PESHAWAR: Schools and shops closed as residents of a northwestern Pakistani city prepared for the funeral ceremonies on Wednesday for 12 people killed in a twin suicide bombing that targeted a military base the day before.
A militant group linked with the Pakistani Taliban claimed responsibility for the bombing in Bannu on Tuesday evening when two suicide bombers breached the wall surrounding the base.
Most of the local residents were breaking their daylong fast during the Muslim holy month of Ramadan or praying at a nearby mosque.
After the explosions, other attackers stormed the compound and set off a firefight with the troops.
The powerful blasts tore through walls and ripped off roofs and also severely damaged the mosque. Along with the 12 killed, 30 people were also wounded in the attack, some of whom were reported to be in critical condition.
The casualty figures did not include troops. It was not immediately known how many security forces were killed or injured in the assault or the subsequent gunfight.
On Wednesday, a mechanical digger was clearing away rubble where homes used to stand, and debris-covered prayer mats lay crumpled on the mosque floor.
A day of mourning was being observed, said Bannu community elder Alam Khan, and joint funeral prayers were to be held for the victims at a sports complex in the area.
Gunshots could still be heard early on Wednesday as security forces combed through the area, looking to clear it of any militants involved in the attack.
“All education institutions are closed,” Khan said. “Most shops are also shut. Rescue workers have completed their operation by recovering the bodies of three deceased worshippers who were trapped under the collapsed roof of the mosque.”
Bannu is located in the northwest province of Khyber Pakhtunkhwa that borders Afghanistan, and several armed groups are active there. A group affiliated with the Pakistani Taliban, Jaish Al-Fursan, has claimed responsibility for the attack.
Pakistan holds funeral prayers for 12 victims of double suicide bombing near military base in Bannu
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Pakistan holds funeral prayers for 12 victims of double suicide bombing near military base in Bannu
- The city is observing a day of mourning, with joint funeral prayers scheduled at a sports complex
- Gunshots could still be heard early on Wednesday as security forces combed through the area
Pakistan expects 2.7% economic growth in FY25 amid weak farm and industrial outlook
- Current account swings to $1.9 billion surplus after record remittance inflows and stronger exports
- Some analysts expect industrial and services sectors to post decent growth due to lower interest rates
KARACHI: Pakistan’s economy is expected to grow 2.7 percent in the outgoing fiscal year, missing the government’s 3.7 percent target due to what analysts called weaker-than-expected performance in the agriculture and industrial sectors, as Finance Minister Muhammad Aurangzeb unveiled the annual Economic Survey on Monday.
The survey, released ahead of the national budget on June 10, serves as a pre-budget document assessing the economy’s trajectory over the past year.
It outlines key indicators and policy challenges facing the country, which remains under an International Monetary Fund (IMF) program and is navigating a fragile recovery after a prolonged financial crisis.
“This has been a gradual recovery,” Aurangzeb told a televised news briefing in Islamabad, adding that the country’s economic performance must be viewed in the larger global context.
The finance minister said after contracting by 0.2 percent in FY23, Pakistan’s economy grew 2.5 percent last year and is expected to expand slightly to 2.7 percent in the outgoing year.
“We plan to stay the course to ensure that we remain on the sustainable growth trajectory,” he added.
Aurangzeb reaffirmed the government’s commitment to implementing IMF-backed structural reforms to transform the fundamentals of Pakistan’s economy.
“The DNA of Pakistan’s economy has to be fundamentally changed through tax and energy reforms that have started showing remarkable results,” he said.
The minister maintained staying in the IMF program would help Pakistan bring permanence to its hard-earned macroeconomic stability and reduce its economic vulnerability.
“Implementing a 37-month, US$7 billion IMF Extended Fund Facility (IMFEFF) has bolstered policy credibility and provided essential financial support to promote inclusive and reform-driven growth,” the Economic Survey also proclaimed.
Analysts said Pakistan targeted 3.7 percent economic growth for the outgoing fiscal year but was forced to revise it to 2.7 percent last month due to underperformance in the agriculture sector.
“The government did fall short of its 3.7 percent GDP growth target for FY25 and primarily it was due to a major setback in the agriculture sector,” said Sana Tawfik, head of research at Arif Habib Limited.
