ISLAMABAD: Pakistan on Thursday condoled with Iraq after 92 people were killed in a fire that tore through a coronavirus hospital in southern Iraq earlier this week.
More than 100 people were injured in the blaze on Monday night in Nassiriya, Iraqi officials said.
“The government and people of Pakistan are saddened over the tragic incident of fire that erupted in a hospital in Nasiriya, Iraq,” the Pakistani foreign office said. “We extend sincere condolences to the government and fraternal people of Iraq on the loss of precious lives and injuries caused to many. Pakistan stands with brotherly Iraq in this hour of grief.”
An investigation showed the fire began when sparks from faulty wiring spread to an oxygen tank that then exploded, police and civil defense authorities said.
It was Iraq’s second such tragedy in three months, and the country’s president on Tuesday blamed corruption for both. A statement from the prime minister’s office called for national mourning.
Pakistan condoles with Iraq after 92 die in fire in COVID-19 ward
https://arab.news/9hg94
Pakistan condoles with Iraq after 92 die in fire in COVID-19 ward
- More than 100 people were injured in the blaze on Monday night in Nassiriya
- Pakistan stands with brotherly nation Iraq in “hour of grief,” foreign office says
China’s BYD partners with local firms to launch largest EV charging network in Pakistan
- 128 DC fast chargers will be installed across Pakistan over the next three years
- Pakistan approved EV policy in 2019 with a target of 30 percent electric vehicles by 2030
KARACHI: China’s BYD, the world’s largest New Energy Vehicle (NEV) manufacturer and Pakistan’s Mega Motor Company (MMC) have partnered with Hub Power Company (HUBCO) to launch the country’s largest NEV charging network, the company said on Friday.
NEVs refer to alternative-fuel vehicles that rely on electric, hybrid, hydrogen or other non-traditional power sources instead of conventional gasoline or diesel engines
BYD, a global leader in battery-electric and plug-in hybrid vehicles, has expanded aggressively in Asia, Europe and Latin America. Mega Motor, a subsidiary of Pakistan’s HUBCO, is spearheading the local manufacturing, distribution and sales of BYD-branded vehicles.
“This nation-wide rollout of infrastructure marks one of the most significant developments in the country’s shift toward electric mobility by addressing a critical gap in Pakistan’s EV ecosystem and establishing the most extensive NEV charging network,” BYD said in a statement.
“As part of this strategic and groundbreaking roadmap, HGL will install approximately 128 DC fast chargers across the country over the next three years, with 50 installations planned by December 2025.”
It added that the charging points would be placed every 150-200 kilometers of highways and motorways along with malls, hotels and hospitals.
“Range anxiety remains one of the most significant barriers to NEV adoption across Pakistan,” BYD Pakistan Vice President Sales and Strategy Danish Khaliq said.
“Through this groundbreaking partnership with HUBCO Green, we are not just addressing a logistical issue but shaping the entire mobility landscape of the country.”
BYD and MMC partnered last year to introduce electric vehicles (EVs) in Pakistan, aiming to accelerate the country’s transition toward sustainable mobility.
The government approved the National Electric Vehicles Policy in 2019, setting a target of 30 percent EVs by 2030. In March, Pakistan inaugurated the country’s fastest EV charging station in Islamabad.
Earlier this year, Pakistan announced a 45 percent reduction in power tariffs for electric vehicle charging stations. The government is also planning financing schemes for e-bikes and the conversion of two and three-wheeled petrol vehicles.
According to a report submitted by the power ministry, there are currently more than 30 million two- and three-wheeled vehicles in Pakistan, which consume more than $5 billion worth of petroleum annually.
In January, China’s ADM Group revealed plans to invest $250 million in setting up an electric vehicle manufacturing plant in Pakistan.
Pakistan stocks slide on India tensions, key sectors lose up to 15% after Kashmir attack
- Foreign investors remained net sellers in April, taking their outflows since July to $252 million
- The market recovered some of its losses on Friday but remains volatile heading into next week
KARACHI: Pakistan’s renewed tensions with archrival India have weighed heavily on the country’s stock market, with key sectors like refineries posting losses of up to 15 percent since a gun attack killed 26 tourists in the disputed Kashmir region on April 22, according to analysts and market data on Friday.
India blamed Pakistan for the attack despite Islamabad’s denial and call for a neutral probe. The escalation, which has seen border closures, tit-for-tat diplomatic expulsions and fears of military confrontation between the nuclear-armed neighbors, has drawn international concern.
