Punjab mulling over acquiring national airline, says Pakistan ruling party chief 

ISLAMABAD: Two soldiers and 15 militants were killed as Pakistani security forces launched three separate operations in the country’s northwestern Khyber Pakhtunkhwa province, the military’s media wing, Inter-Services Public Relations (ISPR), said on Saturday.

Pakistani militant network, Tehreek-e-Taliban Pakistan (TTP), has intensified attacks in the region in recent years. Pakistan refers to TTP fighters as “khwarij,” a term rooted in Islamic history for an extremist sect that rebelled against authority and declared other Muslims to be apostates.

“On 25-26 April 2025, fifteen khwarij were killed in three separate engagements in Khyber Pakhtunkhwa Province,” the ISPR said in a statement.

The operations were conducted in Karak, North Waziristan and South Waziristan districts.

In Karak, eight militants were killed during an intelligence-based operation.

“In an another operation conducted in North Waziristan District, four khwarij were killed by the security forces,” the statement continued. “However, during the intense fire exchange, two brave sons of soil, Lance Naik Usman Mohmand (age: 28 years, resident of District Charsadda) and Sepoy Imran Khan (age: 26 years, resident of District Kurram) having fought gallantly, paid the ultimate sacrifice and embraced shahadat [martyrdom].”

The ISPR said that in South Waziristan’s Gomal Zam area, three more militants were killed. Weapons and ammunition were recovered from the dead militants, who, according to the statement, were involved in “numerous terrorist activities.”

Prime Minister Shehbaz Sharif praised the security forces for the successful operations and paid tribute to the soldiers who died.

“The entire nation stands with the security forces in the fight against terrorism,” he said in a statement circulated by his office.

Pakistan has seen a surge in militant violence, particularly in its northwestern Khyber Pakhtunkhwa province and southwestern Balochistan, since the Afghan Taliban returned to power in Kabul in 2021.

Islamabad accuses TTP factions operating from Afghanistan of fueling unrest, a charge the Afghan Taliban denies.

WASHINGTON: Pakistan has put in a request to China to augment its existing swap line by 10 billion yuan ($1.4 billion), Finance Minister Muhammad Aurangzeb said, adding he expected the country would launch a Panda bond before year-end.

Pakistan has an existing 30 billion yuan swap line already, Aurangzeb told Reuters in an interview on the sidelines of the International Monetary Fund and World Bank Group spring meetings in Washington.

“From our perspective, getting to 40 billion renminbi would be a good place to move toward ... we just put in that request,” Aurangzeb said.

China’s central bank has been promoting currency swap lines with a raft of emerging economies, including the likes of Argentina and Sri Lanka.

Pakistan has also made progress on issuing its first panda bond — debt issued on China’s domestic bond market, denominated in yuan. Talks with the presidents of the Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) — the two lenders who are in line to provide credit enhancements for the issue — had been constructive, he said.

“We want to diversify our lending base and we have made some good progress around that — we are hoping that during this calendar year we can do an initial print,” he said.

Meanwhile, Aurangzeb expected the IMF executive board to sign off in early May on the Staff Level Agreement on its new $1.3 billion arrangement under a climate resilience loan program as well as the first review of the ongoing $7 billion bailout program.

Getting the green light from the IMF board would trigger a $1 billion payout under the program, which the country secured in 2024 and has played a key role in stabilizing Pakistan’s economy.

Asked about the economic fallout from the tensions with India following the killing of 26 men at a tourist site earlier this month, Aurangzeb said it was “not going to be helpful.”

The attack triggered outrage and grief in India, along with calls for action against neighbor Pakistan, whom New Delhi accuses of funding and encouraging terrorism in Kashmir, a region both nations claim and have fought two wars over.

After the attack, India and Pakistan unleashed a raft of measures against each other, with Pakistan closing its airspace to Indian airlines and suspending trade ties, and India suspending the 1960 Indus Waters Treaty that regulates water-sharing from the Indus River and its tributaries.

Trade flows between the two countries had already fallen off sharply following past frictions and totalled just $1.2 billion last year.

Aurangzeb estimated growth around 3% in the current financial year which ends in June 2025, and in the 4-5% range next year, with a view to hitting 6% thereafter.