Pakistani stocks, currency appreciate in response to Islamabad-IMF staff-level agreement 

Stock brokers monitor share prices displayed on a digital screen during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on February 12, 2024. (AFP/ File)
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Updated 26 March 2025
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Pakistani stocks, currency appreciate in response to Islamabad-IMF staff-level agreement 

  • IMF on Tuesday announced reaching staff-level agreement with Islamabad on first review under Extended Fund Facility
  • Stocks close at 117,772 points, gaining 1 percent while the rupee inches 0.1 percent up to close at Rs280.2 against the greenback 

KARACHI: Pakistan’s stocks and currency markets on Wednesday reacted positively to Islamabad’s staff-level agreement (SLA) with the International Monetary Fund (IMF), with financial analysts noting that the agreement has eased market sentiments.

The IMF announced on Tuesday it had reached a staff-level agreement on the first review under Pakistan’s Extended Fund Facility (EFF) and on a new arrangement under the Resilience and Sustainability Facility (RSF). 

Subject to approval from the IMF’s Executive Board, the SLA will ensure “Pakistan will have access to about $1.0 billion (SDR 760 million) under the EFF, bringing total disbursements under the program to about $2.0 billion,” the global lender said. 
The benchmark KSE-100 Index at the Pakistan Stock Exchange (PSX) rallied to an intraday high of 118,220 points on Wednesday, gaining 1.4 percent or 1,588 points from the previous close. The stocks closed at 117,772 points with a 1 percent total increase. 
“Definitely, the IMF agreement on Pakistan’s first review and climate financing was a major trigger for the market,” Sana Tawfik, the head of research at Arif Habib Ltd. brokerage company, told Arab News.

The current IMF review is critical for debt-ridden Pakistan, which has been grappling with a balance of payment crisis and has so far recorded a $691 million surplus this year in eight months till February, compared with its $1.7 billion deficit a year earlier. 

Pakistan is carrying out IMF-backed structural reforms and expects to expand its economy by 3.6 percent this fiscal year.

“We are committed to structural reforms for sustainable long-term growth and prosperity,” Pakistan’s finance adviser Khurram Schehzad told Arab News. 

Pakistan’s stock index rose 89 percent to 78,445 points in FY24, according to data from the Pakistan Stock Exchange.

Tawfik said she expected the index to increase to a record 123,000 points by June this year, once Pakistan receives the IMF’s first tranche under review.

“The overall market sentiments are IMF-driven,” Tawfik noted.

STABLE RUPEE OUTLOOK

Pakistan’s national currency also appreciated on Wednesday, inching 0.1 percent up to close at Rs280.2 against the US dollar in the interbank market. 

After depreciating about 0.7 percent this year since July, the rupee has stabilized in the range of Rs280-281 against the dollar.

“The rupee would have taken a hit had this agreement not been made,” Owais ul Haq, a foreign exchange dealer at Arif Habib Ltd., told Arab News. 

Haq said he expected the rupee to remain stable at the Rs280-281 mark, adding that anything below this rate would hurt exporters.

A healthy inflow of remittances stabilizes the supply of dollars in the country, helping the rupee stay stable against the greenback.

Pakistan expects to receive more than $35 billion in remittances this year through June, as overseas Pakistan remitted a record $1.3 billion in February, primarily due to “seasonal factors” such as Ramadan and Eid.

“I see a stable outlook for the rupee going forward,” Haq said. 

Muhammad Zafar Paracha, secretary general at the Exchange Companies Association of Pakistan, agreed the IMF agreement would help the rupee stay stable against the dollar.

“The investors were feeling a bit jittery, but this IMF agreement has eased market sentiments,” he said. 

“The rupee has shown some appreciation in the interbank and open market and will strengthen more in the days to come,” he added. 

Addressing the federal cabinet on Wednesday, Prime Minister Shehbaz Sharif said Pakistan’s agreement with the IMF would help it ensure long-term economic stability.