The KSE-100 Index, Pakistan’s benchmark stock gauge, fell 6 percent over six trading sessions following the attack, according to Pakistan Stock Exchange (PSX) data.
The market recovered some losses on Friday but remained volatile heading into next week.
“Pakistan’s stock market experienced heightened volatility after the Pahalgam attack,” Sana Tawfik, an economist and head of research at Arif Habib Ltd., told Arab News while referring to the attack in Indian-administered Kashmir.
Between April 22 and April 30, the index dropped 7,104 points or 6 percent, she said.
Key sectors bore the brunt of the sell-off, including refineries (-15.4 percent), transport (-15 percent), pharmaceuticals (-12.9 percent), jute (-11.6 percent) and engineering (-9.2 percent).
“This decline reflects broad investor risk aversion amid geopolitical uncertainty,” she added.
The latest flare-up with India added to pressure on Pakistani equities, which had already been hit by US President Donald Trump’s tariff increases last month. That triggered panic selling and a one-hour trading halt at the PSX.
“Foreigners remained net sellers [in April] as well, taking 10MFY25 net outflow to around $252 million,” JS Global Capital Ltd., the largest broking and investment banking firm in Pakistan, said in a note to clients.
Muhammad Waqas Ghani, its head of research, said investor caution over Pakistan’s escalating tensions with India had driven the recent market volatility.
“The impact of geopolitical concerns is beginning to wear off,” he said.
On Friday, the KSE-100 rebounded 2.5 percent to 114,113 points, trimming overall losses to 3.6 percent. Ghani attributed the recovery to US diplomatic efforts to defuse tensions between the two neighbors.
“The market opened positive today [Friday], gaining 2,900 points or 2.6 percent in the first half,” he said.
Analysts said calls for restraint from the US, United Nations and other members of the International community contributed to Friday’s rally.
US Vice President JD Vance told Fox News in a podcast interview that Washington was working to prevent further escalation and preserve regional peace.
Mohammed Sohail, CEO at Topline Securities Ltd., said stocks bounced back as investors regained confidence amid “signals of easing tensions.”
JS Global said market sentiment could improve further after the International Monetary Fund’s (IMF) expected release of funds for Pakistan following its upcoming executive board meeting this month.
“Materialization of planned foreign inflows, likely after IMF disbursement, along with geopolitical stability, remains crucial for the country and equity markets,” it added.
Six Indian gray wolf puppies rescued in southwest Pakistan
- The puppies were moved to a wildlife rescue center in Balochistan
- These wolves inhabit dry grasslands of India, Pakistan and Nepal
KARACHI: Six Indian gray wolf puppies, found in the care of local residents in Pakistan’s southwestern Zhob district, were relocated to a rescue center in Balochistan province, the Wildlife Department said on Friday.
The Indian gray wolf, also known as canis lupus pallipes, is a small, slender subspecies of the gray wolf found in India, Pakistan and Nepal, particularly in dry grasslands and scrublands. It has a pale brown or reddish-gray coat with short fur suited to hot climates.
The rescue followed a video that went viral on social media, showing locals playing with the puppies in the Kakar Khorasan area of Zhob. Wildlife officials then sought assistance from the police and Levies to take the animals into their custody, which they did.
“We have transferred all six to the rescue center in Zhob where they are being cared for,” Chief Wildlife Conservator Sharifuddin Baloch told Arab News over the phone. “Once they reach an appropriate age, they will be released into the wild.”
He said initial reports suggested that one wolf puppy had died, but wildlife officials later found all the puppies alive.
Compared to other wolves, Indian gray wolves form smaller packs, are more elusive and less vocal. They prey on livestock, small mammals and occasionally wild ungulates.
Genetically distinct and among the oldest wolf lineages, the Indian gray wolf is listed as endangered in India due to habitat loss, human-wildlife conflict and persecution.
Pakistan’s UN envoy says India’s suspension of water treaty ‘illegal,’ poses ‘existential threat’
- Ambassador Ahmad warns India’s action could set a dangerous precedent undermining rights of lower riparian states
- He says Pakistan rejects any attempt to associate it to the April 22 attack, which it condemned alongside other nations
ISLAMABAD: Pakistan’s top diplomat at the United Nations on Friday raised alarm over India’s decision to suspend a decades-old river water sharing mechanism between the two nations after a gun attack killed 26 people in the disputed Kashmir region on April 22.
