrangement is governed by secret agreements,” the report said.

“It’s an affront to democracy that citizens and lawmakers are not allowed to know that nuclear weapons from other countries are based on their soil or how much of their taxes is being spent on them,” said the report’s co-author Alicia Sanders-Zakre.

Eight countries openly possess nuclear weapons: the United States, Russia, Britain, France, China, India, Pakistan and North Korea.

Israel is widely assumed to have nuclear weapons, although it has never officially acknowledged this.

ICAN said the level of nuclear weapons spending in 2024 by these nine nations could have paid the UN budget almost 28 times over.

“The problem of nuclear weapons is one that can be solved, and doing so means understanding the vested interests fiercely defending the option for nine countries to indiscriminately murder civilians,” said ICAN’s program coordinator Susi Snyder.

The private sector earned at least $42.5 billion from their nuclear weapons contracts in 2024 alone, the report said.

There are at least $463 billion in ongoing nuclear weapons contracts, some of which do not expire for decades, and last year, at least $20 billion in new nuclear weapon contracts were awarded, it added.

“Many of the companies that benefited from this largesse invested heavily in lobbying governments, spending $128 million on those efforts in the United States and France, the two countries for which data is available,” ICAN said.

Standard nuclear doctrine — developed during the Cold War between superpowers the United States and the Soviet Union — is based on the assumption that such weapons will never have to be used because their impact is so devastating, and because nuclear retaliation would probably bring similar destruction on the original attacker.

Pakistan’s Sindh, Khyber Pakhtunkhwa provinces to present budgets 2025-26 today

Updated 13 June 2025
Follow

Pakistan’s Sindh, Khyber Pakhtunkhwa provinces to present budgets 2025-26 today

  • Pakistan’s federal government announced its budget 2025-26, with total outlay of $62 billion, on Tuesday
  • Sindh CM Murad Ali Shah, who also holds finance portfolio, will present budget at 3:00 pm, says state media
Updated 13 June 2025
NAIMAT KHAN

KARACHI: Pakistan’s Sindh and Khyber Pakhtunkhwa (KP) provinces will present their annual budgets for the fiscal year 2025-26 today, Friday, in their respective assemblies, state-run media reported.

The development will take place a few days after Pakistan’s central government announced the federal budget for the fiscal year 2025-26 with a total outlay of Rs7.57 trillion ($62 billion). Finance Minister Muhammad Aurangzeb presented the budget in parliament on Tuesday, which allocates Rs2.55 trillion ($9 billion) for defense spending in FY26, compared to Rs2.12 trillion in the fiscal year ending this month.

Pakistan’s provincial governments announce their annual budgets typically a few days after the federal government. KP Minister for Finance Aftab Alam Afridi will present the budget in the KP Assembly at 3:00 pm, state broadcaster Radio Pakistan reported.

“In Sindh, Chief Minister Syed Murad Ali Shah, who also holds the portfolio of finance will present the budget in Sindh assembly in Karachi at three in the afternoon,” the report said.

The state media said Pakistan’s most populous Punjab province will announce its budget on Monday.

The federal government announced a significant income tax relief for the salaried class in its budget earlier this week, aiming to ease the burden on people amid high inflation and economic uncertainty. The income tax rate for individuals earning between Rs600,000 and Rs1.2 million ($2,128–$4,255) annually would be cut from 5 percent to 2.5 percent.

“For those earning up to Rs22,000,000 [$7,788], the tax rate has been proposed at 11 percent instead of 15 percent. Similarly, those who earn a higher salary, there is a proposition of tax reduction,” Aurangzeb said.

“For those who are earning between Rs22,000,000 [$7,788] up to Rs32,000,000 [$11,328], the tax rate has been proposed to be reduced from 25 percent to 23 percent,” he added.

For high-income earners making over Rs10 million ($35,460) annually, a 1 percent reduction in the additional surcharge has been recommended to help curb the ongoing brain drain, the minister said.