Sharif noted that Pakistan was able to increase its tax-to-GDP ratio to 10.6 percent, exceeding the IMF’s target of 10.2 percent. 

“This is the highest tax collection ratio in the last four years,” he said.

The prime minister said that the IMF required his government to collect Rs12.9 trillion in taxes this year but then agreed to revise its target to Rs12.1 trillion rupees.

Pakistani authorities fixed the tax collection target to Rs12.33 trillion and were able to increase collection by 26 percent, he said, describing it as a “quantum jump.”


Amroti ‘Water’ Mosque: Century-old symbol of faith and resistance in southern Pakistan

Updated 02 April 2025
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Amroti ‘Water’ Mosque: Century-old symbol of faith and resistance in southern Pakistan

  • Mosque was built around 1890 under guidance of Syed Taj Mahmood Shah Amroti, first translator of Qur’an into Sindhi language 
  • Mosque’s location became problem when British wanted to built Sukkur Barrage but resistance by Amroti and followers forced retreat 

SHIKARPUR, Sindh: Standing on seven pillars in the middle of the Kirthar Canal, a unique mosque in Pakistan’s southern Shikarpur district is more than just a place of worship — it is a symbol of defiance and resistance against British colonial rule.

With its whitewashed walls rising above the flowing waters, the Amroti Mosque’s architecture is as unique as its story.

The mosque was first constructed from mud, wood and palm tree trunks on a mound around 1890 under the guidance of scholar and educationalist Syed Taj Mahmood Shah Amroti, who was the first to translate the Holy Qur’an into the Sindhi landguage and provide detailed explanations of its teachings. For years, the mosque served as a place of workshop for the residents of Junejo village in Shikarpur until its location became an issue when the British colonial rulers of India decided to build the Sukkur Barrage and its canals, ordering the demolition of the masjid.

Historical accounts say Amroti sent over 20 letters to authorities asking to change the canal’s route but received no response and the British eventually issued a warrant for his arrest.

“In 1922, the British government started the Kirthar Canal project to irrigate uncultivated lands of Sindh and Balochistan [provinces],” Sayed Rushdullah Shah Amroti, the administrator of Amroti Mosque and the great grandson of Amroti, told Arab News. 

The picture taken on March 19, 2025, shows blue tiles in the Amroti Mosque in Pakistan’s southern Shikarpur district. (AN Photo)

“When Hazrat Amroti came to know that the British government wanted to demolish the mosque, he decided to camp here and offered stiff resistance to British authorities.”

When British officials arrived with machines to demolish the mosque, local villagers joined Amroti in a massive protest. In the end, the British agreed not to destroy the mosque and instead promised to strengthen its structure so that both the mosque and the canal could remain.

“The impact of the resistance was that the British government was forced to kneel down,” Sayed said. “They left the mosque as it was and made the canal around its four sides.”

The mosque in its present shape was subsequently built, serving as a reminder of the importance of both faith and rebellion as it stood amid the waters of the Kirthar Canal, which originates from the Indus River at Sukkur Barrage and became operational in 1932 as a vital watercourse for Balochistan, particularly districts like Jafarabad and Naseerabad. 

The picture taken on March 19, 2025, shows Amroti Mosque constructed in the middle of Kirthar Canal in Pakistan’s southern Shikarpur district. (AN Photo)


“STRANGE SPIRITUAL STATE” 

In the past, residents would use boats to reach Amroti Mosque for prayers but after independence from British rule in 1947 and the creation of the two separate nations of Pakistan and India, the government rebuilt a proper structure for the mosque, constructed a bridge for easier access and ensured that water continued to flow beneath it.

Though the small mosque only allows 10-12 people to pray at a time, it holds great cultural and spiritual value for the people of the area.

“We are very proud of the religious and Islamic achievements of our ancestors, and wherever we go in the world, the respect we receive because of our connection to Amroti Sharif is largely due to the role of this mosque,” Rushdullah said.

