ISLAMABAD: Saudi Arabia’s recent decision to deposit $3 billion in the State Bank of Pakistan (SBP) to help bolster its foreign reserves has reaffirmed an “all-weather friendship” between the two countries, Pakistani Prime Minister told Saudi media in an interview published on Sunday.
Last week, Khan was on a three-day visit to the kingdom on the invitation of Crown Prince Mohammed bin Salman. After the visit, the Saudi Fund for Development announced it would deposit $3 billion dollars into the Pakistani central bank to support the cash-strapped South Asian’s nation’s shrinking foreign reserves.
The kingdom, which is a leading supplier of oil to Islamabad, also pledged it would additionally supply $1.2 billion worth of oil to Pakistan on credit.
Pakistan and Saudi Arabia are longtime allies. Riyadh gave Pakistan a $3 billion loan and a $3.2 billion oil credit facility in late 2018.
In an interview published on Sunday, Khan told Saudi daily Al-Riyadh the funds were a “generous gesture by the Kingdom of Saudi Arabia reaffirms the all-weather friendship between the two states.”
“Relations between the two countries have withstood the test of time,” he said. “Both countries have stood by each other, through thick and thin, regardless of change in leaderships.”
Pakistan’s economy is currently under pressure because of an increase in oil prices in the international market. Khan has repeatedly increased oil prices, drawing criticism at home.
As Khan was in Riyadh to attend the launch ceremony of the Middle East Green Initiative (MGI) Summit on Climate Change, he said it “clearly demonstrated the commitment of the Saudi leadership to take tangible steps for effectively tackling the challenge of climate change.”
During the summit, the Saudi crown prince announced two programs at a cost of $10.39 billion to combat climate change. The projects include an investment fund for carbon economy solutions in the region and a global initiative that will contribute to clean fuel solutions to feed more than 750 million people worldwide. Saudi Arabia will contribute around 15 percent of the entire cost.
“Green Saudi Initiative and Green Middle East Initiative are remarkable initiatives for preservation of nature and climate not only in Saudi Arabia, but in the entire region,” Khan told Al-Riyadh, as he reiterated Pakistan’s support in the implementation of the plan.
“Pakistan has also been working on similar projects including Clean and Green Pakistan and Billion Tree Tsunami,” he said. “We believe that our priorities and goals converge in this regard and we can therefore learn from each other and extend our mutual support to mitigate the impacts of climate change.”
$3 billion deposit reaffirms time-tested Saudi-Pakistani ties — PM Khan
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$3 billion deposit reaffirms time-tested Saudi-Pakistani ties — PM Khan
- Khan was on a three-day trip to the kingdom on the invitation of Crown Prince Mohammed bin Salman last week
- After the visit, Saud Arania announced it would deposit $3 billion dollars into Pakistani central bank to support foreign reserves
IMF says its mission will visit Pakistan this month to discuss new loan
- Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default
- But the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program
KARACHI: An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new program, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year.
Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
“A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new program for the welfare of all Pakistanis,” the IMF said in an emailed response to Reuters.
Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.
The IMF did not specify the dates of the visit, nor the size or duration of the program.
“Accelerating reforms now is more important than the size of the program, which will be guided by the package of reform and balance of payments needs,” the IMF statement said.
Pakistan narrowly averted default last summer, and its $350 billion economy has stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high 38 percent last May.
It is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year compared to negative growth last year.
Earlier, in an interview with Reuters, Finance Minister Muhammad Aurangzeb said the country hoped to agree the contours of a new IMF loan in May.
Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.
Pakistan PM extends condolences over death of Saudi poet Prince Badr bin Abdul Mohsen
- Prince Badr, affectionately known as the ‘word engineer,’ was a legendary figure in the contemporary Saudi poetry
- His influence on art form was felt across the Gulf, while his eloquent verses left indelible mark on hearts and minds
ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday extended his heartfelt condolences to Saudi Arabia’s Royal Family on the death of eminent Saudi poet, Prince Badr bin Abdul Mohsen, saying his legacy would continue to inspire generations to come.
