ISLAMABAD: Pakistani protesters at a sit-in in Islamabad on Sunday demanded the government take “decisive action” and concrete steps for a ceasefire in Gaza and the establishment of a humanitarian assistance corridor for its residents.
The day-long demonstration at Islamabad’s D-Chowk was organized by the Save Gaza campaign and attended by a large number of Pakistanis, including politicians, civil society members, journalists and students.
Since October 7 attacks by Hamas, Israel’s devastating air and ground offensive has killed more than 32,000 Palestinians in Gaza Strip, according to the Palestinian health authorities.
Referring to the Gaza situation, the organizers lamented the world inaction over the misery being piled on men, women, and children of Gaza by Israel.
“We urge the Pakistani government to take decisive action for an immediate global intervention and heightened pressure for an immediate ceasefire,” Humaira Tayyaba, an organizer of the sit-in, told Arab News.
Pakistan should establish a formal team to join South Africa in its petition in the International Court of Justice against Israel for committing “crimes against humanity,” she suggested.
“Pakistan should also initiate proceedings on Israel’s war crimes in the Organization of Islamic Cooperation (OIC),” Tayyaba said.
Mushtaq Ahmed, a former senator, said he came to show solidarity with the people of Gaza and to condemn the Israeli “crimes against humanity.”
“We demand from the Pakistani government to move for an immediate ceasefire, to establish a humanitarian assistance corridor, and to start the proceedings against the war crime, the crime against humanity of the Israeli government,” he told Arab News.
Maryam Nazir, media director of the Save Gaza campaign, said Israel was “weaponizing” hunger and starvation against the people of Gaza.
“We are going to stay at D-Chowk until and unless we get a positive, decisive response from the Government of Pakistan toward a peaceful and just solution of this horrific genocide,” she told Arab News.
Tayyaba urged the Pakistani government to facilitate the delivery of humanitarian aid to the people of Gaza, including the dispatch of a naval fleet to deliver substantial quantities of food, medicine, and essential supplies.
Apart from weekly protests since Nov., she said, the Pakistani government had not taken effective steps toward a ceasefire in Gaza.
“We are now arranging this sit-in because Pakistan’s government has not yet [issued] demarche to the United Kingdom and the United States ambassadors and also has not yet raised any voice at the international level for a ceasefire,” she said, adding their efforts would continue and the government would have to respond to their demands.
Pakistan does not recognize the state of Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders, with Al-Quds Al-Sharif as its capital.
In recent months, Pakistan’s permanent representative to the United Nations, Ambassador Munir Akram, has repeatedly raised the Palestine issue at the world forum.
Islamabad has also dispatched several aid consignments for the people of Gaza amid continuing Israeli strikes.
Pakistanis urge government to take ‘decisive action’ for Gaza ceasefire, delivery of humanitarian aid
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Pakistanis urge government to take ‘decisive action’ for Gaza ceasefire, delivery of humanitarian aid
- The sit-in, organized by Save Gaza campaign, was attended by politicians, civil society members, journalists and students
- Organizers demand Pakistan send a naval fleet to deliver substantial quantities of food, medicine and essential items to Gaza
Fitch upgrades Pakistan’s credit rating to ‘B-’ on improving deficits and reforms
- Fitch upgrades credit rating citing increased confidence in country’s progress on narrowing budget deficits
- Upgrade also reflects confidence that the country would implement structural financial reforms, says Fitch
Global ratings agency Fitch on Tuesday upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’, citing increased confidence in the country’s progress on narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) program performance and funding availability, Fitch said.
The agency said though ongoing global trade tensions could create external pressures on Pakistan, its low dependence on exports and market financing should mitigate risks.
Pakistan’s economy had been teetering on the brink of default ever since inflation rose to a record high in May 2023 and reserves started shrinking, but has seen some respite thanks in part to a $7 billion bailout program from the IMF.
In March, the IMF reached a new deal with Pakistan which could unlock $1.3 billion in cash.
Pakistan assembly speaker to attend upcoming Gaza conference in Turkiye
- Istanbul to host pro-Palestine conference for speakers of various Muslim countries on Apr. 18
- Pakistan parliament approved resolution on Monday condemning Israel’s bombardment of Gaza
ISLAMABAD: Pakistan’s National Assembly Speaker Ayaz Sadiq announced on Tuesday he would attend an upcoming conference on Gaza being hosted this month by Turkiye and would present his country’s stance on Israel’s military aggression.
Turkish Parliament Speaker Numan Kurtulmus has invited his counterparts from Palestine, the United Arab Emirates (UAE) and Egypt, among other nations, to an Apr. 18 meeting of the pro-Palestine Parliamentary Speakers Group in Istanbul.
Speaking to reporters at a press conference, Sadiq said he had been invited by the Turkish parliament speaker to attend the conference.
“So, god willing, I will go there [to the conference] and say the hard truth about Gaza,” he said. “I will present Pakistan’s stance.”
Sadiq said Pakistan is raising the issue of Gaza with foreign delegations that arrive in the country similar to the way it raises the issue of the disputed Kashmir territory.
“It is very disappointing to see videos from there [Gaza] on what is happening there, the way people are being subjected to injustice,” he said. “It feels painful that maybe Islamic countries were not able to play our role the way we could have played it.”
Israel and Hamas agreed to a ceasefire in January that lasted eight weeks before Israel resumed the war last month.
The initial ceasefire agreement was meant to bring the sides toward negotiating an end to the war, something Israel has resisted doing because it wants to defeat Hamas first.