Nasim Bukhari, a local writer, described the mosque as a “great symbol of resistance in history.” 

Worshippers pray at the Amroti Mosque in Pakistan’s southern Shikarpur district. (AN Photo)

“And this has been the history of Sindh, that we have never accepted defeat. Even if we had to face defeat, we would die with our names still alive. We never ran away,” he said. 

Amroti’s struggle was part of a larger resistance movement in Sindh, according to Bukhari.

“Syed Taj Mahmood Amroti fought against the British in his time and became a symbol of resistance. The people of that time, unarmed, fought with perseverance,” the author said, highlighting Amroti as an inspiration for others. One of his disciples, Syed Salah Aajiz Memon, later became the first Sindhi and Muslim figure against whom the British filed a case for rebellion.

“The name and deeds of our leader, Syed Taj Mahmood Amroti, have had their impact, but the resistance movement led by his followers and disciples also carries a remarkable legacy,” Bukhari said.

The picture taken on March 19, 2025, shows aerial view of the Amroti Mosque constructed in the middle of Kirthar Canal in Pakistan’s southern Shikarpur district. (AN Photo)

To date, the mosque continues to serve as a place of deep spirituality and worshippers describe a “profound sense of peace” at the place, especially when the water runs high and the mosque appears to be floating in the canal.

“While praying here, a strange spiritual state occurs,” Maulana Shahnawaz Baloch, the prayer leader at the mosque, told Arab News. 

“At this time, the water level is low, yet there is still a spiritual atmosphere. When the water level is higher due to the season, a completely different spiritual experience takes place.”

 

 


In Pakistan’s Shikarpur, an arms dealer by trade and storyteller at heart

Updated 4 sec ago
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In Pakistan’s Shikarpur, an arms dealer by trade and storyteller at heart

  • Agha Sanaullah Khan, 76, has sold weapons since 1090s at Pathan Armory in historic Shikarpur city
  • He has authored four Sindhi language travelogues and collection of short stories called ‘Ghalti’, or ‘Mistake’

SHIKARPUR, Sindh: Agha Sanaullah Khan, a 76-year-old arms dealer, sat last month in front of piles of books, with assault rifles, pistols and other ammunition and weapons’ accessories stacked up around them at his shop in the southern Pakistani city of Shikarpur.

Is this a bookstore or an arms dealership?

Welcome to Pathan Armory near Lakhi Dar, one of the seven gates of the historic Shikarpur city, where Khan has been selling weapons for over three decades. 

But his true passion lies somewhere else: in writing short stories and travelogues. 

The septuagenarian, who has authored four Sindhi language travelogues, and a collection of short stories called ‘Ghalti’, or ‘Mistake,’ says customers who visit his armory are often surprised when they find him pouring over books. 

“They come and say, ‘Weapons and books both?’,” Khan said, as he counted change for a customer. “What can I do? Whenever I get free, I read. One should read. Not just reading, I also write here, sir. I sit here and write. This is my nature.”

“Weapons are my business, my livelihood, and I earn from it. I support myself with it,” he explained. “Books are my passion.”

“PASSION FOR TRAVEL”

Khan, whose father was a bureaucrat, set up his armory in the early 1990s in Shikarpur where he lives with his wife while his children are settled in the United states. 

The city, which from the 17th to 19th centuries used to be a vital trade hub connecting Central Asia and the Indian Sub-continent, is now plagued by a major crime problem, with several dacoit gangs operating in riverine areas of the district.

Nasir Aftab, Deputy Inspector General of Police (DIGP) Larkana Range, told Arab News the security situation in Shikarpur had improved due to ongoing armed operations against dacoits.

“The operation has weakened the organized criminal network, leading to a drastic improvement in security in the region,” Aftab said. “Public confidence has been restored, and the dacoits are finding it difficult to regroup. With continued law enforcement efforts, lasting peace and security in Shikarpur, Kashmore, and surrounding areas is becoming a reality.”