“The agriculture sector posted a growth of just 0.6 percent so the situation was especially concerning in major crops,” she added.
According to the survey, the agriculture sector is expected to grow by 0.56 percent, while the industrial and services sectors are likely to expand by 4.77 percent and 2.91 percent, respectively.
Meanwhile, inflation has eased significantly, giving room for monetary easing.
Aurangzeb called the inflation trend a “fantastic story” for Pakistan, with the pace of price hikes slowing to a record low of 0.3 percent in April. Inflation is expected to settle at 4.3 percent in the outgoing financial year.
The State Bank of Pakistan also cut its benchmark interest rate by over 1,000 basis points to 11 percent in FY25, with more easing likely ahead.
“This is the domain of the State Bank and the monetary policy committee so I don’t want to comment on that,” Aurangzeb said. “But I do expect where our core inflation is, where headline inflation is, there is room to do more.”
On the fiscal side, the survey showed that the government managed to contain the deficit at 2.6 percent of GDP for July-March, compared with 3.7 percent during the same period a year ago.
Revenues rose sharply, with tax collections increasing by 26.3 percent to Rs9.3 trillion ($32.9 billion), while total revenues stood at Rs13.4 trillion ($47.5 billion). Primary surplus also improved to 3.0 percent from 1.5 percent.
Government expenditure during this period rose to Rs16.3 trillion ($58 billion), with current and development spending increasing by 18.3 percent and 33 percent, respectively.
On the external front, Pakistan recorded a sharp turnaround in its current account, moving from a $1.3 billion deficit to a $1.9 billion surplus, driven by improved exports and record remittance inflows.
“The industry also struggled. If you look at the manufacturing sub-sector so LSM [large scale manufacturing] remained in the negative territory,” said Tawfik, noting that weak domestic demand, high inflation and elevated interest rates had weighed on performance.
“In short both demand and supply side factors combined dragged down the overall growth across key sectors of the economy,” she continued.
Aurangzeb said the government was working to further reduce energy costs for local investors.
“On the energy side, as I said one-third of the tariffs, seven rupee is not a small amount and Mr. Leghari [power minister] is working on it day in and day out,” he said.
Planning Minister Ahsan Iqbal last week said the government was targeting 4.2 percent growth in the next fiscal year starting July. Aurangzeb echoed this target, noting that growth would be driven by a rebound in agriculture and industry.
“This target would be achieved through growth in industries and agriculture that are expected to rebound on the back of government’s favorable financial, tax and energy policies,” he said.
Pakistan’s multilateral and bilateral partners, including the IMF, World Bank, China, Saudi Arabia and the United Arab Emirates, remain supportive of the country’s reform path.
“With respect to the Fund and multilateral partners I’ve already mentioned we are in a good place with them both in terms of the mission and the senior management of the Fund,” Aurangzeb said. “The monetary institutions and our bilateral partners are standing by us as we move forward.”
Shankar Talreja, an economist and director at Topline Research Ltd., expressed optimism about the outlook.
“There will be some natural rebound in important crops under the agriculture segment,” he said. “Similarly, due to lower interest rates, industrial and services sectors will also post decent growth.”
Over 50 killed, dozens injured in accidents and shootings during Eid in northwest Pakistan
- Fatalities occurred in road accidents, drownings, fires and gun violence across Khyber Pakhtunkhwa
- Mardan and Peshawar districts reported the highest death tolls with 14 and 13 fatalities, respectively
PESHAWAR: At least 55 people were killed and 50 others injured in various incidents across Pakistan’s northwestern Khyber Pakhtunkhwa province during the three days of Eid Al-Adha, rescue officials said on Monday.
The fatalities were reported in traffic accidents, drowning incidents, fires and gun violence across multiple districts, including the provincial capital, Peshawar. The injured were taken to local hospitals for medical treatment, according to a statement released by Rescue 1122.
“The total number of deaths across the province during the Eid holidays has reached 55,” Shah Fahad, Director General of Rescue 1122 in Khyber Pakhtunkhwa, said. “Fifty others were injured in shooting incidents and provided emergency medical aid.”
According to the data, Rescue 1122 responded to about 2,000 emergencies and provided medical assistance to 1,897 individuals across the province during Eid.
These included 1,400 medical emergencies, 349 traffic accidents, 112 fire incidents, six drowning cases and 50 crime-related incidents.