Since the ceasefire fell apart last month, Israel has blocked aid from entering Gaza and its forces have also seized swaths of the coastal enclave in a bid to ratchet up pressure on Hamas to agree to a deal more aligned with Israel’s terms.
Hundreds have been killed in Gaza since the ceasefire collapsed.
Pakistan’s parliament on Monday passed a unanimous resolution condemning Israel’s “heinous” wave of hostilities in the Palestinian territory, demanding an unconditional ceasefire in Gaza.
Pakistan mulls US oil imports to ease trade imbalance
- Pakistan said that it would send a delegation to the US in the coming weeks to negotiate new tariffs
- Countries are scrambling to find ways to lower their US tariff burdens, including buying more US oil and gas
KARACHI: Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher US tariffs, according to a government source directly involved with the proposal and a refinery executive.
Countries are scrambling to find ways to lower their US tariff burdens, including buying more US oil and gas, as President Donald Trump’s sweeping import duties rattle economies and markets.
“It is one of the products being reviewed ahead of a delegation leaving for the US to talk about tariffs,” said a government source directly involved with the proposal to the prime minister to buy more US crude.
“It is under active consideration. We are exploring opportunities and the structure to do it, but the PM has to approve it,” he said.
Trump has imposed a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries. Pakistan faces a 29 percent tariff due to a trade surplus with the US of about $3 billion, although that is subject to the 90-day pause Trump announced last week.
The refinery executive told Reuters that the idea is to buy US crude equivalent to Pakistan’s current imports of oil and refined products, or about $1 billion of oil.
The sources declined to be named as the proposal is in its preliminary stage.
Pakistan’s petroleum ministry did not immediately respond to a request for comment.
Pakistan imported 137,000 barrels per day of crude in 2024, mostly light grades from the Middle East, with Saudi Arabia and the United Arab Emirates among its top suppliers, data from analytics firm Kpler showed. Oil imports amounted to $5.1 billion in 2024, data from Pakistan’s central bank showed.
In February, Saudi Arabia, through the Saudi Fund for Development (SFD), extended a $1.2 billion financing facility to Pakistan for the import of oil products for a year. The SFD has provided approximately $6.7 billion to Islamabad for oil products since 2019.
Before Trump’s partial tariff pause last week, Pakistan said that it would send a delegation to the US in the coming weeks to negotiate new tariffs.
Several big energy importers are looking to buy more from the US to ease trade surpluses.
Last Friday, Indian state gas firm GAIL India Ltd. issued a tender to buy a 26 percent stake in a US liquefied natural gas (LNG) project and import LNG, while Japan, South Korea and Taiwan have discussed participating in an LNG project in the US state of Alaska.
Uzbekistan Airways to launch direct flights between Tashkent, Islamabad from May
- Airline already operates bi-weekly flights between Tashkent and Lahore on Wednesdays and Fridays
- Uzbekistan Airways also exploring plans to introduce direct flights to Karachi in the near future, APP reports
ISLAMABAD: Uzbekistan Airways is set to launch direct flights between Tashkent and Islamabad starting May 24 in a “significant step toward enhancing bilateral connectivity,” state-run APP news agency reported on Tuesday.
The new route is expected to bolster people-to-people exchanges, trade and tourism between Uzbekistan and Pakistan, APP said, quoting the Uzbek Embassy in Islamabad. The airline already operates bi-weekly flights between Tashkent and Lahore on Wednesdays and Fridays.
“In the initial phase, the airline will operate weekly flights every Saturday,” the state news agency said.
“Discussions are currently ongoing with Pakistan’s Civil Aviation Authority to finalize the necessary logistical and regulatory arrangements. Subject to demand and operational considerations, the frequency of flights is expected to increase over time.”
In addition to the Tashkent-Islamabad route, Uzbekistan Airways is also exploring plans to introduce direct flights to Karachi, Pakistan’s largest city and economic hub, in the near future.
“The expansion of Uzbekistan Airways’ flight network is anticipated to offer greater convenience for travelers, while simultaneously contributing to increased tourism and stronger economic and cultural exchanges between Uzbekistan and Pakistan,” the APP report said.
Pakistan moves to amend company laws to curb financial crimes under FATF guidelines
- SECP plans to introduce centralized registry of Ultimate Beneficial Owners of corporate companies
- UBO register helps to prevent crimes such as money laundering, financing terrorism, tax fraud and corruption
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) said on Tuesday it had proposed amendments to the Companies Regulations 2024 to set up a centralized UBO Registry for the corporate sector in line with guidelines on financial transparency by the Financial Action Task Force (FATF).
UBOs (Ultimate Beneficial Owners) are the owners or the persons who are in charge of a company. A UBO register helps to prevent financial and economic crimes such as money laundering, financing terrorism, tax fraud, and corruption. The register makes it clear to whom money is sent so any potential financial crimes cannot be hidden behind a corporation.
“In terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission [SECP] through the eZfile portal along with other relevant regulatory returns/forms,” the SECP said in a statement.
“This information can be accessed by Financial Institutions, as and when required.”
Pakistan was removed in 2022 from a FATF grey list that warranted increased surveillance for terrorism financing. Pakistan was listed in 2018 because of “strategic counter-terrorist financing-related deficiencies.”
“In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data. This reform is expected not only to highlight Pakistan’s commitment to global best practices but also strengthens investor confidence in the country’s financial ecosystem,” SECP said.
The Commission said the centralized registry concept was aimed at boosting financial transparency and aligning Pakistan’s ‘Anti-Money Laundering and Countering the Financing of Terrorism’ framework with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD) and other international organizations.