BUDGET 2025-26 HIGHLIGHTS:

GDP/DEFICIT

* GDP growth projected to be 4.2 percent

* Nominal GDP seen at 129.57 trillion rupees

* Fiscal deficit expected to be 3.9 percent of GDP

* Targets primary surplus of 2.4 percent of GDP

INFLATION

* Targets inflation at 7.5 percent

EXPENDITURE

* Total spending seen at 17.57 trillion rupees

* Defense expenditure of 2.55 trillion rupees targeted

* Interest payments projected at 8.21 trillion rupees

REVENUE

* Total gross revenue of 19.28 trillion rupees targeted

* Targets total tax revenue of 14.1 trillion rupees

* Aiming for net external receipts of 106 billion rupees

($1 = 282.0000 Pakistani rupees)

Topics: Pakistan Budget 2025-26

In a Pakistan valley, a small revolution among women

Updated 13 June 2025
AFP
Follow

In a Pakistan valley, a small revolution among women

  • Woman-led carpentry shop in Hunza Valley has trained around 100 women since 2008, employs 22 people
  • Experts say high literacy rate driving socio-economic progress of women in Hunza compared to rest of Pakistan
Updated 13 June 2025
AFP

KARIMABAD, Pakistan: In a sawdust-filled workshop nestled in the Karakoram Mountains, a team of women carpenters chisel away at cabinets — and forge an unlikely career for themselves in Pakistan.

Women make up just a fraction of Pakistan’s formal workforce. But in a collection of villages sprinkled along the old Silk Road between China and Afghanistan, a group of women-led businesses is defying expectations.

“We have 22 employees and have trained around 100 women,” said Bibi Amina, who launched her carpentry workshop in 2008 at the age of 30.

Hunza Valley’s population of around 50,000, spread across mountains abounding with apricot, cherry, walnut and mulberry orchards, follow the Ismaili branch of Shiite Islam.

Ismailis are led by the Aga Khan, a hereditary position held by a family with Pakistani roots now living in Europe.

The family opened a girls’ school in Hunza in 1946, kickstarting an educational investment that pushed the valley’s literacy rate to 97 percent for both men and women. That rate far outstrips the country average of around 68 percent for men and 52.8 percent for women.

As a result, attitudes have shifted, and women like Amina are taking expanded roles.

“People thought women were there to wash dishes and do laundry,” Amina said of the generation before her.

Trained by the Aga Khan Foundation to help renovate the ancient Altit Fort, Amina later used her skills to start her own business. Her carpenters are currently at work on a commission from a luxury hotel.

Only 23 percent of the women in Pakistan were officially part of the labor force as of 2024, according to data from the World Bank.

In rural areas, women rarely take on formal employment but often toil in the fields to support the family’s farming income.

In a Gallup poll published last year, a third of women respondents said their father or husband forbade them from taking a job, while 43.5 percent said they had given up work to devote themselves to domestic tasks.

Cafe owner Lal Shehzadi spearheaded women’s restaurant entrepreneurship in Hunza.

She opened her cafe at the top of a winding high street to supplement her husband’s small army pension.

Sixteen years later, her simple set-up overlooking the valley has become a popular night-time tourist attraction. She serves visitors traditional cuisine, including yak meat, apricot oil and rich mountain cheese.

“At the start, I used to work alone,” she said. “Now, 11 people work here and most of them are women. And my children are also working here.”

Following in Shehzadi’s footsteps, Safina quit her job to start her own restaurant around a decade ago.

“No one wanted to help me,” she said. Eventually, she convinced family members to sell two cows and a few goats for the money she needed to launch her business.

Now, she earns the equivalent of around $170 a month, more than 15 times her previous income.

The socio-economic progress of women in Hunza compared to other rural areas of Pakistan has been driven by three factors, according to Sultan Madan, the head of the Karakoram Area Development Organization and a local historian.

“The main reason is the very high literacy rate,” he told AFP, largely crediting the Aga Khan Foundation for funding training programs for women.

“Secondly, agriculture was the backbone of the economy in the region, but in Hunza the landholding was meager and that was why women had to work in other sectors.”

Women’s increased economic participation has spilled into other areas of life, like sports fields.

“Every village in the valley has a women’s soccer team: Gojal, Gulmit, Passu, Khyber, Shimsal,” said Nadia Shams, 17.

On a synthetic pitch, she trains with her teammates in jogging pants or shorts, forbidden elsewhere by Pakistan’s dress code.

Here, one name is on everyone’s lips: Malika-e-Noor, the former vice-captain of the national team who scored the winning penalty against the Maldives in the 2010 South Asian Women’s Football Championship.

Fahima Qayyum was six years old when she witnessed the killer kick.

Today, after several international matches, she is recruiting the next generation.

“As a girl, I stress to others the importance of playing, as sport is very good for health,” she told AFP.

“If they play well, they can also get scholarships.”

Latest updates

Rescuers scour buildings after Air India plane crash kills over 240
Air India flight makes emergency landing in Thailand after bomb threat; all passengers off plane
Pakistan set to hold rates, dollar bonds slide in shadow of Israel-Iran conflict
Mexican citizen dies in US immigration detention center
Trump says had advance notice of Israeli strikes on Iran: Fox News

Search form

Print Edition
Read pdf version Subscribe now
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.