But for Khan, weapons and pistols were “a necessity now.” 

“The law-and-order situation here is such that people are forced to keep guns. And it is allowed by the government, I have the license.”

The arms dealer’s heart, however, lies in storytelling and his passion for travel writing is inspired by a love for tourism. 

In his books, he has documented his journeys from the bustling streets of India and the serene landscapes of Nepal to the vibrant markets of Thailand and sprawling cities of the United States. 

“When I was born, I had a passion for tourism. When I became wise, I thought I should travel,” he said. “I came into the [arms] business but touring remained stuck in my mind.”

The septuagenarian says his travels to India with friends, which he has written about in his first travelogue, were particularly impactful, as he was able to reconnect with migrants from Shikarpur and experience their hospitality and shared history. 

“I met with someone who had migrated from here, Guman Punjabi from Shikarpur. He served me greatly. I met many other migrants and they treated me well,” Khan recalled.

His fascination with America, where his two sons and two daughters live, has led him to write two travelogues while a third one is in the works. 

“You can say that I have traveled all over the country, New York, Washington and all major cities of Florida state,” he said, adding that he considered America his second home, but chose life in his hometown of Shikarpur over procuring an American nationality.

Khan, who wants to inculcate a love for reading and writing in others, recently donated nearly 4,000 books to a local library on a friend’s request.

He now wishes to leave behind a legacy that is rooted in his passion for words.

“At present, people know me as an arms dealer,” said Khan as he polished an assault rifle, “but I want that a time comes when people know me more as a travelogue writer.”


International Association of Women Police selects Pakistan’s Ayesha Butt for global award

Updated 02 April 2025
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International Association of Women Police selects Pakistan’s Ayesha Butt for global award

  • Butt, who is a city traffic officer in Gujranwala, is scheduled to receive award at IAWP conference in Glasgow in September
  • Pakistani woman cop awarded for her “distinguished service and commitment to policing,” says IAWP President Julia Jaeger

ISLAMABAD: The International Association of Women Police (IAWP) has selected Pakistan’s Ayesha Butt for its global ‘Excellence in Performance Award 2025,’ Punjab Police announced on Wednesday, describing the development as a “source of pride” for the country. 

The IAWP is an international organization with over 70 countries and 30 affiliate organizations as its members. The IAWP says its mission is to strengthen, unite and raise the capacity of women in policing internationally. It provides critical opportunities for women in training, mentoring, collaboration and networking. 

Butt currently serves as city traffic officer in Pakistan’s eastern city of Gujranwala at the rank of superintendent of police (SP). 

“I am writing to inform you that you are selected to receive the 2025 International Association of Women Police Excellence in Performance Award,” Julia Jaeger, IAWA president, wrote in a letter shared by Punjab Police on Wednesday.

“The IAWP is proud to honor your distinguished service and commitment to policing. On behalf of our members, the Board of Directors and the Recognition Committee, congratulations on receiving the highly competitive global recognition,” she added. 

Jaeger wrote that Butt would be presented with the award at the IAWP’s 62nd annual conference scheduled to be held in Glasgow in September this year. 

“We sincerely hope you can attend and receive your award in person,” Jaeger wrote. 

Separately, Punjab Police praised Butt for winning the award in a press release. 

“Inspector General Punjab Dr. Usman Anwar congratulates SP Ayesha Butt on making the police department’s name shine,” Punjab Police said. 

“SP Ayesha Butt’s success is a source of pride for all police officers, especially women officers,” Anwar was quoted as saying by the police. 

The achievement is a significant one for Pakistan, where women often lack family and societal support in pursuing careers in law enforcement. 