In Peshawar alone, the agency handled 418 emergency calls, including 43 road accidents, 338 medical cases, 20 fire incidents and eight gun-related injuries. A total of 431 patients were transported to hospitals in the city.
District-wise, the highest number of fatalities was reported in Mardan (14) and Peshawar (13).
Fire incidents on festive occasions in the province are often caused by barbecues or fireworks, while traffic accidents typically stem from congestion, reckless driving by youth and occasional road rage.
Drowning incidents occur when people visit rivers or lakes for boating without adequate safety measures, and gun-related injuries often result from either criminal activity or celebratory gunfire.
New Karachi-based private airline receives license, plans launch with three aircraft
- Air Karachi is backed by prominent Pakistani business leaders and modeled on Air Sial
- It plans to expand its fleet to seven aircraft and begin international flights within a year
KARACHI: A new private airline based in Karachi received its Regular Public Transport (RPT) license from Pakistan’s Civil Aviation Authority (CAA) last week, one of its key stakeholders confirmed on Monday, expressing hope the carrier would begin operations soon.
Air Karachi, spearheaded by prominent business leaders from Pakistan’s southern port city, is modeled after the success of Air Sial, another airline launched by industrialists in Sialkot.
The idea, conceived amid growing challenges faced by the country’s national carrier Pakistan International Airlines (PIA), is to develop a business-backed airline that can operate with efficiency and financial autonomy.
“Yes, we got the license from CAA,” Hanif Gohar, one of the airline’s shareholders, told Arab News. “We are looking for aircraft and will start with three aircraft soon.”
Gohar said Air Karachi was issued the RPT license by the CAA on June 5.
According to a copy of the approval letter seen by Arab News, the airline has been directed to deposit a license issuance fee of Rs500,000 ($1,750) and a security deposit of Rs100 million ($350,000). It must also raise its paid-up capital to
Rs600 million ($2.1 million) before commencing operations, in line with the National Aviation Policy 2023.
Air Karachi has been registered with the Securities and Exchange Commission of Pakistan and plans to raise Rs5 billion ($17.5 million) by pooling Rs50 million ($175,000) from each of its 100 shareholders.
Last year, Gohar told Arab News the response from Karachi’s business community was so overwhelming that some families proposed contributing as multiple shareholders.
He informed that aviation veteran Air Vice Marshal (r) Imran Qadir had been appointed chief operating officer of the airline, supported by a team of retired Pakistan Air Force officials.
Once operational, Air Karachi will begin domestic flights with three aircraft and later expand its fleet to seven before launching international flights to the Middle East after the mandatory one-year domestic run.
Brushstrokes on a budget: How Islamabad Sunday Bazaar stall became thriving art academy
- Husband and wife Azhar and Shagufta Qureshi run Knowledge Art Academy from Itwar Bazaar stall
- Students at the school range from ages 5 to 81 and can get classes for nominal three-month fee of $12
ISLAMABAD: Several works of Islamic calligraphy, landscape art and whirling dervish paintings hung on the walls of the stall while around a dozen students sat bent over canvases while husband and wife duo Azhar Qureshi and Shagufta watched over them.
The scene is from the Knowledge Art Academy, located in a quiet corner between a long row of stalls at Islamabad’s Sunday, or Itwar, Bazaar, a popular spot for the capital city’s middle classes who come for the affordable shopping and to buy used and cheap items.
Here, nestled between toys, crockery and ceramics kiosks, the Knowledge Art Academy, a tin roof supported by wooden sticks, offers art classes at the affordable price of around $12 for three months of lessons.
The teachers are Shagufta and Qureshi, who has a fine arts diploma from Lahore, and has been running the academy for the past 14 years, offering an attractive alternative to pricey art schools in Islamabad.
“Our aim was to start this so that people who are interested in art can easily join our classes,” Shagufta told Arab News at the stall. “Our fee is also very reasonable. Art is a very expensive hobby which not everyone can afford. Since people from all backgrounds come here, that’s why we opted to arrange our setup here.”
The academy has students ranging from age five to those in their eighties.
“I was interested in learning how to paint,” Zamad Ahmed, a second year intermediate student who attends the academy with his 15-year-old sister Fatima, told Arab News. “But due to affordability I never learned it. But after my mother stumbled upon this place, I knew I had to attend it.”