New Delhi blamed Islamabad for the assault in Pahalgam, a tourist hotspot in Indian-administered Kashmir, despite Pakistani denial of involvement and calls for an independent investigation. India also expelled Pakistani diplomats, shut a major border crossing and suspended the 1960 Indus Waters Treaty (IWT) in the wake of the attack.
Ambassador Asim Iftikhar Ahmad, Pakistan’s Permanent Representative to the UN, told a media briefing at the UN his country “categorically rejects any attempt to associate it with the 22 April terrorist incident” and had condemned it alongside other Security Council members.
He described India’s conduct as “incendiary,” saying it disregarded international law and could have “far-reaching consequences for global peace and stability.”
“Of grave and particular concern is India’s irresponsible decision to hold in abeyance the historic Indus Waters Treaty of 1960, a landmark, legally binding agreement brokered and guaranteed by the World Bank,” he said.
“Holding of IWT in abeyance is unilateral and illegal,” he continued. “There are no such provisions in the Treaty. India’s unilateral and unlawful actions are bound to undermine regional peace and stability with catastrophic implications.”
The Pakistani envoy warned that the suspension of the IWT posed “an existential threat to the people of Pakistan” and amounted to the usurpation of the rights of lower riparian states.
“If left unchecked by the international community, such actions risk setting a dangerous precedent that could undermine the legal rights for lower riparian states, potentially triggering new global conflicts over shared water resources,” he said.
Ahmad also expressed concern over escalating rights violations in Indian-administered Kashmir, the only Muslim-majority region under New Delhi’s control, since the Pahalgam attack.
He cited reports of arbitrary detentions, home demolitions and “collective punishment” imposed on civilians by the Indian authorities.
He reiterated Pakistan’s longstanding position that the root cause of instability in South Asia was the unresolved Jammu and Kashmir dispute, and warned of the risk of wider conflict in the nuclear-armed region.
“Escalation in South Asia, home to nearly two billion people, favors none,” Ahmad said. “It is time for sanity to prevail and allow dialogue and diplomacy to prevent the situation from spiraling out of control.”
Pakistan sees tax-to-GDP ratio hitting 10.6% by June as reform efforts continue
- The country’s tax-to-GDP ratio was among the lowest in the region and stood at 8.8% in FY2023-24
- Pakistan’s finance chief projects foreign exchange reserves to reach $14 billion by the end of June
KARACHI: Pakistan’s finance chief said on Friday the country’s tax-to-GDP ratio was expected to reach 10.6% by the end of the current fiscal year, according to an official statement, as the government works to build on economic progress made under recent International Monetary Fund (IMF) loan programs.
Pakistan’s tax-to-GDP ratio, one of the lowest in the region, stood at around 8.8% in fiscal year 2023-24. Finance Minister Muhammad Aurangzeb has repeatedly warned that such low levels of revenue mobilization are unsustainable and pose long-term risks to fiscal stability.
Aurangzeb shared the projection while briefing representatives of Standard & Poor’s Global Ratings as part of Pakistan’s ongoing sovereign ratings review.
“The Finance Minister presented a detailed overview of the government’s macroeconomic reform agenda and reaffirmed Pakistan’s commitment to achieving sustainable and inclusive economic growth by enhancing productivity and promoting exports,” the finance ministry said in a statement after the meeting.
He said Pakistan’s external portfolio was well-managed, with foreign exchange reserves projected to reach $14 billion by the end of June.
“He further stated that the tax-to-GDP ratio was expected to reach 10.6 percent by the end of June, which would mark progress toward the government’s target of raising it to 13 percent by the conclusion of the 37-month Extended Fund Facility (EFF) with the International Monetary Fund (IMF),” the statement said.
Pakistan has taken several steps to improve revenue collection, including the automation of processes at the Federal Board of Revenue (FBR), the operationalization of the National Tax Council and the imposition of agricultural income tax.
It has also separated the Tax Policy Office from the FBR to better align tax policymaking with broader economic goals.
Aurangzeb also highlighted recent surpluses in both the primary balance and the current account, along with falling inflation and current account deficit figures, which he said were contributing to improved economic fundamentals.
During last month’s IMF-World Bank Spring Meetings in Washington, the Pakistani finance chief held over 70 engagements with rating agencies, development finance institutions, investors and think tanks.
The government also maintains the international community broadly supports Pakistan’s reform agenda, as it tries to maintain its overall economic momentum.