Pakistan president hospitalized, health ‘improving,’ aide says

Updated 02 April 2025
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Pakistan president hospitalized, health ‘improving,’ aide says

  • Asif Ali Zardari was hospitalized in Karachi on Tuesday after suffering from fever and infection, media reports say
  • Reports of Zardari being shifted to Dubai for treatment are “inaccurate,” clarifies Sindh minister Sharjeel Memon

KARACHI: President Asif Ali Zardari’s health is improving and he will be fine “soon,” his close aide and Sindh minister Sharjeel Inam Memon said this week, following media reports of the president being hospitalized in Karachi. 

Zardari was brought to a hospital in Karachi from Sindh’s Nawabshah city on Tuesday after he complained about suffering from fever and an infection, local media outlets reported. 

The president is also the co-chairman of the Pakistan Peoples Party (PPP), a key member of Prime Minister Shehbaz Sharif’s ruling coalition government. Neither the PPP nor the presidency have commented on Zardari’s health so far.

“The reports about President Asif Ali Zardari being shifted to Dubai for treatment are inaccurate,” Memon wrote on social media platform X on Tuesday. 

“His health is improving and Inshallah he will be fine very soon,” he added. 

In a statement released from the Prime Minister’s Office (PMO) on Tuesday, Sharif contacted Zardari to inquire about his health and pray for the president’s speedy recovery.

“The entire nation’s prayers are with you,” Sharif was quoted as saying by the PMO. 

Zardari, who is the widower of Pakistan’s slain first woman prime minister Benazir Bhutto, was appointed president for a second term in March last year. He previously served as president of Pakistan from 2008-2013.

A landowner from Sindh, Zardari rose to prominence after his marriage to Bhutto in 1987. He was widely criticized for corruption scandals that led to the collapse of Bhutto’s government in 1990. 


Pakistan rules out talks with separatist BLA group following surge in attacks

Updated 02 April 2025
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Pakistan rules out talks with separatist BLA group following surge in attacks

  • Baloch Liberation Army has claimed deadly attacks against Pakistani law enforcers, Punjab-based laborers in past
  • BLA, other Baloch separatist groups have been fighting the state for Balochstan’s independence for decades

ISLAMABAD: Pakistan’s Defense Minister Khawaja Muhammad Asif this week ruled out talks with prominent separatist militant group Baloch Liberation Army (BLA) following a recent surge in attacks in the southwestern Balochistan province. 

The BLA has carried out deadly attacks against Pakistan’s law enforcement agencies, including last month’s train siege in Balochistan. BLA fighters stormed a train in the mountainous Bolan region in March, holding hundreds of passengers hostage. Pakistan’s army said it had killed all 33 militants in the rescue operation. Thirty-one soldiers and civilians had been killed by the militants in the attack. 

The BLA has also claimed attacks on laborers and commuters hailing from Pakistan’s Punjab province. The group seeks Balochistan’s independence from Pakistan, blaming the central government and Punjab for denying its locals a share in the natural resources of the province. Both deny the allegations. 

“The way laborers and small workers who go there [Balochistan] from Punjab are being killed, I don’t think there can be any talks with them [BLA],” Asif told private news channel SAMAA TV on Tuesday. 

Responding to a question about the surge in militant attacks in the northwestern Khyber Pakhtunkhwa (KP) province by the Pakistani Taliban, Asif said the country’s military is “dealing with them.”

“It will take a little time but we will prevail over this crisis,” the defense minister said. 

Pakistan has been battling twin insurgencies — one mounted by religiously motivated groups like the Pakistani Taliban or the Tehreek-e-Taliban Pakistan (TTP) in KP and the other by Baloch separatists in Balochistan.

Militant attacks in Pakistan surpassed 100 in March for the first time in over nine years, marking it to be the deadliest month since 2015, leading security think tank Pakistan Institute for Conflict and Security Studies (PICSS) said on Tuesday. 

The think tank said KP and Balochistan were the hardest hit provinces last month, though Punjab and Sindh also experienced an uptick in militant activity. 

Islamabad has repeatedly blamed Afghanistan for providing shelter to militant groups targeting civilians and security forces in cross-border attacks, an allegation denied by the authorities in Kabul.