Another student is Abdul Bari, an 81-year-old retired bank manager, who visits the academy weekly to pursue his passion for Islamic calligraphy.
“After retiring as a bank manager and marrying off my kids, I have been coming here for a year-and-a-half to learn from the maestro himself,” Bari said.
“It has been 1.5 to 2 years that I have come here to learn. I am retired so I come here to spend time, and by the grace of Allah, I have learned a lot from here also.”
“HEALTHY ACTIVITY”
Art schools in Pakistan, particularly those offering undergraduate programs, can be quite expensive, with some institutions charging upwards of $2,500 per year for tuition alone. The National College of Arts (NCA) is a notable example of a public university that offers art programs and has relatively high tuition fees. Other expenses, such as accommodation and transportation, can further contribute to the overall cost of attending art school in Pakistan.
This attracts many to the low-cost Knowledge Art Academy.
A middle-aged corporate professional who only identified himself by his first name Ijaz said he had admitted his three daughters to the academy so they could do something “productive” during their summer vacations at an affordable price.
“We have come to generate healthy activities for them,” he said. “Rather than sitting at home and wasting time on gadgets, on mobile or watching movies. I just want to generate some healthy activity so that they can learn something.”
While Qureshi said he had received various offers from prestigious art schools and institutions, he was committed to remain focused on his humble setup.
“I’ve even been told to move to a proper building or classroom and teach from there,” Qureshi said. “But that would increase the fees and affect my students who come here to follow their passion. I don’t want to disturb them.”
And his dedication has borne fruit, with several of his students pursuing fine arts formally while others have become art teachers and freelance artists.
Rabiya Noureen, 34, who learnt to paint at the Knowledge Art Academy, now runs her own classes.
“I learned painting from here and now have my own academy,” she said. “Now, my students even take commissioned painting work and earn money.”
Pakistan economy to grow 2.7 percent in FY25, economic survey shows
- The government initially targeted 3.6 percent GDP growth, but lowered it last month
- Pakistan’s finance chief says the national economy is on an upward trajectory
ISLAMABAD: Pakistan’s economy is likely to expand 2.7 percent in the fiscal year ending June 2025 after growing 2.5 percent during the previous year, the government’s economic survey showed on Monday, a day before the country’s federal budget is unveiled.
The government initially targeted 3.6 percent GDP growth, but lowered it to 2.7 percent last month. The IMF expects real GDP to grow by 2.6 percent in FY25 and for the economy to grow 3.6 percent in FY26.
Prime Minister Shehbaz Sharif’s government aims for 4.2 percent GDP growth next year, the country’s planning minister said last week, amid competing priorities, including stimulating investment, maintaining a primary surplus, and managing defense expenditure amid heightened tensions with India.
Pakistan’s central bank, in a bid to encourage growth, cut its policy rate by more than 1,000 basis points in the current fiscal year. Its latest cut last month brought the key rate to 11 percent, resuming an easing cycle that had brought rates down from 22 percent after a brief pause in March.
Pakistan had a current account surplus of $1.9 billion in the July to April period of the current fiscal year compared to a deficit of $200 million in the same period last year, the survey showed.
“Pakistan’s economy has been globally acknowledged for achieving macroeconomic stabilization in the outgoing fiscal year,” Finance Minister Muhammad Aurangzeb said in his foreword to the survey.
“Pakistan is consistently advancing on an upward trajectory, built upon investment friendly reforms, enhanced domestic savings, and increased foreign direct investment, with GDP growth projected at 5.7 percent over the medium term,” he said.
The economic survey, a key pre-budget document, comes at a time when Pakistan’s economy is stabilizing but remains fragile as the country navigates reforms under a $7 billion International Monetary Fund program.
Pakistan’s federal budget for the next fiscal year starting July will be released on Tuesday.
The government’s total revenue for the first three quarters of the current year stood at 13.37 trillion rupees, the survey showed.
Increasing revenue to trim the fiscal deficit, a key demand of the IMF program, is considered challenging for Islamabad.
Other key performance indicators mentioned in the economic survey include fiscal deficit at 2.6 percent of GDP during the first three quarters of the fiscal year.
Inflation was seen at 4.6 percent for the year.