The prince, affectionately known as the “word engineer,” was a legendary figure in contemporary Saudi poetry whose influence in the art form was felt across the country and the wider Gulf region, where his eloquent verses and poignant prose left an indelible mark on the people’s hearts and minds.
A pioneer in the popularization of Saudi poetry among Arab audiences, Prince Badr’s verses were immortalized in songs by many esteemed Arab artists, including Talal Maddah, Mohammed Abdu, Kadim Al-Sahir and Assala. His patriotic words and songs struck a deep chord with Saudis in particular.
In a post on X, Sharif said Prince Badr’s most popular song on Saudi Arabia’s National Day would always remind the world of his profound love for his country.
“His contributions to contemporary poetry in the Arabian Peninsula were truly remarkable and his legacy will continue to inspire generations to come,” the Pakistan premier said.
“May his soul rest in peace and may his words forever resonate in the hearts of poetry lovers around the world.”
Prince Badr was born on April 2, 1949, and his journey as a poet and cultural figure began at a young age. He studied in Saudi Arabia, Egypt, the UK and the US as he took his early steps on the path to becoming a significant figure in Arab literature.
As president of the Saudi Society for Culture and Arts, he played a crucial role in fostering artistic expression and influencing the development of poetry organizations in the Kingdom. In recognition of his outstanding contributions in the field, King Salman honored Prince Badr with the prestigious King Abdulaziz Medal in 2019.
Soon after, the Kingdom’s Literature, Publishing and Translation Commission announced plans to collect and publish his complete literary works to commemorate his enduring legacy and celebrate the profound impact he had on the Saudi creative movement during a five-decade career.
Top Afghan diplomat in India quits after $2 million gold smuggling reports
- Zakia Wardak was reportedly stopped last month on arrival at Mumbai airport, carrying 25 kilograms of gold
- The Afghan consul-general was not arrested because of her diplomatic immunity, but the gold was confiscated
NEW DELHI: Afghanistan’s top diplomat in India resigned days after she was reportedly caught by airport authorities smuggling nearly $2 million worth of gold into the country.
Zakia Wardak, the Afghan Consul-General in India’s financial capital Mumbai, posted a statement on social media platform X announcing her resignation.
Afghanistan’s embassy in New Delhi shut down in November, more than two years after the Taliban returned to power in Kabul following the collapse of the Western-backed government, leaving Wardak as the country’s most senior representative in India.
“It is with great regret that I announce my decision to step away from my role at the Consulate and Embassy in India, effective May 5, 2024,” Wardak said Saturday.
Indian media reports said Wardak was last month stopped by financial intelligence authorities at Mumbai airport on arrival from Dubai — along with her son — carrying 25 kilograms of gold.
She was not arrested because of her diplomatic immunity, the reports said, but the gold — worth around $1.9 million — was confiscated.
Wardak’s resignation leaves thousands of Afghan nationals, including students and businessmen, without any consular representation in India.
Most foreign nations — including India — do not officially recognize Afghanistan’s Taliban government, but acknowledge them as the de facto ruling authority.
In many Afghan missions, diplomats appointed by the former government have refused to cede control of embassy buildings and property to representatives of the Taliban authorities.
Wardak said in the statement that she had “encountered numerous personal attacks and defamation” over the past year.
Such incidents “have demonstrated the challenges faced by women in Afghan society,” she added, making no explicit reference to the gold allegations.
The Taliban authorities have full control of around a dozen Afghan embassies abroad — including in Pakistan, China, Turkiye and Iran.
Others operate on a hybrid system, with the ambassador gone but embassy staff still carrying out routine consular work such as issuing visas and other documents.
Most countries evacuated their missions from Kabul as the Taliban closed in on the Afghan capital in August 2021, although a handful of embassies — including Pakistan, China and Russia — never shut, and still have ambassadors in Kabul.
At OIC summit, Pakistan expresses concern over Israel’s ‘brutal’ military onslaught in Gaza
- Pakistan’s Deputy PM Ishaq Dar expresses full support for Palestine’s inclusion as a United Nations member
- Dar urges OIC member states at Banjul Summit to push for immediate and unconditional ceasefire in Palestine
ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar on Sunday expressed his deep concern over Israel’s “brutal military onslaught” in the West Bank and Gaza, state-run media reported, calling for an immediate ceasefire in Palestine.
Dar was speaking at the Organization of Islamic Cooperation (OIC) summit being held against a backdrop of widespread anger over Israel’s military actions in Gaza. The Jewish state has killed nearly 35,000 Palestinians and caused massive destruction of hospitals, schools and residential neighborhoods in the densely populated area.
The Pakistani deputy prime minister arrived in Gambia on Wednesday to present his country’s perspective on a wide range of issues, including the war in Gaza and the rights situation in Indian-administered Kashmir.
“Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar on Sunday expressed Pakistan’s deep concern over Israel’s ongoing brutal military onslaught against the Palestinian people in Gaza and the West Bank,” the state-run Associated Press of Pakistan (APP) reported.
“In the backdrop of the genocide of Palestinians and atrocities of Israeli forces, he urged the OIC Member States to work together for an immediate and unconditional ceasefire.”
Dar also expressed Pakistan’s support for Palestine’s admission as a full member of the UN, demanding the resumption of the process for a two-state solution in the Middle East.
The Pakistani deputy prime minister called for the creation of a viable, contiguous and sovereign state of Palestine based on the pre-1967 borders.
Dar also spoke on an uptick in Islamophobic sentiments and incidents in different parts of the world, particularly since the outset of Israel’s war in Gaza last year in October.
He urged the OIC to formulate a joint strategy to work with global social media platforms to harmonize their content regulation policies for blasphemous, anti-Islamic and Islamophobic content.
“Dar also strongly condemned the surge in anti-Pakistan rhetoric and Islamophobic narratives by India’s political leaders during the ongoing Lok Sabha elections which threatened the regional stability,” the APP said.
He urged the OIC to work collectively to address the existential threat of climate change, which caused catastrophic floods in Pakistan in 2022 that killed over 1,700 people and affected over 33 million in total.
Dar met The Gambia’s president and his counterparts from Turkiye and Azerbaijan to discuss enhancing bilateral trade and economic cooperation, Pakistan’s foreign ministry spokesperson said in a statement.
Pakistan to face India on Oct. 6 in women’s T20 World Cup clash
- ICC Women’s T20 World Cup to run from Oct. 3-20 in Dhaka and Sylhet
- Pakistan are placed in Group A with Australia, India, New Zealand, Qualifier 1
DHAKA: England will face South Africa in the opening match of the ICC Women’s Twenty20 World Cup to be held in Bangladesh later this year, the International Cricket Council announced on Sunday.
The event will run from October 3 to 20 in the capital Dhaka and the northeastern city of Sylhet, with warm-up matches starting on September 27.
Hosts Bangladesh and the top six teams from the previous edition in South Africa — Australia, England, New Zealand, South Africa and the West Indies — qualified automatically for the tournament, with Pakistan joining them as the next best ranked team.
Ireland, the UAE, Sri Lanka and Scotland are in contention for the remaining two places, with the semifinals of the qualifying tournament being held in the UAE.
Six-times winners and current world number one Australia will play in Group A alongside India, New Zealand, Pakistan and a Qualifier 1.
Neighbours and rivals India and Pakistan will face off on October 6.
Group B will feature South Africa, Bangladesh, England, West Indies, and Qualifier 2.
“Over the last six to seven years we have seen women’s cricket grow exponentially,” ICC chief executive officer Geoff Allardice said at the announcement of the fixture list and trophy unveiling in Dhaka.
“This is going to be a very special tournament,” he added.
It will be the ninth edition of the tournament, with Bangladesh previously hosting in 2014.
